Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 30, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Registrant Name | 'UMPQUA HOLDINGS CORP | ' |
Entity Central Index Key | '0001077771 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 216,936,489 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and due from banks | $196,963 | $178,685 |
Interest bearing deposits | 887,620 | 611,224 |
Temporary investments | 525 | 514 |
Total cash and cash equivalents | 1,085,108 | 790,423 |
Investment securities | ' | ' |
Trading, at fair value | 4,498 | 5,958 |
Available for sale, at fair value | 1,701,730 | 1,790,978 |
Held to maturity, at amortized cost | 5,465 | 5,563 |
Loans held for sale, at fair value | 73,106 | 104,664 |
Non-covered loans and leases | 7,411,108 | 7,354,403 |
Allowance for non-covered loan and lease losses | -86,709 | -85,314 |
Net non-covered loans and leases | 7,324,399 | 7,269,089 |
Covered loans, net of allowance of $10,320 and $9,771 | 342,263 | 363,992 |
Restricted equity securities | 29,948 | 30,685 |
Premises and equipment, net | 180,199 | 177,680 |
Goodwill and other intangible assets, net | 775,488 | 776,683 |
Mortgage servicing rights, at fair value | 49,220 | 47,765 |
Non-covered other real estate owned | 22,034 | 21,833 |
Covered other real estate owned | 1,746 | 2,102 |
FDIC indemnification asset | 18,362 | 23,174 |
Bank Owned Life Insurance | 97,589 | 96,938 |
Deferred tax asset, net | 11,393 | 16,627 |
Other assets | 116,178 | 111,958 |
Total assets | 11,838,726 | 11,636,112 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ' | ' |
Noninterest bearing | 2,465,606 | 2,436,477 |
Interest bearing | 6,807,977 | 6,681,183 |
Total deposits | 9,273,583 | 9,117,660 |
Securities sold under agreements to repurchase | 262,483 | 224,882 |
Term debt | 250,964 | 251,494 |
Junior subordinated debentures, at fair value | 87,800 | 87,274 |
Junior subordinated debentures, at amortized cost | 101,818 | 101,899 |
Other liabilities | 127,602 | 125,477 |
Total liabilities | 10,104,250 | 9,908,686 |
COMMITMENTS AND CONTINGENCIES (NOTE 10) | ' | ' |
SHAREHOLDERS' EQUITY | ' | ' |
Common stock, no par value, shares authorized: 400,000,000 in 2014 and 200,000,000 in 2013; issued and outstanding: 112,319,525 in 2014 and 111,973,203 in 2013 | 1,514,969 | 1,514,485 |
Retained earnings | 219,686 | 217,917 |
Accumulated other comprehensive income | -179 | -4,976 |
Total shareholders' equity | 1,734,476 | 1,727,426 |
Total liabilities and shareholders' equity | $11,838,726 | $11,636,112 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Allowance for covered loans | $10,320 | $9,771 |
Common stock, par value (in usd per share) | $0 | $0 |
Common stock, shares authorized | 400,000,000 | 200,000,000 |
Common stock, shares issued | 112,319,525 | 111,973,203 |
Common stock, shares, outstanding | 112,319,525 | 111,973,203 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
INTEREST INCOME | ' | ' | ||
Interest and fees on non-covered loans and leases | $91,268 | $78,545 | ||
Interest and fees on covered loans and leases | 12,718 | 14,580 | ||
Interest and dividends on investment securities: | ' | ' | ||
Taxable | 9,291 | 8,644 | ||
Exempt from federal income tax | 2,112 | 2,288 | ||
Dividends | 50 | 24 | ||
Interest on temporary investments and interest bearing deposits | 441 | 252 | ||
Total interest income | 115,880 | 104,333 | ||
INTEREST EXPENSE | ' | ' | ||
Interest on deposits | 3,848 | 5,878 | ||
Interest on securities sold under agreement to repurchase and federal funds purchased | 41 | 31 | ||
Interest on term debt | 2,273 | 2,273 | ||
Interest on junior subordinated debentures | 1,880 | 1,962 | ||
Total interest expense | 8,042 | 10,144 | ||
Net interest income | 107,838 | 94,189 | ||
PROVISION FOR NON-COVERED LOAN AND LEASE LOSSES | 5,400 | 6,988 | ||
PROVISION FOR COVERED LOAN LOSSES | 571 | 232 | ||
Net interest income after provision for loan and lease losses | 101,867 | 86,969 | ||
NON-INTEREST INCOME | ' | ' | ||
Service charges on deposit accounts | 7,767 | 6,992 | ||
Brokerage commissions and fees | 3,725 | 3,636 | ||
Mortgage banking revenue, net | 10,439 | 23,568 | ||
Gain on investment securities, net | 0 | 7 | ||
Loss on junior subordinated debentures carried at fair value | -542 | -542 | ||
Change in FDIC indemnification asset | -4,840 | -5,073 | ||
Other income | 6,458 | 5,427 | ||
Total non-interest income | 23,007 | 34,015 | ||
NON-INTEREST EXPENSE | ' | ' | ||
Salaries and employee benefits | 53,218 | 51,505 | ||
Net occupancy and equipment | 16,501 | 14,735 | ||
Communications | 2,902 | 3,203 | ||
Marketing | 1,005 | 861 | ||
Services | 5,990 | 5,893 | ||
Supplies | 896 | 718 | ||
FDIC assessments | 1,863 | 1,651 | ||
Net gain on non-covered other real estate owned | -18 | -130 | ||
Net loss on covered other real estate owned | -46 | 284 | ||
Intangible amortization | 1,194 | 1,204 | ||
Merger related expenses | 5,983 | 1,531 | ||
Other expenses | 7,030 | 4,307 | ||
Total Non-interest expense | 96,518 | 85,762 | ||
Income before income taxes | 28,356 | 35,222 | ||
Provision for income taxes | 9,592 | 11,861 | ||
Net income | 18,764 | 23,361 | ||
Dividends and undistributed earnings allocated to participating securities | 113 | [1] | 183 | [1] |
Net earnings available to common shareholders | $18,651 | $23,178 | ||
Earnings per common share: | ' | ' | ||
Basic (in usd per share) | $0.17 | $0.21 | ||
Diluted (in usd per share) | $0.17 | $0.21 | ||
Weighted average number of common shares outstanding: | ' | ' | ||
Basic (in shares) | 112,170 | 111,937 | ||
Diluted (in shares) | 112,367 | 112,118 | ||
[1] | Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Net income | $18,764 | $23,361 |
Available for sale securities: | ' | ' |
Unrealized gains (losses) arising during the period | 7,979 | -4,425 |
Reclassification adjustment for net gains realized in earnings (net of tax expense of $3 for the three months ended March 31, 2013) | 0 | -4 |
Income tax (expense) benefit related to unrealized losses | -3,192 | 1,770 |
Net change in unrealized gains | 4,787 | -2,659 |
Held to maturity securities: | ' | ' |
Accretion of unrealized losses related to factors other than credit to investment securities held to maturity (net of tax benefit of $6 and $12 for the three months ended March 31, 2014 and 2013, respectively) | 10 | 17 |
Net change in unrealized losses related to factors other than credit | 10 | 17 |
Other comprehensive income (loss), net of tax | 4,797 | -2,642 |
Comprehensive income | $23,561 | $20,719 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' |
Reclassification adjustment for net gains realized in earnings, tax expense | ' | $3 |
Accretion of unrealized losses related to factors other than credit to investment securities held to maturity, tax benefit | $6 | $12 |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Changes In Shareholders' Equity (Unaudited) (USD $) | Total | Common Stock [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data, unless otherwise specified | ||||
BALANCE, VALUE at Dec. 31, 2012 | $1,724,039 | $1,512,400 | $187,293 | $24,346 |
BALANCE, SHARES at Dec. 31, 2012 | ' | 111,889,959 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Net income | 98,361 | ' | 98,361 | ' |
Other comprehensive income, net of tax | -29,322 | ' | ' | -29,322 |
Comprehensive income | 69,039 | ' | ' | ' |
Stock-based compensation | 5,017 | 5,017 | ' | ' |
Stock repurchased and retired, shares | ' | -584,677 | ' | ' |
Stock repurchased and retired, value | -9,360 | -9,360 | ' | ' |
Issuances of common stock under stock plans and related tax benefit, shares | ' | 667,921 | ' | ' |
Issuances of common stock under stock plans and related tax benefit, value | 6,428 | 6,428 | ' | ' |
Cash dividends on common stock | -67,737 | ' | -67,737 | ' |
BALANCE, VALUE at Dec. 31, 2013 | 1,727,426 | 1,514,485 | 217,917 | -4,976 |
BALANCE, SHARES at Dec. 31, 2013 | 111,973,203 | 111,973,203 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Net income | 18,764 | ' | 18,764 | ' |
Other comprehensive income, net of tax | 4,797 | ' | ' | 4,797 |
Comprehensive income | 23,561 | ' | ' | ' |
Stock-based compensation | 1,534 | 1,534 | ' | ' |
Stock repurchased and retired, shares | ' | -256,894 | ' | ' |
Stock repurchased and retired, value | -4,614 | -4,614 | ' | ' |
Issuances of common stock under stock plans and related tax benefit, shares | ' | 603,216 | ' | ' |
Issuances of common stock under stock plans and related tax benefit, value | 3,564 | 3,564 | ' | ' |
Cash dividends on common stock | -16,995 | ' | -16,995 | ' |
BALANCE, VALUE at Mar. 31, 2014 | $1,734,476 | $1,514,969 | $219,686 | ($179) |
BALANCE, SHARES at Mar. 31, 2014 | 112,319,525 | 112,319,525 | ' | ' |
Condensed_Consolidated_Stateme4
Condensed Consolidated Statements of Changes In Shareholders' Equity (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Statement of Stockholders' Equity [Abstract] | ' | ' |
Cash dividends on common stock (in usd per share) | $0.15 | $0.60 |
Condensed_Consolidated_Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net income | $18,764 | $23,361 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Amortization of investment premiums, net | 4,000 | 11,042 |
Gain on sale of investment securities, net | 0 | -7 |
Gain on sale of non-covered other real estate owned | -117 | -499 |
Gain on sale of covered other real estate owned | -46 | -270 |
Valuation adjustment on non-covered other real estate owned | 99 | 369 |
Valuation adjustment on covered other real estate owned | 0 | 554 |
Provision for non-covered loan and lease losses | 5,400 | 6,988 |
Provision for covered loan and lease losses | 571 | 232 |
Proceeds from bank owned life insurance | 187 | 1,173 |
Change in cash surrender value of bank owned life insurance | -838 | -1,980 |
Change in FDIC indemnification asset | 4,840 | 5,073 |
Depreciation, amortization and accretion | 4,280 | 4,497 |
Increase in mortgage servicing rights | -2,408 | -6,403 |
Change in mortgage servicing rights carried at fair value | 953 | 1,734 |
Change in junior subordinated debentures carried at fair value | 526 | 535 |
Stock-based compensation | 1,534 | 1,185 |
Net (increase) decrease in trading account assets | 1,460 | 564 |
Gain on sale of loans | -9,684 | -28,484 |
Change in loans held for sale carried at fair value | -324 | 10,798 |
Origination of loans held for sale | -213,060 | -471,175 |
Proceeds from sales of loans held for sale | 254,109 | 675,150 |
Excess tax benefits from the exercise of stock options | -892 | -27 |
Change in other assets and liabilities: | ' | ' |
Net decrease in other assets | -791 | 14,337 |
Net increase in other liabilities | 2,077 | -14,007 |
Net cash provided by operating activities | 70,640 | 234,740 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of investment securities available for sale | 0 | -51,191 |
Proceeds from investment securities available for sale | 93,176 | 264,313 |
Proceeds from investment securities held to maturity | 167 | 402 |
Redemption of restricted equity securities | 737 | 660 |
Net non-covered loan and lease originations | -80,709 | -3,363 |
Net covered loan and lease paydowns | 19,378 | 17,346 |
Proceeds from sales of non-covered loans | 22,272 | 17,515 |
Proceeds from disposals of furniture and equipment | 30 | 112 |
Purchases of premises and equipment | -8,162 | -5,166 |
Net proceeds from FDIC indemnification asset | -812 | 1,710 |
Proceeds from sales of non-covered other real estate owned | 1,512 | 4,284 |
Proceeds from sales of covered other real estate owned | 402 | 3,935 |
Net cash used by investing activities | 47,991 | 250,557 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Net decrease in deposit liabilities | 155,999 | -307,500 |
Net increase in securities sold under agreements to repurchase | 37,601 | 5,735 |
Repayment of junior subordinated debentures | 0 | -8,764 |
Dividends paid on common stock | -16,936 | 0 |
Excess tax benefits from stock based compensation | 892 | 27 |
Proceeds from stock options exercised | 3,112 | 34 |
Retirement of common stock | -4,614 | -428 |
Net cash provided (used) by financing activities | 176,054 | -310,896 |
Net increase in cash and cash equivalents | 294,685 | 174,401 |
Cash and cash equivalents, beginning of period | 790,423 | 543,787 |
Cash and cash equivalents, end of period | 1,085,108 | 718,188 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Interest | 9,032 | 11,181 |
Income taxes | 1,456 | 1,100 |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES: | ' | ' |
Change in unrealized gains on investment securities available for sale, net of taxes | 4,787 | -2,659 |
Change in unrealized losses on investment securities held to maturity related to factors other than credit, net of taxes | 10 | 17 |
Cash dividend declared on common stock and payable after period-end | 16,947 | 11,288 |
Transfer of non-covered loans to non-covered other real estate owned | 1,878 | 5,689 |
Transfer of covered loans to covered other real estate owned | 0 | 1,741 |
Transfer of covered loans to non-covered loans | 1,780 | 7,899 |
Transfer from FDIC indemnification asset to due from FDIC and other | -28 | 1,679 |
Receivable from sales of covered other real estate owned | $185 | $0 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
The accounting and financial reporting policies of Umpqua Holdings Corporation (referred to in this report as “we”, “our” or “the Company”) conform to accounting principles generally accepted in the United States of America. The accompanying interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All material inter-company balances and transactions have been eliminated. The consolidated financial statements have not been audited. A more detailed description of our accounting policies is included in the 2013 Annual Report filed on Form 10-K. These interim condensed consolidated financial statements should be read in conjunction with the financial statements and related notes contained in the 2013 Annual Report filed on Form 10-K. References to "Bank" refer to our subsidiary Umpqua Bank, an Oregon state-chartered commercial bank, and references to "Umpqua Investments" refer to our subsidiary Umpqua Investments, Inc., a registered broker-dealer and investment adviser. The Bank also has a wholly-owned subsidiary, Financial Pacific Leasing Inc., a commercial equipment leasing company. | |
In preparing these financial statements, the Company has evaluated events and transactions subsequent to March 31, 2014 for potential recognition or disclosure. In management’s opinion, all accounting adjustments necessary to accurately reflect the financial position and results of operations on the accompanying financial statements have been made. These adjustments include normal and recurring accruals considered necessary for a fair and accurate presentation. The results for interim periods are not necessarily indicative of results for the full year or any other interim period. Certain reclassifications of prior period amounts have been made to conform to current classifications. |
Business_Combinations
Business Combinations | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||
Business Combinations | ' | |||||||||||||
Business Combinations | ||||||||||||||
Sterling Financial Corporation | ||||||||||||||
As of the close of business on April 18, 2014, the Company completed its merger with Sterling Financial Corporation, a Washington corporation ("Sterling"). The results of Sterling's operations will be included in the Company's financial results beginning April 19, 2014 and the combined company's banking operations will operate under the Umpqua Bank name and brand. As of December 31, 2013, Sterling had total assets of $10.3 billion, $7.3 billion in loans, and $7.1 billion in deposits. | ||||||||||||||
The structure of the transaction is as follows: | ||||||||||||||
• | Sterling merged with and into the Company (the "Merger") with the Company as the surviving corporation in the Merger; | |||||||||||||
• | Immediately following the Merger, Sterling's wholly owned subsidiary, Sterling Savings Bank merged with and into the Bank (the "Bank Merger"), with the Bank as the surviving bank in the Bank Merger; | |||||||||||||
• | Holders of shares of common stock of Sterling have the right to receive 1.671 shares of the Company's common stock and $2.18 in cash for each share of Sterling common stock; | |||||||||||||
• | Holders of outstanding warrants of Sterling, which represent the right to purchase a corresponding share of common stock of Sterling, have the right to receive 1.671 shares of the Company's common stock and $2.18 in cash for each warrant when exercised; | |||||||||||||
• | Holders of outstanding options to purchase shares of Sterling common stock converted into 1.7896 options to purchase the Company's common stock, subject to vesting conditions; | |||||||||||||
• | Holders of outstanding restricted stock units of Sterling common stock converted into 1.7896 restricted stock units of the Company, subject to vesting conditions; | |||||||||||||
Aggregate consideration for the Merger is estimated at $2.1 billion and includes the following: | ||||||||||||||
• | Cash of $136.2 million | |||||||||||||
• | Common stock issued of $1.9 billion; | |||||||||||||
• | Warrants issued of $52.8 million; | |||||||||||||
• | Restricted stock units and stock options of $8.8 million. | |||||||||||||
The primary reason for the Merger is to continue the Company's growth strategy, including expanding our geographic footprint in markets throughout the West Coast. Six stores are expected to be divested to Banner Bank in the second quarter of 2014. The Company expects to repay securities sold under agreements to repurchase acquired of $500.0 million, funded through the sale of acquired investment securities in the second quarter of 2014. | ||||||||||||||
The Merger will be accounted for using the purchase acquisition method of accounting and, accordingly, assets acquired, liabilities assumed and consideration exchanged will be recorded at fair value as of the acquisition date. Preliminary fair values for all assets and liabilities are not reported herein as the Company is still in the process of determining the preliminary fair values. The Company expects to disclose preliminary assets acquired and liabilities assumed, including fair value adjustments, as well as supplemental pro forma information, in the Company's June 30, 2014 Form 10-Q. Goodwill will not be deductible for income tax purposes as the merger is accounted for as a tax-free exchange for tax purposes. | ||||||||||||||
Financial Pacific Holding Corp. | ||||||||||||||
On July 1, 2013, the Bank acquired Financial Pacific Holding Corp. ("FPHC") based in Federal Way, Washington, and its subsidiary, Financial Pacific Leasing, Inc. ("FinPac Leasing"), and its subsidiaries, Financial Pacific Funding, Inc. ("FPF"), Financial Pacific Funding II, Inc. ("FPF II") and Financial Pacific Funding III, Inc. ("FPF III"). As part of the same transaction, the Company acquired two related entities, FPC Leasing Corporation ("FPC") and Financial Pacific Reinsurance Co., Ltd. ("FPR"). FPHC, FinPac Leasing, FPF, FPF II, FPF III, FPC and FPR are collectively referred to herein as "FinPac". FinPac provides business-essential commercial equipment leases to various industries throughout the United States and Canada. It originates leases through its brokers, lessors, and direct marketing programs. The results of FinPac's operations are included in the consolidated financial statements as of July 1, 2013. | ||||||||||||||
The aggregate consideration for the FinPac purchase was $158.0 million. Of that amount, $156.1 was distributed in cash, and $1.9 million was exchanged for restricted shares of the Company stock. The restricted shares were issued from the Company’s 2013 Incentive Plan pursuant to employment agreements between the Company and certain executives of FinPac, vest over a period of either two or three years, and will be recognized over that time period within the salaries and employee benefits line item on the Consolidated Statements of Income. The structure of the transaction was as follows: | ||||||||||||||
• | The Bank acquired all of the outstanding stock of FPHC, a shell holding company, which is the sole shareholder of FinPac Leasing, the primary operating subsidiary of FinPac that engages in equipment leasing and financing activities. FinPac Leasing is also the sole shareholder of FPF, FPF II and FPF III, which are bankruptcy-remote entities that formerly served as lien holder for certain leases. FPF, FPF II and FPF III have no assets or current business activities and are anticipated to be dissolved in the near future. | |||||||||||||
• | The Company acquired all of the outstanding stock of FPC, a Canadian leasing subsidiary, and FPR, a corporation organized in the Turks & Caicos Islands that reinsures a portion of the liability risk of each insurance policy that is issued by a third party insurance company on leased equipment when the lessee fails to meet its contractual obligations under the lease or financing agreement to obtain insurance on the leased equipment. | |||||||||||||
The acquisition provides diversification, and a scalable platform that is consistent with expansion initiatives that the Bank has completed over the last three years, including growth in the business banking, agricultural lending and home builder lending groups. The transaction leverages excess capital of the Company and deploys excess liquidity into significantly higher yielding assets, provides growth and diversification, and is anticipated to increase profitability. There is no tax deductible goodwill or other intangibles. | ||||||||||||||
The operations of FinPac are included in our operating results from July 1, 2013, and added revenue of $15.7 million, non-interest expense of $3.9 million , and net income of $4.2 million net of tax, for the three months ended March 31, 2014. FinPac's results of operations prior to the acquisition are not included in our operating results. There are no merger related expenses for the three months ended March 31, 2014. | ||||||||||||||
A summary of the net assets acquired and the estimated fair value adjustments of FinPac are presented below: | ||||||||||||||
(in thousands) | ||||||||||||||
FinPac | ||||||||||||||
1-Jul-13 | ||||||||||||||
Cost basis net assets | $ | 61,446 | ||||||||||||
Cash payment paid | (156,110 | ) | ||||||||||||
Fair value adjustments: | ||||||||||||||
Non-covered loans and leases, net | 6,881 | |||||||||||||
Other intangible assets | (8,516 | ) | ||||||||||||
Other assets | (1,650 | ) | ||||||||||||
Term debt | (400 | ) | ||||||||||||
Other liabilities | 1,572 | |||||||||||||
Goodwill | $ | (96,777 | ) | |||||||||||
The statement of assets acquired and liabilities assumed at their fair values of FinPac are presented below. | ||||||||||||||
(in thousands) | ||||||||||||||
FinPac | ||||||||||||||
July 1, 2013 | ||||||||||||||
Assets Acquired: | ||||||||||||||
Cash and equivalents | $ | 6,452 | ||||||||||||
Non-covered loans and leases, net | 264,336 | |||||||||||||
Premises and equipment | 491 | |||||||||||||
Goodwill | 96,777 | |||||||||||||
Other assets | 8,015 | |||||||||||||
Total assets acquired | $ | 376,071 | ||||||||||||
Liabilities Assumed: | ||||||||||||||
Term debt | 211,204 | |||||||||||||
Other liabilities | 8,757 | |||||||||||||
Total liabilities assumed | 219,961 | |||||||||||||
Net assets acquired | $ | 156,110 | ||||||||||||
Non-covered leases acquired from FinPac that are not subject to the requirements of FASB ASC 310-30 Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30") are presented below at acquisition: | ||||||||||||||
(in thousands) | ||||||||||||||
FinPac | ||||||||||||||
1-Jul-13 | ||||||||||||||
Contractually required payments | $ | 350,403 | ||||||||||||
Purchase adjustment for credit | $ | (20,520 | ) | |||||||||||
Balance of non-covered loans and leases, net | $ | 264,336 | ||||||||||||
The following table presents unaudited pro forma results of operations for the three months ended March 31, 2013 as if the acquisition of FinPac had occurred on January 1, 2013. The proforma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisitions actually occurred on January 1, 2013. | ||||||||||||||
(in thousands, except per share data) | ||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||
Pro Forma | Pro Forma | |||||||||||||
Company | FinPac (a) | Adjustments | Combined | |||||||||||
Net interest income | $ | 94,189 | $ | 12,547 | $ | (1,224 | ) | (b) | $ | 105,512 | ||||
Provision for non-covered loan and lease losses | 6,988 | 2,577 | — | (c) | 9,565 | |||||||||
Provision for covered loan losses | 232 | — | — | 232 | ||||||||||
Non-interest income | 34,015 | 790 | — | 34,805 | ||||||||||
Non-interest expense | 85,762 | 3,832 | (203 | ) | (d) | 89,391 | ||||||||
Income before provision for income taxes | 35,222 | 6,928 | (1,021 | ) | 41,129 | |||||||||
Provision for income taxes | 11,861 | 2,716 | (357 | ) | (e) | 14,220 | ||||||||
Net income | 23,361 | 4,212 | (664 | ) | 26,909 | |||||||||
Dividends and undistributed earnings allocated to participating securities | 183 | — | 28 | 211 | ||||||||||
Net earnings available to common shareholders | $ | 23,178 | $ | 4,212 | $ | (692 | ) | $ | 26,698 | |||||
Earnings per share: | ||||||||||||||
Basic | $ | 0.21 | $ | 0.24 | ||||||||||
Diluted | $ | 0.21 | $ | 0.24 | ||||||||||
Average shares outstanding: | ||||||||||||||
Basic | 111,937 | 111,937 | ||||||||||||
Diluted | 112,118 | 112,118 | ||||||||||||
(a) FinPac amounts represent results from January 1, 2013 to March 31, 2013. | ||||||||||||||
(b) Adjustment of interest income from loans and leases due to the estimated loss of income from the write-off of FinPac's loan mark (related to a prior acquisition) and the amortization of the new interest rate mark and the accretion of the acquisition accounting adjustment relating to the credit mark. The amortization period will be the contractual lives of the loans and leases, which is approximately four years, and will be amortized into income using the effective yield method. | ||||||||||||||
(c) As acquired loans and leases are recorded at fair value, Umpqua would expect a reduction in the historical provision for loan and leases losses from FinPac; however, no adjustment to the historical amount of FinPac provision for loan and lease losses is reflected. | ||||||||||||||
(d) Adjustment to reflect additional compensation expense related to restricted stock granted to FinPac management and the removal of FinPac director compensation and travel fees, and FinPac management fees of the Financial Pacific Holdings, LLC entity which was not acquired. | ||||||||||||||
(e) Income tax effect of pro forma adjustments at 35%. |
Investment_Securities
Investment Securities | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Investment Securities | ' | |||||||||||||||||||||||
Investment Securities | ||||||||||||||||||||||||
The following table presents the amortized costs, unrealized gains, unrealized losses and approximate fair values of investment securities at March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||
AVAILABLE FOR SALE: | ||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 242 | $ | 20 | $ | (1 | ) | $ | 261 | |||||||||||||||
Obligations of states and political subdivisions | 222,195 | 8,781 | (1,297 | ) | 229,679 | |||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 1,477,553 | 14,077 | (21,814 | ) | 1,469,816 | |||||||||||||||||||
Investments in mutual funds and | ||||||||||||||||||||||||
other equity securities | 1,959 | 15 | — | 1,974 | ||||||||||||||||||||
$ | 1,701,949 | $ | 22,893 | $ | (23,112 | ) | $ | 1,701,730 | ||||||||||||||||
HELD TO MATURITY: | ||||||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | $ | 5,465 | $ | 333 | $ | (8 | ) | $ | 5,790 | |||||||||||||||
$ | 5,465 | $ | 333 | $ | (8 | ) | $ | 5,790 | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||
AVAILABLE FOR SALE: | ||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 249 | $ | 20 | $ | (1 | ) | $ | 268 | |||||||||||||||
Obligations of states and political subdivisions | 229,969 | 7,811 | (2,575 | ) | 235,205 | |||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 1,567,001 | 15,359 | (28,819 | ) | 1,553,541 | |||||||||||||||||||
Investments in mutual funds and | ||||||||||||||||||||||||
other equity securities | 1,959 | 5 | — | 1,964 | ||||||||||||||||||||
$ | 1,799,178 | $ | 23,195 | $ | (31,395 | ) | $ | 1,790,978 | ||||||||||||||||
HELD TO MATURITY: | ||||||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 5,563 | 330 | (19 | ) | 5,874 | |||||||||||||||||||
$ | 5,563 | $ | 330 | $ | (19 | ) | $ | 5,874 | ||||||||||||||||
Investment securities that were in an unrealized loss position as of March 31, 2014 and December 31, 2013 are presented in the following tables, based on the length of time individual securities have been in an unrealized loss position. In the opinion of management, these securities are considered only temporarily impaired due to changes in market interest rates or the widening of market spreads subsequent to the initial purchase of the securities, and not due to concerns regarding the underlying credit of the issuers or the underlying collateral. | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
AVAILABLE FOR SALE: | ||||||||||||||||||||||||
U.S. Treasury and agencies | $ | — | $ | — | $ | 25 | $ | 1 | $ | 25 | $ | 1 | ||||||||||||
Obligations of states and political subdivisions | 38,975 | 1,165 | 1,767 | 132 | 40,742 | 1,297 | ||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 412,636 | 9,553 | 284,346 | 12,261 | 696,982 | 21,814 | ||||||||||||||||||
Total temporarily impaired securities | $ | 451,611 | $ | 10,718 | $ | 286,138 | $ | 12,394 | $ | 737,749 | $ | 23,112 | ||||||||||||
HELD TO MATURITY: | ||||||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | $ | 169 | $ | 8 | $ | — | $ | — | $ | 169 | $ | 8 | ||||||||||||
Total temporarily impaired securities | $ | 169 | $ | 8 | $ | — | $ | — | $ | 169 | $ | 8 | ||||||||||||
Unrealized losses on the impaired held to maturity collateralized mortgage obligations include the unrealized losses related to factors other than credit that are included in other comprehensive income. | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
AVAILABLE FOR SALE: | ||||||||||||||||||||||||
U.S. Treasury and agencies | $ | — | $ | — | $ | 32 | $ | 1 | $ | 32 | $ | 1 | ||||||||||||
Obligations of states and political subdivisions | 48,342 | 2,575 | — | — | 48,342 | 2,575 | ||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 475,982 | 15,951 | 249,695 | 12,868 | 725,677 | 28,819 | ||||||||||||||||||
Total temporarily impaired securities | $ | 524,324 | $ | 18,526 | $ | 249,727 | $ | 12,869 | $ | 774,051 | $ | 31,395 | ||||||||||||
HELD TO MATURITY: | ||||||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | $ | 156 | $ | 19 | $ | — | $ | — | $ | 156 | $ | 19 | ||||||||||||
Total temporarily impaired securities | $ | 156 | $ | 19 | $ | — | $ | — | $ | 156 | $ | 19 | ||||||||||||
The unrealized losses on investments in U.S. Treasury and agency securities were caused by interest rate increases subsequent to the purchase of these securities. The contractual terms of these investments do not permit the issuer to settle the securities at a price less than par. Because the Bank does not intend to sell the securities in this class and it is not likely that the Bank will be required to sell these securities before recovery of their amortized cost basis, which may include holding each security until contractual maturity, the unrealized losses on these investments are not considered other-than-temporarily impaired ("OTTI"). | ||||||||||||||||||||||||
The unrealized losses on obligations of political subdivisions were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities. Management monitors published credit ratings of these securities and no adverse ratings changes have occurred since the date of purchase of obligations of political subdivisions which are in an unrealized loss position as of March 31, 2014. Because the decline in fair value is attributable to changes in interest rates or widening market spreads and not credit quality, and because the Bank does not intend to sell the securities in this class and it is not likely that the Bank will be required to sell these securities before recovery of their amortized cost basis, which may include holding each security until maturity, the unrealized losses on these investments are not considered OTTI. | ||||||||||||||||||||||||
All of the available for sale residential mortgage-backed securities and collateralized mortgage obligations portfolio in an unrealized loss position at March 31, 2014 are issued or guaranteed by governmental agencies. The unrealized losses on residential mortgage-backed securities and collateralized mortgage obligations were caused by changes in market interest rates or the widening of market spreads subsequent to the initial purchase of these securities, and not concerns regarding the underlying credit of the issuers or the underlying collateral. It is expected that these securities will not be settled at a price less than the amortized cost of each investment. Because the decline in fair value is attributable to changes in interest rates or widening market spreads and not credit quality, and because the Bank does not intend to sell the securities in this class and it is not likely that the Bank will be required to sell these securities before recovery of their amortized cost basis, which may include holding each security until contractual maturity, these investments are not considered OTTI. | ||||||||||||||||||||||||
We review investment securities on an ongoing basis for the presence of OTTI or permanent impairment, taking into consideration current market conditions, fair value in relationship to cost, extent and nature of the change in fair value, issuer rating changes and trends, whether we intend to sell a security or if it is likely that we will be required to sell the security before recovery of our amortized cost basis of the investment, which may be maturity, and other factors. For debt securities, if we intend to sell the security or it is likely that we will be required to sell the security before recovering its cost basis, the entire impairment loss would be recognized in earnings as an OTTI. If we do not intend to sell the security and it is not likely that we will be required to sell the security but we do not expect to recover the entire amortized cost basis of the security, only the portion of the impairment loss representing credit losses would be recognized in earnings. The credit loss on a security is measured as the difference between the amortized cost basis and the present value of the cash flows expected to be collected. Projected cash flows are discounted by the original or current effective interest rate depending on the nature of the security being measured for potential OTTI. The remaining impairment related to all other factors, the difference between the present value of the cash flows expected to be collected and fair value, is recognized as a charge to other comprehensive income (“OCI”). Impairment losses related to all other factors are presented as separate categories within OCI. For investment securities held to maturity, this amount is accreted over the remaining life of the debt security prospectively based on the amount and timing of future estimated cash flows. The accretion of the OTTI amount recorded in OCI will increase the carrying value of the investment, and would not affect earnings. If there is an indication of additional credit losses the security is re-evaluated according to the procedures described above. | ||||||||||||||||||||||||
The following table presents the maturities of investment securities at March 31, 2014: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Available For Sale | Held To Maturity | |||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||
AMOUNTS MATURING IN: | ||||||||||||||||||||||||
Three months or less | $ | 9,295 | $ | 9,337 | $ | — | $ | — | ||||||||||||||||
Over three months through twelve months | 61,111 | 62,068 | 291 | 309 | ||||||||||||||||||||
After one year through five years | 960,569 | 975,746 | 279 | 487 | ||||||||||||||||||||
After five years through ten years | 614,744 | 597,870 | 427 | 485 | ||||||||||||||||||||
After ten years | 54,271 | 54,735 | 4,468 | 4,509 | ||||||||||||||||||||
Other investment securities | 1,959 | 1,974 | — | — | ||||||||||||||||||||
$ | 1,701,949 | $ | 1,701,730 | $ | 5,465 | $ | 5,790 | |||||||||||||||||
The amortized cost and fair value of collateralized mortgage obligations and mortgage-backed securities are presented by expected average life, rather than contractual maturity, in the preceding table. Expected maturities may differ from contractual maturities because borrowers have the right to prepay underlying loans without prepayment penalties. | ||||||||||||||||||||||||
There were gross realized gains on the sale of securities available for sale of none and $7,000 for the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||
The following table presents, as of March 31, 2014, investment securities which were pledged to secure borrowings, public deposits, and repurchase agreements as permitted or required by law: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
To Federal Home Loan Bank to secure borrowings | $ | 8,783 | $ | 9,089 | ||||||||||||||||||||
To state and local governments to secure public deposits | 933,911 | 928,206 | ||||||||||||||||||||||
Other securities pledged principally to secure repurchase agreements | 347,901 | 342,649 | ||||||||||||||||||||||
Total pledged securities | $ | 1,290,595 | $ | 1,279,944 | ||||||||||||||||||||
NonCovered_Loans_and_Leases
Non-Covered Loans and Leases | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Non-Covered Loans and Leases | ' | |||||||
Note 4 – Non-Covered Loans and Leases | ||||||||
The following table presents the major types of non-covered loans and leases, net of deferred costs, net of $4.7 million and net of deferred fees, net of $495,000, recorded on the balance sheet as of March 31, 2014 and December 31, 2013, respectively: | ||||||||
(in thousands) | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Commercial real estate | ||||||||
Non-owner occupied term, net | $ | 2,311,952 | $ | 2,328,260 | ||||
Owner occupied term, net | 1,282,482 | 1,259,583 | ||||||
Multifamily, net | 400,927 | 403,537 | ||||||
Construction & development, net | 229,262 | 245,231 | ||||||
Residential development, net | 89,510 | 88,413 | ||||||
Commercial | ||||||||
Term, net | 735,004 | 770,845 | ||||||
LOC & other, net | 1,005,800 | 987,360 | ||||||
Leases and equipment finance, net | 388,418 | 361,591 | ||||||
Residential | ||||||||
Mortgage, net | 651,042 | 597,201 | ||||||
Home equity loans & lines, net | 268,497 | 264,269 | ||||||
Consumer & other, net | 48,214 | 48,113 | ||||||
Total loans and leases, net of deferred fees and costs | 7,411,108 | 7,354,403 | ||||||
As of March 31, 2014, loans totaling $5.4 billion were pledged to secure borrowings and available lines of credit. | ||||||||
At March 31, 2014 and December 31, 2013, non-covered loans accounted for under ASC 310-30 were $23.1 million and $21.9 million, respectively. |
Allowance_for_NonCovered_Loan_
Allowance for Non-Covered Loan Loss and Credit Quality | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||
Allowance for Non-Covered Loan Loss and Credit Quality | ' | |||||||||||||||||||||||||||
Allowance for Non-Covered Loan and Lease Loss and Credit Quality | ||||||||||||||||||||||||||||
The Bank has a management Allowance for Loan and Lease Losses (“ALLL”) Committee, which is responsible for, among other things, regularly reviewing the ALLL methodology, including loss factors, and ensuring that it is designed and applied in accordance with generally accepted accounting principles. The ALLL Committee reviews and approves loans and leases recommended for impaired status. The ALLL Committee also approves removing loans from impaired status. The Bank's Audit and Compliance Committee provides board oversight of the ALLL process and reviews and approves the ALLL methodology on a quarterly basis. | ||||||||||||||||||||||||||||
Our methodology for assessing the appropriateness of the ALLL consists of three key elements, which includes 1) the formula allowance; 2) the specific allowance; and 3) the unallocated allowance. By incorporating these factors into a single allowance requirement analysis, all risk-based activities within the loan portfolio are simultaneously considered. | ||||||||||||||||||||||||||||
Formula Allowance | ||||||||||||||||||||||||||||
The Bank performs regular credit reviews of the loan and lease portfolio to determine the credit quality and adherence to underwriting standards. When loans and leases are originated, they are assigned a risk rating that is reassessed periodically during the term of the loan or lease through the credit review process. The Bank's risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The 10 risk rating categories are a primary factor in determining an appropriate amount for the formula allowance. | ||||||||||||||||||||||||||||
The formula allowance is calculated by applying risk factors to various segments of pools of outstanding loans and leases. Risk factors are assigned to each portfolio segment based on management’s evaluation of the losses inherent within each segment. Segments or regions with greater risk of loss will therefore be assigned a higher risk factor. | ||||||||||||||||||||||||||||
Base risk – The portfolio is segmented into loan categories, and these categories are assigned a Base Risk factor based on an evaluation of the loss inherent within each segment. | ||||||||||||||||||||||||||||
Extra risk – Additional risk factors provide for an additional allocation of ALLL based on the loan and lease risk rating system and loan delinquency, and reflect the increased level of inherent losses associated with more adversely classified loans and leases. | ||||||||||||||||||||||||||||
Changes to risk factors – Risk factors are assigned at origination and may be changed periodically based on management’s evaluation of the following factors: loss experience; changes in the level of non-performing loans and leases; regulatory exam results; changes in the level of adversely classified loans and leases (positive or negative); improvement or deterioration in local economic conditions; and any other factors deemed relevant. | ||||||||||||||||||||||||||||
Specific Allowance | ||||||||||||||||||||||||||||
Regular credit reviews of the portfolio also identify loans that are considered potentially impaired. Potentially impaired loans are referred to the ALLL Committee which reviews and approves designated loans as impaired. A loan is considered impaired, when based on current information and events, we determine that we will probably not be able to collect all amounts due according to the loan contract, including scheduled interest payments. When we identify a loan as impaired, we measure the impairment using discounted cash flows, except when the sole remaining source of the repayment for the loan is the liquidation of the collateral. In these cases, we use the current fair value of the collateral, less selling costs, instead of discounted cash flows. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we either recognize an impairment reserve as a specific allowance to be provided for in the allowance for loan and lease losses or charge-off the impaired balance on collateral dependent loans if it is determined that such amount represents a confirmed loss. Loans determined to be impaired with a specific allowance are excluded from the formula allowance so as not to double-count the loss exposure. The non-accrual impaired loans as of period end have already been partially charged-off to their estimated net realizable value, and are expected to be resolved over the coming quarters with no additional material loss, absent further decline in market prices. | ||||||||||||||||||||||||||||
The combination of the formula allowance component and the specific allowance component represents the allocated allowance for loan and lease losses. | ||||||||||||||||||||||||||||
Unallocated Allowance | ||||||||||||||||||||||||||||
The Bank may also maintain an unallocated allowance amount to provide for other credit losses inherent in a loan and lease portfolio that may not have been contemplated in the credit loss factors. This unallocated amount generally comprises less than 5% of the allowance, but may be maintained at higher levels during times of deteriorating economic conditions characterized by falling real estate values. The unallocated amount is reviewed quarterly with consideration of factors including, but not limited to: | ||||||||||||||||||||||||||||
• Changes in lending policies and procedures, including changes in underwriting standards and collection, charge-off, and recovery practices not considered elsewhere in estimating credit losses; | ||||||||||||||||||||||||||||
• Changes in international, national, regional, and local economic and business conditions and developments that affect the collectability of the portfolio, including the condition of various market segments; | ||||||||||||||||||||||||||||
• Changes in the nature and volume of the portfolio and in the terms of loans and leases; | ||||||||||||||||||||||||||||
• Changes in the experience and ability of lending management and other relevant staff; | ||||||||||||||||||||||||||||
• Changes in the volume and severity of past due loans, the volume of nonaccrual loans and leases, and the volume and severity of adversely classified or graded loans; | ||||||||||||||||||||||||||||
• Changes in the quality of the institution’s loan and lease review system; | ||||||||||||||||||||||||||||
• Changes in the value of underlying collateral for collateral-depending loans; | ||||||||||||||||||||||||||||
• The existence and effect of any concentrations of credit, and changes in the level of such concentrations; and | ||||||||||||||||||||||||||||
• The effect of other external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the institutions’ existing portfolio. | ||||||||||||||||||||||||||||
These factors are evaluated through a management survey of the Chief Credit Officer, Chief Lending Officer, Senior Credit Officers, Special Assets Manager, and Credit Review Manager. The survey requests responses to evaluate current changes in the nine qualitative factors. This information is then incorporated into our understanding of the reasonableness of the formula factors and our evaluation of the unallocated portion of the ALLL. | ||||||||||||||||||||||||||||
Management believes that the ALLL was adequate as of March 31, 2014. There is, however, no assurance that future loan and lease losses will not exceed the levels provided for in the ALLL and could possibly result in additional charges to the provision for loan and lease losses. In addition, bank regulatory authorities, as part of their periodic examination of the Bank, may require additional charges to the provision for loan and lease losses in future periods if warranted as a result of their review. Approximately 74% of our loan and lease portfolio is secured by real estate, and a significant decline in real estate market values may require an increase in the allowance for loan and lease losses. The recent U.S. recession, the housing market downturn, and declining real estate values in our markets have negatively impacted aspects of our loan and lease portfolio. A continued deterioration in our markets may adversely affect our loan and lease portfolio and may lead to additional charges to the provision for loan and lease losses. | ||||||||||||||||||||||||||||
The reserve for unfunded commitments (“RUC”) is established to absorb inherent losses associated with our commitment to lend funds, such as with a letter or line of credit. The adequacy of the ALLL and RUC are monitored on a regular basis and are based on management's evaluation of numerous factors. For each portfolio segment, these factors include: | ||||||||||||||||||||||||||||
• The quality of the current loan and lease portfolio; | ||||||||||||||||||||||||||||
• The trend in the loan portfolio's risk ratings; | ||||||||||||||||||||||||||||
• Current economic conditions; | ||||||||||||||||||||||||||||
• Loan and lease concentrations; | ||||||||||||||||||||||||||||
• Loan and lease growth rates; | ||||||||||||||||||||||||||||
• Past-due and non-performing trends; | ||||||||||||||||||||||||||||
• Evaluation of specific loss estimates for all significant problem loans; | ||||||||||||||||||||||||||||
• Historical short (one year), medium (three year), and long-term charge-off rates; | ||||||||||||||||||||||||||||
• Recovery experience; and | ||||||||||||||||||||||||||||
• Peer comparison loss rates. | ||||||||||||||||||||||||||||
There have been no significant changes to the Bank’s methodology or policies in the periods presented. | ||||||||||||||||||||||||||||
Activity in the Non-Covered Allowance for Loan and Lease Losses | ||||||||||||||||||||||||||||
The following table summarizes activity related to the allowance for non-covered loan and lease losses by non-covered loan and lease portfolio segment for three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Unallocated | Total | |||||||||||||||||||||||
Balance, beginning of period | $ | 53,433 | $ | 24,191 | $ | 6,827 | $ | 863 | $ | — | $ | 85,314 | ||||||||||||||||
Charge-offs | (1,895 | ) | (3,350 | ) | (132 | ) | (188 | ) | — | (5,565 | ) | |||||||||||||||||
Recoveries | 439 | 981 | 47 | 93 | — | 1,560 | ||||||||||||||||||||||
(Recapture) provision | (130 | ) | 4,940 | 449 | 141 | — | 5,400 | |||||||||||||||||||||
Balance, end of period | $ | 51,847 | $ | 26,762 | $ | 7,191 | $ | 909 | $ | — | $ | 86,709 | ||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Unallocated | Total | |||||||||||||||||||||||
Balance, beginning of period | $ | 54,909 | $ | 22,925 | $ | 6,925 | $ | 632 | $ | — | $ | 85,391 | ||||||||||||||||
Charge-offs | (1,454 | ) | (6,174 | ) | (904 | ) | (193 | ) | — | (8,725 | ) | |||||||||||||||||
Recoveries | 470 | 367 | 92 | 109 | — | 1,038 | ||||||||||||||||||||||
Provision | 1,170 | 4,543 | 1,106 | 169 | — | 6,988 | ||||||||||||||||||||||
Balance, end of period | $ | 55,095 | $ | 21,661 | $ | 7,219 | $ | 717 | $ | — | $ | 84,692 | ||||||||||||||||
The following table presents the allowance and recorded investment in non-covered loans and leases by portfolio segment and balances individually or collectively evaluated for impairment as of March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Unallocated | Total | |||||||||||||||||||||||
Allowance for non-covered loans and leases: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 50,504 | $ | 26,747 | $ | 7,191 | $ | 909 | $ | — | $ | 85,351 | ||||||||||||||||
Individually evaluated for impairment | 1,343 | 15 | — | — | — | 1,358 | ||||||||||||||||||||||
Total | $ | 51,847 | $ | 26,762 | $ | 7,191 | $ | 909 | $ | — | $ | 86,709 | ||||||||||||||||
Non-covered loans and leases: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 4,222,943 | $ | 2,114,681 | $ | 919,539 | $ | 48,214 | $ | 7,305,377 | ||||||||||||||||||
Individually evaluated for impairment | 91,190 | 14,541 | — | — | 105,731 | |||||||||||||||||||||||
Total | $ | 4,314,133 | $ | 2,129,222 | $ | 919,539 | $ | 48,214 | $ | 7,411,108 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
March 31, 2013 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Unallocated | Total | |||||||||||||||||||||||
Allowance for non-covered loans and leases: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 53,158 | $ | 21,645 | $ | 7,219 | $ | 717 | $ | — | $ | 82,739 | ||||||||||||||||
Individually evaluated for impairment | 1,937 | 16 | — | — | — | 1,953 | ||||||||||||||||||||||
Total | $ | 55,095 | $ | 21,661 | $ | 7,219 | $ | 717 | $ | — | $ | 84,692 | ||||||||||||||||
Non-covered loans and leases: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 4,071,110 | $ | 1,668,522 | $ | 748,115 | $ | 41,173 | $ | 6,528,920 | ||||||||||||||||||
Individually evaluated for impairment | 114,553 | 19,375 | 338 | — | 134,266 | |||||||||||||||||||||||
Total | $ | 4,185,663 | $ | 1,687,897 | $ | 748,453 | $ | 41,173 | $ | 6,663,186 | ||||||||||||||||||
The non-covered loan and lease balances are net of deferred loans costs, net of $4.7 million at March 31, 2014 and net of deferred fees, net of $11.6 million at March 31, 2013. | ||||||||||||||||||||||||||||
Summary of Reserve for Unfunded Commitments Activity | ||||||||||||||||||||||||||||
The following table presents a summary of activity in the RUC and unfunded commitments for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||||||
Balance, beginning of period | $ | 220 | $ | 900 | $ | 232 | $ | 84 | $ | 1,436 | ||||||||||||||||||
Net change to other expense | (26 | ) | (14 | ) | 11 | 10 | (19 | ) | ||||||||||||||||||||
Balance, end of period | $ | 194 | $ | 886 | $ | 243 | $ | 94 | $ | 1,417 | ||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||||||
Balance, beginning of period | $ | 172 | $ | 807 | $ | 173 | $ | 71 | $ | 1,223 | ||||||||||||||||||
Net change to other expense | (13 | ) | 43 | 9 | 7 | 46 | ||||||||||||||||||||||
Balance, end of period | $ | 159 | $ | 850 | $ | 182 | $ | 78 | $ | 1,269 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||||||
Unfunded loan and lease commitments: | ||||||||||||||||||||||||||||
March 31, 2014 | $ | 213,675 | $ | 969,475 | $ | 353,498 | $ | 59,017 | $ | 1,595,665 | ||||||||||||||||||
March 31, 2013 | $ | 183,996 | $ | 984,672 | $ | 270,510 | $ | 54,240 | $ | 1,493,418 | ||||||||||||||||||
Non-covered loans and leases sold | ||||||||||||||||||||||||||||
In the course of managing the loan and lease portfolio, at certain times, management may decide to sell loans and leases. The following table summarizes loans and leases sold by loan portfolio during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term | $ | 3,193 | $ | — | ||||||||||||||||||||||||
Owner occupied term | 2,147 | 2,850 | ||||||||||||||||||||||||||
Construction & development | — | 3,515 | ||||||||||||||||||||||||||
Residential development | 605 | 23 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term | 15,996 | 11,127 | ||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage | 331 | — | ||||||||||||||||||||||||||
Total | $ | 22,272 | $ | 17,515 | ||||||||||||||||||||||||
Asset Quality and Non-Performing Loans and Leases | ||||||||||||||||||||||||||||
We manage asset quality and control credit risk through diversification of the non-covered loan and lease portfolio and the application of policies designed to promote sound underwriting and loan and lease monitoring practices. The Bank's Credit Quality Group is charged with monitoring asset quality, establishing credit policies and procedures and enforcing the consistent application of these policies and procedures across the Bank. Reviews of non-performing, past due non-covered loans and leases and larger credits, designed to identify potential charges to the allowance for loan and lease losses, and to determine the adequacy of the allowance, are conducted on an ongoing basis. These reviews consider such factors as the financial strength of borrowers, the value of the applicable collateral, loan and lease loss experience, estimated loan and lease losses, growth in the loan and lease portfolio, prevailing economic conditions and other factors. | ||||||||||||||||||||||||||||
A loan is considered impaired when, based on current information and events, we determine it is probable that we will not be able to collect all amounts due according to the loan contract, including scheduled interest payments. Generally, when non-covered loans are identified as impaired, they are moved to the Special Assets Division. When we identify a loan as impaired, we measure the loan for potential impairment using discounted cash flows, except when the sole remaining source of the repayment for the loan is the liquidation of the collateral. In these cases, we will use the current fair value of collateral, less selling costs. The starting point for determining the fair value of collateral is through obtaining external appraisals. Generally, external appraisals are updated every 12 months. We obtain appraisals from a pre-approved list of independent, third party, local appraisal firms. Approval and addition to the list is based on experience, reputation, character, consistency and knowledge of the respective real estate market. At a minimum, it is ascertained that the appraiser is: (a) currently licensed in the state in which the property is located, (b) is experienced in the appraisal of properties similar to the property being appraised, (c) is actively engaged in the appraisal work, (d) has knowledge of current real estate market conditions and financing trends, (e) is reputable, and (f) is not on Freddie Mac’s or the Bank’s Exclusionary List of appraisers and brokers. In certain cases appraisals will be reviewed by our Real Estate Valuation Services Group to ensure the quality of the appraisal and the expertise and independence of the appraiser. Upon receipt and review, an external appraisal is utilized to measure a loan for potential impairment. Our impairment analysis documents the date of the appraisal used in the analysis, whether the officer preparing the report deems it current, and, if not, allows for internal valuation adjustments with justification. Typical justified adjustments might include discounts for continued market deterioration subsequent to appraisal date, adjustments for the release of collateral contemplated in the appraisal, or the value of other collateral or consideration not contemplated in the appraisal. An appraisal over one year old in most cases will be considered stale dated and an updated or new appraisal will be required. Any adjustments from appraised value to net realizable value are detailed and justified in the impairment analysis, which is reviewed and approved by senior credit quality officers and the Bank's ALLL Committee. Although an external appraisal is the primary source to value collateral dependent loans, we may also utilize values obtained through purchase and sale agreements, negotiated short sales, broker price opinions, or the sales price of the note. These alternative sources of value are used only if deemed to be more representative of value based on updated information regarding collateral resolution. Impairment analyses are updated, reviewed and approved on a quarterly basis at or near the end of each reporting period. Appraisals or other alternative sources of value received subsequent to the reporting period, but prior to our filing of periodic reports, are considered and evaluated to ensure our periodic filings are materially correct and not misleading. Based on these processes, we do not believe there are significant time lapses for the recognition of additional loan loss provisions or charge-offs from the date they become known. | ||||||||||||||||||||||||||||
Loans and leases are classified as non-accrual when collection of principal or interest is doubtful—generally if they are past due as to maturity or payment of principal or interest by 90 days or more—unless such loans are well-secured and in the process of collection. Additionally, all loans that are impaired are considered for non-accrual status. Loans placed on non-accrual will typically remain on non-accrual status until all principal and interest payments are brought current and the prospects for future payments in accordance with the loan agreement appear relatively certain. | ||||||||||||||||||||||||||||
Loans are reported as restructured when the Bank grants a more than insignificant concession(s) to a borrower experiencing financial difficulties that it would not otherwise consider. Examples of such concessions include a reduction in the loan rate, forgiveness of principal or accrued interest, extending the maturity date or providing a lower interest rate than would be normally available for a transaction of similar risk. As a result of these concessions, restructured loans are impaired as the Bank will not collect all amounts due, both principal and interest, in accordance with the terms of the original loan agreement. Impairment reserves on non-collateral dependent restructured loans are measured by comparing the present value of expected future cash flows on the restructured loans discounted at the interest rate of the original loan agreement to the loan’s carrying value. These impairment reserves are recognized as a specific component to be provided for in the allowance for loan and lease losses. | ||||||||||||||||||||||||||||
Loans and leases are reported as past due when installment payments, interest payments, or maturity payments are past due based on contractual terms. All loans determined to be impaired are individually assessed for impairment except for impaired homogeneous loans which are collectively evaluated for impairment in accordance with FASB ASC 450, Contingencies (“ASC 450”). The specific factors considered in determining that a loan is impaired include borrower financial capacity, current economic, business and market conditions, collection efforts, collateral position and other factors deemed relevant. Generally, impaired loans are placed on non-accrual status and all cash receipts are applied to the principal balance. Continuation of accrual status and recognition of interest income is generally limited to performing restructured loans. | ||||||||||||||||||||||||||||
The Bank has written down impaired, non-accrual loans as of March 31, 2014 to their estimated net realizable value, and expects resolution with no additional material loss, absent a further decline in market prices. | ||||||||||||||||||||||||||||
Non-Covered Non-Accrual Loans and Leases and Loans and Leases Past Due | ||||||||||||||||||||||||||||
The following table summarizes our non-covered non-accrual loans and leases and loans and leases past due, by loan and lease class, as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Greater than | 90 Days and | Total non- | ||||||||||||||||||||||||||
30 to 59 | 60 to 89 | Greater | covered | |||||||||||||||||||||||||
Days | Days | and | Total | Non- | Current & | Loans | ||||||||||||||||||||||
Past Due | Past Due | Accruing | Past Due | accrual | Other (1) | and Leases | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 1,736 | $ | 533 | $ | 369 | $ | 2,638 | $ | 15,948 | $ | 2,293,366 | $ | 2,311,952 | ||||||||||||||
Owner occupied term, net | 625 | 466 | 36 | 1,127 | 5,449 | 1,275,906 | 1,282,482 | |||||||||||||||||||||
Multifamily, net | 3,855 | 1,145 | — | 5,000 | 355 | 395,572 | 400,927 | |||||||||||||||||||||
Construction & development, net | — | — | — | — | — | 229,262 | 229,262 | |||||||||||||||||||||
Residential development, net | — | — | — | — | 195 | 89,315 | 89,510 | |||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 1,427 | 8,832 | — | 10,259 | 11,964 | 712,781 | 735,004 | |||||||||||||||||||||
LOC & other, net | 423 | 2,023 | — | 2,446 | 1,025 | 1,002,329 | 1,005,800 | |||||||||||||||||||||
Leases and equipment finance, net | 1,828 | 1,556 | — | 3,384 | 2,948 | 382,086 | 388,418 | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 3,418 | — | 1,503 | 4,921 | — | 646,121 | 651,042 | |||||||||||||||||||||
Home equity loans & lines, net | 483 | 955 | 287 | 1,725 | — | 266,772 | 268,497 | |||||||||||||||||||||
Consumer & other, net | 100 | 11 | 74 | 185 | — | 48,029 | 48,214 | |||||||||||||||||||||
Total, net of deferred fees and costs | $ | 13,895 | $ | 15,521 | $ | 2,269 | $ | 31,685 | $ | 37,884 | $ | 7,341,539 | $ | 7,411,108 | ||||||||||||||
(1) Other includes non-covered loans accounted for under ASC 310-30. | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Greater than | 90 Days and | Total non- | ||||||||||||||||||||||||||
30 to 59 | 60 to 89 | Greater | covered | |||||||||||||||||||||||||
Days | Days | and | Total | Non- | Current & | Loans | ||||||||||||||||||||||
Past Due | Past Due | Accruing | Past Due | accrual | Other (1) | and Leases | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 3,618 | $ | 352 | $ | — | $ | 3,970 | $ | 9,193 | $ | 2,315,097 | $ | 2,328,260 | ||||||||||||||
Owner occupied term, net | 1,320 | 340 | 610 | 2,270 | 6,204 | 1,251,109 | 1,259,583 | |||||||||||||||||||||
Multifamily, net | — | — | — | — | 935 | 402,602 | 403,537 | |||||||||||||||||||||
Construction & development, net | — | — | — | — | — | 245,231 | 245,231 | |||||||||||||||||||||
Residential development, net | — | — | — | — | 2,801 | 85,612 | 88,413 | |||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 901 | 1,436 | — | 2,337 | 8,723 | 759,785 | 770,845 | |||||||||||||||||||||
LOC & other, net | 619 | 224 | — | 843 | 1,222 | 985,295 | 987,360 | |||||||||||||||||||||
Leases and equipment finance, net | 2,202 | 1,706 | 517 | 4,425 | 2,813 | 354,353 | 361,591 | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 1,050 | 342 | 2,070 | 3,462 | — | 593,739 | 597,201 | |||||||||||||||||||||
Home equity loans & lines, net | 473 | 563 | 160 | 1,196 | — | 263,073 | 264,269 | |||||||||||||||||||||
Consumer & other, net | 69 | 75 | 73 | 217 | — | 47,896 | 48,113 | |||||||||||||||||||||
Total, net of deferred fees and costs | $ | 10,252 | $ | 5,038 | $ | 3,430 | $ | 18,720 | $ | 31,891 | $ | 7,303,792 | $ | 7,354,403 | ||||||||||||||
(1) Other includes non-covered loans accounted for under ASC 310-30. | ||||||||||||||||||||||||||||
Non-Covered Impaired Loans | ||||||||||||||||||||||||||||
Loans with no related allowance reported generally represent non-accrual loans. The Bank recognizes the charge-off of impairment reserves on impaired loans in the period it arises for collateral dependent loans. Therefore, the non-accrual loans as of March 31, 2014 have already been written-down to their estimated net realizable value and are expected to be resolved with no additional material loss, absent further decline in market prices. The valuation allowance on impaired loans primarily represents the impairment reserves on performing restructured loans, and is measured by comparing the present value of expected future cash flows on the restructured loans discounted at the interest rate of the original loan agreement to the loan’s carrying value. | ||||||||||||||||||||||||||||
At March 31, 2014 and December 31, 2013, impaired loans of $67.9 million and $68.8 million, respectively, were classified as accruing restructured loans. The restructurings were granted in response to borrower financial difficulty by providing for a modification of loan repayment terms. The restructured loans on accrual status represent the only impaired loans accruing interest at each respective date. In order for a restructured loan to be considered for accrual status, the loan’s collateral coverage generally will be greater than or equal to 100% of the loan balance, the loan is current on payments, and the borrower must either prefund an interest reserve or demonstrate the ability to make payments from a verified source of cash flow. The Bank had obligations of $3.8 million to lend additional funds on restructured loans as of March 31, 2014. | ||||||||||||||||||||||||||||
The following table summarizes our non-covered impaired loans by loan class as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Unpaid | ||||||||||||||||||||||||||||
Principal | Recorded | Related | ||||||||||||||||||||||||||
Balance | Investment | Allowance | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 25,814 | $ | 24,995 | $ | — | ||||||||||||||||||||||
Owner occupied term, net | 5,741 | 5,449 | — | |||||||||||||||||||||||||
Multifamily, net | 521 | 355 | — | |||||||||||||||||||||||||
Construction & development, net | 9,455 | 8,435 | — | |||||||||||||||||||||||||
Residential development, net | 6,684 | 6,684 | — | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 19,549 | 11,964 | — | |||||||||||||||||||||||||
LOC & other, net | 3,720 | 1,025 | — | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | |||||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | 28,706 | 28,706 | 764 | |||||||||||||||||||||||||
Owner occupied term, net | 7,731 | 7,731 | 491 | |||||||||||||||||||||||||
Multifamily, net | — | — | — | |||||||||||||||||||||||||
Construction & development, net | 1,091 | 1,091 | 5 | |||||||||||||||||||||||||
Residential development, net | 7,744 | 7,744 | 83 | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 300 | 300 | 11 | |||||||||||||||||||||||||
LOC & other, net | 1,252 | 1,252 | 4 | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | |||||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Commercial real estate, net | 93,487 | 91,190 | 1,343 | |||||||||||||||||||||||||
Commercial, net | 24,821 | 14,541 | 15 | |||||||||||||||||||||||||
Residential, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 118,308 | $ | 105,731 | $ | 1,358 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Unpaid | ||||||||||||||||||||||||||||
Principal | Recorded | Related | ||||||||||||||||||||||||||
Balance | Investment | Allowance | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 19,350 | $ | 18,285 | $ | — | ||||||||||||||||||||||
Owner occupied term, net | 6,674 | 6,204 | — | |||||||||||||||||||||||||
Multifamily, net | 1,416 | 935 | — | |||||||||||||||||||||||||
Construction & development, net | 9,518 | 8,498 | — | |||||||||||||||||||||||||
Residential development, net | 12,347 | 5,776 | — | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 22,750 | 8,723 | — | |||||||||||||||||||||||||
LOC & other, net | 5,886 | 1,222 | — | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | |||||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | 31,252 | 31,362 | 928 | |||||||||||||||||||||||||
Owner occupied term, net | 5,202 | 5,202 | 198 | |||||||||||||||||||||||||
Multifamily, net | — | — | — | |||||||||||||||||||||||||
Construction & development, net | 1,091 | 1,091 | 11 | |||||||||||||||||||||||||
Residential development, net | 10,166 | 11,927 | 648 | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | 300 | 8 | |||||||||||||||||||||||||
LOC & other, net | 1,258 | 1,258 | 4 | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | |||||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Commercial real estate, net | 97,016 | 89,280 | 1,785 | |||||||||||||||||||||||||
Commercial, net | 29,894 | 11,503 | 12 | |||||||||||||||||||||||||
Residential, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 126,910 | $ | 100,783 | $ | 1,797 | ||||||||||||||||||||||
The following table summarizes our average recorded investment and interest income recognized on impaired non-covered loans by loan class for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Three months ended | Three months ended | |||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 21,640 | $ | — | $ | 33,117 | $ | — | ||||||||||||||||||||
Owner occupied term, net | 5,826 | — | 5,676 | — | ||||||||||||||||||||||||
Multifamily, net | 645 | — | 886 | — | ||||||||||||||||||||||||
Construction & development, net | 8,467 | — | 14,649 | — | ||||||||||||||||||||||||
Residential development, net | 6,230 | — | 10,515 | — | ||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 10,343 | — | 11,795 | — | ||||||||||||||||||||||||
LOC & other, net | 1,123 | — | 5,478 | — | ||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | — | ||||||||||||||||||||||||
Home equity loans & lines, net | — | — | 175 | — | ||||||||||||||||||||||||
Consumer & other, net | — | — | 2 | — | ||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | 30,034 | 349 | 31,811 | 338 | ||||||||||||||||||||||||
Owner occupied term, net | 6,467 | 77 | 5,918 | 48 | ||||||||||||||||||||||||
Multifamily, net | — | — | — | — | ||||||||||||||||||||||||
Construction & development, net | 1,091 | 118 | 1,746 | 149 | ||||||||||||||||||||||||
Residential development, net | 9,835 | 159 | 17,069 | 163 | ||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 300 | 4 | 1,959 | 42 | ||||||||||||||||||||||||
LOC & other, net | 1,255 | 13 | 1,033 | 11 | ||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | 145 | — | ||||||||||||||||||||||||
Home equity loans & lines, net | — | — | 64 | — | ||||||||||||||||||||||||
Consumer & other, net | — | — | — | — | ||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Commercial real estate, net | 90,235 | 703 | 121,387 | 698 | ||||||||||||||||||||||||
Commercial, net | 13,021 | 17 | 20,265 | 53 | ||||||||||||||||||||||||
Residential, net | — | — | 384 | — | ||||||||||||||||||||||||
Consumer & other, net | — | — | 2 | — | ||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 103,256 | $ | 720 | $ | 142,038 | $ | 751 | ||||||||||||||||||||
The impaired loans for which these interest income amounts were recognized primarily relate to accruing restructured loans. | ||||||||||||||||||||||||||||
Non-Covered Credit Quality Indicators | ||||||||||||||||||||||||||||
As previously noted, the Bank's risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The Bank differentiates its lending portfolios into homogeneous loans and leases and non-homogeneous loans and leases. The 10 risk rating categories can be generally described by the following groupings for non-homogeneous loans and leases: | ||||||||||||||||||||||||||||
Minimal Risk—A minimal risk loan or lease, risk rated 1, is to a borrower of the highest quality. The borrower has an unquestioned ability to produce consistent profits and service all obligations and can absorb severe market disturbances with little or no difficulty. | ||||||||||||||||||||||||||||
Low Risk—A low risk loan or lease, risk rated 2, is similar in characteristics to a minimal risk loan. Margins may be smaller or protective elements may be subject to greater fluctuation. The borrower will have a strong demonstrated ability to produce profits, provide ample debt service coverage and to absorb market disturbances. | ||||||||||||||||||||||||||||
Modest Risk—A modest risk loan or lease, risk rated 3, is a desirable loan or lease with excellent sources of repayment and no currently identifiable risk associated with collection. The borrower exhibits a very strong capacity to repay the credit in accordance with the repayment agreement. The borrower may be susceptible to economic cycles, but will have reserves to weather these cycles. | ||||||||||||||||||||||||||||
Average Risk—An average risk loan or lease, risk rated 4, is an attractive loan or lease with sound sources of repayment and no material collection or repayment weakness evident. The borrower has an acceptable capacity to pay in accordance with the agreement. The borrower is susceptible to economic cycles and more efficient competition, but should have modest reserves sufficient to survive all but the most severe downturns or major setbacks. | ||||||||||||||||||||||||||||
Acceptable Risk—An acceptable risk loan or lease, risk rated 5, is a loan or lease with lower than average, but still acceptable credit risk. These borrowers may have higher leverage, less certain but viable repayment sources, have limited financial reserves and may possess weaknesses that can be adequately mitigated through collateral, structural or credit enhancement. The borrower is susceptible to economic cycles and is less resilient to negative market forces or financial events. Reserves may be insufficient to survive a modest downturn. | ||||||||||||||||||||||||||||
Watch—A watch loan or lease, risk rated 6, is still pass-rated, but represents the lowest level of acceptable risk due to an emerging risk element or declining performance trend. Watch ratings are expected to be temporary, with issues resolved or manifested to the extent that a higher or lower rating would be appropriate. The borrower should have a plausible plan, with reasonable certainty of success, to correct the problems in a short period of time. Borrowers rated watch are characterized by elements of uncertainty, such as: | ||||||||||||||||||||||||||||
• | Borrower may be experiencing declining operating trends, strained cash flows or less-than anticipated performance. Cash flow should still be adequate to cover debt service, and the negative trends should be identified as being of a short-term or temporary nature. | |||||||||||||||||||||||||||
• | The borrower may have experienced a minor, unexpected covenant violation. | |||||||||||||||||||||||||||
• | Companies who may be experiencing tight working capital or have a cash cushion deficiency. | |||||||||||||||||||||||||||
• | A loan or lease may also be a watch if financial information is late, there is a documentation deficiency, the borrower has experienced unexpected management turnover, or if they face industry issues that, when combined with performance factors create uncertainty in their future ability to perform. | |||||||||||||||||||||||||||
• | Delinquent payments, increasing and material overdraft activity, request for bulge and/or out-of-formula advances may be an indicator of inadequate working capital and may suggest a lower rating. | |||||||||||||||||||||||||||
• | Failure of the intended repayment source to materialize as expected, or renewal of a loan (other than cash/marketable security secured or lines of credit) without reduction are possible indicators of a watch or worse risk rating. | |||||||||||||||||||||||||||
Special Mention—A special mention loan or lease, risk rated 7, has potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the asset or the institutions credit position at some future date. They contain unfavorable characteristics and are generally undesirable. Loans and leases in this category are currently protected but are potentially weak and constitute an undue and unwarranted credit risk, but not to the point of a substandard classification. A special mention loan or lease has potential weaknesses, which if not checked or corrected, weaken the asset or inadequately protect the Bank’s position at some future date. Such weaknesses include: | ||||||||||||||||||||||||||||
• | Performance is poor or significantly less than expected. There may be a temporary debt-servicing deficiency or inadequate working capital as evidenced by a cash cushion deficiency, but not to the extent that repayment is compromised. Material violation of financial covenants is common. | |||||||||||||||||||||||||||
• | Loans or leases with unresolved material issues that significantly cloud the debt service outlook, even though a debt servicing deficiency does not currently exist. | |||||||||||||||||||||||||||
• | Modest underperformance or deviation from plan for real estate loans where absorption of rental/sales units is necessary to properly service the debt as structured. Depth of support for interest carry provided by owner/guarantors may mitigate and provide for improved rating. | |||||||||||||||||||||||||||
• | This rating may be assigned when a loan officer is unable to supervise the credit properly, an inadequate loan agreement, an inability to control collateral, failure to obtain proper documentation, or any other deviation from prudent lending practices. | |||||||||||||||||||||||||||
• | Unlike a substandard credit, there should be a reasonable expectation that these temporary issues will be corrected within the normal course of business, rather than liquidation of assets, and in a reasonable period of time. | |||||||||||||||||||||||||||
Substandard—A substandard asset, risk rated 8, is inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the debt. They are characterized by the distinct possibility that the Bank will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard assets, does not have to exist in individual assets classified substandard. Loans and leases are classified as substandard when they have unsatisfactory characteristics causing unacceptable levels of risk. A substandard loan or lease normally has one or more well-defined weaknesses that could jeopardize repayment of the debt. The likely need to liquidate assets to correct the problem, rather than repayment from successful operations is the key distinction between special mention and substandard. The following are examples of well-defined weaknesses: | ||||||||||||||||||||||||||||
• Cash flow deficiencies or trends are of a magnitude to jeopardize current and future payments with no immediate relief. A loss is not presently expected, however the outlook is sufficiently uncertain to preclude ruling out the possibility. | ||||||||||||||||||||||||||||
• The borrower has been unable to adjust to prolonged and unfavorable industry or economic trends. | ||||||||||||||||||||||||||||
• Material underperformance or deviation from plan for real estate loans where absorption of rental/sales units is necessary to properly service the debt and risk is not mitigated by willingness and capacity of owner/guarantor to support interest payments. | ||||||||||||||||||||||||||||
• Management character or honesty has become suspect. This includes instances where the borrower has become uncooperative. | ||||||||||||||||||||||||||||
• Due to unprofitable or unsuccessful business operations, some form of restructuring of the business, including liquidation of assets, has become the primary source of loan repayment. Cash flow has deteriorated, or been diverted, to the point that sale of collateral is now the Bank’s primary source of repayment (unless this was the original source of repayment). If the collateral is under the Bank’s control and is cash or other liquid, highly marketable securities and properly margined, then a more appropriate rating might be special mention or watch. | ||||||||||||||||||||||||||||
• The borrower is bankrupt, or for any other reason, future repayment is dependent on court action. | ||||||||||||||||||||||||||||
• There is material, uncorrectable faulty documentation or materially suspect financial information. | ||||||||||||||||||||||||||||
Doubtful—Loans or leases classified as doubtful, risk rated 9, have all the weaknesses inherent in one classified substandard with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. The possibility of loss is extremely high, but because of certain important and reasonably specific pending factors, which may work towards strengthening of the asset, classification as a loss (and immediate charge-off) is deferred until more exact status may be determined. Pending factors include proposed merger, acquisition, liquidation procedures, capital injection, and perfection of liens on additional collateral and refinancing plans. In certain circumstances, a doubtful rating will be temporary, while the Bank is awaiting an updated collateral valuation. In these cases, once the collateral is valued and appropriate margin applied, the remaining un-collateralized portion will be charged-off. The remaining balance, properly margined, may then be upgraded to substandard, however must remain on non-accrual. | ||||||||||||||||||||||||||||
Loss—Loans or leases classified as loss, risk rated 10, are considered un-collectible and of such little value that the continuance as an active Bank asset is not warranted. This rating does not mean that the loan or lease has no recovery or salvage value, but rather that the loan or lease should be charged-off now, even though partial or full recovery may be possible in the future. | ||||||||||||||||||||||||||||
Impaired—Loans are classified as impaired when, based on current information and events, it is probable that the Bank will be unable to collect the scheduled payments of principal and interest when due, in accordance with the terms of the original loan agreement, without unreasonable delay. This generally includes all loans classified as non-accrual and troubled debt restructurings. Impaired loans are risk rated for internal and regulatory rating purposes, but presented separately for clarification. | ||||||||||||||||||||||||||||
Homogeneous loans and leases are not risk rated until they are greater than 30 days past due, and risk rating is based primarily on the past due status of the loan or lease. The risk rating categories can be generally described by the following groupings for commercial and commercial real estate homogeneous loans and leases: | ||||||||||||||||||||||||||||
Special Mention—A homogeneous special mention loan or lease, risk rated 7, is 30-59 days past due from the required payment date at month-end. | ||||||||||||||||||||||||||||
Substandard—A homogeneous substandard loan or lease, risk rated 8, is 60-89 days past due from the required payment date at month-end. | ||||||||||||||||||||||||||||
Doubtful—A homogeneous doubtful loan or lease, risk rated 9, is 90-179 days past due from the required payment date at month-end. | ||||||||||||||||||||||||||||
Loss—A homogeneous loss loan or lease, risk rated 10, is 180 days and more past due from the required payment date. These loans are generally charged-off in the month in which the 180 day time period elapses. | ||||||||||||||||||||||||||||
The risk rating categories can be generally described by the following groupings for residential and consumer and other homogeneous loans: | ||||||||||||||||||||||||||||
Special Mention—A homogeneous retail special mention loan, risk rated 7, is 30-89 days past due from the required payment date at month-end. | ||||||||||||||||||||||||||||
Substandard—A homogeneous retail substandard loan, risk rated 8, is an open-end loan 90-180 days past due from the required payment date at month-end or a closed-end loan 90-120 days past due from the required payment date at month-end. | ||||||||||||||||||||||||||||
Loss—A homogeneous retail loss loan, risk rated 10, is a closed-end loan that becomes past due 120 cumulative days or an open-end retail loan that becomes past due 180 cumulative days from the contractual due date. These loans are generally charged-off in the month in which the 120 or 180 day period elapses. | ||||||||||||||||||||||||||||
The following table summarizes our internal risk rating by loan and lease class for the non-covered loan and lease portfolio as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Pass/Watch | Special Mention | Substandard | Doubtful | Loss | Impaired | Total | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 2,068,165 | $ | 95,323 | $ | 94,763 | $ | — | $ | — | $ | 53,701 | $ | 2,311,952 | ||||||||||||||
Owner occupied term, net | 1,206,791 | 28,483 | 34,028 | — | — | 13,180 | 1,282,482 | |||||||||||||||||||||
Multifamily, net | 385,668 | 4,280 | 10,624 | — | — | 355 | 400,927 | |||||||||||||||||||||
Construction & development, net | 212,460 | 3,957 | 3,319 | — | — | 9,526 | 229,262 | |||||||||||||||||||||
Residential development, net | 72,328 | 1,008 | 1,746 | — | — | 14,428 | 89,510 | |||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 692,529 | 12,513 | 17,698 | — | — | 12,264 | 735,004 | |||||||||||||||||||||
LOC & other, net | 963,039 | 26,891 | 13,593 | — | — | 2,277 | 1,005,800 | |||||||||||||||||||||
Leases and equipment finance, net | 382,086 | 1,800 | 1,584 | 2,480 | 468 | — | 388,418 | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 646,095 | 3,430 | 354 | — | 1,163 | — | 651,042 | |||||||||||||||||||||
Home equity loans & lines, net | 266,768 | 1,441 | 65 | — | 223 | — | 268,497 | |||||||||||||||||||||
Consumer & other, net | 48,028 | 111 | 15 | — | 60 | — | 48,214 | |||||||||||||||||||||
Total, net of deferred fees and costs | $ | 6,943,957 | $ | 179,237 | $ | 177,789 | $ | 2,480 | $ | 1,914 | $ | 105,731 | $ | 7,411,108 | ||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Pass/Watch | Special Mention | Substandard | Doubtful | Loss | Impaired | Total | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 2,073,366 | $ | 108,263 | $ | 96,984 | $ | — | $ | — | $ | 49,647 | $ | 2,328,260 | ||||||||||||||
Owner occupied term, net | 1,182,865 | 27,615 | 37,524 | 173 | — | 11,406 | 1,259,583 | |||||||||||||||||||||
Multifamily, net | 385,335 | 5,574 | 11,693 | — | — | 935 | 403,537 | |||||||||||||||||||||
Construction & development, net | 230,262 | 2,054 | 3,326 | — | — | 9,589 | 245,231 | |||||||||||||||||||||
Residential development, net | 67,019 | 1,836 | 1,855 | — | — | 17,703 | 88,413 | |||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 718,778 | 23,393 | 19,651 | — | — | 9,023 | 770,845 | |||||||||||||||||||||
LOC & other, net | 951,109 | 24,197 | 9,574 | — | — | 2,480 | 987,360 | |||||||||||||||||||||
Leases and equipment finance, net | 351,971 | 4,585 | 1,706 | 2,996 | 333 | — | 361,591 | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 593,723 | 1,405 | 743 | — | 1,330 | — | 597,201 | |||||||||||||||||||||
Home equity loans & lines, net | 263,070 | 1,038 | 25 | — | 136 | — | 264,269 | |||||||||||||||||||||
Consumer & other, net | 47,895 | 144 | 33 | — | 41 | — | 48,113 | |||||||||||||||||||||
Total, net of deferred fees and costs | $ | 6,865,393 | $ | 200,104 | $ | 183,114 | $ | 3,169 | $ | 1,840 | $ | 100,783 | $ | 7,354,403 | ||||||||||||||
The percentage of non-covered impaired loans classified as watch, special mention, and substandard was 6.4%, 2.9%, and 90.6%, respectively, as of March 31, 2014. The percentage of non-covered impaired loans classified as watch, special mention, and substandard was 6.4%, 3.7%, and 89.9%, respectively, as of December 31, 2013. | ||||||||||||||||||||||||||||
Troubled Debt Restructurings | ||||||||||||||||||||||||||||
At March 31, 2014 and December 31, 2013, impaired loans of $67.9 million and $68.8 million, respectively, were classified as accruing restructured loans. The restructurings were granted in response to borrower financial difficulty, and generally provide for a temporary modification of loan repayment terms. The restructured loans on accrual status represent the only impaired loans accruing interest. In order for a restructured loan to be considered for accrual status, the loan’s collateral coverage generally will be greater than or equal to 100% of the loan balance, the loan is current on payments, and the borrower must either prefund an interest reserve or demonstrate the ability to make payments from a verified source of cash flow. Impaired restructured loans carry a specific allowance and the allowance on impaired restructured loans is calculated consistently across the portfolios. | ||||||||||||||||||||||||||||
There were $3.8 million of available commitments for troubled debt restructurings outstanding as of March 31, 2014 and none as of December 31, 2013. | ||||||||||||||||||||||||||||
The following tables present troubled debt restructurings by accrual versus non-accrual status and by loan class as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Accrual | Non-Accrual | Total | ||||||||||||||||||||||||||
Status | Status | Modifications | ||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 34,684 | $ | — | $ | 34,684 | ||||||||||||||||||||||
Owner occupied term, net | 7,731 | — | 7,731 | |||||||||||||||||||||||||
Multifamily, net | — | — | — | |||||||||||||||||||||||||
Construction & development, net | 9,527 | — | 9,527 | |||||||||||||||||||||||||
Residential development, net | 14,232 | — | 14,232 | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | 2,740 | 2,740 | |||||||||||||||||||||||||
LOC & other, net | 1,252 | — | 1,252 | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 471 | — | 471 | |||||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 67,897 | $ | 2,740 | $ | 70,637 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Accrual | Non-Accrual | Total | ||||||||||||||||||||||||||
Status | Status | Modifications | ||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 37,366 | $ | — | $ | 37,366 | ||||||||||||||||||||||
Owner occupied term, net | 5,202 | — | 5,202 | |||||||||||||||||||||||||
Multifamily, net | — | — | — | |||||||||||||||||||||||||
Construction & development, net | 9,590 | — | 9,590 | |||||||||||||||||||||||||
Residential development, net | 14,902 | 2,196 | 17,098 | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | 2,603 | 2,603 | |||||||||||||||||||||||||
LOC & other, net | 1,258 | — | 1,258 | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 473 | — | 473 | |||||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 68,791 | $ | 4,799 | $ | 73,590 | ||||||||||||||||||||||
The Bank’s policy is that loans placed on non-accrual will typically remain on non-accrual status until all principal and interest payments are brought current and the prospect for future payment in accordance with the loan agreement appears relatively certain. The Bank’s policy generally refers to six months of payment performance as sufficient to warrant a return to accrual status. | ||||||||||||||||||||||||||||
The types of modifications offered can generally be described in the following categories: | ||||||||||||||||||||||||||||
Rate Modification—A modification in which the interest rate is modified. | ||||||||||||||||||||||||||||
Term Modification —A modification in which the maturity date, timing of payments, or frequency of payments is changed. | ||||||||||||||||||||||||||||
Interest Only Modification—A modification in which the loan is converted to interest only payments for a period of time. | ||||||||||||||||||||||||||||
Payment Modification—A modification in which the payment amount is changed, other than an interest only modification described above. | ||||||||||||||||||||||||||||
Combination Modification—Any other type of modification, including the use of multiple types of modifications. | ||||||||||||||||||||||||||||
There were no new non-covered restructured loans during the three months ended March 31, 2014. The following table presents newly non-covered restructured loans that occurred during the three months ended March 31, 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||||||
Rate | Term | Interest Only | Payment | Combination | Total | |||||||||||||||||||||||
Modifications | Modifications | Modifications | Modifications | Modifications | Modifications | |||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | — | $ | — | $ | 4,291 | $ | — | $ | — | $ | 4,291 | ||||||||||||||||
Owner occupied term, net | — | — | — | — | — | — | ||||||||||||||||||||||
Multifamily, net | — | — | — | — | — | — | ||||||||||||||||||||||
Construction & development, net | — | — | — | — | — | — | ||||||||||||||||||||||
Residential development, net | — | — | — | — | — | — | ||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | — | — | — | — | — | ||||||||||||||||||||||
LOC & other, net | — | — | — | — | 452 | 452 | ||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage | — | — | — | — | 289 | 289 | ||||||||||||||||||||||
Home equity loans & lines | — | — | — | — | — | — | ||||||||||||||||||||||
Consumer & other | — | — | — | — | — | — | ||||||||||||||||||||||
Total, net of deferred fees and costs | $ | — | $ | — | $ | 4,291 | $ | — | $ | 741 | $ | 5,032 | ||||||||||||||||
For the periods presented in the tables above, the outstanding recorded investment was the same pre and post modification. | ||||||||||||||||||||||||||||
There were no financing receivables modified as troubled debt restructurings within the previous 12 months for which there was a payment default during the three months ended March 31, 2014 and 2013. |
Covered_Assets_and_Indemnifica
Covered Assets and Indemnification Asset | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Covered Assets and Indemnification Asset [Abstract] | ' | |||||||||||||||||||||||
Covered Assets and Indemnification Asset | ' | |||||||||||||||||||||||
Covered Assets and Indemnification Asset | ||||||||||||||||||||||||
Covered Loans | ||||||||||||||||||||||||
Loans acquired in a FDIC-assisted acquisition that are subject to a loss-share agreement are referred to as “covered loans” and reported separately in our statements of financial condition. Covered loans are reported exclusive of the cash flow reimbursements expected from the FDIC. | ||||||||||||||||||||||||
Acquired loans are valued as of acquisition date in accordance with ASC 805. Loans purchased with evidence of credit deterioration since origination for which it is probable that all contractually required payments will not be collected are accounted for under FASB ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality (“ASC 310-30”). Because of the significant fair value discounts associated with the acquired portfolios, the concentration of real estate related loans (to finance or secured by real estate collateral) and the decline in real estate values in the regions serviced, and after considering the underwriting standards of the acquired originating bank, the Company elected to account for all acquired loans under ASC 310-30. Under ASC 805 and ASC 310-30, loans are to be recorded at fair value at acquisition date, factoring in credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for loan losses is not carried over or recorded as of the acquisition date. We have aggregated the acquired loans into various loan pools based on multiple layers of common risk characteristics for the purpose of determining their respective fair values as of their acquisition dates, and for applying the subsequent recognition and measurement provisions for income accretion and impairment testing. | ||||||||||||||||||||||||
The covered loans acquired are, and will continue to be, subject to the Company’s internal and external credit review and monitoring. To the extent there is experienced or projected credit deterioration on the acquired loan pools subsequent to amounts estimated at the previous remeasurement date, this deterioration will be measured, and a provision for credit losses will be charged to earnings. Additionally, provision for credit losses will be recorded on advances on covered loans subsequent to acquisition date in a manner consistent with the allowance for non-covered loan and lease losses. These provisions will be mostly offset by an increase to the FDIC indemnification asset through the life of the loss sharing agreement, which is recognized in non-interest income. | ||||||||||||||||||||||||
Covered Loans | ||||||||||||||||||||||||
The following table presents the major types of covered loans as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Non-owner occupied term, net | $ | 30,251 | $ | 113,584 | $ | 55,983 | $ | 199,818 | ||||||||||||||||
Owner occupied term, net | 18,532 | 14,778 | 16,177 | 49,487 | ||||||||||||||||||||
Multifamily, net | 1,973 | 18,508 | 7,081 | 27,562 | ||||||||||||||||||||
Construction & development, net | 1,511 | — | 1,935 | 3,446 | ||||||||||||||||||||
Residential development, net | 1,856 | — | 5,357 | 7,213 | ||||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Term, net | 2,161 | 740 | 7,908 | 10,809 | ||||||||||||||||||||
LOC & other, net | 2,373 | 4,930 | 2,148 | 9,451 | ||||||||||||||||||||
Residential | ||||||||||||||||||||||||
Mortgage, net | 3,058 | 16,983 | 1,762 | 21,803 | ||||||||||||||||||||
Home equity loans & lines, net | 2,706 | 14,366 | 1,922 | 18,994 | ||||||||||||||||||||
Consumer & other, net | 938 | 3,062 | — | 4,000 | ||||||||||||||||||||
Total, net of deferred fees and costs | $ | 65,359 | $ | 186,951 | $ | 100,273 | $ | 352,583 | ||||||||||||||||
Allowance for covered loans | (10,320 | ) | ||||||||||||||||||||||
Total | $ | 342,263 | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Non-owner occupied term, net | $ | 29,019 | $ | 117,076 | $ | 60,807 | $ | 206,902 | ||||||||||||||||
Owner occupied term, net | 18,582 | 14,711 | 16,524 | 49,817 | ||||||||||||||||||||
Multifamily, net | 7,626 | 22,210 | 7,835 | 37,671 | ||||||||||||||||||||
Construction & development, net | 1,506 | — | 1,949 | 3,455 | ||||||||||||||||||||
Residential development, net | 1,861 | — | 5,425 | 7,286 | ||||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Term, net | 5,651 | 768 | 9,300 | 15,719 | ||||||||||||||||||||
LOC & other, net | 2,664 | 1,934 | 2,100 | 6,698 | ||||||||||||||||||||
Residential | ||||||||||||||||||||||||
Mortgage, net | 3,075 | 17,468 | 1,773 | 22,316 | ||||||||||||||||||||
Home equity loans & lines, net | 2,820 | 14,782 | 2,035 | 19,637 | ||||||||||||||||||||
Consumer & other, net | 954 | 3,308 | — | 4,262 | ||||||||||||||||||||
Total, net of deferred fees and costs | $ | 73,758 | $ | 192,257 | $ | 107,748 | $ | 373,763 | ||||||||||||||||
Allowance for covered loans | (9,771 | ) | ||||||||||||||||||||||
Total | $ | 363,992 | ||||||||||||||||||||||
The outstanding contractual unpaid principal balance, excluding purchase accounting adjustments, at March 31, 2014 was $82.1 million, $217.0 million and $133.0 million, for Evergreen, Rainier, and Nevada Security, respectively, as compared to $93.8 million, $224.1 million and $144.5 million, for Evergreen, Rainier, and Nevada Security, respectively, at December 31, 2013. | ||||||||||||||||||||||||
In estimating the fair value of the covered loans at the acquisition date, we (a) calculated the contractual amount and timing of undiscounted principal and interest payments and (b) estimated the amount and timing of undiscounted expected principal and interest payments. The difference between these two amounts represents the nonaccretable difference. | ||||||||||||||||||||||||
On the acquisition date, the amount by which the undiscounted expected cash flows exceed the estimated fair value of the acquired loans is the “accretable yield”. The accretable yield is then measured at each financial reporting date and represents the difference between the remaining undiscounted expected cash flows and the current carrying value of the loans. | ||||||||||||||||||||||||
The following table presents the changes in the accretable yield for the three months ended March 31, 2014 and 2013 for each respective acquired loan portfolio: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 20,063 | $ | 71,789 | $ | 34,632 | $ | 126,484 | ||||||||||||||||
Accretion to interest income | (3,637 | ) | (4,281 | ) | (4,464 | ) | (12,382 | ) | ||||||||||||||||
Disposals | (1,240 | ) | (987 | ) | (1,630 | ) | (3,857 | ) | ||||||||||||||||
Reclassifications from nonaccretable difference | 974 | 1,402 | 2,953 | 5,329 | ||||||||||||||||||||
Balance, end of period | $ | 16,160 | $ | 67,923 | $ | 31,491 | $ | 115,574 | ||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 34,567 | $ | 102,468 | $ | 46,353 | $ | 183,388 | ||||||||||||||||
Accretion to interest income | (4,139 | ) | (5,864 | ) | (4,194 | ) | (14,197 | ) | ||||||||||||||||
Disposals | (236 | ) | (1,363 | ) | (1,331 | ) | (2,930 | ) | ||||||||||||||||
Reclassifications from nonaccretable difference | 1,412 | 142 | 1,805 | 3,359 | ||||||||||||||||||||
Balance, end of period | $ | 31,604 | $ | 95,383 | $ | 42,633 | $ | 169,620 | ||||||||||||||||
Allowance for Covered Loan Losses | ||||||||||||||||||||||||
The following table summarizes activity related to the allowance for covered loan losses by covered loan portfolio segment for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||
Balance, beginning of period | $ | 6,105 | $ | 2,837 | $ | 660 | $ | 169 | $ | 9,771 | ||||||||||||||
Charge-offs | (346 | ) | (169 | ) | (118 | ) | (36 | ) | (669 | ) | ||||||||||||||
Recoveries | 391 | 121 | 115 | 20 | 647 | |||||||||||||||||||
Provision (recapture) | (79 | ) | 680 | (25 | ) | (5 | ) | 571 | ||||||||||||||||
Balance, end of period | $ | 6,071 | $ | 3,469 | $ | 632 | $ | 148 | $ | 10,320 | ||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||
Balance, beginning of period | $ | 12,129 | $ | 4,980 | $ | 804 | $ | 362 | $ | 18,275 | ||||||||||||||
Charge-offs | (261 | ) | (328 | ) | (50 | ) | (178 | ) | (817 | ) | ||||||||||||||
Recoveries | 295 | 164 | 37 | 35 | 531 | |||||||||||||||||||
Provision (recapture) | 211 | 51 | (106 | ) | 76 | 232 | ||||||||||||||||||
Balance, end of period | $ | 12,374 | $ | 4,867 | $ | 685 | $ | 295 | $ | 18,221 | ||||||||||||||
The following table presents the allowance and recorded investment in covered loans by portfolio segment as of March 31, 2014 and 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||
Allowance for covered loans: | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | $ | 5,962 | $ | 3,216 | $ | 581 | $ | 98 | $ | 9,857 | ||||||||||||||
Collectively evaluated for impairment (2) | 109 | 253 | 51 | 50 | 463 | |||||||||||||||||||
Total | $ | 6,071 | $ | 3,469 | $ | 632 | $ | 148 | $ | 10,320 | ||||||||||||||
Covered loans: | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | $ | 286,507 | $ | 10,807 | $ | 35,775 | $ | 1,577 | $ | 334,666 | ||||||||||||||
Collectively evaluated for impairment (2) | 1,019 | 9,453 | 5,022 | 2,423 | 17,917 | |||||||||||||||||||
Total | $ | 287,526 | $ | 20,260 | $ | 40,797 | $ | 4,000 | $ | 352,583 | ||||||||||||||
March 31, 2013 | ||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||
Allowance for covered loans: | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | $ | 11,985 | $ | 4,529 | $ | 636 | $ | 249 | $ | 17,399 | ||||||||||||||
Collectively evaluated for impairment (2) | 389 | 338 | 49 | 46 | 822 | |||||||||||||||||||
Total | $ | 12,374 | $ | 4,867 | $ | 685 | $ | 295 | $ | 18,221 | ||||||||||||||
Covered loans: | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | $ | 363,158 | $ | 18,213 | $ | 42,652 | $ | 2,484 | $ | 426,507 | ||||||||||||||
Collectively evaluated for impairment (2) | 2,940 | 12,942 | 4,966 | 2,505 | 23,353 | |||||||||||||||||||
Total | $ | 366,098 | $ | 31,155 | $ | 47,618 | $ | 4,989 | $ | 449,860 | ||||||||||||||
(1) In accordance with ASC 310-30, the valuation allowance is netted against the carrying value of the covered loan balance. | ||||||||||||||||||||||||
(2) The allowance on covered loan losses includes an allowance on covered loan advances on acquired loans subsequent to acquisition. | ||||||||||||||||||||||||
The valuation allowance on covered loans was reduced by recaptured provision of $400,000 for the three months ended March 31, 2014, and $1.7 million for the three months ended March 31, 2013. | ||||||||||||||||||||||||
Covered Credit Quality Indicators | ||||||||||||||||||||||||
Covered loans are risk rated in a manner consistent with non-covered loans. As previously noted, the Bank’s risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The 10 risk rating groupings are described fully in Note 5. The following table includes loans acquired with deteriorated credit quality accounted for under ASC 310-30, and advances made subsequent to acquisition on covered loans. | ||||||||||||||||||||||||
The following table summarizes our internal risk rating grouping by covered loans, net as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Special | ||||||||||||||||||||||||
Pass/Watch | Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Non-owner occupied term, net | $ | 131,647 | $ | 21,814 | $ | 43,606 | $ | — | $ | — | $ | 197,067 | ||||||||||||
Owner occupied term, net | 32,077 | 3,232 | 12,927 | 211 | — | 48,447 | ||||||||||||||||||
Multifamily, net | 16,092 | 1,174 | 9,813 | — | — | 27,079 | ||||||||||||||||||
Construction & development, net | 1,123 | — | 1,656 | — | — | 2,779 | ||||||||||||||||||
Residential development, net | 482 | 222 | 5,317 | 62 | — | 6,083 | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Term, net | 3,710 | 915 | 2,981 | 255 | — | 7,861 | ||||||||||||||||||
LOC & other, net | 7,321 | 209 | 1,399 | — | — | 8,929 | ||||||||||||||||||
Residential | ||||||||||||||||||||||||
Mortgage, net | 21,664 | — | — | — | — | 21,664 | ||||||||||||||||||
Home equity loans & lines, net | 18,405 | — | 97 | — | — | 18,502 | ||||||||||||||||||
Consumer & other, net | 3,852 | — | — | — | — | 3,852 | ||||||||||||||||||
Total, net of deferred fees and costs | $ | 236,373 | $ | 27,566 | $ | 77,796 | $ | 528 | $ | — | $ | 342,263 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Special | ||||||||||||||||||||||||
Pass/Watch | Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Non-owner occupied term, net | $ | 133,452 | $ | 26,321 | $ | 44,279 | $ | — | $ | — | $ | 204,052 | ||||||||||||
Owner occupied term, net | 30,119 | 3,370 | 14,971 | 213 | — | 48,673 | ||||||||||||||||||
Multifamily, net | 24,213 | 2,563 | 10,409 | — | — | 37,185 | ||||||||||||||||||
Construction & development, net | 1,117 | — | 1,686 | — | — | 2,803 | ||||||||||||||||||
Residential development, net | 492 | 224 | 5,541 | 54 | — | 6,311 | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Term, net | 3,753 | 3,141 | 6,128 | 258 | — | 13,280 | ||||||||||||||||||
LOC & other, net | 4,630 | 991 | 681 | — | — | 6,302 | ||||||||||||||||||
Residential | ||||||||||||||||||||||||
Mortgage, net | 22,175 | — | — | — | — | 22,175 | ||||||||||||||||||
Home equity loans & lines, net | 19,043 | — | 76 | — | — | 19,119 | ||||||||||||||||||
Consumer & other, net | 4,092 | — | — | — | — | 4,092 | ||||||||||||||||||
Total, net of deferred fees and costs | $ | 243,086 | $ | 36,610 | $ | 83,771 | $ | 525 | $ | — | $ | 363,992 | ||||||||||||
Covered Other Real Estate Owned | ||||||||||||||||||||||||
All other real estate owned (“OREO”) acquired in FDIC-assisted acquisitions that are subject to an FDIC loss-share agreement are referred to as “covered OREO” and reported separately in our statements of financial position. Covered OREO is reported exclusive of expected reimbursement cash flows from the FDIC. Foreclosed covered loan collateral is transferred into covered OREO at the collateral’s net realizable value, less selling costs. | ||||||||||||||||||||||||
Covered OREO was initially recorded at its estimated fair value on the acquisition date based on similar market comparable valuations less estimated selling costs. Subsequent to acquisition, loan collateral transferred to OREO is at its net realizable value. Any subsequent valuation adjustments due to declines in fair value will be charged to non-interest expense, and will be mostly offset by non-interest income representing the corresponding increase to the FDIC indemnification asset for the offsetting loss reimbursement amount. Any recoveries of previous valuation adjustments will be credited to non-interest expense with a corresponding charge to non-interest income for the portion of the recovery that is due to the FDIC. | ||||||||||||||||||||||||
The following table summarizes the activity related to the covered OREO for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance, beginning of period | $ | 2,102 | $ | 10,374 | ||||||||||||||||||||
Additions to covered OREO | — | 1,741 | ||||||||||||||||||||||
Dispositions of covered OREO | (356 | ) | (3,665 | ) | ||||||||||||||||||||
Valuation adjustments in the period | — | (554 | ) | |||||||||||||||||||||
Balance, end of period | $ | 1,746 | $ | 7,896 | ||||||||||||||||||||
FDIC Indemnification Asset | ||||||||||||||||||||||||
The Company has elected to account for amounts receivable under the loss-share agreement as an indemnification asset in accordance with FASB ASC 805, Business Combinations. The FDIC indemnification asset is initially recorded at fair value, based on the discounted value of expected future cash flows under the loss-share agreement. The difference between the present value and the undiscounted cash flows the Company expects to collect from the FDIC will be accreted into non-interest income over the life of the FDIC indemnification asset. | ||||||||||||||||||||||||
Subsequent to initial recognition, the FDIC indemnification asset is reviewed quarterly and adjusted for any changes in expected cash flows based on recent performance and expectations for future performance of the covered assets. These adjustments are measured on the same basis as the related covered loans and covered OREO. Any increases in cash flow of the covered assets over those expected will reduce the FDIC indemnification asset and any decreases in cash flow of the covered assets under those expected will increase the FDIC indemnification asset. Increases and decreases to the FDIC indemnification asset are recorded as adjustments to non-interest income. The resulting carrying value of the indemnification asset represents the amounts recoverable from the FDIC for future expected losses, and the amounts due from the FDIC for claims related to covered losses the Company have incurred less amounts due back to the FDIC relating to shared recoveries. | ||||||||||||||||||||||||
The following table summarizes the activity related to the FDIC indemnification asset for each respective acquired portfolio for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 5,209 | $ | 8,016 | $ | 9,949 | $ | 23,174 | ||||||||||||||||
Change in FDIC indemnification asset | (1,704 | ) | (1,410 | ) | (1,726 | ) | (4,840 | ) | ||||||||||||||||
Transfers to due from FDIC and other | 58 | (24 | ) | (6 | ) | 28 | ||||||||||||||||||
Balance, end of period | $ | 3,563 | $ | 6,582 | $ | 8,217 | $ | 18,362 | ||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 14,876 | $ | 15,110 | $ | 22,812 | $ | 52,798 | ||||||||||||||||
Change in FDIC indemnification asset | (1,238 | ) | (1,568 | ) | (2,267 | ) | (5,073 | ) | ||||||||||||||||
Transfers to due from FDIC and other | (473 | ) | (513 | ) | (693 | ) | (1,679 | ) | ||||||||||||||||
Balance, end of period | $ | 13,165 | $ | 13,029 | $ | 19,852 | $ | 46,046 | ||||||||||||||||
Mortgage_Servicing_Rights
Mortgage Servicing Rights | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Transfers and Servicing [Abstract] | ' | |||||||
Mortgage Servicing Rights | ' | |||||||
Mortgage Servicing Rights | ||||||||
The following table presents the changes in the Company’s mortgage servicing rights (“MSR”) for the three months ended March 31, 2014 and 2013: | ||||||||
(in thousands) | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Balance, beginning of period | $ | 47,765 | $ | 27,428 | ||||
Additions for new MSR capitalized | 2,408 | 6,403 | ||||||
Changes in fair value: | ||||||||
Due to changes in model inputs or assumptions(1) | (1,087 | ) | (1,525 | ) | ||||
Other(2) | 134 | (209 | ) | |||||
Balance, end of period | $ | 49,220 | $ | 32,097 | ||||
-1 | Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates. | |||||||
-2 | Represents changes due to collection/realization of expected cash flows over time. | |||||||
Information related to our serviced loan portfolio as of March 31, 2014 and December 31, 2013 is as follows: | ||||||||
(dollars in thousands) | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Balance of loans serviced for others | $ | 4,496,662 | $ | 4,362,499 | ||||
MSR as a percentage of serviced loans | 1.09 | % | 1.09 | % | ||||
The amount of contractually specified servicing fees, late fees and ancillary fees earned, recorded in mortgage banking revenue on the Condensed Consolidated Statements of Income, was $3.0 million for the three months ended March 31, 2014, as compared to $2.2 million for the three months ended March 31, 2013. | ||||||||
Key assumptions used in measuring the fair value of MSR as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Constant prepayment rate | 13.59 | % | 12.74 | % | ||||
Discount rate | 8.7 | % | 8.69 | % | ||||
Weighted average life (years) | 5.7 | 6 | ||||||
A sensitivity analysis of the current fair value to changes in discount and prepayment speed assumptions as of March 31, 2014 and December 31, 2013 is as follows: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Constant prepayment rate | ||||||||
Effect on fair value of a 10% adverse change | $ | (2,338 | ) | $ | (2,255 | ) | ||
Effect on fair value of a 20% adverse change | $ | (4,479 | ) | $ | (4,323 | ) | ||
Discount rate | ||||||||
Effect on fair value of a 100 basis point adverse change | $ | (1,817 | ) | $ | (1,832 | ) | ||
Effect on fair value of a 200 basis point adverse change | $ | (3,503 | ) | $ | (3,534 | ) | ||
The sensitivity analysis presents the hypothetical effect on fair value of the MSR. The effect of such hypothetical change in assumptions generally cannot be extrapolated because the relationship of the change in an assumption to the change in fair value is not linear. Additionally, in the analysis, the impact of an adverse change in one assumption is calculated independent of any impact on other assumptions. In reality, changes in one assumption may change another assumption. |
OREO
OREO | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Real Estate [Abstract] | ' | |||||||
OREO | ' | |||||||
OREO | ||||||||
The following table presents the changes in non-covered OREO for the three months ended March 31, 2014 and 2013: | ||||||||
(in thousands) | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Balance, beginning of period | $ | 21,833 | $ | 17,138 | ||||
Additions to OREO | 1,878 | 5,689 | ||||||
Dispositions of OREO | (1,578 | ) | (3,785 | ) | ||||
Valuation adjustments in the period | (99 | ) | (369 | ) | ||||
Balance, end of period | $ | 22,034 | $ | 18,673 | ||||
Junior_Subordinated_Debentures
Junior Subordinated Debentures | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||
Junior Subordinated Debentures | ' | |||||||||||||||||
Junior Subordinated Debentures | ||||||||||||||||||
Following is information about the Company’s wholly-owned trusts (“Trusts”) as of March 31, 2014: | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||
Issued | Carrying | Effective | ||||||||||||||||
Trust Name | Issue Date | Amount | Value (1) | Rate (2) | Rate (3) | Maturity Date | Redemption Date | |||||||||||
AT FAIR VALUE: | ||||||||||||||||||
Umpqua Statutory Trust II | Oct-02 | $ | 20,619 | $ | 14,865 | Floating (4) | 4.97% | Oct-32 | Oct-07 | |||||||||
Umpqua Statutory Trust III | Oct-02 | 30,928 | 22,499 | Floating (5) | 5.07% | Nov-32 | Nov-07 | |||||||||||
Umpqua Statutory Trust IV | Dec-03 | 10,310 | 7,019 | Floating (6) | 4.54% | Jan-34 | Jan-09 | |||||||||||
Umpqua Statutory Trust V | Dec-03 | 10,310 | 6,998 | Floating (6) | 4.54% | Mar-34 | Mar-09 | |||||||||||
Umpqua Master Trust I | Aug-07 | 41,238 | 22,887 | Floating (7) | 2.85% | Sep-37 | Sep-12 | |||||||||||
Umpqua Master Trust IB | Sep-07 | 20,619 | 13,532 | Floating (8) | 4.55% | Dec-37 | Dec-12 | |||||||||||
134,024 | 87,800 | |||||||||||||||||
AT AMORTIZED COST: | ||||||||||||||||||
HB Capital Trust I | Mar-00 | 5,310 | 6,203 | 10.88% | 8.41% | Mar-30 | Mar-10 | |||||||||||
Humboldt Bancorp Statutory Trust I | Feb-01 | 5,155 | 5,809 | 10.20% | 8.38% | Feb-31 | Feb-11 | |||||||||||
Humboldt Bancorp Statutory Trust II | Dec-01 | 10,310 | 11,257 | Floating (9) | 3.03% | Dec-31 | Dec-06 | |||||||||||
Humboldt Bancorp Statutory Trust III | Sep-03 | 27,836 | 30,313 | Floating (10) | 2.49% | Sep-33 | Sep-08 | |||||||||||
CIB Capital Trust | Nov-02 | 10,310 | 11,120 | Floating (5) | 3.02% | Nov-32 | Nov-07 | |||||||||||
Western Sierra Statutory Trust I | July 2001 | 6,186 | 6,186 | Floating (11) | 3.82% | July 2031 | July 2006 | |||||||||||
Western Sierra Statutory Trust II | December 2001 | 10,310 | 10,310 | Floating (9) | 3.83% | December 2031 | December 2006 | |||||||||||
Western Sierra Statutory Trust III | September 2003 | 10,310 | 10,310 | Floating (12) | 3.14% | September 2033 | September 2008 | |||||||||||
Western Sierra Statutory Trust IV | September 2003 | 10,310 | 10,310 | Floating (12) | 3.14% | September 2033 | September 2008 | |||||||||||
96,037 | 101,818 | |||||||||||||||||
Total | $ | 230,061 | $ | 189,618 | ||||||||||||||
-1 | Includes purchase accounting adjustments, net of accumulated amortization, for junior subordinated debentures assumed in connection with previous mergers as well as fair value adjustments related to trusts recorded at fair value. | |||||||||||||||||
-2 | Contractual interest rate of junior subordinated debentures. | |||||||||||||||||
-3 | Effective interest rate based upon the carrying value as of March 31, 2014. | |||||||||||||||||
-4 | Rate based on LIBOR plus 3.35%, adjusted quarterly. | |||||||||||||||||
-5 | Rate based on LIBOR plus 3.45%, adjusted quarterly. | |||||||||||||||||
-6 | Rate based on LIBOR plus 2.85%, adjusted quarterly. | |||||||||||||||||
-7 | Rate based on LIBOR plus 1.35%, adjusted quarterly. | |||||||||||||||||
-8 | Rate based on LIBOR plus 2.75%, adjusted quarterly. | |||||||||||||||||
-9 | Rate based on LIBOR plus 3.60%, adjusted quarterly. | |||||||||||||||||
-10 | Rate based on LIBOR plus 2.95%, adjusted quarterly. | |||||||||||||||||
-11 | Rate based on LIBOR plus 3.58%, adjusted quarterly. | |||||||||||||||||
-12 | Rate based on LIBOR plus 2.90%, adjusted quarterly. | |||||||||||||||||
The Trusts are reflected as junior subordinated debentures in the Condensed Consolidated Balance Sheets. The common stock issued by the Trusts is recorded in other assets in the Condensed Consolidated Balance Sheets, and totaled $6.9 million at March 31, 2014 and December 31, 2013. | ||||||||||||||||||
On January 1, 2007, the Company selected the fair value measurement option for certain pre-existing junior subordinated debentures (the Umpqua Statutory Trusts). The remaining junior subordinated debentures as of the adoption date were acquired through business combinations and were measured at fair value at the time of acquisition. In 2007, the Company issued two series of trust preferred securities and elected to measure each instrument at fair value. Accounting for the junior subordinated debentures originally issued by the Company at fair value enables us to more closely align our financial performance with the economic value of those liabilities. Additionally, we believe it improves our ability to manage the market and interest rate risks associated with the junior subordinated debentures. The junior subordinated debentures measured at fair value and amortized cost are presented as separate line items on the balance sheet. The ending carrying (fair) value of the junior subordinated debentures measured at fair value represents the estimated amount that would be paid to transfer these liabilities in an orderly transaction amongst market participants under current market conditions as of the measurement date. | ||||||||||||||||||
The significant inputs utilized in the estimation of fair value of these instruments are the credit risk adjusted spread and three month LIBOR. The credit risk adjusted spread represents the nonperformance risk of the liability, contemplating the inherent risk of the obligation. Generally, an increase in the credit risk adjusted spread and/or a decrease in the three month LIBOR will result in positive fair value adjustments. Conversely, a decrease in the credit risk adjusted spread and/or an increase in the three month LIBOR will result in negative fair value adjustments. | ||||||||||||||||||
Through the first quarter of 2010 we obtained valuations from a third-party pricing service to assist with the estimation and determination of fair value of these liabilities. In these valuations, the credit risk adjusted interest spread for potential new issuances through the primary market and implied spreads of these instruments when traded as assets on the secondary market, were estimated to be significantly higher than the contractual spread of our junior subordinated debentures measured at fair value. The difference between these spreads has resulted in the cumulative gain in fair value, reducing the carrying value of these instruments as reported on our Consolidated Balance Sheets. In July 2010, the Dodd-Frank Wall Street Reform and consumer Protection Act (the "Dodd-Frank Act") was signed into law which, among other things, limits the ability of certain bank holding companies to treat trust preferred security debt issuances as Tier 1 capital. This law may require many banks to raise new Tier 1 capital and has effectively closed the trust-preferred securities markets from offering new issuances in the future. As a result of this legislation, our third-party pricing service noted that they were no longer able to provide reliable fair value estimates related to these liabilities given the absence of observable or comparable transactions in the market place in recent history or as anticipated into the future. | ||||||||||||||||||
Due to inactivity in the junior subordinated debenture market and the inability to obtain observable quotes of our, or similar, junior subordinated debenture liabilities or the related trust preferred securities when traded as assets, we utilize an income approach valuation technique to determine the fair value of these liabilities using our estimation of market discount rate assumptions. The Company monitors activity in the trust preferred and related markets, to the extent available, changes related to the current and anticipated future interest rate environment, and considers our entity-specific creditworthiness, to validate the reasonableness of the credit risk adjusted spread and effective yield utilized in our discounted cash flow model. Regarding the activity in and condition of the junior subordinated debt market, we noted no observable changes in the current period as it relates to companies comparable to our size and condition, in either the primary or secondary markets. Relating to the interest rate environment, we considered the change in slope and shape of the forward LIBOR swap curve in the current period, the effects of which did not result in a significant change in the fair value of these liabilities. | ||||||||||||||||||
The Company’s specific credit risk is implicit in the credit risk adjusted spread used to determine the fair value of our junior subordinated debentures. As our Company is not specifically rated by any credit agency, it is difficult to specifically attribute changes in our estimate of the applicable credit risk adjusted spread to specific changes in our own creditworthiness versus changes in the market’s required return from similar companies. As a result, these considerations must be largely based off of qualitative considerations as we do not have a credit rating and we do not regularly issue senior or subordinated debt that would provide us an independent measure of the changes in how the market quantifies our perceived default risk. | ||||||||||||||||||
On a quarterly basis we assess entity-specific qualitative considerations that if not mitigated or represents a material change from the prior reporting period may result in a change to the perceived creditworthiness and ultimately the estimated credit risk adjusted spread utilized to value these liabilities. Entity-specific considerations that positively impact our creditworthiness include: our strong capital position resulting from our successful public stock offerings in 2009 and 2010 that offers us flexibility to pursue business opportunities such as mergers and acquisitions, or expand our footprint and product offerings; having significant levels of on and off-balance sheet liquidity; being profitable (after excluding the one-time goodwill impairment charge recognized in 2009); and, having an experienced management team. However, these positive considerations are mitigated by significant risks and uncertainties that impact our creditworthiness and ability to maintain capital adequacy in the future. Specific risks and concerns include: given our concentration of loans secured by real estate in our loan portfolio, a continued and sustained deterioration of the real estate market may result in declines in the value of the underlying collateral and increased delinquencies that could result in an increase of charge-offs; despite recent improvement, our credit quality metrics remain negatively elevated since 2007 relative to historical standards; the continuation of current economic downturn that has been particularly severe in our primary markets could adversely affect our business; recent increased regulation facing our industry, such as the Emergency Economic Stabilization Act of 2008, the American Recovery and Reinvestment Act of 2009 and the Dodd-Frank Act, will increase the cost of compliance and restrict our ability to conduct business consistent with historical practices, require that we hold additional capital and could negatively impact profitability; we have a significant amount of goodwill and other intangible assets that dilute our available tangible common equity; and the carrying value of certain material, recently recorded assets on our balance sheet, such as the FDIC loss-sharing indemnification asset, are highly reliant on management estimates, such as the timing or amount of losses that are estimated to be covered, and the assumed continued compliance with the provisions of the applicable loss-share agreement. To the extent assumptions ultimately prove incorrect or should we consciously forego or unknowingly violate the guidelines of the agreement, an impairment of the asset may result which would reduce capital. | ||||||||||||||||||
Additionally, the Company periodically utilizes an external valuation firm to determine or validate the reasonableness of the assessments of inputs and factors that ultimately determines the estimated fair value of these liabilities. The extent we involve or engage these external third parties correlates to management’s assessment of the current subordinated debt market, how the current environment and market compares to the preceding quarter, and perceived changes in the Company’s own creditworthiness during the quarter. In periods of potential significant valuation changes and at year-end reporting periods we typically engage third parties to perform a full independent valuation of these liabilities. For periods where management has assessed the market and other factors impacting the underlying valuation assumptions of these liabilities, and has determined significant changes to the valuation of these liabilities in the current period are remote, the scope of the valuation specialist’s review is limited to a review the reasonableness of management’s assessment of inputs. Based on the procedures and methodology as described above, the Company has determined that the underlying inputs and assumptions have not materially changed since that last third-party independent valuation prepared in the fourth quarter of 2013. | ||||||||||||||||||
Absent changes to the significant inputs utilized in the discounted cash flow model used to measure the fair value of these instruments at each reporting period, the cumulative discount for each junior subordinated debenture will reverse over time, ultimately returning the carrying values of these instruments to their notional values at their expected redemption dates, in a manner similar to the effective yield method as if these instruments were accounted for under the amortized cost method. This will result in recognizing losses on junior subordinated debentures carried at fair value on a quarterly basis within non-interest income. For the three months ended March 31, 2014 and March 31, 2013, we recorded losses of $542,000, resulting from the change in fair value of the junior subordinated debentures recorded at fair value. Observable activity in the junior subordinated debenture and related markets in future periods may change the effective rate used to discount these liabilities, and could result in additional fair value adjustments (gains or losses on junior subordinated debentures measured at fair value) outside the expected periodic change in fair value had the fair value assumptions remained unchanged. | ||||||||||||||||||
On July 2, 2013, the federal banking regulators approved the final proposed rules that revise the regulatory capital rules to incorporate certain revisions by the Basel Committee on Banking Supervision to the Basel capital framework ("Basel III"). Under the final rule, consistent with Section 171 of the Dodd-Frank Act, bank holding companies with less than $15 billion assets as of December 31, 2009 will be grandfathered and may continue to include these instruments in Tier 1 capital, subject to certain restrictions. However, if an institution grows above $15 billion as a result of an acquisition (as is the result of the the recently closed merger with Sterling), the combined trust preferred issuances must be phased out of Tier 1 and into Tier 2 capital (75% in 2015 and 100% in 2016). It is possible the Company may accelerate redemption of the existing junior subordinated debentures. This could result in adjustments to the fair value of these instruments including the acceleration of losses on junior subordinated debentures carried at fair value within non-interest income. The Company currently does not intend to redeem junior subordinated debentures in order to support regulatory total capital levels. At March 31, 2014, the Company's restricted core capital elements were 18.6% of total core capital, net of goodwill and any associated deferred tax liability. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Lease Commitments — As of March 31, 2014, the Bank leased 155 sites under non-cancelable operating leases. The leases contain various provisions for increases in rental rates, based either on changes in the published Consumer Price Index or a predetermined escalation schedule. Substantially all of the leases provide the Company with the option to extend the lease term one or more times following expiration of the initial term. | ||||
Rent expense for the three months ended March 31, 2014 was $5.0 million and for the three months ended March 31, 2013 was $4.7 million. Rent expense was partially offset by rent income for the three months ended March 31, 2014 of $177,000 and for the three months ended March 31, 2013 of $255,000. | ||||
Financial Instruments with Off-Balance-Sheet Risk — The Company's financial statements do not reflect various commitments and contingent liabilities that arise in the normal course of the Bank's business and involve elements of credit, liquidity, and interest rate risk. | ||||
The following table presents a summary of the Bank's commitments and contingent liabilities: | ||||
(in thousands) | ||||
As of March 31, 2014 | ||||
Commitments to extend credit | $ | 1,566,413 | ||
Commitments to extend overdrafts | $ | 179,360 | ||
Forward sales commitments | $ | 146,405 | ||
Commitments to originate loans held for sale | $ | 112,039 | ||
Standby letters of credit | $ | 52,736 | ||
The Bank is a party to financial instruments with off-balance-sheet credit risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, standby letters of credit and financial guarantees. Those instruments involve elements of credit and interest-rate risk similar to the risk involved in on-balance sheet items recognized in the Condensed Consolidated Balance Sheets. The contract or notional amounts of those instruments reflect the extent of the Bank's involvement in particular classes of financial instruments. | ||||
The Bank's exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit and standby letters of credit, and financial guarantees written, is represented by the contractual notional amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for on-balance-sheet instruments. | ||||
Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any covenant or condition established in the applicable contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. While most standby letters of credit are not utilized, a significant portion of such utilization is on an immediate payment basis. The Bank evaluates each customer's creditworthiness on a case-by-case basis. The amount of collateral obtained, if it is deemed necessary by the Bank upon extension of credit, is based on management's credit evaluation of the counterparty. Collateral varies but may include cash, accounts receivable, inventory, premises and equipment and income-producing commercial properties. | ||||
Standby letters of credit and financial guarantees written are conditional commitments issued by the Bank to guarantee the performance of a customer to a third party. These guarantees are primarily issued to support public and private borrowing arrangements, including international trade finance, commercial paper, bond financing and similar transactions. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Bank holds cash, marketable securities, or real estate as collateral supporting those commitments for which collateral is deemed necessary. The Bank was not required to perform on any financial guarantees and there were no recoveries during the three months ended March 31, 2014. The Bank was not required to perform on any financial guarantees and incurred $79,000 losses in connection with standby letters of credit during the three months ended March 31, 2013. At March 31, 2014, approximately $36.0 million of standby letters of credit expire within one year, and $16.7 million expire thereafter. Upon issuance, the Bank recognizes a liability equivalent to the amount of fees received from the customer for these standby letter of credit commitments. Fees are recognized ratably over the term of the standby letter of credit. The estimated fair value of guarantees associated with standby letters of credit was $119,000 as of March 31, 2014. | ||||
Mortgage loans sold to investors may be sold with servicing rights retained, for which the Bank makes only standard legal representations and warranties as to meeting certain underwriting and collateral documentation standards. In the past two years, the Bank has had to repurchase fewer than 20 loans due to deficiencies in underwriting or loan documentation and has not realized significant losses related to these repurchases. Management believes that any liabilities that may result from such recourse provisions are not significant. | ||||
Legal Proceedings—The Bank owns 468,659 shares of Class B common stock of Visa Inc. which are convertible into Class A common stock at a conversion ratio of 0.4206 per Class A share. As of March 31, 2014, the value of the Class A shares was $215.86 per share. Utilizing the conversion ratio, the value of unredeemed Class A equivalent shares owned by the Bank was $42.5 million as of March 31, 2014, and has not been reflected in the accompanying financial statements. The shares of Visa Inc. Class B common stock are restricted and may not be transferred. Visa member banks are required to fund an escrow account to cover settlements, resolution of pending litigation and related claims. If the funds in the escrow account are insufficient to settle all the covered litigation, Visa Inc. may sell additional Class A shares and use the proceeds to settle litigation, thereby reducing the conversion ratio. If funds remain in the escrow account after all litigation is settled, the Class B conversion ratio will be increased to reflect that surplus. | ||||
On July 13, 2012, Visa Inc. announced that it had entered into a memorandum of understanding obligating it to enter into a settlement agreement to resolve the multi-district interchange litigation brought by the class plaintiffs in the matter styled In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, Case No. 5-MD-1720 (JG) (JO) pending in the U.S. District Court for the Eastern District of New York. The claims originally were brought by a class of U.S. retailers in 2005. The settlement was approved by the Court on December 13, 2013. However, the decision of the Court which granted approval to settlement is currently being appealed. Visa’s share of the settlement to be paid is estimated to be approximately $4.4 billion. However, certain trade associations and merchants are actively opposing the proposed settlement and it is unknown when or if the proposed settlement will be approved. A fairness hearing was held on September 12, 2013 to determine if the settlement will be finally approved. It is not known when the Court will issue an order related to the motion for final approval of the settlement. The effect of this proposed settlement on the value of the Bank’s Class B common stock is unknown at this time. | ||||
In the ordinary course of business, various claims and lawsuits are brought by and against the Company and its subsidiaries, including the Bank and Umpqua Investments. In the opinion of management, there is no pending or threatened proceeding in which an adverse decision could result in a material adverse change in the Company's consolidated financial condition or results of operations. | ||||
Concentrations of Credit Risk— The Bank grants real estate mortgage, real estate construction, commercial, agricultural and installment loans and leases to customers throughout Oregon, Washington, California, and Nevada. In management’s judgment, a concentration exists in real estate-related loans, which represented approximately 74% of the Bank’s non-covered loan and lease portfolio at both March 31, 2014 and December 31, 2013. Commercial real estate concentrations are managed to assure wide geographic and business diversity. Although management believes such concentrations have no more than the normal risk of collectability, a substantial decline in the economy in general, material increases in interest rates, changes in tax policies, tightening credit or refinancing markets, or a decline in real estate values in the Bank's primary market areas in particular, could have an adverse impact on the repayment of these loans. Personal and business incomes, proceeds from the sale of real property, or proceeds from refinancing, represent the primary sources of repayment for a majority of these loans. | ||||
The Bank recognizes the credit risks inherent in dealing with other depository institutions. Accordingly, to prevent excessive exposure to any single correspondent, the Bank has established general standards for selecting correspondent banks as well as internal limits for allowable exposure to any single correspondent. In addition, the Bank has an investment policy that sets forth limitations that apply to all investments with respect to credit rating and concentrations with an issuer. |
Derivatives
Derivatives | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Derivatives | ' | ||||||||||||||||||||||||
Derivatives | |||||||||||||||||||||||||
The Bank may use derivatives to hedge the risk of changes in the fair values of interest rate lock commitments, residential mortgage loans held for sale, and mortgage servicing rights. None of the Company’s derivatives are designated as hedging instruments. Rather, they are accounted for as free-standing derivatives, or economic hedges, with changes in the fair value of the derivatives reported in income. The Company primarily utilizes forward interest rate contracts in its derivative risk management strategy. | |||||||||||||||||||||||||
The Bank enters into forward delivery contracts to sell residential mortgage loans or mortgage-backed securities to broker/dealers at specific prices and dates in order to hedge the interest rate risk in its portfolio of mortgage loans held for sale and its residential mortgage loan commitments. Credit risk associated with forward contracts is limited to the replacement cost of those forward contracts in a gain position. There were no counterparty default losses on forward contracts in the three months ended March 31, 2014 and 2013. Market risk with respect to forward contracts arises principally from changes in the value of contractual positions due to changes in interest rates. The Bank limits its exposure to market risk by monitoring differences between commitments to customers and forward contracts with broker/dealers. In the event the Company has forward delivery contract commitments in excess of available mortgage loans, the Company completes the transaction by either paying or receiving a fee to or from the broker/dealer equal to the increase or decrease in the market value of the forward contract. At March 31, 2014, the Bank had commitments to originate mortgage loans held for sale totaling $112.0 million and forward sales commitments of $146.4 million. | |||||||||||||||||||||||||
The Bank’s mortgage banking derivative instruments do not have specific credit risk-related contingent features. The forward sales commitments do have contingent features that may require transferring collateral to the broker/dealers upon their request. However, this amount would be limited to the net unsecured loss exposure at such point in time and would not materially affect the Company’s liquidity or results of operations. | |||||||||||||||||||||||||
The Bank executes interest rate swaps with commercial banking customers to facilitate their respective risk management strategies. Those interest rate swaps are simultaneously hedged by offsetting the interest rate swaps that the Bank executes with a third party, such that the Bank minimizes its net risk exposure. As of March 31, 2014, the Bank had 270 interest rate swaps with an aggregate notional amount of $1.4 billion related to this program. | |||||||||||||||||||||||||
In connection with the interest rate swap program with commercial customers, the Bank has agreements with its derivative counterparties that contain a provision where if the Bank defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Bank could also be declared in default on its derivative obligations. The Bank also has agreements with its derivative counterparties that contain a provision where if the Bank fails to maintain its status as a well/adequately capitalized institution, then the counterparty could terminate the derivative positions and the Bank would be required to settle its obligations under the agreements. Similarly, the Bank could be required to settle its obligations under certain of its agreements if specific regulatory events occur, such as if the Bank were issued a prompt corrective action directive or a cease and desist order, or if certain regulatory ratios fall below specified levels. If the Bank had breached any of these provisions at March 31, 2014, it could have been required to settle its obligations under the agreements at the termination value. | |||||||||||||||||||||||||
As of March 31, 2014, the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $16.3 million. The Bank has collateral posting requirements for initial or variation margins with its clearing members and clearing houses and has been required to post collateral against its obligations under these agreements of $26.5 million and $13.0 million as of March 31, 2014 and December 31, 2013, respectively. | |||||||||||||||||||||||||
The fair value of the interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on the expectation of future interest rates (forward curves) derived from observed market interest rate curves. In addition, to comply with the provisions of ASC 820, the Bank incorporates credit valuation adjustments (“CVA”) to appropriately reflect nonperformance risk in the fair value measurements of its derivatives. The CVA is calculated by determining the total expected exposure of the derivatives (which incorporates both the current and potential future exposure) and then applying the counterparties’ credit spreads to the exposure. For derivatives with two-way exposure, specifically, the Bank’s interest rate swaps, the counterparty’s credit spread is applied to the Bank’s exposure to the counterparty, and the Bank’s own credit spread is applied to the counterparty’s exposure to the Bank, and the net CVA is reflected in the Bank’s derivative valuations. The total expected exposure of a derivative is derived using market-observable inputs, such as yield curves and volatilities. For the Bank’s own credit spread and for counterparties having publicly available credit information, the credit spreads over LIBOR used in the calculations represent implied credit default swap spreads obtained from a third party credit data provider. For counterparties without publicly available credit information, which are primarily commercial banking customers, the credit spreads over LIBOR used in the calculations are estimated by the Bank based on current market conditions, including consideration of current borrowing spreads for similar customers and transactions, review of existing collateralization or other credit enhancements, and changes in credit sector and entity-specific credit information. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, the Bank has considered the impact of netting and any applicable credit enhancements. Effective January 1, 2012, the Company made an accounting policy election to use the exception commonly referred to as the “portfolio exception” with respect to measuring counterparty credit risk for its interest rate swap derivative instruments that are subject to master netting agreements with commercial banking customers that are hedged with offsetting interest rate swaps with third parties. | |||||||||||||||||||||||||
As of January 1, 2013, the Bank changed its valuation methodology for interest rate swap derivatives to discount cash flows based on Overnight Index Swap (“OIS”) rates. Fully collateralized trades are discounted using OIS with no additional economic adjustments to arrive at fair value. Uncollateralized or partially-collateralized trades are also discounted at OIS, but include appropriate economic adjustments for funding costs (e.g., a LIBOR-OIS basis adjustment to approximate uncollateralized cost of funds) and credit risk. The Company is making the changes to better align its inputs, assumptions, and pricing methodologies with those used in its principal market by most dealers and major market participants. The changes in valuation methodology are applied prospectively as a change in accounting estimate and are immaterial to the Company's financial statements. | |||||||||||||||||||||||||
As of March 31, 2014, the net CVA increased the settlement values of the Bank’s net derivative assets by $299,000. During the three months ended March 31, 2014, the Bank recognized a loss of $1.2 million and during the three months ended March 31, 2013, the Bank recognized a gain of $16,000 related to credit valuation adjustments on nonhedge derivative instruments, which is included in noninterest income. Various factors impact changes in the CVA over time, including changes in the credit spreads of the parties to the contracts, as well as changes in market rates and volatilities, which affect the total expected exposure of the derivative instruments. | |||||||||||||||||||||||||
The following tables summarize the types of derivatives, separately by assets and liabilities, their locations on the Condensed Consolidated Balance Sheets, and the fair values of such derivatives as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Derivatives not designated | Balance Sheet | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||||
as hedging instrument | Location | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Interest rate lock commitments | Other assets/Other liabilities | $ | 1,394 | $ | 706 | $ | — | $ | — | ||||||||||||||||
Interest rate forward sales commitments | Other assets/Other liabilities | 330 | 1,250 | 72 | 6 | ||||||||||||||||||||
Interest rate swaps | Other assets/Other liabilities | 15,988 | 15,965 | 15,612 | 14,556 | ||||||||||||||||||||
Total | $ | 17,712 | $ | 17,921 | $ | 15,684 | $ | 14,562 | |||||||||||||||||
The following table summarizes the types of derivatives, their locations within the Condensed Consolidated Statements of Income, and the gains (losses) recorded during the three months ended March 31, 2014 and 2013: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
Derivatives not designated | Income Statement | March 31, | |||||||||||||||||||||||
as hedging instrument | Location | 2014 | 2013 | ||||||||||||||||||||||
Interest rate lock commitments | Mortgage banking revenue | $ | 688 | $ | 2,467 | ||||||||||||||||||||
Interest rate forward sales commitments | Mortgage banking revenue | (2,648 | ) | 2,631 | |||||||||||||||||||||
Interest rate swaps | Other income | (1,214 | ) | 16 | |||||||||||||||||||||
Total | $ | (3,174 | ) | $ | 5,114 | ||||||||||||||||||||
The following table summarizes the offsetting derivatives assets that have a right of offset as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||
Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets/Liabilities presented in the Statement of Financial Position | Financial Instruments | Collateral Posted | Net Amount | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||
Interest rate swaps | $ | 15,988 | $ | — | $ | 15,988 | $ | (4,930 | ) | $ | (6,550 | ) | $ | 4,508 | |||||||||||
Derivative Liabilities | |||||||||||||||||||||||||
Interest rate swaps | $ | 15,612 | $ | — | $ | 15,612 | $ | (4,930 | ) | $ | (10,682 | ) | $ | — | |||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||
Interest rate swaps | $ | 15,965 | $ | — | $ | 15,965 | $ | (4,852 | ) | $ | (2,207 | ) | $ | 8,906 | |||||||||||
Derivative Liabilities | |||||||||||||||||||||||||
Interest rate swaps | $ | 14,556 | $ | — | $ | 14,556 | $ | (4,852 | ) | $ | (9,704 | ) | $ | — | |||||||||||
Shareholders_Equity_Stock_Comp
Shareholdersb Equity, Stock Compensation, and Share Repurchase Plan | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Shareholdersb Equity, Stock Compensation, and Share Repurchase Plan | ' | ||||||||||||
Shareholders’ Equity, Stock Compensation, and Share Repurchase Plan | |||||||||||||
At a special meeting on February 25, 2014, the Company's shareholders approved an amendment to the Company's articles of incorporation, effective on April 18, 2014 at the close of the Sterling merger, increasing the number of authorized shares of common stock to 400,000,000. | |||||||||||||
Stock-Based Compensation | |||||||||||||
The compensation cost related to stock options, restricted stock and restricted stock units (included in salaries and employee benefits) was $1.5 million for the three months ended March 31, 2014, as compared to $1.2 million for the three months ended March 31, 2013. The total income tax benefit recognized related to stock-based compensation was $614,000 for the three months ended March 31, 2014 as compared to $474,000 for the three months ended March 31, 2013. | |||||||||||||
The following table summarizes information about stock option activity for the three months ended March 31, 2014: | |||||||||||||
(in thousands, except per share data) | |||||||||||||
Three months ended March 31, 2014 | |||||||||||||
Weighted-Avg | |||||||||||||
Options | Weighted-Avg | Remaining Contractual | Aggregate | ||||||||||
Outstanding | Exercise Price | Term (Years) | Intrinsic Value | ||||||||||
Balance, beginning of period | 981 | $ | 16.17 | ||||||||||
Exercised | (222 | ) | $ | 11.77 | |||||||||
Forfeited/expired | — | $ | — | ||||||||||
Balance, end of period | 759 | $ | 17.45 | 3.7 | $ | 2,818 | |||||||
Options exercisable, end of period | 662 | $ | 18.21 | 3.3 | $ | 2,200 | |||||||
The total intrinsic value (which is the amount by which the stock price exceeded the exercise price on the date of exercise) of options exercised during the three months ended March 31, 2014 was $1.4 million, as compared to the three months ended March 31, 2013 of $7,000. | |||||||||||||
During the three months ended March 31, 2014, the amount of cash received from the exercise of stock options was $897,000, as compared to the three months ended March 31, 2013 of $22,000. Total consideration was $2.6 million for the three months ended March 31, 2014, as compared to the three months ended March 31, 2013 of $33,000. | |||||||||||||
The fair value of each option grant is estimated as of the grant date using the Black-Scholes option-pricing model. There were no stock options granted in the three months ended March 31, 2014 and 2013. | |||||||||||||
The Company grants restricted stock periodically for the benefit of employees and directors. Restricted shares issued prior to 2011 generally vest on an annual basis over five years. Restricted shares issued since 2011 generally vest over a three year period, subject to time or time plus performance vesting conditions. The following table summarizes information about nonvested restricted share activity for the three months ended March 31, 2014: | |||||||||||||
(in thousands, except per share data) | |||||||||||||
Three months ended March 31, 2014 | |||||||||||||
Restricted | Weighted | ||||||||||||
Shares | Average Grant | ||||||||||||
Outstanding | Date Fair Value | ||||||||||||
Balance, beginning of period | 992 | $ | 12.79 | ||||||||||
Granted | 317 | $ | 17.31 | ||||||||||
Released | (311 | ) | $ | 11.86 | |||||||||
Forfeited/expired | (7 | ) | $ | 14.28 | |||||||||
Balance, end of period | 991 | $ | 14.51 | ||||||||||
The total fair value of restricted shares vested and released during the three months ended March 31, 2014 was $5.5 million as compared to the three months ended March 31, 2013 of $1.3 million. | |||||||||||||
The Company granted restricted stock units as a part of the 2007 Long Term Incentive Plan for the benefit of certain executive officers. Restricted stock unit grants are subject to performance-based vesting as well as other approved vesting conditions. The total number of restricted stock units granted represents the maximum number of restricted stock units eligible to vest based upon the performance and service conditions set forth in the grant agreements. There were 70,000 restricted stock units vested and released and none forfeited during the three months ended March 31, 2014. There are 20,000 restricted stock units with a weighted average grant date fair value of $10.39 that remain outstanding at March 31, 2014. | |||||||||||||
As of March 31, 2014, there was $497,000 of total unrecognized compensation cost related to nonvested stock options which is expected to be recognized over a weighted-average period of 1.4 years. As of March 31, 2014, there was $9.8 million of total unrecognized compensation cost related to nonvested restricted stock which is expected to be recognized over a weighted-average period of 1.9 years. As of March 31, 2014, there was $57,000 of total unrecognized compensation cost related to nonvested restricted stock units which is expected to be recognized over a weighted-average period of 0.8 years, assuming expected performance conditions are met. | |||||||||||||
For the three months ended March 31, 2014, the Company received income tax benefits of $3.3 million, as compared to the three months ended March 31, 2013 of $517,000 related to the exercise of non-qualified employee stock options, disqualifying dispositions on the exercise of incentive stock options, the vesting of restricted shares and the vesting of restricted stock units. In the three months ended March 31, 2014, the Company had net excess tax benefit (tax benefit resulting from tax deductions greater than the compensation cost recognized) of $1.1 million, compared to $10,000 for the three months ended March 31, 2013. Only gross excess tax benefits are classified as financing cash flows. | |||||||||||||
At the annual meeting on April 16, 2013, shareholders approved the Company's 2013 Incentive Plan (the “2013 Plan”), which, among other things, authorizes the issuance of equity awards to directors and employees and reserves 4,000,000 shares of the Company's common stock for issuance under the plan. With the adoption of the 2013 Plan, no additional awards will be issued from the 2003 Stock Incentive Plan or the 2007 Long Term Incentive Plan. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, as well as the Oregon and California state jurisdictions. Additionally, as a result of the FinPac acquisition, the Company will now be subject to filings in the majority of states and in Canada. The Company is no longer subject to U.S. federal or other state tax authority examinations for years before 2011, except in California for years before 2005 and for Canadian tax authority examinations for years before 2012. During 2013, the Internal Revenue Service concluded an examination of the Company’s U.S. income tax returns through 2010. The results of these examinations had no significant impact on the Company’s financial statements. | |
The Company had gross unrecognized tax benefits relating to California tax incentives of $602,000 recorded as of March 31, 2014. If recognized, the unrecognized tax benefit would reduce the 2014 annual effective tax rate by 0.5%. During the three months ended March 31, 2014, the Company accrued $6,000 of interest relating to its liability for unrecognized tax benefits. Interest on unrecognized tax benefits is reported by the Company as a component of tax expense. As of March 31, 2014, the accrued interest related to unrecognized tax benefits was $198,000. |
Earnings_Per_Common_Share
Earnings Per Common Share | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Earnings Per Common Share | ' | |||||||
Earnings Per Common Share | ||||||||
Nonvested share-based payment awards that contain nonforfeitable rights to dividends or dividend equivalents are participating securities and are included in the computation of earnings per share pursuant to the two-class method. The two-class method is an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared (or accumulated) and participation rights in undistributed earnings. Certain of the Company’s nonvested restricted stock awards qualify as participating securities. | ||||||||
Net earnings is allocated between the common stock and participating securities pursuant to the two-class method. Basic earnings per common share is computed by dividing net earnings available to common shareholders by the weighted average number of common shares outstanding during the period, excluding participating nonvested restricted shares. | ||||||||
Diluted earnings per common share is computed in a similar manner, except that first the denominator is increased to include the number of additional common shares that would have been outstanding if potentially dilutive common shares, excluding the participating securities, were issued using the treasury stock method. For all periods presented, stock options, certain restricted stock awards and restricted stock units are the only potentially dilutive non-participating instruments issued by the Company. Next, we determine and include in diluted earnings per common share calculation the more dilutive effect of the participating securities using the treasury stock method or the two-class method. Undistributed losses are not allocated to the nonvested share-based payment awards (the participating securities) under the two-class method as the holders are not contractually obligated to share in the losses of the Company. | ||||||||
The following is a computation of basic and diluted earnings per common share for the three months ended March 31, 2014 and 2013: | ||||||||
(in thousands, except per share data) | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
NUMERATORS: | ||||||||
Net income | $ | 18,764 | $ | 23,361 | ||||
Less: | ||||||||
Dividends and undistributed earnings allocated to participating securities (1) | 113 | 183 | ||||||
Net earnings available to common shareholders | $ | 18,651 | $ | 23,178 | ||||
DENOMINATORS: | ||||||||
Weighted average number of common shares outstanding - basic | 112,170 | 111,937 | ||||||
Effect of potentially dilutive common shares (2) | 197 | 181 | ||||||
Weighted average number of common shares outstanding - diluted | 112,367 | 112,118 | ||||||
EARNINGS PER COMMON SHARE: | ||||||||
Basic | $ | 0.17 | $ | 0.21 | ||||
Diluted | $ | 0.17 | $ | 0.21 | ||||
-1 | Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. | |||||||
-2 | Represents the effect of the assumed exercise of stock options, vesting of non-participating restricted shares, and vesting of restricted stock units, based on the treasury stock method. | |||||||
The following table presents the weighted average outstanding securities that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive for the three months ended March 31, 2014 and 2013. | ||||||||
(in thousands) | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Stock options | 336 | 1,069 | ||||||
Segment_Information
Segment Information | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Information | ' | |||||||||||||||
Segment Information | ||||||||||||||||
The Company operates three primary segments: Community Banking, Home Lending and Wealth Management. The Community Banking segment's principal business focus is the offering of loan and deposit products to business and retail customers in its primary market areas. As of March 31, 2014, the Community Banking segment operated 204 locations throughout Oregon, California, Washington, and Nevada. | ||||||||||||||||
The Home Lending segment, which operates as a division of the Bank, originates, sells and services residential mortgage loans. | ||||||||||||||||
The Wealth Management segment consists of the operations of Umpqua Investments, which offers a full range of retail brokerage services and products to its clients who consist primarily of individual investors, and Umpqua Private Bank, which serves high net worth individuals with liquid investable assets and provides customized financial solutions and offerings. The Company accounts for intercompany fees and services between Umpqua Investments and the Bank at estimated fair value according to regulatory requirements for services provided. Intercompany items relate primarily to management services, referral fees and deposit rebates. | ||||||||||||||||
Summarized financial information concerning the Company's reportable segments and the reconciliation to the consolidated financial results is shown in the following tables: | ||||||||||||||||
Segment Information | ||||||||||||||||
(in thousands) | ||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||
Community | Wealth | Home | ||||||||||||||
Banking | Management | Lending | Consolidated | |||||||||||||
Interest income | $ | 106,603 | $ | 3,553 | $ | 5,724 | $ | 115,880 | ||||||||
Interest expense | 7,315 | 173 | 554 | 8,042 | ||||||||||||
Net interest income | 99,288 | 3,380 | 5,170 | 107,838 | ||||||||||||
Provision for non-covered loan and lease losses | 5,400 | — | — | 5,400 | ||||||||||||
Provision for covered loan losses | 571 | — | — | 571 | ||||||||||||
Non-interest income | 8,522 | 3,965 | 10,520 | 23,007 | ||||||||||||
Non-interest expense | 84,540 | 4,794 | 7,184 | 96,518 | ||||||||||||
Income before income taxes | 17,299 | 2,551 | 8,506 | 28,356 | ||||||||||||
Provision for income taxes | 5,170 | 1,020 | 3,402 | 9,592 | ||||||||||||
Net income | 12,129 | 1,531 | 5,104 | 18,764 | ||||||||||||
Dividends and undistributed earnings allocated | ||||||||||||||||
to participating securities | 113 | — | — | 113 | ||||||||||||
Net earnings available to common shareholders | $ | 12,016 | $ | 1,531 | $ | 5,104 | $ | 18,651 | ||||||||
(in thousands) | ||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||
Community | Wealth | Home | ||||||||||||||
Banking | Management | Lending | Consolidated | |||||||||||||
Interest income | $ | 95,011 | $ | 3,724 | $ | 5,598 | $ | 104,333 | ||||||||
Interest expense | 9,281 | 190 | 673 | 10,144 | ||||||||||||
Net interest income | 85,730 | 3,534 | 4,925 | 94,189 | ||||||||||||
Provision for non-covered loan and lease losses | 6,988 | — | — | 6,988 | ||||||||||||
Provision for covered loan losses | 232 | — | — | 232 | ||||||||||||
Non-interest income | 6,496 | 3,790 | 23,729 | 34,015 | ||||||||||||
Non-interest expense | 71,458 | 4,002 | 10,302 | 85,762 | ||||||||||||
Income before income taxes | 13,548 | 3,322 | 18,352 | 35,222 | ||||||||||||
Provision for income taxes | 3,191 | 1,329 | 7,341 | 11,861 | ||||||||||||
Net income | 10,357 | 1,993 | 11,011 | 23,361 | ||||||||||||
Dividends and undistributed earnings allocated | ||||||||||||||||
to participating securities | 183 | — | — | 183 | ||||||||||||
Net earnings available to common shareholders | $ | 10,174 | $ | 1,993 | $ | 11,011 | $ | 23,178 | ||||||||
(in thousands) | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Community | Wealth | Home | ||||||||||||||
Banking | Management | Lending | Consolidated | |||||||||||||
Total assets | $ | 10,993,095 | $ | 139,008 | $ | 706,623 | $ | 11,838,726 | ||||||||
Total loans and leases (covered and non-covered) | $ | 7,049,228 | $ | 122,883 | $ | 581,260 | $ | 7,753,371 | ||||||||
Total deposits | $ | 8,883,658 | $ | 356,787 | $ | 33,138 | $ | 9,273,583 | ||||||||
(in thousands) | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Community | Wealth | Home | ||||||||||||||
Banking | Management | Lending | Consolidated | |||||||||||||
Total assets | $ | 10,822,990 | $ | 126,060 | $ | 687,062 | $ | 11,636,112 | ||||||||
Total loans and leases (covered and non-covered) | $ | 7,076,279 | $ | 110,087 | $ | 532,029 | $ | 7,718,395 | ||||||||
Total deposits | $ | 8,734,175 | $ | 356,784 | $ | 26,701 | $ | 9,117,660 | ||||||||
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Fair Value Measurement | ' | |||||||||||||||||||||||
Fair Value Measurement | ||||||||||||||||||||||||
The following table presents estimated fair values of the Company’s financial instruments as of March 31, 2014 and December 31, 2013, whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||
FINANCIAL ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,085,108 | $ | 1,085,108 | $ | 790,423 | $ | 790,423 | ||||||||||||||||
Trading securities | 4,498 | 4,498 | 5,958 | 5,958 | ||||||||||||||||||||
Securities available for sale | 1,701,730 | 1,701,730 | 1,790,978 | 1,790,978 | ||||||||||||||||||||
Securities held to maturity | 5,465 | 5,790 | 5,563 | 5,874 | ||||||||||||||||||||
Loans held for sale, at fair value | 73,106 | 73,106 | 104,664 | 104,664 | ||||||||||||||||||||
Non-covered loans and leases, net | 7,324,399 | 7,310,441 | 7,269,089 | 7,250,596 | ||||||||||||||||||||
Covered loans, net | 342,263 | 383,114 | 363,992 | 409,555 | ||||||||||||||||||||
Restricted equity securities | 29,948 | 29,948 | 30,685 | 30,685 | ||||||||||||||||||||
Mortgage servicing rights | 49,220 | 49,220 | 47,765 | 47,765 | ||||||||||||||||||||
Bank owned life insurance assets | 97,589 | 97,589 | 96,938 | 96,938 | ||||||||||||||||||||
FDIC indemnification asset | 18,362 | 4,363 | 23,174 | 6,001 | ||||||||||||||||||||
Derivatives | 17,712 | 17,712 | 17,921 | 17,921 | ||||||||||||||||||||
Visa Class B common stock | — | 40,422 | — | 41,700 | ||||||||||||||||||||
FINANCIAL LIABILITIES: | ||||||||||||||||||||||||
Deposits | $ | 9,273,583 | $ | 9,280,543 | $ | 9,117,660 | $ | 9,125,832 | ||||||||||||||||
Securities sold under agreements to repurchase | 262,483 | 262,483 | 224,882 | 224,882 | ||||||||||||||||||||
Term debt | 250,964 | 273,750 | 251,494 | 270,004 | ||||||||||||||||||||
Junior subordinated debentures, at fair value | 87,800 | 87,800 | 87,274 | 87,274 | ||||||||||||||||||||
Junior subordinated debentures, at amortized cost | 101,818 | 72,440 | 101,899 | 72,009 | ||||||||||||||||||||
Derivatives | 15,684 | 15,684 | 14,562 | 14,562 | ||||||||||||||||||||
Fair Value of Assets and Liabilities Not Measured at Fair Value | ||||||||||||||||||||||||
The following table presents information about the level in the fair value hierarchy for the Company’s assets and liabilities that are not measured at fair value as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,085,108 | $ | 1,085,108 | $ | — | $ | — | ||||||||||||||||
Securities held to maturity | 4,498 | — | — | 4,498 | ||||||||||||||||||||
Non-covered loans and leases, net | 7,310,441 | — | — | 7,310,441 | ||||||||||||||||||||
Covered loans, net | 383,114 | — | — | 383,114 | ||||||||||||||||||||
Restricted equity securities | 29,948 | 29,948 | — | — | ||||||||||||||||||||
Bank owned life insurance assets | 97,589 | 97,589 | — | — | ||||||||||||||||||||
FDIC indemnification asset | 4,363 | — | — | 4,363 | ||||||||||||||||||||
Visa Class B common stock | 40,422 | — | — | 40,422 | ||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||
Non-maturity deposits | $ | 7,752,846 | $ | 7,752,846 | $ | — | $ | — | ||||||||||||||||
Deposits with stated maturities | 1,527,697 | — | 1,527,697 | — | ||||||||||||||||||||
Securities sold under agreements to repurchase | 262,483 | — | 262,483 | — | ||||||||||||||||||||
Term debt | 273,750 | — | 273,750 | — | ||||||||||||||||||||
Junior subordinated debentures, at amortized cost | 72,440 | — | — | 72,440 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 790,423 | $ | 790,423 | $ | — | $ | — | ||||||||||||||||
Securities held to maturity | 5,958 | — | — | 5,958 | ||||||||||||||||||||
Non-covered loans and leases, net | 7,250,596 | — | — | 7,250,596 | ||||||||||||||||||||
Covered loans, net | 409,555 | — | — | 409,555 | ||||||||||||||||||||
Restricted equity securities | 30,685 | 30,685 | — | — | ||||||||||||||||||||
Bank owned life insurance assets | 96,938 | 96,938 | — | — | ||||||||||||||||||||
FDIC indemnification asset | 6,001 | — | — | 6,001 | ||||||||||||||||||||
Visa Class B common stock | 41,700 | — | — | 41,700 | ||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||
Non-maturity deposits | $ | 7,580,192 | $ | 7,580,192 | $ | — | $ | — | ||||||||||||||||
Deposits with stated maturities | 1,545,640 | — | 1,545,640 | — | ||||||||||||||||||||
Securities sold under agreements to repurchase | 224,882 | — | 224,882 | — | ||||||||||||||||||||
Term debt | 270,004 | — | 270,004 | — | ||||||||||||||||||||
Junior subordinated debentures, at amortized cost | 72,009 | — | — | 72,009 | ||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on a Recurring Basis | ||||||||||||||||||||||||
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Trading securities | ||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 401 | $ | — | $ | 401 | $ | — | ||||||||||||||||
Equity securities | 4,002 | 4,002 | — | — | ||||||||||||||||||||
Other investments securities(1) | 95 | — | 95 | — | ||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||
U.S. Treasury and agencies | 261 | — | 261 | — | ||||||||||||||||||||
Obligations of states and political subdivisions | 229,679 | — | 229,679 | — | ||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 1,469,816 | — | 1,469,816 | — | ||||||||||||||||||||
Other debt securities | — | — | — | — | ||||||||||||||||||||
Investments in mutual funds and other equity securities | 1,974 | — | 1,974 | — | ||||||||||||||||||||
Loans held for sale, at fair value | 73,106 | 73,106 | ||||||||||||||||||||||
Mortgage servicing rights, at fair value | 49,220 | — | — | 49,220 | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Interest rate lock commitments | 1,394 | — | — | 1,394 | ||||||||||||||||||||
Interest rate forward sales commitments | 330 | — | 330 | — | ||||||||||||||||||||
Interest rate swaps | 15,988 | — | 15,988 | — | ||||||||||||||||||||
Total assets measured at fair value | $ | 1,846,266 | $ | 4,002 | $ | 1,791,650 | $ | 50,614 | ||||||||||||||||
Junior subordinated debentures, at fair value | $ | 87,800 | $ | — | $ | — | $ | 87,800 | ||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Interest rate lock commitments | — | — | — | — | ||||||||||||||||||||
Interest rate forward sales commitments | 72 | — | 72 | — | ||||||||||||||||||||
Interest rate swaps | 15,612 | — | 15,612 | — | ||||||||||||||||||||
Total liabilities measured at fair value | $ | 103,484 | $ | — | $ | 15,684 | $ | 87,800 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Trading securities | ||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,366 | $ | — | $ | 2,366 | $ | — | ||||||||||||||||
Equity securities | 3,498 | 3,498 | — | — | ||||||||||||||||||||
Other investments securities(1) | 94 | — | 94 | — | ||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||
U.S. Treasury and agencies | 268 | — | 268 | — | ||||||||||||||||||||
Obligations of states and political subdivisions | 235,205 | — | 235,205 | — | ||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 1,553,541 | — | 1,553,541 | — | ||||||||||||||||||||
Other debt securities | — | — | — | — | ||||||||||||||||||||
Investments in mutual funds and other equity securities | 1,964 | — | 1,964 | — | ||||||||||||||||||||
Loans held for sale, at fair value | 104,664 | 104,664 | ||||||||||||||||||||||
Mortgage servicing rights, at fair value | 47,765 | — | — | 47,765 | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Interest rate lock commitments | 706 | — | — | 706 | ||||||||||||||||||||
Interest rate forward sales commitments | 1,250 | — | 1,250 | — | ||||||||||||||||||||
Interest rate swaps | 15,965 | — | 15,965 | — | ||||||||||||||||||||
Total assets measured at fair value | $ | 1,967,286 | $ | 3,498 | $ | 1,915,317 | $ | 48,471 | ||||||||||||||||
Junior subordinated debentures, at fair value | $ | 87,274 | $ | — | $ | — | $ | 87,274 | ||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Interest rate lock commitments | — | — | — | — | ||||||||||||||||||||
Interest rate forward sales commitments | 6 | — | 6 | — | ||||||||||||||||||||
Interest rate swaps | 14,556 | — | 14,556 | — | ||||||||||||||||||||
Total liabilities measured at fair value | $ | 101,836 | $ | — | $ | 14,562 | $ | 87,274 | ||||||||||||||||
-1 | Principally represents U.S. Treasury and agencies or residential mortgage-backed securities issued or guaranteed by governmental agencies. | |||||||||||||||||||||||
The following methods were used to estimate the fair value of each class of financial instrument above: | ||||||||||||||||||||||||
Cash and Cash Equivalents—For short-term instruments, including cash and due from banks, and interest bearing deposits with banks, the carrying amount is a reasonable estimate of fair value. | ||||||||||||||||||||||||
Securities— Fair values for investment securities are based on quoted market prices when available or through the use of alternative approaches, such as matrix or model pricing, or broker indicative bids, when market quotes are not readily accessible or available. | ||||||||||||||||||||||||
Loans Held for Sale— Fair value is determined based on quoted secondary market prices for similar loans, including the implicit fair value of embedded servicing rights. | ||||||||||||||||||||||||
Non-covered Loans and Leases - Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, including commercial, real estate and consumer loans. Each loan category is further segregated by fixed and adjustable rate loans. The fair value of loans is calculated by discounting expected cash flows at rates which similar loans are currently being made. These amounts are discounted further by embedded probable losses expected to be realized in the portfolio. | ||||||||||||||||||||||||
Covered Loans – Covered loans are initially measured at their estimated fair value on their date of acquisition as described in Note 6. Subsequent to acquisition, the fair value of covered loans is measured using the same methodology as that of non-covered loans. | ||||||||||||||||||||||||
Restricted Equity Securities – The carrying value of restricted equity securities approximates fair value as the shares can only be redeemed by the issuing institution at par. | ||||||||||||||||||||||||
Mortgage Servicing Rights - The fair value of mortgage servicing rights is estimated using a discounted cash flow model. Assumptions used include market discount rates, anticipated prepayment speeds, delinquency and foreclosure rates, and ancillary fee income net of servicing costs. This model is periodically validated by an independent external model validation group. The model assumptions and the MSR fair value estimates are also compared to observable trades of similar portfolios as well as to MSR broker valuations and industry surveys, as available. Management believes the significant inputs utilized are indicative of those that would be used by market participants. | ||||||||||||||||||||||||
Bank Owned Life Insurance Assets – Fair values of insurance policies owned are based on the insurance contract’s cash surrender value. | ||||||||||||||||||||||||
FDIC Indemnification Asset - The FDIC indemnification asset is calculated as the expected future cash flows under the loss-share agreement discounted by a rate reflective of the creditworthiness of the FDIC as would be required from the market. | ||||||||||||||||||||||||
Visa Class B Common Stock - The fair value of Visa Class B common stock is estimated by applying a 5% discount to the value of the unredeemed Class A equivalent shares. The discount primarily represents the risk related to the further potential reduction of the conversion ratio between Class B and Class A shares and a liquidity risk premium. | ||||||||||||||||||||||||
Deposits—The fair value of deposits with no stated maturity, such as non-interest bearing deposits, savings and interest checking accounts, and money market accounts, is equal to the amount payable on demand. The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. | ||||||||||||||||||||||||
Securities Sold under Agreements to Repurchase and Federal Funds Purchased - For short-term instruments, including securities sold under agreements to repurchase and federal funds purchased, the carrying amount is a reasonable estimate of fair value. | ||||||||||||||||||||||||
Term Debt—The fair value of medium term notes is calculated based on the discounted value of the contractual cash flows using current rates at which such borrowings can currently be obtained. | ||||||||||||||||||||||||
Junior Subordinated Debentures - The fair value of junior subordinated debentures is estimated using an income approach valuation technique. The ending carrying (fair) value of the junior subordinated debentures measured at fair value represents the estimated amount that would be paid to transfer these liabilities in an orderly transaction amongst market participants. Due to credit concerns in the capital markets and inactivity in the trust preferred markets that have limited the observability of market spreads, we have classified this as a Level 3 fair value measure. For further discussion of the valuation technique and inputs, see Note 9. | ||||||||||||||||||||||||
Derivative Instruments - The fair value of the interest rate lock commitments and forward sales commitments are estimated using quoted or published market prices for similar instruments, adjusted for factors such as pull-through rate assumptions based on historical information, where appropriate. The pull-through rate assumptions are considered Level 3 valuation inputs and are significant to the interest rate lock commitment valuation; as such, the interest rate lock commitment derivatives are classified as Level 3. The fair value of the interest rate swaps is determined using a discounted cash flow technique incorporating credit valuation adjustments to reflect nonperformance risk in the measurement of fair value. Although the Bank has determined that the majority of the inputs used to value its interest rate swap derivatives fall within Level 2 of the fair value hierarchy, the CVA associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. However, as of March 31, 2014, the Bank has assessed the significance of the impact of the CVA on the overall valuation of its interest rate swap positions and has determined that the CVA are not significant to the overall valuation of its interest rate swap derivatives. As a result, the Bank has classified its interest rate swap derivative valuations in Level 2 of the fair value hierarchy. | ||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value Using Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||||
The following table provides a description of the valuation technique, unobservable input, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at March 31, 2014: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Financial Instrument | Valuation Technique | Unobservable Input | Weighted Average (Range) | |||||||||||||||||||||
Mortgage servicing rights | Discounted cash flow | |||||||||||||||||||||||
Constant Prepayment Rate | 13.59% | |||||||||||||||||||||||
Discount Rate | 8.70% | |||||||||||||||||||||||
Interest rate lock commitment | Internal Pricing Model | |||||||||||||||||||||||
Pull-through rate | 76.40% | |||||||||||||||||||||||
Junior subordinated debentures | Discounted cash flow | |||||||||||||||||||||||
Credit Spread | 6.53% | |||||||||||||||||||||||
Generally, any significant increases in the constant prepayment rate and discount rate utilized in the fair value measurement of the mortgage servicing rights will result in negative fair value adjustments (and a decrease in the fair value measurement). Conversely, a decrease in the constant prepayment rate and discount rate will result in a positive fair value adjustment (and increase in the fair value measurement). | ||||||||||||||||||||||||
An increase in the pull-through rate utilized in the fair value measurement of the interest rate lock commitment derivative will result in positive fair value adjustments (and an increase in the fair value measurement.) Conversely, a decrease in the pull-through rate will result in a negative fair value adjustment (and a decrease in the fair value measurement.) | ||||||||||||||||||||||||
Management believes that the credit risk adjusted spread utilized in the fair value measurement of the junior subordinated debentures carried at fair value is indicative of the nonperformance risk premium a willing market participant would require under current market conditions, that is, the inactive market. Management attributes the change in fair value of the junior subordinated debentures during the period to market changes in the nonperformance expectations and pricing of this type of debt, and not as a result of changes to our entity-specific credit risk. The widening of the credit risk adjusted spread above the Company’s contractual spreads has primarily contributed to the positive fair value adjustments. Future contractions in the credit risk adjusted spread relative to the spread currently utilized to measure the Company’s junior subordinated debentures at fair value as of March 31, 2014, or the passage of time, will result in negative fair value adjustments. Generally, an increase in the credit risk adjusted spread and/or a decrease in the three month LIBOR swap curve will result in positive fair value adjustments (and decrease the fair value measurement). Conversely, a decrease in the credit risk adjusted spread and/or an increase in the three month LIBOR swap curve will result in negative fair value adjustments (and increase the fair value measurement). | ||||||||||||||||||||||||
The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Three months ended March 31, | Beginning | Change | Purchases and issuances | Sales and settlements | Ending | Net change in | ||||||||||||||||||
Balance | included in | Balance | unrealized gains | |||||||||||||||||||||
earnings | or (losses) relating | |||||||||||||||||||||||
to items held at | ||||||||||||||||||||||||
end of period | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Mortgage servicing rights | $ | 47,765 | $ | (953 | ) | $ | 2,408 | $ | — | $ | 49,220 | $ | (394 | ) | ||||||||||
Interest rate lock commitment | 706 | (706 | ) | 4,634 | (3,240 | ) | 1,394 | 1,394 | ||||||||||||||||
Junior subordinated debentures | 87,274 | 1,490 | — | (964 | ) | 87,800 | 1,490 | |||||||||||||||||
2013 | ||||||||||||||||||||||||
Mortgage servicing rights | $ | 27,428 | $ | (1,734 | ) | $ | 6,403 | $ | — | $ | 32,097 | $ | (512 | ) | ||||||||||
Interest rate lock commitment | 1,478 | (1,478 | ) | 17,425 | (13,479 | ) | 3,946 | 2,467 | ||||||||||||||||
Junior subordinated debentures | 85,081 | 1,511 | — | (976 | ) | 85,616 | 1,511 | |||||||||||||||||
Losses on mortgage servicing rights carried at fair value are recorded in mortgage banking revenue within other non-interest income. Gains (losses) on interest rate lock commitments carried at fair value are recorded in mortgage banking revenue within other non-interest income. Gains (losses) on junior subordinated debentures carried at fair value are recorded within other non-interest income. The contractual interest expense on the junior subordinated debentures is recorded on an accrual basis as interest on junior subordinated debentures within interest expense. Settlements related to the junior subordinated debentures represent the payment of accrued interest that is embedded in the fair value of these liabilities. | ||||||||||||||||||||||||
Additionally, from time to time, certain assets are measured at fair value on a nonrecurring basis. These adjustments to fair value generally result from the application of lower-of-cost-or-market accounting or write-downs of individual assets due to impairment. | ||||||||||||||||||||||||
Fair Value of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||||||||||||
The following table presents information about the Company’s assets and liabilities measured at fair value on a nonrecurring basis for which a nonrecurring change in fair value has been recorded during the reporting period. The amounts disclosed below represent the fair values at the time the nonrecurring fair value measurements were made, and not necessarily the fair value as of the dates reported upon. | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Non-covered loans and leases | $ | 12,470 | $ | — | $ | — | $ | 12,470 | ||||||||||||||||
Non-covered other real estate owned | 563 | — | — | 563 | ||||||||||||||||||||
Covered other real estate owned | — | — | — | — | ||||||||||||||||||||
$ | 13,033 | $ | — | $ | — | $ | 13,033 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Non-covered loans and leases | $ | 20,421 | $ | — | $ | — | $ | 20,421 | ||||||||||||||||
Non-covered other real estate owned | 1,986 | — | — | 1,986 | ||||||||||||||||||||
Covered other real estate owned | 2,770 | — | — | 2,770 | ||||||||||||||||||||
$ | 25,177 | $ | — | $ | — | $ | 25,177 | |||||||||||||||||
The following table presents the losses resulting from nonrecurring fair value adjustments for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Non-covered loans and leases | $ | 2,585 | $ | 8,279 | ||||||||||||||||||||
Non-covered other real estate owned | 99 | 369 | ||||||||||||||||||||||
Covered other real estate owned | — | 554 | ||||||||||||||||||||||
Total loss from nonrecurring measurements | $ | 2,684 | $ | 9,202 | ||||||||||||||||||||
The non-covered loans and leases amount above represents impaired, collateral dependent loans that have been adjusted to fair value. When we identify a collateral dependent loan as impaired, we measure the impairment using the current fair value of the collateral, less selling costs. Depending on the characteristics of a loan, the fair value of collateral is generally estimated by obtaining external appraisals. If we determine that the value of the impaired loan is less than the recorded investment in the loan, we recognize this impairment and adjust the carrying value of the loan to fair value through the allowance for loan and lease losses. The loss represents charge-offs or impairments on collateral dependent loans for fair value adjustments based on the fair value of collateral. | ||||||||||||||||||||||||
The non-covered and covered other real estate owned amount above represents impaired real estate that has been adjusted to fair value. Non-covered other real estate owned represents real estate which the Bank has taken control of in partial or full satisfaction of loans. At the time of foreclosure, other real estate owned is recorded at the lower of the carrying amount of the loan or fair value less costs to sell, which becomes the property's new basis. Any write-downs based on the asset's fair value at the date of acquisition are charged to the allowance for loan and lease losses. After foreclosure, management periodically performs valuations such that the real estate is carried at the lower of its new cost basis or fair value, net of estimated costs to sell. Fair value adjustments on other real estate owned are recognized within net loss on real estate owned. The loss represents impairments on non-covered other real estate owned for fair value adjustments based on the fair value of the real estate. | ||||||||||||||||||||||||
Fair Value Option | ||||||||||||||||||||||||
The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale accounted for under the fair value option as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||
Aggregate | Less Aggregate | Aggregate | Less Aggregate | |||||||||||||||||||||
Unpaid | Unpaid | Unpaid | Unpaid | |||||||||||||||||||||
Fair | Principal | Principal | Fair | Principal | Principal | |||||||||||||||||||
Value | Balance | Balance | Value | Balance | Balance | |||||||||||||||||||
Loans held for sale | $ | 73,106 | $ | 69,913 | $ | 3,193 | $ | 104,664 | $ | 101,795 | $ | 2,869 | ||||||||||||
Loans held for sale accounted for under the fair value option are measured initially at fair value with subsequent changes in fair value recognized in earnings. Gains and losses from such changes in fair value are reported as a component of mortgage banking revenue, net in the Consolidated Statements of Income. For the three months ended March 31, 2014 the Company recorded a net increase of $324,000 and for the three months ended March 31, 2013, the Company recorded a net decrease of $10.8 million, respectively, representing the change in fair value reflected in earnings. | ||||||||||||||||||||||||
There were no nonaccrual mortgage loans held for sale or mortgage loans held for sale 90 days or more past due and still accruing interest as of March 31, 2014 and December 31, 2013, respectively. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Derivatives | ' |
The Bank may use derivatives to hedge the risk of changes in the fair values of interest rate lock commitments, residential mortgage loans held for sale, and mortgage servicing rights. None of the Company’s derivatives are designated as hedging instruments. Rather, they are accounted for as free-standing derivatives, or economic hedges, with changes in the fair value of the derivatives reported in income. The Company primarily utilizes forward interest rate contracts in its derivative risk management strategy. | |
Income Taxes | ' |
The Company and its subsidiaries file income tax returns in the U.S. federal jurisdiction, as well as the Oregon and California state jurisdictions. Additionally, as a result of the FinPac acquisition, the Company will now be subject to filings in the majority of states and in Canada. The Company is no longer subject to U.S. federal or other state tax authority examinations for years before 2011, except in California for years before 2005 and for Canadian tax authority examinations for years before 2012. During 2013, the Internal Revenue Service concluded an examination of the Company’s U.S. income tax returns through 2010. The results of these examinations had no significant impact on the Company’s financial statements. | |
Income Tax Uncertainties | ' |
The Company had gross unrecognized tax benefits relating to California tax incentives of $602,000 recorded as of March 31, 2014. If recognized, the unrecognized tax benefit would reduce the 2014 annual effective tax rate by 0.5%. During the three months ended March 31, 2014, the Company accrued $6,000 of interest relating to its liability for unrecognized tax benefits. Interest on unrecognized tax benefits is reported by the Company as a component of tax expense. As of March 31, 2014, the accrued interest related to unrecognized tax benefits was $198,000. |
Business_Combinations_Tables
Business Combinations (Tables) (Financial Pacific Holding Corp [Member]) | 3 Months Ended | |||||||||||||
Mar. 31, 2014 | ||||||||||||||
Financial Pacific Holding Corp [Member] | ' | |||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||
Schedule of Net Assets Acquired and Estimated Fair Value Adjustments | ' | |||||||||||||
A summary of the net assets acquired and the estimated fair value adjustments of FinPac are presented below: | ||||||||||||||
(in thousands) | ||||||||||||||
FinPac | ||||||||||||||
1-Jul-13 | ||||||||||||||
Cost basis net assets | $ | 61,446 | ||||||||||||
Cash payment paid | (156,110 | ) | ||||||||||||
Fair value adjustments: | ||||||||||||||
Non-covered loans and leases, net | 6,881 | |||||||||||||
Other intangible assets | (8,516 | ) | ||||||||||||
Other assets | (1,650 | ) | ||||||||||||
Term debt | (400 | ) | ||||||||||||
Other liabilities | 1,572 | |||||||||||||
Goodwill | $ | (96,777 | ) | |||||||||||
Schedule of Assets Acquired and Liabilities Assumed at Estimated Fair Values | ' | |||||||||||||
The statement of assets acquired and liabilities assumed at their fair values of FinPac are presented below. | ||||||||||||||
(in thousands) | ||||||||||||||
FinPac | ||||||||||||||
July 1, 2013 | ||||||||||||||
Assets Acquired: | ||||||||||||||
Cash and equivalents | $ | 6,452 | ||||||||||||
Non-covered loans and leases, net | 264,336 | |||||||||||||
Premises and equipment | 491 | |||||||||||||
Goodwill | 96,777 | |||||||||||||
Other assets | 8,015 | |||||||||||||
Total assets acquired | $ | 376,071 | ||||||||||||
Liabilities Assumed: | ||||||||||||||
Term debt | 211,204 | |||||||||||||
Other liabilities | 8,757 | |||||||||||||
Total liabilities assumed | 219,961 | |||||||||||||
Net assets acquired | $ | 156,110 | ||||||||||||
Schedule of Loans Acquired | ' | |||||||||||||
Non-covered leases acquired from FinPac that are not subject to the requirements of FASB ASC 310-30 Loans and Debt Securities Acquired with Deteriorated Credit Quality ("ASC 310-30") are presented below at acquisition: | ||||||||||||||
(in thousands) | ||||||||||||||
FinPac | ||||||||||||||
1-Jul-13 | ||||||||||||||
Contractually required payments | $ | 350,403 | ||||||||||||
Purchase adjustment for credit | $ | (20,520 | ) | |||||||||||
Balance of non-covered loans and leases, net | $ | 264,336 | ||||||||||||
Pro Forma Results of Operations | ' | |||||||||||||
The following table presents unaudited pro forma results of operations for the three months ended March 31, 2013 as if the acquisition of FinPac had occurred on January 1, 2013. The proforma results have been prepared for comparative purposes only and are not necessarily indicative of the results that would have been obtained had the acquisitions actually occurred on January 1, 2013. | ||||||||||||||
(in thousands, except per share data) | ||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||
Pro Forma | Pro Forma | |||||||||||||
Company | FinPac (a) | Adjustments | Combined | |||||||||||
Net interest income | $ | 94,189 | $ | 12,547 | $ | (1,224 | ) | (b) | $ | 105,512 | ||||
Provision for non-covered loan and lease losses | 6,988 | 2,577 | — | (c) | 9,565 | |||||||||
Provision for covered loan losses | 232 | — | — | 232 | ||||||||||
Non-interest income | 34,015 | 790 | — | 34,805 | ||||||||||
Non-interest expense | 85,762 | 3,832 | (203 | ) | (d) | 89,391 | ||||||||
Income before provision for income taxes | 35,222 | 6,928 | (1,021 | ) | 41,129 | |||||||||
Provision for income taxes | 11,861 | 2,716 | (357 | ) | (e) | 14,220 | ||||||||
Net income | 23,361 | 4,212 | (664 | ) | 26,909 | |||||||||
Dividends and undistributed earnings allocated to participating securities | 183 | — | 28 | 211 | ||||||||||
Net earnings available to common shareholders | $ | 23,178 | $ | 4,212 | $ | (692 | ) | $ | 26,698 | |||||
Earnings per share: | ||||||||||||||
Basic | $ | 0.21 | $ | 0.24 | ||||||||||
Diluted | $ | 0.21 | $ | 0.24 | ||||||||||
Average shares outstanding: | ||||||||||||||
Basic | 111,937 | 111,937 | ||||||||||||
Diluted | 112,118 | 112,118 | ||||||||||||
(a) FinPac amounts represent results from January 1, 2013 to March 31, 2013. | ||||||||||||||
(b) Adjustment of interest income from loans and leases due to the estimated loss of income from the write-off of FinPac's loan mark (related to a prior acquisition) and the amortization of the new interest rate mark and the accretion of the acquisition accounting adjustment relating to the credit mark. The amortization period will be the contractual lives of the loans and leases, which is approximately four years, and will be amortized into income using the effective yield method. | ||||||||||||||
(c) As acquired loans and leases are recorded at fair value, Umpqua would expect a reduction in the historical provision for loan and leases losses from FinPac; however, no adjustment to the historical amount of FinPac provision for loan and lease losses is reflected. | ||||||||||||||
(d) Adjustment to reflect additional compensation expense related to restricted stock granted to FinPac management and the removal of FinPac director compensation and travel fees, and FinPac management fees of the Financial Pacific Holdings, LLC entity which was not acquired. | ||||||||||||||
(e) Income tax effect of pro forma adjustments at 35%. |
Investment_Securities_Tables
Investment Securities (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ' | |||||||||||||||||||||||
Amortized Cost, Unrealized Gains And Losses, And Fair Value Of Investment Securities | ' | |||||||||||||||||||||||
The following table presents the amortized costs, unrealized gains, unrealized losses and approximate fair values of investment securities at March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||
AVAILABLE FOR SALE: | ||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 242 | $ | 20 | $ | (1 | ) | $ | 261 | |||||||||||||||
Obligations of states and political subdivisions | 222,195 | 8,781 | (1,297 | ) | 229,679 | |||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 1,477,553 | 14,077 | (21,814 | ) | 1,469,816 | |||||||||||||||||||
Investments in mutual funds and | ||||||||||||||||||||||||
other equity securities | 1,959 | 15 | — | 1,974 | ||||||||||||||||||||
$ | 1,701,949 | $ | 22,893 | $ | (23,112 | ) | $ | 1,701,730 | ||||||||||||||||
HELD TO MATURITY: | ||||||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | $ | 5,465 | $ | 333 | $ | (8 | ) | $ | 5,790 | |||||||||||||||
$ | 5,465 | $ | 333 | $ | (8 | ) | $ | 5,790 | ||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | |||||||||||||||||||||
Cost | Gains | Losses | Value | |||||||||||||||||||||
AVAILABLE FOR SALE: | ||||||||||||||||||||||||
U.S. Treasury and agencies | $ | 249 | $ | 20 | $ | (1 | ) | $ | 268 | |||||||||||||||
Obligations of states and political subdivisions | 229,969 | 7,811 | (2,575 | ) | 235,205 | |||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 1,567,001 | 15,359 | (28,819 | ) | 1,553,541 | |||||||||||||||||||
Investments in mutual funds and | ||||||||||||||||||||||||
other equity securities | 1,959 | 5 | — | 1,964 | ||||||||||||||||||||
$ | 1,799,178 | $ | 23,195 | $ | (31,395 | ) | $ | 1,790,978 | ||||||||||||||||
HELD TO MATURITY: | ||||||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 5,563 | 330 | (19 | ) | 5,874 | |||||||||||||||||||
$ | 5,563 | $ | 330 | $ | (19 | ) | $ | 5,874 | ||||||||||||||||
Schedule Of Fair Value And Unrealized Losses Of Securities | ' | |||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
AVAILABLE FOR SALE: | ||||||||||||||||||||||||
U.S. Treasury and agencies | $ | — | $ | — | $ | 25 | $ | 1 | $ | 25 | $ | 1 | ||||||||||||
Obligations of states and political subdivisions | 38,975 | 1,165 | 1,767 | 132 | 40,742 | 1,297 | ||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 412,636 | 9,553 | 284,346 | 12,261 | 696,982 | 21,814 | ||||||||||||||||||
Total temporarily impaired securities | $ | 451,611 | $ | 10,718 | $ | 286,138 | $ | 12,394 | $ | 737,749 | $ | 23,112 | ||||||||||||
HELD TO MATURITY: | ||||||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | $ | 169 | $ | 8 | $ | — | $ | — | $ | 169 | $ | 8 | ||||||||||||
Total temporarily impaired securities | $ | 169 | $ | 8 | $ | — | $ | — | $ | 169 | $ | 8 | ||||||||||||
Unrealized losses on the impaired held to maturity collateralized mortgage obligations include the unrealized losses related to factors other than credit that are included in other comprehensive income. | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Less than 12 Months | 12 Months or Longer | Total | ||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||
AVAILABLE FOR SALE: | ||||||||||||||||||||||||
U.S. Treasury and agencies | $ | — | $ | — | $ | 32 | $ | 1 | $ | 32 | $ | 1 | ||||||||||||
Obligations of states and political subdivisions | 48,342 | 2,575 | — | — | 48,342 | 2,575 | ||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 475,982 | 15,951 | 249,695 | 12,868 | 725,677 | 28,819 | ||||||||||||||||||
Total temporarily impaired securities | $ | 524,324 | $ | 18,526 | $ | 249,727 | $ | 12,869 | $ | 774,051 | $ | 31,395 | ||||||||||||
HELD TO MATURITY: | ||||||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | $ | 156 | $ | 19 | $ | — | $ | — | $ | 156 | $ | 19 | ||||||||||||
Total temporarily impaired securities | $ | 156 | $ | 19 | $ | — | $ | — | $ | 156 | $ | 19 | ||||||||||||
Schedule Of Maturities Of Investment Securities | ' | |||||||||||||||||||||||
The following table presents the maturities of investment securities at March 31, 2014: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Available For Sale | Held To Maturity | |||||||||||||||||||||||
Amortized | Fair | Amortized | Fair | |||||||||||||||||||||
Cost | Value | Cost | Value | |||||||||||||||||||||
AMOUNTS MATURING IN: | ||||||||||||||||||||||||
Three months or less | $ | 9,295 | $ | 9,337 | $ | — | $ | — | ||||||||||||||||
Over three months through twelve months | 61,111 | 62,068 | 291 | 309 | ||||||||||||||||||||
After one year through five years | 960,569 | 975,746 | 279 | 487 | ||||||||||||||||||||
After five years through ten years | 614,744 | 597,870 | 427 | 485 | ||||||||||||||||||||
After ten years | 54,271 | 54,735 | 4,468 | 4,509 | ||||||||||||||||||||
Other investment securities | 1,959 | 1,974 | — | — | ||||||||||||||||||||
$ | 1,701,949 | $ | 1,701,730 | $ | 5,465 | $ | 5,790 | |||||||||||||||||
Gross Realized Gains And Losses On Sales Of Available-For-Sale Securities | ' | |||||||||||||||||||||||
gross realized gains on the sale of securities available for sale of none and $7,000 for the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||
Investment Securities Pledged To Secure Borrowings And Public Deposits | ' | |||||||||||||||||||||||
The following table presents, as of March 31, 2014, investment securities which were pledged to secure borrowings, public deposits, and repurchase agreements as permitted or required by law: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Amortized | Fair | |||||||||||||||||||||||
Cost | Value | |||||||||||||||||||||||
To Federal Home Loan Bank to secure borrowings | $ | 8,783 | $ | 9,089 | ||||||||||||||||||||
To state and local governments to secure public deposits | 933,911 | 928,206 | ||||||||||||||||||||||
Other securities pledged principally to secure repurchase agreements | 347,901 | 342,649 | ||||||||||||||||||||||
Total pledged securities | $ | 1,290,595 | $ | 1,279,944 | ||||||||||||||||||||
NonCovered_Loans_and_Leases_Ta
Non-Covered Loans and Leases (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule Of Major Types Of Non-Covered Loans | ' | |||||||
The following table presents the major types of non-covered loans and leases, net of deferred costs, net of $4.7 million and net of deferred fees, net of $495,000, recorded on the balance sheet as of March 31, 2014 and December 31, 2013, respectively: | ||||||||
(in thousands) | ||||||||
March 31, | December 31, | |||||||
2014 | 2013 | |||||||
Commercial real estate | ||||||||
Non-owner occupied term, net | $ | 2,311,952 | $ | 2,328,260 | ||||
Owner occupied term, net | 1,282,482 | 1,259,583 | ||||||
Multifamily, net | 400,927 | 403,537 | ||||||
Construction & development, net | 229,262 | 245,231 | ||||||
Residential development, net | 89,510 | 88,413 | ||||||
Commercial | ||||||||
Term, net | 735,004 | 770,845 | ||||||
LOC & other, net | 1,005,800 | 987,360 | ||||||
Leases and equipment finance, net | 388,418 | 361,591 | ||||||
Residential | ||||||||
Mortgage, net | 651,042 | 597,201 | ||||||
Home equity loans & lines, net | 268,497 | 264,269 | ||||||
Consumer & other, net | 48,214 | 48,113 | ||||||
Total loans and leases, net of deferred fees and costs | 7,411,108 | 7,354,403 | ||||||
Allowance_for_NonCovered_Loan_1
Allowance for Non-Covered Loan Loss and Credit Quality (Tables) | 3 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ' | |||||||||||||||||||||||||||
Activity In The Non-Covered Allowance For Loan And Lease Losses | ' | |||||||||||||||||||||||||||
The following table summarizes activity related to the allowance for non-covered loan and lease losses by non-covered loan and lease portfolio segment for three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Unallocated | Total | |||||||||||||||||||||||
Balance, beginning of period | $ | 53,433 | $ | 24,191 | $ | 6,827 | $ | 863 | $ | — | $ | 85,314 | ||||||||||||||||
Charge-offs | (1,895 | ) | (3,350 | ) | (132 | ) | (188 | ) | — | (5,565 | ) | |||||||||||||||||
Recoveries | 439 | 981 | 47 | 93 | — | 1,560 | ||||||||||||||||||||||
(Recapture) provision | (130 | ) | 4,940 | 449 | 141 | — | 5,400 | |||||||||||||||||||||
Balance, end of period | $ | 51,847 | $ | 26,762 | $ | 7,191 | $ | 909 | $ | — | $ | 86,709 | ||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Unallocated | Total | |||||||||||||||||||||||
Balance, beginning of period | $ | 54,909 | $ | 22,925 | $ | 6,925 | $ | 632 | $ | — | $ | 85,391 | ||||||||||||||||
Charge-offs | (1,454 | ) | (6,174 | ) | (904 | ) | (193 | ) | — | (8,725 | ) | |||||||||||||||||
Recoveries | 470 | 367 | 92 | 109 | — | 1,038 | ||||||||||||||||||||||
Provision | 1,170 | 4,543 | 1,106 | 169 | — | 6,988 | ||||||||||||||||||||||
Balance, end of period | $ | 55,095 | $ | 21,661 | $ | 7,219 | $ | 717 | $ | — | $ | 84,692 | ||||||||||||||||
The following table presents the allowance and recorded investment in non-covered loans and leases by portfolio segment and balances individually or collectively evaluated for impairment as of March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Unallocated | Total | |||||||||||||||||||||||
Allowance for non-covered loans and leases: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 50,504 | $ | 26,747 | $ | 7,191 | $ | 909 | $ | — | $ | 85,351 | ||||||||||||||||
Individually evaluated for impairment | 1,343 | 15 | — | — | — | 1,358 | ||||||||||||||||||||||
Total | $ | 51,847 | $ | 26,762 | $ | 7,191 | $ | 909 | $ | — | $ | 86,709 | ||||||||||||||||
Non-covered loans and leases: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 4,222,943 | $ | 2,114,681 | $ | 919,539 | $ | 48,214 | $ | 7,305,377 | ||||||||||||||||||
Individually evaluated for impairment | 91,190 | 14,541 | — | — | 105,731 | |||||||||||||||||||||||
Total | $ | 4,314,133 | $ | 2,129,222 | $ | 919,539 | $ | 48,214 | $ | 7,411,108 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
March 31, 2013 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Unallocated | Total | |||||||||||||||||||||||
Allowance for non-covered loans and leases: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 53,158 | $ | 21,645 | $ | 7,219 | $ | 717 | $ | — | $ | 82,739 | ||||||||||||||||
Individually evaluated for impairment | 1,937 | 16 | — | — | — | 1,953 | ||||||||||||||||||||||
Total | $ | 55,095 | $ | 21,661 | $ | 7,219 | $ | 717 | $ | — | $ | 84,692 | ||||||||||||||||
Non-covered loans and leases: | ||||||||||||||||||||||||||||
Collectively evaluated for impairment | $ | 4,071,110 | $ | 1,668,522 | $ | 748,115 | $ | 41,173 | $ | 6,528,920 | ||||||||||||||||||
Individually evaluated for impairment | 114,553 | 19,375 | 338 | — | 134,266 | |||||||||||||||||||||||
Total | $ | 4,185,663 | $ | 1,687,897 | $ | 748,453 | $ | 41,173 | $ | 6,663,186 | ||||||||||||||||||
Schedule of Reserve for Unfunded Commitments and Unfunded Commitments | ' | |||||||||||||||||||||||||||
The following table presents a summary of activity in the RUC and unfunded commitments for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||||||
Balance, beginning of period | $ | 220 | $ | 900 | $ | 232 | $ | 84 | $ | 1,436 | ||||||||||||||||||
Net change to other expense | (26 | ) | (14 | ) | 11 | 10 | (19 | ) | ||||||||||||||||||||
Balance, end of period | $ | 194 | $ | 886 | $ | 243 | $ | 94 | $ | 1,417 | ||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||||||
Balance, beginning of period | $ | 172 | $ | 807 | $ | 173 | $ | 71 | $ | 1,223 | ||||||||||||||||||
Net change to other expense | (13 | ) | 43 | 9 | 7 | 46 | ||||||||||||||||||||||
Balance, end of period | $ | 159 | $ | 850 | $ | 182 | $ | 78 | $ | 1,269 | ||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||||||
Unfunded loan and lease commitments: | ||||||||||||||||||||||||||||
March 31, 2014 | $ | 213,675 | $ | 969,475 | $ | 353,498 | $ | 59,017 | $ | 1,595,665 | ||||||||||||||||||
March 31, 2013 | $ | 183,996 | $ | 984,672 | $ | 270,510 | $ | 54,240 | $ | 1,493,418 | ||||||||||||||||||
Non-Covered Loans Sold | ' | |||||||||||||||||||||||||||
The following table summarizes loans and leases sold by loan portfolio during the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term | $ | 3,193 | $ | — | ||||||||||||||||||||||||
Owner occupied term | 2,147 | 2,850 | ||||||||||||||||||||||||||
Construction & development | — | 3,515 | ||||||||||||||||||||||||||
Residential development | 605 | 23 | ||||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term | 15,996 | 11,127 | ||||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage | 331 | — | ||||||||||||||||||||||||||
Total | $ | 22,272 | $ | 17,515 | ||||||||||||||||||||||||
Non-Covered Non-Accrual Loans And Loans Past Due | ' | |||||||||||||||||||||||||||
The following table summarizes our non-covered non-accrual loans and leases and loans and leases past due, by loan and lease class, as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Greater than | 90 Days and | Total non- | ||||||||||||||||||||||||||
30 to 59 | 60 to 89 | Greater | covered | |||||||||||||||||||||||||
Days | Days | and | Total | Non- | Current & | Loans | ||||||||||||||||||||||
Past Due | Past Due | Accruing | Past Due | accrual | Other (1) | and Leases | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 1,736 | $ | 533 | $ | 369 | $ | 2,638 | $ | 15,948 | $ | 2,293,366 | $ | 2,311,952 | ||||||||||||||
Owner occupied term, net | 625 | 466 | 36 | 1,127 | 5,449 | 1,275,906 | 1,282,482 | |||||||||||||||||||||
Multifamily, net | 3,855 | 1,145 | — | 5,000 | 355 | 395,572 | 400,927 | |||||||||||||||||||||
Construction & development, net | — | — | — | — | — | 229,262 | 229,262 | |||||||||||||||||||||
Residential development, net | — | — | — | — | 195 | 89,315 | 89,510 | |||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 1,427 | 8,832 | — | 10,259 | 11,964 | 712,781 | 735,004 | |||||||||||||||||||||
LOC & other, net | 423 | 2,023 | — | 2,446 | 1,025 | 1,002,329 | 1,005,800 | |||||||||||||||||||||
Leases and equipment finance, net | 1,828 | 1,556 | — | 3,384 | 2,948 | 382,086 | 388,418 | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 3,418 | — | 1,503 | 4,921 | — | 646,121 | 651,042 | |||||||||||||||||||||
Home equity loans & lines, net | 483 | 955 | 287 | 1,725 | — | 266,772 | 268,497 | |||||||||||||||||||||
Consumer & other, net | 100 | 11 | 74 | 185 | — | 48,029 | 48,214 | |||||||||||||||||||||
Total, net of deferred fees and costs | $ | 13,895 | $ | 15,521 | $ | 2,269 | $ | 31,685 | $ | 37,884 | $ | 7,341,539 | $ | 7,411,108 | ||||||||||||||
(1) Other includes non-covered loans accounted for under ASC 310-30. | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Greater than | 90 Days and | Total non- | ||||||||||||||||||||||||||
30 to 59 | 60 to 89 | Greater | covered | |||||||||||||||||||||||||
Days | Days | and | Total | Non- | Current & | Loans | ||||||||||||||||||||||
Past Due | Past Due | Accruing | Past Due | accrual | Other (1) | and Leases | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 3,618 | $ | 352 | $ | — | $ | 3,970 | $ | 9,193 | $ | 2,315,097 | $ | 2,328,260 | ||||||||||||||
Owner occupied term, net | 1,320 | 340 | 610 | 2,270 | 6,204 | 1,251,109 | 1,259,583 | |||||||||||||||||||||
Multifamily, net | — | — | — | — | 935 | 402,602 | 403,537 | |||||||||||||||||||||
Construction & development, net | — | — | — | — | — | 245,231 | 245,231 | |||||||||||||||||||||
Residential development, net | — | — | — | — | 2,801 | 85,612 | 88,413 | |||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 901 | 1,436 | — | 2,337 | 8,723 | 759,785 | 770,845 | |||||||||||||||||||||
LOC & other, net | 619 | 224 | — | 843 | 1,222 | 985,295 | 987,360 | |||||||||||||||||||||
Leases and equipment finance, net | 2,202 | 1,706 | 517 | 4,425 | 2,813 | 354,353 | 361,591 | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 1,050 | 342 | 2,070 | 3,462 | — | 593,739 | 597,201 | |||||||||||||||||||||
Home equity loans & lines, net | 473 | 563 | 160 | 1,196 | — | 263,073 | 264,269 | |||||||||||||||||||||
Consumer & other, net | 69 | 75 | 73 | 217 | — | 47,896 | 48,113 | |||||||||||||||||||||
Total, net of deferred fees and costs | $ | 10,252 | $ | 5,038 | $ | 3,430 | $ | 18,720 | $ | 31,891 | $ | 7,303,792 | $ | 7,354,403 | ||||||||||||||
(1) Other includes non-covered loans accounted for under ASC 310-30. | ||||||||||||||||||||||||||||
Non-Covered Impaired Loans | ' | |||||||||||||||||||||||||||
The following table summarizes our non-covered impaired loans by loan class as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Unpaid | ||||||||||||||||||||||||||||
Principal | Recorded | Related | ||||||||||||||||||||||||||
Balance | Investment | Allowance | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 25,814 | $ | 24,995 | $ | — | ||||||||||||||||||||||
Owner occupied term, net | 5,741 | 5,449 | — | |||||||||||||||||||||||||
Multifamily, net | 521 | 355 | — | |||||||||||||||||||||||||
Construction & development, net | 9,455 | 8,435 | — | |||||||||||||||||||||||||
Residential development, net | 6,684 | 6,684 | — | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 19,549 | 11,964 | — | |||||||||||||||||||||||||
LOC & other, net | 3,720 | 1,025 | — | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | |||||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | 28,706 | 28,706 | 764 | |||||||||||||||||||||||||
Owner occupied term, net | 7,731 | 7,731 | 491 | |||||||||||||||||||||||||
Multifamily, net | — | — | — | |||||||||||||||||||||||||
Construction & development, net | 1,091 | 1,091 | 5 | |||||||||||||||||||||||||
Residential development, net | 7,744 | 7,744 | 83 | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 300 | 300 | 11 | |||||||||||||||||||||||||
LOC & other, net | 1,252 | 1,252 | 4 | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | |||||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Commercial real estate, net | 93,487 | 91,190 | 1,343 | |||||||||||||||||||||||||
Commercial, net | 24,821 | 14,541 | 15 | |||||||||||||||||||||||||
Residential, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 118,308 | $ | 105,731 | $ | 1,358 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Unpaid | ||||||||||||||||||||||||||||
Principal | Recorded | Related | ||||||||||||||||||||||||||
Balance | Investment | Allowance | ||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 19,350 | $ | 18,285 | $ | — | ||||||||||||||||||||||
Owner occupied term, net | 6,674 | 6,204 | — | |||||||||||||||||||||||||
Multifamily, net | 1,416 | 935 | — | |||||||||||||||||||||||||
Construction & development, net | 9,518 | 8,498 | — | |||||||||||||||||||||||||
Residential development, net | 12,347 | 5,776 | — | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 22,750 | 8,723 | — | |||||||||||||||||||||||||
LOC & other, net | 5,886 | 1,222 | — | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | |||||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | 31,252 | 31,362 | 928 | |||||||||||||||||||||||||
Owner occupied term, net | 5,202 | 5,202 | 198 | |||||||||||||||||||||||||
Multifamily, net | — | — | — | |||||||||||||||||||||||||
Construction & development, net | 1,091 | 1,091 | 11 | |||||||||||||||||||||||||
Residential development, net | 10,166 | 11,927 | 648 | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | 300 | 8 | |||||||||||||||||||||||||
LOC & other, net | 1,258 | 1,258 | 4 | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | |||||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Commercial real estate, net | 97,016 | 89,280 | 1,785 | |||||||||||||||||||||||||
Commercial, net | 29,894 | 11,503 | 12 | |||||||||||||||||||||||||
Residential, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 126,910 | $ | 100,783 | $ | 1,797 | ||||||||||||||||||||||
Schedule Of Average Recorded Investment And Interest Income Recognized | ' | |||||||||||||||||||||||||||
The following table summarizes our average recorded investment and interest income recognized on impaired non-covered loans by loan class for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Three months ended | Three months ended | |||||||||||||||||||||||||||
March 31, 2014 | March 31, 2013 | |||||||||||||||||||||||||||
Average | Interest | Average | Interest | |||||||||||||||||||||||||
Recorded | Income | Recorded | Income | |||||||||||||||||||||||||
Investment | Recognized | Investment | Recognized | |||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 21,640 | $ | — | $ | 33,117 | $ | — | ||||||||||||||||||||
Owner occupied term, net | 5,826 | — | 5,676 | — | ||||||||||||||||||||||||
Multifamily, net | 645 | — | 886 | — | ||||||||||||||||||||||||
Construction & development, net | 8,467 | — | 14,649 | — | ||||||||||||||||||||||||
Residential development, net | 6,230 | — | 10,515 | — | ||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 10,343 | — | 11,795 | — | ||||||||||||||||||||||||
LOC & other, net | 1,123 | — | 5,478 | — | ||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | — | — | ||||||||||||||||||||||||
Home equity loans & lines, net | — | — | 175 | — | ||||||||||||||||||||||||
Consumer & other, net | — | — | 2 | — | ||||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | 30,034 | 349 | 31,811 | 338 | ||||||||||||||||||||||||
Owner occupied term, net | 6,467 | 77 | 5,918 | 48 | ||||||||||||||||||||||||
Multifamily, net | — | — | — | — | ||||||||||||||||||||||||
Construction & development, net | 1,091 | 118 | 1,746 | 149 | ||||||||||||||||||||||||
Residential development, net | 9,835 | 159 | 17,069 | 163 | ||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 300 | 4 | 1,959 | 42 | ||||||||||||||||||||||||
LOC & other, net | 1,255 | 13 | 1,033 | 11 | ||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | — | — | 145 | — | ||||||||||||||||||||||||
Home equity loans & lines, net | — | — | 64 | — | ||||||||||||||||||||||||
Consumer & other, net | — | — | — | — | ||||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Commercial real estate, net | 90,235 | 703 | 121,387 | 698 | ||||||||||||||||||||||||
Commercial, net | 13,021 | 17 | 20,265 | 53 | ||||||||||||||||||||||||
Residential, net | — | — | 384 | — | ||||||||||||||||||||||||
Consumer & other, net | — | — | 2 | — | ||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 103,256 | $ | 720 | $ | 142,038 | $ | 751 | ||||||||||||||||||||
Internal Risk Rating By Loan Class | ' | |||||||||||||||||||||||||||
The following table summarizes our internal risk rating by loan and lease class for the non-covered loan and lease portfolio as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Pass/Watch | Special Mention | Substandard | Doubtful | Loss | Impaired | Total | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 2,068,165 | $ | 95,323 | $ | 94,763 | $ | — | $ | — | $ | 53,701 | $ | 2,311,952 | ||||||||||||||
Owner occupied term, net | 1,206,791 | 28,483 | 34,028 | — | — | 13,180 | 1,282,482 | |||||||||||||||||||||
Multifamily, net | 385,668 | 4,280 | 10,624 | — | — | 355 | 400,927 | |||||||||||||||||||||
Construction & development, net | 212,460 | 3,957 | 3,319 | — | — | 9,526 | 229,262 | |||||||||||||||||||||
Residential development, net | 72,328 | 1,008 | 1,746 | — | — | 14,428 | 89,510 | |||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 692,529 | 12,513 | 17,698 | — | — | 12,264 | 735,004 | |||||||||||||||||||||
LOC & other, net | 963,039 | 26,891 | 13,593 | — | — | 2,277 | 1,005,800 | |||||||||||||||||||||
Leases and equipment finance, net | 382,086 | 1,800 | 1,584 | 2,480 | 468 | — | 388,418 | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 646,095 | 3,430 | 354 | — | 1,163 | — | 651,042 | |||||||||||||||||||||
Home equity loans & lines, net | 266,768 | 1,441 | 65 | — | 223 | — | 268,497 | |||||||||||||||||||||
Consumer & other, net | 48,028 | 111 | 15 | — | 60 | — | 48,214 | |||||||||||||||||||||
Total, net of deferred fees and costs | $ | 6,943,957 | $ | 179,237 | $ | 177,789 | $ | 2,480 | $ | 1,914 | $ | 105,731 | $ | 7,411,108 | ||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Pass/Watch | Special Mention | Substandard | Doubtful | Loss | Impaired | Total | ||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 2,073,366 | $ | 108,263 | $ | 96,984 | $ | — | $ | — | $ | 49,647 | $ | 2,328,260 | ||||||||||||||
Owner occupied term, net | 1,182,865 | 27,615 | 37,524 | 173 | — | 11,406 | 1,259,583 | |||||||||||||||||||||
Multifamily, net | 385,335 | 5,574 | 11,693 | — | — | 935 | 403,537 | |||||||||||||||||||||
Construction & development, net | 230,262 | 2,054 | 3,326 | — | — | 9,589 | 245,231 | |||||||||||||||||||||
Residential development, net | 67,019 | 1,836 | 1,855 | — | — | 17,703 | 88,413 | |||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | 718,778 | 23,393 | 19,651 | — | — | 9,023 | 770,845 | |||||||||||||||||||||
LOC & other, net | 951,109 | 24,197 | 9,574 | — | — | 2,480 | 987,360 | |||||||||||||||||||||
Leases and equipment finance, net | 351,971 | 4,585 | 1,706 | 2,996 | 333 | — | 361,591 | |||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 593,723 | 1,405 | 743 | — | 1,330 | — | 597,201 | |||||||||||||||||||||
Home equity loans & lines, net | 263,070 | 1,038 | 25 | — | 136 | — | 264,269 | |||||||||||||||||||||
Consumer & other, net | 47,895 | 144 | 33 | — | 41 | — | 48,113 | |||||||||||||||||||||
Total, net of deferred fees and costs | $ | 6,865,393 | $ | 200,104 | $ | 183,114 | $ | 3,169 | $ | 1,840 | $ | 100,783 | $ | 7,354,403 | ||||||||||||||
Schedule Of Troubled Debt Restructurings | ' | |||||||||||||||||||||||||||
There were no new non-covered restructured loans during the three months ended March 31, 2014. The following table presents newly non-covered restructured loans that occurred during the three months ended March 31, 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||||||
Rate | Term | Interest Only | Payment | Combination | Total | |||||||||||||||||||||||
Modifications | Modifications | Modifications | Modifications | Modifications | Modifications | |||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | — | $ | — | $ | 4,291 | $ | — | $ | — | $ | 4,291 | ||||||||||||||||
Owner occupied term, net | — | — | — | — | — | — | ||||||||||||||||||||||
Multifamily, net | — | — | — | — | — | — | ||||||||||||||||||||||
Construction & development, net | — | — | — | — | — | — | ||||||||||||||||||||||
Residential development, net | — | — | — | — | — | — | ||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | — | — | — | — | — | ||||||||||||||||||||||
LOC & other, net | — | — | — | — | 452 | 452 | ||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage | — | — | — | — | 289 | 289 | ||||||||||||||||||||||
Home equity loans & lines | — | — | — | — | — | — | ||||||||||||||||||||||
Consumer & other | — | — | — | — | — | — | ||||||||||||||||||||||
Total, net of deferred fees and costs | $ | — | $ | — | $ | 4,291 | $ | — | $ | 741 | $ | 5,032 | ||||||||||||||||
For the periods presented in the tables above, the outstanding recorded investment was the same pre and post modification. | ||||||||||||||||||||||||||||
There were no financing receivables modified as troubled debt restructurings within the previous 12 months for which there was a payment default during the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||||||
The following tables present troubled debt restructurings by accrual versus non-accrual status and by loan class as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||||||
Accrual | Non-Accrual | Total | ||||||||||||||||||||||||||
Status | Status | Modifications | ||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 34,684 | $ | — | $ | 34,684 | ||||||||||||||||||||||
Owner occupied term, net | 7,731 | — | 7,731 | |||||||||||||||||||||||||
Multifamily, net | — | — | — | |||||||||||||||||||||||||
Construction & development, net | 9,527 | — | 9,527 | |||||||||||||||||||||||||
Residential development, net | 14,232 | — | 14,232 | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | 2,740 | 2,740 | |||||||||||||||||||||||||
LOC & other, net | 1,252 | — | 1,252 | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 471 | — | 471 | |||||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 67,897 | $ | 2,740 | $ | 70,637 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||
Accrual | Non-Accrual | Total | ||||||||||||||||||||||||||
Status | Status | Modifications | ||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Non-owner occupied term, net | $ | 37,366 | $ | — | $ | 37,366 | ||||||||||||||||||||||
Owner occupied term, net | 5,202 | — | 5,202 | |||||||||||||||||||||||||
Multifamily, net | — | — | — | |||||||||||||||||||||||||
Construction & development, net | 9,590 | — | 9,590 | |||||||||||||||||||||||||
Residential development, net | 14,902 | 2,196 | 17,098 | |||||||||||||||||||||||||
Commercial | ||||||||||||||||||||||||||||
Term, net | — | 2,603 | 2,603 | |||||||||||||||||||||||||
LOC & other, net | 1,258 | — | 1,258 | |||||||||||||||||||||||||
Residential | ||||||||||||||||||||||||||||
Mortgage, net | 473 | — | 473 | |||||||||||||||||||||||||
Home equity loans & lines, net | — | — | — | |||||||||||||||||||||||||
Consumer & other, net | — | — | — | |||||||||||||||||||||||||
Total, net of deferred fees and costs | $ | 68,791 | $ | 4,799 | $ | 73,590 | ||||||||||||||||||||||
Covered_Assets_and_Indemnifica1
Covered Assets and Indemnification Asset (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Covered Assets and Indemnification Asset [Abstract] | ' | |||||||||||||||||||||||
Covered Loans | ' | |||||||||||||||||||||||
The following table presents the major types of covered loans as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Non-owner occupied term, net | $ | 30,251 | $ | 113,584 | $ | 55,983 | $ | 199,818 | ||||||||||||||||
Owner occupied term, net | 18,532 | 14,778 | 16,177 | 49,487 | ||||||||||||||||||||
Multifamily, net | 1,973 | 18,508 | 7,081 | 27,562 | ||||||||||||||||||||
Construction & development, net | 1,511 | — | 1,935 | 3,446 | ||||||||||||||||||||
Residential development, net | 1,856 | — | 5,357 | 7,213 | ||||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Term, net | 2,161 | 740 | 7,908 | 10,809 | ||||||||||||||||||||
LOC & other, net | 2,373 | 4,930 | 2,148 | 9,451 | ||||||||||||||||||||
Residential | ||||||||||||||||||||||||
Mortgage, net | 3,058 | 16,983 | 1,762 | 21,803 | ||||||||||||||||||||
Home equity loans & lines, net | 2,706 | 14,366 | 1,922 | 18,994 | ||||||||||||||||||||
Consumer & other, net | 938 | 3,062 | — | 4,000 | ||||||||||||||||||||
Total, net of deferred fees and costs | $ | 65,359 | $ | 186,951 | $ | 100,273 | $ | 352,583 | ||||||||||||||||
Allowance for covered loans | (10,320 | ) | ||||||||||||||||||||||
Total | $ | 342,263 | ||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Non-owner occupied term, net | $ | 29,019 | $ | 117,076 | $ | 60,807 | $ | 206,902 | ||||||||||||||||
Owner occupied term, net | 18,582 | 14,711 | 16,524 | 49,817 | ||||||||||||||||||||
Multifamily, net | 7,626 | 22,210 | 7,835 | 37,671 | ||||||||||||||||||||
Construction & development, net | 1,506 | — | 1,949 | 3,455 | ||||||||||||||||||||
Residential development, net | 1,861 | — | 5,425 | 7,286 | ||||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Term, net | 5,651 | 768 | 9,300 | 15,719 | ||||||||||||||||||||
LOC & other, net | 2,664 | 1,934 | 2,100 | 6,698 | ||||||||||||||||||||
Residential | ||||||||||||||||||||||||
Mortgage, net | 3,075 | 17,468 | 1,773 | 22,316 | ||||||||||||||||||||
Home equity loans & lines, net | 2,820 | 14,782 | 2,035 | 19,637 | ||||||||||||||||||||
Consumer & other, net | 954 | 3,308 | — | 4,262 | ||||||||||||||||||||
Total, net of deferred fees and costs | $ | 73,758 | $ | 192,257 | $ | 107,748 | $ | 373,763 | ||||||||||||||||
Allowance for covered loans | (9,771 | ) | ||||||||||||||||||||||
Total | $ | 363,992 | ||||||||||||||||||||||
Certain Loans Acquired In Transfer Not Accounted For As Debt Securities Accretable Yield Movement Schedule Roll Forward | ' | |||||||||||||||||||||||
The following table presents the changes in the accretable yield for the three months ended March 31, 2014 and 2013 for each respective acquired loan portfolio: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 20,063 | $ | 71,789 | $ | 34,632 | $ | 126,484 | ||||||||||||||||
Accretion to interest income | (3,637 | ) | (4,281 | ) | (4,464 | ) | (12,382 | ) | ||||||||||||||||
Disposals | (1,240 | ) | (987 | ) | (1,630 | ) | (3,857 | ) | ||||||||||||||||
Reclassifications from nonaccretable difference | 974 | 1,402 | 2,953 | 5,329 | ||||||||||||||||||||
Balance, end of period | $ | 16,160 | $ | 67,923 | $ | 31,491 | $ | 115,574 | ||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 34,567 | $ | 102,468 | $ | 46,353 | $ | 183,388 | ||||||||||||||||
Accretion to interest income | (4,139 | ) | (5,864 | ) | (4,194 | ) | (14,197 | ) | ||||||||||||||||
Disposals | (236 | ) | (1,363 | ) | (1,331 | ) | (2,930 | ) | ||||||||||||||||
Reclassifications from nonaccretable difference | 1,412 | 142 | 1,805 | 3,359 | ||||||||||||||||||||
Balance, end of period | $ | 31,604 | $ | 95,383 | $ | 42,633 | $ | 169,620 | ||||||||||||||||
Activity Related To Allowance For Covered Loan And Lease Losses By Covered Loan Portfolio | ' | |||||||||||||||||||||||
The following table summarizes activity related to the allowance for covered loan losses by covered loan portfolio segment for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||
Balance, beginning of period | $ | 6,105 | $ | 2,837 | $ | 660 | $ | 169 | $ | 9,771 | ||||||||||||||
Charge-offs | (346 | ) | (169 | ) | (118 | ) | (36 | ) | (669 | ) | ||||||||||||||
Recoveries | 391 | 121 | 115 | 20 | 647 | |||||||||||||||||||
Provision (recapture) | (79 | ) | 680 | (25 | ) | (5 | ) | 571 | ||||||||||||||||
Balance, end of period | $ | 6,071 | $ | 3,469 | $ | 632 | $ | 148 | $ | 10,320 | ||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||
Balance, beginning of period | $ | 12,129 | $ | 4,980 | $ | 804 | $ | 362 | $ | 18,275 | ||||||||||||||
Charge-offs | (261 | ) | (328 | ) | (50 | ) | (178 | ) | (817 | ) | ||||||||||||||
Recoveries | 295 | 164 | 37 | 35 | 531 | |||||||||||||||||||
Provision (recapture) | 211 | 51 | (106 | ) | 76 | 232 | ||||||||||||||||||
Balance, end of period | $ | 12,374 | $ | 4,867 | $ | 685 | $ | 295 | $ | 18,221 | ||||||||||||||
Allowance And Recorded Investment By Covered Loan Portfolio | ' | |||||||||||||||||||||||
The following table presents the allowance and recorded investment in covered loans by portfolio segment as of March 31, 2014 and 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||
Allowance for covered loans: | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | $ | 5,962 | $ | 3,216 | $ | 581 | $ | 98 | $ | 9,857 | ||||||||||||||
Collectively evaluated for impairment (2) | 109 | 253 | 51 | 50 | 463 | |||||||||||||||||||
Total | $ | 6,071 | $ | 3,469 | $ | 632 | $ | 148 | $ | 10,320 | ||||||||||||||
Covered loans: | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | $ | 286,507 | $ | 10,807 | $ | 35,775 | $ | 1,577 | $ | 334,666 | ||||||||||||||
Collectively evaluated for impairment (2) | 1,019 | 9,453 | 5,022 | 2,423 | 17,917 | |||||||||||||||||||
Total | $ | 287,526 | $ | 20,260 | $ | 40,797 | $ | 4,000 | $ | 352,583 | ||||||||||||||
March 31, 2013 | ||||||||||||||||||||||||
Commercial | Consumer | |||||||||||||||||||||||
Real Estate | Commercial | Residential | & Other | Total | ||||||||||||||||||||
Allowance for covered loans: | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | $ | 11,985 | $ | 4,529 | $ | 636 | $ | 249 | $ | 17,399 | ||||||||||||||
Collectively evaluated for impairment (2) | 389 | 338 | 49 | 46 | 822 | |||||||||||||||||||
Total | $ | 12,374 | $ | 4,867 | $ | 685 | $ | 295 | $ | 18,221 | ||||||||||||||
Covered loans: | ||||||||||||||||||||||||
Loans acquired with deteriorated credit quality (1) | $ | 363,158 | $ | 18,213 | $ | 42,652 | $ | 2,484 | $ | 426,507 | ||||||||||||||
Collectively evaluated for impairment (2) | 2,940 | 12,942 | 4,966 | 2,505 | 23,353 | |||||||||||||||||||
Total | $ | 366,098 | $ | 31,155 | $ | 47,618 | $ | 4,989 | $ | 449,860 | ||||||||||||||
(1) In accordance with ASC 310-30, the valuation allowance is netted against the carrying value of the covered loan balance. | ||||||||||||||||||||||||
(2) The allowance on covered loan losses includes an allowance on covered loan advances on acquired loans subsequent to acquisition. | ||||||||||||||||||||||||
Internal Risk Rating By Covered Loans Class | ' | |||||||||||||||||||||||
The following table summarizes our internal risk rating grouping by covered loans, net as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Special | ||||||||||||||||||||||||
Pass/Watch | Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Non-owner occupied term, net | $ | 131,647 | $ | 21,814 | $ | 43,606 | $ | — | $ | — | $ | 197,067 | ||||||||||||
Owner occupied term, net | 32,077 | 3,232 | 12,927 | 211 | — | 48,447 | ||||||||||||||||||
Multifamily, net | 16,092 | 1,174 | 9,813 | — | — | 27,079 | ||||||||||||||||||
Construction & development, net | 1,123 | — | 1,656 | — | — | 2,779 | ||||||||||||||||||
Residential development, net | 482 | 222 | 5,317 | 62 | — | 6,083 | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Term, net | 3,710 | 915 | 2,981 | 255 | — | 7,861 | ||||||||||||||||||
LOC & other, net | 7,321 | 209 | 1,399 | — | — | 8,929 | ||||||||||||||||||
Residential | ||||||||||||||||||||||||
Mortgage, net | 21,664 | — | — | — | — | 21,664 | ||||||||||||||||||
Home equity loans & lines, net | 18,405 | — | 97 | — | — | 18,502 | ||||||||||||||||||
Consumer & other, net | 3,852 | — | — | — | — | 3,852 | ||||||||||||||||||
Total, net of deferred fees and costs | $ | 236,373 | $ | 27,566 | $ | 77,796 | $ | 528 | $ | — | $ | 342,263 | ||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Special | ||||||||||||||||||||||||
Pass/Watch | Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||
Non-owner occupied term, net | $ | 133,452 | $ | 26,321 | $ | 44,279 | $ | — | $ | — | $ | 204,052 | ||||||||||||
Owner occupied term, net | 30,119 | 3,370 | 14,971 | 213 | — | 48,673 | ||||||||||||||||||
Multifamily, net | 24,213 | 2,563 | 10,409 | — | — | 37,185 | ||||||||||||||||||
Construction & development, net | 1,117 | — | 1,686 | — | — | 2,803 | ||||||||||||||||||
Residential development, net | 492 | 224 | 5,541 | 54 | — | 6,311 | ||||||||||||||||||
Commercial | ||||||||||||||||||||||||
Term, net | 3,753 | 3,141 | 6,128 | 258 | — | 13,280 | ||||||||||||||||||
LOC & other, net | 4,630 | 991 | 681 | — | — | 6,302 | ||||||||||||||||||
Residential | ||||||||||||||||||||||||
Mortgage, net | 22,175 | — | — | — | — | 22,175 | ||||||||||||||||||
Home equity loans & lines, net | 19,043 | — | 76 | — | — | 19,119 | ||||||||||||||||||
Consumer & other, net | 4,092 | — | — | — | — | 4,092 | ||||||||||||||||||
Total, net of deferred fees and costs | $ | 243,086 | $ | 36,610 | $ | 83,771 | $ | 525 | $ | — | $ | 363,992 | ||||||||||||
Summary Of Activity In Covered Other Real Estate Owned | ' | |||||||||||||||||||||||
The following table summarizes the activity related to the covered OREO for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Balance, beginning of period | $ | 2,102 | $ | 10,374 | ||||||||||||||||||||
Additions to covered OREO | — | 1,741 | ||||||||||||||||||||||
Dispositions of covered OREO | (356 | ) | (3,665 | ) | ||||||||||||||||||||
Valuation adjustments in the period | — | (554 | ) | |||||||||||||||||||||
Balance, end of period | $ | 1,746 | $ | 7,896 | ||||||||||||||||||||
Summary Of Activity Related To The FDIC Indemnification Assset | ' | |||||||||||||||||||||||
The following table summarizes the activity related to the FDIC indemnification asset for each respective acquired portfolio for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 5,209 | $ | 8,016 | $ | 9,949 | $ | 23,174 | ||||||||||||||||
Change in FDIC indemnification asset | (1,704 | ) | (1,410 | ) | (1,726 | ) | (4,840 | ) | ||||||||||||||||
Transfers to due from FDIC and other | 58 | (24 | ) | (6 | ) | 28 | ||||||||||||||||||
Balance, end of period | $ | 3,563 | $ | 6,582 | $ | 8,217 | $ | 18,362 | ||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||||||||||
Evergreen | Rainier | Nevada Security | Total | |||||||||||||||||||||
Balance, beginning of period | $ | 14,876 | $ | 15,110 | $ | 22,812 | $ | 52,798 | ||||||||||||||||
Change in FDIC indemnification asset | (1,238 | ) | (1,568 | ) | (2,267 | ) | (5,073 | ) | ||||||||||||||||
Transfers to due from FDIC and other | (473 | ) | (513 | ) | (693 | ) | (1,679 | ) | ||||||||||||||||
Balance, end of period | $ | 13,165 | $ | 13,029 | $ | 19,852 | $ | 46,046 | ||||||||||||||||
Mortgage_Servicing_Rights_Tabl
Mortgage Servicing Rights (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Transfers and Servicing [Abstract] | ' | |||||||
Schedule Of Changes In Mortgage Servicing Rights | ' | |||||||
The following table presents the changes in the Company’s mortgage servicing rights (“MSR”) for the three months ended March 31, 2014 and 2013: | ||||||||
(in thousands) | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Balance, beginning of period | $ | 47,765 | $ | 27,428 | ||||
Additions for new MSR capitalized | 2,408 | 6,403 | ||||||
Changes in fair value: | ||||||||
Due to changes in model inputs or assumptions(1) | (1,087 | ) | (1,525 | ) | ||||
Other(2) | 134 | (209 | ) | |||||
Balance, end of period | $ | 49,220 | $ | 32,097 | ||||
-1 | Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates. | |||||||
-2 | Represents changes due to collection/realization of expected cash flows over time. | |||||||
Schedule Of Other Information Servicing Loan Portfolio | ' | |||||||
Information related to our serviced loan portfolio as of March 31, 2014 and December 31, 2013 is as follows: | ||||||||
(dollars in thousands) | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Balance of loans serviced for others | $ | 4,496,662 | $ | 4,362,499 | ||||
MSR as a percentage of serviced loans | 1.09 | % | 1.09 | % | ||||
Key Assumptions Used In Measuring The Fair Value of MSR | ' | |||||||
Key assumptions used in measuring the fair value of MSR as of March 31, 2014 and December 31, 2013 are as follows: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Constant prepayment rate | 13.59 | % | 12.74 | % | ||||
Discount rate | 8.7 | % | 8.69 | % | ||||
Weighted average life (years) | 5.7 | 6 | ||||||
Sensitivity Analysis of Current Fair Value to Changes in Discount and Prepayment Speed Assumptions | ' | |||||||
A sensitivity analysis of the current fair value to changes in discount and prepayment speed assumptions as of March 31, 2014 and December 31, 2013 is as follows: | ||||||||
March 31, 2014 | December 31, 2013 | |||||||
Constant prepayment rate | ||||||||
Effect on fair value of a 10% adverse change | $ | (2,338 | ) | $ | (2,255 | ) | ||
Effect on fair value of a 20% adverse change | $ | (4,479 | ) | $ | (4,323 | ) | ||
Discount rate | ||||||||
Effect on fair value of a 100 basis point adverse change | $ | (1,817 | ) | $ | (1,832 | ) | ||
Effect on fair value of a 200 basis point adverse change | $ | (3,503 | ) | $ | (3,534 | ) |
OREO_Tables
OREO (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Real Estate [Abstract] | ' | |||||||
Schedule Of Changes In Other Real Estate Owned | ' | |||||||
The following table presents the changes in non-covered OREO for the three months ended March 31, 2014 and 2013: | ||||||||
(in thousands) | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Balance, beginning of period | $ | 21,833 | $ | 17,138 | ||||
Additions to OREO | 1,878 | 5,689 | ||||||
Dispositions of OREO | (1,578 | ) | (3,785 | ) | ||||
Valuation adjustments in the period | (99 | ) | (369 | ) | ||||
Balance, end of period | $ | 22,034 | $ | 18,673 | ||||
Junior_Subordinated_Debentures1
Junior Subordinated Debentures (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Debt Disclosure [Abstract] | ' | |||||||||||||||||
Junior Subordinated Debentures | ' | |||||||||||||||||
Following is information about the Company’s wholly-owned trusts (“Trusts”) as of March 31, 2014: | ||||||||||||||||||
(dollars in thousands) | ||||||||||||||||||
Issued | Carrying | Effective | ||||||||||||||||
Trust Name | Issue Date | Amount | Value (1) | Rate (2) | Rate (3) | Maturity Date | Redemption Date | |||||||||||
AT FAIR VALUE: | ||||||||||||||||||
Umpqua Statutory Trust II | Oct-02 | $ | 20,619 | $ | 14,865 | Floating (4) | 4.97% | Oct-32 | Oct-07 | |||||||||
Umpqua Statutory Trust III | Oct-02 | 30,928 | 22,499 | Floating (5) | 5.07% | Nov-32 | Nov-07 | |||||||||||
Umpqua Statutory Trust IV | Dec-03 | 10,310 | 7,019 | Floating (6) | 4.54% | Jan-34 | Jan-09 | |||||||||||
Umpqua Statutory Trust V | Dec-03 | 10,310 | 6,998 | Floating (6) | 4.54% | Mar-34 | Mar-09 | |||||||||||
Umpqua Master Trust I | Aug-07 | 41,238 | 22,887 | Floating (7) | 2.85% | Sep-37 | Sep-12 | |||||||||||
Umpqua Master Trust IB | Sep-07 | 20,619 | 13,532 | Floating (8) | 4.55% | Dec-37 | Dec-12 | |||||||||||
134,024 | 87,800 | |||||||||||||||||
AT AMORTIZED COST: | ||||||||||||||||||
HB Capital Trust I | Mar-00 | 5,310 | 6,203 | 10.88% | 8.41% | Mar-30 | Mar-10 | |||||||||||
Humboldt Bancorp Statutory Trust I | Feb-01 | 5,155 | 5,809 | 10.20% | 8.38% | Feb-31 | Feb-11 | |||||||||||
Humboldt Bancorp Statutory Trust II | Dec-01 | 10,310 | 11,257 | Floating (9) | 3.03% | Dec-31 | Dec-06 | |||||||||||
Humboldt Bancorp Statutory Trust III | Sep-03 | 27,836 | 30,313 | Floating (10) | 2.49% | Sep-33 | Sep-08 | |||||||||||
CIB Capital Trust | Nov-02 | 10,310 | 11,120 | Floating (5) | 3.02% | Nov-32 | Nov-07 | |||||||||||
Western Sierra Statutory Trust I | July 2001 | 6,186 | 6,186 | Floating (11) | 3.82% | July 2031 | July 2006 | |||||||||||
Western Sierra Statutory Trust II | December 2001 | 10,310 | 10,310 | Floating (9) | 3.83% | December 2031 | December 2006 | |||||||||||
Western Sierra Statutory Trust III | September 2003 | 10,310 | 10,310 | Floating (12) | 3.14% | September 2033 | September 2008 | |||||||||||
Western Sierra Statutory Trust IV | September 2003 | 10,310 | 10,310 | Floating (12) | 3.14% | September 2033 | September 2008 | |||||||||||
96,037 | 101,818 | |||||||||||||||||
Total | $ | 230,061 | $ | 189,618 | ||||||||||||||
-1 | Includes purchase accounting adjustments, net of accumulated amortization, for junior subordinated debentures assumed in connection with previous mergers as well as fair value adjustments related to trusts recorded at fair value. | |||||||||||||||||
-2 | Contractual interest rate of junior subordinated debentures. | |||||||||||||||||
-3 | Effective interest rate based upon the carrying value as of March 31, 2014. | |||||||||||||||||
-4 | Rate based on LIBOR plus 3.35%, adjusted quarterly. | |||||||||||||||||
-5 | Rate based on LIBOR plus 3.45%, adjusted quarterly. | |||||||||||||||||
-6 | Rate based on LIBOR plus 2.85%, adjusted quarterly. | |||||||||||||||||
-7 | Rate based on LIBOR plus 1.35%, adjusted quarterly. | |||||||||||||||||
-8 | Rate based on LIBOR plus 2.75%, adjusted quarterly. | |||||||||||||||||
-9 | Rate based on LIBOR plus 3.60%, adjusted quarterly. | |||||||||||||||||
-10 | Rate based on LIBOR plus 2.95%, adjusted quarterly. | |||||||||||||||||
-11 | Rate based on LIBOR plus 3.58%, adjusted quarterly. | |||||||||||||||||
-12 | Rate based on LIBOR plus 2.90%, adjusted quarterly. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||
Mar. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Schedule Of Commitments And Contingencies | ' | |||
The following table presents a summary of the Bank's commitments and contingent liabilities: | ||||
(in thousands) | ||||
As of March 31, 2014 | ||||
Commitments to extend credit | $ | 1,566,413 | ||
Commitments to extend overdrafts | $ | 179,360 | ||
Forward sales commitments | $ | 146,405 | ||
Commitments to originate loans held for sale | $ | 112,039 | ||
Standby letters of credit | $ | 52,736 | ||
Derivatives_Tables
Derivatives (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Summary Of Types Of Derivatives, Separately By Assets And Liabilities And Fair Value Of Derivatives | ' | ||||||||||||||||||||||||
The following tables summarize the types of derivatives, separately by assets and liabilities, their locations on the Condensed Consolidated Balance Sheets, and the fair values of such derivatives as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Asset Derivatives | Liability Derivatives | ||||||||||||||||||||||||
Derivatives not designated | Balance Sheet | March 31, | December 31, | March 31, | December 31, | ||||||||||||||||||||
as hedging instrument | Location | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||
Interest rate lock commitments | Other assets/Other liabilities | $ | 1,394 | $ | 706 | $ | — | $ | — | ||||||||||||||||
Interest rate forward sales commitments | Other assets/Other liabilities | 330 | 1,250 | 72 | 6 | ||||||||||||||||||||
Interest rate swaps | Other assets/Other liabilities | 15,988 | 15,965 | 15,612 | 14,556 | ||||||||||||||||||||
Total | $ | 17,712 | $ | 17,921 | $ | 15,684 | $ | 14,562 | |||||||||||||||||
Summary Of Types Of Derivatives And Gains (Losses) Recorded | ' | ||||||||||||||||||||||||
The following table summarizes the types of derivatives, their locations within the Condensed Consolidated Statements of Income, and the gains (losses) recorded during the three months ended March 31, 2014 and 2013: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Three months ended | |||||||||||||||||||||||||
Derivatives not designated | Income Statement | March 31, | |||||||||||||||||||||||
as hedging instrument | Location | 2014 | 2013 | ||||||||||||||||||||||
Interest rate lock commitments | Mortgage banking revenue | $ | 688 | $ | 2,467 | ||||||||||||||||||||
Interest rate forward sales commitments | Mortgage banking revenue | (2,648 | ) | 2,631 | |||||||||||||||||||||
Interest rate swaps | Other income | (1,214 | ) | 16 | |||||||||||||||||||||
Total | $ | (3,174 | ) | $ | 5,114 | ||||||||||||||||||||
Offsetting Derivatives Assets | ' | ||||||||||||||||||||||||
The following table summarizes the offsetting derivatives assets that have a right of offset as of March 31, 2014 and December 31, 2013: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Statement of Financial Position | |||||||||||||||||||||||||
Gross Amounts of Recognized Assets/Liabilities | Gross Amounts Offset in the Statement of Financial Position | Net Amounts of Assets/Liabilities presented in the Statement of Financial Position | Financial Instruments | Collateral Posted | Net Amount | ||||||||||||||||||||
March 31, 2014 | |||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||
Interest rate swaps | $ | 15,988 | $ | — | $ | 15,988 | $ | (4,930 | ) | $ | (6,550 | ) | $ | 4,508 | |||||||||||
Derivative Liabilities | |||||||||||||||||||||||||
Interest rate swaps | $ | 15,612 | $ | — | $ | 15,612 | $ | (4,930 | ) | $ | (10,682 | ) | $ | — | |||||||||||
December 31, 2013 | |||||||||||||||||||||||||
Derivative Assets | |||||||||||||||||||||||||
Interest rate swaps | $ | 15,965 | $ | — | $ | 15,965 | $ | (4,852 | ) | $ | (2,207 | ) | $ | 8,906 | |||||||||||
Derivative Liabilities | |||||||||||||||||||||||||
Interest rate swaps | $ | 14,556 | $ | — | $ | 14,556 | $ | (4,852 | ) | $ | (9,704 | ) | $ | — | |||||||||||
Shareholders_Equity_Stock_Comp1
Shareholdersb Equity, Stock Compensation, and Share Repurchase Plan (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Summary Of Stock Option Activity | ' | ||||||||||||
The following table summarizes information about stock option activity for the three months ended March 31, 2014: | |||||||||||||
(in thousands, except per share data) | |||||||||||||
Three months ended March 31, 2014 | |||||||||||||
Weighted-Avg | |||||||||||||
Options | Weighted-Avg | Remaining Contractual | Aggregate | ||||||||||
Outstanding | Exercise Price | Term (Years) | Intrinsic Value | ||||||||||
Balance, beginning of period | 981 | $ | 16.17 | ||||||||||
Exercised | (222 | ) | $ | 11.77 | |||||||||
Forfeited/expired | — | $ | — | ||||||||||
Balance, end of period | 759 | $ | 17.45 | 3.7 | $ | 2,818 | |||||||
Options exercisable, end of period | 662 | $ | 18.21 | 3.3 | $ | 2,200 | |||||||
Summary Of Nonvested Restricted Share Activity | ' | ||||||||||||
The following table summarizes information about nonvested restricted share activity for the three months ended March 31, 2014: | |||||||||||||
(in thousands, except per share data) | |||||||||||||
Three months ended March 31, 2014 | |||||||||||||
Restricted | Weighted | ||||||||||||
Shares | Average Grant | ||||||||||||
Outstanding | Date Fair Value | ||||||||||||
Balance, beginning of period | 992 | $ | 12.79 | ||||||||||
Granted | 317 | $ | 17.31 | ||||||||||
Released | (311 | ) | $ | 11.86 | |||||||||
Forfeited/expired | (7 | ) | $ | 14.28 | |||||||||
Balance, end of period | 991 | $ | 14.51 | ||||||||||
Earnings_Per_Common_Share_Tabl
Earnings Per Common Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ' | |||||||
Computation Of Basic And Diluted Earnings (Loss) Per Common Share | ' | |||||||
The following is a computation of basic and diluted earnings per common share for the three months ended March 31, 2014 and 2013: | ||||||||
(in thousands, except per share data) | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
NUMERATORS: | ||||||||
Net income | $ | 18,764 | $ | 23,361 | ||||
Less: | ||||||||
Dividends and undistributed earnings allocated to participating securities (1) | 113 | 183 | ||||||
Net earnings available to common shareholders | $ | 18,651 | $ | 23,178 | ||||
DENOMINATORS: | ||||||||
Weighted average number of common shares outstanding - basic | 112,170 | 111,937 | ||||||
Effect of potentially dilutive common shares (2) | 197 | 181 | ||||||
Weighted average number of common shares outstanding - diluted | 112,367 | 112,118 | ||||||
EARNINGS PER COMMON SHARE: | ||||||||
Basic | $ | 0.17 | $ | 0.21 | ||||
Diluted | $ | 0.17 | $ | 0.21 | ||||
-1 | Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. | |||||||
-2 | Represents the effect of the assumed exercise of stock options, vesting of non-participating restricted shares, and vesting of restricted stock units, based on the treasury stock method. | |||||||
Schedule Of Weighted Average Outstanding Securities Not Included In The Computation Of Diluted Earnings Per Common Share | ' | |||||||
The following table presents the weighted average outstanding securities that were not included in the computation of diluted earnings per common share because their effect would be anti-dilutive for the three months ended March 31, 2014 and 2013. | ||||||||
(in thousands) | ||||||||
Three months ended | ||||||||
March 31, | ||||||||
2014 | 2013 | |||||||
Stock options | 336 | 1,069 | ||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2014 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Summary Of Financial Information By Reportable Segment | ' | |||||||||||||||
Summarized financial information concerning the Company's reportable segments and the reconciliation to the consolidated financial results is shown in the following tables: | ||||||||||||||||
Segment Information | ||||||||||||||||
(in thousands) | ||||||||||||||||
Three months ended March 31, 2014 | ||||||||||||||||
Community | Wealth | Home | ||||||||||||||
Banking | Management | Lending | Consolidated | |||||||||||||
Interest income | $ | 106,603 | $ | 3,553 | $ | 5,724 | $ | 115,880 | ||||||||
Interest expense | 7,315 | 173 | 554 | 8,042 | ||||||||||||
Net interest income | 99,288 | 3,380 | 5,170 | 107,838 | ||||||||||||
Provision for non-covered loan and lease losses | 5,400 | — | — | 5,400 | ||||||||||||
Provision for covered loan losses | 571 | — | — | 571 | ||||||||||||
Non-interest income | 8,522 | 3,965 | 10,520 | 23,007 | ||||||||||||
Non-interest expense | 84,540 | 4,794 | 7,184 | 96,518 | ||||||||||||
Income before income taxes | 17,299 | 2,551 | 8,506 | 28,356 | ||||||||||||
Provision for income taxes | 5,170 | 1,020 | 3,402 | 9,592 | ||||||||||||
Net income | 12,129 | 1,531 | 5,104 | 18,764 | ||||||||||||
Dividends and undistributed earnings allocated | ||||||||||||||||
to participating securities | 113 | — | — | 113 | ||||||||||||
Net earnings available to common shareholders | $ | 12,016 | $ | 1,531 | $ | 5,104 | $ | 18,651 | ||||||||
(in thousands) | ||||||||||||||||
Three months ended March 31, 2013 | ||||||||||||||||
Community | Wealth | Home | ||||||||||||||
Banking | Management | Lending | Consolidated | |||||||||||||
Interest income | $ | 95,011 | $ | 3,724 | $ | 5,598 | $ | 104,333 | ||||||||
Interest expense | 9,281 | 190 | 673 | 10,144 | ||||||||||||
Net interest income | 85,730 | 3,534 | 4,925 | 94,189 | ||||||||||||
Provision for non-covered loan and lease losses | 6,988 | — | — | 6,988 | ||||||||||||
Provision for covered loan losses | 232 | — | — | 232 | ||||||||||||
Non-interest income | 6,496 | 3,790 | 23,729 | 34,015 | ||||||||||||
Non-interest expense | 71,458 | 4,002 | 10,302 | 85,762 | ||||||||||||
Income before income taxes | 13,548 | 3,322 | 18,352 | 35,222 | ||||||||||||
Provision for income taxes | 3,191 | 1,329 | 7,341 | 11,861 | ||||||||||||
Net income | 10,357 | 1,993 | 11,011 | 23,361 | ||||||||||||
Dividends and undistributed earnings allocated | ||||||||||||||||
to participating securities | 183 | — | — | 183 | ||||||||||||
Net earnings available to common shareholders | $ | 10,174 | $ | 1,993 | $ | 11,011 | $ | 23,178 | ||||||||
(in thousands) | ||||||||||||||||
March 31, 2014 | ||||||||||||||||
Community | Wealth | Home | ||||||||||||||
Banking | Management | Lending | Consolidated | |||||||||||||
Total assets | $ | 10,993,095 | $ | 139,008 | $ | 706,623 | $ | 11,838,726 | ||||||||
Total loans and leases (covered and non-covered) | $ | 7,049,228 | $ | 122,883 | $ | 581,260 | $ | 7,753,371 | ||||||||
Total deposits | $ | 8,883,658 | $ | 356,787 | $ | 33,138 | $ | 9,273,583 | ||||||||
(in thousands) | ||||||||||||||||
December 31, 2013 | ||||||||||||||||
Community | Wealth | Home | ||||||||||||||
Banking | Management | Lending | Consolidated | |||||||||||||
Total assets | $ | 10,822,990 | $ | 126,060 | $ | 687,062 | $ | 11,636,112 | ||||||||
Total loans and leases (covered and non-covered) | $ | 7,076,279 | $ | 110,087 | $ | 532,029 | $ | 7,718,395 | ||||||||
Total deposits | $ | 8,734,175 | $ | 356,784 | $ | 26,701 | $ | 9,117,660 | ||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | |||||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||
Schedule Of Carrying Value And Fair Value Of Financial Instruments Not Recorded At Fair Value | ' | |||||||||||||||||||||||
The following table presents estimated fair values of the Company’s financial instruments as of March 31, 2014 and December 31, 2013, whether or not recognized or recorded at fair value in the Condensed Consolidated Balance Sheets: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Carrying | Fair | Carrying | Fair | |||||||||||||||||||||
Value | Value | Value | Value | |||||||||||||||||||||
FINANCIAL ASSETS: | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,085,108 | $ | 1,085,108 | $ | 790,423 | $ | 790,423 | ||||||||||||||||
Trading securities | 4,498 | 4,498 | 5,958 | 5,958 | ||||||||||||||||||||
Securities available for sale | 1,701,730 | 1,701,730 | 1,790,978 | 1,790,978 | ||||||||||||||||||||
Securities held to maturity | 5,465 | 5,790 | 5,563 | 5,874 | ||||||||||||||||||||
Loans held for sale, at fair value | 73,106 | 73,106 | 104,664 | 104,664 | ||||||||||||||||||||
Non-covered loans and leases, net | 7,324,399 | 7,310,441 | 7,269,089 | 7,250,596 | ||||||||||||||||||||
Covered loans, net | 342,263 | 383,114 | 363,992 | 409,555 | ||||||||||||||||||||
Restricted equity securities | 29,948 | 29,948 | 30,685 | 30,685 | ||||||||||||||||||||
Mortgage servicing rights | 49,220 | 49,220 | 47,765 | 47,765 | ||||||||||||||||||||
Bank owned life insurance assets | 97,589 | 97,589 | 96,938 | 96,938 | ||||||||||||||||||||
FDIC indemnification asset | 18,362 | 4,363 | 23,174 | 6,001 | ||||||||||||||||||||
Derivatives | 17,712 | 17,712 | 17,921 | 17,921 | ||||||||||||||||||||
Visa Class B common stock | — | 40,422 | — | 41,700 | ||||||||||||||||||||
FINANCIAL LIABILITIES: | ||||||||||||||||||||||||
Deposits | $ | 9,273,583 | $ | 9,280,543 | $ | 9,117,660 | $ | 9,125,832 | ||||||||||||||||
Securities sold under agreements to repurchase | 262,483 | 262,483 | 224,882 | 224,882 | ||||||||||||||||||||
Term debt | 250,964 | 273,750 | 251,494 | 270,004 | ||||||||||||||||||||
Junior subordinated debentures, at fair value | 87,800 | 87,800 | 87,274 | 87,274 | ||||||||||||||||||||
Junior subordinated debentures, at amortized cost | 101,818 | 72,440 | 101,899 | 72,009 | ||||||||||||||||||||
Derivatives | 15,684 | 15,684 | 14,562 | 14,562 | ||||||||||||||||||||
Schedule of Fair Value Assets and Liabilities Not Measured at Fair Value by Level | ' | |||||||||||||||||||||||
The following table presents information about the level in the fair value hierarchy for the Company’s assets and liabilities that are not measured at fair value as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 1,085,108 | $ | 1,085,108 | $ | — | $ | — | ||||||||||||||||
Securities held to maturity | 4,498 | — | — | 4,498 | ||||||||||||||||||||
Non-covered loans and leases, net | 7,310,441 | — | — | 7,310,441 | ||||||||||||||||||||
Covered loans, net | 383,114 | — | — | 383,114 | ||||||||||||||||||||
Restricted equity securities | 29,948 | 29,948 | — | — | ||||||||||||||||||||
Bank owned life insurance assets | 97,589 | 97,589 | — | — | ||||||||||||||||||||
FDIC indemnification asset | 4,363 | — | — | 4,363 | ||||||||||||||||||||
Visa Class B common stock | 40,422 | — | — | 40,422 | ||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||
Non-maturity deposits | $ | 7,752,846 | $ | 7,752,846 | $ | — | $ | — | ||||||||||||||||
Deposits with stated maturities | 1,527,697 | — | 1,527,697 | — | ||||||||||||||||||||
Securities sold under agreements to repurchase | 262,483 | — | 262,483 | — | ||||||||||||||||||||
Term debt | 273,750 | — | 273,750 | — | ||||||||||||||||||||
Junior subordinated debentures, at amortized cost | 72,440 | — | — | 72,440 | ||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | 790,423 | $ | 790,423 | $ | — | $ | — | ||||||||||||||||
Securities held to maturity | 5,958 | — | — | 5,958 | ||||||||||||||||||||
Non-covered loans and leases, net | 7,250,596 | — | — | 7,250,596 | ||||||||||||||||||||
Covered loans, net | 409,555 | — | — | 409,555 | ||||||||||||||||||||
Restricted equity securities | 30,685 | 30,685 | — | — | ||||||||||||||||||||
Bank owned life insurance assets | 96,938 | 96,938 | — | — | ||||||||||||||||||||
FDIC indemnification asset | 6,001 | — | — | 6,001 | ||||||||||||||||||||
Visa Class B common stock | 41,700 | — | — | 41,700 | ||||||||||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Deposits | ||||||||||||||||||||||||
Non-maturity deposits | $ | 7,580,192 | $ | 7,580,192 | $ | — | $ | — | ||||||||||||||||
Deposits with stated maturities | 1,545,640 | — | 1,545,640 | — | ||||||||||||||||||||
Securities sold under agreements to repurchase | 224,882 | — | 224,882 | — | ||||||||||||||||||||
Term debt | 270,004 | — | 270,004 | — | ||||||||||||||||||||
Junior subordinated debentures, at amortized cost | 72,009 | — | — | 72,009 | ||||||||||||||||||||
Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis | ' | |||||||||||||||||||||||
The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Trading securities | ||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 401 | $ | — | $ | 401 | $ | — | ||||||||||||||||
Equity securities | 4,002 | 4,002 | — | — | ||||||||||||||||||||
Other investments securities(1) | 95 | — | 95 | — | ||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||
U.S. Treasury and agencies | 261 | — | 261 | — | ||||||||||||||||||||
Obligations of states and political subdivisions | 229,679 | — | 229,679 | — | ||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 1,469,816 | — | 1,469,816 | — | ||||||||||||||||||||
Other debt securities | — | — | — | — | ||||||||||||||||||||
Investments in mutual funds and other equity securities | 1,974 | — | 1,974 | — | ||||||||||||||||||||
Loans held for sale, at fair value | 73,106 | 73,106 | ||||||||||||||||||||||
Mortgage servicing rights, at fair value | 49,220 | — | — | 49,220 | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Interest rate lock commitments | 1,394 | — | — | 1,394 | ||||||||||||||||||||
Interest rate forward sales commitments | 330 | — | 330 | — | ||||||||||||||||||||
Interest rate swaps | 15,988 | — | 15,988 | — | ||||||||||||||||||||
Total assets measured at fair value | $ | 1,846,266 | $ | 4,002 | $ | 1,791,650 | $ | 50,614 | ||||||||||||||||
Junior subordinated debentures, at fair value | $ | 87,800 | $ | — | $ | — | $ | 87,800 | ||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Interest rate lock commitments | — | — | — | — | ||||||||||||||||||||
Interest rate forward sales commitments | 72 | — | 72 | — | ||||||||||||||||||||
Interest rate swaps | 15,612 | — | 15,612 | — | ||||||||||||||||||||
Total liabilities measured at fair value | $ | 103,484 | $ | — | $ | 15,684 | $ | 87,800 | ||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
31-Dec-13 | ||||||||||||||||||||||||
Description | Total | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Trading securities | ||||||||||||||||||||||||
Obligations of states and political subdivisions | $ | 2,366 | $ | — | $ | 2,366 | $ | — | ||||||||||||||||
Equity securities | 3,498 | 3,498 | — | — | ||||||||||||||||||||
Other investments securities(1) | 94 | — | 94 | — | ||||||||||||||||||||
Available for sale securities | ||||||||||||||||||||||||
U.S. Treasury and agencies | 268 | — | 268 | — | ||||||||||||||||||||
Obligations of states and political subdivisions | 235,205 | — | 235,205 | — | ||||||||||||||||||||
Residential mortgage-backed securities and | ||||||||||||||||||||||||
collateralized mortgage obligations | 1,553,541 | — | 1,553,541 | — | ||||||||||||||||||||
Other debt securities | — | — | — | — | ||||||||||||||||||||
Investments in mutual funds and other equity securities | 1,964 | — | 1,964 | — | ||||||||||||||||||||
Loans held for sale, at fair value | 104,664 | 104,664 | ||||||||||||||||||||||
Mortgage servicing rights, at fair value | 47,765 | — | — | 47,765 | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Interest rate lock commitments | 706 | — | — | 706 | ||||||||||||||||||||
Interest rate forward sales commitments | 1,250 | — | 1,250 | — | ||||||||||||||||||||
Interest rate swaps | 15,965 | — | 15,965 | — | ||||||||||||||||||||
Total assets measured at fair value | $ | 1,967,286 | $ | 3,498 | $ | 1,915,317 | $ | 48,471 | ||||||||||||||||
Junior subordinated debentures, at fair value | $ | 87,274 | $ | — | $ | — | $ | 87,274 | ||||||||||||||||
Derivatives | ||||||||||||||||||||||||
Interest rate lock commitments | — | — | — | — | ||||||||||||||||||||
Interest rate forward sales commitments | 6 | — | 6 | — | ||||||||||||||||||||
Interest rate swaps | 14,556 | — | 14,556 | — | ||||||||||||||||||||
Total liabilities measured at fair value | $ | 101,836 | $ | — | $ | 14,562 | $ | 87,274 | ||||||||||||||||
-1 | Principally represents U.S. Treasury and agencies or residential mortgage-backed securities issued or guaranteed by governmental agencies. | |||||||||||||||||||||||
Schedule of a Description of the Valuation Technique, Unobservable Input, and Qualitative Information for the Company's Assets and Liabilities Classfied as Level 3 | ' | |||||||||||||||||||||||
The following table provides a description of the valuation technique, unobservable input, and qualitative information about the unobservable inputs for the Company’s assets and liabilities classified as Level 3 and measured at fair value on a recurring basis at March 31, 2014: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Financial Instrument | Valuation Technique | Unobservable Input | Weighted Average (Range) | |||||||||||||||||||||
Mortgage servicing rights | Discounted cash flow | |||||||||||||||||||||||
Constant Prepayment Rate | 13.59% | |||||||||||||||||||||||
Discount Rate | 8.70% | |||||||||||||||||||||||
Interest rate lock commitment | Internal Pricing Model | |||||||||||||||||||||||
Pull-through rate | 76.40% | |||||||||||||||||||||||
Junior subordinated debentures | Discounted cash flow | |||||||||||||||||||||||
Credit Spread | 6.53% | |||||||||||||||||||||||
Schedule Of Reconciliation Of Assets And Liabilities Measured At Fair Value Using Significant Unobservable Inputs (Level 3) On A Recurring Basis | ' | |||||||||||||||||||||||
The following table provides a reconciliation of assets and liabilities measured at fair value using significant unobservable inputs (Level 3) on a recurring basis during the three months ended March 31, 2014 and 2013. | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Three months ended March 31, | Beginning | Change | Purchases and issuances | Sales and settlements | Ending | Net change in | ||||||||||||||||||
Balance | included in | Balance | unrealized gains | |||||||||||||||||||||
earnings | or (losses) relating | |||||||||||||||||||||||
to items held at | ||||||||||||||||||||||||
end of period | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Mortgage servicing rights | $ | 47,765 | $ | (953 | ) | $ | 2,408 | $ | — | $ | 49,220 | $ | (394 | ) | ||||||||||
Interest rate lock commitment | 706 | (706 | ) | 4,634 | (3,240 | ) | 1,394 | 1,394 | ||||||||||||||||
Junior subordinated debentures | 87,274 | 1,490 | — | (964 | ) | 87,800 | 1,490 | |||||||||||||||||
2013 | ||||||||||||||||||||||||
Mortgage servicing rights | $ | 27,428 | $ | (1,734 | ) | $ | 6,403 | $ | — | $ | 32,097 | $ | (512 | ) | ||||||||||
Interest rate lock commitment | 1,478 | (1,478 | ) | 17,425 | (13,479 | ) | 3,946 | 2,467 | ||||||||||||||||
Junior subordinated debentures | 85,081 | 1,511 | — | (976 | ) | 85,616 | 1,511 | |||||||||||||||||
Fair Value Assets And Liabilities Measured On Nonrecurring Basis | ' | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2014 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Non-covered loans and leases | $ | 12,470 | $ | — | $ | — | $ | 12,470 | ||||||||||||||||
Non-covered other real estate owned | 563 | — | — | 563 | ||||||||||||||||||||
Covered other real estate owned | — | — | — | — | ||||||||||||||||||||
$ | 13,033 | $ | — | $ | — | $ | 13,033 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||
Non-covered loans and leases | $ | 20,421 | $ | — | $ | — | $ | 20,421 | ||||||||||||||||
Non-covered other real estate owned | 1,986 | — | — | 1,986 | ||||||||||||||||||||
Covered other real estate owned | 2,770 | — | — | 2,770 | ||||||||||||||||||||
$ | 25,177 | $ | — | $ | — | $ | 25,177 | |||||||||||||||||
Losses Resulting From Nonrecurring Fair Value Adjustments | ' | |||||||||||||||||||||||
The following table presents the losses resulting from nonrecurring fair value adjustments for the three months ended March 31, 2014 and 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Three months ended | ||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Non-covered loans and leases | $ | 2,585 | $ | 8,279 | ||||||||||||||||||||
Non-covered other real estate owned | 99 | 369 | ||||||||||||||||||||||
Covered other real estate owned | — | 554 | ||||||||||||||||||||||
Total loss from nonrecurring measurements | $ | 2,684 | $ | 9,202 | ||||||||||||||||||||
Fair Value Option | ' | |||||||||||||||||||||||
The following table presents the difference between the aggregate fair value and the aggregate unpaid principal balance of loans held for sale accounted for under the fair value option as of March 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
March 31, 2014 | December 31, 2013 | |||||||||||||||||||||||
Fair Value | Fair Value | |||||||||||||||||||||||
Aggregate | Less Aggregate | Aggregate | Less Aggregate | |||||||||||||||||||||
Unpaid | Unpaid | Unpaid | Unpaid | |||||||||||||||||||||
Fair | Principal | Principal | Fair | Principal | Principal | |||||||||||||||||||
Value | Balance | Balance | Value | Balance | Balance | |||||||||||||||||||
Loans held for sale | $ | 73,106 | $ | 69,913 | $ | 3,193 | $ | 104,664 | $ | 101,795 | $ | 2,869 | ||||||||||||
Business_Combinations_Narrativ
Business Combinations (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | ||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 18, 2014 | Oct. 02, 2013 | Jul. 02, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Oct. 02, 2013 | Oct. 02, 2013 | Apr. 18, 2014 | Apr. 18, 2014 | Apr. 18, 2014 | Apr. 18, 2014 | Apr. 18, 2014 | ||
Sterling Financial Corporation [Member] | Sterling Financial Corporation [Member] | Financial Pacific Holding Corp [Member] | Financial Pacific Holding Corp [Member] | Financial Pacific Holding Corp [Member] | Financial Pacific Holding Corp [Member] | Financial Pacific Holding Corp [Member] | Financial Pacific Holding Corp [Member] | Common Stock [Member] | Warrant [Member] | Restricted Stock Units and Stock Options [Member] | Equity Option [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Subsequent Event [Member] | Minimum [Member] | Maximum [Member] | Sterling Financial Corporation [Member] | Sterling Financial Corporation [Member] | Sterling Financial Corporation [Member] | Sterling Financial Corporation [Member] | Sterling Financial Corporation [Member] | ||||||||||
branches | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Assets | ' | ' | ' | $10,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Loans | ' | ' | ' | 7,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Deposits | ' | ' | ' | 7,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity issuable, share conversion ratio | ' | ' | ' | ' | 1.671 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.7896 | 1.7896 | |
Cash conversion, per share | ' | ' | ' | ' | $2.18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Aggregate consideration to acquire entity | ' | ' | ' | ' | 2,100,000,000 | 158,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Cash consideration to acquire entity | ' | ' | ' | ' | 136,200,000 | ' | 156,110,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Equity consideration to acquire entity | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | ' | ' | 1,900,000,000 | 52,800,000 | 8,800,000 | ' | ' | |
Number of branches expected to be divested to Banner Bank | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Securities sold under agreements to repurchase expected to be repaid | ' | ' | ' | ' | 500,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Vesting period of equity consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | '3 years | ' | ' | ' | ' | ' | |
Tax deductible goodwill | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | |
Merger related expenses | 5,983,000 | 1,531,000 | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | |
Goodwill | ' | ' | ' | ' | ' | ' | 96,777,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Revenues | ' | ' | ' | ' | ' | ' | ' | 15,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | |
Non-interest expense | 96,518,000 | 85,762,000 | ' | ' | ' | ' | ' | 3,900,000 | 3,832,000 | [1] | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $18,764,000 | $23,361,000 | $98,361,000 | ' | ' | ' | ' | $4,200,000 | $4,212,000 | [1] | ' | ' | ' | ' | ' | ' | ' |
[1] | FinPac amounts represent results from January 1, 2013 to MarchB 31, 2013. |
Business_Combinations_Schedule
Business Combinations (Schedule of Net Assets (Liabilities) Received and Estimated Fair Value Adjustments) (Details) (Financial Pacific Holding Corp [Member], USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Jul. 02, 2013 |
Financial Pacific Holding Corp [Member] | ' |
Business Acquisition [Line Items] | ' |
Cost basis net assets | $61,446 |
Cash payment paid | -156,110 |
Fair value adjustments: | ' |
Non-covered loans and leases, net | 6,881 |
Other intangible assets | -8,516 |
Other assets | -1,650 |
Term debt | -400 |
Other liabilities | 1,572 |
Goodwill | ($96,777) |
Business_Combinations_Statemen
Business Combinations (Statement of Assets Acquired and Liabilities Assumed at Estimated Fair Values) (Details) (Financial Pacific Holding Corp [Member], USD $) | Jul. 02, 2013 |
In Thousands, unless otherwise specified | |
Financial Pacific Holding Corp [Member] | ' |
Assets Acquired: | ' |
Cash and equivalents | $6,452 |
Non-covered loans and leases, net | 264,336 |
Premises and equipment | 491 |
Goodwill | 96,777 |
Other assets | 8,015 |
Total assets acquired | 376,071 |
Liabilities Assumed: | ' |
Term debt | 211,204 |
Other liabilities | 8,757 |
Total liabilities assumed | 219,961 |
Net assets acquired | $156,110 |
Business_Combinations_Schedule1
Business Combinations (Schedule of Loans Acquired) (Details) (Financial Pacific Holding Corp [Member], USD $) | Jul. 02, 2013 |
In Thousands, unless otherwise specified | |
Financial Pacific Holding Corp [Member] | ' |
Business Acquisition [Line Items] | ' |
Contractually required principal payments | $350,403 |
Purchase adjustment for credit | -20,520 |
Balance of performing non-covered loans | $264,336 |
Business_Combinations_Pro_Form
Business Combinations (Pro Forma Results of Operations) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ||
Net interest income | $107,838 | $94,189 | ' | ||
Provision for non-covered loan and lease losses | 5,400 | 6,988 | ' | ||
PROVISION FOR COVERED LOAN LOSSES | 571 | 232 | ' | ||
Non-interest income | 23,007 | 34,015 | ' | ||
Non-interest expense | 96,518 | 85,762 | ' | ||
Income before income taxes | 28,356 | 35,222 | ' | ||
Provision for income taxes | 9,592 | 11,861 | ' | ||
Net income | 18,764 | 23,361 | 98,361 | ||
Dividends and undistributed earnings allocated to participating securities | 113 | [1] | 183 | [1] | ' |
Net earnings available to common shareholders | 18,651 | 23,178 | ' | ||
Earnings per share: | ' | ' | ' | ||
Basic (in usd per share) | $0.17 | $0.21 | ' | ||
Diluted (in usd per share) | $0.17 | $0.21 | ' | ||
Average shares outstanding: | ' | ' | ' | ||
Basic (in shares) | 112,170 | 111,937 | ' | ||
Diluted (in shares) | 112,367 | 112,118 | ' | ||
Pro Forma [Member] | ' | ' | ' | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ||
Net interest income | ' | 105,512 | ' | ||
Provision for non-covered loan and lease losses | ' | 9,565 | ' | ||
PROVISION FOR COVERED LOAN LOSSES | ' | 232 | ' | ||
Non-interest income | ' | 34,805 | ' | ||
Non-interest expense | ' | 89,391 | ' | ||
Income before income taxes | ' | 41,129 | ' | ||
Provision for income taxes | ' | 14,220 | ' | ||
Net income | ' | 26,909 | ' | ||
Dividends and undistributed earnings allocated to participating securities | ' | 211 | ' | ||
Net earnings available to common shareholders | ' | 26,698 | ' | ||
Earnings per share: | ' | ' | ' | ||
Basic (in usd per share) | ' | $0.24 | ' | ||
Diluted (in usd per share) | ' | $0.24 | ' | ||
Average shares outstanding: | ' | ' | ' | ||
Basic (in shares) | ' | 111,937 | ' | ||
Diluted (in shares) | ' | 112,118 | ' | ||
Acquisition-related Costs [Member] | ' | ' | ' | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ||
Net interest income | ' | -1,224 | [2] | ' | |
Provision for non-covered loan and lease losses | ' | 0 | [3] | ' | |
Non-interest income | ' | 0 | ' | ||
Non-interest expense | ' | -203 | [4] | ' | |
Income before income taxes | ' | -1,021 | ' | ||
Provision for income taxes | ' | -357 | [5] | ' | |
Net income | ' | -664 | ' | ||
Dividends and undistributed earnings allocated to participating securities | ' | 28 | ' | ||
Net earnings available to common shareholders | ' | -692 | ' | ||
Average shares outstanding: | ' | ' | ' | ||
Income tax effect of pro forma adjustments | ' | 35.00% | ' | ||
UmpquaFinPacAcquisition [Member] | ' | ' | ' | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ||
Net interest income | ' | 94,189 | ' | ||
Provision for non-covered loan and lease losses | ' | 6,988 | ' | ||
PROVISION FOR COVERED LOAN LOSSES | ' | 232 | ' | ||
Non-interest income | ' | 34,015 | ' | ||
Non-interest expense | ' | 85,762 | ' | ||
Income before income taxes | ' | 35,222 | ' | ||
Provision for income taxes | ' | 11,861 | ' | ||
Net income | ' | 23,361 | ' | ||
Dividends and undistributed earnings allocated to participating securities | ' | 183 | ' | ||
Net earnings available to common shareholders | ' | 23,178 | ' | ||
Earnings per share: | ' | ' | ' | ||
Basic (in usd per share) | ' | $0.21 | ' | ||
Diluted (in usd per share) | ' | $0.21 | ' | ||
Average shares outstanding: | ' | ' | ' | ||
Basic (in shares) | ' | 111,937 | ' | ||
Diluted (in shares) | ' | 112,118 | ' | ||
Financial Pacific Holding Corp [Member] | ' | ' | ' | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ' | ' | ' | ||
Net interest income | ' | 12,547 | [6] | ' | |
Provision for non-covered loan and lease losses | ' | 2,577 | [6] | ' | |
PROVISION FOR COVERED LOAN LOSSES | ' | 0 | [6] | ' | |
Non-interest income | ' | 790 | [6] | ' | |
Non-interest expense | 3,900 | 3,832 | [6] | ' | |
Income before income taxes | ' | 6,928 | [6] | ' | |
Provision for income taxes | ' | 2,716 | [6] | ' | |
Net income | 4,200 | 4,212 | [6] | ' | |
Dividends and undistributed earnings allocated to participating securities | ' | 0 | [6] | ' | |
Net earnings available to common shareholders | ' | $4,212 | [6] | ' | |
[1] | Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. | ||||
[2] | Adjustment of interest income from loans and leases due to the estimated loss of income from the write-off of FinPac's loan mark (related to a prior acquisition) and the amortization of the new interest rate mark and the accretion of the acquisition accounting adjustment relating to the credit mark. The amortization period will be the contractual lives of the loans and leases, which is approximately four years, and will be amortized into income using the effective yield method. | ||||
[3] | As acquired loans and leases are recorded at fair value, Umpqua would expect a reduction in the historical provision for loan and leases losses from FinPac; however, no adjustment to the historical amount of FinPac provision for loan and lease losses is reflected. | ||||
[4] | Adjustment to reflect additional compensation expense related to restricted stock granted to FinPac management and the removal of FinPac director compensation and travel fees, and FinPac management fees of the Financial Pacific Holdings, LLC entity which was not acquired. | ||||
[5] | Income tax effect of pro forma adjustments at 35%. | ||||
[6] | FinPac amounts represent results from January 1, 2013 to MarchB 31, 2013. |
Investment_Securities_Narrativ
Investment Securities (Narrative) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | ' | ' |
Gross realized gains on sale of securities available for sale | $0 | $7,000 |
Investment_Securities_Amortize
Investment Securities (Amortized Cost, Unrealized Gains And Losses, And Fair Value Of Investment Securities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | $1,701,949 | $1,799,178 |
Available-for-sale Securities, Unrealized Gains | 22,893 | 23,195 |
Available-for-sale Securities, Unrealized Losses | -23,112 | -31,395 |
Available for sale, at fair value | 1,701,730 | 1,790,978 |
Held to maturity, at amortized cost | 5,465 | 5,563 |
Held-to-maturity Securities, Unrealized Gains | 333 | 330 |
Held-to-maturity Securities, Unrealized Losses | -8 | -19 |
Held-to-maturity Securities, Fair Value | 5,790 | 5,874 |
U.S. Treasury And Agencies [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 242 | 249 |
Available-for-sale Securities, Unrealized Gains | 20 | 20 |
Available-for-sale Securities, Unrealized Losses | -1 | -1 |
Available for sale, at fair value | 261 | 268 |
Obligations Of States And Political Subdivisions [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 222,195 | 229,969 |
Available-for-sale Securities, Unrealized Gains | 8,781 | 7,811 |
Available-for-sale Securities, Unrealized Losses | -1,297 | -2,575 |
Available for sale, at fair value | 229,679 | 235,205 |
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 1,477,553 | 1,567,001 |
Available-for-sale Securities, Unrealized Gains | 14,077 | 15,359 |
Available-for-sale Securities, Unrealized Losses | -21,814 | -28,819 |
Available for sale, at fair value | 1,469,816 | 1,553,541 |
Held to maturity, at amortized cost | 5,465 | 5,563 |
Held-to-maturity Securities, Unrealized Gains | 333 | 330 |
Held-to-maturity Securities, Unrealized Losses | -8 | -19 |
Held-to-maturity Securities, Fair Value | 5,790 | 5,874 |
Other Debt Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available for sale, at fair value | 0 | 0 |
Investments In Mutual Funds And Other Equity Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 1,959 | 1,959 |
Available-for-sale Securities, Unrealized Gains | 15 | 5 |
Available-for-sale Securities, Unrealized Losses | 0 | 0 |
Available for sale, at fair value | $1,974 | $1,964 |
Investment_Securities_Schedule
Investment Securities (Schedule Of Fair Value And Unrealized Losses Of Securities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Less than 12 Months, Fair Value | $451,611 | $524,324 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 10,718 | 18,526 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 286,138 | 249,727 |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 12,394 | 12,869 |
Available-for-sale Securities, Fair Value | 737,749 | 774,051 |
Available-for-sale Securities, Unrealized Losses | 23,112 | 31,395 |
Held-to-maturity Securities, Less than 12 Months, Fair Value | 169 | 156 |
Held-to-maturity Securities, Less than 12 Months, Unrealized Losses | 8 | 19 |
Held-to-maturity Securities, 12 Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Fair Value | 169 | 156 |
Held-to-maturity Securities, Unrealized Losses | 8 | 19 |
U.S. Treasury And Agencies [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 0 | 0 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 25 | 32 |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 1 | 1 |
Available-for-sale Securities, Fair Value | 25 | 32 |
Available-for-sale Securities, Unrealized Losses | 1 | 1 |
Obligations Of States And Political Subdivisions [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Less than 12 Months, Fair Value | 38,975 | 48,342 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 1,165 | 2,575 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 1,767 | 0 |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 132 | 0 |
Available-for-sale Securities, Fair Value | 40,742 | 48,342 |
Available-for-sale Securities, Unrealized Losses | 1,297 | 2,575 |
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Less than 12 Months, Fair Value | 412,636 | 475,982 |
Available-for-sale Securities, Less than 12 Months, Unrealized Losses | 9,553 | 15,951 |
Available-for-sale Securities, 12 Months or Longer, Fair Value | 284,346 | 249,695 |
Available-for-sale Securities, 12 Months or Longer, Unrealized Losses | 12,261 | 12,868 |
Available-for-sale Securities, Fair Value | 696,982 | 725,677 |
Available-for-sale Securities, Unrealized Losses | 21,814 | 28,819 |
Held-to-maturity Securities, Less than 12 Months, Fair Value | 169 | 156 |
Held-to-maturity Securities, Less than 12 Months, Unrealized Losses | 8 | 19 |
Held-to-maturity Securities, 12 Months or Longer, Fair Value | 0 | 0 |
Held-to-maturity Securities, 12 Months or Longer, Unrealized Losses | 0 | 0 |
Held-to-maturity Securities, Fair Value | 169 | 156 |
Held-to-maturity Securities, Unrealized Losses | $8 | $19 |
Investment_Securities_Schedule1
Investment Securities (Schedule Of Maturities Of Investment Securities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Three months or less, Amortized Cost | $9,295 | ' |
Available-for-sale Securities, Over three months through twelve months, Amortized Cost | 61,111 | ' |
Available-for-sale Securities, After one year through five years, Amortized Cost | 960,569 | ' |
Available-for-sale Securities, After five years through ten years, Amortized Cost | 614,744 | ' |
Available-for-sale Securities, After ten years, Amortized Cost | 54,271 | ' |
Available-for-sale Securities, Amortized Cost | 1,701,949 | ' |
Available-for-sale Securities, Three months or less, Fair Value | 9,337 | ' |
Available-for-sale Securities, Over three months through twelve months, Fair Value | 62,068 | ' |
Available-for-sale Securities, After one year through five years, Fair Value | 975,746 | ' |
Available-for-sale Securities, After five years through ten years, Fair Value | 597,870 | ' |
Available-for-sale Securities, After ten years, Fair Value | 54,735 | ' |
Available-for-sale Securities, Fair Value | 1,701,730 | ' |
Held-to-maturity Securities, Three months or less, Amortized Cost | 0 | ' |
Held-to-maturity Securities, Over three months through twelve months, Amortized Cost | 291 | ' |
Held-to-maturity Securities, After one year through five years, Amortized Cost | 279 | ' |
Held-to-maturity Securities, After five years through ten years, Amortized Cost | 427 | ' |
Held-to-maturity Securities, After ten years, Amortized Cost | 4,468 | ' |
Securities held to maturity | 5,465 | 5,563 |
Held-to-maturity Securities, Three months or less, Fair Value | 0 | ' |
Held-to-maturity Securities, Over three months through twelve months, Fair Value | 309 | ' |
Held-to-maturity Securities, After one year through five years, Fair Value | 487 | ' |
Held-to-maturity Securities, After five years through ten years, Fair Value | 485 | ' |
Held-to-maturity Securities, After ten years, Fair Value | 4,509 | ' |
Held-to-maturity Securities, Fair Value | 5,790 | 5,874 |
Other Investments Securities [Member] | ' | ' |
Investment Holdings [Line Items] | ' | ' |
Available-for-sale Securities, Amortized Cost | 1,959 | ' |
Available-for-sale Securities, Fair Value | 1,974 | ' |
Securities held to maturity | 0 | ' |
Held-to-maturity Securities, Fair Value | $0 | ' |
Investment_Securities_Investme
Investment Securities (Investment Securities Pledged To Secure Borrowings And Public Deposits) (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Investments, Debt and Equity Securities [Abstract] | ' |
To Federal Home Loan Bank to secure borrowings, Amortized Cost | $8,783 |
To Federal Home Loan Bank to secure borrowings, Fair Value | 9,089 |
To state and local governments to secure public deposits, Amortized Cost | 933,911 |
To state and local governments to secure public deposits, Fair Value | 928,206 |
Other securities pledged principally to secure repurchase agreements, Amortized Cost | 347,901 |
Other securities pledged principally to secure repurchase agreements, Fair Value | 342,649 |
Total pledged securities, Amortized Cost | 1,290,595 |
Total pledged securities, Fair Value | $1,279,944 |
NonCovered_Loans_and_Leases_Na
Non-Covered Loans and Leases (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2012 |
Receivables [Abstract] | ' | ' | ' |
Loans and Leases Receivable, Deferred Income | $4,700,000 | $495,000 | $11,600,000 |
Total loans pledged to secure borrowings | 5,400,000,000 | ' | ' |
Non-covered loans acquired with deteriorated credit quality | $23,100,000 | $21,900,000 | ' |
NonCovered_Loans_and_Leases_Sc
Non-Covered Loans and Leases (Schedule Of Major Types Of Non-Covered Loans) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Receivables [Abstract] | ' | ' | ' |
Non-owner occupied term, net | $2,311,952 | $2,328,260 | ' |
Owner occupied term, net | 1,282,482 | 1,259,583 | ' |
Multifamily, net | 400,927 | 403,537 | ' |
Construction & development, net | 229,262 | 245,231 | ' |
Residential development, net | 89,510 | 88,413 | ' |
Term, net | 735,004 | 770,845 | ' |
LOC & other, net | 1,005,800 | 987,360 | ' |
Leases and equipment finance, net | 388,418 | 361,591 | ' |
Mortgage, net | 651,042 | 597,201 | ' |
Home equity loans & lines, net | 268,497 | 264,269 | ' |
Consumer & other, net | 48,214 | 48,113 | ' |
Total loans and leases, net of deferred fees and costs | $7,411,108 | $7,354,403 | $6,663,186 |
Allowance_for_NonCovered_Loan_2
Allowance for Non-Covered Loan Loss and Credit Quality (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2012 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Unallocated allowance, maximum percentage | 5.00% | ' | ' |
Secured loan portfolio, percentage | ' | 74.00% | ' |
Deferred loan fees | ($4,700,000) | ($495,000) | ($11,600,000) |
External appraisal, months | '12 months | ' | ' |
External appraisal considered stale requiring a new appraisal, years | '1 year | ' | ' |
Loans past due as to maturity, days | '90 days | ' | ' |
Financing Receivable Modifications Recorded Investments | 70,637,000 | 73,590,000 | ' |
Restructured Loans [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Financing Receivable Modifications Recorded Investments | 67,900,000 | 68,800,000 | ' |
Percentage of loan collateral balance | 100.00% | ' | ' |
Financing Receivable Modifications Available Commitments | $3,800,000 | $0 | ' |
Homogeneous [Member] | Minimum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Duration of time account is past due before risk rating is applied | '30 days | ' | ' |
Minimal Risk [Member] | Non-Homogeneous [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Internal risk rating code | 1 | ' | ' |
Low Risk [Member] | Non-Homogeneous [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Internal risk rating code | 2 | ' | ' |
Modest Risk [Member] | Non-Homogeneous [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Internal risk rating code | 3 | ' | ' |
Average Risk [Member] | Non-Homogeneous [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Internal risk rating code | 4 | ' | ' |
Acceptable Risk [Member] | Non-Homogeneous [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Internal risk rating code | 5 | ' | ' |
Pass/Watch [Member] | Non-Homogeneous [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Internal risk rating code | 6 | ' | ' |
Special Mention [Member] | Non-Homogeneous [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Internal risk rating code | 7 | ' | ' |
Special Mention [Member] | Homogeneous [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Internal risk rating code | 7 | ' | ' |
Special Mention [Member] | Homogeneous [Member] | Minimum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due on account for qualifying credit quality indicator | '30 days | ' | ' |
Special Mention [Member] | Homogeneous [Member] | Maximum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due on account for qualifying credit quality indicator | '59 days | ' | ' |
Special Mention [Member] | Homogeneous Retail [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Internal risk rating code | 7 | ' | ' |
Special Mention [Member] | Homogeneous Retail [Member] | Minimum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due on account for qualifying credit quality indicator | '30 days | ' | ' |
Special Mention [Member] | Homogeneous Retail [Member] | Maximum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due on account for qualifying credit quality indicator | '89 days | ' | ' |
Substandard [Member] | Non-Homogeneous [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Internal risk rating code | 8 | ' | ' |
Substandard [Member] | Homogeneous [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Internal risk rating code | 8 | ' | ' |
Substandard [Member] | Homogeneous [Member] | Minimum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due on account for qualifying credit quality indicator | '60 days | ' | ' |
Substandard [Member] | Homogeneous [Member] | Maximum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due on account for qualifying credit quality indicator | '89 days | ' | ' |
Substandard [Member] | Homogeneous Retail [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Internal risk rating code | 8 | ' | ' |
Substandard [Member] | Homogeneous Retail [Member] | Open-End Loan [Member] | Minimum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due on account for qualifying credit quality indicator | '90 days | ' | ' |
Substandard [Member] | Homogeneous Retail [Member] | Open-End Loan [Member] | Maximum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due on account for qualifying credit quality indicator | '180 days | ' | ' |
Substandard [Member] | Homogeneous Retail [Member] | Closed-End Loan [Member] | Minimum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due on account for qualifying credit quality indicator | '90 days | ' | ' |
Substandard [Member] | Homogeneous Retail [Member] | Closed-End Loan [Member] | Maximum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due on account for qualifying credit quality indicator | '120 days | ' | ' |
Doubtful [Member] | Non-Homogeneous [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Internal risk rating code | 9 | ' | ' |
Doubtful [Member] | Homogeneous [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Internal risk rating code | 9 | ' | ' |
Doubtful [Member] | Homogeneous [Member] | Minimum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due on account for qualifying credit quality indicator | '90 days | ' | ' |
Doubtful [Member] | Homogeneous [Member] | Maximum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due on account for qualifying credit quality indicator | '179 days | ' | ' |
Loss [Member] | Non-Homogeneous [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Internal risk rating code | 10 | ' | ' |
Loss [Member] | Homogeneous [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Internal risk rating code | 10 | ' | ' |
Loss [Member] | Homogeneous [Member] | Minimum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due on account for qualifying credit quality indicator | '180 days | ' | ' |
Loss [Member] | Homogeneous Retail [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Internal risk rating code | 10 | ' | ' |
Loss [Member] | Homogeneous Retail [Member] | Minimum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due on account for qualifying credit quality indicator | '120 days | ' | ' |
Loss [Member] | Homogeneous Retail [Member] | Maximum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due on account for qualifying credit quality indicator | '180 days | ' | ' |
Loss [Member] | Homogeneous Retail [Member] | Open-End Loan [Member] | Minimum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due on account for qualifying credit quality indicator | '180 days | ' | ' |
Loss [Member] | Homogeneous Retail [Member] | Closed-End Loan [Member] | Minimum [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Days past due on account for qualifying credit quality indicator | '120 days | ' | ' |
Allowance_for_NonCovered_Loan_3
Allowance for Non-Covered Loan Loss and Credit Quality (Activity In The Non-Covered Allowance For Loan And Lease Losses) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period, Allowance | $85,314 | $85,391 | ' |
Charge-offs | -5,565 | -8,725 | ' |
Recoveries | 1,560 | 1,038 | ' |
Provision | 5,400 | 6,988 | ' |
Balance, end of period, Allowance | 86,709 | 84,692 | ' |
Collectively evaluated for impairment, Allowance | 85,351 | 82,739 | ' |
Individually evaluated for impairment, Allowance | 1,358 | 1,953 | ' |
Total, Allowance for non-covered loans and leases | 86,709 | 84,692 | ' |
Collectively evaluated for impairment, Non-covered loans and leases | 7,305,377 | 6,528,920 | ' |
Individually evaluated for impairment, Non-covered loans and leases | 105,731 | 134,266 | ' |
Total loans and leases, net of deferred fees and costs | 7,411,108 | 6,663,186 | 7,354,403 |
Commercial Real Estate [Member] | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period, Allowance | 53,433 | 54,909 | ' |
Charge-offs | -1,895 | -1,454 | ' |
Recoveries | 439 | 470 | ' |
Provision | -130 | 1,170 | ' |
Balance, end of period, Allowance | 51,847 | 55,095 | ' |
Collectively evaluated for impairment, Allowance | 50,504 | 53,158 | ' |
Individually evaluated for impairment, Allowance | 1,343 | 1,937 | ' |
Total, Allowance for non-covered loans and leases | 51,847 | 55,095 | ' |
Collectively evaluated for impairment, Non-covered loans and leases | 4,222,943 | 4,071,110 | ' |
Individually evaluated for impairment, Non-covered loans and leases | 91,190 | 114,553 | ' |
Total loans and leases, net of deferred fees and costs | 4,314,133 | 4,185,663 | ' |
Commercial [Member] | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period, Allowance | 24,191 | 22,925 | ' |
Charge-offs | -3,350 | -6,174 | ' |
Recoveries | 981 | 367 | ' |
Provision | 4,940 | 4,543 | ' |
Balance, end of period, Allowance | 26,762 | 21,661 | ' |
Collectively evaluated for impairment, Allowance | 26,747 | 21,645 | ' |
Individually evaluated for impairment, Allowance | 15 | 16 | ' |
Total, Allowance for non-covered loans and leases | 26,762 | 21,661 | ' |
Collectively evaluated for impairment, Non-covered loans and leases | 2,114,681 | 1,668,522 | ' |
Individually evaluated for impairment, Non-covered loans and leases | 14,541 | 19,375 | ' |
Total loans and leases, net of deferred fees and costs | 2,129,222 | 1,687,897 | ' |
Residential [Member] | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period, Allowance | 6,827 | 6,925 | ' |
Charge-offs | -132 | -904 | ' |
Recoveries | 47 | 92 | ' |
Provision | 449 | 1,106 | ' |
Balance, end of period, Allowance | 7,191 | 7,219 | ' |
Collectively evaluated for impairment, Allowance | 7,191 | 7,219 | ' |
Individually evaluated for impairment, Allowance | 0 | 0 | ' |
Total, Allowance for non-covered loans and leases | 7,191 | 7,219 | ' |
Collectively evaluated for impairment, Non-covered loans and leases | 919,539 | 748,115 | ' |
Individually evaluated for impairment, Non-covered loans and leases | 0 | 338 | ' |
Total loans and leases, net of deferred fees and costs | 919,539 | 748,453 | ' |
Consumer & Other [Member] | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period, Allowance | 863 | 632 | ' |
Charge-offs | -188 | -193 | ' |
Recoveries | 93 | 109 | ' |
Provision | 141 | 169 | ' |
Balance, end of period, Allowance | 909 | 717 | ' |
Collectively evaluated for impairment, Allowance | 909 | 717 | ' |
Individually evaluated for impairment, Allowance | 0 | 0 | ' |
Total, Allowance for non-covered loans and leases | 909 | 717 | ' |
Collectively evaluated for impairment, Non-covered loans and leases | 48,214 | 41,173 | ' |
Individually evaluated for impairment, Non-covered loans and leases | 0 | 0 | ' |
Total loans and leases, net of deferred fees and costs | 48,214 | 41,173 | 48,113 |
Unallocated [Member] | ' | ' | ' |
Allowance for Loan and Lease Losses [Roll Forward] | ' | ' | ' |
Balance, beginning of period, Allowance | 0 | 0 | ' |
Charge-offs | 0 | 0 | ' |
Recoveries | 0 | 0 | ' |
Provision | 0 | 0 | ' |
Balance, end of period, Allowance | 0 | 0 | ' |
Collectively evaluated for impairment, Allowance | 0 | 0 | ' |
Individually evaluated for impairment, Allowance | 0 | 0 | ' |
Total, Allowance for non-covered loans and leases | $0 | $0 | ' |
Allowance_for_NonCovered_Loan_4
Allowance for Non-Covered Loan Loss and Credit Quality (Summary Of Reserve For Unfunded Commitments Activity) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Reserve for Unfunded Commitments [Roll Forward] | ' | ' |
Balance, beginning of period | $1,436 | $1,223 |
Net change to other expense | -19 | 46 |
Balance, end of period | 1,417 | 1,269 |
Unfunded loan commitments | 1,595,665 | 1,493,418 |
Commercial Real Estate [Member] | ' | ' |
Reserve for Unfunded Commitments [Roll Forward] | ' | ' |
Balance, beginning of period | 220 | 172 |
Net change to other expense | -26 | -13 |
Balance, end of period | 194 | 159 |
Unfunded loan commitments | 213,675 | 183,996 |
Commercial [Member] | ' | ' |
Reserve for Unfunded Commitments [Roll Forward] | ' | ' |
Balance, beginning of period | 900 | 807 |
Net change to other expense | -14 | 43 |
Balance, end of period | 886 | 850 |
Unfunded loan commitments | 969,475 | 984,672 |
Residential [Member] | ' | ' |
Reserve for Unfunded Commitments [Roll Forward] | ' | ' |
Balance, beginning of period | 232 | 173 |
Net change to other expense | 11 | 9 |
Balance, end of period | 243 | 182 |
Unfunded loan commitments | 353,498 | 270,510 |
Consumer & Other [Member] | ' | ' |
Reserve for Unfunded Commitments [Roll Forward] | ' | ' |
Balance, beginning of period | 84 | 71 |
Net change to other expense | 10 | 7 |
Balance, end of period | 94 | 78 |
Unfunded loan commitments | $59,017 | $54,240 |
Allowance_for_NonCovered_Loan_5
Allowance for Non-Covered Loan Loss and Credit Quality (Non-Covered Loans Sold) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Non Covered Loans Sold [Line Items] | ' | ' |
Total | $22,272 | $17,515 |
Non-owner Occupied Term [Member] | ' | ' |
Non Covered Loans Sold [Line Items] | ' | ' |
Total | 3,193 | 0 |
Owner Occupied Term [Member] | ' | ' |
Non Covered Loans Sold [Line Items] | ' | ' |
Total | 2,147 | 2,850 |
Construction & Development [Member] | ' | ' |
Non Covered Loans Sold [Line Items] | ' | ' |
Total | 0 | 3,515 |
Residential Development [Member] | ' | ' |
Non Covered Loans Sold [Line Items] | ' | ' |
Total | 605 | 23 |
Term [Member] | ' | ' |
Non Covered Loans Sold [Line Items] | ' | ' |
Total | 15,996 | 11,127 |
Mortgage [Member] | ' | ' |
Non Covered Loans Sold [Line Items] | ' | ' |
Total | $331 | $0 |
Allowance_for_NonCovered_Loan_6
Allowance for Non-Covered Loan Loss and Credit Quality (Non-Covered Non-Accrual Loans And Loans Past Due) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | ||
In Thousands, unless otherwise specified | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | $13,895 | $10,252 | ' | ||
60-89 Days Past Due | 15,521 | 5,038 | ' | ||
Greater Than 90 Days and Accruing | 2,269 | 3,430 | ' | ||
Total Past Due | 31,685 | 18,720 | ' | ||
Nonaccrual | 37,884 | 31,891 | ' | ||
Current | 7,341,539 | 7,303,792 | ' | ||
Total loans and leases, net of deferred fees and costs | 7,411,108 | 7,354,403 | 6,663,186 | ||
Commercial Real Estate [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
Total loans and leases, net of deferred fees and costs | 4,314,133 | ' | 4,185,663 | ||
Non-owner Occupied Term [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 1,736 | 3,618 | ' | ||
60-89 Days Past Due | 533 | 352 | ' | ||
Greater Than 90 Days and Accruing | 369 | 0 | ' | ||
Total Past Due | 2,638 | 3,970 | ' | ||
Nonaccrual | 15,948 | 9,193 | ' | ||
Current | 2,293,366 | [1] | 2,315,097 | [1] | ' |
Total loans and leases, net of deferred fees and costs | 2,311,952 | 2,328,260 | ' | ||
Owner Occupied Term [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 625 | 1,320 | ' | ||
60-89 Days Past Due | 466 | 340 | ' | ||
Greater Than 90 Days and Accruing | 36 | 610 | ' | ||
Total Past Due | 1,127 | 2,270 | ' | ||
Nonaccrual | 5,449 | 6,204 | ' | ||
Current | 1,275,906 | [1] | 1,251,109 | [1] | ' |
Total loans and leases, net of deferred fees and costs | 1,282,482 | 1,259,583 | ' | ||
Multifamily [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 3,855 | 0 | ' | ||
60-89 Days Past Due | 1,145 | 0 | ' | ||
Greater Than 90 Days and Accruing | 0 | 0 | ' | ||
Total Past Due | 5,000 | 0 | ' | ||
Nonaccrual | 355 | 935 | ' | ||
Current | 395,572 | [1] | 402,602 | [1] | ' |
Total loans and leases, net of deferred fees and costs | 400,927 | 403,537 | ' | ||
Construction & Development [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 0 | 0 | ' | ||
60-89 Days Past Due | 0 | 0 | ' | ||
Greater Than 90 Days and Accruing | 0 | 0 | ' | ||
Total Past Due | 0 | 0 | ' | ||
Nonaccrual | 0 | 0 | ' | ||
Current | 229,262 | [1] | 245,231 | ' | |
Total loans and leases, net of deferred fees and costs | 229,262 | 245,231 | ' | ||
Residential Development [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 0 | 0 | ' | ||
60-89 Days Past Due | 0 | 0 | ' | ||
Greater Than 90 Days and Accruing | 0 | 0 | ' | ||
Total Past Due | 0 | 0 | ' | ||
Nonaccrual | 195 | 2,801 | ' | ||
Current | 89,315 | [1] | 85,612 | ' | |
Total loans and leases, net of deferred fees and costs | 89,510 | 88,413 | ' | ||
Commercial [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
Total loans and leases, net of deferred fees and costs | 2,129,222 | ' | 1,687,897 | ||
Term [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 1,427 | 901 | ' | ||
60-89 Days Past Due | 8,832 | 1,436 | ' | ||
Greater Than 90 Days and Accruing | 0 | 0 | ' | ||
Total Past Due | 10,259 | 2,337 | ' | ||
Nonaccrual | 11,964 | 8,723 | ' | ||
Current | 712,781 | [1] | 759,785 | ' | |
Total loans and leases, net of deferred fees and costs | 735,004 | 770,845 | ' | ||
LOC & Other [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 423 | 619 | ' | ||
60-89 Days Past Due | 2,023 | 224 | ' | ||
Greater Than 90 Days and Accruing | 0 | 0 | ' | ||
Total Past Due | 2,446 | 843 | ' | ||
Nonaccrual | 1,025 | 1,222 | ' | ||
Current | 1,002,329 | [1] | 985,295 | ' | |
Total loans and leases, net of deferred fees and costs | 1,005,800 | 987,360 | ' | ||
Leases and Equipment Finance [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 1,828 | 2,202 | ' | ||
60-89 Days Past Due | 1,556 | 1,706 | ' | ||
Greater Than 90 Days and Accruing | 0 | 517 | ' | ||
Total Past Due | 3,384 | 4,425 | ' | ||
Nonaccrual | 2,948 | 2,813 | ' | ||
Current | 382,086 | [1] | 354,353 | [1] | ' |
Total loans and leases, net of deferred fees and costs | 388,418 | 361,591 | ' | ||
Residential [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
Total loans and leases, net of deferred fees and costs | 919,539 | ' | 748,453 | ||
Mortgage [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 3,418 | 1,050 | ' | ||
60-89 Days Past Due | 0 | 342 | ' | ||
Greater Than 90 Days and Accruing | 1,503 | 2,070 | ' | ||
Total Past Due | 4,921 | 3,462 | ' | ||
Nonaccrual | 0 | 0 | ' | ||
Current | 646,121 | [1] | 593,739 | ' | |
Total loans and leases, net of deferred fees and costs | 651,042 | 597,201 | ' | ||
Home Equity Loans & Lines [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 483 | 473 | ' | ||
60-89 Days Past Due | 955 | 563 | ' | ||
Greater Than 90 Days and Accruing | 287 | 160 | ' | ||
Total Past Due | 1,725 | 1,196 | ' | ||
Nonaccrual | 0 | 0 | ' | ||
Current | 266,772 | [1] | 263,073 | ' | |
Total loans and leases, net of deferred fees and costs | 268,497 | 264,269 | ' | ||
Consumer & Other [Member] | ' | ' | ' | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ' | ' | ' | ||
30-59 Days Past Due | 100 | 69 | ' | ||
60-89 Days Past Due | 11 | 75 | ' | ||
Greater Than 90 Days and Accruing | 74 | 73 | ' | ||
Total Past Due | 185 | 217 | ' | ||
Nonaccrual | 0 | 0 | ' | ||
Current | 48,029 | [1] | 47,896 | ' | |
Total loans and leases, net of deferred fees and costs | $48,214 | $48,113 | $41,173 | ||
[1] | Other includes non-covered loans accounted for under ASC 310-30. |
Allowance_for_NonCovered_Loan_7
Allowance for Non-Covered Loan Loss and Credit Quality (Non-Covered Impaired Loans) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | $118,308 | $126,910 |
Recorded Investment | 105,731 | 100,783 |
Related Allowance | 1,358 | 1,797 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 93,487 | 97,016 |
Recorded Investment | 91,190 | 89,280 |
Related Allowance | 1,343 | 1,785 |
Non-owner Occupied Term [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 25,814 | 19,350 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 28,706 | 31,252 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 24,995 | 18,285 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 28,706 | 31,362 |
Related Allowance | 764 | 928 |
Owner Occupied Term [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,741 | 6,674 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 7,731 | 5,202 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,449 | 6,204 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 7,731 | 5,202 |
Related Allowance | 491 | 198 |
Multifamily [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 521 | 1,416 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 355 | 935 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Construction & Development [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 9,455 | 9,518 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,091 | 1,091 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 8,435 | 8,498 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,091 | 1,091 |
Related Allowance | 5 | 11 |
Residential Development [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 6,684 | 12,347 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 7,744 | 10,166 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 6,684 | 5,776 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 7,744 | 11,927 |
Related Allowance | 83 | 648 |
Commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 24,821 | 29,894 |
Recorded Investment | 14,541 | 11,503 |
Related Allowance | 15 | 12 |
Term [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 19,549 | 22,750 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 300 | 0 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 11,964 | 8,723 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 300 | 300 |
Related Allowance | 11 | 8 |
LOC & Other [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 3,720 | 5,886 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,252 | 1,258 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,025 | 1,222 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,252 | 1,258 |
Related Allowance | 4 | 4 |
Residential [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Unpaid Principal Balance | 0 | 0 |
Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Mortgage [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Home Equity Loans & Lines [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Related Allowance | 0 | 0 |
Consumer & Other [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 |
Unpaid Principal Balance | 0 | 0 |
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | 0 |
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 |
Recorded Investment | 0 | 0 |
Related Allowance | $0 | $0 |
Allowance_for_NonCovered_Loan_8
Allowance for Non-Covered Loan Loss and Credit Quality (Schedule Of Average Recorded Investment And Interest Income Recognized) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investment | $103,256 | $142,038 |
Interest Income Recognized | 720 | 751 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investment | 90,235 | 121,387 |
Interest Income Recognized | 703 | 698 |
Non-owner Occupied Term [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance, Average Recorded Investment | 21,640 | 33,117 |
With related allowance, Average Recorded Investment | 30,034 | 31,811 |
With no related Allowance, Interest Income Recognized | 0 | 0 |
With related Allowance, Interest Income Recognized | 349 | 338 |
Owner Occupied Term [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance, Average Recorded Investment | 5,826 | 5,676 |
With related allowance, Average Recorded Investment | 6,467 | 5,918 |
With no related Allowance, Interest Income Recognized | 0 | 0 |
With related Allowance, Interest Income Recognized | 77 | 48 |
Multifamily [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance, Average Recorded Investment | 645 | 886 |
With related allowance, Average Recorded Investment | 0 | 0 |
With no related Allowance, Interest Income Recognized | 0 | 0 |
With related Allowance, Interest Income Recognized | 0 | 0 |
Construction & Development [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance, Average Recorded Investment | 8,467 | 14,649 |
With related allowance, Average Recorded Investment | 1,091 | 1,746 |
With no related Allowance, Interest Income Recognized | 0 | 0 |
With related Allowance, Interest Income Recognized | 118 | 149 |
Residential Development [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance, Average Recorded Investment | 6,230 | 10,515 |
With related allowance, Average Recorded Investment | 9,835 | 17,069 |
With no related Allowance, Interest Income Recognized | 0 | 0 |
With related Allowance, Interest Income Recognized | 159 | 163 |
Commercial [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investment | 13,021 | 20,265 |
Interest Income Recognized | 17 | 53 |
Term [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance, Average Recorded Investment | 10,343 | 11,795 |
With related allowance, Average Recorded Investment | 300 | 1,959 |
With no related Allowance, Interest Income Recognized | 0 | 0 |
With related Allowance, Interest Income Recognized | 4 | 42 |
LOC & Other [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance, Average Recorded Investment | 1,123 | 5,478 |
With related allowance, Average Recorded Investment | 1,255 | 1,033 |
With no related Allowance, Interest Income Recognized | 0 | 0 |
With related Allowance, Interest Income Recognized | 13 | 11 |
Residential [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
Average Recorded Investment | 0 | 384 |
Interest Income Recognized | 0 | 0 |
Mortgage [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance, Average Recorded Investment | 0 | 0 |
With related allowance, Average Recorded Investment | 0 | 145 |
With no related Allowance, Interest Income Recognized | 0 | 0 |
With related Allowance, Interest Income Recognized | 0 | 0 |
Home Equity Loans & Lines [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance, Average Recorded Investment | 0 | 175 |
With related allowance, Average Recorded Investment | 0 | 64 |
With no related Allowance, Interest Income Recognized | 0 | 0 |
With related Allowance, Interest Income Recognized | 0 | 0 |
Consumer & Other [Member] | ' | ' |
Financing Receivable, Impaired [Line Items] | ' | ' |
With no related allowance, Average Recorded Investment | 0 | 2 |
With related allowance, Average Recorded Investment | 0 | 0 |
Average Recorded Investment | 0 | 2 |
With no related Allowance, Interest Income Recognized | 0 | 0 |
With related Allowance, Interest Income Recognized | 0 | 0 |
Interest Income Recognized | $0 | $0 |
Allowance_for_NonCovered_Loan_9
Allowance for Non-Covered Loan Loss and Credit Quality (Internal Risk Rating By Loan Class) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | $7,411,108 | $7,354,403 | $6,663,186 |
Commercial Real Estate [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 4,314,133 | ' | 4,185,663 |
Non-owner Occupied Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 2,311,952 | 2,328,260 | ' |
Owner Occupied Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 1,282,482 | 1,259,583 | ' |
Multifamily [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 400,927 | 403,537 | ' |
Construction & Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 229,262 | 245,231 | ' |
Residential Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 89,510 | 88,413 | ' |
Commercial [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 2,129,222 | ' | 1,687,897 |
Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 735,004 | 770,845 | ' |
LOC & Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 1,005,800 | 987,360 | ' |
Leases and Equipment Finance [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 388,418 | 361,591 | ' |
Residential [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 919,539 | ' | 748,453 |
Mortgage [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 651,042 | 597,201 | ' |
Home Equity Loans & Lines [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 268,497 | 264,269 | ' |
Consumer & Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 48,214 | 48,113 | 41,173 |
Pass/Watch [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 6,943,957 | 6,865,393 | ' |
Percentage of impaired loans | 6.40% | 6.40% | ' |
Pass/Watch [Member] | Non-owner Occupied Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 2,068,165 | 2,073,366 | ' |
Pass/Watch [Member] | Owner Occupied Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 1,206,791 | 1,182,865 | ' |
Pass/Watch [Member] | Multifamily [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 385,668 | 385,335 | ' |
Pass/Watch [Member] | Construction & Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 212,460 | 230,262 | ' |
Pass/Watch [Member] | Residential Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 72,328 | 67,019 | ' |
Pass/Watch [Member] | Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 692,529 | 718,778 | ' |
Pass/Watch [Member] | LOC & Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 963,039 | 951,109 | ' |
Pass/Watch [Member] | Leases and Equipment Finance [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 382,086 | 351,971 | ' |
Pass/Watch [Member] | Mortgage [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 646,095 | 593,723 | ' |
Pass/Watch [Member] | Home Equity Loans & Lines [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 266,768 | 263,070 | ' |
Pass/Watch [Member] | Consumer & Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 48,028 | 47,895 | ' |
Special Mention [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 179,237 | 200,104 | ' |
Percentage of impaired loans | 2.90% | 3.70% | ' |
Special Mention [Member] | Non-owner Occupied Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 95,323 | 108,263 | ' |
Special Mention [Member] | Owner Occupied Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 28,483 | 27,615 | ' |
Special Mention [Member] | Multifamily [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 4,280 | 5,574 | ' |
Special Mention [Member] | Construction & Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 3,957 | 2,054 | ' |
Special Mention [Member] | Residential Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 1,008 | 1,836 | ' |
Special Mention [Member] | Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 12,513 | 23,393 | ' |
Special Mention [Member] | LOC & Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 26,891 | 24,197 | ' |
Special Mention [Member] | Leases and Equipment Finance [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 1,800 | 4,585 | ' |
Special Mention [Member] | Mortgage [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 3,430 | 1,405 | ' |
Special Mention [Member] | Home Equity Loans & Lines [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 1,441 | 1,038 | ' |
Special Mention [Member] | Consumer & Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 111 | 144 | ' |
Substandard [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 177,789 | 183,114 | ' |
Percentage of impaired loans | 90.60% | 89.90% | ' |
Substandard [Member] | Non-owner Occupied Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 94,763 | 96,984 | ' |
Substandard [Member] | Owner Occupied Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 34,028 | 37,524 | ' |
Substandard [Member] | Multifamily [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 10,624 | 11,693 | ' |
Substandard [Member] | Construction & Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 3,319 | 3,326 | ' |
Substandard [Member] | Residential Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 1,746 | 1,855 | ' |
Substandard [Member] | Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 17,698 | 19,651 | ' |
Substandard [Member] | LOC & Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 13,593 | 9,574 | ' |
Substandard [Member] | Leases and Equipment Finance [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 1,584 | 1,706 | ' |
Substandard [Member] | Mortgage [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 354 | 743 | ' |
Substandard [Member] | Home Equity Loans & Lines [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 65 | 25 | ' |
Substandard [Member] | Consumer & Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 15 | 33 | ' |
Doubtful [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 2,480 | 3,169 | ' |
Doubtful [Member] | Non-owner Occupied Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Doubtful [Member] | Owner Occupied Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 173 | ' |
Doubtful [Member] | Multifamily [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Doubtful [Member] | Construction & Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Doubtful [Member] | Residential Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Doubtful [Member] | Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Doubtful [Member] | LOC & Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Doubtful [Member] | Leases and Equipment Finance [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 2,480 | 2,996 | ' |
Doubtful [Member] | Mortgage [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Doubtful [Member] | Home Equity Loans & Lines [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Doubtful [Member] | Consumer & Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Loss [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 1,914 | 1,840 | ' |
Loss [Member] | Non-owner Occupied Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Loss [Member] | Owner Occupied Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Loss [Member] | Multifamily [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Loss [Member] | Construction & Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Loss [Member] | Residential Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Loss [Member] | Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Loss [Member] | LOC & Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Loss [Member] | Leases and Equipment Finance [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 468 | 333 | ' |
Loss [Member] | Mortgage [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 1,163 | 1,330 | ' |
Loss [Member] | Home Equity Loans & Lines [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 223 | 136 | ' |
Loss [Member] | Consumer & Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 60 | 41 | ' |
Impaired [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 105,731 | 100,783 | ' |
Impaired [Member] | Non-owner Occupied Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 53,701 | 49,647 | ' |
Impaired [Member] | Owner Occupied Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 13,180 | 11,406 | ' |
Impaired [Member] | Multifamily [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 355 | 935 | ' |
Impaired [Member] | Construction & Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 9,526 | 9,589 | ' |
Impaired [Member] | Residential Development [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 14,428 | 17,703 | ' |
Impaired [Member] | Term [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 12,264 | 9,023 | ' |
Impaired [Member] | LOC & Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 2,277 | 2,480 | ' |
Impaired [Member] | Leases and Equipment Finance [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Impaired [Member] | Mortgage [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Impaired [Member] | Home Equity Loans & Lines [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' |
Impaired [Member] | Consumer & Other [Member] | ' | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' | ' |
Non-covered loans and leases, net | $0 | $0 | ' |
Recovered_Sheet1
Allowance for Non-Covered Loan Loss and Credit Quality (Schedule Of Troubled Debt Restructuring By Accrual versus Non-Accrual Status) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | $70,637 | $73,590 |
Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 67,897 | 68,791 |
Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 2,740 | 4,799 |
Non-owner Occupied Term [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 34,684 | 37,366 |
Non-owner Occupied Term [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 34,684 | 37,366 |
Non-owner Occupied Term [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Owner Occupied Term [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 7,731 | 5,202 |
Owner Occupied Term [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 7,731 | 5,202 |
Owner Occupied Term [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Multifamily [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Multifamily [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Multifamily [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Construction & Development [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 9,527 | 9,590 |
Construction & Development [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 9,527 | 9,590 |
Construction & Development [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Residential Development [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 14,232 | 17,098 |
Residential Development [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 14,232 | 14,902 |
Residential Development [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 2,196 |
Term [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 2,740 | 2,603 |
Term [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Term [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 2,740 | 2,603 |
LOC & Other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 1,252 | 1,258 |
LOC & Other [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 1,252 | 1,258 |
LOC & Other [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Mortgage [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 471 | 473 |
Mortgage [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 471 | 473 |
Mortgage [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Home Equity Loans & Lines [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Home Equity Loans & Lines [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Home Equity Loans & Lines [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Consumer & Other [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Consumer & Other [Member] | Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | 0 | 0 |
Consumer & Other [Member] | Non-Accrual Status [Member] | ' | ' |
Financing Receivable, Modifications [Line Items] | ' | ' |
Financing Receivable Modifications Recorded Investments | $0 | $0 |
Recovered_Sheet2
Allowance for Non-Covered Loan Loss and Credit Quality (Schedule Of Newly Restructured Loans) (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2013 |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | $5,032 |
Rate Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Term Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Interest Only Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 4,291 |
Payment Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Combination Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 741 |
Non-owner Occupied Term [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 4,291 |
Non-owner Occupied Term [Member] | Rate Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Non-owner Occupied Term [Member] | Term Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Non-owner Occupied Term [Member] | Interest Only Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 4,291 |
Non-owner Occupied Term [Member] | Payment Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Non-owner Occupied Term [Member] | Combination Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Owner Occupied Term [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Owner Occupied Term [Member] | Rate Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Owner Occupied Term [Member] | Term Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Owner Occupied Term [Member] | Interest Only Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Owner Occupied Term [Member] | Payment Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Owner Occupied Term [Member] | Combination Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Multifamily [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Multifamily [Member] | Rate Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Multifamily [Member] | Term Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Multifamily [Member] | Interest Only Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Multifamily [Member] | Payment Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Multifamily [Member] | Combination Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Construction & Development [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Construction & Development [Member] | Rate Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Construction & Development [Member] | Term Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Construction & Development [Member] | Interest Only Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Construction & Development [Member] | Payment Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Construction & Development [Member] | Combination Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Residential Development [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Residential Development [Member] | Rate Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Residential Development [Member] | Term Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Residential Development [Member] | Interest Only Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Residential Development [Member] | Payment Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Residential Development [Member] | Combination Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Term [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Term [Member] | Rate Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Term [Member] | Term Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Term [Member] | Interest Only Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Term [Member] | Payment Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Term [Member] | Combination Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
LOC & Other [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 452 |
LOC & Other [Member] | Rate Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
LOC & Other [Member] | Term Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
LOC & Other [Member] | Interest Only Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
LOC & Other [Member] | Payment Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
LOC & Other [Member] | Combination Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 452 |
Mortgage [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 289 |
Mortgage [Member] | Rate Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Mortgage [Member] | Term Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Mortgage [Member] | Interest Only Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Mortgage [Member] | Payment Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Mortgage [Member] | Combination Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 289 |
Home Equity Loans & Lines [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Home Equity Loans & Lines [Member] | Rate Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Home Equity Loans & Lines [Member] | Term Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Home Equity Loans & Lines [Member] | Interest Only Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Home Equity Loans & Lines [Member] | Payment Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Home Equity Loans & Lines [Member] | Combination Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Consumer & Other [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Consumer & Other [Member] | Rate Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Consumer & Other [Member] | Term Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Consumer & Other [Member] | Interest Only Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Consumer & Other [Member] | Payment Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | 0 |
Consumer & Other [Member] | Combination Modifications [Member] | ' |
Financing Receivable, Modifications [Line Items] | ' |
Financing Receivable Modifications During The Period | $0 |
Covered_Assets_and_Indemnifica2
Covered Assets and Indemnification Asset (Narrative) (Details) (USD $) | 3 Months Ended | |||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
risk_rating | Evergreen Bank [Member] | Evergreen Bank [Member] | Rainier Pacific Bank [Member] | Rainier Pacific Bank [Member] | Nevada Security Bank [Member] | Nevada Security Bank [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding unpaid principal of covered loans | ' | ' | $82,100,000 | $93,800,000 | $217,000,000 | $224,100,000 | $133,000,000 | $144,500,000 |
Recaptured provision on covered loans | $400,000 | $1,700,000 | ' | ' | ' | ' | ' | ' |
Range of risk rating for loans and leases, minimum | ' | 1 | ' | ' | ' | ' | ' | ' |
Range of risk rating for loans and leases, maximum | ' | 10 | ' | ' | ' | ' | ' | ' |
Covered_Assets_and_Indemnifica3
Covered Assets and Indemnification Asset (Major Types Of Covered Loans) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Recaptured provision on covered loans | $400,000 | $1,700,000 | ' | ' |
Covered loans, net of deferred fees and costs | 352,583,000 | 449,860,000 | 373,763,000 | ' |
Allowance for covered loans | -10,320,000 | -18,221,000 | -9,771,000 | -18,275,000 |
Total | 342,263,000 | ' | 363,992,000 | ' |
Commercial Real Estate [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 287,526,000 | 366,098,000 | ' | ' |
Allowance for covered loans | -6,071,000 | -12,374,000 | -6,105,000 | -12,129,000 |
Non-owner Occupied Term [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 199,818,000 | ' | 206,902,000 | ' |
Total | 197,067,000 | ' | 204,052,000 | ' |
Owner Occupied Term [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 49,487,000 | ' | 49,817,000 | ' |
Total | 48,447,000 | ' | 48,673,000 | ' |
Multifamily [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 27,562,000 | ' | 37,671,000 | ' |
Total | 27,079,000 | ' | 37,185,000 | ' |
Construction & Development [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 3,446,000 | ' | 3,455,000 | ' |
Total | 2,779,000 | ' | 2,803,000 | ' |
Residential Development [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 7,213,000 | ' | 7,286,000 | ' |
Total | 6,083,000 | ' | 6,311,000 | ' |
Commercial [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 20,260,000 | 31,155,000 | ' | ' |
Allowance for covered loans | -3,469,000 | -4,867,000 | -2,837,000 | -4,980,000 |
Term [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 10,809,000 | ' | 15,719,000 | ' |
Total | 7,861,000 | ' | 13,280,000 | ' |
LOC & Other [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 9,451,000 | ' | 6,698,000 | ' |
Total | 8,929,000 | ' | 6,302,000 | ' |
Residential [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 40,797,000 | 47,618,000 | ' | ' |
Allowance for covered loans | -632,000 | -685,000 | -660,000 | -804,000 |
Mortgage [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 21,803,000 | ' | 22,316,000 | ' |
Total | 21,664,000 | ' | 22,175,000 | ' |
Home Equity Loans & Lines [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 18,994,000 | ' | 19,637,000 | ' |
Total | 18,502,000 | ' | 19,119,000 | ' |
Consumer & Other [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 4,000,000 | 4,989,000 | 4,262,000 | ' |
Allowance for covered loans | -148,000 | -295,000 | -169,000 | -362,000 |
Total | 3,852,000 | ' | 4,092,000 | ' |
Evergreen Bank [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 65,359,000 | ' | 73,758,000 | ' |
Evergreen Bank [Member] | Non-owner Occupied Term [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 30,251,000 | ' | 29,019,000 | ' |
Evergreen Bank [Member] | Owner Occupied Term [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 18,532,000 | ' | 18,582,000 | ' |
Evergreen Bank [Member] | Multifamily [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 1,973,000 | ' | 7,626,000 | ' |
Evergreen Bank [Member] | Construction & Development [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 1,511,000 | ' | 1,506,000 | ' |
Evergreen Bank [Member] | Residential Development [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 1,856,000 | ' | 1,861,000 | ' |
Evergreen Bank [Member] | Term [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 2,161,000 | ' | 5,651,000 | ' |
Evergreen Bank [Member] | LOC & Other [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 2,373,000 | ' | 2,664,000 | ' |
Evergreen Bank [Member] | Mortgage [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 3,058,000 | ' | 3,075,000 | ' |
Evergreen Bank [Member] | Home Equity Loans & Lines [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 2,706,000 | ' | 2,820,000 | ' |
Evergreen Bank [Member] | Consumer & Other [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 938,000 | ' | 954,000 | ' |
Rainier Pacific Bank [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 186,951,000 | ' | 192,257,000 | ' |
Rainier Pacific Bank [Member] | Non-owner Occupied Term [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 113,584,000 | ' | 117,076,000 | ' |
Rainier Pacific Bank [Member] | Owner Occupied Term [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 14,778,000 | ' | 14,711,000 | ' |
Rainier Pacific Bank [Member] | Multifamily [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 18,508,000 | ' | 22,210,000 | ' |
Rainier Pacific Bank [Member] | Construction & Development [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 0 | ' | 0 | ' |
Rainier Pacific Bank [Member] | Residential Development [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 0 | ' | 0 | ' |
Rainier Pacific Bank [Member] | Term [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 740,000 | ' | 768,000 | ' |
Rainier Pacific Bank [Member] | LOC & Other [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 4,930,000 | ' | 1,934,000 | ' |
Rainier Pacific Bank [Member] | Mortgage [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 16,983,000 | ' | 17,468,000 | ' |
Rainier Pacific Bank [Member] | Home Equity Loans & Lines [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 14,366,000 | ' | 14,782,000 | ' |
Rainier Pacific Bank [Member] | Consumer & Other [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 3,062,000 | ' | 3,308,000 | ' |
Nevada Security Bank [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 100,273,000 | ' | 107,748,000 | ' |
Nevada Security Bank [Member] | Non-owner Occupied Term [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 55,983,000 | ' | 60,807,000 | ' |
Nevada Security Bank [Member] | Owner Occupied Term [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 16,177,000 | ' | 16,524,000 | ' |
Nevada Security Bank [Member] | Multifamily [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 7,081,000 | ' | 7,835,000 | ' |
Nevada Security Bank [Member] | Construction & Development [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 1,935,000 | ' | 1,949,000 | ' |
Nevada Security Bank [Member] | Residential Development [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 5,357,000 | ' | 5,425,000 | ' |
Nevada Security Bank [Member] | Term [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 7,908,000 | ' | 9,300,000 | ' |
Nevada Security Bank [Member] | LOC & Other [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 2,148,000 | ' | 2,100,000 | ' |
Nevada Security Bank [Member] | Mortgage [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 1,762,000 | ' | 1,773,000 | ' |
Nevada Security Bank [Member] | Home Equity Loans & Lines [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | 1,922,000 | ' | 2,035,000 | ' |
Nevada Security Bank [Member] | Consumer & Other [Member] | ' | ' | ' | ' |
Major Type Of Covered Loans [Line Items] | ' | ' | ' | ' |
Covered loans, net of deferred fees and costs | $0 | ' | $0 | ' |
Covered_Assets_and_Indemnifica4
Covered Assets and Indemnification Asset (Changes In Accretable Yield In Acquired Loans) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Certain Loans Acquired [Roll Forward] | ' | ' |
Balance, beginning of period | $126,484 | $183,388 |
Accretion to interest income | -12,382 | -14,197 |
Disposals | -3,857 | -2,930 |
Reclassifications (to)/from nonaccretable difference | 5,329 | 3,359 |
Balance, end of period | 115,574 | 169,620 |
Evergreen Bank [Member] | ' | ' |
Certain Loans Acquired [Roll Forward] | ' | ' |
Balance, beginning of period | 20,063 | 34,567 |
Accretion to interest income | -3,637 | -4,139 |
Disposals | -1,240 | -236 |
Reclassifications (to)/from nonaccretable difference | 974 | 1,412 |
Balance, end of period | 16,160 | 31,604 |
Rainier Pacific Bank [Member] | ' | ' |
Certain Loans Acquired [Roll Forward] | ' | ' |
Balance, beginning of period | 71,789 | 102,468 |
Accretion to interest income | -4,281 | -5,864 |
Disposals | -987 | -1,363 |
Reclassifications (to)/from nonaccretable difference | 1,402 | 142 |
Balance, end of period | 67,923 | 95,383 |
Nevada Security Bank [Member] | ' | ' |
Certain Loans Acquired [Roll Forward] | ' | ' |
Balance, beginning of period | 34,632 | 46,353 |
Accretion to interest income | -4,464 | -4,194 |
Disposals | -1,630 | -1,331 |
Reclassifications (to)/from nonaccretable difference | 2,953 | 1,805 |
Balance, end of period | $31,491 | $42,633 |
Covered_Assets_and_Indemnifica5
Covered Assets and Indemnification Asset (Activity Related To Allowance For Covered Loan And Lease Losses By Covered Loan Portfolio) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | $9,771 | $18,275 |
Charge-offs | -669 | -817 |
Recoveries | 647 | 531 |
Provision | 571 | 232 |
Balance, end of period | 10,320 | 18,221 |
Commercial Real Estate [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 6,105 | 12,129 |
Charge-offs | -346 | -261 |
Recoveries | 391 | 295 |
Provision | -79 | 211 |
Balance, end of period | 6,071 | 12,374 |
Commercial [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 2,837 | 4,980 |
Charge-offs | -169 | -328 |
Recoveries | 121 | 164 |
Provision | 680 | 51 |
Balance, end of period | 3,469 | 4,867 |
Residential [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 660 | 804 |
Charge-offs | -118 | -50 |
Recoveries | 115 | 37 |
Provision | -25 | -106 |
Balance, end of period | 632 | 685 |
Consumer & Other [Member] | ' | ' |
Financing Receivable, Allowance for Credit Losses [Roll Forward] | ' | ' |
Balance, beginning of period | 169 | 362 |
Charge-offs | -36 | -178 |
Recoveries | 20 | 35 |
Provision | -5 | 76 |
Balance, end of period | $148 | $295 |
Covered_Assets_and_Indemnifica6
Covered Assets and Indemnification Asset (Allowance And Recorded Investment By Covered Loan Portfolio) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses, Acquired with Deteriorated Credit Quality | $9,857 | [1] | ' | $17,399 | [1] | ' |
Collectively evaluated for impairment | 463 | [2] | ' | 822 | [2] | ' |
Total | 10,320 | 9,771 | 18,221 | 18,275 | ||
Covered loans and leases, Loans acquired with deteriorated credit quality | 334,666 | [1] | ' | 426,507 | [1] | ' |
Financing Receivable Covered Collectively Evaluated For Impairment | 17,917 | [2] | ' | 23,353 | [2] | ' |
Total | 352,583 | 373,763 | 449,860 | ' | ||
Commercial Real Estate [Member] | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses, Acquired with Deteriorated Credit Quality | 5,962 | [1] | ' | 11,985 | [1] | ' |
Collectively evaluated for impairment | 109 | [2] | ' | 389 | [2] | ' |
Total | 6,071 | 6,105 | 12,374 | 12,129 | ||
Covered loans and leases, Loans acquired with deteriorated credit quality | 286,507 | [1] | ' | 363,158 | [1] | ' |
Financing Receivable Covered Collectively Evaluated For Impairment | 1,019 | [2] | ' | 2,940 | [2] | ' |
Total | 287,526 | ' | 366,098 | ' | ||
Commercial [Member] | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses, Acquired with Deteriorated Credit Quality | 3,216 | [1] | ' | 4,529 | [1] | ' |
Collectively evaluated for impairment | 253 | [2] | ' | 338 | [2] | ' |
Total | 3,469 | 2,837 | 4,867 | 4,980 | ||
Covered loans and leases, Loans acquired with deteriorated credit quality | 10,807 | [1] | ' | 18,213 | [1] | ' |
Financing Receivable Covered Collectively Evaluated For Impairment | 9,453 | [2] | ' | 12,942 | [2] | ' |
Total | 20,260 | ' | 31,155 | ' | ||
Residential [Member] | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses, Acquired with Deteriorated Credit Quality | 581 | [1] | ' | 636 | [1] | ' |
Collectively evaluated for impairment | 51 | [2] | ' | 49 | [2] | ' |
Total | 632 | 660 | 685 | 804 | ||
Covered loans and leases, Loans acquired with deteriorated credit quality | 35,775 | [1] | ' | 42,652 | [1] | ' |
Financing Receivable Covered Collectively Evaluated For Impairment | 5,022 | [2] | ' | 4,966 | [2] | ' |
Total | 40,797 | ' | 47,618 | ' | ||
Consumer & Other [Member] | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' | ' | ||
Financing Receivable, Allowance for Credit Losses, Acquired with Deteriorated Credit Quality | 98 | [1] | ' | 249 | [1] | ' |
Collectively evaluated for impairment | 50 | [2] | ' | 46 | [2] | ' |
Total | 148 | 169 | 295 | 362 | ||
Covered loans and leases, Loans acquired with deteriorated credit quality | 1,577 | [1] | ' | 2,484 | [1] | ' |
Financing Receivable Covered Collectively Evaluated For Impairment | 2,423 | [2] | ' | 2,505 | [2] | ' |
Total | $4,000 | $4,262 | $4,989 | ' | ||
[1] | In accordance with ASC 310-30, the valuation allowance is netted against the carrying value of the covered loan balance. | |||||
[2] | The allowance on covered loan losses includes an allowance on covered loan advances on acquired loans subsequent to acquisition. |
Covered_Assets_and_Indemnifica7
Covered Assets and Indemnification Asset (Internal Risk Rating By Loan Class) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | $342,263 | $363,992 |
Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 236,373 | 243,086 |
Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 27,566 | 36,610 |
Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 77,796 | 83,771 |
Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 528 | 525 |
Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Non-owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 197,067 | 204,052 |
Non-owner Occupied Term [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 131,647 | 133,452 |
Non-owner Occupied Term [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 21,814 | 26,321 |
Non-owner Occupied Term [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 43,606 | 44,279 |
Non-owner Occupied Term [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Non-owner Occupied Term [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Owner Occupied Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 48,447 | 48,673 |
Owner Occupied Term [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 32,077 | 30,119 |
Owner Occupied Term [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 3,232 | 3,370 |
Owner Occupied Term [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 12,927 | 14,971 |
Owner Occupied Term [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 211 | 213 |
Owner Occupied Term [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Multifamily [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 27,079 | 37,185 |
Multifamily [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 16,092 | 24,213 |
Multifamily [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 1,174 | 2,563 |
Multifamily [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 9,813 | 10,409 |
Multifamily [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Multifamily [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Construction & Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 2,779 | 2,803 |
Construction & Development [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 1,123 | 1,117 |
Construction & Development [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Construction & Development [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 1,656 | 1,686 |
Construction & Development [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Construction & Development [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Residential Development [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 6,083 | 6,311 |
Residential Development [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 482 | 492 |
Residential Development [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 222 | 224 |
Residential Development [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 5,317 | 5,541 |
Residential Development [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 62 | 54 |
Residential Development [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Term [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 7,861 | 13,280 |
Term [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 3,710 | 3,753 |
Term [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 915 | 3,141 |
Term [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 2,981 | 6,128 |
Term [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 255 | 258 |
Term [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
LOC & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 8,929 | 6,302 |
LOC & Other [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 7,321 | 4,630 |
LOC & Other [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 209 | 991 |
LOC & Other [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 1,399 | 681 |
LOC & Other [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
LOC & Other [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Mortgage [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 21,664 | 22,175 |
Mortgage [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 21,664 | 22,175 |
Mortgage [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Mortgage [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Mortgage [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Mortgage [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Home Equity Loans & Lines [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 18,502 | 19,119 |
Home Equity Loans & Lines [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 18,405 | 19,043 |
Home Equity Loans & Lines [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Home Equity Loans & Lines [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 97 | 76 |
Home Equity Loans & Lines [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Home Equity Loans & Lines [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Consumer & Other [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 3,852 | 4,092 |
Consumer & Other [Member] | Pass/Watch [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 3,852 | 4,092 |
Consumer & Other [Member] | Special Mention [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Consumer & Other [Member] | Substandard [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Consumer & Other [Member] | Doubtful [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | 0 | 0 |
Consumer & Other [Member] | Loss [Member] | ' | ' |
Financing Receivable, Recorded Investment [Line Items] | ' | ' |
Covered loans, by credit rating | $0 | $0 |
Covered_Assets_and_Indemnifica8
Covered Assets and Indemnification Asset (Summary Of Activity In Covered Other Real Estate Owned) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Covered Assets and Indemnification Asset [Roll Forward] | ' | ' |
Balance, beginning of period | $2,102 | $10,374 |
Additions to covered OREO | 0 | 1,741 |
Dispositions of covered OREO | 356 | 3,665 |
Valuation adjustments in the period | 0 | -554 |
Balance, end of period | $1,746 | $7,896 |
Covered_Assets_and_Indemnifica9
Covered Assets and Indemnification Asset (Summary Of Activity Related To The FDIC Indemnification Asset) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
FDIC Indemnification Asset [Roll Forward] | ' | ' |
Balance, beginning of period | $23,174 | $52,798 |
Change in FDIC indemnification asset | -4,840 | -5,073 |
Transfers to due from FDIC and other | 28 | -1,679 |
Balance, end of period | 18,362 | 46,046 |
Evergreen Bank [Member] | ' | ' |
FDIC Indemnification Asset [Roll Forward] | ' | ' |
Balance, beginning of period | 5,209 | 14,876 |
Change in FDIC indemnification asset | -1,704 | -1,238 |
Transfers to due from FDIC and other | 58 | -473 |
Balance, end of period | 3,563 | 13,165 |
Rainier Pacific Bank [Member] | ' | ' |
FDIC Indemnification Asset [Roll Forward] | ' | ' |
Balance, beginning of period | 8,016 | 15,110 |
Change in FDIC indemnification asset | -1,410 | -1,568 |
Transfers to due from FDIC and other | -24 | -513 |
Balance, end of period | 6,582 | 13,029 |
Nevada Security Bank [Member] | ' | ' |
FDIC Indemnification Asset [Roll Forward] | ' | ' |
Balance, beginning of period | 9,949 | 22,812 |
Change in FDIC indemnification asset | -1,726 | -2,267 |
Transfers to due from FDIC and other | -6 | -693 |
Balance, end of period | $8,217 | $19,852 |
Mortgage_Servicing_Rights_Narr
Mortgage Servicing Rights (Narrative) (Details) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Transfers and Servicing [Abstract] | ' | ' |
Contractually specified servicing fees, late fees and ancillary fees earned | $3 | $2.20 |
Mortgage_Servicing_Rights_Sche
Mortgage Servicing Rights (Schedule Of Changes In Mortgage Servicing Rights) (Details) (USD $) | 3 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Servicing Asset at Fair Value, Amount [Roll Forward] | ' | ' | ||
Balance, beginning of period | $47,765 | $27,428 | ||
Additions for new mortgage servicing rights capitalized | 2,408 | 6,403 | ||
Due to changes in model inputs or assumptions, changes in fair value | -1,087 | [1] | -1,525 | [1] |
Other, changes in fair value | 134 | [2] | -209 | [2] |
Balance, end of period | $49,220 | $32,097 | ||
[1] | Principally reflects changes in discount rates and prepayment speed assumptions, which are primarily affected by changes in interest rates. | |||
[2] | Represents changes due to collection/realization of expected cash flows over time. |
Mortgage_Servicing_Rights_Sche1
Mortgage Servicing Rights (Schedule Of Information Relates To Serviced Loan Portfolio) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Transfers and Servicing [Abstract] | ' | ' |
Balance of loans serviced for others | $4,496,662 | $4,362,499 |
MSR as a percentage of serviced loans | 1.09% | 1.09% |
Mortgage_Servicing_Rights_Key_
Mortgage Servicing Rights (Key Assumptions Used In Measuring The Fair Value Of MSR) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Transfers and Servicing [Abstract] | ' | ' |
Constant prepayment rate | 13.59% | 12.74% |
Discount rate | 8.70% | 8.69% |
Weighted average life (years) | '5 years 8 months 27 days | '6 years |
Mortgage_Servicing_Rights_Sens
Mortgage Servicing Rights (Sensitivity Analysis of Current Fair Value to Changes in Discount and Prepayment Speed Assumptions) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Transfers and Servicing [Abstract] | ' | ' |
Effect on fair value of a 10% adverse change | ($2,338) | ($2,255) |
Effect on fair value of a 20% adverse change | -4,479 | -4,323 |
Effect on fair value of a 100 basis point adverse change | -1,817 | -1,832 |
Effect on fair value of a 200 basis point adverse change | ($3,503) | ($3,534) |
OREO_Schedule_Of_Changes_In_Ot
OREO (Schedule Of Changes In Other Real Estate Owned) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Real Estate Owned Valuation Allowance [Roll Forward] | ' | ' |
Balance, beginning of period | $21,833 | $17,138 |
Additions to OREO | 1,878 | 5,689 |
Dispositions of OREO | -1,578 | -3,785 |
Valuation adjustments in the period | 99 | 369 |
Balance, end of period | $22,034 | $18,673 |
Junior_Subordinated_Debentures2
Junior Subordinated Debentures (Narrative) (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2009 | |
Dodd-Frank Act [Member] | ||||
Junior Subordinated Debentures [Line Items] | ' | ' | ' | ' |
Common stock issued by Trusts | $6,900,000 | ' | $6,900,000 | ' |
Term of LIBOR variable base rate | '3 months | ' | ' | ' |
Loss on junior subordinated debentures carried at fair value | 542,000 | 542,000 | ' | ' |
Total assets | $11,838,726,000 | ' | $11,636,112,000 | $15,000,000,000 |
Restricted core capital percentage | 18.60% | ' | ' | ' |
Junior_Subordinated_Debentures3
Junior Subordinated Debentures (Junior Subordinated Debentures) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | ||||||||||||||||||
In Thousands, unless otherwise specified | Junior Subordinated Debt, at Fair Value [Member] | Junior Subordinated Debt, at Fair Value [Member] | Junior Subordinated Debt, at Fair Value [Member] | Junior Subordinated Debt, at Fair Value [Member] | Junior Subordinated Debt, at Fair Value [Member] | Junior Subordinated Debt, at Fair Value [Member] | Junior Subordinated Debt, at Fair Value [Member] | Junior Subordinated Debt, at Amortized Cost [Member] | Junior Subordinated Debt, at Amortized Cost [Member] | Junior Subordinated Debt, at Amortized Cost [Member] | Junior Subordinated Debt, at Amortized Cost [Member] | Junior Subordinated Debt, at Amortized Cost [Member] | Junior Subordinated Debt, at Amortized Cost [Member] | Junior Subordinated Debt, at Amortized Cost [Member] | Junior Subordinated Debt, at Amortized Cost [Member] | Junior Subordinated Debt, at Amortized Cost [Member] | Junior Subordinated Debt, at Amortized Cost [Member] | ||||||||||||||||||||
Umpqua Statutory Trust II [Member] | Umpqua Statutory Trust III [Member] | Umpqua Statutory Trust IV [Member] | Umpqua Statutory Trust V [Member] | Umpqua Master Trust I [Member] | Umpqua Master Trust IB [Member] | HB Capital Trust I [Member] | Humboldt Bancorp Statutory Trust I [Member] | Humboldt Bancorp Statutory Trust II [Member] | Humboldt Bancorp Statutory Trust III [Member] | CIB Capital Trust [Member] | Western Sierra Statutory Trust I [Member] | Western Sierra Statutory Trust II [Member] | Western Sierra Statutory Trust III [Member] | Western Sierra Statutory Trust IV [Member] | |||||||||||||||||||||||
Junior Subordinated Debentures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||||
Issue Date | ' | ' | ' | 'October 2002 | 'October 2002 | 'December 2003 | 'December 2003 | 'August 2007 | 'September 2007 | ' | 'March 2000 | 'February 2001 | 'December 2001 | 'September 2003 | 'November 2002 | 'JulyB 2001 | 'DecemberB 2001 | 'SeptemberB 2003 | 'SeptemberB 2003 | ||||||||||||||||||
Issued Amount | $230,061 | ' | $134,024 | $20,619 | $30,928 | $10,310 | $10,310 | $41,238 | $20,619 | $96,037 | $5,310 | $5,155 | $10,310 | $27,836 | $10,310 | $6,186 | $10,310 | $10,310 | $10,310 | ||||||||||||||||||
AT FAIR VALUE | 87,800 | 87,274 | 87,800 | [1] | 14,865 | [1] | 22,499 | [1] | 7,019 | [1] | 6,998 | [1] | 22,887 | [1] | 13,532 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||
AT AMORTIZED COST | 101,818 | 101,899 | ' | ' | ' | ' | ' | ' | ' | 101,818 | [1] | 6,203 | [1] | 5,809 | [1] | 11,257 | [1] | 30,313 | [1] | 11,120 | [1] | 6,186 | [1] | 10,310 | [1] | 10,310 | [1] | 10,310 | [1] | ||||||||
Debt Instrument, Interest Rate, Stated Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.88% | [2] | 10.20% | [2] | ' | ' | ' | ' | ' | ' | ' | ||||||||||||||||
Carrying Value | $189,618 | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |||||||||||||||||
Rate | ' | ' | ' | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | ' | ' | ' | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | 'LIBOR | [2] | |||||
Effective Rate | ' | ' | ' | 4.97% | [3] | 5.07% | [3] | 4.54% | [3] | 4.54% | [3] | 2.85% | [3] | 4.55% | [3] | ' | 8.41% | [3] | 8.38% | [3] | 3.03% | [3] | 2.49% | [3] | 3.02% | [3] | 3.82% | [3] | 3.83% | [3] | 3.14% | [3] | 3.14% | [3] | |||
Maturity Date | ' | ' | ' | 'October 2032 | 'November 2032 | 'January 2034 | 'March 2034 | 'September 2037 | 'December 2037 | ' | 'March 2030 | 'February 2031 | 'December 2031 | 'September 2033 | 'November 2032 | 'JulyB 2031 | 'DecemberB 2031 | 'SeptemberB 2033 | 'SeptemberB 2033 | ||||||||||||||||||
Redemption Date | ' | ' | ' | 'October 2007 | 'November 2007 | 'January 2009 | 'March 2009 | 'September 2012 | 'December 2012 | ' | 'March 2010 | 'February 2011 | 'December 2006 | 'September 2008 | 'November 2007 | 'JulyB 2006 | 'DecemberB 2006 | 'SeptemberB 2008 | 'SeptemberB 2008 | ||||||||||||||||||
Basis spread on LIBOR | ' | ' | ' | 4.97% | [2] | 5.07% | [2] | 4.54% | [2] | 4.54% | [2] | 2.85% | [2] | 4.55% | [2] | ' | ' | ' | 3.03% | [2] | 2.49% | [2] | 3.02% | [2] | 3.82% | [2] | 3.83% | [2] | 3.14% | [2] | 3.14% | [2] | |||||
[1] | Includes purchase accounting adjustments, net of accumulated amortization, for junior subordinated debenturesB assumed in connection with previous mergers as well as fair value adjustments related to trusts recorded at fair value. | ||||||||||||||||||||||||||||||||||||
[2] | Contractual interest rate of junior subordinated debentures. | ||||||||||||||||||||||||||||||||||||
[3] | Effective interest rate based upon the carrying value as of MarchB 31, 2014. |
Commitments_and_Contingencies_1
Commitments and Contingencies (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
loan | |||
properties | |||
Loss Contingencies [Line Items] | ' | ' | ' |
Litigation settlement other company owned stock | $4,400,000,000 | ' | ' |
Number of non-cancelable operating leases | 155 | ' | ' |
Rent expense | 5,000,000 | 4,700,000 | ' |
Rent income | 177,000 | 255,000 | ' |
Losses in connection with standby letters of credit | 0 | 79,000 | ' |
Standby letters of credit that expire thereafter | 16,700,000 | ' | ' |
Standby letters of credit that expire within one year | 36,000,000 | ' | ' |
Fair value of guarantee with standby letters of credit | 119,000 | ' | ' |
Number of loans repurchased due to deficiencies in underwriting or loan documentation | 20 | ' | ' |
Concentration risk, percentage | ' | ' | 74.00% |
Visa Inc [Member] | ' | ' | ' |
Loss Contingencies [Line Items] | ' | ' | ' |
Other company stock owned shares | 468,659 | ' | ' |
Conversion ratio from Class B shares into Class A shares | 42.06% | ' | ' |
Value of the Class A shares | $215.86 | ' | ' |
Unredeemed Class A equivalent shares owned | $42,500,000 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies (Schedule Of Commitments And Contingencies) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Loss Contingencies [Line Items] | ' | ' |
Commitments and contingent liabilities | ' | ' |
Commitments To Extend Credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Commitments and contingent liabilities | 1,566,413 | ' |
Commitments To Extend Overdrafts [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Commitments and contingent liabilities | 179,360 | ' |
Forward Sales Commitments [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Commitments and contingent liabilities | 146,405 | ' |
Commitments To Originate Loans Held For Sale [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Commitments and contingent liabilities | 112,039 | ' |
Standby Letters Of Credit [Member] | ' | ' |
Loss Contingencies [Line Items] | ' | ' |
Commitments and contingent liabilities | $52,736 | ' |
Derivatives_Narrative_Details
Derivatives (Narrative) (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
contracts | |||
Credit Derivatives [Line Items] | ' | ' | ' |
Counterparty default losses on forward contracts | $0 | ' | ' |
Commitments and contingent liabilities | ' | ' | ' |
Number of interest rate derivatives held | 270 | ' | ' |
Termination value of derivatives in net liability position | 16,300,000 | ' | ' |
CollateralPostingClearing | 26,500,000 | ' | 13,000,000 |
Decrease in settlement values of the Bank's derivative assets | 299,000 | ' | ' |
Gain (loss) on nonhedge derivative instruments related to credit valuation adjustments | -1,200,000 | 16,000 | ' |
Interest Rate Forward Sales Commitments [Member] | ' | ' | ' |
Credit Derivatives [Line Items] | ' | ' | ' |
Commitments and contingent liabilities | 146,405,000 | ' | ' |
Commitments To Originate Loans Held For Sale [Member] | ' | ' | ' |
Credit Derivatives [Line Items] | ' | ' | ' |
Commitments and contingent liabilities | 112,039,000 | ' | ' |
Interest Rate Swap [Member] | ' | ' | ' |
Credit Derivatives [Line Items] | ' | ' | ' |
Notional amount of credit risk derivatives | $1,400,000,000 | ' | ' |
Derivatives_Summary_Of_Types_O
Derivatives (Summary Of Types Of Derivatives, Separately By Assets And Liabilities And Fair Value Of Derivatives) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Interest Rate Lock Commitments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | $1,394 | $706 |
Total liability derivatives | 0 | 0 |
Interest Rate Forward Sales Commitments [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 330 | 1,250 |
Total liability derivatives | 72 | 6 |
Interest Rate Swap [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 15,988 | 15,965 |
Total liability derivatives | 15,612 | 14,556 |
Interest Rate Contracts [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 17,712 | 17,921 |
Total liability derivatives | 15,684 | 14,562 |
Interest Rate Contracts [Member] | Interest Rate Lock Commitments [Member] | Other Assets[Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 1,394 | 706 |
Interest Rate Contracts [Member] | Interest Rate Lock Commitments [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total liability derivatives | 0 | 0 |
Interest Rate Contracts [Member] | Interest Rate Forward Sales Commitments [Member] | Other Assets[Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 330 | 1,250 |
Interest Rate Contracts [Member] | Interest Rate Forward Sales Commitments [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total liability derivatives | 72 | 6 |
Interest Rate Contracts [Member] | Interest Rate Swap [Member] | Other Assets[Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total asset derivatives | 15,988 | 15,965 |
Interest Rate Contracts [Member] | Interest Rate Swap [Member] | Other Liabilities [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Total liability derivatives | $15,612 | $14,556 |
Derivatives_Summary_Of_Types_O1
Derivatives (Summary Of Types Of Derivatives And Gains (Losses) Recorded) (Details) (Interest Rate Contracts [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative gains (losses) | ($3,174) | $5,114 |
Interest Rate Lock Commitments [Member] | Mortgage Banking Revenue [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative gains (losses) | 688 | 2,467 |
Interest Rate Forward Sales Commitments [Member] | Mortgage Banking Revenue [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative gains (losses) | -2,648 | 2,631 |
Interest Rate Swap [Member] | Other Income [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Derivative gains (losses) | ($1,214) | $16 |
Derivatives_Offsetting_Derivat
Derivatives (Offsetting Derivatives Assets) (Details) (Interest Rate Swap [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Interest Rate Swap [Member] | ' | ' |
Derivative Assets | ' | ' |
Derivative Assets, Gross Amounts of Recognized Assets | $15,988 | $15,965 |
Derivative Assets, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Derivatives Assets, Net Amounts of Assets presented in the Statement of Financial Position | 15,988 | 15,965 |
Derivative Asset, Fair Value, Amount Not Offset Against Collateral [Abstract] | ' | ' |
Derivative Assets, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | -4,930 | -4,852 |
Derivative Assets, Gross Amounts Not Offset in the Statement of Financial Position, Collateral Posted | -6,550 | -2,207 |
Derivative Assets, Net Amount | $4,508 | $8,906 |
Derivatives_Offsetting_Derivat1
Derivatives (Offsetting Derivatives Liabilities) (Details) (Interest Rate Swap [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Interest Rate Swap [Member] | ' | ' |
Derivative Liabilities | ' | ' |
Derivative Liabilities, Gross Amounts of Recognized Liabilities | $15,612 | $14,556 |
Derivative Liabilities, Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Derivatives Liabilities, Net Amounts of Liabilities presented in the Statement of Financial Position | 15,612 | 14,556 |
Derivative Liability, Fair Value, Amount Not Offset Against Collateral [Abstract] | ' | ' |
Derivative Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Financial Instruments | -4,930 | -4,852 |
Derivative Liabilities, Gross Amounts Not Offset in the Statement of Financial Position, Collateral Posted | -10,682 | -9,704 |
Derivative Liabilities, Net Amount | $0 | $0 |
Shareholders_Equity_Stock_Comp2
Shareholdersb Equity, Stock Compensation, and Share Repurchase Plan (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | ||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Apr. 16, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 18, 2014 | |
Restricted Stock Units (RSUs) [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Employee Stock Option [Member] | Company's 2013 Incentive Plan [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Subsequent Event [Member] | ||||
Shareholders Equity and Share-Based Payments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | 400,000,000 | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 400,000,000 |
Compensation cost | $1,534,000 | $1,185,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total income tax benefit recognized related to stock-based compensation | 614,000 | 474,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | 1,400,000 | 7,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from exercise of stock options | 2,600,000 | 33,000 | ' | ' | ' | ' | ' | ' | ' | 897,000 | 22,000 | ' |
Stock options granted | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of restricted stock shares/units vested and released | ' | ' | ' | ' | 5,500,000 | 1,300,000 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | ' | ' | ' | 70,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | ' | ' | ' | 0 | 7,000 | ' | ' | ' | ' | ' | ' | ' |
Restricted stock units outstanding, shares | ' | ' | ' | 20,000 | 991,000 | ' | 992,000 | ' | ' | ' | ' | ' |
Restricted stock units outstanding, weighted average grant dare fair value, usd per share | ' | ' | ' | $10.39 | $14.51 | ' | $12.79 | ' | ' | ' | ' | ' |
Total unrecognized compensation cost related to nonvested stock awards | ' | ' | ' | 57,000 | 9,800,000 | ' | ' | 497,000 | ' | ' | ' | ' |
Expected recognized over a weighted-average period, years | ' | ' | ' | '9 months 18 days | '1 year 10 months 24 days | ' | ' | '1 year 4 months 24 days | ' | ' | ' | ' |
Income tax benefits received | 3,300,000 | 517,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net tax benefit from stock options exercised | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax deficiency from stock options exercised | ' | $10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares of common stock for issuance under the plan | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' |
Shareholders_Equity_Stock_Comp3
Shareholdersb Equity, Stock Compensation, and Share Repurchase Plan (Summary Of Stock Option Activity) (Details) (USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Options Outstanding, Balance, beginning of period | 981 |
Options Outstanding, Exercised | -222 |
Options Outstanding, Forfeited/expired | 0 |
Options Outstanding, Balance, end of period | 759 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' |
Weighted Avg Exercise Price, Balance beginning of period | $16.17 |
Weighted-Avg Exercise Price, Exercised | $11.77 |
Weighted-Avg Exercise Price, Forfeited/expired | $0 |
Weighted Avg Exercise Price, Balance, end of period | $17.45 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' |
Options exercisable, end of year, Options Outstanding | 662 |
Options exercisable, end of year, Weighted Avg. Exercise Price | $18.21 |
Weighted Avg Remaining Contractual Term | '3 years 8 months 12 days |
Options exercisable, end of period - Weighted-Avg Remaining Contractual Term | '3 years 3 months 18 days |
Aggregate Intrinsic Value | $2,818 |
Options exercisable, end of period - Aggregate Intrinsic Value | $2,200 |
Shareholders_Equity_Stock_Comp4
Shareholdersb Equity, Stock Compensation, and Share Repurchase Plan (Summary Of Nonvested Restricted Share Activity) (Details) (Restricted Shares [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Restricted Shares Outstanding - Balance, beginning of year | 992,000 |
Restricted Shares Outstanding - Granted | 317,000 |
Restricted Shares Outstanding - Released | -311,000 |
Restricted Shares Outstanding - Forfeited/expired | -7,000 |
Restricted Shares Outstanding - Balance, end of year | 991,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' |
Weighted Average Grant Date Fair Value - Balance, beginning of year | $12.79 |
Weighted Average Grant Date Fair Value - Granted | $17.31 |
Weighted Average Grant Date Fair Value - Released | $11.86 |
Weighted Average Grant Date Fair Value - Forfeited/expired | $14.28 |
Weighted Average Grant Date Fair Value - Balance, end of year | $14.51 |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Gross unrecognized tax benefits | $602,000 |
Effective income tax rate on unrecognized tax benefits that would impact effective tax rate | 0.50% |
Recognized benefit in interest | 6,000 |
Accrued interest related to unrecognized tax benefits | $198,000 |
Earnings_Per_Common_Share_Comp
Earnings Per Common Share (Computation Of Basic And Diluted Earnings (Loss) Per Common Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
NUMERATORS: | ' | ' | ' | ||
Net income | $18,764 | $23,361 | $98,361 | ||
Dividends and undistributed earnings allocated to participating securities | 113 | [1] | 183 | [1] | ' |
Net earnings available to common shareholders | $18,651 | $23,178 | ' | ||
DENOMINATORS: | ' | ' | ' | ||
Weighted average number of common shares outstanding - basic | 112,170 | 111,937 | ' | ||
Effect of potentially dilutive common shares | 197 | [2] | 181 | [2] | ' |
Weighted average number of common shares outstanding - diluted | 112,367 | 112,118 | ' | ||
EARNINGS PER COMMON SHARE: | ' | ' | ' | ||
Basic (in usd per share) | $0.17 | $0.21 | ' | ||
Diluted (in usd per share) | $0.17 | $0.21 | ' | ||
[1] | Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. | ||||
[2] | Represents the effect of the assumed exercise of stock options, vesting of non-participating restricted shares, and vesting of restricted stock units, based on the treasury stock method. |
Earnings_Per_Common_Share_Sche
Earnings Per Common Share (Schedule Of Weighted Average Outstanding Securities Not Included In The Computation Of Diluted Earnings Per Common Share) (Details) (Stock Options [Member]) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive weighted average outstanding securities | 336 | 1,069 |
Segment_Information_Narrative_
Segment Information (Narrative) (Details) | 3 Months Ended |
Mar. 31, 2014 | |
segment | |
operating_location | |
Segment Reporting Information [Line Items] | ' |
Number of primary segments | 3 |
Number of locations in operation | 204 |
Segment_Information_Summary_Of
Segment Information (Summary Of Financial Information By Reportable Segment) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Interest income | $115,880 | $104,333 | ' | ||
Interest expense | 8,042 | 10,144 | ' | ||
Net interest income | 107,838 | 94,189 | ' | ||
Provision for non-covered loan and lease losses | 5,400 | 6,988 | ' | ||
Provision for covered loan and lease losses | 571 | 232 | ' | ||
Non-interest income | 23,007 | 34,015 | ' | ||
Non-interest expense | 96,518 | 85,762 | ' | ||
Income before income taxes | 28,356 | 35,222 | ' | ||
Provision for income taxes | 9,592 | 11,861 | ' | ||
Net income | 18,764 | 23,361 | 98,361 | ||
Dividends and undistributed earnings allocated to participating securities | 113 | [1] | 183 | [1] | ' |
Net earnings available to common shareholders | 18,651 | 23,178 | ' | ||
Total assets | 11,838,726 | ' | 11,636,112 | ||
Total loans and leases (covered and non-covered) | 7,753,371 | ' | 7,718,395 | ||
Total deposits | 9,273,583 | ' | 9,117,660 | ||
Community Banking [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Interest income | 106,603 | 95,011 | ' | ||
Interest expense | 7,315 | 9,281 | ' | ||
Net interest income | 99,288 | 85,730 | ' | ||
Provision for non-covered loan and lease losses | 5,400 | 6,988 | ' | ||
Provision for covered loan and lease losses | 571 | 232 | ' | ||
Non-interest income | 8,522 | 6,496 | ' | ||
Non-interest expense | 84,540 | 71,458 | ' | ||
Income before income taxes | 17,299 | 13,548 | ' | ||
Provision for income taxes | 5,170 | 3,191 | ' | ||
Net income | 12,129 | 10,357 | ' | ||
Dividends and undistributed earnings allocated to participating securities | 113 | 183 | ' | ||
Net earnings available to common shareholders | 12,016 | 10,174 | ' | ||
Total assets | 10,993,095 | ' | 10,822,990 | ||
Total loans and leases (covered and non-covered) | 7,049,228 | ' | 7,076,279 | ||
Total deposits | 8,883,658 | ' | 8,734,175 | ||
Wealth Management [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Interest income | 3,553 | 3,724 | ' | ||
Interest expense | 173 | 190 | ' | ||
Net interest income | 3,380 | 3,534 | ' | ||
Provision for non-covered loan and lease losses | 0 | 0 | ' | ||
Provision for covered loan and lease losses | 0 | 0 | ' | ||
Non-interest income | 3,965 | 3,790 | ' | ||
Non-interest expense | 4,794 | 4,002 | ' | ||
Income before income taxes | 2,551 | 3,322 | ' | ||
Provision for income taxes | 1,020 | 1,329 | ' | ||
Net income | 1,531 | 1,993 | ' | ||
Dividends and undistributed earnings allocated to participating securities | 0 | 0 | ' | ||
Net earnings available to common shareholders | 1,531 | 1,993 | ' | ||
Total assets | 139,008 | ' | 126,060 | ||
Total loans and leases (covered and non-covered) | 122,883 | ' | 110,087 | ||
Total deposits | 356,787 | ' | 356,784 | ||
Home Lending [Member] | ' | ' | ' | ||
Segment Reporting Information [Line Items] | ' | ' | ' | ||
Interest income | 5,724 | 5,598 | ' | ||
Interest expense | 554 | 673 | ' | ||
Net interest income | 5,170 | 4,925 | ' | ||
Provision for non-covered loan and lease losses | 0 | 0 | ' | ||
Provision for covered loan and lease losses | 0 | 0 | ' | ||
Non-interest income | 10,520 | 23,729 | ' | ||
Non-interest expense | 7,184 | 10,302 | ' | ||
Income before income taxes | 8,506 | 18,352 | ' | ||
Provision for income taxes | 3,402 | 7,341 | ' | ||
Net income | 5,104 | 11,011 | ' | ||
Dividends and undistributed earnings allocated to participating securities | 0 | 0 | ' | ||
Net earnings available to common shareholders | 5,104 | 11,011 | ' | ||
Total assets | 706,623 | ' | 687,062 | ||
Total loans and leases (covered and non-covered) | 581,260 | ' | 532,029 | ||
Total deposits | $33,138 | ' | $26,701 | ||
[1] | Represents dividends paid and undistributed earnings allocated to nonvested restricted stock awards. |
Fair_Value_Measurement_Narrati
Fair Value Measurement (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Other Company Stock Owned Fair Value Discount Percentage | 5.00% | ' |
Net gain (loss) representing the change in fair value in earnings | $324 | ($10,800) |
Fair_Value_Measurement_Schedul
Fair Value Measurement (Schedule Of Carrying Value And Fair Value Of Financial Instruments Not Recorded At Fair Value) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
FINANCIAL ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | $196,963 | $178,685 | ' | ' |
Trading securities | 4,498 | 5,958 | ' | ' |
Securities available for sale | 1,701,730 | 1,790,978 | ' | ' |
Securities held to maturity | 5,465 | 5,563 | ' | ' |
Loans held for sale, at fair value | 73,106 | 104,664 | ' | ' |
Non-covered loans and leases, net | 7,411,108 | 7,354,403 | 6,663,186 | ' |
Covered loans and leases, net | 342,263 | 363,992 | ' | ' |
Restricted equity securities | 29,948 | 30,685 | ' | ' |
Mortgage servicing rights | 49,220 | 47,765 | 32,097 | 27,428 |
Bank owned life insurance assets | 97,589 | 96,938 | ' | ' |
FDIC indemnification asset | 18,362 | 23,174 | 46,046 | 52,798 |
FINANCIAL LIABILITIES: | ' | ' | ' | ' |
Deposits | 9,273,583 | 9,117,660 | ' | ' |
Securities sold under agreements to repurchase | 262,483 | 224,882 | ' | ' |
Term debt | 250,964 | 251,494 | ' | ' |
Junior subordinated debentures, at fair value | 87,800 | 87,274 | ' | ' |
Junior subordinated debentures, at amortized cost | 101,818 | 101,899 | ' | ' |
Carrying Value [Member] | ' | ' | ' | ' |
FINANCIAL ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 1,085,108 | 790,423 | ' | ' |
Trading securities | 4,498 | 5,958 | ' | ' |
Securities available for sale | 1,701,730 | 1,790,978 | ' | ' |
Securities held to maturity | 5,465 | 5,563 | ' | ' |
Loans held for sale, at fair value | 73,106 | 104,664 | ' | ' |
Non-covered loans and leases, net | 7,324,399 | 7,269,089 | ' | ' |
Covered loans and leases, net | 342,263 | 363,992 | ' | ' |
Restricted equity securities | 29,948 | 30,685 | ' | ' |
Mortgage servicing rights | 49,220 | 47,765 | ' | ' |
Bank owned life insurance assets | 97,589 | 96,938 | ' | ' |
FDIC indemnification asset | 18,362 | 23,174 | ' | ' |
Derivatives | 17,712 | 17,921 | ' | ' |
Visa Class B common stock | 0 | 0 | ' | ' |
FINANCIAL LIABILITIES: | ' | ' | ' | ' |
Deposits | 9,273,583 | 9,117,660 | ' | ' |
Securities sold under agreements to repurchase | 262,483 | 224,882 | ' | ' |
Term debt | 250,964 | 251,494 | ' | ' |
Junior subordinated debentures, at fair value | 87,800 | 87,274 | ' | ' |
Junior subordinated debentures, at amortized cost | 101,818 | 101,899 | ' | ' |
Derivatives | 15,684 | 14,562 | ' | ' |
Estimated Fair Value [Member] | ' | ' | ' | ' |
FINANCIAL ASSETS: | ' | ' | ' | ' |
Cash and cash equivalents | 1,085,108 | 790,423 | ' | ' |
Trading securities | 4,498 | 5,958 | ' | ' |
Securities available for sale | 1,701,730 | 1,790,978 | ' | ' |
Securities held to maturity | 5,790 | 5,874 | ' | ' |
Loans held for sale, at fair value | 73,106 | 104,664 | ' | ' |
Non-covered loans and leases, net | 7,310,441 | 7,250,596 | ' | ' |
Covered loans and leases, net | 383,114 | 409,555 | ' | ' |
Restricted equity securities | 29,948 | 30,685 | ' | ' |
Mortgage servicing rights | 49,220 | 47,765 | ' | ' |
Bank owned life insurance assets | 97,589 | 96,938 | ' | ' |
FDIC indemnification asset | 4,363 | 6,001 | ' | ' |
Derivatives | 17,712 | 17,921 | ' | ' |
Visa Class B common stock | 40,422 | 41,700 | ' | ' |
FINANCIAL LIABILITIES: | ' | ' | ' | ' |
Deposits | 9,280,543 | 9,125,832 | ' | ' |
Securities sold under agreements to repurchase | 262,483 | 224,882 | ' | ' |
Term debt | 273,750 | 270,004 | ' | ' |
Junior subordinated debentures, at fair value | 87,800 | 87,274 | ' | ' |
Junior subordinated debentures, at amortized cost | 72,440 | 72,009 | ' | ' |
Derivatives | $15,684 | $14,562 | ' | ' |
Fair_Value_Measurement_Schedul1
Fair Value Measurement (Schedule Of Fair Value Assets And Liabilities Not Measured At Fair Value By Level) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | $196,963 | $178,685 | ' | ' |
Securities held to maturity | 5,465 | 5,563 | ' | ' |
Non-covered loans and leases, net | 7,411,108 | 7,354,403 | 6,663,186 | ' |
Covered loans and leases, net | 342,263 | 363,992 | ' | ' |
Restricted equity securities | 29,948 | 30,685 | ' | ' |
Bank owned life insurance assets | 97,589 | 96,938 | ' | ' |
FDIC indemnification asset | 18,362 | 23,174 | 46,046 | 52,798 |
Deposits | 9,273,583 | 9,117,660 | ' | ' |
Securities sold under agreements to repurchase | 262,483 | 224,882 | ' | ' |
Term debt | 250,964 | 251,494 | ' | ' |
Junior subordinated debentures, at amortized cost | 101,818 | 101,899 | ' | ' |
Estimated Fair Value [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 1,085,108 | 790,423 | ' | ' |
Securities held to maturity | 4,498 | 5,958 | ' | ' |
Non-covered loans and leases, net | 7,310,441 | 7,250,596 | ' | ' |
Covered loans and leases, net | 383,114 | 409,555 | ' | ' |
Restricted equity securities | 29,948 | 30,685 | ' | ' |
Bank owned life insurance assets | 97,589 | 96,938 | ' | ' |
FDIC indemnification asset | 4,363 | 6,001 | ' | ' |
Visa Class B common stock | 40,422 | 41,700 | ' | ' |
Securities sold under agreements to repurchase | 262,483 | 224,882 | ' | ' |
Term debt | 273,750 | 270,004 | ' | ' |
Junior subordinated debentures, at amortized cost | 72,440 | 72,009 | ' | ' |
Estimated Fair Value [Member] | Level 1 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 1,085,108 | 790,423 | ' | ' |
Securities held to maturity | 0 | 0 | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' | ' |
Covered loans and leases, net | 0 | 0 | ' | ' |
Restricted equity securities | 29,948 | 30,685 | ' | ' |
Bank owned life insurance assets | 97,589 | 96,938 | ' | ' |
FDIC indemnification asset | 0 | 0 | ' | ' |
Visa Class B common stock | 0 | 0 | ' | ' |
Securities sold under agreements to repurchase | 0 | 0 | ' | ' |
Term debt | 0 | 0 | ' | ' |
Junior subordinated debentures, at amortized cost | 0 | 0 | ' | ' |
Estimated Fair Value [Member] | Level 2 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Securities held to maturity | 0 | 0 | ' | ' |
Non-covered loans and leases, net | 0 | 0 | ' | ' |
Covered loans and leases, net | 0 | 0 | ' | ' |
Restricted equity securities | 0 | 0 | ' | ' |
Bank owned life insurance assets | 0 | 0 | ' | ' |
FDIC indemnification asset | 0 | 0 | ' | ' |
Visa Class B common stock | 0 | 0 | ' | ' |
Securities sold under agreements to repurchase | 262,483 | 224,882 | ' | ' |
Term debt | 273,750 | 270,004 | ' | ' |
Junior subordinated debentures, at amortized cost | 0 | 0 | ' | ' |
Estimated Fair Value [Member] | Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Cash and cash equivalents | 0 | 0 | ' | ' |
Securities held to maturity | 4,498 | 5,958 | ' | ' |
Non-covered loans and leases, net | 7,310,441 | 7,250,596 | ' | ' |
Covered loans and leases, net | 383,114 | 409,555 | ' | ' |
Restricted equity securities | 0 | 0 | ' | ' |
Bank owned life insurance assets | 0 | 0 | ' | ' |
FDIC indemnification asset | 4,363 | 6,001 | ' | ' |
Visa Class B common stock | 40,422 | 41,700 | ' | ' |
Securities sold under agreements to repurchase | 0 | 0 | ' | ' |
Term debt | 0 | 0 | ' | ' |
Junior subordinated debentures, at amortized cost | 72,440 | 72,009 | ' | ' |
Estimated Fair Value [Member] | Non-Maturity Deposits [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Deposits | 7,752,846 | 7,580,192 | ' | ' |
Estimated Fair Value [Member] | Non-Maturity Deposits [Member] | Level 1 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Deposits | 7,752,846 | 7,580,192 | ' | ' |
Estimated Fair Value [Member] | Non-Maturity Deposits [Member] | Level 2 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Deposits | 0 | 0 | ' | ' |
Estimated Fair Value [Member] | Non-Maturity Deposits [Member] | Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Deposits | 0 | 0 | ' | ' |
Estimated Fair Value [Member] | Deposits with Stated Maturities [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Deposits | 1,527,697 | 1,545,640 | ' | ' |
Estimated Fair Value [Member] | Deposits with Stated Maturities [Member] | Level 1 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Deposits | 0 | 0 | ' | ' |
Estimated Fair Value [Member] | Deposits with Stated Maturities [Member] | Level 2 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Deposits | 1,527,697 | 1,545,640 | ' | ' |
Estimated Fair Value [Member] | Deposits with Stated Maturities [Member] | Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Deposits | $0 | $0 | ' | ' |
Fair_Value_Measurement_Schedul2
Fair Value Measurement (Schedule Of Fair Value Assets And Liabilities Measured On Recurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | $4,498 | $5,958 | ' | ' | ||
Available for sale, at fair value | 1,701,730 | 1,790,978 | ' | ' | ||
Loans held for sale, at fair value | 73,106 | 104,664 | ' | ' | ||
Mortgage servicing rights, at fair value | 49,220 | 47,765 | 32,097 | 27,428 | ||
Total assets measured at fair value | 1,846,266 | 1,967,286 | ' | ' | ||
Junior subordinated debentures, at fair value | 87,800 | 87,274 | ' | ' | ||
Total liabilities measured at fair value | 103,484 | 101,836 | ' | ' | ||
Interest Rate Swap [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 15,988 | 15,965 | ' | ' | ||
Derivatives, liabilities | 15,612 | 14,556 | ' | ' | ||
Interest Rate Forward Sales Commitments [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 330 | 1,250 | ' | ' | ||
Derivatives, liabilities | 72 | 6 | ' | ' | ||
Interest Rate Lock Commitments [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 1,394 | 706 | ' | ' | ||
Derivatives, liabilities | 0 | 0 | ' | ' | ||
Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Mortgage servicing rights, at fair value | 0 | 0 | ' | ' | ||
Total assets measured at fair value | 4,002 | 3,498 | ' | ' | ||
Junior subordinated debentures, at fair value | 0 | 0 | ' | ' | ||
Total liabilities measured at fair value | 0 | 0 | ' | ' | ||
Level 1 [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 0 | 0 | ' | ' | ||
Derivatives, liabilities | 0 | 0 | ' | ' | ||
Level 1 [Member] | Interest Rate Forward Sales Commitments [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 0 | 0 | ' | ' | ||
Derivatives, liabilities | 0 | 0 | ' | ' | ||
Level 1 [Member] | Interest Rate Lock Commitments [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 0 | 0 | ' | ' | ||
Derivatives, liabilities | 0 | 0 | ' | ' | ||
Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Loans held for sale, at fair value | 73,106 | 104,664 | ' | ' | ||
Mortgage servicing rights, at fair value | 0 | 0 | ' | ' | ||
Total assets measured at fair value | 1,791,650 | 1,915,317 | ' | ' | ||
Junior subordinated debentures, at fair value | 0 | 0 | ' | ' | ||
Total liabilities measured at fair value | 15,684 | 14,562 | ' | ' | ||
Level 2 [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 15,988 | 15,965 | ' | ' | ||
Derivatives, liabilities | 15,612 | 14,556 | ' | ' | ||
Level 2 [Member] | Interest Rate Forward Sales Commitments [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 330 | 1,250 | ' | ' | ||
Derivatives, liabilities | 72 | 6 | ' | ' | ||
Level 2 [Member] | Interest Rate Lock Commitments [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 0 | 0 | ' | ' | ||
Derivatives, liabilities | 0 | 0 | ' | ' | ||
Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Mortgage servicing rights, at fair value | 49,220 | 47,765 | ' | ' | ||
Total assets measured at fair value | 50,614 | 48,471 | ' | ' | ||
Junior subordinated debentures, at fair value | 87,800 | 87,274 | ' | ' | ||
Total liabilities measured at fair value | 87,800 | 87,274 | ' | ' | ||
Level 3 [Member] | Interest Rate Swap [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 0 | 0 | ' | ' | ||
Derivatives, liabilities | 0 | 0 | ' | ' | ||
Level 3 [Member] | Interest Rate Forward Sales Commitments [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 0 | 0 | ' | ' | ||
Derivatives, liabilities | 0 | 0 | ' | ' | ||
Level 3 [Member] | Interest Rate Lock Commitments [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Derivatives, assets | 1,394 | 706 | ' | ' | ||
Derivatives, liabilities | 0 | 0 | ' | ' | ||
Obligations Of States And Political Subdivisions [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 401 | 2,366 | ' | ' | ||
Available for sale, at fair value | 229,679 | 235,205 | ' | ' | ||
Obligations Of States And Political Subdivisions [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 0 | 0 | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Obligations Of States And Political Subdivisions [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 401 | 2,366 | ' | ' | ||
Available for sale, at fair value | 229,679 | 235,205 | ' | ' | ||
Obligations Of States And Political Subdivisions [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 0 | 0 | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Equity Securities [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 4,002 | 3,498 | ' | ' | ||
Equity Securities [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 4,002 | 3,498 | ' | ' | ||
Equity Securities [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 0 | 0 | ' | ' | ||
Equity Securities [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 0 | 0 | ' | ' | ||
Other Investments Securities [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 95 | [1] | 94 | [1] | ' | ' |
Other Investments Securities [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 0 | [1] | 0 | [1] | ' | ' |
Other Investments Securities [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 95 | [1] | 94 | [1] | ' | ' |
Other Investments Securities [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Trading, at fair value | 0 | [1] | 0 | [1] | ' | ' |
U.S. Treasury And Agencies [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 261 | 268 | ' | ' | ||
U.S. Treasury And Agencies [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
U.S. Treasury And Agencies [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 261 | 268 | ' | ' | ||
U.S. Treasury And Agencies [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 1,469,816 | 1,553,541 | ' | ' | ||
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 1,469,816 | 1,553,541 | ' | ' | ||
Residential Mortgage-Backed Securities And Collateralized Mortgage Obligations [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Other Debt Securities [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Other Debt Securities [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Other Debt Securities [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Other Debt Securities [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Investments In Mutual Funds And Other Equity Securities [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 1,974 | 1,964 | ' | ' | ||
Investments In Mutual Funds And Other Equity Securities [Member] | Level 1 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 0 | 0 | ' | ' | ||
Investments In Mutual Funds And Other Equity Securities [Member] | Level 2 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | 1,974 | 1,964 | ' | ' | ||
Investments In Mutual Funds And Other Equity Securities [Member] | Level 3 [Member] | ' | ' | ' | ' | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ||
Available for sale, at fair value | $0 | $0 | ' | ' | ||
[1] | Principally represents U.S. Treasury and agencies or residential mortgage-backed securities issued or guaranteed by governmental agencies. |
Fair_Value_Measurement_Schedul3
Fair Value Measurement (Schedule Of A Description Of The Valuation Technique, Unobservable Input, And Qualitative Information For The Company's Assets And Liabilities Classfied As Level 3) (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Dec. 31, 2013 | |
Constant prepayment rate | 13.59% | 12.74% |
Discount rate | 8.70% | 8.69% |
Mortgage Servicing Rights [Member] | ' | ' |
Valuation Technique | 'Discounted cash flow | ' |
Interest Rate Lock Commitments [Member] | ' | ' |
Valuation Technique | 'Internal Pricing Model | ' |
Junior Subordinated Debentures [Member] | ' | ' |
Valuation Technique | 'Discounted cash flow | ' |
Weighted Average [Member] | Mortgage Servicing Rights [Member] | ' | ' |
Constant prepayment rate | 13.59% | ' |
Discount rate | 8.70% | ' |
Weighted Average [Member] | Interest Rate Lock Commitments [Member] | ' | ' |
Fair Value Inputs, Pull-through Rate | 76.40% | ' |
Weighted Average [Member] | Junior Subordinated Debentures [Member] | ' | ' |
Credit spread | 6.53% | ' |
Fair_Value_Measurement_Schedul4
Fair Value Measurement (Schedule Of Reconciliation Of Assets And Liabilities Measured At Fair Value Using Significant Unobservable Inputs (Level 3) On A Recurring Basis) (Details) (Level 3 [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Junior Subordinated Debentures [Member] | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Junior subordinated debentures, Beginning Balance | $87,274 | $85,081 |
Junior subordinated debentures, Change included in earnings | 1,490 | 1,511 |
Junior subordinated debentures, Purchases and issuances | 0 | 0 |
Junior subordinated debentures, Sales and settlements | -964 | -976 |
Junior subordinated debentures, Ending Balance | 87,800 | 85,616 |
Junior subordinated debentures, Net change in unrealized gains or (losses) relating to items held at end of period | 1,490 | 1,511 |
Interest Rate Lock Commitments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Interest rate lock commitment, Beginning Balance | 706 | 1,478 |
Interest rate lock commitment, Change included in earnings | -706 | -1,478 |
Interest rate lock commitment, Purchases and issuances | 4,634 | 17,425 |
Interest rate lock commitment, Sales and settlements | -3,240 | -13,479 |
Interest rate lock commitment, Ending Balance | 1,394 | 3,946 |
Interest rate lock commitment, Net change in unrealized gains or (losses) relating to items held at end of period | 1,394 | 2,467 |
Mortgage Servicing Rights [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' |
Mortgage servicing rights, Beginning Balance | 47,765 | 27,428 |
Mortgage servicing rights, Change included in earnings | -953 | -1,734 |
Mortgage servicing rights, Purchases and issuances | 2,408 | 6,403 |
Mortgage servicing rights, Sales and settlements | 0 | 0 |
Mortgage servicing rights, Ending Balance | 49,220 | 32,097 |
Mortgage servicing rights, Net change in unrealized gains or (losses) relating to items held at end of period | ($394) | ($512) |
Fair_Value_Measurement_Fair_Va
Fair Value Measurement (Fair Value Assets And Liabilities Measured On Nonrecurring Basis) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Total investment securities, held to maturity | $5,790 | $5,874 |
Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 13,033 | 25,177 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 13,033 | 25,177 |
Non-Covered Loans And Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 12,470 | 20,421 |
Non-Covered Loans And Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 0 | 0 |
Non-Covered Loans And Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 0 | 0 |
Non-Covered Loans And Leases [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 12,470 | 20,421 |
Non-Covered Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 563 | 1,986 |
Non-Covered Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 0 | 0 |
Non-Covered Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 0 | 0 |
Non-Covered Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 563 | 1,986 |
Covered Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 0 | 2,770 |
Covered Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 0 | 0 |
Covered Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | 0 | 0 |
Covered Other Real Estate Owned [Member] | Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ' | ' |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' |
Assets, nonrecurring | $0 | $2,770 |
Fair_Value_Measurement_Losses_
Fair Value Measurement (Losses Resulting From Nonrecurring Fair Value Adjustments) (Details) (Fair Value, Measurements, Nonrecurring [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loss from nonrecurring measurements | $2,684 | $9,202 |
Non-Covered Loans And Leases [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loss from nonrecurring measurements | 2,585 | 8,279 |
Non-Covered Other Real Estate Owned [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loss from nonrecurring measurements | 99 | 369 |
Covered Other Real Estate Owned [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Loss from nonrecurring measurements | $0 | $554 |
Fair_Value_Measurement_Fair_Va1
Fair Value Measurement (Fair Value Option) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Disclosures [Abstract] | ' | ' |
Fair Value | $73,106 | $104,664 |
Aggregate Unpaid Balance | 69,913 | 101,795 |
Fair Value Less Aggregate Unpaid Balance | $3,193 | $2,869 |