Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 10, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | HOMESTREET, INC. | ||
Entity Central Index Key | 1518715 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 22,038,748 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $173.80 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Condition (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Cash and cash equivalents | $30,502 | $33,908 |
Investment securities | 455,332 | 498,816 |
Loans held for sale | 621,235 | 279,941 |
Loans held for investment, net | 2,099,129 | 1,871,813 |
Mortgage servicing rights | 123,324 | 162,463 |
Other real estate owned | 9,448 | 12,911 |
Federal Home Loan Bank stock, at cost | 33,915 | 35,288 |
Premises and equipment, net | 45,251 | 36,612 |
Goodwill | 11,945 | 12,063 |
Other Assets | 105,009 | 122,239 |
Total assets | 3,535,090 | 3,066,054 |
LIABILITIES | ||
Deposits | 2,445,430 | 2,210,821 |
Federal Home Loan Bank advances | 597,590 | 446,590 |
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 50,000 | 0 |
Accounts payable and other liabilities | 77,975 | 77,906 |
Long-term debt | 61,857 | 64,811 |
Total liabilities | 3,232,852 | 2,800,128 |
Commitments and Contingencies | ||
SHAREHOLDERS' EQUITY | ||
Preferred stock, no par value | 0 | 0 |
Common stock, no par value | 511 | 511 |
Additional paid-in capital | 96,615 | 94,474 |
Retained earnings | 203,566 | 182,935 |
Accumulated other comprehensive income | 1,546 | -11,994 |
Total shareholders' equity | 302,238 | 265,926 |
Total liabilities and shareholders' equity | $3,535,090 | $3,066,054 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Condition (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Interest-bearing instruments | $10,271 | $9,436 |
Investments, Fair Value Disclosure | 427,326 | 481,683 |
Fair value of loans held for sale | 610,350 | 279,385 |
Allowance for losses on loans held for investment | 22,021 | 23,908 |
Single family mortgage servicing rights | $112,439 | $153,128 |
Preferred stock, par value | $0 | $0 |
Preferred stock, shares authorized | 10,000 | 10,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 160,000,000 | 160,000,000 |
Common stock, shares outstanding | 14,856,611 | 14,799,991 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Interest income: | ||||||
Loans | $100,107 | $76,442 | $71,057 | |||
Investment securities available for sale | 10,565 | 12,391 | 9,391 | |||
Other | 621 | 143 | 243 | |||
Total interest income | 111,293 | 88,976 | 80,691 | |||
Interest expense: | ||||||
Deposits | 9,431 | 10,416 | 16,741 | |||
Federal Home Loan Bank advances | 1,980 | 1,532 | 1,788 | |||
Interest Expense, Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 22 | 11 | 70 | |||
Long-term debt | 1,120 | 2,546 | 1,333 | |||
Other | 71 | 27 | 16 | |||
Total interest expense | 12,624 | 14,532 | 19,948 | |||
Net interest income | 98,669 | [1] | 74,444 | [1] | 60,743 | [1] |
Provision for credit losses | -1,000 | 900 | 11,500 | |||
Net interest income after provision for credit losses | 99,669 | 73,544 | 49,243 | |||
Noninterest income: | ||||||
Net gain on mortgage loan origination and sale activities | 144,122 | 164,712 | 210,564 | |||
Mortgage servicing income | 34,092 | 17,073 | 16,121 | |||
Income (loss) from Windermere Mortgage Services, Inc. | 101 | 704 | 4,264 | |||
Gains (Losses) on Extinguishment of Debt | -573 | 0 | -939 | |||
Depositor and other retail banking fees | 3,572 | 3,172 | 3,062 | |||
Insurance commissions | 1,153 | 864 | 743 | |||
Gain on sale of investment securities available for sale | 2,358 | 1,772 | 1,490 | |||
Other | 832 | 2,448 | 2,715 | |||
Noninterest income | 185,657 | 190,745 | 238,020 | |||
Noninterest expense: | ||||||
Salaries and related costs | 163,387 | 149,440 | 119,829 | |||
General and administrative | 42,833 | 40,366 | 27,838 | |||
Legal | 2,071 | 2,552 | 1,796 | |||
Consulting | 3,224 | 5,637 | 3,037 | |||
Federal Deposit Insurance Corporation assessments | 2,316 | 1,433 | 3,554 | |||
Occupancy | 18,598 | 13,765 | 8,585 | |||
Information services | 20,052 | 14,491 | 8,867 | |||
Other real estate owned expense | 470 | -1,811 | -10,085 | |||
Total noninterest expense | 252,011 | 229,495 | 183,591 | |||
Income (loss) before income tax expense | 33,315 | 34,794 | 103,672 | |||
Income tax (benefit) expense | 11,056 | 10,985 | 21,546 | |||
Net income (loss) | $22,259 | $23,809 | $82,126 | |||
Basic earnings (loss) per share | $1.50 | $1.65 | $6.17 | |||
Diluted income per share | $1.49 | $1.61 | $5.98 | |||
Basic weighted average number of shares outstanding | 14,800,689 | 14,412,059 | 13,312,939 | |||
Diluted weighted average number of shares outstanding | 14,961,081 | 14,798,168 | 13,739,398 | |||
[1] | Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of excess liabilities from another segment. |
Consolidated_Statements_of_Ope1
Consolidated Statements of Operations Consolidated Statements of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax | $2,358 | $1,772 | $1,490 |
Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax | $825 | $620 | $522 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net income (loss) | $22,259 | $23,809 | $82,126 |
Unrealized loss on securities: | |||
Unrealized holding gain (loss) arising during the period | 15,072 | -20,032 | 6,039 |
Reclassification adjustment for net gain included in net income | -1,532 | -1,152 | -968 |
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 13,540 | -21,184 | 5,071 |
Comprehensive income | $35,799 | $2,625 | $87,197 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Tax expense on unrealized holding gain on securities | $8,116 | ($10,786) | $3,098 |
Tax expense on reclassification adjustment for net gain on securities included in net income | ($825) | ($620) | ($522) |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data, unless otherwise specified | |||||
Beginning balance at Dec. 31, 2011 | $86,407 | $511 | $31 | $81,746 | $4,119 |
Common Stock, Dividends, Per Share, Cash Paid | $0 | ||||
Common stock, shares outstanding | 14,382,638 | ||||
Stockholders' Equity Attributable to Parent [Abstract] | |||||
Net income (loss) | 82,126 | 0 | 0 | 82,126 | 0 |
Share-based compensation expense | 3,308 | 0 | 3,308 | 0 | 0 |
Common stock issued | 86,850 | 0 | 86,850 | 0 | 0 |
Other comprehensive income (loss) | 5,071 | 0 | 0 | 0 | 5,071 |
Number of Shares [Abstract] | |||||
Common stock issued, shares | 8,979,140 | ||||
Ending balance at Dec. 31, 2012 | 263,762 | 511 | 90,189 | 163,872 | 9,190 |
Common Stock, Dividends, Per Share, Cash Paid | $0.33 | ||||
Common stock, shares outstanding | 14,799,991 | 14,799,991 | |||
Stockholders' Equity Attributable to Parent [Abstract] | |||||
Net income (loss) | 23,809 | 0 | 0 | 23,809 | 0 |
Dividends, Common Stock, Cash | 4,746 | 4,746 | |||
Share-based compensation expense | 4,097 | 0 | 4,097 | 0 | 0 |
Common stock issued | 188 | 0 | 188 | 0 | 0 |
Other comprehensive income (loss) | -21,184 | 0 | 0 | 0 | |
Number of Shares [Abstract] | |||||
Common stock issued, shares | 417,353 | ||||
Ending balance at Dec. 31, 2013 | 265,926 | 511 | 94,474 | 182,935 | -11,994 |
Common Stock, Dividends, Per Share, Cash Paid | $0.11 | ||||
Common stock, shares outstanding | 14,856,611 | 14,856,611 | |||
Stockholders' Equity Attributable to Parent [Abstract] | |||||
Net income (loss) | 22,259 | 0 | 0 | 22,259 | 0 |
Dividends, Common Stock, Cash | 1,628 | 1,628 | |||
Share-based compensation expense | 1,767 | 0 | 1,767 | 0 | 0 |
Common stock issued | 374 | 0 | 374 | 0 | 0 |
Other comprehensive income (loss) | 13,540 | 0 | 0 | 0 | 13,540 |
Number of Shares [Abstract] | |||||
Common stock issued, shares | 56,620 | ||||
Ending balance at Dec. 31, 2014 | $302,238 | $511 | $96,615 | $203,566 | $1,546 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Receivable from sale of mortgage servicing rights | $4,244 | $0 | $0 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | 22,259 | 23,809 | 82,126 |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||
Depreciation, Amortization and Accretion, Net | 17,503 | 14,947 | 9,953 |
Provision for credit losses | -1,000 | 900 | 11,500 |
Provision for losses on other real estate owned | 69 | 603 | 12,171 |
Originations of loans held for sale | -3,795,111 | -4,428,569 | -5,173,725 |
Proceeds from sale of loans held for sale | 3,420,142 | 4,745,651 | 4,728,000 |
Fair value adjustment of loans held for sale | -15,350 | 23,776 | -24,665 |
Addition of originated mortgage servicing rights | 46,492 | 63,604 | 51,838 |
Change in fair value of mortgage servicing rights | 40,691 | -5,134 | 31,680 |
Gain on sale of investment securities | -2,358 | -1,772 | -1,490 |
Gain (Loss) on Sale of Loans and Leases | -4,586 | 0 | 0 |
Net fair value adjustment and gain (loss) on Other Real Estate Owned | -941 | -940 | -3,400 |
Gains (Losses) on Extinguishment of Debt | 573 | 0 | 939 |
Increase (Decrease) in Deferred Income Taxes | -13,664 | 21,076 | -5,110 |
Change in share-based compensation | 1,516 | 1,498 | 2,773 |
Cash used by changes in operating assets and liabilities: | |||
(Increase) decrease in accounts receivable and other assets | 25,420 | -11,212 | -28,181 |
Increase (decrease) in accounts payable and other liabilities | 2,693 | -16,999 | 17,397 |
Net cash (used in) provided by operating activities | -348,636 | 304,030 | -391,870 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of investment securities | -60,548 | -317,695 | -285,165 |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 96,154 | 127,648 | 166,187 |
Principal repayments and maturities of investment securities | 24,013 | 70,962 | 35,813 |
Proceeds from sale of other real estate owned | 9,138 | 19,656 | 49,566 |
Proceeds from Sale of Loans Held-for-investment | 271,409 | 86,327 | 9,966 |
Proceeds from Sale of Mortgage Servicing Rights (MSR) | 39,004 | 0 | 0 |
Payments to Acquire Businesses, Net of Cash Acquired | 0 | 23,971 | 0 |
Mortgage servicing rights purchased from others | -19 | -22 | -68 |
Capital expenditures related to other real estate owned | 0 | -22 | -4,676 |
Origination of loans held for investment and principal repayments, net | -443,492 | -447,873 | -63,079 |
Net property and equipment purchased | -19,898 | -22,836 | -11,402 |
Net cash (used in) provided by investing activities | -84,239 | -459,884 | -102,858 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Net decrease in deposits | 231,871 | -27,129 | -32,920 |
Proceeds from Federal Home Loan Bank advances | 6,704,054 | 5,847,392 | 9,924,854 |
Repayment of Federal Home Loan Bank advances | -6,553,054 | -5,659,892 | -9,724,622 |
Proceeds from Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 108,308 | 159,790 | 424,672 |
Repayment of securities sold under agreements to repurchase | -58,308 | -159,790 | -424,672 |
Repurchase of Federal Home Loan Bank stock | 1,373 | 1,319 | 660 |
Repayment of long-term debt | -3,527 | 0 | 0 |
Payments of Dividends | -1,628 | 0 | 0 |
Proceeds from stock issuance, net | 130 | 188 | 88,204 |
Excess Tax Benefit (Tax Deficiency) from Share-based Compensation, Financing Activities | 250 | 2,599 | 535 |
Net cash provided by (used in) financing activities | 429,469 | 164,477 | 256,711 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | -3,406 | 8,623 | -238,017 |
CASH AND CASH EQUIVALENTS: | |||
Beginning of year | 33,908 | 25,285 | 263,302 |
End of period | 30,502 | 33,908 | 25,285 |
Cash paid during the period for - | |||
Interest | 14,271 | 28,373 | 21,304 |
Federal and state income taxes | 6,626 | 6,799 | 26,376 |
Noncash investing activities - | |||
Loans held for investment foreclosed and transferred to other real estate owned | 5,556 | 12,807 | 51,128 |
Loans transferred from held for investment to held for sale | 310,455 | 93,567 | 9,966 |
Loans transferred from held-for-sale to held for investment | 92,668 | 0 | 0 |
GNMA loans recognized with the right to repurchase, net | $6,840 | $6,360 | $5,674 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 1–SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: |
HomeStreet, Inc. and its wholly owned subsidiaries (the “Company”) is a diversified financial services company serving customers primarily in the Pacific Northwest, California and Hawaii. The Company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. The consolidated financial statements include the accounts of HomeStreet, Inc. and its wholly owned subsidiaries, HomeStreet Capital Corporation and HomeStreet Bank (the “Bank”), and the Bank’s subsidiaries, HomeStreet/WMS, Inc., HomeStreet Reinsurance, Ltd., Continental Escrow Company, Union Street Holdings LLC and Lacey Gateway LLC. HomeStreet Bank was formed in 1986 and is a state-chartered savings bank. | |
The Company’s accounting and financial reporting policies conform to accounting principles generally accepted in the United States of America (U.S. GAAP). Inter-company balances and transactions have been eliminated in consolidation. In preparing the consolidated financial statements, the Company is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and revenues and expenses during the reporting periods and related disclosures. These estimates that require application of management's most difficult, subjective or complex judgments often result in the need to make estimates about the effect of matters that are inherently uncertain and may change in future periods. Not all of these significant accounting policies require management to make difficult, subjective or complex judgments or estimates. Management has made significant estimates in several areas, including the fair value of assets acquired and liabilities assumed in business combinations (Note 2, Business Combinations), allowance for credit losses (Note 5, Loans and Credit Quality), valuation of residential mortgage servicing rights and loans held for sale (Note 12, Mortgage Banking Operations), loans held for investment (Note 5, Loans and Credit Quality), investment securities (Note 4, Investment Securities), derivatives (Note 11, Derivatives and Hedging Activities), other real estate owned (Note 6, Other Real Estate Owned), and taxes (Note 14, Income Taxes). Actual results could differ materially from those estimates. Certain amounts in the financial statements from prior periods have been reclassified to conform to the current financial statement presentation. | |
Consolidation | |
The Company consolidates legal entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest by first evaluating whether an entity is a variable interest entity ("VIE"). If an entity is determined to not be a VIE, it is considered to be a voting interest entity. | |
Variable Interest Entities | |
The Company may have variable interests in VIEs arising from debt, equity or other monetary interests in an entity, which change with fluctuations in the fair value of the entity's assets. VIEs are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity's operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. | |
The primary beneficiary of a VIE (i.e., the party that has a controlling financial interest) is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (1) the power to direct the activities of an entity that most significantly impact the VIE's economic performance; and (2) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. | |
The Company's loans held for sale are sold predominantly to government-sponsored enterprises ("GSEs") Fannie Mae, Freddie Mac and Ginnie Mae for the purpose of securitization by the GSEs, who also provide credit enhancement of the loans through certain guarantee provisions. The Company typically retains the right to service the loans. Because of the power of the GSEs over the VIEs that hold the assets from these residential mortgage loan securitizations, the Company is not the primary beneficiary of the VIEs and therefore the VIEs are not consolidated. | |
The Company performs on-going reassessments of: (1) whether entities previously evaluated under the majority voting-interest framework have become VIEs, based on certain events, and therefore become subject to the VIE consolidation framework; and (2) whether changes in the facts and circumstances regarding the Company's involvement with a VIE cause the Company's consolidation determination to change. | |
Voting Interest Entities | |
Voting interest entities are entities that have sufficient equity and provide the equity investors voting rights that enable them to make significant decisions relating to the entity's operations. For these types of entities, the Company's determination of whether it has a controlling financial interest is primarily based on the amount of voting equity interests held. Entities in which the Company has a controlling financial interest, through ownership of the majority of the entities' voting equity interests, or through other contractual rights that give the Company control, are consolidated by the Company. Investments in entities in which the Company has significant influence over operating and financing decisions (but does not own a majority of the voting equity interests) are accounted for in accordance with the equity method of accounting (which requires the Company to recognize its proportionate share of the entity's net earnings). These investments are generally included in other assets. | |
The Company may have investments in limited partnerships or limited liability companies. The Company generally consolidates entities where it is the general partner or managing member. However, certain entities may provide limited partners or members the ability to remove the Company as the general partner or managing member without cause (i.e., kick-out rights), based on a simple majority vote, or the limited partners or members have rights to participate in important decisions of the entity. Accordingly, the Company does not consolidate these entities, in which case they are accounted for in accordance with the equity method of accounting. For equity method investments holding real estate acquired in any manner for debts previously contracted with the Company, the investment is included in other real estate owned in the consolidated statements of financial condition and the proportionate share of the entity's net earnings are included in other real estate owned expense in the consolidated statements of operations. | |
Cash and Cash Equivalents | |
Cash and cash equivalents include cash, interest-earning overnight deposits at other financial institutions, and other investments with original maturities equal to three months or less. For the consolidated statements of cash flows, the Company considered cash equivalents to be investments that are readily convertible to known amounts, so near to their maturity that they present an insignificant risk of a change in fair value due to change in interest rates, and purchased in conjunction with cash management activities. Restricted cash of $2.4 million and $2.4 million as of December 31, 2014 and 2013, respectively, is included in accounts receivable and other assets for reinsurance-related reserves. | |
Investment Securities | |
Investment securities that we might not hold until maturity are classified as available for sale ("AFS") and are reported at fair value in the statement of financial condition. Fair value measurement is based upon quoted market prices in active markets, if available. If quoted prices in active markets are not available, fair value is measured using pricing models or other model-based valuation techniques such as the present value of future cash flows, which consider prepayment assumptions and other factors such as credit losses and market liquidity. Unrealized gains and losses are excluded from earnings and reported, net of tax, in other comprehensive income (“OCI”). Purchase premiums and discounts are recognized in interest income using the effective interest method over the life of the securities. Purchase premiums or discounts related to mortgage-backed securities are amortized or accreted using projected prepayment speeds. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. | |
AFS investment securities in unrealized loss positions are evaluated for other-than-temporary impairment (“OTTI”) at least quarterly. For AFS debt securities, a decline in fair value is considered to be other-than-temporary if the Company does not expect to recover the entire amortized cost basis of the security. For AFS equity securities, the Company considers a decline in fair value to be other-than-temporary if it is probable that the Company will not recover its amortized cost basis. | |
Impairment may result from credit deterioration of the issuer or collateral underlying the security. In performing an assessment of recoverability, all relevant information is considered, including the length of time and extent to which fair value has been less than the amortized cost basis, the cause of the price decline, credit performance of the issuer and underlying collateral, and recoveries or further declines in fair value subsequent to the balance sheet date. | |
For debt securities, the Company measures and recognizes OTTI losses through earnings if (1) the Company has the intent to sell the security or (2) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. In these circumstances, the impairment loss is equal to the full difference between the amortized cost basis and the fair value of the security. For securities that are considered other-than-temporarily-impaired that the Company has the intent and ability to hold in an unrealized loss position, the OTTI write-down is separated into an amount representing the credit loss, which is recognized in earnings, and the amount related to other factors, which is recognized as a component of OCI. | |
For equity securities, the Company recognizes OTTI losses through earnings if the Company intends to sell the security. The Company also considers other relevant factors, including its intent and ability to retain the security for a period of time sufficient to allow for any anticipated recovery in market value, and whether evidence exists to support a realizable value equal to or greater than the carrying value. Any impairment loss on an equity security is equal to the full difference between the amortized cost basis and the fair value of the security. | |
Federal Home Loan Bank Stock | |
As a borrower from the Federal Home Loan Bank of Seattle ("FHLB"), the Company is required to purchase an amount of FHLB stock based on our outstanding borrowings with the FHLB. This stock is used as collateral to secure the borrowings from the FHLB and is accounted for as a cost-method investment. FHLB stock is reviewed at least quarterly for possible OTTI, which includes an analysis of the FHLB's cash flows, capital needs and long-term viability. | |
Loans Held for Sale | |
Loans originated for sale in the secondary market, which is our principal market, or as whole loan sales are classified as loans held for sale. Management has elected the fair value option for all single family loans held for sale and records these loans at fair value. The fair value of loans held for sale is generally based on observable market prices from other loans in the secondary market that have similar collateral, credit, and interest rate characteristics. If quoted market prices are not readily available, the Company may consider other observable market data such as dealer quotes for similar loans or forward sale commitments. In certain cases, the fair value may be based on a discounted cash flow model. Gains and losses from changes in fair value on loans held for sale are recognized in net gain on mortgage loan origination and sale activities within noninterest income. Direct loan origination costs and fees for single family loans classified as held for sale are recognized in earnings. The change in fair value of loans held for sale is primarily driven by changes in interest rates subsequent to loan funding and changes in the fair value of related servicing asset, resulting in revaluation adjustments to the recorded fair value. The use of the fair value option allows the change in the fair value of loans to more effectively offset the change in the fair value of derivative instruments that are used as economic hedges to loans held for sale. | |
Multifamily loans held for sale are accounted for at the lower of amortized cost or fair value. Related gains and losses are recognized in net gain on mortgage loan origination and sale activities. Direct loan origination costs and fees for multifamily loans classified as held for sale are deferred at origination and recognized in earnings at the time of sale. | |
Loans Held for Investment | |
Loans held for investment are reported at the principal amount outstanding, net of cumulative charge-offs, interest applied to principal (for loans accounted for using the cost recovery method), unamortized net deferred loan origination fees and costs and unamortized premiums or discounts on purchased loans. Deferred fees and costs and premiums and discounts are amortized over the contractual terms of the underlying loans using the constant effective yield (the interest method). Interest on loans is accrued and recognized as interest income at the contractual rate of interest. Loan commitment fees are generally deferred and amortized into noninterest income on a straight-line basis over the commitment period. A determination is made as of the loan commitment date as to whether a loan will be held for sale or held for investment. This determination is based primarily on the type of loan or loan program and its related profitability characteristics. | |
When a loan is designated as held for investment, the intent is to hold these loans for the foreseeable future or until maturity or pay-off. If subsequent changes occur, the Company may change its intent to hold these loans. Once a determination has been made to sell such loans, they are immediately transferred to loans held for sale and carried at the lower of cost or fair value. | |
From time to time, the Company will originate loans to facilitate the sale of other real estate owned without a sufficient down payment from the borrower. Such loans are accounted for using the installment method and any gain on sale is deferred. | |
Nonaccrual Loans | |
Loans are placed on nonaccrual status when the full and timely collection of principal and interest is doubtful, generally when the loan becomes 90 days or more past due for principal or interest payment or if part of the principal balance has been charged off. | |
All payments received on nonaccrual loans are accounted for using the cost recovery method. Under the cost recovery method, all cash collected is applied to first reduce the principal balance. A loan may be returned to accrual status if all delinquent principal and interest payments are brought current and the collectability of the remaining principal and interest payments in accordance with the loan agreement is reasonably assured. Loans that are well-secured and in the collection process are maintained on accrual status, even if they are 90 days or more past due. Loans whose repayments are insured by the Federal Housing Administration ("FHA") or guaranteed by the Department of Veterans' Affairs ("VA") are maintained on accrual status even if 90 days or more past due. | |
Impaired Loans | |
A loan is considered impaired when it is probable that all contractual principal and interest payments due will not be collected in accordance with the terms of the loan agreement. Factors considered by management in determining whether a loan is impaired include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. | |
Troubled Debt Restructurings | |
A loan is accounted for and reported as a troubled debt restructuring (“TDR”) when, for economic or legal reasons, we grant a concession to a borrower experiencing financial difficulty that we would not otherwise consider. A restructuring that results in only an insignificant delay in payment is not considered a concession. A delay may be considered insignificant if the payments subject to the delay are insignificant relative to the unpaid principal or collateral value and the contractual amount due, or the delay in timing of the restructured payment period is insignificant relative to the frequency of payments, the debt's original contractual maturity or original expected duration. | |
TDRs are designated as impaired because interest and principal payments will not be received in accordance with original contract terms. TDRs that are performing and on accrual status as of the date of the modification remain on accrual status. TDRs that are nonperforming as of the date of modification generally remain as nonaccrual until the prospect of future payments in accordance with the modified loan agreement is reasonably assured, generally demonstrated when the borrower maintains compliance with the restructured terms for a predetermined period, normally at least six months. TDRs with temporary below-market concessions remain designated as a TDR and impaired regardless of the accrual or performance status until the loan is paid off. | |
Allowance for Credit Losses | |
Credit quality within the loans held for investment portfolio is continuously monitored by management and is reflected within the allowance for credit losses. The allowance for credit losses is maintained at a level that, in management's judgment, is appropriate to cover losses inherent within the Company’s loans held for investment portfolio, including unfunded credit commitments, as of the balance sheet date. The allowance for loan losses, as reported in our consolidated statements of financial condition, is adjusted by a provision for loan losses, which is recognized in earnings, and reduced by the charge-off of loan amounts, net of recoveries. | |
The loss estimation process involves procedures to appropriately consider the unique characteristics of its two loan portfolio segments, the consumer loan portfolio segment and the commercial loan portfolio segment. These two segments are further disaggregated into loan classes, the level at which credit risk is monitored. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status and other credit trends and risk characteristics. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. Subsequent evaluations of the overall loan portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for credit losses in those future periods. | |
Credit quality is assessed and monitored by evaluating various attributes and utilizes such information in our evaluation of the adequacy of the allowance for credit losses. The following provides the credit quality indicators and risk elements that are most relevant and most carefully considered and monitored for each loan portfolio segment. | |
Consumer Loan Portfolio Segment | |
The consumer loan portfolio segment is comprised of the single family and home equity loan classes, which are underwritten after evaluating a borrower’s capacity, credit, and collateral. Capacity refers to a borrower’s ability to make payments on the loan. Several factors are considered when assessing a borrower’s capacity, including the borrower’s employment, income, current debt, assets, and level of equity in the property. Credit refers to how well a borrower manages their current and prior debts as documented by a credit report that provides credit scores and the borrower’s current and past information about their credit history. Collateral refers to the type and use of property, occupancy, and market value. Property appraisals are obtained to assist in evaluating collateral. Loan-to-property value and debt-to-income ratios, loan amount, and lien position are also considered in assessing whether to originate a loan. These borrowers are particularly susceptible to downturns in economic trends such as conditions that negatively affect housing prices and demand and levels of unemployment. | |
Commercial Loan Portfolio Segment | |
The commercial loan portfolio segment is comprised of the commercial real estate, multifamily residential, construction/land development and commercial business loan classes, whose underwriting standards consider the factors described for single family and home equity loan classes as well as others when assessing the borrower’s and associated guarantors or other related party’s financial position. These other factors include assessing liquidity, the level and composition of net worth, leverage, considering all other lender amounts and position, an analysis of cash expected to flow through the obligors including the outflow to other lenders, and prior experience with the borrower. This information is used to assess adequate financial capacity, profitability, and experience. Ultimate repayment of these loans is sensitive to interest rate changes, general economic conditions, liquidity, and availability of long-term financing. | |
Loan Loss Measurement | |
Allowance levels are influenced by loan volumes, loan asset quality ratings ("AQR") migration or delinquency status, historic loss experience and other conditions influencing loss expectations, such as economic conditions. The methodology for evaluating the adequacy of the allowance for loan losses has two basic components: first, an asset-specific component involving the identification of impaired loans and the measurement of impairment for each individual loan identified; and second, a formula-based component for estimating probable principle losses for all other loans | |
Impaired Loans | |
When a loan is identified as impaired, impairment is measured based on net realizable value, or the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the recorded investment balance of the loan. For impaired loans, we recognize impairment if we determine that the net realizable value of the impaired loan is less than the recorded investment of the loan (net of previous charge-offs and deferred loan fees and costs), except when the sole remaining source of collection is the underlying collateral. In these cases impairment is measured as the difference between the recorded investment balance of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. | |
The starting point for determining the fair value of collateral is through obtaining external appraisals. Generally, collateral values for impaired loans are updated every twelve months, either from external third parties or in-house certified appraisers. A third party appraisal is required at least annually. Third party appraisals are obtained 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. Generally, appraisals are internally reviewed by the appraisal services group to ensure the quality of the appraisal and the expertise and independence of the appraiser. Once the impairment amount is determined an asset-specific allowance is provided for equal to the calculated impairment and included in the allowance for loan losses. If the calculated impairment is determined to be permanent or not recoverable, the impairment will be charged off. Factors considered by management in determining if impairment is permanent or not recoverable include whether management judges the loan to be uncollectible, repayment is deemed to be protracted beyond reasonable time frames or the loss becomes evident owing to the borrower’s lack of assets or, for single family loans, the loan is 180 days or more past due unless both well-secured and in the process of collection. | |
Estimate of Probable Loan Losses | |
In estimating the formula-based component of the allowance for loan losses, loans are segregated into loan classes. Loans are designated into loan classes based on loans pooled by product types and similar risk characteristics or areas of risk concentration. | |
In determining the allowance for loan losses we derive an estimated credit loss assumption from a model that categorizes loan pools based on loan type and AQR or delinquency bucket. This model calculates an expected loss percentage for each loan category by considering the probability of default, based on the migration of loans from performing to loss by AQR or delinquency buckets using one-year analysis periods, and the potential severity of loss, based on the aggregate net lifetime losses incurred per loan class. | |
The formula-based component of the allowance for loan losses also considers qualitative factors for each loan class, including changes in the following: (1) lending policies and procedures; (2) international, national, regional and local economic business conditions and developments that affect the collectability of the portfolio, including the condition of various markets; (3) the nature and volume of the loan portfolio including the terms of the loans; (4) the experience, ability, and depth of the lending management and other relevant staff; (5) the volume and severity of past due and adversely classified or graded loans and the volume of nonaccrual loans; (6) the quality of our loan review system; (7) the value of underlying collateral for collateral-dependent loans. Additional factors include (8) the existence and effect of any concentrations of credit, and changes in the level of such concentrations and (9) the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. Qualitative factors are expressed in basis points and are adjusted downward or upward based on management’s judgment as to the potential loss impact of each qualitative factor to a particular loan pool at the date of the analysis. | |
Unfunded Loan Commitments | |
The Company maintains a separate allowance for losses on unfunded loan commitments, which is included in accounts payable and other liabilities on the consolidated statements of financial condition. Management estimates the amount of probable losses by calculating a one-year commitment usage factor and applying the loss factors used in the allowance for loan loss methodology to the results of the usage calculation to estimate the liability for credit losses related to unfunded commitments for each loan type. | |
Other Real Estate Owned | |
Other real estate owned ("OREO") represents real estate acquired for debts previously contracted with the Company, generally through the foreclosure of loans. In certain cases, such as foreclosures on loans involving both the Company and other participating lenders, other real estate owned may be held in the form of an investment in an unconsolidated legal entity that is in-substance real estate. These properties are initially recorded at the net realizable value (fair value of collateral less estimated costs to sell). Upon transfer of a loan to other real estate owned, an appraisal is obtained and any excess of the loan balance over the net realizable value is charged against the allowance for loan losses. The Company allows up to 90 days after foreclosure to finalize determination of net realizable value. Subsequent declines in net realizable value identified from the ongoing analysis of such properties are recognized in current period earnings within noninterest expense as a provision for losses on other real estate owned. The net realizable value of these assets is reviewed and updated at least every six months depending on the type of property, or more frequently as circumstances warrant. | |
As part of our subsequent events analysis process, we review updated independent third-party appraisals received and internal collateral valuations received subsequent to the reporting period-end to determine whether the fair value of loan collateral or OREO has changed. Additionally, we review agreements to sell OREO properties executed prior to and subsequent to the reporting period-end to identify changes in the fair value of OREO properties. If we determine that current valuations have changed materially from the prior valuations, we record any additional loan impairments or adjustments to OREO carrying values as of the end of the prior reporting period. | |
From time to time the Company may elect to accelerate the disposition of certain OREO properties in a time frame faster than the expected marketing period assumed in the appraisal supporting our valuation of such properties. At the time a property is identified and the decision to accelerate its disposition is made, that property’s underlying fair value is re-measured. Generally, to achieve an accelerated time frame in which to sell a property, the price that the Company is willing to accept for the disposition of the property decreases. Accordingly, the net realizable value of these properties is adjusted to reflect this change in valuation. | |
Mortgage Servicing Rights | |
We initially record all mortgage servicing rights ("MSRs") at fair value. For subsequent measurement of MSRs, accounting standards permit the election of either fair value or the lower of amortized cost or fair value. Management has elected to account for single family MSRs at fair value during the life of the MSR, with changes in fair value recorded through current period earnings. Fair value adjustments encompass market-driven valuation changes as well as modeled amortization involving the run-off of value that occurs due to the passage of time as individual loans are paid by borrowers. We account for multifamily MSRs at the lower of amortized cost or fair value. | |
MSRs are recorded as separate assets on our consolidated statements of financial condition upon purchase of the rights or when we retain the right to service loans that we have sold. Net gains on mortgage loan origination and sale activities depend, in part, on the initial fair value of MSRs, which is based on a discounted cash flow model. | |
Mortgage servicing income includes the changes in fair value over the reporting period of both our single family MSRs and the derivatives used to economically hedge our single family MSRs. Subsequent fair value measurements of single family MSRs, which are not traded in an active market with readily observable market prices, are determined by considering the present value of estimated future net servicing cash flows. Changes in the fair value of single family MSRs result from changes in (1) model inputs and assumptions and (2) modeled amortization, representing the collection and realization of expected cash flows and curtailments over time. The significant model inputs used to measure the fair value of single family MSRs include assumptions regarding market interest rates, projected prepayment speeds, discount rates, estimated costs of servicing and other income and additional expenses associated with the collection of delinquent loans. | |
Market expectations about loan duration, and correspondingly the expected term of future servicing cash flows, may vary from time to time due to changes in expected prepayment activity, especially when interest rates rise or fall. Market expectations of increased loan prepayment speeds may negatively impact the fair value of the single family MSRs. Fair value is also dependent on the discount rate used in calculating present value, which is imputed from observable market activity and market participants. Management reviews and adjusts the discount rate on an ongoing basis. An increase in the discount rate would reduce the estimated fair value of the single family MSRs asset. | |
For further information on how the Company measures the fair value of its single family MSRs, including key economic assumptions and the sensitivity of fair value to changes in those assumptions, see Note 12, Mortgage Banking Operations. | |
Investment in WMS Series LLC | |
HomeStreet/WMS, Inc. (Windermere Mortgage Services, Inc.), a wholly owned and consolidated subsidiary of the Bank, has an affiliated business arrangement with Windermere Real Estate, WMS Series Limited Liability Company ("WMS LLC"). The Company and Windermere Real Estate each have 50% joint control over the governance of WMS LLC. The operations of WMS LLC, which is subdivided into 29 individual operating series, are recorded using the equity method of accounting. The Company recognizes its proportionate share of the results of operations of WMS LLC as income from WMS Series LLC in noninterest income within the Company's consolidated statements of operations. | |
The Company has determined that WMS LLC is not a VIE and further does not consolidate WMS LLC under the voting interest model. The 29 individual operating series, which are divisions of WMS LLC that are allocated assets and liabilities and allow certain forms of legal isolation, are not considered to be stand-alone subsidiary legal entities for purposes of applying the consolidation guidance under U.S. GAAP. As a result, the 29 individual operating series are not considered to be VIEs based on the determination that WMS LLC is not a VIE. The investment is reviewed for possible other-than-temporary impairment annually, or more frequently if warranted. The review typically includes an analysis of facts and circumstances of the investment and expectations regarding the investment’s future cash flows. The Company has not recorded other-than-temporary impairment on this investment. | |
Equity method investment income from WMS LLC was $1.3 million, $1.7 million, and $4.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. The Company’s investment in WMS LLC was $3.1 million and $2.7 million, which is included in accounts receivable and other assets at December 31, 2014 and 2013, respectively. | |
The Company provides contracted services to WMS LLC related to accounting, loan shipping, loan underwriting, quality control, secondary marketing, and information systems support performed by Company employees on behalf of WMS LLC. The Company recorded contracted services income/(loss) of $(1.2) million, $(951) thousand, and $279 thousand for the years ended December 31, 2014, 2013 and 2012, respectively. Income related to WMS LLC, including equity method investment income and contracted services, is classified as income from WMS Series LLC in noninterest income within the consolidated statements of operations. | |
The Company provides a $25.0 million secured line of credit that allows WMS LLC to fund and close single family mortgage loans in the name of WMS LLC. The outstanding balance of the secured line of credit was $7.1 million and $5.7 million at December 31, 2014, and 2013, respectively. The highest outstanding balance of the secured line of credit was $12.4 million and $21.4 million during 2014 and 2013, respectively. The line of credit matures July 1, 2015. | |
Premises and Equipment | |
Furniture and equipment and leasehold improvements are stated at cost less accumulated depreciation or amortization and depreciated or amortized over the shorter of the useful life of the related asset or the term of the lease, generally 3 to 15 years, using the straight-line method. Management periodically evaluates furniture and equipment and leasehold improvements for impairment. | |
Goodwill | |
Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of net identifiable assets acquired. Subsequent to initial recognition, the Company tests goodwill for impairment during the third quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate there may be impairment. Goodwill was not impaired at December 31, 2014 or 2013, nor was any goodwill written off due to impairment during 2014, 2013 or 2012. | |
Trust Preferred Securities ("TruPS") | |
TruPS allow investors the ability to invest in junior subordinated debentures of the Company, which provide the Company with long-term financing. The transaction begins with the formation of a VIE established as a trust by the Company. This trust issues two classes of securities: common securities, all of which are purchased and held by the Company and recorded in other assets on the consolidated statements of financial position, and TruPS, which are sold to third-party investors. The trust holds subordinated debentures (debt) issued by the Company, which the Company records in long-term debt on the consolidated statement of financial position. The trust finances the purchase the subordinated debentures with the proceeds from the sale of its common and preferred securities. | |
The junior subordinated debentures are the sole assets of the trust, and the coupon rate on the debt mirrors the dividend payment on the preferred security. The Company also has the right to defer interest payments for up to five years and has the right to call the preferred securities. These preferred securities are non-voting and do not have the right to convert to shares of the issuer. The trust's common equity securities issued to the Company are not considered to be equity at risk because the equity securities were financed by the trust through the purchase of the debentures from the Company. As a consequence, the Company holds no variable interest in the trust, and therefore, is not the trust's primary beneficiary. | |
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | |
From time to time, the Company may enter into federal funds transactions involving purchasing reserve balances on a short-term basis, or sales of securities under agreements to repurchase the same securities (“repurchase agreements”). Repurchase agreements are accounted for as secured financing arrangements with the obligation to repurchase securities sold reflected as a liability in the consolidated statements of financial condition. The dollar amount of securities underlying the repurchase agreements remains in investment securities available for sale. For short-term instruments, including securities sold under agreements to repurchase and federal funds purchased, the carrying amount is a reasonable estimate of the fair value. | |
Income Taxes | |
In establishing an income tax provision, management applies judgment and interpretations about the application of complex tax laws, which includes making estimates about when certain items will affect future taxable income. Income taxes are accounted for using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, a deferred tax asset or liability is determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized through the provision for income taxes in the period that includes the enactment date. | |
The Company records net deferred tax assets to the extent it is believed that these assets will more likely than not be realized. In making this determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and recent financial operations. After reviewing and weighing all of the positive and negative evidence, if the positive evidence outweighs the negative evidence, then the Company does not record a valuation allowance for deferred tax assets. If the negative evidence outweighs the positive evidence, then a valuation allowance for all or a portion of the deferred tax assets is recorded. | |
The Company recognizes interest and penalties related to unrecognized tax benefits, if any, as income tax expense in the consolidated statements of operations. Accrued interest and penalties are included within the related tax liability line in the consolidated statements of financial condition. | |
Derivatives and Hedging Activities | |
In order to reduce the risk of significant interest rate fluctuations on the value of certain assets and liabilities, such as certain mortgage loans held for sale or mortgage servicing rights, the Company utilizes derivatives, such as forward sale commitments, interest rate futures, option contracts, interest rate swaps and swaptions as risk management instruments in its hedging strategy. | |
All free-standing derivatives are required to be recorded on the consolidated statements of financial condition at fair value. As permitted under U.S. GAAP, the Company nets derivative assets and liabilities, and related collateral, when a legally enforceable master netting agreement exists between the Company and the derivative counterparty. The accounting for changes in fair value of a derivative depends on whether or not the transaction has been designated and qualifies for hedge accounting. Derivatives that are not designated as hedges are reported and measured at fair value through earnings. The Company does not use derivatives for trading purposes. | |
Before initiating a position where hedge accounting treatment is desired, the Company formally documents the relationship between the hedging instrument(s) and the hedged item(s), as well as its risk management objective and strategy. | |
For derivative instruments qualifying for hedge accounting treatment, the instrument is designed as either: (1) a hedge of changes in fair value of a recognized asset or liability or of an unrecognized firm commitment (a fair value hedge), or (2) a hedge of the variability in expected future cash flows associated with an existing recognized asset or liability or a probable forecasted transaction (a cash flow hedge). | |
Derivatives where the Company has not attempted to achieve or attempted but did not achieve hedge accounting treatment are referred to as economic hedges. The changes in fair value of these instruments are recorded in our consolidated statements of operations in the period in which the change occurs. | |
In a fair value hedge, changes in the fair value of the derivative and, to the extent that it is effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk are recorded through current period earnings in the same financial statement category as the hedged item. | |
In a cash flow hedge, the effective portion of the change in the fair value of the hedging derivative is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings during the same period in which the hedged item affects earnings. The ineffective portion is recognized immediately in noninterest income – other. | |
The Company discontinues hedge accounting when (1) it determines that the derivative is no longer expected to be highly effective in offsetting changes in fair value or cash flows of the designated item; (2) the derivative expires or is sold, terminated, or exercised; (3) the derivative is de-designated from the hedge relationship; or (4) it is no longer probable that a hedged forecasted transaction will occur by the end of the originally specified time period. | |
If the Company determines that the derivative no longer qualifies as a fair value or cash flow hedge and therefore hedge accounting is discontinued, the derivative (if retained) will continue to be recorded on the balance sheet at its fair value with changes in fair value included in current earnings. For a discontinued fair value hedge, the previously hedged item is no longer adjusted for changes in fair value. | |
When the Company discontinues hedge accounting because it is not probable that a forecasted transaction will occur, the derivative will continue to be recorded on the balance sheet at its fair value with changes in fair value included in current earnings, and the gains and losses in accumulated other comprehensive income will be recognized immediately in earnings. When the Company discontinues hedge accounting because the hedging instrument is sold, terminated, or de-designated as a hedge, the amount reported in accumulated other comprehensive income through the date of sale, termination, or de-designation will continue to be reported in accumulated other comprehensive income until the forecasted transaction affects earnings. For fair value hedges that are de-designated, the net gain or loss on the underlying transactions being hedged is amortized to other noninterest income over the remaining contractual life of the loans at the time of de-designation. Changes in the fair value of these derivative instruments after de-designation of fair value hedge accounting are recorded in noninterest income in the consolidated statements of operations. | |
Interest rate lock commitments ("IRLCs") for single family mortgage loans that we intend to sell are considered free-standing derivatives. For determining the fair value measurement of IRLCs we consider several factors including the fair value in the secondary market of the underlying loan resulting from the exercise of the commitment, the expected net future cash flows related to the associated servicing of the loan and the probability that the loan will not fund according to the terms of the commitment (referred to as a fall-out factor). The value of the underlying loan is affected primarily by changes in interest rates. Management uses forward sales commitments to hedge the interest rate exposure from IRLCs. A forward loan sale commitment protects the Company from losses on sales of loans arising from the exercise of the loan commitments by securing the ultimate sales price and delivery date of the loan. The Company takes into account various factors and strategies in determining the portion of the mortgage pipeline it wants to hedge economically. Unrealized and realized gains and losses on derivative contracts utilized for economically hedging the mortgage pipeline are recognized as part of the net gain on mortgage loan origination and sale activities within noninterest income. | |
The Company is exposed to credit risk if derivative counterparties to derivative contracts do not perform as expected. This risk consists primarily of the termination value of agreements where the Company is in a favorable position. The Company minimizes counterparty credit risk through credit approvals, limits, monitoring procedures, and obtaining collateral, as appropriate. | |
Share-Based Employee Compensation | |
The Company has share-based employee compensation plans as more fully discussed in Note 16, Share-Based Compensation Plans. Under the accounting guidance for stock compensation, compensation expense recognized includes the cost for share-based awards, such as nonqualified stock options and restricted stock grants, which are recognized as compensation expense over the requisite service period (generally the vesting period) on a straight line basis. For stock awards that vest upon the satisfaction of a market condition, the Company estimates the service period over which the award is expected to vest. If all conditions to the vesting of an award are satisfied prior to the end of the estimated vesting period, any unrecognized compensation costs associated with the portion of the award that vested earlier than expected are immediately recognized in earnings. | |
Fair Value Measurement | |
The term "fair value" is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The Company’s approach is to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. The degree of management judgment involved in estimating the fair value of a financial instrument or other asset is dependent upon the availability of quoted market prices or observable market value inputs for internal valuation models, used for estimating fair value. For financial instruments that are actively traded in the marketplace or whose values are based on readily available market data, little judgment is necessary when estimating the instrument’s fair value. When observable market prices and data are not readily available, significant management judgment often is necessary to estimate fair value. In those cases, different assumptions could result in significant changes in valuation. See Note 17, Fair Value Measurement. | |
Commitments, Guarantees, and Contingencies | |
U.S. GAAP requires that a guarantor recognize, at the inception of a guarantee, a liability in an amount equal to the fair value of the obligation undertaken in issuing the guarantee. A guarantee is a contract that contingently requires the guarantor to pay a guaranteed party based upon: (a) changes in an underlying asset, liability or equity security of the guaranteed party; or (b) a third party’s failure to perform under a specified agreement. The Company initially records guarantees at the inception date fair value of the obligation assumed and records the amount in other liabilities. For indemnifications provided in sales agreements, a portion of the sale proceeds is allocated to the guarantee, which adjusts the gain or loss that would otherwise result from the transaction. For these indemnifications, the initial liability is amortized to income as the Company’s risk is reduced (i.e., over time as the Company's exposure is reduced or when the indemnification expires). | |
Contingent liabilities, including those that exists as a result of a guarantee or indemnification, are recognized when it becomes probable that a loss has been incurred and the amount of the loss is reasonably estimable. The contingent portion of a guarantee is not recognized if the estimated amount of loss is less than the carrying amount of the liability recognized at inception of the guarantee (as adjusted for any amortization). | |
The Company typically sells loans servicing retained in either a pooled loan securitization transaction with a GSE, a whole loan sale to a GSE, or much less frequently a whole loan sale to market participants such as other financial institutions, who purchase the loans for investment purposes or include them in a private label securitization transaction, or the loans are pooled and sold into a conforming loan securitization with a government-sponsored enterprise (“GSE”), provided loan origination parameters conform to GSE guidelines. Substantially all of the Company’s loan sales are pooled loan securitization transactions with GSEs. These conforming loan securitizations are guaranteed by GSEs, such as Fannie Mae, Ginnie Mae and Freddie Mac. | |
The Company may be required to repurchase mortgage loans or indemnify loan purchasers due to defects in the origination process of the loan, such as documentation errors, underwriting errors and judgments, early payment defaults and fraud. These obligations expose the Company to any credit loss on the repurchased mortgage loans after accounting for any mortgage insurance that it may receive. Generally, the maximum amount of future payments the Company would be required to make for breaches of these representations and warranties would be equal to the unpaid principal balance of such loans that are deemed to have defects that were sold to purchasers plus, in certain circumstances, accrued and unpaid interest on such loans and certain expenses. See Note 13, Commitments, Guarantees, and Contingencies. | |
The Company sells multifamily loans through the Fannie Mae Delegated Underwriting and Servicing Program ("DUS"®) (DUS® is a registered trademark of Fannie Mae.) that are subject to a credit loss sharing arrangement. The Company may also from time to time sell loans with recourse. When loans are sold with recourse or subject to a loss sharing arrangement, a liability is recorded based on the estimated fair value of the obligation under the accounting guidance for guarantees. These liabilities are included within other liabilities. See Note 13, Commitments, Guarantees, and Contingencies. | |
Earnings per Share | |
Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted average common shares outstanding during the period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted average common shares outstanding, plus the effect of common stock equivalents (for example, stock options and unvested restricted stock). Stock options issued under stock-based compensation plans that have an antidilutive effect and shares of restricted stock whose vesting is contingent upon conditions that have not been satisfied at the end of the period are excluded from the computation of diluted EPS. Weighted average common shares outstanding include shares held by the Company’s Employee Stock Ownership Plan. Shares outstanding and per share information presented in the consolidated financial statements have been adjusted to reflect the 2-for-1 forward stock splits effective on November 5, 2012 and on March 6, 2012, as well as the 1-for-2.5 reverse stock split effective on July 19, 2011. | |
Business Segments | |
The Company's business segments are determined based on the products and services provided, as well as the nature of the related business activities, and they reflect the manner in which financial information is regularly reviewed by the Company's chief operating decision maker for the purpose of allocating resources and evaluating the performance of the Company's businesses. The results for these business segments are based on management’s accounting process, which assigns income statement items and assets to each responsible operating segment. This process is dynamic and is based on management's view of the Company's operations. If the management structure and/or the allocation process changes, allocations, transfers, and assignments may change. See Note 19, Business Segments. | |
Correction of Parent Company Condensed Statements of Cash Flows | |
Subsequent to the issuance of the consolidated financial statements as of and for the year ended December 31, 2013, the Company determined that the $19.6 million Dividend from banking subsidiary classified within cash flows from financing activities in Note 20 - Parent Company Financial Statements - Condensed Statements of Cash Flows for the year ended December 31, 2013 should have been classified as net cash (used in) provided by operating activities for the year ended December 31, 2013. Accordingly, the Company corrected the error within the Parent Company Condensed Statements of Cash Flows for the year ended December 31, 2013. Parent Company Net cash used in operating activities for the year ended December 31, 2013 originally reported of $20,083 thousand was corrected to $483 thousand. Net cash provided by financing activities for the year ended December 31, 2013 originally reported of $19,818 thousand was corrected to $218 thousand. The corrections did not affect net cash used in investing activities nor the (decrease) increase in cash and cash equivalents. The foregoing corrections are not considered material by the Company. | |
Recent Accounting Developments | |
In January 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2014-01, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Qualified Affordable Housing Projects. The ASU applies to all reporting entities that invest in qualified affordable housing projects through limited liability entities that are flow through entities for tax purposes. The amendments in this ASU eliminate the effective yield election and permit reporting entities to make an accounting policy election to account for their investments in qualified affordable housing projects using the proportional amortization method if certain conditions are met. Under the proportional amortization method, an entity amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received, and recognizes the net investment performance in the income statement as a component of income tax expense (benefit). Those not electing the proportional amortization method would account for the investment using the equity method or cost method. The amendments in this ASU should be applied retrospectively to all periods presented and are effective for public business entities for annual periods and interim reporting periods within those annual periods, beginning after December 15, 2014, although early adoption is permitted. The Company elected to adopt this new accounting guidance as of January 1, 2014. It is being adopted prospectively, as the retrospective adjustments were not material. The Company's income tax expense for 2014 includes discrete tax benefit items of $406 thousand related to the recognition of the cumulative effect for prior years of adoption of this new accounting guidance. | |
In January 2014, the FASB issued ASU 2014-04, Reclassification of Residential Real Estate Collateralized Consumer Mortgage Loans upon foreclosure. The ASU clarifies that an in substance repossession or foreclosure occurs, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendments require interim and annual disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in consumer mortgage loans collateralized by residential real estate property that are in the process of foreclosure according to local requirements of the applicable jurisdiction. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2014 and can be applied with a modified retrospective transition method or prospectively. The adoption of ASU 2014-04 is not expected to have a material impact on the Company's consolidated financial statements. | |
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606). This ASU clarifies the principles for recognizing revenue from contracts with customers. The new accounting guidance, which does not apply to financial instruments, is effective on a retrospective basis beginning on January 1, 2017. The adoption of ASU 2014-09 is not expected to have a material impact on the Company's consolidated financial statements. | |
In June 2014, the FASB issued ASU 2014-11, Transfers and Servicing (Topic 860): Repurchase-to Maturity Transactions, Repurchase Financings, and Disclosures. The ASU applies to all entities that enter into repurchase-to-maturity transactions or repurchase financings. The amendments in this ASU require that repurchase-to-maturity transactions be accounted for as secured borrowings consistent with the accounting for other repurchase agreements. In addition, the amendments require separate accounting for a transfer of a financial asset executed contemporaneously with a repurchase agreement with the same counterparty (a repurchase financing), which will result in secured borrowing accounting for the repurchase agreement. The amendments require an entity to disclose information about transfers accounted for as sales in transactions that are economically similar to repurchase agreements, in which the transferor retains substantially all of the exposure to the economic return on the transferred financial asset throughout the term of the transaction. In addition the amendments require disclosure of the types of collateral pledged in repurchase agreements, securities lending transactions, and repurchase-to-maturity transactions and the tenor of those transactions. The amendments in this ASU are effective for public business entities for the first interim or annual period beginning after December 15, 2014. Early adoption is not permitted. The application of this guidance may require enhanced disclosures of the Company's repurchase agreements, but is not expected to have a material impact on the Company's consolidated financial statements. | |
In August 2014, the FASB issued ASU 2014-14, Classification of Certain Government-Guaranteed Mortgage Loans upon Foreclosure. The ASU clarifies the classification of certain foreclosed mortgage loans held by creditors that are either fully or partially guaranteed under government programs. The ASU requires that a mortgage loan be derecognized and that a separate other receivable be recognized upon foreclosure if the following conditions are met: (1) the loan has a government guarantee that is not separable from the loan before foreclosure; (2) at the time of foreclosure, the creditor has the intent to convey the real estate property to the guarantor and make a claim on the guarantee, and the creditor has the ability to recover under that claim; (3) at the time of foreclosure, any amount of the claim that is determined on the basis of the fair value of the real estate is fixed. The separate other receivable should be measured based on the amount of the loan balance expected to be recovered from the guarantor. The amendments are effective for annual and interim reporting periods beginning on or after December 15, 2014 and can be applied with a modified retrospective transition method or prospectively. The adoption of ASU 2014-14 is not expected to have a material impact on the Company's consolidated financial statements. |
Business_Combinations_Notes
Business Combinations (Notes) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Acquisition [Line Items] | |||||||||
Business Combination Disclosure [Text Block] | NOTE 2–BUSINESS COMBINATIONS: | ||||||||
2014 Acquisition Activity | |||||||||
On March 1, 2015, the Company completed its acquisition of Simplicity Bancorp, Inc., a Maryland corporation (“Simplicity”) and Simplicity’s wholly owned subsidiary, Simplicity Bank. Simplicity’s principal business activities prior to the merger were attracting retail deposits from the general public, originating or purchasing loans, primarily loans secured by first mortgages on owner-occupied, one-to-four family residences and multi-family residences located in Southern California and, to a lesser extent, commercial real estate, automobile and other consumer loans; and mortgage banking consisting mostly of the origination and sale of fixed-rate, conforming, one-to-four family residential real estate loans in the secondary market, usually with servicing retained. The primary objective for this acquisition is to grow our Commercial and Consumer Banking segment by expanding the business of the former Simplicity branches by offering additional banking and lending products to former Simplicity customers as well as new customers. The acquisition was accomplished by the merger of Simplicity with and into HomeStreet, Inc. with HomeStreet, Inc. as the surviving corporation, followed by the merger of Simplicity Bank with and into HomeStreet Bank with HomeStreet Bank as the surviving subsidiary. The results of operations of Simplicity will be included in the consolidated results of operations from the date of acquisition. | |||||||||
At the closing, there were 7,180,005 shares of Simplicity common stock, par value $0.01, outstanding, all of which were cancelled and exchanged for an equal number of shares of HomeStreet common stock, no par value, issued to Simplicity’s stockholders. In connection with the merger, all outstanding options to purchase Simplicity common stock were cancelled in exchange for a cash payment equal to the difference between a calculated price of HomeStreet common stock and the exercise price of the option, provided, however, that any options that were out-of-the-money at the time of closing were cancelled for no consideration. The calculated price of $17.53 was determined by averaging the closing price of HomeStreet common stock for the 10 trading days prior to but not including the 5th business day before the closing date. Simplicity paid cash to holders of Simplicity common stock and restricted stock in lieu of fractional shares of HomeStreet common stock. The cash was funded by cash on hand. | |||||||||
At December 31, 2014, Simplicity had assets of approximately $863 million, loans of $683 million and deposits of $656 million. The transaction will be accounted for under the purchase acquisition method of accounting and accordingly, assets acquired, liabilities assumed and consideration exchanged will be recorded at estimated fair value on the acquisition date. | |||||||||
Because the merger occurred on March 1, 2015, the initial accounting for the business combination is incomplete as of the filing date of this Form 10-K. HomeStreet is in the process of determining the fair values which are subject to refinement for up to one year after the closing date of the acquisition. | |||||||||
2013 Acquisitions | |||||||||
On December 6, 2013, the Company acquired two retail deposit branches and some related assets from AmericanWest Bank, a Washington state-chartered bank. The branches are located on Bainbridge Island and in West Seattle. Deposits with face value of $32.0 million were acquired for a premium of $804 thousand. | |||||||||
On November 1, 2013, the Company completed its acquisition of Fortune Bank (“Fortune”) and YNB Financial Services Corp. (“YNB”), the parent of Yakima National Bank. The Company acquired all of the voting equity interests of Fortune Bank and YNB in exchange for cash consideration. Immediately following completion of the acquisitions, YNB was merged into HomeStreet, Inc. Additionally, Fortune Bank and Yakima National Bank were merged into HomeStreet Bank. | |||||||||
The primary objective for the acquisitions was to grow the Company’s Commercial and Consumer Banking business. Additionally, the acquisition of Yakima National Bank expanded the Company's geographic footprint, consistent with the Company's ongoing growth strategy. | |||||||||
The assets acquired and liabilities assumed in the acquisitions described above have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the acquisition date. | |||||||||
The application of the acquisition method of accounting resulted, in the aggregate, in the recognition of goodwill of $11.5 million and core deposit intangible assets of $3.5 million. The goodwill represented the excess purchase price over the estimated fair value of the net assets acquired. The goodwill is not deductible for income tax purposes. All of the goodwill was assigned to the Commercial and Consumer Banking business segment. The acquired core deposit intangibles in the aggregate were determined to have a weighted-average useful life of approximately 6.4 years and are amortized on an accelerated basis. | |||||||||
The table below summarizes the aggregate amount recognized for each major class of assets acquired and liabilities assumed in the acquisitions of Fortune and YNB on November 1, 2013 and in the acquisition of two retail deposit branches from AmericanWest Bank on December 6, 2013: | |||||||||
(in thousands) | 1-Nov-13 | ||||||||
and | |||||||||
6-Dec-13 | |||||||||
Purchase price (1) | $ | 36,890 | |||||||
Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value: | |||||||||
Cash and cash equivalents | 60,861 | ||||||||
Investment securities | 1,241 | ||||||||
Acquired loans | 206,737 | ||||||||
Other real estate owned | 740 | ||||||||
Federal Home Loan Bank stock, at cost | 240 | ||||||||
Premises and equipment, net | 2,416 | ||||||||
Core deposit intangibles | 3,455 | ||||||||
Accounts receivable and other assets | 15,006 | ||||||||
Deposits | (261,116 | ) | |||||||
Accounts payable and accrued expenses | (1,257 | ) | |||||||
Long-term debt | (2,954 | ) | |||||||
Total fair value of identifiable net assets | 25,369 | ||||||||
Goodwill | $ | 11,521 | |||||||
-1 | The purchase price represents the total amount of cash consideration transferred. | ||||||||
The operating results of the Company include the operating results produced by the acquired assets and assumed liabilities for the period November 1, 2013 to December 31, 2013 for the acquired banks and for the period December 6, 2013 to December 31, 2013 for the two retail deposit branches acquired from AmericanWest Bank. | |||||||||
In connection with the aforementioned 2013 acquisitions, HomeStreet recognized acquisition-related expenses of $2.2 million and $4.5 million for the years ended December 31, 2014 and 2013, respectively, as follows: | |||||||||
Year Ended December 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Acquisition-related costs recognized in noninterest expense: | |||||||||
Salaries and related costs | $ | 459 | $ | 864 | |||||
General and administrative | 427 | 206 | |||||||
Legal | 248 | 407 | |||||||
Consulting | 791 | 3,007 | |||||||
Federal Deposit Insurance Corporation assessments | — | 15 | |||||||
Occupancy | 11 | 2 | |||||||
Information services | 230 | 48 | |||||||
$ | 2,166 | $ | 4,549 | ||||||
The table below details the estimated aggregate amount of contractually required payments, contractual cash flows not expected to be collected and cash flows expected to be collected as of the acquisition date on loans acquired in connection with the acquisitions of Fortune and YNB on November 1, 2013 and for the two retail deposit branches acquired from AmericanWest Bank on December 6, 2013: | |||||||||
(in thousands) | Year Ended December 31, 2013 | ||||||||
Contractually required repayments including interest (1) | $ | 265,215 | |||||||
Less: Contractual cash flows not expected to be collected | (4,646 | ) | |||||||
Cash flows expected to be collected | $ | 260,569 | |||||||
-1 | Denotes required payments based on a loan's current contractual rate and contractual schedule, assuming no loss or prepayment. |
Regulatory_Capital_Requirement
Regulatory Capital Requirements (Notes) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Regulatory Capital Requirements [Abstract] | |||||||||||||||||||||
Regulatory Capital Requirements under Banking Regulations [Text Block] | NOTE 3–REGULATORY CAPITAL REQUIREMENTS: | ||||||||||||||||||||
HomeStreet, Inc., as a unitary savings and loan holding company, is not subject to minimum regulatory capital requirements. However, the Bank is subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements could initiate certain mandatory and possibly additional discretionary actions by the regulators that, if undertaken, could have a direct material effect on the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings, and other factors. | |||||||||||||||||||||
Quantitative measures established by regulation to ensure capital adequacy require the Bank to maintain minimum amounts and ratios of Total and Tier 1 capital (as defined in the regulations) to risk-weighted assets (as defined in the regulations) and of Tier 1 capital to average assets (as defined in the regulations). The regulators also have the ability to impose elevated capital requirements in certain circumstances. At December 31, 2014 the Bank's capital ratios meet the regulatory capital category of “well capitalized” as defined by the FDIC's prompt corrective action rules. | |||||||||||||||||||||
The Bank’s actual capital amounts and ratios are included in the following table: | |||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||
Actual | For Minimum Capital | To Be Categorized As | |||||||||||||||||||
Adequacy Purposes | “Well Capitalized” Under | ||||||||||||||||||||
Prompt Corrective | |||||||||||||||||||||
Action Provisions | |||||||||||||||||||||
(in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
Tier 1 leverage capital | $ | 319,010 | 9.38 | % | $ | 136,058 | 4 | % | $ | 170,072 | 5 | % | |||||||||
(to average assets) | |||||||||||||||||||||
Tier 1 risk-based capital | 319,010 | 13.1 | 97,404 | 4 | 146,106 | 6 | |||||||||||||||
(to risk-weighted assets) | |||||||||||||||||||||
Total risk-based capital | 341,534 | 14.03 | 194,808 | 8 | 243,511 | 10 | |||||||||||||||
(to risk-weighted assets) | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Actual | For Minimum Capital | To Be Categorized As | |||||||||||||||||||
Adequacy Purposes | “Well Capitalized” Under | ||||||||||||||||||||
Prompt Corrective | |||||||||||||||||||||
Action Provisions | |||||||||||||||||||||
(in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
Tier 1 leverage capital | $ | 291,673 | 9.96 | % | $ | 117,182 | 4 | % | $ | 146,478 | 5 | % | |||||||||
(to average assets) | |||||||||||||||||||||
Tier 1 risk-based capital | 291,673 | 14.12 | 81,708 | 4 | 122,562 | 6 | |||||||||||||||
(to risk-weighted assets) | |||||||||||||||||||||
Total risk-based capital | 315,762 | 15.28 | 163,415 | 8 | 204,269 | 10 | |||||||||||||||
(to risk-weighted assets) | |||||||||||||||||||||
At periodic intervals, the FDIC and the WDFI routinely examine the Bank’s financial statements as part of their legally prescribed oversight of the banking industry. Based on their examinations, these regulators can direct that the Bank’s financial statements be adjusted in accordance with their findings. |
Investment_Securities
Investment Securities | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||
INVESTMENT SECURITIES AVAILABLE FOR SALE | NOTE 4–INVESTMENT SECURITIES: | ||||||||||||||||||||||||||||||||||
The following table sets forth certain information regarding the amortized cost and fair values of our investment securities available for sale. | |||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
cost | unrealized | unrealized | value | ||||||||||||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | 107,624 | $ | 509 | $ | (853 | ) | $ | 107,280 | ||||||||||||||||||||||||||
Commercial | 13,030 | 641 | — | 13,671 | |||||||||||||||||||||||||||||||
Municipal bonds | 119,744 | 2,847 | (257 | ) | 122,334 | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | 44,254 | 161 | (1,249 | ) | 43,166 | ||||||||||||||||||||||||||||||
Commercial | 20,775 | — | (289 | ) | 20,486 | ||||||||||||||||||||||||||||||
Corporate debt securities | 80,214 | 296 | (1,110 | ) | 79,400 | ||||||||||||||||||||||||||||||
U.S. Treasury securities | 40,976 | 13 | — | 40,989 | |||||||||||||||||||||||||||||||
$ | 426,617 | $ | 4,467 | $ | (3,758 | ) | $ | 427,326 | |||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
cost | unrealized | unrealized | value | ||||||||||||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | 137,602 | $ | 187 | $ | (3,879 | ) | $ | 133,910 | ||||||||||||||||||||||||||
Commercial | 13,391 | 45 | (3 | ) | 13,433 | ||||||||||||||||||||||||||||||
Municipal bonds | 136,937 | 185 | (6,272 | ) | 130,850 | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | 93,112 | 85 | (2,870 | ) | 90,327 | ||||||||||||||||||||||||||||||
Commercial | 17,333 | — | (488 | ) | 16,845 | ||||||||||||||||||||||||||||||
Corporate debt securities | 75,542 | — | (6,676 | ) | 68,866 | ||||||||||||||||||||||||||||||
U.S. Treasury securities | 27,478 | 1 | (27 | ) | 27,452 | ||||||||||||||||||||||||||||||
$ | 501,395 | $ | 503 | $ | (20,215 | ) | $ | 481,683 | |||||||||||||||||||||||||||
Mortgage-backed securities ("MBS") and collateralized mortgage obligations ("CMO") represent securities issued by government sponsored entities ("GSEs"). Each of the MBS and CMO securities in our investment portfolio are guaranteed by Fannie Mae, Ginnie Mae or Freddie Mac. Municipal bonds are comprised of general obligation bonds (i.e., backed by the general credit of the issuer) and revenue bonds (i.e., backed by revenues from the specific project being financed) issued by various municipal corporations. As of December 31, 2014 and 2013, all securities held, including municipal bonds and corporate debt securities, were rated investment grade based upon external ratings where available and, where not available, based upon internal ratings which correspond to ratings as defined by Standard and Poor’s Rating Services (“S&P”) or Moody’s Investors Services (“Moody’s”). As of December 31, 2014 and 2013, substantially all securities held had ratings available by external ratings agencies. | |||||||||||||||||||||||||||||||||||
Investment securities available for sale that were in an unrealized loss position are presented in the following tables based on the length of time the individual securities have been in an unrealized loss position. | |||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Gross | Fair | Gross | Fair | Gross | Fair | |||||||||||||||||||||||||||||
unrealized | value | unrealized | value | unrealized | value | ||||||||||||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | — | $ | — | $ | (853 | ) | $ | 57,242 | $ | (853 | ) | $ | 57,242 | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Municipal bonds | (11 | ) | 2,339 | (246 | ) | 17,155 | (257 | ) | 19,494 | ||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | — | — | (1,249 | ) | 31,021 | (1,249 | ) | 31,021 | |||||||||||||||||||||||||||
Commercial | (29 | ) | 5,037 | (260 | ) | 15,449 | (289 | ) | 20,486 | ||||||||||||||||||||||||||
Corporate debt securities | (56 | ) | 13,140 | (1,054 | ) | 40,997 | (1,110 | ) | 54,137 | ||||||||||||||||||||||||||
U.S. Treasury securities | — | — | — | — | — | — | |||||||||||||||||||||||||||||
$ | (96 | ) | $ | 20,516 | $ | (3,662 | ) | $ | 161,864 | $ | (3,758 | ) | $ | 182,380 | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Gross | Fair | Gross | Fair | Gross | Fair | |||||||||||||||||||||||||||||
unrealized | value | unrealized | value | unrealized | value | ||||||||||||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | (3,767 | ) | $ | 98,717 | $ | (112 | ) | $ | 6,728 | $ | (3,879 | ) | $ | 105,445 | ||||||||||||||||||||
Commercial | (3 | ) | 7,661 | — | — | (3 | ) | 7,661 | |||||||||||||||||||||||||||
Municipal bonds | (5,991 | ) | 106,985 | (281 | ) | 3,490 | (6,272 | ) | 110,475 | ||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | (2,120 | ) | 63,738 | (750 | ) | 15,081 | (2,870 | ) | 78,819 | ||||||||||||||||||||||||||
Commercial | (488 | ) | 16,845 | — | — | (488 | ) | 16,845 | |||||||||||||||||||||||||||
Corporate debt securities | (6,676 | ) | 68,844 | — | — | (6,676 | ) | 68,844 | |||||||||||||||||||||||||||
U.S. Treasury securities | (27 | ) | 25,452 | — | — | (27 | ) | 25,452 | |||||||||||||||||||||||||||
$ | (19,072 | ) | $ | 388,242 | $ | (1,143 | ) | $ | 25,299 | $ | (20,215 | ) | $ | 413,541 | |||||||||||||||||||||
The Company has evaluated securities available for sale that are in an unrealized loss position and has determined that the decline in value is temporary and is related to the change in market interest rates since purchase. The decline in value is not related to any issuer- or industry-specific credit event. As of December 31, 2014 and 2013, the Company does not expect any credit losses in its debt securities. In addition, as of December 31, 2014 and 2013, the Company had not made a decision to sell any of its debt securities held, nor did the Company consider it more likely than not that it would be required to sell such securities before recovery of their amortized cost basis. The Company did not hold any marketable equity securities as of December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||||
The following tables present the fair value of investment securities available for sale by contractual maturity along with the associated contractual yield for the periods indicated below. Contractual maturities for mortgage-backed securities and collateralized mortgage obligations as presented exclude the effect of expected prepayments. Expected maturities will differ from contractual maturities because borrowers may have the right to prepay obligations before the underlying mortgages mature. The weighted-average yield is computed using the contractual coupon of each security weighted based on the fair value of each security and does not include adjustments to a tax equivalent basis. | |||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||
Within one year | After one year | After five years | After ten years | Total | |||||||||||||||||||||||||||||||
through five years | through ten years | ||||||||||||||||||||||||||||||||||
(in thousands) | Fair | Weighted | Fair | Weighted | Fair | Weighted | Fair | Weighted | Fair | Weighted | |||||||||||||||||||||||||
Value | Average | Value | Average | Value | Average | Value | Average | Value | Average | ||||||||||||||||||||||||||
Yield | Yield | Yield | Yield | Yield | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | — | — | % | $ | — | — | % | $ | 6,949 | 1.72 | % | $ | 100,331 | 1.75 | % | $ | 107,280 | 1.75 | % | |||||||||||||||
Commercial | — | — | — | — | — | — | 13,671 | 4.75 | 13,671 | 4.75 | |||||||||||||||||||||||||
Municipal bonds | — | — | 604 | 4.1 | 23,465 | 3.55 | 98,265 | 4.21 | 122,334 | 4.09 | |||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | 43,166 | 1.84 | 43,166 | 1.84 | |||||||||||||||||||||||||
Commercial | — | — | — | — | 9,776 | 1.96 | 10,710 | 1.99 | 20,486 | 1.97 | |||||||||||||||||||||||||
Corporate debt securities | — | — | 9,000 | 2.21 | 38,487 | 3.35 | 31,913 | 3.73 | 79,400 | 3.37 | |||||||||||||||||||||||||
U.S. Treasury securities | 25,998 | 0.28 | 14,991 | 0.46 | — | — | — | — | 40,989 | 0.35 | |||||||||||||||||||||||||
Total available for sale | $ | 25,998 | 0.28 | % | $ | 24,595 | 1.19 | % | $ | 78,677 | 3.09 | % | $ | 298,056 | 2.92 | % | $ | 427,326 | 2.69 | % | |||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
Within one year | After one year | After five years | After ten years | Total | |||||||||||||||||||||||||||||||
through five years | through ten years | ||||||||||||||||||||||||||||||||||
(in thousands) | Fair | Weighted | Fair | Weighted | Fair | Weighted | Fair | Weighted | Fair | Weighted | |||||||||||||||||||||||||
Value | Average | Value | Average | Value | Average | Value | Average | Value | Average | ||||||||||||||||||||||||||
Yield | Yield | Yield | Yield | Yield | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | — | — | % | $ | — | — | % | $ | 10,581 | 1.63 | % | $ | 123,329 | 1.82 | % | $ | 133,910 | 1.81 | % | |||||||||||||||
Commercial | — | — | $ | — | — | — | — | 13,433 | 4.51 | 13,433 | 4.51 | ||||||||||||||||||||||||
Municipal bonds | — | — | — | — | 19,598 | 3.51 | 111,252 | 4.29 | 130,850 | 4.17 | |||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | — | — | — | — | 19,987 | 2.31 | 70,340 | 2.17 | 90,327 | 2.2 | |||||||||||||||||||||||||
Commercial | — | — | — | — | 5,270 | 1.9 | 11,575 | 1.42 | 16,845 | 1.57 | |||||||||||||||||||||||||
Corporate debt securities | — | — | — | — | 32,848 | 3.31 | 36,018 | 3.75 | 68,866 | 3.54 | |||||||||||||||||||||||||
U.S. Treasury securities | 1,001 | 0.18 | 26,451 | 0.3 | — | — | — | — | 27,452 | 0.29 | |||||||||||||||||||||||||
Total available for sale | $ | 1,001 | 0.18 | % | $ | 26,451 | 0.3 | % | $ | 88,284 | 2.84 | % | $ | 365,947 | 2.92 | % | $ | 481,683 | 2.75 | % | |||||||||||||||
Sales of investment securities available for sale were as follows. | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Proceeds | $ | 96,154 | $ | 127,648 | $ | 166,187 | |||||||||||||||||||||||||||||
Gross gains | 2,560 | 2,089 | 1,921 | ||||||||||||||||||||||||||||||||
Gross losses | (201 | ) | (315 | ) | (431 | ) | |||||||||||||||||||||||||||||
There were $44.3 million and $47.3 million in investment securities pledged to secure advances from the FHLB at December 31, 2014 and December 31, 2013. At December 31, 2014 and 2013, there were $33.4 million and $37.7 million, respectively, of securities pledged to secure derivatives in a liability position. | |||||||||||||||||||||||||||||||||||
Tax-exempt interest income on securities available for sale totaling $3.4 million, $4.0 million, and $4.3 million for the years ended December 31, 2014, 2013, and 2012, respectively, were recorded in the Company’s consolidated statements of operations. |
Loans_and_Credit_Quality
Loans and Credit Quality | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||
LOANS AND CREDIT QUALITY | NOTE 5–LOANS AND CREDIT QUALITY: | |||||||||||||||||||||||||||
For a detailed discussion of loans and credit quality, including accounting policies and the methodology used to estimate the allowance for credit losses, see Note 1, Summary of Significant Accounting Policies. | ||||||||||||||||||||||||||||
The Company's portfolio of loans held for investment is divided into two portfolio segments, consumer loans and commercial loans, which are the same segments used to determine the allowance for loan losses. Within each portfolio segment, the Company monitors and assesses credit risk based on the risk characteristics of each of the following loan classes: single family and home equity loans within the consumer loan portfolio segment and commercial real estate, multifamily, construction/land development and commercial business loans within the commercial loan portfolio segment. | ||||||||||||||||||||||||||||
Loans held for investment consist of the following: | ||||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 896,665 | $ | 904,913 | ||||||||||||||||||||||||
Home equity | 135,598 | 135,650 | ||||||||||||||||||||||||||
1,032,263 | 1,040,563 | |||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 523,464 | 477,642 | ||||||||||||||||||||||||||
Multifamily | 55,088 | 79,216 | ||||||||||||||||||||||||||
Construction/land development | 367,934 | 130,465 | ||||||||||||||||||||||||||
Commercial business | 147,449 | 171,054 | ||||||||||||||||||||||||||
1,093,935 | 858,377 | |||||||||||||||||||||||||||
2,126,198 | 1,898,940 | |||||||||||||||||||||||||||
Net deferred loan fees, costs and discounts | (5,048 | ) | (3,219 | ) | ||||||||||||||||||||||||
2,121,150 | 1,895,721 | |||||||||||||||||||||||||||
Allowance for loan losses | (22,021 | ) | (23,908 | ) | ||||||||||||||||||||||||
$ | 2,099,129 | $ | 1,871,813 | |||||||||||||||||||||||||
Loans in the amount of $1.06 billion and $800.5 million at December 31, 2014 and 2013, respectively, were pledged to secure borrowings from the FHLB as part of our liquidity management strategy. The FHLB does not have the right to sell or re-pledge these loans. | ||||||||||||||||||||||||||||
It is the Company’s policy to make loans to officers, directors, and their associates in the ordinary course of business on substantially the same terms as those prevailing at the time for comparable transactions with other persons. The following is a summary of activity during the years ended December 31, 2014 and 2013 with respect to such aggregate loans to these related parties and their associates: | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||
Beginning balance, January 1 | $ | 9,738 | $ | 11,763 | ||||||||||||||||||||||||
New loans | — | 2,178 | ||||||||||||||||||||||||||
Principal repayments and advances, net | (4,238 | ) | (4,203 | ) | ||||||||||||||||||||||||
Ending balance, December 31 | $ | 5,500 | $ | 9,738 | ||||||||||||||||||||||||
Credit Risk Concentrations | ||||||||||||||||||||||||||||
Concentrations of credit risk arise when a number of customers are engaged in similar business activities or activities in the same geographic region, or when they have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. | ||||||||||||||||||||||||||||
Loans held for investment are primarily secured by real estate located in the Pacific Northwest, California and Hawaii. At December 31, 2014 we had concentrations representing 10% or more of the total portfolio by state and property type for the loan classes of single family, commercial real estate and construction/land development within the state of Washington, which represented 28.0%, 20.7% and 13.7% of the total portfolio, respectively. At December 31, 2013 we had concentrations representing 10% or more of the total portfolio by state and property type for the loan classes of single family and commercial real estate within the state of Washington, which represented 37.3% and 21.2% of the total portfolio, respectively. These loans were mostly located within the metropolitan area of Puget Sound, particularly within King County. | ||||||||||||||||||||||||||||
Credit Quality | ||||||||||||||||||||||||||||
Management considers the level of allowance for loan losses to be appropriate to cover credit losses inherent within the loans held for investment portfolio as of December 31, 2014. In addition to the allowance for loan losses, the Company maintains a separate allowance for losses related to unfunded loan commitments, and this amount is included in accounts payable and other liabilities on the consolidated statements of financial condition. Collectively, these allowances are referred to as the allowance for credit losses. | ||||||||||||||||||||||||||||
For further information on the policies that govern the determination of the allowance for loan losses levels, see Note 1, Summary of Significant Accounting Policies. | ||||||||||||||||||||||||||||
Activity in the allowance for credit losses was as follows. | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Allowance for credit losses (roll-forward): | ||||||||||||||||||||||||||||
Beginning balance | $ | 24,089 | $ | 27,751 | $ | 42,800 | ||||||||||||||||||||||
Provision for credit losses | (1,000 | ) | 900 | 11,500 | ||||||||||||||||||||||||
(Charge-offs), net of recoveries | (565 | ) | (4,562 | ) | (26,549 | ) | ||||||||||||||||||||||
Ending balance | $ | 22,524 | $ | 24,089 | $ | 27,751 | ||||||||||||||||||||||
Components: | ||||||||||||||||||||||||||||
Allowance for loan losses | $ | 22,021 | $ | 23,908 | $ | 27,561 | ||||||||||||||||||||||
Allowance for unfunded commitments | 503 | 181 | 190 | |||||||||||||||||||||||||
Allowance for credit losses | $ | 22,524 | $ | 24,089 | $ | 27,751 | ||||||||||||||||||||||
Activity in the allowance for credit losses by loan portfolio and loan class was as follows. | ||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Beginning | Charge-offs | Recoveries | Provision | Ending | |||||||||||||||||||||||
balance | balance | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 11,990 | $ | (907 | ) | $ | 139 | $ | (1,775 | ) | $ | 9,447 | ||||||||||||||||
Home equity | 3,987 | (953 | ) | 566 | (278 | ) | 3,322 | |||||||||||||||||||||
15,977 | (1,860 | ) | 705 | (2,053 | ) | 12,769 | ||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 4,012 | (52 | ) | 493 | (607 | ) | 3,846 | |||||||||||||||||||||
Multifamily | 942 | — | — | (269 | ) | 673 | ||||||||||||||||||||||
Construction/land development | 1,414 | — | 516 | 1,888 | 3,818 | |||||||||||||||||||||||
Commercial business | 1,744 | (596 | ) | 229 | 41 | 1,418 | ||||||||||||||||||||||
8,112 | (648 | ) | 1,238 | 1,053 | 9,755 | |||||||||||||||||||||||
Total allowance for credit losses | $ | 24,089 | $ | (2,508 | ) | $ | 1,943 | $ | (1,000 | ) | $ | 22,524 | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Beginning | Charge-offs | Recoveries | Provision | Ending | |||||||||||||||||||||||
balance | balance | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 13,388 | $ | (2,967 | ) | $ | 536 | $ | 1,033 | $ | 11,990 | |||||||||||||||||
Home equity | 4,648 | (1,960 | ) | 583 | 716 | 3,987 | ||||||||||||||||||||||
18,036 | (4,927 | ) | 1,119 | 1,749 | 15,977 | |||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 5,312 | (1,448 | ) | 134 | 14 | 4,012 | ||||||||||||||||||||||
Multifamily | 622 | — | — | 320 | 942 | |||||||||||||||||||||||
Construction/land development | 1,580 | (458 | ) | 767 | (475 | ) | 1,414 | |||||||||||||||||||||
Commercial business | 2,201 | (21 | ) | 272 | (708 | ) | 1,744 | |||||||||||||||||||||
9,715 | (1,927 | ) | 1,173 | (849 | ) | 8,112 | ||||||||||||||||||||||
Total allowance for credit losses | $ | 27,751 | $ | (6,854 | ) | $ | 2,292 | $ | 900 | $ | 24,089 | |||||||||||||||||
The following table disaggregates our allowance for credit losses and recorded investment in loans by impairment methodology. | ||||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Allowance: collectively | Allowance: individually | Total | Loans: | Loans: | Total | ||||||||||||||||||||||
evaluated for | evaluated for | collectively | individually | |||||||||||||||||||||||||
impairment | impairment | evaluated for | evaluated for | |||||||||||||||||||||||||
impairment | impairment | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 8,743 | $ | 704 | $ | 9,447 | $ | 818,783 | $ | 77,882 | $ | 896,665 | ||||||||||||||||
Home equity | 3,165 | 157 | 3,322 | 132,937 | 2,661 | 135,598 | ||||||||||||||||||||||
11,908 | 861 | 12,769 | 951,720 | 80,543 | 1,032,263 | |||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 3,806 | 40 | 3,846 | 496,685 | 26,779 | 523,464 | ||||||||||||||||||||||
Multifamily | 312 | 361 | 673 | 52,011 | 3,077 | 55,088 | ||||||||||||||||||||||
Construction/land development | 3,818 | — | 3,818 | 362,487 | 5,447 | 367,934 | ||||||||||||||||||||||
Commercial business | 974 | 444 | 1,418 | 144,071 | 3,378 | 147,449 | ||||||||||||||||||||||
8,910 | 845 | 9,755 | 1,055,254 | 38,681 | 1,093,935 | |||||||||||||||||||||||
Total | $ | 20,818 | $ | 1,706 | $ | 22,524 | $ | 2,006,974 | $ | 119,224 | $ | 2,126,198 | ||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Allowance: collectively | Allowance: individually | Total | Loans: | Loans: | Total | ||||||||||||||||||||||
evaluated for | evaluated for | collectively | individually | |||||||||||||||||||||||||
impairment | impairment | evaluated for | evaluated for | |||||||||||||||||||||||||
impairment | impairment | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 10,632 | $ | 1,358 | $ | 11,990 | $ | 831,730 | $ | 73,183 | $ | 904,913 | ||||||||||||||||
Home equity | 3,903 | 84 | 3,987 | 133,006 | 2,644 | 135,650 | ||||||||||||||||||||||
14,535 | 1,442 | 15,977 | 964,736 | 75,827 | 1,040,563 | |||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 4,012 | — | 4,012 | 445,766 | 31,876 | 477,642 | ||||||||||||||||||||||
Multifamily | 515 | 427 | 942 | 76,053 | 3,163 | 79,216 | ||||||||||||||||||||||
Construction/land development | 1,414 | — | 1,414 | 124,317 | 6,148 | 130,465 | ||||||||||||||||||||||
Commercial business | 1,042 | 702 | 1,744 | 168,199 | 2,855 | 171,054 | ||||||||||||||||||||||
6,983 | 1,129 | 8,112 | 814,335 | 44,042 | 858,377 | |||||||||||||||||||||||
Total | $ | 21,518 | $ | 2,571 | $ | 24,089 | $ | 1,779,071 | $ | 119,869 | $ | 1,898,940 | ||||||||||||||||
Impaired Loans | ||||||||||||||||||||||||||||
The following tables present impaired loans by loan portfolio segment and loan class. | ||||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | |||||||||||||||||||||||||
investment (1) | principal | allowance | ||||||||||||||||||||||||||
balance (2) | ||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 48,104 | $ | 50,787 | $ | — | ||||||||||||||||||||||
Home equity | 1,824 | 1,850 | — | |||||||||||||||||||||||||
49,928 | 52,637 | — | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 25,540 | 27,205 | — | |||||||||||||||||||||||||
Multifamily | 508 | 508 | — | |||||||||||||||||||||||||
Construction/land development | 5,447 | 14,532 | — | |||||||||||||||||||||||||
Commercial business | 1,302 | 3,782 | — | |||||||||||||||||||||||||
32,797 | 46,027 | — | ||||||||||||||||||||||||||
$ | 82,725 | $ | 98,664 | $ | — | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 29,778 | $ | 29,891 | $ | 704 | ||||||||||||||||||||||
Home equity | 837 | 837 | 157 | |||||||||||||||||||||||||
30,615 | 30,728 | 861 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 1,239 | 1,399 | 40 | |||||||||||||||||||||||||
Multifamily | 2,569 | 2,747 | 361 | |||||||||||||||||||||||||
Construction/land development | — | — | — | |||||||||||||||||||||||||
Commercial business | 2,076 | 2,204 | 444 | |||||||||||||||||||||||||
5,884 | 6,350 | 845 | ||||||||||||||||||||||||||
$ | 36,499 | $ | 37,078 | $ | 1,706 | |||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family(3) | $ | 77,882 | $ | 80,678 | $ | 704 | ||||||||||||||||||||||
Home equity | 2,661 | 2,687 | 157 | |||||||||||||||||||||||||
80,543 | 83,365 | 861 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 26,779 | 28,604 | 40 | |||||||||||||||||||||||||
Multifamily | 3,077 | 3,255 | 361 | |||||||||||||||||||||||||
Construction/land development | 5,447 | 14,532 | — | |||||||||||||||||||||||||
Commercial business | 3,378 | 5,986 | 444 | |||||||||||||||||||||||||
38,681 | 52,377 | 845 | ||||||||||||||||||||||||||
Total impaired loans | $ | 119,224 | $ | 135,742 | $ | 1,706 | ||||||||||||||||||||||
-1 | Includes partial charge-offs and nonaccrual interest paid. | |||||||||||||||||||||||||||
-2 | Unpaid principal balance does not includes partial charge-offs or nonaccrual interest paid. Related allowance is calculated on net book balances not unpaid principal balances. | |||||||||||||||||||||||||||
-3 | Includes $73.6 million in performing TDRs. | |||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | |||||||||||||||||||||||||
investment (1) | principal | allowance | ||||||||||||||||||||||||||
balance (2) | ||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 39,341 | $ | 41,935 | $ | — | ||||||||||||||||||||||
Home equity | 1,895 | 1,968 | — | |||||||||||||||||||||||||
41,236 | 43,903 | — | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 31,876 | 45,921 | — | |||||||||||||||||||||||||
Multifamily | 508 | 508 | — | |||||||||||||||||||||||||
Construction/land development | 6,148 | 15,299 | — | |||||||||||||||||||||||||
Commercial business | 1,533 | 7,164 | — | |||||||||||||||||||||||||
40,065 | 68,892 | — | ||||||||||||||||||||||||||
$ | 81,301 | $ | 112,795 | $ | — | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 33,842 | $ | 33,900 | $ | 1,358 | ||||||||||||||||||||||
Home equity | 749 | 749 | 84 | |||||||||||||||||||||||||
34,591 | 34,649 | 1,442 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | — | — | — | |||||||||||||||||||||||||
Multifamily | 2,655 | 2,832 | 427 | |||||||||||||||||||||||||
Construction/land development | — | — | — | |||||||||||||||||||||||||
Commercial business | 1,322 | 1,478 | 702 | |||||||||||||||||||||||||
3,977 | 4,310 | 1,129 | ||||||||||||||||||||||||||
$ | 38,568 | $ | 38,959 | $ | 2,571 | |||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family(3) | $ | 73,183 | $ | 75,835 | $ | 1,358 | ||||||||||||||||||||||
Home equity | 2,644 | 2,717 | 84 | |||||||||||||||||||||||||
75,827 | 78,552 | 1,442 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 31,876 | 45,921 | — | |||||||||||||||||||||||||
Multifamily | 3,163 | 3,340 | 427 | |||||||||||||||||||||||||
Construction/land development | 6,148 | 15,299 | — | |||||||||||||||||||||||||
Commercial business | 2,855 | 8,642 | 702 | |||||||||||||||||||||||||
44,042 | 73,202 | 1,129 | ||||||||||||||||||||||||||
Total impaired loans | $ | 119,869 | $ | 151,754 | $ | 2,571 | ||||||||||||||||||||||
-1 | Includes partial charge-offs and nonaccrual interest paid. | |||||||||||||||||||||||||||
-2 | Unpaid principal balance does not includes partial charge-offs or nonaccrual interest paid. Related allowance is calculated on net book balances not unpaid principal balances. | |||||||||||||||||||||||||||
-3 | Includes $70.3 million in performing TDRs. | |||||||||||||||||||||||||||
The following table provides the average recorded investment in impaired loans by portfolio segment and class. | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 73,683 | $ | 76,910 | ||||||||||||||||||||||||
Home equity | 2,528 | 3,204 | ||||||||||||||||||||||||||
76,211 | 80,114 | |||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 30,364 | 28,595 | ||||||||||||||||||||||||||
Multifamily | 3,112 | 3,197 | ||||||||||||||||||||||||||
Construction/land development | 5,723 | 8,790 | ||||||||||||||||||||||||||
Commercial business | 3,381 | 2,108 | ||||||||||||||||||||||||||
42,580 | 42,690 | |||||||||||||||||||||||||||
$ | 118,791 | $ | 122,804 | |||||||||||||||||||||||||
Credit Quality Indicators | ||||||||||||||||||||||||||||
Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification and grading in accordance with applicable bank regulations. The Company's risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The Company differentiates its lending portfolios into homogeneous loans and non-homogeneous loans. | ||||||||||||||||||||||||||||
The 10 risk rating categories can be generally described by the following groupings for non-homogeneous loans: | ||||||||||||||||||||||||||||
Pass. We have five pass risk ratings which represent a level of credit quality that ranges from no well-defined deficiency or weakness to some noted weakness, however the risk of default on any loan classified as pass is expected to be remote. The five pass risk ratings are described below: | ||||||||||||||||||||||||||||
Minimal Risk. A minimal risk loan, risk rated 1-Exceptional, 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, risk rated 2-Superior, is similar in characteristics to a minimal risk loan. Balance sheet and operations are slightly more prone to fluctuations within the business cycle; however, debt capacity and debt service coverage remains strong. The borrower will have a strong demonstrated ability to produce profits and absorb market disturbances. | ||||||||||||||||||||||||||||
Modest Risk. A modest risk loan, risk rated 3-Excellent, is a desirable loan with excellent sources of repayment and no currently identifiable risk associated with collection. The borrower exhibits a very strong capacity to repay the loan in accordance with the repayment agreement. The borrower may be susceptible to economic cycles, but will have cash reserves to weather these cycles. | ||||||||||||||||||||||||||||
Average Risk. An average risk loan, risk rated 4-Good, is an attractive loan 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, risk rated 5-Acceptable, is a loan 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, risk rated 6-Watch, 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: | ||||||||||||||||||||||||||||
• | The 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 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, risk rated 7-Special Mention, 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 loans or the institutions credit position at some future date. They contain unfavorable characteristics and are generally undesirable. Loans 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 has potential weaknesses, which if not checked or corrected, weaken the loan or inadequately protect the Company’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 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 loan, risk rated 8-Substandard, is inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. Loans so classified must have a well-defined weakness or weaknesses that jeopardize the liquidation of the loan. They are characterized by the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected. Loss potential, while existing in the aggregate amount of substandard loans, does not have to exist in individual loans classified substandard. Loans are classified as substandard when they have unsatisfactory characteristics causing unacceptable levels of risk. A substandard loan normally has one or more well-defined weaknesses that could jeopardize repayment of the loan. 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 Company’s primary source of repayment (unless this was the original source of repayment). If the collateral is under the Company’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 involved in bankruptcy proceedings where collateral liquidation values are expected to fully protect the Company against loss. | |||||||||||||||||||||||||||
• | There is material, uncorrectable faulty documentation or materially suspect financial information. | |||||||||||||||||||||||||||
Doubtful. Loans classified as doubtful, risk rated 9-Doubtful, 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 loan, 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 Company 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 classified as loss, risk rated 10-Loss, are considered un-collectible and of such little value that the continuance as an active Company asset is not warranted. This rating does not mean that the loan has no recovery or salvage value, but rather that the loan 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 Company 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 maintain their original risk rating until they are greater than 30 days past due, and risk rating reclassification is based primarily on the past due status of the loan. The risk rating categories can be generally described by the following groupings for commercial and commercial real estate homogeneous loans: | ||||||||||||||||||||||||||||
Watch. A homogeneous watch loan, risk rated 6, is 30-59 days past due from the required payment date at month-end. | ||||||||||||||||||||||||||||
Special Mention. A homogeneous special mention loan, risk rated 7, is 60-89 days past due from the required payment date at month-end. | ||||||||||||||||||||||||||||
Substandard. A homogeneous substandard loan, risk rated 8, is 90-179 days past due from the required payment date at month-end. | ||||||||||||||||||||||||||||
Loss. A homogeneous loss loan, 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 home equity and other homogeneous loans: | ||||||||||||||||||||||||||||
Watch. A homogeneous retail watch loan, risk rated 6, is 60-89 days past due from the required payment date at month-end. | ||||||||||||||||||||||||||||
Substandard. A homogeneous retail substandard loan, risk rated 8, is 90-180 days past due from the required payment date at month-end. | ||||||||||||||||||||||||||||
Loss. A homogeneous retail loss loan, risk rated 10, becomes past due 180 cumulative days from the contractual due date. These loans are generally charged-off in the month in which the 180 day period elapses. | ||||||||||||||||||||||||||||
Residential and home equity loans modified in a troubled debt restructure are not considered homogeneous. The risk rating classification for such loans are based on the non-homogeneous definitions noted above. | ||||||||||||||||||||||||||||
The following tables summarize designated loan grades by loan portfolio segment and loan class. | ||||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Pass | Watch | Special mention | Substandard | Total | |||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 865,641 | $ | 361 | $ | 21,714 | $ | 8,949 | $ | 896,665 | ||||||||||||||||||
Home equity | 133,338 | 82 | 652 | 1,526 | 135,598 | |||||||||||||||||||||||
998,979 | 443 | 22,366 | 10,475 | 1,032,263 | ||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 441,509 | 67,434 | 13,066 | 1,455 | 523,464 | |||||||||||||||||||||||
Multifamily | 50,495 | 1,516 | 3,077 | — | 55,088 | |||||||||||||||||||||||
Construction/land development | 361,167 | 2,830 | 1,261 | 2,676 | 367,934 | |||||||||||||||||||||||
Commercial business | 115,665 | 25,724 | 3,690 | 2,370 | 147,449 | |||||||||||||||||||||||
968,836 | 97,504 | 21,094 | 6,501 | 1,093,935 | ||||||||||||||||||||||||
$ | 1,967,815 | $ | 97,947 | $ | 43,460 | $ | 16,976 | $ | 2,126,198 | |||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Pass | Watch | Special mention | Substandard | Total | |||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 817,877 | $ | 53,711 | $ | 12,746 | $ | 20,579 | $ | 904,913 | ||||||||||||||||||
Home equity | 132,086 | 1,442 | 276 | 1,846 | 135,650 | |||||||||||||||||||||||
949,963 | 55,153 | 13,022 | 22,425 | 1,040,563 | ||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 368,817 | 63,579 | 37,758 | 7,488 | 477,642 | |||||||||||||||||||||||
Multifamily | 74,509 | 1,544 | 3,163 | — | 79,216 | |||||||||||||||||||||||
Construction/land development | 121,026 | 3,414 | 2,895 | 3,130 | 130,465 | |||||||||||||||||||||||
Commercial business | 145,760 | 20,062 | 586 | 4,646 | 171,054 | |||||||||||||||||||||||
710,112 | 88,599 | 44,402 | 15,264 | 858,377 | ||||||||||||||||||||||||
$ | 1,660,075 | $ | 143,752 | $ | 57,424 | $ | 37,689 | $ | 1,898,940 | |||||||||||||||||||
The Company considers ‘adversely classified assets’ to include loans graded as Substandard, Doubtful, and Loss as well as other real estate owned ("OREO"). As of December 31, 2014 and 2013, none of the Company's loans were rated Doubtful or Loss. The total amount of adversely classified assets was $26.4 million and $50.6 million as of December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||||||
Nonaccrual and Past Due Loans | ||||||||||||||||||||||||||||
Loans are placed on nonaccrual status when the full and timely collection of principal and interest is doubtful, generally when the loan becomes 90 days or more past due for principal or interest payment or if part of the principal balance has been charged off. Loans whose repayments are insured by the FHA or guaranteed by the VA are generally maintained on accrual status even if 90 days or more past due. | ||||||||||||||||||||||||||||
The following table presents an aging analysis of past due loans by loan portfolio segment and loan class. | ||||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 days | 60-89 days | 90 days or | Total past | Current | Total | 90 days or | |||||||||||||||||||||
past due | past due | more | due | loans | more past | |||||||||||||||||||||||
past due | due and accruing(1) | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 7,832 | $ | 2,452 | $ | 43,105 | $ | 53,389 | $ | 843,276 | $ | 896,665 | $ | 34,737 | ||||||||||||||
Home equity | 371 | 81 | 1,526 | 1,978 | 133,620 | 135,598 | — | |||||||||||||||||||||
8,203 | 2,533 | 44,631 | 55,367 | 976,896 | 1,032,263 | 34,737 | ||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | — | — | 4,843 | 4,843 | 518,621 | 523,464 | — | |||||||||||||||||||||
Multifamily | — | — | — | — | 55,088 | 55,088 | — | |||||||||||||||||||||
Construction/land development | — | 1,261 | — | 1,261 | 366,673 | 367,934 | — | |||||||||||||||||||||
Commercial business | 611 | 3 | 1,527 | 2,141 | 145,308 | 147,449 | 250 | |||||||||||||||||||||
611 | 1,264 | 6,370 | 8,245 | 1,085,690 | 1,093,935 | 250 | ||||||||||||||||||||||
$ | 8,814 | $ | 3,797 | $ | 51,001 | $ | 63,612 | $ | 2,062,586 | $ | 2,126,198 | $ | 34,987 | |||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 days | 60-89 days | 90 days or | Total past | Current | Total | 90 days or | |||||||||||||||||||||
past due | past due | more | due | loans | more past | |||||||||||||||||||||||
past due | due and accruing(1) | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 6,466 | $ | 4,901 | $ | 55,672 | $ | 67,039 | $ | 837,874 | $ | 904,913 | $ | 46,811 | ||||||||||||||
Home equity | 375 | 75 | 1,846 | 2,296 | 133,354 | 135,650 | — | |||||||||||||||||||||
6,841 | 4,976 | 57,518 | 69,335 | 971,228 | 1,040,563 | 46,811 | ||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | — | — | 12,257 | 12,257 | 465,385 | 477,642 | — | |||||||||||||||||||||
Multifamily | — | — | — | — | 79,216 | 79,216 | — | |||||||||||||||||||||
Construction/land development | — | — | — | — | 130,465 | 130,465 | — | |||||||||||||||||||||
Commercial business | — | — | 2,743 | 2,743 | 168,311 | 171,054 | — | |||||||||||||||||||||
— | — | 15,000 | 15,000 | 843,377 | 858,377 | — | ||||||||||||||||||||||
$ | 6,841 | $ | 4,976 | $ | 72,518 | $ | 84,335 | $ | 1,814,605 | $ | 1,898,940 | $ | 46,811 | |||||||||||||||
-1 | FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss. | |||||||||||||||||||||||||||
The following tables present performing and nonperforming loan balances by loan portfolio segment and loan class. | ||||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Accrual | Nonaccrual | Total | |||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 888,297 | $ | 8,368 | $ | 896,665 | ||||||||||||||||||||||
Home equity | 134,072 | 1,526 | 135,598 | |||||||||||||||||||||||||
1,022,369 | 9,894 | 1,032,263 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 518,621 | 4,843 | 523,464 | |||||||||||||||||||||||||
Multifamily | 55,088 | — | 55,088 | |||||||||||||||||||||||||
Construction/land development | 367,934 | — | 367,934 | |||||||||||||||||||||||||
Commercial business | 146,172 | 1,277 | 147,449 | |||||||||||||||||||||||||
1,087,815 | 6,120 | 1,093,935 | ||||||||||||||||||||||||||
$ | 2,110,184 | $ | 16,014 | $ | 2,126,198 | |||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Accrual | Nonaccrual | Total | |||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 896,052 | $ | 8,861 | $ | 904,913 | ||||||||||||||||||||||
Home equity | 133,804 | 1,846 | 135,650 | |||||||||||||||||||||||||
1,029,856 | 10,707 | 1,040,563 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 465,385 | 12,257 | 477,642 | |||||||||||||||||||||||||
Multifamily | 79,216 | — | 79,216 | |||||||||||||||||||||||||
Construction/land development | 130,465 | — | 130,465 | |||||||||||||||||||||||||
Commercial business | 168,311 | 2,743 | 171,054 | |||||||||||||||||||||||||
843,377 | 15,000 | 858,377 | ||||||||||||||||||||||||||
$ | 1,873,233 | $ | 25,707 | $ | 1,898,940 | |||||||||||||||||||||||
The following tables present information about TDR activity during the periods presented. | ||||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||
(dollars in thousands) | Concession type | Number of loan | Recorded | Related charge- | ||||||||||||||||||||||||
modifications | investment | offs | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | ||||||||||||||||||||||||||||
Interest rate reduction | 62 | $ | 12,012 | $ | — | |||||||||||||||||||||||
Payment restructure | 10 | 1,991 | — | |||||||||||||||||||||||||
72 | 14,003 | — | ||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||
Interest rate reduction | 3 | 430 | — | |||||||||||||||||||||||||
Payment restructure | 1 | 58 | — | |||||||||||||||||||||||||
4 | $ | 488 | — | |||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||
Interest rate reduction | 65 | 12,442 | — | |||||||||||||||||||||||||
Payment restructure | 11 | 2,049 | — | |||||||||||||||||||||||||
76 | 14,491 | — | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Interest rate reduction | 1 | $ | 1,181 | $ | — | |||||||||||||||||||||||
Payment restructure | 3 | 4,248 | — | |||||||||||||||||||||||||
4 | $ | 5,429 | $ | — | ||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Interest rate reduction | 2 | $ | 117 | $ | — | |||||||||||||||||||||||
Payment restructure | 3 | 1,270 | — | |||||||||||||||||||||||||
Forgiveness of principal | 2 | 599 | 554 | |||||||||||||||||||||||||
7 | $ | 1,986 | $ | 554 | ||||||||||||||||||||||||
Total commercial | ||||||||||||||||||||||||||||
Interest rate reduction | 3 | $ | 1,298 | $ | — | |||||||||||||||||||||||
Payment restructure | 6 | 5,518 | — | |||||||||||||||||||||||||
Forgiveness of principal | 2 | 599 | 554 | |||||||||||||||||||||||||
11 | $ | 7,415 | $ | 554 | ||||||||||||||||||||||||
Total loans | ||||||||||||||||||||||||||||
Interest rate reduction | 68 | 13,740 | — | |||||||||||||||||||||||||
Payment restructure | 17 | 7,567 | — | |||||||||||||||||||||||||
Forgiveness of principal | 2 | 599 | 554 | |||||||||||||||||||||||||
87 | $ | 21,906 | $ | 554 | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
(dollars in thousands) | Concession type | Number of loan | Recorded | Related charge- | ||||||||||||||||||||||||
modifications | investment | offs | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | ||||||||||||||||||||||||||||
Interest rate reduction | 104 | $ | 22,605 | $ | — | |||||||||||||||||||||||
104 | $ | 22,605 | $ | — | ||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||
Interest rate reduction | 9 | $ | 571 | $ | — | |||||||||||||||||||||||
9 | $ | 571 | $ | — | ||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||
Interest rate reduction | 113 | $ | 23,176 | $ | — | |||||||||||||||||||||||
113 | $ | 23,176 | $ | — | ||||||||||||||||||||||||
Total loans | ||||||||||||||||||||||||||||
Interest rate reduction | 113 | $ | 23,176 | $ | — | |||||||||||||||||||||||
113 | $ | 23,176 | $ | — | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
(dollars in thousands) | Concession type | Number of loan | Recorded | Related charge- | ||||||||||||||||||||||||
modifications | investment | offs | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | ||||||||||||||||||||||||||||
Interest rate reduction | 84 | $ | 15,487 | $ | — | |||||||||||||||||||||||
Payment restructure | 1 | 280 | — | |||||||||||||||||||||||||
85 | $ | 15,767 | $ | — | ||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||
Interest rate reduction | 7 | $ | 527 | $ | — | |||||||||||||||||||||||
7 | $ | 527 | $ | — | ||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||
Interest rate reduction | 91 | $ | 16,014 | $ | — | |||||||||||||||||||||||
Payment restructure | 1 | 280 | — | |||||||||||||||||||||||||
92 | $ | 16,294 | $ | — | ||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Interest rate reduction | 2 | $ | 6,070 | $ | 1,000 | |||||||||||||||||||||||
2 | $ | 6,070 | $ | 1,000 | ||||||||||||||||||||||||
Construction/land development | ||||||||||||||||||||||||||||
Forgiveness of principal | 2 | $ | 304 | $ | — | |||||||||||||||||||||||
2 | $ | 304 | $ | — | ||||||||||||||||||||||||
Total commercial | ||||||||||||||||||||||||||||
Interest rate reduction | 2 | $ | 6,070 | $ | 1,000 | |||||||||||||||||||||||
Forgiveness of principal | 2 | 304 | — | |||||||||||||||||||||||||
4 | $ | 6,374 | $ | 1,000 | ||||||||||||||||||||||||
Total loans | ||||||||||||||||||||||||||||
Interest rate reduction | 93 | $ | 22,084 | $ | 1,000 | |||||||||||||||||||||||
Payment restructure | 1 | 280 | — | |||||||||||||||||||||||||
Forgiveness of principal | 2 | 304 | — | |||||||||||||||||||||||||
96 | $ | 22,668 | $ | 1,000 | ||||||||||||||||||||||||
The following table presents loans that were modified as TDRs within the previous 12 months and subsequently re-defaulted during the years ended December 31, 2014 and 2013, respectively. A TDR loan is considered re-defaulted when it becomes doubtful that the objectives of the modifications will be met, generally when a consumer loan TDR becomes 60 days or more past due on principal or interest payments or when a commercial loan TDR becomes 90 days or more past due on principal or interest payments. | ||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(dollars in thousands) | Number of loan relationships that subsequently re-defaulted | Recorded | Number of loan relationships that subsequently re-defaulted | Recorded | ||||||||||||||||||||||||
investment | investment | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | 7 | $ | 1,010 | 17 | $ | 2,840 | ||||||||||||||||||||||
Home equity | 1 | 190 | 1 | 22 | ||||||||||||||||||||||||
8 | 1,200 | 18 | 2,862 | |||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | — | — | 1 | 770 | ||||||||||||||||||||||||
— | — | 1 | 770 | |||||||||||||||||||||||||
8 | $ | 1,200 | 19 | $ | 3,632 | |||||||||||||||||||||||
Other_Real_Estate_Owned
Other Real Estate Owned | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Real Estate [Abstract] | ||||||||||||
OTHER REAL ESTATE OWNED | NOTE 6–OTHER REAL ESTATE OWNED: | |||||||||||
Other real estate owned consisted of the following. | ||||||||||||
At December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Single family | $ | 1,613 | $ | 5,522 | ||||||||
Commercial real estate | 2,062 | 958 | ||||||||||
Construction/land development | 7,076 | 8,128 | ||||||||||
10,751 | 14,608 | |||||||||||
Valuation allowance | (1,303 | ) | (1,697 | ) | ||||||||
$ | 9,448 | $ | 12,911 | |||||||||
Activity in other real estate owned was as follows. | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Beginning balance | $ | 12,911 | $ | 23,941 | ||||||||
Additions | 4,130 | 8,199 | ||||||||||
Loss provisions | (69 | ) | (603 | ) | ||||||||
Reductions related to sales | (7,524 | ) | (18,626 | ) | ||||||||
Ending balance | $ | 9,448 | $ | 12,911 | ||||||||
Activity in the valuation allowance for other real estate owned was as follows. | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 1,697 | $ | 14,965 | $ | 21,502 | ||||||
Loss provisions | 69 | 603 | 12,171 | |||||||||
(Charge-offs), net of recoveries | (463 | ) | (13,871 | ) | (18,708 | ) | ||||||
Ending balance | $ | 1,303 | $ | 1,697 | $ | 14,965 | ||||||
The components of the net cost of operation and sale of other real estate owned are as follows. | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Maintenance costs | $ | 436 | $ | 840 | $ | 1,289 | ||||||
Loss provisions | 69 | 603 | 12,171 | |||||||||
Net gain on sales | (890 | ) | (722 | ) | (2,508 | ) | ||||||
Gain on transfer | — | (119 | ) | (489 | ) | |||||||
Net operating income (loss) | (85 | ) | 1,209 | (378 | ) | |||||||
Net cost of operation and sale of other real estate owned | $ | (470 | ) | $ | 1,811 | $ | 10,085 | |||||
At December 31, 2014, we had concentrations within the state of Washington, primarily in Thurston County, representing 88.5% of the total balance of other real estate owned. At December 31, 2013, we had concentrations within the state of Washington representing 70.5% of the total balance of other real estate owned. |
Premises_and_Equipment_Notes
Premises and Equipment (Notes) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Premises and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE 7–PREMISES AND EQUIPMENT, NET: | |||||||
Premises and equipment consisted of the following. | ||||||||
December 31, | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Furniture and equipment | $ | 59,425 | $ | 47,247 | ||||
Leasehold improvements | 22,516 | 17,525 | ||||||
Land and buildings | 985 | 2,095 | ||||||
82,926 | 66,867 | |||||||
Less: accumulated depreciation | (37,675 | ) | (30,255 | ) | ||||
$ | 45,251 | $ | 36,612 | |||||
Depreciation expense for the years ending December 31, 2014, 2013, and 2012, was $7.4 million, $4.6 million, and $2.7 million, respectively. |
Deposits
Deposits | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Banking and Thrift [Abstract] | ||||||||||||
DEPOSITS | NOTE 8–DEPOSITS: | |||||||||||
Deposit balances, including stated rates, were as follows. | ||||||||||||
At December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Noninterest-bearing accounts | $ | 470,663 | $ | 322,952 | ||||||||
NOW accounts, 0.00% to 1.00% at December 31, 2014 and 0.00% to 0.75% at December 31, 2013 | 272,390 | 297,966 | ||||||||||
Statement savings accounts, due on demand, 0.00% to 1.99% at December 31, 2014 and 0.20% to 2.00% at December 31, 2013 | 200,638 | 156,181 | ||||||||||
Money market accounts, due on demand, 0.00% to 1.45% at December 31, 2014 and 0.00% to 1.50% at December 31, 2013 | 1,007,214 | 919,322 | ||||||||||
Certificates of deposit, 0.05% to 3.80% at December 31, 2014 and December 31, 2013 | 494,525 | 514,400 | ||||||||||
$ | 2,445,430 | $ | 2,210,821 | |||||||||
There were $2.2 million of public funds included in deposits as of December 31, 2014 and $4.4 million at December 31, 2013. | ||||||||||||
Interest expense on deposits was as follows. | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
NOW accounts | $ | 1,122 | $ | 924 | $ | 498 | ||||||
Statement savings accounts | 929 | 546 | 395 | |||||||||
Money market accounts | 4,362 | 3,899 | 3,248 | |||||||||
Certificates of deposit | 3,018 | 5,047 | 12,600 | |||||||||
$ | 9,431 | $ | 10,416 | $ | 16,741 | |||||||
The weighted-average interest rates on certificates of deposit at December 31, 2014, 2013, and 2012 were 0.60%, 0.71%, and 1.59%, respectively. | ||||||||||||
Certificates of deposit outstanding mature as follows. | ||||||||||||
(in thousands) | At December 31, 2014 | |||||||||||
Within one year | $ | 319,578 | ||||||||||
One to two years | 137,736 | |||||||||||
Two to three years | 27,793 | |||||||||||
Three to four years | 5,476 | |||||||||||
Four to five years | 3,942 | |||||||||||
$ | 494,525 | |||||||||||
The aggregate amount of time deposits in denominations of $100 thousand or more at December 31, 2014 and 2013, was $188.7 million and $216.5 million, respectively. The aggregate amount of time deposits in denominations of more than $250 thousand at December 31, 2014 and 2013 was $30.2 million and $26.3 million, respectively. There were $176.1 million and $144.3 million of brokered deposits as of December 31, 2014 and December 31, 2013. |
Federal_Home_Loan_Bank_and_Oth
Federal Home Loan Bank and Other Borrowings (Notes) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Federal Home Loan Banks [Abstract] | |||||||
Federal funds purchased and securities sold under agreements to resell | NOTE 9–FEDERAL HOME LOAN BANK AND OTHER BORROWINGS: | ||||||
Federal Home Loan Bank | |||||||
The Company borrows through advances from the FHLB. FHLB advances totaled $597.6 million and $446.6 million as of December 31, 2014, and December 31, 2013, respectively. | |||||||
Weighted-average interest rates on the advances were 0.41%, 0.43%, and 0.60% at December 31, 2014, 2013 and 2012, respectively. The advances may be collateralized by stock in the FHLB, pledged securities, and unencumbered qualifying loans. The Company has an available line of credit with the FHLB equal to 30 percent of assets, subject to collateralization requirements. Based on the amount of qualifying collateral available, borrowing capacity from the FHLB was $317.9 million as of December 31, 2014. The FHLB is not contractually bound to continue to offer credit to the Company, and the Company’s access to credit from this agency for future borrowings may be discontinued at any time. | |||||||
FHLB advances outstanding by contractual maturities were as follows. | |||||||
At December 31, 2014 | |||||||
(in thousands) | Advances | Weighted-average | |||||
outstanding | interest rate | ||||||
2015 | $ | 532,000 | 0.28 | % | |||
2016 | 50,000 | 0.52 | |||||
2017 | — | — | |||||
2018 | — | — | |||||
2019 and thereafter | 15,590 | 4.64 | |||||
$ | 597,590 | 0.41 | % | ||||
The Company, as a member of the FHLB, is required to own shares of FHLB stock. This requirement is based upon the amount of either the eligible collateral or advances outstanding from the FHLB. As of December 31, 2014 and 2013, the Company held $33.9 million and $35.3 million, respectively, of FHLB stock. FHLB stock is carried at par value and is restricted to transactions between the FHLB and its member institutions. FHLB stock can only be purchased or redeemed at par value. Both cash and dividends received on FHLB stock are reported in earnings. | |||||||
On November 6, 2009, the Federal Housing Finance Agency (the "Finance Agency") regulator reaffirmed its capital classification of the FHLB as undercapitalized. Under the Finance Agency regulations, a FHLB that fails to meet any regulatory capital requirement may not declare a dividend or redeem or repurchase capital stock. As such, the FHLB will not be able to redeem, repurchase, or declare dividends on stock outstanding while the risk-based capital deficiency exists. In September 2012, the Finance Agency reclassified the FHLB as adequately capitalized but the FHLB remained subject to the Consent Order. On November 22, 2013, the Finance Agency issued an amended Consent Order, which modifies and supersedes the October 2010 Consent Order. The amended Consent Order acknowledges the FHLB’s fulfillment of many of the requirements set forth in the 2010 Consent Order and improvements in the FHLB’s financial performance, while continuing to impose certain restrictions on its ability to repurchase, redeem, and pay dividends on its capital stock. As such, Finance Agency approval or non-objection will continue to be required for all repurchases, redemptions, and dividend payments on capital stock. | |||||||
In September 2014, the FHLB entered into a merger agreement with the Federal Home Loan Bank of Des Moines (the “Des Moines Bank”). If the merger agreement is consummated, the FHLB will merge with and into the Des Moines Bank, with the Des Moines Bank being the surviving entity. As a result, the Bank will become a member of the Des Moines Bank and its shares of FHLB stock will be converted into shares of stock of the Des Moines Bank. | |||||||
At December 31, 2014, there has been no change in the restrictions regarding the FHLB's ability to redeem, repurchase or declare dividends on stock outstanding. | |||||||
Management periodically evaluates FHLB stock for other-than-temporary impairment. Management’s determination of whether these investments are impaired is based on its assessment of ultimate recoverability of par value rather than recognizing temporary declines in value. The determination of whether the decline affects the ultimate recoverability is influenced by criteria such as: (1) the significance of the decline in net assets of the FHLB as compared to the capital stock amount for the FHLB and the length of time this situation has persisted; (2) commitments by the FHLB to make payments required by law or regulation and the level of such payments in relation to the operating performance of the FHLB; (3) the impact of legislative and regulatory changes on institutions and, accordingly, on the customer base of the FHLB; and (4) the liquidity position of the FHLB. Based on this evaluation, the Company determined there is not an other-than-temporary impairment of the FHLB stock investment as of December 31, 2014, or 2013. | |||||||
Federal Reserve Bank of San Francisco | |||||||
The Company may also borrow on a collateralized basis from the Federal Reserve Bank of San Francisco (“FRBSF”). At December 31, 2014 and 2013, there were no outstanding borrowings from the FRBSF. Based on the amount of qualifying collateral available, borrowing capacity from the FRBSF was $316.1 million at December 31, 2014. The FRB of San Francisco is not contractually bound to offer credit to the Company, and the Company’s access to credit from this agency for future borrowings may be discontinued at any time. | |||||||
Federal Funds Purchased and Securities Sold Under Agreements to Repurchase | |||||||
Federal funds transactions involve lending reserve balances on a short-term basis. Securities borrowed or purchased under agreements to resell are collateralized lending transactions utilized to accommodate customer transactions, earn interest rate spreads, and obtain securities for settlement and for collateral. At December 31, 2014, we had $50.0 million in federal funds purchased and no balance of securities sold under agreements to repurchase. At December 31, 2013, we had no outstanding balances of these short-term borrowings. |
Longterm_Debt_Longterm_Debt
Long-term Debt Long-term Debt | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Debt Disclosure [Text Block] | NOTE 10–LONG-TERM DEBT: | |||||||
The Company raised capital by issuing trust preferred securities ("TruPS") during the period from 2005 through 2007, resulting in a debt balance of $61.9 million at December 31, 2012. We acquired $3.1 million of TruPS debt through the acquisition of YNB in 2013, bringing our total TruPS long-term debt to $64.8 million at December 31, 2013. During the first quarter of 2014, we redeemed the TruPS that were acquired as part of the acquisition of YNB, bringing our TruPS balance to $61.9 million at December 31, 2014. In connection with the issuance of TruPS, HomeStreet, Inc. issued to HomeStreet Statutory Trust Junior Subordinated Deferrable Interest Debentures. | ||||||||
The Subordinated Debt Securities are as follows: | ||||||||
HomeStreet Statutory | ||||||||
(in thousands) | I | II | III | IV | ||||
Date issued | Jun-05 | Sep-05 | Feb-06 | Mar-07 | ||||
Amount | $5,155 | $20,619 | $20,619 | $15,464 | ||||
Interest rate | 3 MO LIBOR + 1.70% | 3 MO LIBOR + 1.50% | 3 MO LIBOR + 1.37% | 3 MO LIBOR + 1.68% | ||||
Maturity date | Jun-35 | Dec-35 | Mar-36 | Jun-37 | ||||
Call option(1) | 5 years | 5 years | 5 years | 5 years | ||||
(1) Call options are exercisable at par. | ||||||||
Following the first call date, the HomeStreet Statutory TruPS debt adjusts quarterly with the change in the three-month LIBOR rate. The sole assets of the HomeStreet Statutory Trust are the Subordinated Debt Securities I, II, III, and IV. | ||||||||
During 2014, we recorded a loss on debt extinguishment of $573 thousand upon the early retirement of senior debt, which the remaining net acquired amount totaled $2.9 million and was settled for $3.5 million. |
Derivatives_and_Hedging_Activi
Derivatives and Hedging Activities | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||
DERIVATIVES AND HEDGING ACTIVITIES | NOTE 11–DERIVATIVES AND HEDGING ACTIVITIES: | |||||||||||||||||||||||
To reduce the risk of significant interest rate fluctuations on the value of certain assets and liabilities, such as certain mortgage loans held for sale or mortgage servicing rights ("MSRs"), the Company utilizes derivatives, such as forward sale commitments, futures, option contracts, interest rate swaps and swaptions as risk management instruments in its hedging strategy. Derivative transactions are measured in terms of notional amount, which is not recorded in the consolidated statements of financial condition. The notional amount is generally not exchanged and is used as the basis for interest and other contractual payments. | ||||||||||||||||||||||||
The use of derivatives as interest rate risk management instruments helps minimize significant, unplanned fluctuations in earnings, fair value of assets and liabilities, and cash flows caused by interest rate volatility. This approach involves mitigating the repricing characteristics of certain assets or liabilities so that changes in interest rates do not have a significant adverse effect on net interest margin and cash flows. As a result of interest rate fluctuations, hedged assets and liabilities will gain or lose market value. In a fair value hedging strategy, the effect of this gain or loss will generally be offset by the gain or loss on the derivatives linked to hedged assets or liabilities. In a cash flow hedging strategy, management manages the variability of cash payments due to interest rate fluctuations by the effective use of derivatives linked to hedged assets and liabilities. We held no derivatives designated as a fair value, cash flow or foreign currency hedge instrument at December 31, 2014. We held no derivatives designated as a cash flow or foreign currency hedge instrument at 2013. Derivatives are reported at their respective fair values in the other assets or accounts payable and other liabilities line items on the consolidated statements of financial condition, with changes in fair value reflected in current period earnings. | ||||||||||||||||||||||||
As permitted under U.S. GAAP, the Company nets derivative assets and liabilities when a legally enforceable master netting agreement exists between the Company and the derivative counterparty, which are documented under industry standard master agreements and credit support annexes. The Company's master netting agreements provide that following an uncured payment default or other event of default the non-defaulting party may promptly terminate all transactions between the parties and determine a net amount due to be paid to, or by, the defaulting party. An event of default may also occur under a credit support annex if a party fails to make a collateral delivery (which remains uncured following applicable notice and grace periods). The Company's right of offset requires that master netting agreements are legally enforceable and that the exercise of rights by the non-defaulting party under these agreements will not be stayed, or avoided under applicable law upon an event of default including bankruptcy, insolvency or similar proceeding. | ||||||||||||||||||||||||
The collateral used under the Company's master netting agreements is typically cash, but securities may be used under agreements with certain counterparties. Receivables related to cash collateral that has been paid to counterparties is included in other assets on the Company's consolidated statements of financial condition. Any securities pledged to counterparties as collateral remain on the consolidated statement of financial condition. Refer to Note 4, Investment Securities of this Form 10-K for further information on securities collateral pledged. At December 31, 2014 and 2013, the Company did not hold any collateral received from counterparties under derivative transactions. | ||||||||||||||||||||||||
The Company’s derivative activities are monitored by the asset/liability management committee. The treasury function, which includes asset/liability management, is responsible for hedging strategies developed through analysis of data from financial models and other internal and industry sources. The resulting hedging strategies are incorporated into the overall risk management strategies. | ||||||||||||||||||||||||
For further information on the policies that govern derivative and hedging activities, see Note1, Summary of Significant Accounting Policies of this form 10-K. | ||||||||||||||||||||||||
The notional amounts and fair values for derivatives consist of the following: | ||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||
Notional amount | Fair value derivatives | |||||||||||||||||||||||
(in thousands) | Asset | Liability | ||||||||||||||||||||||
Forward sale commitments | $ | 934,986 | $ | 1,071 | $ | (5,658 | ) | |||||||||||||||||
Interest rate swaptions | 15,000 | — | — | |||||||||||||||||||||
Interest rate lock commitments | 392,687 | 11,939 | (6 | ) | ||||||||||||||||||||
Interest rate swaps | 610,150 | 11,689 | (972 | ) | ||||||||||||||||||||
Total derivatives before netting | $ | 1,952,823 | $ | 24,699 | $ | (6,636 | ) | |||||||||||||||||
Netting adjustments(1) | (5,858 | ) | 5,858 | |||||||||||||||||||||
Carrying value on consolidated statements of financial position | $ | 18,841 | $ | (778 | ) | |||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||
Notional amount | Fair value derivatives | |||||||||||||||||||||||
(in thousands) | Asset | Liability | ||||||||||||||||||||||
Forward sale commitments | $ | 526,382 | $ | 3,630 | $ | (578 | ) | |||||||||||||||||
Interest rate swaptions | 110,000 | 858 | (199 | ) | ||||||||||||||||||||
Interest rate lock commitments | 261,070 | 6,012 | (40 | ) | ||||||||||||||||||||
Interest rate swaps | 508,004 | 1,088 | (9,548 | ) | ||||||||||||||||||||
Total derivatives before netting | $ | 1,405,456 | $ | 11,588 | $ | (10,365 | ) | |||||||||||||||||
Netting adjustments | (1,363 | ) | 1,363 | |||||||||||||||||||||
Carrying value on consolidated statements of financial position | $ | 10,225 | $ | (9,002 | ) | |||||||||||||||||||
The following tables present gross and net information about derivative instruments. | ||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||
(in thousands) | Gross fair value | Netting adjustments | Carrying value | Cash collateral paid(1) | Securities pledged | Net amount | ||||||||||||||||||
Derivative assets | $ | 24,699 | $ | (5,858 | ) | $ | 18,841 | $ | — | $ | — | $ | 18,841 | |||||||||||
Derivative liabilities | $ | (6,636 | ) | $ | 5,858 | $ | (778 | ) | $ | — | $ | 762 | $ | (16 | ) | |||||||||
At December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | Gross fair value | Netting adjustments | Carrying value | Cash collateral paid (1) | Securities pledged | Net amount | ||||||||||||||||||
Derivative assets | $ | 11,588 | $ | (1,363 | ) | $ | 10,225 | $ | — | $ | — | $ | 10,225 | |||||||||||
Derivative liabilities | $ | (10,365 | ) | $ | 1,363 | $ | (9,002 | ) | $ | 8,491 | $ | 451 | $ | (60 | ) | |||||||||
-1 | Excludes cash collateral of $20.4 million and $18.5 million at December 31, 2014 and 2013, which predominantly consists of collateral transferred by the Company at the initiation of derivative transactions and held by the counterparty as security. These amounts were not netted against the derivative receivables and payables, because, at an individual counterparty level, the collateral exceeded the fair value exposure at both December 31, 2014 and 2013. | |||||||||||||||||||||||
Management uses derivatives that are designated as qualifying hedge contracts as defined by Accounting Standards Codification (ASC) 815, Derivatives and Hedging, as fair value hedges, which are comprised of interest rate swap contracts. Interest rate swap contracts are used to convert commercial business loans held for investment from fixed to floating rates to hedge against exposure to changes in benchmark interest rates. All parts of the gain or loss due to the hedged risk (e.g., fair value changes due to changes in benchmark interest rates) are included in the assessment of hedge effectiveness. These swap contracts are carried at fair value, with the net settlement of the derivatives reported in noninterest income and ineffectiveness for these swap contracts reported in other noninterest income. | ||||||||||||||||||||||||
For fair value hedging relationships, the dollar-offset method is used to assess hedge effectiveness, both at the inception of the hedging relationship and on an ongoing basis. Hedge effectiveness is evaluated prospectively as well as through retrospective evaluations. For prospective considerations, we develop an expectation that the relationship will be highly effective over future periods. For retrospective evaluations management determines whether the hedging relationship has been highly effective. The dollar-offset method compares the change in the fair value of the hedging instrument with the changes in the fair value of the hedged item attributable to the hedged risk. The results of the dollar-offset method along with other relevant information are the basis for evaluating hedge effectiveness prospectively and retrospectively. | ||||||||||||||||||||||||
The ineffective portion of net gain (loss) on derivatives in fair value hedging relationships, recognized in other noninterest income on the consolidated statements of operations, for loans held for investment were $86 thousand and $151 thousand for the years ended December 31, 2014 and 2013, respectively. | ||||||||||||||||||||||||
During the year ended December 31, 2014, certain fair value hedges were de-designated; therefore, fair value hedge accounting treatment was discontinued. The net gain or loss on the underlying hedged loans is being amortized to other noninterest income over the remaining contractual life of the loans at the time of de-designation. Changes in the fair value of these derivative instruments after de-designation of fair value hedge accounting are recorded in noninterest income in the consolidated statements of operations. | ||||||||||||||||||||||||
Free-standing derivatives are also used for fair value interest rate risk management purposes that do not qualify for hedge accounting treatment, referred to as economic hedges. Economic hedges are used to hedge against adverse changes in fair value of single family mortgage servicing rights (“single family MSRs”), interest rate lock commitments (“IRLCs”) for single family mortgage loans that the Company intends to sell, and single family mortgage loans held for sale. | ||||||||||||||||||||||||
Free-standing derivatives used as economic hedges for single family MSRs typically include positions in interest rate futures, options on 10-year treasury contracts, forward sales commitments on mortgage-backed securities, and interest rate swap and swaption contracts. The single family MSRs and the free-standing derivatives are carried at fair value with changes in fair value included in mortgage servicing income. | ||||||||||||||||||||||||
The free-standing derivatives used as economic hedges for IRLCs and single family mortgage loans held for sale are forward sales commitments on mortgage-backed securities and option contracts. IRLCs, single family mortgage loans held for sale, and the free-standing derivatives (“economic hedges”) are carried at fair value with changes in fair value included in net gain (loss) on mortgage loan origination and sale activities. | ||||||||||||||||||||||||
The following table presents the net gain (loss) recognized on derivatives, including economic hedge derivatives, within the respective line items in the statement of operations for the periods indicated. | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Recognized in noninterest income: | ||||||||||||||||||||||||
Net gain (loss) on mortgage loan origination and sale activities (1) | $ | (17,258 | ) | $ | 12,904 | $ | (14,382 | ) | ||||||||||||||||
Mortgage servicing income (2) | 39,727 | (20,432 | ) | 21,982 | ||||||||||||||||||||
$ | 22,469 | $ | (7,528 | ) | $ | 7,600 | ||||||||||||||||||
-1 | Comprised of IRLCs and forward contracts used as an economic hedge of IRLCs and single family mortgage loans held for sale. | |||||||||||||||||||||||
-2 | Comprised of interest rate swaps, interest rate swaptions and forward contracts used as an economic hedge of single family mortgage servicing rights MSRs. |
Mortgage_Banking_Operations
Mortgage Banking Operations | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Mortgage Banking [Abstract] | ||||||||||||
MORTGAGE BANKING OPERATIONS | NOTE 12–MORTGAGE BANKING OPERATIONS: | |||||||||||
Loans held for sale consisted of the following. | ||||||||||||
At December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Single family | $ | 610,350 | (1) | $ | 279,385 | |||||||
Multifamily | 10,885 | 556 | ||||||||||
$ | 621,235 | $ | 279,941 | |||||||||
-1 | The Company transferred $310.5 million of loans from the held for investment portfolio into loans held for sale in March of 2014 and subsequently sold $266.8 million of these loans. At December 31, 2014, the Company had transferred $92.7 million of these loans back to the held for investment portfolio. | |||||||||||
Loans sold consisted of the following. | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Single family | $ | 3,979,398 | $ | 4,733,473 | $ | 4,170,840 | ||||||
Multifamily | 141,859 | 104,016 | 118,805 | |||||||||
$ | 4,121,257 | $ | 4,837,489 | $ | 4,289,645 | |||||||
Net gain on mortgage loan origination and sale activities, including the effects of derivative risk management instruments, consisted of the following. | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Single family: | ||||||||||||
Servicing value and secondary market gains(1) | $ | 109,063 | $ | 128,391 | $ | 175,655 | ||||||
Loan origination and funding fees | 25,572 | 30,051 | 30,037 | |||||||||
Total single family | 134,635 | 158,442 | 205,692 | |||||||||
Multifamily | 4,723 | 5,306 | 4,872 | |||||||||
Other | 4,764 | (2) | 964 | — | ||||||||
Total net gain on mortgage loan origination and sale activities | $ | 144,122 | $ | 164,712 | $ | 210,564 | ||||||
-1 | Comprised of gains and losses on interest rate lock commitments (which considers the value of servicing), single family loans held for sale, forward sale commitments used to economically hedge secondary market activities, and changes in the Company's repurchase liability for loans that have been sold. | |||||||||||
-2 | Includes $4.6 million in pre-tax gain during 2014 from the sale of loans that were originally held for investment. | |||||||||||
The Company’s portfolio of loans serviced for others is primarily comprised of loans held in U.S. government and agency MBS issued by Fannie Mae, Freddie Mac and Ginnie Mae. Loans serviced for others are not included in the consolidated statements of financial condition as they are not assets of the Company. | ||||||||||||
The composition of loans serviced for others is presented below at the unpaid principal balance. | ||||||||||||
At December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Single family | ||||||||||||
U.S. government and agency | $ | 10,630,864 | (1) | $ | 11,467,853 | |||||||
Other | 585,344 | 327,768 | ||||||||||
11,216,208 | 11,795,621 | |||||||||||
Commercial | ||||||||||||
Multifamily | 752,640 | 720,429 | ||||||||||
Other | 82,354 | 95,673 | ||||||||||
834,994 | 816,102 | |||||||||||
Total loans serviced for others | $ | 12,051,202 | $ | 12,611,723 | ||||||||
-1 | On June 30, 2014, the Company sold the rights to service $2.96 billion in total unpaid principal balance of single family mortgage loans serviced for Fannie Mae. | |||||||||||
The Company has made representations and warranties that the loans sold meet certain requirements. The Company may be required to repurchase mortgage loans or indemnify loan purchasers due to defects in the origination process of the loan, such as documentation errors, underwriting errors and judgments, appraisal errors, early payment defaults and fraud. For further information on the Company's mortgage repurchase liability, see Note 13, Commitments, Guarantees and Contingencies. The following is a summary of changes in the Company's liability for estimated mortgage repurchase losses. | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Balance, beginning of year | $ | 1,260 | $ | 1,955 | ||||||||
Additions (1) | 1,430 | 1,828 | ||||||||||
Realized losses (2) | (734 | ) | (2,523 | ) | ||||||||
Balance, end of year | $ | 1,956 | $ | 1,260 | ||||||||
-1 | Includes additions for new loan sales and changes in estimated probable future repurchase losses on previously sold loans. | |||||||||||
-2 | Includes principal losses and accrued interest on repurchased loans, “make-whole” settlements, settlements with claimants and certain related expense. | |||||||||||
Advances are made to Ginnie Mae mortgage pools for delinquent loan payments. We also fund foreclosure costs and we repurchase loans from Ginnie Mae mortgage pools prior to recovery of guaranteed amounts. Ginnie Mae advances of $7.8 million and $7.1 million were recorded in other assets as of December 31, 2014, and December 31, 2013, respectively. | ||||||||||||
When the Company has the unilateral right to repurchase Ginnie Mae pool loans it has previously sold (generally loans that are more than 90 days past due), the Company then records the loan on its consolidated statement of financial condition. At December 31, 2014 and 2013, delinquent or defaulted mortgage loans currently in Ginnie Mae pools that the Company has recognized on its consolidated statement of financial condition totaled $21.2 million and $14.3 million, respectively, with a corresponding amount recorded within accounts payable and other liabilities on the consolidated statements of financial condition. The recognition of previously sold loans does not impact the accounting for the previously recognized MSRs. | ||||||||||||
Revenue from mortgage servicing, including the effects of derivative risk management instruments, consisted of the following. | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Servicing income, net: | ||||||||||||
Servicing fees and other | $ | 37,818 | $ | 34,173 | $ | 27,833 | ||||||
Changes in fair value of single family MSRs due to modeled amortization (1) | (26,112 | ) | (24,321 | ) | (26,706 | ) | ||||||
Amortization of multifamily MSRs | (1,712 | ) | (1,803 | ) | (2,014 | ) | ||||||
9,994 | 8,049 | (887 | ) | |||||||||
Risk management, single family MSRs: | ||||||||||||
Changes in fair value due to changes in model inputs and/or assumptions (2) | (15,629 | ) | (3) | 29,456 | (4,974 | ) | ||||||
Net gain from derivatives economically hedging MSR | 39,727 | (20,432 | ) | 21,982 | ||||||||
24,098 | 9,024 | 17,008 | ||||||||||
Mortgage servicing income | $ | 34,092 | $ | 17,073 | $ | 16,121 | ||||||
-1 | Represents changes due to collection/realization of expected cash flows and curtailments. | |||||||||||
-2 | Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates. | |||||||||||
-3 | Includes pre-tax income of $4.7 million, net of brokerage fees and prepayment reserves, resulting from the sale of single family MSRs during the second quarter ended June 30, 2014. | |||||||||||
All MSRs are initially measured and recorded at fair value at the time loans are sold. Single family MSRs are subsequently carried at fair value with changes in fair value reflected in earnings in the periods in which the changes occur, while multifamily MSRs are subsequently carried at the lower of amortized cost or fair value. | ||||||||||||
The fair value of MSRs is determined based on the price that would be received to sell the MSRs in an orderly transaction between market participants at the measurement date. The Company determines fair value using a valuation model that calculates the net present value of estimated future cash flows. Estimates of future cash flows include contractual servicing fees, ancillary income and costs of servicing, the timing of which are impacted by assumptions, primarily expected prepayment speeds and discount rates, which relate to the underlying performance of the loans. | ||||||||||||
The initial fair value measurement of MSRs is adjusted up or down depending on whether the underlying loan pool interest rate is at a premium, discount or par. Key economic assumptions used in measuring the initial fair value of capitalized single family MSRs were as follows. | ||||||||||||
Year Ended December 31, | ||||||||||||
(rates per annum) (1) | 2014 | 2013 | 2012 | |||||||||
Constant prepayment rate (2) | 13.3 | % | 9.28 | % | 11.64 | % | ||||||
Discount rate | 10.5 | % | 10.25 | % | 10.28 | % | ||||||
-1 | Weighted average rates for sales during the period for sales of loans with similar characteristics. | |||||||||||
-2 | Represents the expected lifetime average. | |||||||||||
Key economic assumptions and the sensitivity of the current fair value for single family MSRs to immediate adverse changes in those assumptions were as follows. | ||||||||||||
(in thousands) | At December 31, 2014 | |||||||||||
Fair value of single family MSR | $ | 112,439 | ||||||||||
Expected weighted-average life (in years) | 4.56 | |||||||||||
Constant prepayment rate (1) | 18.07 | % | ||||||||||
Impact on 25 basis points adverse change | $ | (8,674 | ) | |||||||||
Impact on 50 basis points adverse change | $ | (17,115 | ) | |||||||||
Discount rate | 10.6 | % | ||||||||||
Impact on fair value of 100 basis points increase | $ | (3,124 | ) | |||||||||
Impact on fair value of 200 basis points increase | $ | (6,084 | ) | |||||||||
-1 | Represents the expected lifetime average. | |||||||||||
These sensitivities are hypothetical and should be used with caution. As the table above demonstrates, the Company’s methodology for estimating the fair value of MSRs is highly sensitive to changes in key assumptions. For example, actual prepayment experience may differ and any difference may have a material effect on MSR fair value. Changes in fair value resulting from changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumption; in reality, changes in one factor may be associated with changes in another (for example, decreases in market interest rates may provide an incentive to refinance; however, this may also indicate a slowing economy and an increase in the unemployment rate, which reduces the number of borrowers who qualify for refinancing), which may magnify or counteract the sensitivities. Thus, any measurement of MSR fair value is limited by the conditions existing and assumptions made as of a particular point in time. Those assumptions may not be appropriate if they are applied to a different point in time. | ||||||||||||
The changes in single family MSRs measured at fair value are as follows. | ||||||||||||
At December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 153,128 | $ | 87,396 | $ | 70,169 | ||||||
Originations | 43,231 | 60,576 | 48,839 | |||||||||
Purchases | 19 | 21 | 68 | |||||||||
Sale of single family MSRs | (43,248 | ) | (3) | — | — | |||||||
Changes due to modeled amortization (1) | (26,112 | ) | (24,321 | ) | (26,706 | ) | ||||||
Net additions and amortization | (26,110 | ) | 36,276 | 22,201 | ||||||||
Changes in fair value due to changes in model inputs and/or assumptions (2) | (14,579 | ) | (4) | 29,456 | (4,974 | ) | ||||||
Ending balance | $ | 112,439 | $ | 153,128 | $ | 87,396 | ||||||
-1 | Represents changes due to collection/realization of expected cash flows and curtailments. | |||||||||||
-2 | Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates. | |||||||||||
-3 | On June 30, 2014, the Company sold the rights to service $2.96 billion in total unpaid principal balance of single family mortgage loans serviced for Fannie Mae. | |||||||||||
-4 | Includes pre-tax income of $5.7 million, excluding transaction costs, resulting from the sale of single family MSRs on June 30, 2014. | |||||||||||
MSRs resulting from the sale of multifamily loans are subsequently carried at the lower of amortized cost or fair value. Multifamily MSRs are recorded at fair value and are amortized in proportion to, and over, the estimated period the net servicing income will be collected. | ||||||||||||
The changes in multifamily MSRs measured at the lower of amortized cost or fair value were as follows. | ||||||||||||
December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 9,335 | $ | 8,097 | $ | 7,112 | ||||||
Origination | 3,260 | 3,027 | 2,999 | |||||||||
Amortization | (1,710 | ) | (1,789 | ) | (2,014 | ) | ||||||
Ending balance | $ | 10,885 | $ | 9,335 | $ | 8,097 | ||||||
At December 31, 2014, the expected weighted-average life of the Company’s multifamily MSRs was 9.62 years. Projected amortization expense for the gross carrying value of multifamily MSRs is estimated as follows. | ||||||||||||
(in thousands) | At December 31, 2014 | |||||||||||
2015 | $ | 1,756 | ||||||||||
2016 | 1,650 | |||||||||||
2017 | 1,527 | |||||||||||
2018 | 1,370 | |||||||||||
2019 | 1,260 | |||||||||||
2020 and thereafter | 3,322 | |||||||||||
Carrying value of multifamily MSR | $ | 10,885 | ||||||||||
The projected amortization expense of multifamily MSRs is an estimate and should be used with caution. The amortization expense for future periods was calculated by applying the same quantitative factors, such as actual MSR prepayment experience and discount rates, which were used to determine amortization expense. These factors are inherently subject to significant fluctuations, primarily due to the effect that changes in interest rates may have on expected loan prepayment experience. Accordingly, any projection of MSR amortization in future periods is limited by the conditions that existed at the time the calculations were performed and may not be indicative of actual amortization expense that will be recorded in future periods. |
Commitments_Guarantees_and_Con
Commitments, Guarantees, and Contingencies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments and Contingencies Disclosure [Abstract] | ||||
COMMITMENTS, GUARANTEES, AND CONTINGENCIES | NOTE 13–COMMITMENTS, GUARANTEES, AND CONTINGENCIES: | |||
Commitments | ||||
Commitments to extend credit are agreements to lend to customers in accordance with predetermined contractual provisions. These commitments may be for specific periods or contain termination clauses and may require the payment of a fee by the borrower. The total amounts of unused commitments do not necessarily represent future credit exposure or cash requirements in that commitments may expire without being drawn upon. | ||||
The Company makes certain unfunded loan commitments as part of its lending activities that have not been recognized in the Company’s financial statements. These include commitments to extend credit made as part of the Company's mortgage lending activities and interest rate lock commitments on loans the Company intends to hold in its loans held for investment portfolio. The aggregate amount of these unrecognized unfunded loan commitments was $72.0 million and $18.4 million at December 31, 2014 and December 31, 2013, respectively. | ||||
In the ordinary course of business, the Company extends secured and unsecured open-end loans to meet the financing needs of its customers. Undistributed construction loan commitments, where the Company has an obligation to advance funds for construction progress payments, were $379.4 million and $168.5 million at December 31, 2014 and December 31, 2013, respectively. Unused home equity and commercial banking funding lines, totaled $149.4 million and $154.0 million at December 31, 2014 and December 31, 2013, respectively. The Company has recorded an allowance for credit losses on loan commitments, included in accounts payable and other liabilities on the consolidated statements of financial condition, of $503 thousand and $181 thousand at December 31, 2014 and December 31, 2013, respectively. | ||||
The Company is obligated under non-cancelable leases for office space. Generally, the office leases also contain five-year renewal and space options. Rental expense under non-cancelable operating leases totaled $15.3 million, $11.4 million, and $7.1 million for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||
Minimum rental payments for all non-cancelable leases were as follows. | ||||
(in thousands) | At December 31, 2014 | |||
2015 | $ | 14,555 | ||
2016 | 15,047 | |||
2017 | 14,081 | |||
2018 | 12,406 | |||
2019 | 9,664 | |||
2020 and thereafter | 54,047 | |||
$ | 119,800 | |||
Guarantees | ||||
In the ordinary course of business, the Company sells multifamily loans through the Fannie Mae Multifamily Delegated Underwriting and Servicing Program (“DUS®”) that are subject to a credit loss sharing arrangement. The Company services the loans for Fannie Mae and shares in the risk of loss with Fannie Mae under the terms of the DUS contracts. Under the program, the DUS lender is contractually responsible for the first 5% of losses and then shares equally in the remainder of losses with Fannie Mae with a maximum lender loss of 20% of the original principal balance of each DUS loan. For loans that have been sold through this program, a liability is recorded for this loss sharing arrangement under the accounting guidance for guarantees. As of December 31, 2014 and December 31, 2013, the total unpaid principal balance of loans sold under this program was $752.6 million and $720.4 million, respectively. The Company’s reserve liability related to this arrangement totaled $2.3 million and $2.0 million at December 31, 2014 and 2013, respectively. There were no actual losses incurred under this arrangement during the years ended December 31, 2014, 2013, and 2012. | ||||
Mortgage repurchase liability | ||||
In the ordinary course of business, the Company sells residential mortgage loans to GSEs that include the mortgage loans in GSE-guaranteed mortgage securitizations. In addition, the Company sells FHA-insured and VA-guaranteed mortgage loans that are sold to Ginnie Mae and are used to back Ginnie Mae-guaranteed securities. The Company has made representations and warranties that the loans sold meet certain requirements. The Company may be required to repurchase mortgage loans or indemnify loan purchasers due to defects in the origination process of the loan, such as documentation errors, underwriting errors and judgments, early payment defaults and fraud. | ||||
These obligations expose the Company to any credit loss on the repurchased mortgage loans after accounting for any mortgage insurance that it may receive. Generally, the maximum amount of future payments the Company would be required to make for breaches of these representations and warranties would be equal to the unpaid principal balance of such loans that are deemed to have defects that were sold to purchasers plus, in certain circumstances, accrued and unpaid interest on such loans and certain expenses. | ||||
The Company does not typically receive repurchase requests from Ginnie Mae, FHA or VA. As an originator of FHA-insured or VA-guaranteed loans, the Company is responsible for obtaining the insurance with FHA or the guarantee with the VA. If loans are later found not to meet the requirements of FHA or VA, through required internal quality control reviews or through agency audits, the Company may be required to indemnify FHA or VA against losses. The loans remain in Ginnie Mae pools unless and until they are repurchased by the Company. In general, once a FHA or VA loan becomes 90 days past due, the Company repurchases the FHA or VA residential mortgage loan to minimize the cost of interest advances on the loan. If the loan is cured through borrower efforts or through loss mitigation activities, the loan may be resold into a Ginnie Mae pool. The Company's liability for mortgage loan repurchase losses incorporates probable losses associated with such indemnification. | ||||
The total unpaid principal balance of loans sold on a servicing-retained basis that were subject to the terms and conditions of these representations and warranties totaled $11.30 billion and $11.89 billion as of December 31, 2014 and 2013, respectively. At December 31, 2014 and 2013, the Company had recorded a mortgage repurchase liability for loans sold on a servicing-retained and servicing-released basis, included in accounts payable and other liabilities on the consolidated statements of financial condition, of $2.0 million and $1.3 million, respectively. The Company's mortgage repurchase liability reflects management's estimate of losses for loans sold on a servicing-retained and servicing-released basis for which we could have a repurchase obligation. Actual repurchase losses of $734 thousand, $2.5 million and $2.8 million were incurred for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||
Contingencies | ||||
In the normal course of business, the Company may have various legal claims and other similar contingent matters outstanding for which a loss may be realized. For these claims, the Company establishes a liability for contingent losses when it is probable that a loss has been incurred and the amount of loss can be reasonably estimated. For claims determined to be reasonably possible but not probable of resulting in a loss, there may be a range of possible losses in excess of the established liability. At December 31, 2014, we reviewed our legal claims and determined that there were no claims that are considered to be probable or reasonably possible of resulting in a loss. As a result, the Company did not have any amounts reserved for legal claims as of December 31, 2014. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Taxes note [Abstract] | ||||||||||||
Income Tax Disclosure [Text Block] | NOTE 14–INCOME TAXES: | |||||||||||
Income tax expense (benefit) consisted of following: | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Current (benefit) expense | $ | 25,303 | $ | (21,166 | ) | $ | 26,656 | |||||
Deferred expense (benefit) | (14,247 | ) | 32,151 | (5,110 | ) | |||||||
Total income tax expense | $ | 11,056 | $ | 10,985 | $ | 21,546 | ||||||
Income tax expense differed from amounts computed at the federal income tax statutory rate as follows: | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Income taxes at statutory rate | $ | 11,660 | $ | 12,178 | $ | 36,285 | ||||||
Tax-exempt interest | (1,265 | ) | (1,452 | ) | (1,162 | ) | ||||||
State income tax expense net of federal tax benefit | 221 | 148 | 333 | |||||||||
Valuation allowance | — | — | (14,423 | ) | ||||||||
Tax credits | (717 | ) | (293 | ) | — | |||||||
Low Income Housing Tax Credit Partnerships | 617 | — | — | |||||||||
Change in state rate | 248 | — | — | |||||||||
Other, net | 292 | 404 | 513 | |||||||||
Total income tax expense | $ | 11,056 | $ | 10,985 | $ | 21,546 | ||||||
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and those amounts used for tax return purposes. The tax effect of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities consisted of the following: | ||||||||||||
At December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Provision for loan losses | $ | 11,890 | $ | 11,165 | ||||||||
Federal and state net operating loss carryforwards | 10,044 | 7,056 | ||||||||||
Section 382 built-in loss limitation | 5,291 | 10,145 | ||||||||||
Other real estate owned | 468 | 977 | ||||||||||
Accrued liabilities | 2,199 | 1,975 | ||||||||||
Other investments | 330 | 326 | ||||||||||
Leases | 1,153 | 1,018 | ||||||||||
Unrealized loss on investment securities available for sale | — | 7,051 | ||||||||||
Tax credits | 3,358 | 2,443 | ||||||||||
Stock options | 902 | 489 | ||||||||||
Loan valuation | 497 | — | ||||||||||
Other, net | 236 | 176 | ||||||||||
36,368 | 42,821 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Mortgage servicing rights | (34,030 | ) | (48,402 | ) | ||||||||
Unrealized gain on investment securities available for sale | (252 | ) | — | |||||||||
FHLB dividends | (4,348 | ) | (4,310 | ) | ||||||||
Deferred loan fees and costs | (1,943 | ) | (2,290 | ) | ||||||||
Premises and equipment | (1,865 | ) | (859 | ) | ||||||||
Other intangibles - core deposit intangible | (700 | ) | (737 | ) | ||||||||
Other, net | (242 | ) | (23 | ) | ||||||||
(43,380 | ) | (56,621 | ) | |||||||||
Net deferred tax (liability) asset | $ | (7,012 | ) | $ | (13,800 | ) | ||||||
Net deferred tax assets are included in the accounts receivable and other assets line item within the consolidated statements of financial condition. Net deferred tax liabilities are included in accounts payable and other liabilities on the consolidated statements of financial condition. | ||||||||||||
As a consequence of our initial public offering in February 2012, the Company experienced a change of control within the meaning of Section 382 of the Internal Revenue Code of 1986, as amended. Section 382 substantially limits the ability of a corporate taxpayer to use recognized built-in losses and net operating loss carryforwards incurred prior to the change of control against income earned after a change of control. Based on our analysis, the change of control will not result in a loss of deferred tax benefits other than a small impact on deferred tax assets related to state income taxes in Oregon. | ||||||||||||
Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. During the second quarter of 2012, management analyzed the positive and negative evidence which included the Company reporting its fifth consecutive quarter of profitability, the future reversals of deferred tax assets and deferred tax liabilities over a similar period of time, future expectations of profitability, significant improvement in overall asset quality and related credit/risk metrics and the expectation that we will be able to exit a three-year cumulative pre-tax loss position in 2012. Management continues to assess the positive and negative evidence of the need for a valuation allowance. As of December 31, 2014 management determined that sufficient evidence exists to support the future utilization of the Company’s deferred tax assets. | ||||||||||||
At December 31, 2014, the Company has federal net operating loss carryforwards totaling $27.9 million, which expire between 2024 and 2031. The Company has a Section 382 recognized built-in loss carryforwards of $14.9 million as of December 31, 2014 which expires in 2032. In addition, as of December 31, 2014, the Company has an alternative minimum tax credit of $3.3 million that may be carried forward indefinitely. The Company also has state net operating loss carryforwards of $6.6 million that expire between 2015 and 2030. | ||||||||||||
Retained earnings at December 31, 2014 and 2013 include approximately $12.7 million in tax basis bad debt reserves for which no income tax liability has been recorded. In the future, if this tax basis bad debt reserve is used for purposes other than to absorb bad debts or the Company no longer qualifies as a bank, the Company will incur a federal tax liability at the then prevailing corporate tax rate estimated at $4.4 million as of December 31, 2014. | ||||||||||||
There were no unrecognized tax benefits at December 31, 2014 and 2013. The Company does not anticipate a significant increase with respect to its unrecognized tax benefits within the next twelve months. | ||||||||||||
The Company’s income tax returns are open for examination for the tax years 2012 through 2014. |
401K_Savings_Plan_Notes
401(K) Savings Plan (Notes) | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 15–401(k) SAVINGS AND EMPLOYEE STOCK OWNERSHIP PLAN: |
The Company maintains a 401(k) Savings and Employee Stock Ownership Plan (the “Plan”) for the benefit of its employees. Effective January 1, 2011, the employee stock ownership plan portion of the Plan became a separate plan named the HomeStreet, Inc. Employee Stock Ownership Plan and Trust (the “ESOP”). Net assets of approximately $6.7 million were transferred from the Plan to the ESOP. The Plan was renamed the HomeStreet, Inc. 401(k) Savings Plan. The ESOP and 401(k) Savings Plan covers substantially all employees of the Company after completion of the required length of service and provides for payment of retirement benefits to employees pursuant to the provisions of the plans. Effective July 31, 2012, the ESOP was merged into the Plan. | |
Prior to September 1, 2012, the Company employer-matching contribution to the 401(k) Savings Plan was 50% of the first 6% of an employee’s eligible compensation that was contributed by the employee. Effective September 1, 2012, new employees are automatically enrolled in the 401(k) Savings Plan at a 3% deferral rate unless they elect otherwise. Participants receive a vested employer matching contribution equal to 100% of the first 3% of eligible compensation deferred by the participant and 50% of the next 2% of eligible compensation deferred by the participant. | |
Salaries and related costs for the years ended December 31, 2014, 2013, and 2012, included employer contributions of $4.5 million, $3.7 million and $1.4 million, respectively. |
Share_Based_Compensation_Plans
Share Based Compensation Plans Share Based Compensation Plans | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 16–SHARE-BASED COMPENSATION PLANS: | ||||||||||||
For the years ended December 31, 2014, 2013, and 2012, the Company recognized $1.5 million, $1.1 million, and $2.8 million of compensation cost, respectively, for share-based compensation awards. | |||||||||||||
2014 Equity Incentive Plan | |||||||||||||
In May 2014, the shareholders approved the Company's 2014 Equity Incentive Plan (the “2014 EIP”). Under the 2014 EIP, all of the Company’s officers, employees, directors and/or consultants are eligible to receive awards. Awards which may be granted under the 2014 EIP include incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock awards, restricted stock units, unrestricted stock, performance share awards and performance compensation awards. The maximum amount of HomeStreet, Inc. common stock available for grant under the 2014 EIP is 900,000 shares, which includes shares of common stock that were still available for issuance under the 2010 Plan and the 2011 Plan. | |||||||||||||
2010 Equity Incentive Plan | |||||||||||||
In January 2010, the shareholders approved the Company's 2010 Equity Incentive Plan (the “2010 EIP”). Under the 2010 EIP, all of the Company’s officers, employees, directors and/or consultants are eligible to receive awards. Awards that may be granted under the 2010 EIP include incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, stock bonus awards and incentive bonus awards, or a combination of the foregoing. The 2010 EIP became effective during February 2012, upon the completion of the Company’s initial public offering. | |||||||||||||
Under the 2010 EIP, the exercise price of an option may not be less than the fair market value of a share of common stock at the grant date. The options generally vest on a graded schedule from one to five years, depending on the terms of the grant, and generally expire ten years from the grant date. | |||||||||||||
During the latter part of 2010, nonqualified stock options were granted outside of, but under substantially the same terms as, the 2010 EIP. This issuance was assessed against the maximum number of shares available for grant under the 2010 EIP. This issuance was approved by the Board of Directors and appropriate regulatory agencies and option grants were issued to key senior management personnel. | |||||||||||||
Nonqualified Stock Options | |||||||||||||
The Company grants nonqualified options to key senior management personnel. A summary of changes in nonqualified stock options granted for the year ended December 31, 2014 is as follows: | |||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic Value (2) | |||||||||||
Exercise Price | Remaining | (in thousands) | |||||||||||
Contractual | |||||||||||||
Term | |||||||||||||
Options outstanding at December 31, 2013 | 654,216 | $ | 11.54 | 8.1 years | $ | 5,559 | |||||||
Granted | — | — | 0.0 years | — | |||||||||
Cancelled or forfeited | (9,688 | ) | 11 | 7.1 years | 62 | ||||||||
Exercised | (43,504 | ) | 2.98 | 6.1 years | 734 | ||||||||
Options outstanding at December 31, 2014 | 601,024 | 12.16 | 7.2 years | 3,329 | |||||||||
Options that are exercisable and expected to be exercisable (1) | 597,666 | 12.17 | 7.2 years | 3,308 | |||||||||
Options exercisable | 397,981 | $ | 11.97 | 7.2 years | $ | 2,271 | |||||||
-1 | Adjusted for estimated forfeitures. | ||||||||||||
-2 | Intrinsic value is the amount by which fair value of the underlying stock exceeds the exercise price. | ||||||||||||
Under this plan, 43,504 options have been exercised during the year ended December 31, 2014, resulting in cash received and related income tax benefits totaling $130 thousand. As of December 31, 2014, there was $301 thousand of total unrecognized compensation costs related to stock options. Compensation costs are recognized over the requisite service period, which typically is the vesting period. Unrecognized compensation costs are expected to be recognized over the remaining weighted-average requisite service period of three months. | |||||||||||||
As observable market prices are generally not available for estimating the fair value of stock options, an option-pricing model is utilized to estimate fair value. The fair value of the options granted during 2013 and 2012 was estimated as of the grant date using a Black-Scholes Merton (“Black-Scholes”) model and the assumptions noted in the following table. There were no options granted during the year ended December 31, 2014. | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Weighted-average fair value per share | $ | 8.78 | $ | 4 | |||||||||
Expected term of the option | 6 years | 6 years | |||||||||||
Expected stock price volatility | 50.04 | % | 33.13 | % | |||||||||
Annual risk-free interest rate | 1.18 | % | 1.23 | % | |||||||||
Expected annual dividend yield | 2.03 | % | 2.26 | % | |||||||||
The weighted-average expected term of 6 years used to value option awards issued in 2013 and 2012 was an estimate based on an expectation that the holders of the stock options, once vested, will exercise them – ultimately reflecting the settlement of all vested options. As the Company did not have historical exercise behavior to reference for these types of options, the Company leveraged the “simplified” method for estimating the expected term of these “plain vanilla” stock options. | |||||||||||||
When estimating expected volatility and the dividend yield, the Company considered historical data of other similar entities that were publicly traded over a period commensurate with the life of the options. A single median was derived for each input from this population. | |||||||||||||
Restricted Shares | |||||||||||||
The Company grants restricted shares to key senior management personnel and directors. A summary of the status of restricted shares follows. | |||||||||||||
Number | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date Fair Value | |||||||||||||
Restricted shares outstanding at December 31, 2013 | 53,951 | $ | 18.18 | ||||||||||
Granted | 74,645 | 17.99 | |||||||||||
Cancelled or forfeited | — | — | |||||||||||
Vested | (10,079 | ) | 15.88 | ||||||||||
Restricted shares outstanding at December 31, 2014 | 118,517 | 18.26 | |||||||||||
Nonvested at December 31, 2014 | 118,517 | $ | 18.26 | ||||||||||
The Company recognized $644 thousand in compensation expense for restricted shares during the year ended December 31, 2014. At December 31, 2014, there was $1.5 million of total unrecognized compensation cost related to nonvested restricted shares. Unrecognized compensation cost is generally expected to be recognized over a weighted average period of 2.0 years. Restricted shares granted to non-employee directors vest one-third at each one year anniversary from the grant date. Restricted shares granted to senior management vest based upon the achievement of certain market conditions. One-third vested when the 30-day rolling average share price exceeded 25% of the grant date fair value; one-third vested when the 30-day rolling average share price exceeded 40% of the grant date fair value; and one-third vested when the 30-day rolling average share price exceeded 50% of the grant date fair value. The Company accrues compensation expense based upon an estimate of the awards' expected vesting period. If a market condition is satisfied prior to the end of the estimated vesting period any unrecognized compensation costs associated with the portion of restricted shares that vested earlier than expected are immediately recognized in earnings. | |||||||||||||
Certain restricted stock awards granted to senior management during the second quarter of 2014 contain both service conditions and performance conditions. Performance share units ("PSUs") are stock awards where the number of shares ultimately received by the employee depends on the company’s performance against specified targets and vest over a three-year period. The fair value of each PSU is determined on the grant date, based on the company’s stock price, and assumes that performance targets will be achieved. Over the performance period, the number of shares of stock that will be issued is adjusted upward or downward based upon the probability of achievement of performance targets. The ultimate number of shares issued and the related compensation cost recognized as expense will be based on a comparison of the final performance metrics to the specified targets. Compensation cost will be recognized over the requisite three-year service period on a straight-line basis and adjusted for changes in the probability that the performance targets will be achieved. |
Fair_Value_Measurement
Fair Value Measurement | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||
FAIR VALUE MEASUREMENT | NOTE 17–FAIR VALUE MEASUREMENT: | |||||||||||||||||||
The term "fair value" is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability. The Company’s approach is to maximize the use of observable inputs and minimize the use of unobservable inputs when developing fair value measurements. | ||||||||||||||||||||
Fair Value Hierarchy | ||||||||||||||||||||
A three-level valuation hierarchy has been established under ASC 820 for disclosure of fair value measurements. The valuation hierarchy is based on the observability of inputs to the valuation of an asset or liability as of the measurement date. A financial instrument’s categorization within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The levels are defined as follows: | ||||||||||||||||||||
• | Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. | |||||||||||||||||||
• | Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. This includes quoted prices for similar assets and liabilities in active markets and inputs that are observable for the asset or liability for substantially the full term of the financial instrument. | |||||||||||||||||||
• | Level 3 – Unobservable inputs for the asset or liability. These inputs reflect the Company’s assumptions of what market participants would use in pricing the asset or liability. | |||||||||||||||||||
The Company's policy regarding transfers between levels of the fair value hierarchy is that all transfers are assumed to occur at the end of the reporting period. | ||||||||||||||||||||
Valuation Processes | ||||||||||||||||||||
The Company has various processes and controls in place to ensure that fair value measurements are reasonably estimated. The Finance Committee provides oversight and approves the Company’s Asset/Liability Management Policy ("ALMP"). The Company's ALMP governs, among other things, the application and control of the valuation models used to measure fair value. On a quarterly basis, the Company’s Asset/Liability Management Committee ("ALCO") and the Finance Committee of the Board review significant modeling variables used to measure the fair value of the Company’s financial instruments, including the significant inputs used in the valuation of single family MSRs. Additionally, at least annually ALCO obtains an independent review of the MSR valuation process and procedures, including a review of the model architecture and the valuation assumptions. The Company obtains an MSR valuation from an independent valuation firm monthly to assist with the validation of the fair value estimate and the reasonableness of the assumptions used in measuring fair value. | ||||||||||||||||||||
The Company’s real estate valuations are overseen by the Company’s appraisal department, which is independent of the Company’s lending and credit administration functions. The appraisal department maintains the Company’s appraisal policy and recommends changes to the policy subject to approval by the Company’s Loan Committee and the Credit Committee of the Board. The Company’s appraisals are prepared by independent third-party appraisers and the Company’s internal appraisers. Single family appraisals are generally reviewed by the Company’s single family loan underwriters. Single family appraisals with unusual, higher risk or complex characteristics, as well as commercial real estate appraisals, are reviewed by the Company’s appraisal department. | ||||||||||||||||||||
We obtain pricing from third party service providers for determining the fair value of a substantial portion of our investment securities available for sale. We have processes in place to evaluate such third party pricing services to ensure information obtained and valuation techniques used are appropriate. For fair value measurements obtained from third party services, we monitor and review the results to ensure the values are reasonable and in line with market experience for similar classes of securities. While the inputs used by the pricing vendor in determining fair value are not provided, and therefore unavailable for our review, we do perform certain procedures to validate the values received, including comparisons to other sources of valuation (if available), comparisons to other independent market data and a variance analysis of prices by Company personnel that are not responsible for the performance of the investment securities. | ||||||||||||||||||||
Estimation of Fair Value | ||||||||||||||||||||
Fair value is based on quoted market prices, when available. In cases where a quoted price for an asset or liability is not available, the Company uses valuation models to estimate fair value. These models incorporate inputs such as forward yield curves, loan prepayment assumptions, expected loss assumptions, market volatilities, and pricing spreads utilizing market-based inputs where readily available. The Company believes its valuation methods are appropriate and consistent with those that would be used by other market participants. However, imprecision in estimating unobservable inputs and other factors may result in these fair value measurements not reflecting the amount realized in an actual sale or transfer of the asset or liability in a current market exchange. | ||||||||||||||||||||
The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions, and classification of the Company’s assets and liabilities. | ||||||||||||||||||||
Asset/Liability class | Valuation methodology, inputs and assumptions | Classification | ||||||||||||||||||
Cash and cash equivalents | Carrying value is a reasonable estimate of fair value based on the short-term nature of the instruments. | Estimated fair value classified as Level 1. | ||||||||||||||||||
Investment securities available for sale | Observable market prices of identical or similar securities are used where available. | Level 2 recurring fair value measurement | ||||||||||||||||||
If market prices are not readily available, value is based on discounted cash flows using the following significant inputs: | ||||||||||||||||||||
• Expected prepayment speeds | ||||||||||||||||||||
• Estimated credit losses | ||||||||||||||||||||
• Market liquidity adjustments | ||||||||||||||||||||
Loans held for sale | ||||||||||||||||||||
Single-family loans | Fair value is based on observable market data, including: | Level 2 recurring fair value measurement | ||||||||||||||||||
• Quoted market prices, where available | ||||||||||||||||||||
• Dealer quotes for similar loans | ||||||||||||||||||||
• Forward sale commitments | ||||||||||||||||||||
Multifamily loans | The sale price is set at the time the loan commitment is made, and as such subsequent changes in market conditions have a very limited effect, if any, on the value of these loans carried on the consolidated statements of financial condition, which are typically sold within 30 days of origination. | Carried at lower of amortized cost or fair value. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Loans held for investment | ||||||||||||||||||||
Loans held for investment, excluding collateral dependent loans | Fair value is based on discounted cash flows, which considers the following inputs: | For the carrying value of loans see Note 1–Summary of Significant Accounting Policies. | ||||||||||||||||||
• Current lending rates for new loans | ||||||||||||||||||||
• Expected prepayment speeds | Estimated fair value classified as Level 3. | |||||||||||||||||||
• Estimated credit losses | ||||||||||||||||||||
• Market liquidity adjustments | ||||||||||||||||||||
Loans held for investment, collateral dependent | Fair value is based on appraised value of collateral, which considers sales comparison and income approach methodologies. Adjustments are made for various factors, which may include: | Carried at lower of amortized cost or fair value of collateral, less the estimated cost to sell. | ||||||||||||||||||
• Adjustments for variations in specific property qualities such as location, physical dissimilarities, market conditions at the time of sale, income producing characteristics and other factors | ||||||||||||||||||||
• Adjustments to obtain “upon completion” and “upon stabilization” values (e.g., property hold discounts where the highest and best use would require development of a property over time) | Classified as a Level 3 nonrecurring fair value measurement in periods where carrying value is adjusted to reflect the fair value of collateral. | |||||||||||||||||||
• Bulk discounts applied for sales costs, holding costs and profit for tract development and certain other properties | ||||||||||||||||||||
Asset/Liability class | Valuation methodology, inputs and assumptions | Classification | ||||||||||||||||||
Mortgage servicing rights | ||||||||||||||||||||
Single family MSRs | For information on how the Company measures the fair value of its single family MSRs, including key economic assumptions and the sensitivity of fair value to changes in those assumptions, see Note 12, Mortgage Banking Operations. | Level 3 recurring fair value measurement | ||||||||||||||||||
Multifamily MSRs | Fair value is based on discounted estimated future servicing fees and other revenue, less estimated costs to service the loans. | Carried at lower of amortized cost or fair value | ||||||||||||||||||
Estimated fair value classified as Level 3. | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||
Interest rate swaps | Fair value is based on quoted prices for identical or similar instruments, when available. | Level 2 recurring fair value measurement | ||||||||||||||||||
Interest rate swaptions | ||||||||||||||||||||
Forward sale commitments | When quoted prices are not available, fair value is based on internally developed modeling techniques, which require the use of multiple observable market inputs including: | |||||||||||||||||||
• Forward interest rates | ||||||||||||||||||||
• Interest rate volatilities | ||||||||||||||||||||
Interest rate lock commitments | The fair value considers several factors including: | Level 3 recurring fair value measurement | ||||||||||||||||||
• Fair value of the underlying loan based on quoted prices in the secondary market, when available. | ||||||||||||||||||||
• Value of servicing | ||||||||||||||||||||
• Fall-out factor | ||||||||||||||||||||
Other real estate owned (“OREO”) | Fair value is based on appraised value of collateral, less the estimated cost to sell. See discussion of "loans held for investment, collateral dependent" above for further information on appraisals. | Carried at lower of amortized cost or fair value of collateral (Level 3), less the estimated cost to sell. | ||||||||||||||||||
Federal Home Loan Bank stock | Carrying value approximates fair value as FHLB stock can only be purchased or redeemed at par value. | Carried at par value. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Demand deposits | Fair value is estimated as the amount payable on demand at the reporting date. | Carried at historical cost. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Fixed-maturity certificates of deposit | Fair value is estimated using discounted cash flows based on market rates currently offered for deposits of similar remaining time to maturity. | Carried at historical cost. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Federal Home Loan Bank advances | Fair value is estimated using discounted cash flows based on rates currently available for advances with similar terms and remaining time to maturity. | Carried at historical cost. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Long-term debt | Fair value is estimated using discounted cash flows based on current lending rates for similar long-term debt instruments with similar terms and remaining time to maturity. | Carried at historical cost. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
The following table presents the levels of the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis. | ||||||||||||||||||||
(in thousands) | Fair Value at December 31, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities available for sale | ||||||||||||||||||||
Mortgage backed securities: | ||||||||||||||||||||
Residential | $ | 107,280 | $ | — | $ | 107,280 | $ | — | ||||||||||||
Commercial | 13,671 | — | 13,671 | — | ||||||||||||||||
Municipal bonds | 122,334 | — | 122,334 | — | ||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||
Residential | 43,166 | — | 43,166 | — | ||||||||||||||||
Commercial | 20,486 | — | 20,486 | — | ||||||||||||||||
Corporate debt securities | 79,400 | — | 79,400 | — | ||||||||||||||||
U.S. Treasury securities | 40,989 | — | 40,989 | — | ||||||||||||||||
Single family mortgage servicing rights | 112,439 | — | — | 112,439 | ||||||||||||||||
Single family loans held for sale | 610,350 | — | 610,350 | — | ||||||||||||||||
Derivatives | ||||||||||||||||||||
Forward sale commitments | 1,071 | — | 1,071 | — | ||||||||||||||||
Interest rate lock commitments | 11,939 | — | — | 11,939 | ||||||||||||||||
Interest rate swaps | 11,689 | — | 11,689 | — | ||||||||||||||||
Total assets | $ | 1,174,814 | $ | — | $ | 1,050,436 | $ | 124,378 | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||
Forward sale commitments | 5,658 | $ | — | $ | 5,658 | $ | — | |||||||||||||
Interest rate lock commitments | 6 | — | — | 6 | ||||||||||||||||
Interest rate swaps | 972 | — | 972 | — | ||||||||||||||||
Total liabilities | $ | 6,636 | $ | — | $ | 6,630 | $ | 6 | ||||||||||||
(in thousands) | Fair Value at December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities available for sale | ||||||||||||||||||||
Mortgage backed securities: | ||||||||||||||||||||
Residential | $ | 133,910 | $ | — | $ | 133,910 | $ | — | ||||||||||||
Commercial | 13,433 | — | 13,433 | — | ||||||||||||||||
Municipal bonds | 130,850 | — | 130,850 | — | ||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||
Residential | 90,327 | — | 90,327 | — | ||||||||||||||||
Commercial | 16,845 | — | 16,845 | — | ||||||||||||||||
Corporate debt securities | 68,866 | — | 68,866 | — | ||||||||||||||||
U.S. Treasury securities | 27,452 | — | 27,452 | — | ||||||||||||||||
Single family mortgage servicing rights | 153,128 | — | — | 153,128 | ||||||||||||||||
Single family loans held for sale | 279,385 | — | 279,385 | — | ||||||||||||||||
Derivatives | ||||||||||||||||||||
Forward sale commitments | 3,630 | — | 3,630 | — | ||||||||||||||||
Swaptions | 858 | — | 858 | — | ||||||||||||||||
Interest rate lock commitments | 6,012 | — | — | 6,012 | ||||||||||||||||
Interest rate swaps | 1,088 | — | 1,088 | — | ||||||||||||||||
Total assets | $ | 925,784 | $ | — | $ | 766,644 | $ | 159,140 | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||
Forward sale commitments | $ | 578 | $ | — | $ | 578 | $ | — | ||||||||||||
Interest rate swaptions | 199 | — | 199 | — | ||||||||||||||||
Interest rate lock commitments | 40 | — | — | 40 | ||||||||||||||||
Interest rate swaps | 9,548 | — | 9,548 | — | ||||||||||||||||
Total liabilities | $ | 10,365 | $ | — | $ | 10,325 | $ | 40 | ||||||||||||
Level 3 Recurring Fair Value Measurements | ||||||||||||||||||||
The Company's level 3 recurring fair value measurements consist of single family mortgage servicing rights and interest rate lock commitments, which are accounted for as derivatives. For information regarding fair value changes and activity for single family MSRs during the years ended December 31, 2014 and 2013, see Note 12, Mortgage Banking Operations. | ||||||||||||||||||||
The fair value of IRLCs considers several factors including the fair value in the secondary market of the underlying loan resulting from the exercise of the commitment, the expected net future cash flows related to the associated servicing of the loan (referred to as the value of servicing) and the probability that the commitment will not be converted into a funded loan (referred to as a fall-out factor). The fair value of IRLCs on loans held for sale, while based on interest rates observable in the market, is highly dependent on the ultimate closing of the loans. The significance of the fall-out factor to the fair value measurement of an individual IRLC is generally highest at the time that the rate lock is initiated and declines as closing procedures are performed and the underlying loan gets closer to funding. The fall-out factor applied is based on historical experience. The value of servicing is impacted by a variety of factors, including prepayment assumptions, discount rates, delinquency rates, contractually specified servicing fees, servicing costs, and underlying portfolio characteristics. Because these inputs are not observable in market trades, the fall-out factor and value of servicing are considered to be level 3 inputs. The fair value of IRLCs decreases in value upon an increase in the fall-out factor and increases in value upon an increase in the value of servicing. Changes in the fall-out factor and value of servicing do not increase or decrease based on movements in other significant unobservable inputs. | ||||||||||||||||||||
The Company recognizes unrealized gains and losses from the time that an IRLC is initiated until the gain or loss is realized at the time the loan closes, which generally occurs within 30-90 days. For IRLCs that fall out, any unrealized gain or loss is reversed, which generally occurs at the end of the commitment period. The gains and losses recognized on IRLC derivatives generally correlates to volume of single family interest rate lock commitments made during the reporting period (after adjusting for estimated fallout) while the amount of unrealized gains and losses realized at settlement generally correlates to the volume of single family closed loans during the reporting period. | ||||||||||||||||||||
The following table presents fair value changes and activity for level 3 interest rate lock commitments. | ||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||
Beginning balance, net | $ | 5,972 | $ | 22,528 | ||||||||||||||||
Total realized/unrealized gains (1) | 118,708 | 123,068 | ||||||||||||||||||
Settlements | (112,747 | ) | (139,624 | ) | ||||||||||||||||
Ending balance, net | $ | 11,933 | $ | 5,972 | ||||||||||||||||
-1 | All realized and unrealized gains and losses are recognized in earnings as net gain from mortgage loan origination and sale activities on the consolidated statement of operations. There were net unrealized gains (losses) of $11.9 million and $6.0 million for the years ended December 31, 2014 and 2013, respectively, recognized on interest rate lock commitments outstanding at December 31, 2014 and 2013, respectively. | |||||||||||||||||||
In the first quarter of 2013, the Company refined the valuation methodology used for interest rate lock commitments to reflect assumptions that the Company believes a market participant would consider under current market conditions. This change in accounting estimate resulted in an increase in fair value of $4.3 million to the Company's interest rate lock commitments outstanding at March 31, 2013. | ||||||||||||||||||||
The following information presents significant Level 3 unobservable inputs used to measure fair value of interest rate lock commitments. | ||||||||||||||||||||
(dollars in thousands) | At December 31, 2014 | |||||||||||||||||||
Fair Value | Valuation | Significant Unobservable | Low | High | Weighted Average | |||||||||||||||
Technique | Input | |||||||||||||||||||
Interest rate lock commitments, net | $ | 11,933 | Income approach | Fall out factor | 0.60% | 77.90% | 21.40% | |||||||||||||
Value of servicing | 0.56% | 1.94% | 0.93% | |||||||||||||||||
(dollars in thousands) | At December 31, 2013 | |||||||||||||||||||
Fair Value | Valuation | Significant Unobservable | Low | High | Weighted Average | |||||||||||||||
Technique | Input | |||||||||||||||||||
Interest rate lock commitments, net | $ | 5,972 | Income approach | Fall out factor | 0.50% | 97.00% | 17.80% | |||||||||||||
Value of servicing | 0.62% | 2.65% | 1.22% | |||||||||||||||||
Nonrecurring Fair Value Measurements | ||||||||||||||||||||
Certain assets held by the Company are not included in the tables above, but are measured at fair value on a nonrecurring basis. These assets include certain loans held for investment and other real estate owned that are carried at the lower of cost or fair value of the underlying collateral, less the estimated cost to sell. The estimated fair values of real estate collateral are generally based on internal evaluations and appraisals of such collateral, which use the market approach and income approach methodologies. All impaired loans are subject to an internal evaluation completed quarterly by management as part of the allowance process. | ||||||||||||||||||||
The fair value of commercial properties are generally based on third-party appraisals that consider recent sales of comparable properties, including their income generating characteristics, adjusted (generally based on unobservable inputs) to reflect the general assumptions that a market participant would make when analyzing the property for purchase. The Company uses a fair value of collateral technique to apply adjustments to the appraisal value of certain commercial loans held for investment that are collateralized by real estate. During the year ended December 31, 2014, the Company recorded no adjustments to the appraisal values of certain commercial loans held for investment that are collateralized by real estate. The Company uses a fair value of collateral technique to apply adjustments to the stated value of certain commercial loans held for investment that are not collateralized by real estate. During the year ended December 31, 2014, the Company applied a range of stated value adjustments of 10.0% to 100.0%, with a weighted average rate of 41.8%. During the year ended December 31, 2014, the Company did not apply any adjustment to the appraisal value of OREO. During the year ended December 31, 2013, the Company did not apply any adjustments to the appraisal value of loans held for investment or OREO. | ||||||||||||||||||||
Residential properties are generally based on unadjusted third-party appraisals. Factors considered in determining the fair value include geographic sales trends, the value of comparable surrounding properties as well as the condition of the property. | ||||||||||||||||||||
These adjustments may increase or decrease an appraised value and can vary significantly depending on the location, physical characteristics and income producing potential of each individual property. The quality and volume of market information available at the time of the appraisal can vary from period-to-period and cause significant changes to the nature and magnitude of the unobservable inputs used. Given these variations, changes in these unobservable inputs are generally not a reliable indicator for how fair value will increase or decrease from period to period. | ||||||||||||||||||||
The following table presents assets that had changes in their recorded at fair value during the years ended December 31, 2014 and 2013 and still held at the end of the respective reporting period. | ||||||||||||||||||||
Twelve Months Ended December 31, 2014 | ||||||||||||||||||||
(in thousands) | Fair Value of Assets Held at December 31, 2014 | Level 1 | Level 2 | Level 3 | Total Gains (Losses) | |||||||||||||||
Loans held for investment(1) | $ | 19,021 | — | — | $ | 19,021 | $ | (207 | ) | |||||||||||
Other real estate owned(2) | 6,706 | — | — | 6,706 | (41 | ) | ||||||||||||||
Total | $ | 25,727 | $ | — | $ | — | $ | 25,727 | $ | (248 | ) | |||||||||
Twelve Months Ended December 31, 2013 | ||||||||||||||||||||
(in thousands) | Fair Value of Assets Held at December 31, 2013 | Level 1 | Level 2 | Level 3 | Total Losses | |||||||||||||||
Loans held for investment(1) | $ | 44,422 | — | — | $ | 44,422 | $ | (1,629 | ) | |||||||||||
Other real estate owned(2) | 12,959 | — | — | 12,959 | 574 | |||||||||||||||
Total | $ | 57,381 | $ | — | $ | — | $ | 57,381 | $ | (1,055 | ) | |||||||||
-1 | Represents the carrying value of loans for which adjustments are based on the fair value of the collateral. | |||||||||||||||||||
-2 | Represents other real estate owned where an updated fair value of collateral is used to adjust the carrying amount subsequent to the initial classification as other real estate owned. | |||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||
The following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for the Company’s financial instruments other than assets and liabilities measured at fair value on a recurring basis. | ||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||
(in thousands) | Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||
Value | Value | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 30,502 | $ | 30,502 | $ | 30,502 | $ | — | $ | — | ||||||||||
Investment securities held to maturity | 28,006 | 28,537 | — | 28,537 | — | |||||||||||||||
Loans held for investment | 2,099,129 | 2,150,672 | — | — | 2,150,672 | |||||||||||||||
Loans held for sale – multifamily | 10,885 | 10,855 | — | 10,855 | — | |||||||||||||||
Mortgage servicing rights – multifamily | 10,885 | 12,540 | — | — | 12,540 | |||||||||||||||
Federal Home Loan Bank stock | 33,915 | 33,915 | — | 33,915 | — | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 2,445,430 | $ | 2,445,635 | $ | — | $ | 2,445,635 | $ | — | ||||||||||
Federal Home Loan Bank advances | 597,590 | 600,599 | — | 600,599 | — | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 50,000 | 50,000 | — | 50,000 | — | |||||||||||||||
Long-term debt | 61,857 | 60,235 | — | 60,235 | — | |||||||||||||||
At December 31, 2013 | ||||||||||||||||||||
(in thousands) | Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||
Value | Value | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 33,908 | $ | 33,908 | $ | 33,908 | $ | — | $ | — | ||||||||||
Investment securities held to maturity | 17,133 | 16,887 | — | 16,887 | — | |||||||||||||||
Loans held for investment | 1,871,813 | 1,900,349 | — | — | 1,900,349 | |||||||||||||||
Loans held for sale – multifamily | 556 | 556 | — | 556 | — | |||||||||||||||
Mortgage servicing rights – multifamily | 9,335 | 10,839 | — | — | 10,839 | |||||||||||||||
Federal Home Loan Bank stock | 35,288 | 35,288 | — | 35,288 | — | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 2,210,821 | $ | 2,058,533 | $ | — | $ | 2,058,533 | $ | — | ||||||||||
Federal Home Loan Bank advances | 446,590 | 449,109 | — | 449,109 | — | |||||||||||||||
Long-term debt | 64,811 | 63,849 | — | 63,849 | — | |||||||||||||||
Excluded from the fair value tables above are certain off-balance sheet loan commitments such as unused home equity lines of credit, business banking line funds and undisbursed construction funds. A reasonable estimate of the fair value of these instruments is the carrying value of deferred fees plus the related allowance for credit losses, which amounted to $3.4 million and $977 thousand at December 31, 2014 and 2013, respectively. |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
EARNINGS PER SHARE | NOTE 18–EARNINGS PER SHARE: | |||||||||||
The following table summarizes the calculation of earnings per share. | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands, except share data) | 2014 | 2013 | 2012 | |||||||||
Net income | $ | 22,259 | $ | 23,809 | $ | 82,126 | ||||||
Weighted-average shares: | ||||||||||||
Basic weighted-average number of common shares outstanding | 14,800,689 | 14,412,059 | 13,312,939 | |||||||||
Dilutive effect of outstanding common stock equivalents (1) | 160,392 | 386,109 | 426,459 | |||||||||
Diluted weighted-average number of common stock outstanding | 14,961,081 | 14,798,168 | 13,739,398 | |||||||||
Earnings per share: | ||||||||||||
Basic earnings per share | $ | 1.5 | $ | 1.65 | $ | 6.17 | ||||||
Diluted earnings per share | $ | 1.49 | $ | 1.61 | $ | 5.98 | ||||||
Dividends per share | $ | 0.11 | $ | 0.33 | $ | — | ||||||
-1 | Excluded from the computation of diluted earnings per share (due to their antidilutive effect) for the twelve months ended December 31, 2014, 2013 and 2012 were certain stock options and unvested restricted stock issued to key senior management personnel and directors of the Company. The aggregate number of common stock equivalents related to such options and unvested restricted shares, which could potentially be dilutive in future periods, was 143,400, 103,674 and 121,283 at December 31, 2014, December 31, 2013 and December 31, 2012, respectively. |
Business_Segments
Business Segments | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
OPERATING SEGMENTS | NOTE 19–BUSINESS SEGMENTS: | |||||||||||
The Company's business segments are determined based on the products and services provided, as well as the nature of the related business activities, and they reflect the manner in which financial information is currently evaluated by management. | ||||||||||||
As a result of a change in the manner in which the chief operating decision maker evaluates strategic decisions, commencing with the second quarter of 2013, the Company realigned its business segments and organized them into two lines of business: Commercial and Consumer Banking segment and Mortgage Banking segment. In conjunction with this realignment, the Company modified its internal reporting to provide discrete financial information to management for these two business segments. The information that follows has been revised to reflect the current business segments. | ||||||||||||
A description of the Company's business segments and the products and services that they provide is as follows. | ||||||||||||
Commercial and Consumer Banking provides diversified financial products and services to our commercial and consumer customers through bank branches and through ATMs, online, mobile and telephone banking. These products and services include deposit products; residential, consumer, business and agricultural portfolio loans; non-deposit investment products; insurance products and cash management services. We originate construction loans, bridge loans and permanent loans for our portfolio primarily on single family residences, and on office, retail, industrial and multifamily property types. We originate multifamily real estate loans through our Fannie Mae DUS business, whereby loans are sold to or securitized by Fannie Mae, while the Company generally retains the servicing rights. This segment is also responsible for the management of the Company's portfolio of investment securities. | ||||||||||||
Mortgage Banking originates single family residential mortgage loans for sale in the secondary markets. We have become a rated originator and servicer of non-conforming jumbo loans, allowing us to sell these loans to other securitizers. We also purchase loans from WMS Series LLC through a correspondent arrangement with that company. The majority of our mortgage loans are sold to or securitized by Fannie Mae, Freddie Mac or Ginnie Mae, while we retain the right to service these loans. On occasion, we may sell a portion of our MSR portfolio. A small percentage of our loans are brokered to other lenders or sold on a servicing-released basis to correspondent lenders. We manage the loan funding and the interest rate risk associated with the secondary market loan sales and the retained single family mortgage servicing rights within this business segment. | ||||||||||||
We use various management accounting methodologies to assign certain income statement items to the responsible operating segment, including: | ||||||||||||
• | a funds transfer pricing (“FTP”) system, which allocates interest income credits and funding charges between the segments, assigning to each segment a funding credit for its liabilities, such as deposits, and a charge to fund its assets; | |||||||||||
• | an allocation of charges for services rendered to the segments by centralized functions, such as corporate overhead, which are generally based on each segment’s consumption patterns; and | |||||||||||
• | an allocation of the Company's consolidated income taxes which are based on the effective tax rate applied to the segment's pretax income or loss. | |||||||||||
Effective January 1, 2012 management updated the FTP methodology it uses for reviewing segment results and managing the Company’s lines of business. Under the previous FTP methodology, we computed the cost of funds from our current period’s financial results and then allocated a portion of that cost of funds to each respective operating segment. This approach was based on internal financial results and updated for current period information, thereby providing an updated funding cost applied to certain assets or liabilities originated in prior periods. | ||||||||||||
The updated methodology is based on external market factors and more closely aligns the expected weighted-average life of the financial asset or liability to external economic data, such as the U.S. Dollar LIBOR/Swap curve, and provides a more consistent basis for determining the cost of funds to be allocated to each operating segment. The updated approach is also more consistent with FTP measurement techniques employed by other industry participants. We have reclassified all prior period amounts to conform to the current period’s methodology and presentation. | ||||||||||||
In general, the impact of the FTP change resulted in a lower cost of funds as compared with the previous method as the Company’s funding costs have generally been higher than market prices due to the historical structure of the deposit portfolio and wholesale borrowings. | ||||||||||||
Financial highlights by operating segment were as follows. | ||||||||||||
Year Ended December 31, 2014 | ||||||||||||
(in thousands) | Mortgage | Commercial and | Total | |||||||||
Banking | Consumer Banking | |||||||||||
Condensed income statement: | ||||||||||||
Net interest income (1) | $ | 16,683 | $ | 81,986 | $ | 98,669 | ||||||
Provision (reversal of provision) for loan losses | — | (1,000 | ) | (1,000 | ) | |||||||
Noninterest income | 166,991 | 18,666 | 185,657 | |||||||||
Noninterest expense | 172,199 | 79,812 | 252,011 | |||||||||
Income before income taxes | 11,475 | 21,840 | 33,315 | |||||||||
Income tax expense | 3,964 | 7,092 | 11,056 | |||||||||
Net income | $ | 7,511 | $ | 14,748 | $ | 22,259 | ||||||
Total assets | $ | 788,681 | $ | 2,746,409 | $ | 3,535,090 | ||||||
Year Ended December 31, 2013 | ||||||||||||
(in thousands) | Mortgage | Commercial and | Total | |||||||||
Banking | Consumer Banking | |||||||||||
Condensed income statement: | ||||||||||||
Net interest income (1) | $ | 15,272 | $ | 59,172 | $ | 74,444 | ||||||
Provision for loan losses | — | 900 | 900 | |||||||||
Noninterest income | 175,654 | 15,091 | 190,745 | |||||||||
Noninterest expense | 163,354 | 66,141 | 229,495 | |||||||||
Income before income taxes | 27,572 | 7,222 | 34,794 | |||||||||
Income tax expense | 9,736 | 1,249 | 10,985 | |||||||||
Net income | $ | 17,836 | $ | 5,973 | $ | 23,809 | ||||||
Total assets | $ | 489,292 | $ | 2,576,762 | $ | 3,066,054 | ||||||
Year Ended December 31, 2012 | ||||||||||||
(in thousands) | Mortgage | Commercial and | Total | |||||||||
Banking | Consumer Banking | |||||||||||
Condensed income statement: | ||||||||||||
Net interest income (1) | $ | 14,117 | $ | 46,626 | $ | 60,743 | ||||||
Provision for loan losses | — | 11,500 | 11,500 | |||||||||
Noninterest income | 225,555 | 12,465 | 238,020 | |||||||||
Noninterest expense | 119,981 | 63,610 | 183,591 | |||||||||
Income (loss) before income taxes | 119,691 | (16,019 | ) | 103,672 | ||||||||
Income tax expense (benefit) | 24,862 | (3,316 | ) | 21,546 | ||||||||
Net income (loss) | $ | 94,829 | $ | (12,703 | ) | $ | 82,126 | |||||
Total assets | $ | 768,915 | $ | 1,862,315 | $ | 2,631,230 | ||||||
-1 | Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of excess liabilities from another segment. |
Parent_Company_Financial_State
Parent Company Financial Statements Parent Company Financial Statements (Notes) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||
Condensed Financial Information of Parent Company Only Disclosure [Text Block] | NOTE 20–PARENT COMPANY FINANCIAL STATEMENTS: | |||||||||||
Condensed financial information for HomeStreet, Inc. is as follows. | ||||||||||||
Condensed Statements of Financial Condition | At December 31, | |||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 5,270 | $ | 4,334 | ||||||||
Other assets | 7,137 | 10,340 | ||||||||||
Investment in stock of subsidiaries | 353,992 | 316,384 | ||||||||||
$ | 366,399 | $ | 331,058 | |||||||||
Liabilities: | ||||||||||||
Other liabilities | 2,304 | 321 | ||||||||||
Long-term debt | 61,857 | 64,811 | ||||||||||
64,161 | 65,132 | |||||||||||
Shareholders’ Equity: | ||||||||||||
Preferred stock, no par value | — | — | ||||||||||
Common stock, no par value | 511 | 511 | ||||||||||
Additional paid-in capital | 96,615 | 94,474 | ||||||||||
Retained earnings | 203,567 | 182,935 | ||||||||||
Accumulated other comprehensive (loss) income | 1,545 | (11,994 | ) | |||||||||
302,238 | 265,926 | |||||||||||
$ | 366,399 | $ | 331,058 | |||||||||
Condensed Statements of Operations | Year Ended December 31, | |||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Net interest expense | $ | (1,059 | ) | $ | (2,545 | ) | $ | (1,324 | ) | |||
Noninterest income | 561 | 970 | 800 | |||||||||
Income (loss) before income tax benefit and equity in income of subsidiaries | (498 | ) | (1,575 | ) | (524 | ) | ||||||
Dividend from HomeStreet Capital to parent | 4,200 | 19,600 | — | |||||||||
Income from subsidiaries | 21,394 | 6,591 | 84,504 | |||||||||
25,096 | 24,616 | 83,980 | ||||||||||
Noninterest expense | 4,664 | 2,281 | 3,152 | |||||||||
Income before income tax benefit | 20,432 | 22,335 | 80,828 | |||||||||
Income tax benefit | (1,827 | ) | (1,474 | ) | (1,298 | ) | ||||||
Net income | $ | 22,259 | $ | 23,809 | $ | 82,126 | ||||||
Other comprehensive income | 13,540 | (21,184 | ) | 5,071 | ||||||||
Comprehensive income | $ | 35,799 | $ | 2,625 | $ | 87,197 | ||||||
Condensed Statements of Cash Flows | Year Ended December 31, | |||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Net cash (used in) provided by operating activities | $ | 5,693 | $ | (483 | ) | $ | (2,023 | ) | ||||
Cash flows from investing activities | ||||||||||||
Purchases of and proceeds from investment securities | 1,000 | (5,797 | ) | 1,058 | ||||||||
Net payments for investments in and advances to subsidiaries | (732 | ) | (12,172 | ) | (65,000 | ) | ||||||
Net cash (used in) provided by investing activities | 268 | (17,969 | ) | (63,942 | ) | |||||||
Cash flows from financing activities | ||||||||||||
Proceeds from issuance of common stock | 130 | 188 | 88,178 | |||||||||
Dividends paid | (1,628 | ) | — | — | ||||||||
Proceeds from and repayment of advances from subsidiaries | (3,527 | ) | 30 | 34 | ||||||||
Net cash provided by financing activities | (5,025 | ) | 218 | 88,212 | ||||||||
(Decrease) increase in cash and cash equivalents | 936 | (18,234 | ) | 22,247 | ||||||||
Cash and cash equivalents at beginning of year | 4,334 | 22,568 | 321 | |||||||||
Cash and cash equivalents at end of year | $ | 5,270 | $ | 4,334 | $ | 22,568 | ||||||
Unaudited_Quarterly_Financial_
Unaudited Quarterly Financial Data Unaudited Quarterly Financial Data (Notes) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Quarterly Financial Information [Text Block] | NOTE 21–UNAUDITED QUARTERLY FINANCIAL DATA: | |||||||||||||||||||||||||||||||
Our supplemental quarterly consolidated financial information is as follows. | ||||||||||||||||||||||||||||||||
Quarter ended | Quarter ended | |||||||||||||||||||||||||||||||
(in thousands, except share data) | Dec. 31, 2014 | Sept. 30, 2014 | 30-Jun-14 | Mar. 31, 2014 | Dec. 31, 2013 | Sept. 30, 2013 | 30-Jun-13 | Mar. 31, 2013 | ||||||||||||||||||||||||
Interest income | $ | 30,780 | $ | 28,478 | $ | 26,225 | $ | 25,810 | $ | 24,422 | $ | 23,348 | $ | 20,468 | $ | 20,738 | ||||||||||||||||
Interest expense | 3,278 | 3,170 | 3,078 | 3,098 | 3,040 | 2,936 | 3,053 | 5,503 | ||||||||||||||||||||||||
Net interest income | 27,502 | 25,308 | 23,147 | 22,712 | 21,382 | 20,412 | 17,415 | 15,235 | ||||||||||||||||||||||||
Provision (reversal of provision) for credit losses | 500 | — | — | (1,500 | ) | — | (1,500 | ) | 400 | 2,000 | ||||||||||||||||||||||
Net interest income after provision for credit losses | 27,002 | 25,308 | 23,147 | 24,212 | 21,382 | 21,912 | 17,015 | 13,235 | ||||||||||||||||||||||||
Noninterest income | 51,487 | 45,813 | 53,650 | 34,707 | 36,072 | 38,174 | 57,556 | 58,943 | ||||||||||||||||||||||||
Noninterest expense | 68,791 | 64,158 | 62,971 | 56,091 | 58,868 | 58,116 | 56,712 | 55,799 | ||||||||||||||||||||||||
(Loss) income before income tax expense | 9,698 | 6,963 | 13,826 | 2,828 | (1,414 | ) | 1,970 | 17,859 | 16,379 | |||||||||||||||||||||||
Income tax (benefit) expense | 4,077 | 1,988 | 4,464 | 527 | (553 | ) | 308 | 5,791 | 5,439 | |||||||||||||||||||||||
Net (loss) income | $ | 5,621 | $ | 4,975 | $ | 9,362 | $ | 2,301 | $ | (861 | ) | $ | 1,662 | $ | 12,068 | $ | 10,940 | |||||||||||||||
Basic (loss) earnings per share | $ | 0.38 | $ | 0.34 | $ | 0.63 | $ | 0.16 | $ | (0.06 | ) | $ | 0.12 | $ | 0.84 | $ | 0.76 | |||||||||||||||
Diluted (loss) earnings per share | $ | 0.38 | $ | 0.33 | $ | 0.63 | $ | 0.15 | $ | (0.06 | ) | $ | 0.11 | $ | 0.82 | $ | 0.74 | |||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 22–SUBSEQUENT EVENTS: |
The Company has evaluated the effects of events that have occurred subsequent to the year ended December 31, 2014, and has included all material events that would require recognition in the 2014 consolidated financial statements or disclosure in the notes to the consolidated financial statements. | |
On March 1, 2015, the Company completed its acquisition of Simplicity Bancorp, Inc., a Maryland corporation and Simplicity’s wholly owned subsidiary, Simplicity Bank. The acquisition was accomplished by the merger of Simplicity Bancorp, Inc. with and into HomeStreet, Inc. with HomeStreet, Inc. as the surviving corporation, followed by the merger of Simplicity Bank with and into HomeStreet Bank with HomeStreet Bank as the surviving subsidiary. The results of operations of Simplicity will be included in the consolidated results of operations from the date of acquisition. | |
Because the merger occurred on March 1, 2015, the initial accounting for the business combination is incomplete as of the filing date of this Form 10-K. HomeStreet is in the process of determining the fair values which are subject to refinement for up to one year after the closing date of the acquisition. | |
For a detailed discussion of the terms of the Simplicity acquisition, see Note 2, Business Combinations of this Form 10-K. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Consolidation |
The Company consolidates legal entities in which it has a controlling financial interest. The Company determines whether it has a controlling financial interest by first evaluating whether an entity is a variable interest entity ("VIE"). If an entity is determined to not be a VIE, it is considered to be a voting interest entity. | |
Variable Interest Entities | |
The Company may have variable interests in VIEs arising from debt, equity or other monetary interests in an entity, which change with fluctuations in the fair value of the entity's assets. VIEs are entities that, by design, either (1) lack sufficient equity to permit the entity to finance its activities without additional subordinated financial support from other parties, or (2) have equity investors that do not have the ability to make significant decisions relating to the entity's operations through voting rights, or do not have the obligation to absorb the expected losses, or do not have the right to receive the residual returns of the entity. | |
The primary beneficiary of a VIE (i.e., the party that has a controlling financial interest) is required to consolidate the assets and liabilities of the VIE. The primary beneficiary is the party that has both (1) the power to direct the activities of an entity that most significantly impact the VIE's economic performance; and (2) through its interests in the VIE, the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. | |
The Company's loans held for sale are sold predominantly to government-sponsored enterprises ("GSEs") Fannie Mae, Freddie Mac and Ginnie Mae for the purpose of securitization by the GSEs, who also provide credit enhancement of the loans through certain guarantee provisions. The Company typically retains the right to service the loans. Because of the power of the GSEs over the VIEs that hold the assets from these residential mortgage loan securitizations, the Company is not the primary beneficiary of the VIEs and therefore the VIEs are not consolidated. | |
The Company performs on-going reassessments of: (1) whether entities previously evaluated under the majority voting-interest framework have become VIEs, based on certain events, and therefore become subject to the VIE consolidation framework; and (2) whether changes in the facts and circumstances regarding the Company's involvement with a VIE cause the Company's consolidation determination to change. | |
Voting Interest Entities | |
Voting interest entities are entities that have sufficient equity and provide the equity investors voting rights that enable them to make significant decisions relating to the entity's operations. For these types of entities, the Company's determination of whether it has a controlling financial interest is primarily based on the amount of voting equity interests held. Entities in which the Company has a controlling financial interest, through ownership of the majority of the entities' voting equity interests, or through other contractual rights that give the Company control, are consolidated by the Company. Investments in entities in which the Company has significant influence over operating and financing decisions (but does not own a majority of the voting equity interests) are accounted for in accordance with the equity method of accounting (which requires the Company to recognize its proportionate share of the entity's net earnings). These investments are generally included in other assets. | |
The Company may have investments in limited partnerships or limited liability companies. The Company generally consolidates entities where it is the general partner or managing member. However, certain entities may provide limited partners or members the ability to remove the Company as the general partner or managing member without cause (i.e., kick-out rights), based on a simple majority vote, or the limited partners or members have rights to participate in important decisions of the entity. Accordingly, the Company does not consolidate these entities, in which case they are accounted for in accordance with the equity method of accounting. For equity method investments holding real estate acquired in any manner for debts previously contracted with the Company, the investment is included in other real estate owned in the consolidated statements of financial condition and the proportionate share of the entity's net earnings are included in other real estate owned expense in the consolidated statements of operations. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents |
Cash and cash equivalents include cash, interest-earning overnight deposits at other financial institutions, and other investments with original maturities equal to three months or less. For the consolidated statements of cash flows, the Company considered cash equivalents to be investments that are readily convertible to known amounts, so near to their maturity that they present an insignificant risk of a change in fair value due to change in interest rates, and purchased in conjunction with cash management activities. Restricted cash of $2.4 million and $2.4 million as of December 31, 2014 and 2013, respectively, is included in accounts receivable and other assets for reinsurance-related reserves. | |
Marketable Securities, Available-for-sale Securities, Policy [Policy Text Block] | Investment Securities |
Investment securities that we might not hold until maturity are classified as available for sale ("AFS") and are reported at fair value in the statement of financial condition. Fair value measurement is based upon quoted market prices in active markets, if available. If quoted prices in active markets are not available, fair value is measured using pricing models or other model-based valuation techniques such as the present value of future cash flows, which consider prepayment assumptions and other factors such as credit losses and market liquidity. Unrealized gains and losses are excluded from earnings and reported, net of tax, in other comprehensive income (“OCI”). Purchase premiums and discounts are recognized in interest income using the effective interest method over the life of the securities. Purchase premiums or discounts related to mortgage-backed securities are amortized or accreted using projected prepayment speeds. Gains and losses on the sale of securities are recorded on the trade date and are determined using the specific identification method. | |
AFS investment securities in unrealized loss positions are evaluated for other-than-temporary impairment (“OTTI”) at least quarterly. For AFS debt securities, a decline in fair value is considered to be other-than-temporary if the Company does not expect to recover the entire amortized cost basis of the security. For AFS equity securities, the Company considers a decline in fair value to be other-than-temporary if it is probable that the Company will not recover its amortized cost basis. | |
Impairment may result from credit deterioration of the issuer or collateral underlying the security. In performing an assessment of recoverability, all relevant information is considered, including the length of time and extent to which fair value has been less than the amortized cost basis, the cause of the price decline, credit performance of the issuer and underlying collateral, and recoveries or further declines in fair value subsequent to the balance sheet date. | |
For debt securities, the Company measures and recognizes OTTI losses through earnings if (1) the Company has the intent to sell the security or (2) it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis. In these circumstances, the impairment loss is equal to the full difference between the amortized cost basis and the fair value of the security. For securities that are considered other-than-temporarily-impaired that the Company has the intent and ability to hold in an unrealized loss position, the OTTI write-down is separated into an amount representing the credit loss, which is recognized in earnings, and the amount related to other factors, which is recognized as a component of OCI. | |
For equity securities, the Company recognizes OTTI losses through earnings if the Company intends to sell the security. The Company also considers other relevant factors, including its intent and ability to retain the security for a period of time sufficient to allow for any anticipated recovery in market value, and whether evidence exists to support a realizable value equal to or greater than the carrying value. Any impairment loss on an equity security is equal to the full difference between the amortized cost basis and the fair value of the security. | |
Cost Method Investments, Policy [Policy Text Block] | Federal Home Loan Bank Stock |
As a borrower from the Federal Home Loan Bank of Seattle ("FHLB"), the Company is required to purchase an amount of FHLB stock based on our outstanding borrowings with the FHLB. This stock is used as collateral to secure the borrowings from the FHLB and is accounted for as a cost-method investment. FHLB stock is reviewed at least quarterly for possible OTTI, which includes an analysis of the FHLB's cash flows, capital needs and long-term viability. | |
Finance, Loan and Lease Receivables, Held-for-sale, Policy [Policy Text Block] | Loans Held for Sale |
Loans originated for sale in the secondary market, which is our principal market, or as whole loan sales are classified as loans held for sale. Management has elected the fair value option for all single family loans held for sale and records these loans at fair value. The fair value of loans held for sale is generally based on observable market prices from other loans in the secondary market that have similar collateral, credit, and interest rate characteristics. If quoted market prices are not readily available, the Company may consider other observable market data such as dealer quotes for similar loans or forward sale commitments. In certain cases, the fair value may be based on a discounted cash flow model. Gains and losses from changes in fair value on loans held for sale are recognized in net gain on mortgage loan origination and sale activities within noninterest income. Direct loan origination costs and fees for single family loans classified as held for sale are recognized in earnings. The change in fair value of loans held for sale is primarily driven by changes in interest rates subsequent to loan funding and changes in the fair value of related servicing asset, resulting in revaluation adjustments to the recorded fair value. The use of the fair value option allows the change in the fair value of loans to more effectively offset the change in the fair value of derivative instruments that are used as economic hedges to loans held for sale. | |
Multifamily loans held for sale are accounted for at the lower of amortized cost or fair value. Related gains and losses are recognized in net gain on mortgage loan origination and sale activities. Direct loan origination costs and fees for multifamily loans classified as held for sale are deferred at origination and recognized in earnings at the time of sale. | |
Finance, Loans and Leases Receivable, Policy [Policy Text Block] | Loans Held for Investment |
Loans held for investment are reported at the principal amount outstanding, net of cumulative charge-offs, interest applied to principal (for loans accounted for using the cost recovery method), unamortized net deferred loan origination fees and costs and unamortized premiums or discounts on purchased loans. Deferred fees and costs and premiums and discounts are amortized over the contractual terms of the underlying loans using the constant effective yield (the interest method). Interest on loans is accrued and recognized as interest income at the contractual rate of interest. Loan commitment fees are generally deferred and amortized into noninterest income on a straight-line basis over the commitment period. A determination is made as of the loan commitment date as to whether a loan will be held for sale or held for investment. This determination is based primarily on the type of loan or loan program and its related profitability characteristics. | |
When a loan is designated as held for investment, the intent is to hold these loans for the foreseeable future or until maturity or pay-off. If subsequent changes occur, the Company may change its intent to hold these loans. Once a determination has been made to sell such loans, they are immediately transferred to loans held for sale and carried at the lower of cost or fair value. | |
From time to time, the Company will originate loans to facilitate the sale of other real estate owned without a sufficient down payment from the borrower. Such loans are accounted for using the installment method and any gain on sale is deferred. | |
Nonaccrual Loans | |
Loans are placed on nonaccrual status when the full and timely collection of principal and interest is doubtful, generally when the loan becomes 90 days or more past due for principal or interest payment or if part of the principal balance has been charged off. | |
All payments received on nonaccrual loans are accounted for using the cost recovery method. Under the cost recovery method, all cash collected is applied to first reduce the principal balance. A loan may be returned to accrual status if all delinquent principal and interest payments are brought current and the collectability of the remaining principal and interest payments in accordance with the loan agreement is reasonably assured. Loans that are well-secured and in the collection process are maintained on accrual status, even if they are 90 days or more past due. Loans whose repayments are insured by the Federal Housing Administration ("FHA") or guaranteed by the Department of Veterans' Affairs ("VA") are maintained on accrual status even if 90 days or more past due. | |
Impaired Loans | |
A loan is considered impaired when it is probable that all contractual principal and interest payments due will not be collected in accordance with the terms of the loan agreement. Factors considered by management in determining whether a loan is impaired include payment status, collateral value and the probability of collecting scheduled principal and interest payments when due. | |
Troubled Debt Restructurings | |
A loan is accounted for and reported as a troubled debt restructuring (“TDR”) when, for economic or legal reasons, we grant a concession to a borrower experiencing financial difficulty that we would not otherwise consider. A restructuring that results in only an insignificant delay in payment is not considered a concession. A delay may be considered insignificant if the payments subject to the delay are insignificant relative to the unpaid principal or collateral value and the contractual amount due, or the delay in timing of the restructured payment period is insignificant relative to the frequency of payments, the debt's original contractual maturity or original expected duration. | |
TDRs are designated as impaired because interest and principal payments will not be received in accordance with original contract terms. TDRs that are performing and on accrual status as of the date of the modification remain on accrual status. TDRs that are nonperforming as of the date of modification generally remain as nonaccrual until the prospect of future payments in accordance with the modified loan agreement is reasonably assured, generally demonstrated when the borrower maintains compliance with the restructured terms for a predetermined period, normally at least six months. TDRs with temporary below-market concessions remain designated as a TDR and impaired regardless of the accrual or performance status until the loan is paid off. | |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Credit Losses |
Credit quality within the loans held for investment portfolio is continuously monitored by management and is reflected within the allowance for credit losses. The allowance for credit losses is maintained at a level that, in management's judgment, is appropriate to cover losses inherent within the Company’s loans held for investment portfolio, including unfunded credit commitments, as of the balance sheet date. The allowance for loan losses, as reported in our consolidated statements of financial condition, is adjusted by a provision for loan losses, which is recognized in earnings, and reduced by the charge-off of loan amounts, net of recoveries. | |
The loss estimation process involves procedures to appropriately consider the unique characteristics of its two loan portfolio segments, the consumer loan portfolio segment and the commercial loan portfolio segment. These two segments are further disaggregated into loan classes, the level at which credit risk is monitored. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status and other credit trends and risk characteristics. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. Subsequent evaluations of the overall loan portfolio, in light of the factors then prevailing, may result in significant changes in the allowance for credit losses in those future periods. | |
Credit quality is assessed and monitored by evaluating various attributes and utilizes such information in our evaluation of the adequacy of the allowance for credit losses. The following provides the credit quality indicators and risk elements that are most relevant and most carefully considered and monitored for each loan portfolio segment. | |
Consumer Loan Portfolio Segment | |
The consumer loan portfolio segment is comprised of the single family and home equity loan classes, which are underwritten after evaluating a borrower’s capacity, credit, and collateral. Capacity refers to a borrower’s ability to make payments on the loan. Several factors are considered when assessing a borrower’s capacity, including the borrower’s employment, income, current debt, assets, and level of equity in the property. Credit refers to how well a borrower manages their current and prior debts as documented by a credit report that provides credit scores and the borrower’s current and past information about their credit history. Collateral refers to the type and use of property, occupancy, and market value. Property appraisals are obtained to assist in evaluating collateral. Loan-to-property value and debt-to-income ratios, loan amount, and lien position are also considered in assessing whether to originate a loan. These borrowers are particularly susceptible to downturns in economic trends such as conditions that negatively affect housing prices and demand and levels of unemployment. | |
Commercial Loan Portfolio Segment | |
The commercial loan portfolio segment is comprised of the commercial real estate, multifamily residential, construction/land development and commercial business loan classes, whose underwriting standards consider the factors described for single family and home equity loan classes as well as others when assessing the borrower’s and associated guarantors or other related party’s financial position. These other factors include assessing liquidity, the level and composition of net worth, leverage, considering all other lender amounts and position, an analysis of cash expected to flow through the obligors including the outflow to other lenders, and prior experience with the borrower. This information is used to assess adequate financial capacity, profitability, and experience. Ultimate repayment of these loans is sensitive to interest rate changes, general economic conditions, liquidity, and availability of long-term financing. | |
Loan Loss Measurement | |
Allowance levels are influenced by loan volumes, loan asset quality ratings ("AQR") migration or delinquency status, historic loss experience and other conditions influencing loss expectations, such as economic conditions. The methodology for evaluating the adequacy of the allowance for loan losses has two basic components: first, an asset-specific component involving the identification of impaired loans and the measurement of impairment for each individual loan identified; and second, a formula-based component for estimating probable principle losses for all other loans | |
Impaired Loans | |
When a loan is identified as impaired, impairment is measured based on net realizable value, or the difference between the discounted value of the expected future cash flows, based on the original effective interest rate, and the recorded investment balance of the loan. For impaired loans, we recognize impairment if we determine that the net realizable value of the impaired loan is less than the recorded investment of the loan (net of previous charge-offs and deferred loan fees and costs), except when the sole remaining source of collection is the underlying collateral. In these cases impairment is measured as the difference between the recorded investment balance of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated cost to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. | |
The starting point for determining the fair value of collateral is through obtaining external appraisals. Generally, collateral values for impaired loans are updated every twelve months, either from external third parties or in-house certified appraisers. A third party appraisal is required at least annually. Third party appraisals are obtained 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. Generally, appraisals are internally reviewed by the appraisal services group to ensure the quality of the appraisal and the expertise and independence of the appraiser. Once the impairment amount is determined an asset-specific allowance is provided for equal to the calculated impairment and included in the allowance for loan losses. If the calculated impairment is determined to be permanent or not recoverable, the impairment will be charged off. Factors considered by management in determining if impairment is permanent or not recoverable include whether management judges the loan to be uncollectible, repayment is deemed to be protracted beyond reasonable time frames or the loss becomes evident owing to the borrower’s lack of assets or, for single family loans, the loan is 180 days or more past due unless both well-secured and in the process of collection. | |
Estimate of Probable Loan Losses | |
In estimating the formula-based component of the allowance for loan losses, loans are segregated into loan classes. Loans are designated into loan classes based on loans pooled by product types and similar risk characteristics or areas of risk concentration. | |
In determining the allowance for loan losses we derive an estimated credit loss assumption from a model that categorizes loan pools based on loan type and AQR or delinquency bucket. This model calculates an expected loss percentage for each loan category by considering the probability of default, based on the migration of loans from performing to loss by AQR or delinquency buckets using one-year analysis periods, and the potential severity of loss, based on the aggregate net lifetime losses incurred per loan class. | |
The formula-based component of the allowance for loan losses also considers qualitative factors for each loan class, including changes in the following: (1) lending policies and procedures; (2) international, national, regional and local economic business conditions and developments that affect the collectability of the portfolio, including the condition of various markets; (3) the nature and volume of the loan portfolio including the terms of the loans; (4) the experience, ability, and depth of the lending management and other relevant staff; (5) the volume and severity of past due and adversely classified or graded loans and the volume of nonaccrual loans; (6) the quality of our loan review system; (7) the value of underlying collateral for collateral-dependent loans. Additional factors include (8) the existence and effect of any concentrations of credit, and changes in the level of such concentrations and (9) the effect of external factors such as competition and legal and regulatory requirements on the level of estimated credit losses in the existing portfolio. Qualitative factors are expressed in basis points and are adjusted downward or upward based on management’s judgment as to the potential loss impact of each qualitative factor to a particular loan pool at the date of the analysis. | |
Unfunded Loan Commitments | |
The Company maintains a separate allowance for losses on unfunded loan commitments, which is included in accounts payable and other liabilities on the consolidated statements of financial condition. Management estimates the amount of probable losses by calculating a one-year commitment usage factor and applying the loss factors used in the allowance for loan loss methodology to the results of the usage calculation to estimate the liability for credit losses related to unfunded commitments for each loan type. | |
Real Estate Owned, Valuation Allowance, Policy [Policy Text Block] | Other Real Estate Owned |
Other real estate owned ("OREO") represents real estate acquired for debts previously contracted with the Company, generally through the foreclosure of loans. In certain cases, such as foreclosures on loans involving both the Company and other participating lenders, other real estate owned may be held in the form of an investment in an unconsolidated legal entity that is in-substance real estate. These properties are initially recorded at the net realizable value (fair value of collateral less estimated costs to sell). Upon transfer of a loan to other real estate owned, an appraisal is obtained and any excess of the loan balance over the net realizable value is charged against the allowance for loan losses. The Company allows up to 90 days after foreclosure to finalize determination of net realizable value. Subsequent declines in net realizable value identified from the ongoing analysis of such properties are recognized in current period earnings within noninterest expense as a provision for losses on other real estate owned. The net realizable value of these assets is reviewed and updated at least every six months depending on the type of property, or more frequently as circumstances warrant. | |
As part of our subsequent events analysis process, we review updated independent third-party appraisals received and internal collateral valuations received subsequent to the reporting period-end to determine whether the fair value of loan collateral or OREO has changed. Additionally, we review agreements to sell OREO properties executed prior to and subsequent to the reporting period-end to identify changes in the fair value of OREO properties. If we determine that current valuations have changed materially from the prior valuations, we record any additional loan impairments or adjustments to OREO carrying values as of the end of the prior reporting period. | |
From time to time the Company may elect to accelerate the disposition of certain OREO properties in a time frame faster than the expected marketing period assumed in the appraisal supporting our valuation of such properties. At the time a property is identified and the decision to accelerate its disposition is made, that property’s underlying fair value is re-measured. Generally, to achieve an accelerated time frame in which to sell a property, the price that the Company is willing to accept for the disposition of the property decreases. Accordingly, the net realizable value of these properties is adjusted to reflect this change in valuation. | |
Transfers and Servicing of Financial Assets, Servicing of Financial Assets, Policy [Policy Text Block] | Mortgage Servicing Rights |
We initially record all mortgage servicing rights ("MSRs") at fair value. For subsequent measurement of MSRs, accounting standards permit the election of either fair value or the lower of amortized cost or fair value. Management has elected to account for single family MSRs at fair value during the life of the MSR, with changes in fair value recorded through current period earnings. Fair value adjustments encompass market-driven valuation changes as well as modeled amortization involving the run-off of value that occurs due to the passage of time as individual loans are paid by borrowers. We account for multifamily MSRs at the lower of amortized cost or fair value. | |
MSRs are recorded as separate assets on our consolidated statements of financial condition upon purchase of the rights or when we retain the right to service loans that we have sold. Net gains on mortgage loan origination and sale activities depend, in part, on the initial fair value of MSRs, which is based on a discounted cash flow model. | |
Mortgage servicing income includes the changes in fair value over the reporting period of both our single family MSRs and the derivatives used to economically hedge our single family MSRs. Subsequent fair value measurements of single family MSRs, which are not traded in an active market with readily observable market prices, are determined by considering the present value of estimated future net servicing cash flows. Changes in the fair value of single family MSRs result from changes in (1) model inputs and assumptions and (2) modeled amortization, representing the collection and realization of expected cash flows and curtailments over time. The significant model inputs used to measure the fair value of single family MSRs include assumptions regarding market interest rates, projected prepayment speeds, discount rates, estimated costs of servicing and other income and additional expenses associated with the collection of delinquent loans. | |
Market expectations about loan duration, and correspondingly the expected term of future servicing cash flows, may vary from time to time due to changes in expected prepayment activity, especially when interest rates rise or fall. Market expectations of increased loan prepayment speeds may negatively impact the fair value of the single family MSRs. Fair value is also dependent on the discount rate used in calculating present value, which is imputed from observable market activity and market participants. Management reviews and adjusts the discount rate on an ongoing basis. An increase in the discount rate would reduce the estimated fair value of the single family MSRs asset. | |
Equity Method Investments, Policy [Policy Text Block] | Investment in WMS Series LLC |
HomeStreet/WMS, Inc. (Windermere Mortgage Services, Inc.), a wholly owned and consolidated subsidiary of the Bank, has an affiliated business arrangement with Windermere Real Estate, WMS Series Limited Liability Company ("WMS LLC"). The Company and Windermere Real Estate each have 50% joint control over the governance of WMS LLC. The operations of WMS LLC, which is subdivided into 29 individual operating series, are recorded using the equity method of accounting. The Company recognizes its proportionate share of the results of operations of WMS LLC as income from WMS Series LLC in noninterest income within the Company's consolidated statements of operations. | |
The Company has determined that WMS LLC is not a VIE and further does not consolidate WMS LLC under the voting interest model. The 29 individual operating series, which are divisions of WMS LLC that are allocated assets and liabilities and allow certain forms of legal isolation, are not considered to be stand-alone subsidiary legal entities for purposes of applying the consolidation guidance under U.S. GAAP. As a result, the 29 individual operating series are not considered to be VIEs based on the determination that WMS LLC is not a VIE. The investment is reviewed for possible other-than-temporary impairment annually, or more frequently if warranted. The review typically includes an analysis of facts and circumstances of the investment and expectations regarding the investment’s future cash flows. The Company has not recorded other-than-temporary impairment on this investment. | |
Equity method investment income from WMS LLC was $1.3 million, $1.7 million, and $4.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. The Company’s investment in WMS LLC was $3.1 million and $2.7 million, which is included in accounts receivable and other assets at December 31, 2014 and 2013, respectively. | |
The Company provides contracted services to WMS LLC related to accounting, loan shipping, loan underwriting, quality control, secondary marketing, and information systems support performed by Company employees on behalf of WMS LLC. The Company recorded contracted services income/(loss) of $(1.2) million, $(951) thousand, and $279 thousand for the years ended December 31, 2014, 2013 and 2012, respectively. Income related to WMS LLC, including equity method investment income and contracted services, is classified as income from WMS Series LLC in noninterest income within the consolidated statements of operations. | |
The Company provides a $25.0 million secured line of credit that allows WMS LLC to fund and close single family mortgage loans in the name of WMS LLC. The outstanding balance of the secured line of credit was $7.1 million and $5.7 million at December 31, 2014, and 2013, respectively. The highest outstanding balance of the secured line of credit was $12.4 million and $21.4 million during 2014 and 2013, respectively. The line of credit matures July 1, 2015. | |
Property, Plant and Equipment, Policy [Policy Text Block] | Premises and Equipment |
Furniture and equipment and leasehold improvements are stated at cost less accumulated depreciation or amortization and depreciated or amortized over the shorter of the useful life of the related asset or the term of the lease, generally 3 to 15 years, using the straight-line method. Management periodically evaluates furniture and equipment and leasehold improvements for impairment. | |
Debt, Policy [Policy Text Block] | Trust Preferred Securities ("TruPS") |
TruPS allow investors the ability to invest in junior subordinated debentures of the Company, which provide the Company with long-term financing. The transaction begins with the formation of a VIE established as a trust by the Company. This trust issues two classes of securities: common securities, all of which are purchased and held by the Company and recorded in other assets on the consolidated statements of financial position, and TruPS, which are sold to third-party investors. The trust holds subordinated debentures (debt) issued by the Company, which the Company records in long-term debt on the consolidated statement of financial position. The trust finances the purchase the subordinated debentures with the proceeds from the sale of its common and preferred securities. | |
The junior subordinated debentures are the sole assets of the trust, and the coupon rate on the debt mirrors the dividend payment on the preferred security. The Company also has the right to defer interest payments for up to five years and has the right to call the preferred securities. These preferred securities are non-voting and do not have the right to convert to shares of the issuer. The trust's common equity securities issued to the Company are not considered to be equity at risk because the equity securities were financed by the trust through the purchase of the debentures from the Company. As a consequence, the Company holds no variable interest in the trust, and therefore, is not the trust's primary beneficiary. | |
Repurchase and Resale Agreements Policy [Policy Text Block] | Federal Funds Purchased and Securities Sold Under Agreements to Repurchase |
From time to time, the Company may enter into federal funds transactions involving purchasing reserve balances on a short-term basis, or sales of securities under agreements to repurchase the same securities (“repurchase agreements”). Repurchase agreements are accounted for as secured financing arrangements with the obligation to repurchase securities sold reflected as a liability in the consolidated statements of financial condition. The dollar amount of securities underlying the repurchase agreements remains in investment securities available for sale. For short-term instruments, including securities sold under agreements to repurchase and federal funds purchased, the carrying amount is a reasonable estimate of the fair value. | |
Income Tax, Policy [Policy Text Block] | Income Taxes |
In establishing an income tax provision, management applies judgment and interpretations about the application of complex tax laws, which includes making estimates about when certain items will affect future taxable income. Income taxes are accounted for using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, a deferred tax asset or liability is determined based on the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized through the provision for income taxes in the period that includes the enactment date. | |
The Company records net deferred tax assets to the extent it is believed that these assets will more likely than not be realized. In making this determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and recent financial operations. After reviewing and weighing all of the positive and negative evidence, if the positive evidence outweighs the negative evidence, then the Company does not record a valuation allowance for deferred tax assets. If the negative evidence outweighs the positive evidence, then a valuation allowance for all or a portion of the deferred tax assets is recorded. | |
The Company recognizes interest and penalties related to unrecognized tax benefits, if any, as income tax expense in the consolidated statements of operations. Accrued interest and penalties are included within the related tax liability line in the consolidated statements of financial condition. | |
Derivatives, Policy [Policy Text Block] | Derivatives and Hedging Activities |
In order to reduce the risk of significant interest rate fluctuations on the value of certain assets and liabilities, such as certain mortgage loans held for sale or mortgage servicing rights, the Company utilizes derivatives, such as forward sale commitments, interest rate futures, option contracts, interest rate swaps and swaptions as risk management instruments in its hedging strategy. | |
All free-standing derivatives are required to be recorded on the consolidated statements of financial condition at fair value. As permitted under U.S. GAAP, the Company nets derivative assets and liabilities, and related collateral, when a legally enforceable master netting agreement exists between the Company and the derivative counterparty. The accounting for changes in fair value of a derivative depends on whether or not the transaction has been designated and qualifies for hedge accounting. Derivatives that are not designated as hedges are reported and measured at fair value through earnings. The Company does not use derivatives for trading purposes. | |
Before initiating a position where hedge accounting treatment is desired, the Company formally documents the relationship between the hedging instrument(s) and the hedged item(s), as well as its risk management objective and strategy. | |
For derivative instruments qualifying for hedge accounting treatment, the instrument is designed as either: (1) a hedge of changes in fair value of a recognized asset or liability or of an unrecognized firm commitment (a fair value hedge), or (2) a hedge of the variability in expected future cash flows associated with an existing recognized asset or liability or a probable forecasted transaction (a cash flow hedge). | |
Derivatives where the Company has not attempted to achieve or attempted but did not achieve hedge accounting treatment are referred to as economic hedges. The changes in fair value of these instruments are recorded in our consolidated statements of operations in the period in which the change occurs. | |
In a fair value hedge, changes in the fair value of the derivative and, to the extent that it is effective, changes in the fair value of the hedged asset or liability attributable to the hedged risk are recorded through current period earnings in the same financial statement category as the hedged item. | |
In a cash flow hedge, the effective portion of the change in the fair value of the hedging derivative is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings during the same period in which the hedged item affects earnings. The ineffective portion is recognized immediately in noninterest income – other. | |
The Company discontinues hedge accounting when (1) it determines that the derivative is no longer expected to be highly effective in offsetting changes in fair value or cash flows of the designated item; (2) the derivative expires or is sold, terminated, or exercised; (3) the derivative is de-designated from the hedge relationship; or (4) it is no longer probable that a hedged forecasted transaction will occur by the end of the originally specified time period. | |
If the Company determines that the derivative no longer qualifies as a fair value or cash flow hedge and therefore hedge accounting is discontinued, the derivative (if retained) will continue to be recorded on the balance sheet at its fair value with changes in fair value included in current earnings. For a discontinued fair value hedge, the previously hedged item is no longer adjusted for changes in fair value. | |
When the Company discontinues hedge accounting because it is not probable that a forecasted transaction will occur, the derivative will continue to be recorded on the balance sheet at its fair value with changes in fair value included in current earnings, and the gains and losses in accumulated other comprehensive income will be recognized immediately in earnings. When the Company discontinues hedge accounting because the hedging instrument is sold, terminated, or de-designated as a hedge, the amount reported in accumulated other comprehensive income through the date of sale, termination, or de-designation will continue to be reported in accumulated other comprehensive income until the forecasted transaction affects earnings. For fair value hedges that are de-designated, the net gain or loss on the underlying transactions being hedged is amortized to other noninterest income over the remaining contractual life of the loans at the time of de-designation. Changes in the fair value of these derivative instruments after de-designation of fair value hedge accounting are recorded in noninterest income in the consolidated statements of operations. | |
Interest rate lock commitments ("IRLCs") for single family mortgage loans that we intend to sell are considered free-standing derivatives. For determining the fair value measurement of IRLCs we consider several factors including the fair value in the secondary market of the underlying loan resulting from the exercise of the commitment, the expected net future cash flows related to the associated servicing of the loan and the probability that the loan will not fund according to the terms of the commitment (referred to as a fall-out factor). The value of the underlying loan is affected primarily by changes in interest rates. Management uses forward sales commitments to hedge the interest rate exposure from IRLCs. A forward loan sale commitment protects the Company from losses on sales of loans arising from the exercise of the loan commitments by securing the ultimate sales price and delivery date of the loan. The Company takes into account various factors and strategies in determining the portion of the mortgage pipeline it wants to hedge economically. Unrealized and realized gains and losses on derivative contracts utilized for economically hedging the mortgage pipeline are recognized as part of the net gain on mortgage loan origination and sale activities within noninterest income. | |
The Company is exposed to credit risk if derivative counterparties to derivative contracts do not perform as expected. This risk consists primarily of the termination value of agreements where the Company is in a favorable position. The Company minimizes counterparty credit risk through credit approvals, limits, monitoring procedures, and obtaining collateral, as appropriate. | |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-Based Employee Compensation |
The Company has share-based employee compensation plans as more fully discussed in Note 16, Share-Based Compensation Plans. Under the accounting guidance for stock compensation, compensation expense recognized includes the cost for share-based awards, such as nonqualified stock options and restricted stock grants, which are recognized as compensation expense over the requisite service period (generally the vesting period) on a straight line basis. For stock awards that vest upon the satisfaction of a market condition, the Company estimates the service period over which the award is expected to vest. If all conditions to the vesting of an award are satisfied prior to the end of the estimated vesting period, any unrecognized compensation costs associated with the portion of the award that vested earlier than expected are immediately recognized in earnings. | |
Commitments and Contingencies, Policy [Policy Text Block] | Commitments, Guarantees, and Contingencies |
U.S. GAAP requires that a guarantor recognize, at the inception of a guarantee, a liability in an amount equal to the fair value of the obligation undertaken in issuing the guarantee. A guarantee is a contract that contingently requires the guarantor to pay a guaranteed party based upon: (a) changes in an underlying asset, liability or equity security of the guaranteed party; or (b) a third party’s failure to perform under a specified agreement. The Company initially records guarantees at the inception date fair value of the obligation assumed and records the amount in other liabilities. For indemnifications provided in sales agreements, a portion of the sale proceeds is allocated to the guarantee, which adjusts the gain or loss that would otherwise result from the transaction. For these indemnifications, the initial liability is amortized to income as the Company’s risk is reduced (i.e., over time as the Company's exposure is reduced or when the indemnification expires). | |
Contingent liabilities, including those that exists as a result of a guarantee or indemnification, are recognized when it becomes probable that a loss has been incurred and the amount of the loss is reasonably estimable. The contingent portion of a guarantee is not recognized if the estimated amount of loss is less than the carrying amount of the liability recognized at inception of the guarantee (as adjusted for any amortization). | |
The Company typically sells loans servicing retained in either a pooled loan securitization transaction with a GSE, a whole loan sale to a GSE, or much less frequently a whole loan sale to market participants such as other financial institutions, who purchase the loans for investment purposes or include them in a private label securitization transaction, or the loans are pooled and sold into a conforming loan securitization with a government-sponsored enterprise (“GSE”), provided loan origination parameters conform to GSE guidelines. Substantially all of the Company’s loan sales are pooled loan securitization transactions with GSEs. These conforming loan securitizations are guaranteed by GSEs, such as Fannie Mae, Ginnie Mae and Freddie Mac. | |
The Company may be required to repurchase mortgage loans or indemnify loan purchasers due to defects in the origination process of the loan, such as documentation errors, underwriting errors and judgments, early payment defaults and fraud. These obligations expose the Company to any credit loss on the repurchased mortgage loans after accounting for any mortgage insurance that it may receive. Generally, the maximum amount of future payments the Company would be required to make for breaches of these representations and warranties would be equal to the unpaid principal balance of such loans that are deemed to have defects that were sold to purchasers plus, in certain circumstances, accrued and unpaid interest on such loans and certain expenses. See Note 13, Commitments, Guarantees, and Contingencies. | |
The Company sells multifamily loans through the Fannie Mae Delegated Underwriting and Servicing Program ("DUS"®) (DUS® is a registered trademark of Fannie Mae.) that are subject to a credit loss sharing arrangement. The Company may also from time to time sell loans with recourse. When loans are sold with recourse or subject to a loss sharing arrangement, a liability is recorded based on the estimated fair value of the obligation under the accounting guidance for guarantees. These liabilities are included within other liabilities. See Note 13, Commitments, Guarantees, and Contingencies. | |
Earnings Per Share, Policy [Policy Text Block] | Earnings per Share |
Basic earnings per share ("EPS") is computed by dividing net income available to common shareholders by the weighted average common shares outstanding during the period. Diluted EPS is computed by dividing net income available to common shareholders by the weighted average common shares outstanding, plus the effect of common stock equivalents (for example, stock options and unvested restricted stock). Stock options issued under stock-based compensation plans that have an antidilutive effect and shares of restricted stock whose vesting is contingent upon conditions that have not been satisfied at the end of the period are excluded from the computation of diluted EPS. Weighted average common shares outstanding include shares held by the Company’s Employee Stock Ownership Plan. Shares outstanding and per share information presented in the consolidated financial statements have been adjusted to reflect the 2-for-1 forward stock splits effective on November 5, 2012 and on March 6, 2012, as well as the 1-for-2.5 reverse stock split effective on July 19, 2011. | |
Segment Reporting, Policy [Policy Text Block] | Business Segments |
The Company's business segments are determined based on the products and services provided, as well as the nature of the related business activities, and they reflect the manner in which financial information is regularly reviewed by the Company's chief operating decision maker for the purpose of allocating resources and evaluating the performance of the Company's businesses. The results for these business segments are based on management’s accounting process, which assigns income statement items and assets to each responsible operating segment. This process is dynamic and is based on management's view of the Company's operations. If the management structure and/or the allocation process changes, allocations, transfers, and assignments may change. See Note 19, Business Segments. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies Correction of Accounting Error (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Changes and Error Corrections [Abstract] | |
Accounting Changes and Error Corrections [Text Block] | Correction of Parent Company Condensed Statements of Cash Flows |
Subsequent to the issuance of the consolidated financial statements as of and for the year ended December 31, 2013, the Company determined that the $19.6 million Dividend from banking subsidiary classified within cash flows from financing activities in Note 20 - Parent Company Financial Statements - Condensed Statements of Cash Flows for the year ended December 31, 2013 should have been classified as net cash (used in) provided by operating activities for the year ended December 31, 2013. Accordingly, the Company corrected the error within the Parent Company Condensed Statements of Cash Flows for the year ended December 31, 2013. Parent Company Net cash used in operating activities for the year ended December 31, 2013 originally reported of $20,083 thousand was corrected to $483 thousand. Net cash provided by financing activities for the year ended December 31, 2013 originally reported of $19,818 thousand was corrected to $218 thousand. The corrections did not affect net cash used in investing activities nor the (decrease) increase in cash and cash equivalents. The foregoing corrections are not considered material by the Company. |
Goodwill_Policies
Goodwill (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill |
Goodwill is recorded upon completion of a business combination as the difference between the purchase price and the fair value of net identifiable assets acquired. Subsequent to initial recognition, the Company tests goodwill for impairment during the third quarter of each fiscal year, or more often if events or circumstances, such as adverse changes in the business climate, indicate there may be impairment. Goodwill was not impaired at December 31, 2014 or 2013, nor was any goodwill written off due to impairment during 2014, 2013 or 2012. |
Business_Combinations_Tables
Business Combinations (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Business Combinations [Abstract] | |||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The table below summarizes the aggregate amount recognized for each major class of assets acquired and liabilities assumed in the acquisitions of Fortune and YNB on November 1, 2013 and in the acquisition of two retail deposit branches from AmericanWest Bank on December 6, 2013: | ||||||||
(in thousands) | 1-Nov-13 | ||||||||
and | |||||||||
6-Dec-13 | |||||||||
Purchase price (1) | $ | 36,890 | |||||||
Recognized amounts of identifiable assets acquired and (liabilities assumed), at fair value: | |||||||||
Cash and cash equivalents | 60,861 | ||||||||
Investment securities | 1,241 | ||||||||
Acquired loans | 206,737 | ||||||||
Other real estate owned | 740 | ||||||||
Federal Home Loan Bank stock, at cost | 240 | ||||||||
Premises and equipment, net | 2,416 | ||||||||
Core deposit intangibles | 3,455 | ||||||||
Accounts receivable and other assets | 15,006 | ||||||||
Deposits | (261,116 | ) | |||||||
Accounts payable and accrued expenses | (1,257 | ) | |||||||
Long-term debt | (2,954 | ) | |||||||
Total fair value of identifiable net assets | 25,369 | ||||||||
Goodwill | $ | 11,521 | |||||||
-1 | The purchase price represents the total amount of cash consideration transferred. | ||||||||
Business Acquisition, Integration, Restructuring and Other Related Costs [Text Block] | In connection with the aforementioned 2013 acquisitions, HomeStreet recognized acquisition-related expenses of $2.2 million and $4.5 million for the years ended December 31, 2014 and 2013, respectively, as follows: | ||||||||
Year Ended December 31, | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Acquisition-related costs recognized in noninterest expense: | |||||||||
Salaries and related costs | $ | 459 | $ | 864 | |||||
General and administrative | 427 | 206 | |||||||
Legal | 248 | 407 | |||||||
Consulting | 791 | 3,007 | |||||||
Federal Deposit Insurance Corporation assessments | — | 15 | |||||||
Occupancy | 11 | 2 | |||||||
Information services | 230 | 48 | |||||||
$ | 2,166 | $ | 4,549 | ||||||
Business Combinations, contractual cash flow expected to be collected | The table below details the estimated aggregate amount of contractually required payments, contractual cash flows not expected to be collected and cash flows expected to be collected as of the acquisition date on loans acquired in connection with the acquisitions of Fortune and YNB on November 1, 2013 and for the two retail deposit branches acquired from AmericanWest Bank on December 6, 2013: | ||||||||
(in thousands) | Year Ended December 31, 2013 | ||||||||
Contractually required repayments including interest (1) | $ | 265,215 | |||||||
Less: Contractual cash flows not expected to be collected | (4,646 | ) | |||||||
Cash flows expected to be collected | $ | 260,569 | |||||||
-1 | Denotes required payments based on a loan's current contractual rate and contractual schedule, assuming no loss or prepayment. |
Regulatory_Capital_Requirement1
Regulatory Capital Requirements Regulatory Capital (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Regulatory Capital [Abstract] | |||||||||||||||||||||
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations [Table Text Block] | The Bank’s actual capital amounts and ratios are included in the following table: | ||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||
Actual | For Minimum Capital | To Be Categorized As | |||||||||||||||||||
Adequacy Purposes | “Well Capitalized” Under | ||||||||||||||||||||
Prompt Corrective | |||||||||||||||||||||
Action Provisions | |||||||||||||||||||||
(in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
Tier 1 leverage capital | $ | 319,010 | 9.38 | % | $ | 136,058 | 4 | % | $ | 170,072 | 5 | % | |||||||||
(to average assets) | |||||||||||||||||||||
Tier 1 risk-based capital | 319,010 | 13.1 | 97,404 | 4 | 146,106 | 6 | |||||||||||||||
(to risk-weighted assets) | |||||||||||||||||||||
Total risk-based capital | 341,534 | 14.03 | 194,808 | 8 | 243,511 | 10 | |||||||||||||||
(to risk-weighted assets) | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||
Actual | For Minimum Capital | To Be Categorized As | |||||||||||||||||||
Adequacy Purposes | “Well Capitalized” Under | ||||||||||||||||||||
Prompt Corrective | |||||||||||||||||||||
Action Provisions | |||||||||||||||||||||
(in thousands) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||
Tier 1 leverage capital | $ | 291,673 | 9.96 | % | $ | 117,182 | 4 | % | $ | 146,478 | 5 | % | |||||||||
(to average assets) | |||||||||||||||||||||
Tier 1 risk-based capital | 291,673 | 14.12 | 81,708 | 4 | 122,562 | 6 | |||||||||||||||
(to risk-weighted assets) | |||||||||||||||||||||
Total risk-based capital | 315,762 | 15.28 | 163,415 | 8 | 204,269 | 10 | |||||||||||||||
(to risk-weighted assets) |
Investment_Securities_Availabl
Investment Securities Available for Sale (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||
Available-for-sale Securities [Table Text Block] | |||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
cost | unrealized | unrealized | value | ||||||||||||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | 107,624 | $ | 509 | $ | (853 | ) | $ | 107,280 | ||||||||||||||||||||||||||
Commercial | 13,030 | 641 | — | 13,671 | |||||||||||||||||||||||||||||||
Municipal bonds | 119,744 | 2,847 | (257 | ) | 122,334 | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | 44,254 | 161 | (1,249 | ) | 43,166 | ||||||||||||||||||||||||||||||
Commercial | 20,775 | — | (289 | ) | 20,486 | ||||||||||||||||||||||||||||||
Corporate debt securities | 80,214 | 296 | (1,110 | ) | 79,400 | ||||||||||||||||||||||||||||||
U.S. Treasury securities | 40,976 | 13 | — | 40,989 | |||||||||||||||||||||||||||||||
$ | 426,617 | $ | 4,467 | $ | (3,758 | ) | $ | 427,326 | |||||||||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
(in thousands) | Amortized | Gross | Gross | Fair | |||||||||||||||||||||||||||||||
cost | unrealized | unrealized | value | ||||||||||||||||||||||||||||||||
gains | losses | ||||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | 137,602 | $ | 187 | $ | (3,879 | ) | $ | 133,910 | ||||||||||||||||||||||||||
Commercial | 13,391 | 45 | (3 | ) | 13,433 | ||||||||||||||||||||||||||||||
Municipal bonds | 136,937 | 185 | (6,272 | ) | 130,850 | ||||||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | 93,112 | 85 | (2,870 | ) | 90,327 | ||||||||||||||||||||||||||||||
Commercial | 17,333 | — | (488 | ) | 16,845 | ||||||||||||||||||||||||||||||
Corporate debt securities | 75,542 | — | (6,676 | ) | 68,866 | ||||||||||||||||||||||||||||||
U.S. Treasury securities | 27,478 | 1 | (27 | ) | 27,452 | ||||||||||||||||||||||||||||||
$ | 501,395 | $ | 503 | $ | (20,215 | ) | $ | 481,683 | |||||||||||||||||||||||||||
Investment securities in an unrealized loss position | Investment securities available for sale that were in an unrealized loss position are presented in the following tables based on the length of time the individual securities have been in an unrealized loss position. | ||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Gross | Fair | Gross | Fair | Gross | Fair | |||||||||||||||||||||||||||||
unrealized | value | unrealized | value | unrealized | value | ||||||||||||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | — | $ | — | $ | (853 | ) | $ | 57,242 | $ | (853 | ) | $ | 57,242 | |||||||||||||||||||||
Commercial | — | — | — | — | — | — | |||||||||||||||||||||||||||||
Municipal bonds | (11 | ) | 2,339 | (246 | ) | 17,155 | (257 | ) | 19,494 | ||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | — | — | (1,249 | ) | 31,021 | (1,249 | ) | 31,021 | |||||||||||||||||||||||||||
Commercial | (29 | ) | 5,037 | (260 | ) | 15,449 | (289 | ) | 20,486 | ||||||||||||||||||||||||||
Corporate debt securities | (56 | ) | 13,140 | (1,054 | ) | 40,997 | (1,110 | ) | 54,137 | ||||||||||||||||||||||||||
U.S. Treasury securities | — | — | — | — | — | — | |||||||||||||||||||||||||||||
$ | (96 | ) | $ | 20,516 | $ | (3,662 | ) | $ | 161,864 | $ | (3,758 | ) | $ | 182,380 | |||||||||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | |||||||||||||||||||||||||||||||||
(in thousands) | Gross | Fair | Gross | Fair | Gross | Fair | |||||||||||||||||||||||||||||
unrealized | value | unrealized | value | unrealized | value | ||||||||||||||||||||||||||||||
losses | losses | losses | |||||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | (3,767 | ) | $ | 98,717 | $ | (112 | ) | $ | 6,728 | $ | (3,879 | ) | $ | 105,445 | ||||||||||||||||||||
Commercial | (3 | ) | 7,661 | — | — | (3 | ) | 7,661 | |||||||||||||||||||||||||||
Municipal bonds | (5,991 | ) | 106,985 | (281 | ) | 3,490 | (6,272 | ) | 110,475 | ||||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | (2,120 | ) | 63,738 | (750 | ) | 15,081 | (2,870 | ) | 78,819 | ||||||||||||||||||||||||||
Commercial | (488 | ) | 16,845 | — | — | (488 | ) | 16,845 | |||||||||||||||||||||||||||
Corporate debt securities | (6,676 | ) | 68,844 | — | — | (6,676 | ) | 68,844 | |||||||||||||||||||||||||||
U.S. Treasury securities | (27 | ) | 25,452 | — | — | (27 | ) | 25,452 | |||||||||||||||||||||||||||
$ | (19,072 | ) | $ | 388,242 | $ | (1,143 | ) | $ | 25,299 | $ | (20,215 | ) | $ | 413,541 | |||||||||||||||||||||
Computation of weighted average yield using coupon on the fair value | |||||||||||||||||||||||||||||||||||
At December 31, 2014 | |||||||||||||||||||||||||||||||||||
Within one year | After one year | After five years | After ten years | Total | |||||||||||||||||||||||||||||||
through five years | through ten years | ||||||||||||||||||||||||||||||||||
(in thousands) | Fair | Weighted | Fair | Weighted | Fair | Weighted | Fair | Weighted | Fair | Weighted | |||||||||||||||||||||||||
Value | Average | Value | Average | Value | Average | Value | Average | Value | Average | ||||||||||||||||||||||||||
Yield | Yield | Yield | Yield | Yield | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | — | — | % | $ | — | — | % | $ | 6,949 | 1.72 | % | $ | 100,331 | 1.75 | % | $ | 107,280 | 1.75 | % | |||||||||||||||
Commercial | — | — | — | — | — | — | 13,671 | 4.75 | 13,671 | 4.75 | |||||||||||||||||||||||||
Municipal bonds | — | — | 604 | 4.1 | 23,465 | 3.55 | 98,265 | 4.21 | 122,334 | 4.09 | |||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | — | — | — | — | — | — | 43,166 | 1.84 | 43,166 | 1.84 | |||||||||||||||||||||||||
Commercial | — | — | — | — | 9,776 | 1.96 | 10,710 | 1.99 | 20,486 | 1.97 | |||||||||||||||||||||||||
Corporate debt securities | — | — | 9,000 | 2.21 | 38,487 | 3.35 | 31,913 | 3.73 | 79,400 | 3.37 | |||||||||||||||||||||||||
U.S. Treasury securities | 25,998 | 0.28 | 14,991 | 0.46 | — | — | — | — | 40,989 | 0.35 | |||||||||||||||||||||||||
Total available for sale | $ | 25,998 | 0.28 | % | $ | 24,595 | 1.19 | % | $ | 78,677 | 3.09 | % | $ | 298,056 | 2.92 | % | $ | 427,326 | 2.69 | % | |||||||||||||||
At December 31, 2013 | |||||||||||||||||||||||||||||||||||
Within one year | After one year | After five years | After ten years | Total | |||||||||||||||||||||||||||||||
through five years | through ten years | ||||||||||||||||||||||||||||||||||
(in thousands) | Fair | Weighted | Fair | Weighted | Fair | Weighted | Fair | Weighted | Fair | Weighted | |||||||||||||||||||||||||
Value | Average | Value | Average | Value | Average | Value | Average | Value | Average | ||||||||||||||||||||||||||
Yield | Yield | Yield | Yield | Yield | |||||||||||||||||||||||||||||||
Mortgage-backed securities: | |||||||||||||||||||||||||||||||||||
Residential | $ | — | — | % | $ | — | — | % | $ | 10,581 | 1.63 | % | $ | 123,329 | 1.82 | % | $ | 133,910 | 1.81 | % | |||||||||||||||
Commercial | — | — | $ | — | — | — | — | 13,433 | 4.51 | 13,433 | 4.51 | ||||||||||||||||||||||||
Municipal bonds | — | — | — | — | 19,598 | 3.51 | 111,252 | 4.29 | 130,850 | 4.17 | |||||||||||||||||||||||||
Collateralized mortgage obligations: | |||||||||||||||||||||||||||||||||||
Residential | — | — | — | — | 19,987 | 2.31 | 70,340 | 2.17 | 90,327 | 2.2 | |||||||||||||||||||||||||
Commercial | — | — | — | — | 5,270 | 1.9 | 11,575 | 1.42 | 16,845 | 1.57 | |||||||||||||||||||||||||
Corporate debt securities | — | — | — | — | 32,848 | 3.31 | 36,018 | 3.75 | 68,866 | 3.54 | |||||||||||||||||||||||||
U.S. Treasury securities | 1,001 | 0.18 | 26,451 | 0.3 | — | — | — | — | 27,452 | 0.29 | |||||||||||||||||||||||||
Total available for sale | $ | 1,001 | 0.18 | % | $ | 26,451 | 0.3 | % | $ | 88,284 | 2.84 | % | $ | 365,947 | 2.92 | % | $ | 481,683 | 2.75 | % | |||||||||||||||
Sales of investment securities available for sale | Sales of investment securities available for sale were as follows. | ||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||
Proceeds | $ | 96,154 | $ | 127,648 | $ | 166,187 | |||||||||||||||||||||||||||||
Gross gains | 2,560 | 2,089 | 1,921 | ||||||||||||||||||||||||||||||||
Gross losses | (201 | ) | (315 | ) | (431 | ) |
Loans_and_Credit_Quality_Table
Loans and Credit Quality (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||
Receivables [Abstract] | ||||||||||||||||||||||||||||
Loans held for investment | Loans held for investment consist of the following: | |||||||||||||||||||||||||||
At December 31, | ||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 896,665 | $ | 904,913 | ||||||||||||||||||||||||
Home equity | 135,598 | 135,650 | ||||||||||||||||||||||||||
1,032,263 | 1,040,563 | |||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 523,464 | 477,642 | ||||||||||||||||||||||||||
Multifamily | 55,088 | 79,216 | ||||||||||||||||||||||||||
Construction/land development | 367,934 | 130,465 | ||||||||||||||||||||||||||
Commercial business | 147,449 | 171,054 | ||||||||||||||||||||||||||
1,093,935 | 858,377 | |||||||||||||||||||||||||||
2,126,198 | 1,898,940 | |||||||||||||||||||||||||||
Net deferred loan fees, costs and discounts | (5,048 | ) | (3,219 | ) | ||||||||||||||||||||||||
2,121,150 | 1,895,721 | |||||||||||||||||||||||||||
Allowance for loan losses | (22,021 | ) | (23,908 | ) | ||||||||||||||||||||||||
$ | 2,099,129 | $ | 1,871,813 | |||||||||||||||||||||||||
Related Party Transactions Disclosure [Text Block] | The following is a summary of activity during the years ended December 31, 2014 and 2013 with respect to such aggregate loans to these related parties and their associates: | |||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||
Beginning balance, January 1 | $ | 9,738 | $ | 11,763 | ||||||||||||||||||||||||
New loans | — | 2,178 | ||||||||||||||||||||||||||
Principal repayments and advances, net | (4,238 | ) | (4,203 | ) | ||||||||||||||||||||||||
Ending balance, December 31 | $ | 5,500 | $ | 9,738 | ||||||||||||||||||||||||
Allowance for credit losses and recorded investment in loans by impairment methodology | Activity in the allowance for credit losses was as follows. | |||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||||||
Allowance for credit losses (roll-forward): | ||||||||||||||||||||||||||||
Beginning balance | $ | 24,089 | $ | 27,751 | $ | 42,800 | ||||||||||||||||||||||
Provision for credit losses | (1,000 | ) | 900 | 11,500 | ||||||||||||||||||||||||
(Charge-offs), net of recoveries | (565 | ) | (4,562 | ) | (26,549 | ) | ||||||||||||||||||||||
Ending balance | $ | 22,524 | $ | 24,089 | $ | 27,751 | ||||||||||||||||||||||
Components: | ||||||||||||||||||||||||||||
Allowance for loan losses | $ | 22,021 | $ | 23,908 | $ | 27,561 | ||||||||||||||||||||||
Allowance for unfunded commitments | 503 | 181 | 190 | |||||||||||||||||||||||||
Allowance for credit losses | $ | 22,524 | $ | 24,089 | $ | 27,751 | ||||||||||||||||||||||
Allowance for credit losses by loan portfolio segment and loan class | Activity in the allowance for credit losses by loan portfolio and loan class was as follows. | |||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Beginning | Charge-offs | Recoveries | Provision | Ending | |||||||||||||||||||||||
balance | balance | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 11,990 | $ | (907 | ) | $ | 139 | $ | (1,775 | ) | $ | 9,447 | ||||||||||||||||
Home equity | 3,987 | (953 | ) | 566 | (278 | ) | 3,322 | |||||||||||||||||||||
15,977 | (1,860 | ) | 705 | (2,053 | ) | 12,769 | ||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 4,012 | (52 | ) | 493 | (607 | ) | 3,846 | |||||||||||||||||||||
Multifamily | 942 | — | — | (269 | ) | 673 | ||||||||||||||||||||||
Construction/land development | 1,414 | — | 516 | 1,888 | 3,818 | |||||||||||||||||||||||
Commercial business | 1,744 | (596 | ) | 229 | 41 | 1,418 | ||||||||||||||||||||||
8,112 | (648 | ) | 1,238 | 1,053 | 9,755 | |||||||||||||||||||||||
Total allowance for credit losses | $ | 24,089 | $ | (2,508 | ) | $ | 1,943 | $ | (1,000 | ) | $ | 22,524 | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Beginning | Charge-offs | Recoveries | Provision | Ending | |||||||||||||||||||||||
balance | balance | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 13,388 | $ | (2,967 | ) | $ | 536 | $ | 1,033 | $ | 11,990 | |||||||||||||||||
Home equity | 4,648 | (1,960 | ) | 583 | 716 | 3,987 | ||||||||||||||||||||||
18,036 | (4,927 | ) | 1,119 | 1,749 | 15,977 | |||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 5,312 | (1,448 | ) | 134 | 14 | 4,012 | ||||||||||||||||||||||
Multifamily | 622 | — | — | 320 | 942 | |||||||||||||||||||||||
Construction/land development | 1,580 | (458 | ) | 767 | (475 | ) | 1,414 | |||||||||||||||||||||
Commercial business | 2,201 | (21 | ) | 272 | (708 | ) | 1,744 | |||||||||||||||||||||
9,715 | (1,927 | ) | 1,173 | (849 | ) | 8,112 | ||||||||||||||||||||||
Total allowance for credit losses | $ | 27,751 | $ | (6,854 | ) | $ | 2,292 | $ | 900 | $ | 24,089 | |||||||||||||||||
Loans by Impairment Methodology [Table Text Block] | The following table disaggregates our allowance for credit losses and recorded investment in loans by impairment methodology. | |||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Allowance: collectively | Allowance: individually | Total | Loans: | Loans: | Total | ||||||||||||||||||||||
evaluated for | evaluated for | collectively | individually | |||||||||||||||||||||||||
impairment | impairment | evaluated for | evaluated for | |||||||||||||||||||||||||
impairment | impairment | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 8,743 | $ | 704 | $ | 9,447 | $ | 818,783 | $ | 77,882 | $ | 896,665 | ||||||||||||||||
Home equity | 3,165 | 157 | 3,322 | 132,937 | 2,661 | 135,598 | ||||||||||||||||||||||
11,908 | 861 | 12,769 | 951,720 | 80,543 | 1,032,263 | |||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 3,806 | 40 | 3,846 | 496,685 | 26,779 | 523,464 | ||||||||||||||||||||||
Multifamily | 312 | 361 | 673 | 52,011 | 3,077 | 55,088 | ||||||||||||||||||||||
Construction/land development | 3,818 | — | 3,818 | 362,487 | 5,447 | 367,934 | ||||||||||||||||||||||
Commercial business | 974 | 444 | 1,418 | 144,071 | 3,378 | 147,449 | ||||||||||||||||||||||
8,910 | 845 | 9,755 | 1,055,254 | 38,681 | 1,093,935 | |||||||||||||||||||||||
Total | $ | 20,818 | $ | 1,706 | $ | 22,524 | $ | 2,006,974 | $ | 119,224 | $ | 2,126,198 | ||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Allowance: collectively | Allowance: individually | Total | Loans: | Loans: | Total | ||||||||||||||||||||||
evaluated for | evaluated for | collectively | individually | |||||||||||||||||||||||||
impairment | impairment | evaluated for | evaluated for | |||||||||||||||||||||||||
impairment | impairment | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 10,632 | $ | 1,358 | $ | 11,990 | $ | 831,730 | $ | 73,183 | $ | 904,913 | ||||||||||||||||
Home equity | 3,903 | 84 | 3,987 | 133,006 | 2,644 | 135,650 | ||||||||||||||||||||||
14,535 | 1,442 | 15,977 | 964,736 | 75,827 | 1,040,563 | |||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 4,012 | — | 4,012 | 445,766 | 31,876 | 477,642 | ||||||||||||||||||||||
Multifamily | 515 | 427 | 942 | 76,053 | 3,163 | 79,216 | ||||||||||||||||||||||
Construction/land development | 1,414 | — | 1,414 | 124,317 | 6,148 | 130,465 | ||||||||||||||||||||||
Commercial business | 1,042 | 702 | 1,744 | 168,199 | 2,855 | 171,054 | ||||||||||||||||||||||
6,983 | 1,129 | 8,112 | 814,335 | 44,042 | 858,377 | |||||||||||||||||||||||
Total | $ | 21,518 | $ | 2,571 | $ | 24,089 | $ | 1,779,071 | $ | 119,869 | $ | 1,898,940 | ||||||||||||||||
Impaired loans by loan portfolio segment and loan class | The following tables present impaired loans by loan portfolio segment and loan class. | |||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | |||||||||||||||||||||||||
investment (1) | principal | allowance | ||||||||||||||||||||||||||
balance (2) | ||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 48,104 | $ | 50,787 | $ | — | ||||||||||||||||||||||
Home equity | 1,824 | 1,850 | — | |||||||||||||||||||||||||
49,928 | 52,637 | — | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 25,540 | 27,205 | — | |||||||||||||||||||||||||
Multifamily | 508 | 508 | — | |||||||||||||||||||||||||
Construction/land development | 5,447 | 14,532 | — | |||||||||||||||||||||||||
Commercial business | 1,302 | 3,782 | — | |||||||||||||||||||||||||
32,797 | 46,027 | — | ||||||||||||||||||||||||||
$ | 82,725 | $ | 98,664 | $ | — | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 29,778 | $ | 29,891 | $ | 704 | ||||||||||||||||||||||
Home equity | 837 | 837 | 157 | |||||||||||||||||||||||||
30,615 | 30,728 | 861 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 1,239 | 1,399 | 40 | |||||||||||||||||||||||||
Multifamily | 2,569 | 2,747 | 361 | |||||||||||||||||||||||||
Construction/land development | — | — | — | |||||||||||||||||||||||||
Commercial business | 2,076 | 2,204 | 444 | |||||||||||||||||||||||||
5,884 | 6,350 | 845 | ||||||||||||||||||||||||||
$ | 36,499 | $ | 37,078 | $ | 1,706 | |||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family(3) | $ | 77,882 | $ | 80,678 | $ | 704 | ||||||||||||||||||||||
Home equity | 2,661 | 2,687 | 157 | |||||||||||||||||||||||||
80,543 | 83,365 | 861 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 26,779 | 28,604 | 40 | |||||||||||||||||||||||||
Multifamily | 3,077 | 3,255 | 361 | |||||||||||||||||||||||||
Construction/land development | 5,447 | 14,532 | — | |||||||||||||||||||||||||
Commercial business | 3,378 | 5,986 | 444 | |||||||||||||||||||||||||
38,681 | 52,377 | 845 | ||||||||||||||||||||||||||
Total impaired loans | $ | 119,224 | $ | 135,742 | $ | 1,706 | ||||||||||||||||||||||
-1 | Includes partial charge-offs and nonaccrual interest paid. | |||||||||||||||||||||||||||
-2 | Unpaid principal balance does not includes partial charge-offs or nonaccrual interest paid. Related allowance is calculated on net book balances not unpaid principal balances. | |||||||||||||||||||||||||||
-3 | Includes $73.6 million in performing TDRs. | |||||||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Recorded | Unpaid | Related | |||||||||||||||||||||||||
investment (1) | principal | allowance | ||||||||||||||||||||||||||
balance (2) | ||||||||||||||||||||||||||||
With no related allowance recorded: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 39,341 | $ | 41,935 | $ | — | ||||||||||||||||||||||
Home equity | 1,895 | 1,968 | — | |||||||||||||||||||||||||
41,236 | 43,903 | — | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 31,876 | 45,921 | — | |||||||||||||||||||||||||
Multifamily | 508 | 508 | — | |||||||||||||||||||||||||
Construction/land development | 6,148 | 15,299 | — | |||||||||||||||||||||||||
Commercial business | 1,533 | 7,164 | — | |||||||||||||||||||||||||
40,065 | 68,892 | — | ||||||||||||||||||||||||||
$ | 81,301 | $ | 112,795 | $ | — | |||||||||||||||||||||||
With an allowance recorded: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 33,842 | $ | 33,900 | $ | 1,358 | ||||||||||||||||||||||
Home equity | 749 | 749 | 84 | |||||||||||||||||||||||||
34,591 | 34,649 | 1,442 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | — | — | — | |||||||||||||||||||||||||
Multifamily | 2,655 | 2,832 | 427 | |||||||||||||||||||||||||
Construction/land development | — | — | — | |||||||||||||||||||||||||
Commercial business | 1,322 | 1,478 | 702 | |||||||||||||||||||||||||
3,977 | 4,310 | 1,129 | ||||||||||||||||||||||||||
$ | 38,568 | $ | 38,959 | $ | 2,571 | |||||||||||||||||||||||
Total: | ||||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family(3) | $ | 73,183 | $ | 75,835 | $ | 1,358 | ||||||||||||||||||||||
Home equity | 2,644 | 2,717 | 84 | |||||||||||||||||||||||||
75,827 | 78,552 | 1,442 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 31,876 | 45,921 | — | |||||||||||||||||||||||||
Multifamily | 3,163 | 3,340 | 427 | |||||||||||||||||||||||||
Construction/land development | 6,148 | 15,299 | — | |||||||||||||||||||||||||
Commercial business | 2,855 | 8,642 | 702 | |||||||||||||||||||||||||
44,042 | 73,202 | 1,129 | ||||||||||||||||||||||||||
Total impaired loans | $ | 119,869 | $ | 151,754 | $ | 2,571 | ||||||||||||||||||||||
-1 | Includes partial charge-offs and nonaccrual interest paid. | |||||||||||||||||||||||||||
-2 | Unpaid principal balance does not includes partial charge-offs or nonaccrual interest paid. Related allowance is calculated on net book balances not unpaid principal balances. | |||||||||||||||||||||||||||
-3 | Includes $70.3 million in performing TDRs. | |||||||||||||||||||||||||||
Average Recorded Investment of Impaired Loans [Table Text Block] | The following table provides the average recorded investment in impaired loans by portfolio segment and class. | |||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 73,683 | $ | 76,910 | ||||||||||||||||||||||||
Home equity | 2,528 | 3,204 | ||||||||||||||||||||||||||
76,211 | 80,114 | |||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 30,364 | 28,595 | ||||||||||||||||||||||||||
Multifamily | 3,112 | 3,197 | ||||||||||||||||||||||||||
Construction/land development | 5,723 | 8,790 | ||||||||||||||||||||||||||
Commercial business | 3,381 | 2,108 | ||||||||||||||||||||||||||
42,580 | 42,690 | |||||||||||||||||||||||||||
$ | 118,791 | $ | 122,804 | |||||||||||||||||||||||||
Designated loan grades by loan portfolio segment and loan class | ||||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Pass | Watch | Special mention | Substandard | Total | |||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 865,641 | $ | 361 | $ | 21,714 | $ | 8,949 | $ | 896,665 | ||||||||||||||||||
Home equity | 133,338 | 82 | 652 | 1,526 | 135,598 | |||||||||||||||||||||||
998,979 | 443 | 22,366 | 10,475 | 1,032,263 | ||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 441,509 | 67,434 | 13,066 | 1,455 | 523,464 | |||||||||||||||||||||||
Multifamily | 50,495 | 1,516 | 3,077 | — | 55,088 | |||||||||||||||||||||||
Construction/land development | 361,167 | 2,830 | 1,261 | 2,676 | 367,934 | |||||||||||||||||||||||
Commercial business | 115,665 | 25,724 | 3,690 | 2,370 | 147,449 | |||||||||||||||||||||||
968,836 | 97,504 | 21,094 | 6,501 | 1,093,935 | ||||||||||||||||||||||||
$ | 1,967,815 | $ | 97,947 | $ | 43,460 | $ | 16,976 | $ | 2,126,198 | |||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Pass | Watch | Special mention | Substandard | Total | |||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 817,877 | $ | 53,711 | $ | 12,746 | $ | 20,579 | $ | 904,913 | ||||||||||||||||||
Home equity | 132,086 | 1,442 | 276 | 1,846 | 135,650 | |||||||||||||||||||||||
949,963 | 55,153 | 13,022 | 22,425 | 1,040,563 | ||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 368,817 | 63,579 | 37,758 | 7,488 | 477,642 | |||||||||||||||||||||||
Multifamily | 74,509 | 1,544 | 3,163 | — | 79,216 | |||||||||||||||||||||||
Construction/land development | 121,026 | 3,414 | 2,895 | 3,130 | 130,465 | |||||||||||||||||||||||
Commercial business | 145,760 | 20,062 | 586 | 4,646 | 171,054 | |||||||||||||||||||||||
710,112 | 88,599 | 44,402 | 15,264 | 858,377 | ||||||||||||||||||||||||
$ | 1,660,075 | $ | 143,752 | $ | 57,424 | $ | 37,689 | $ | 1,898,940 | |||||||||||||||||||
Analysis of past due loans by loan portfolio segment and loan class | The following table presents an aging analysis of past due loans by loan portfolio segment and loan class. | |||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 days | 60-89 days | 90 days or | Total past | Current | Total | 90 days or | |||||||||||||||||||||
past due | past due | more | due | loans | more past | |||||||||||||||||||||||
past due | due and accruing(1) | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 7,832 | $ | 2,452 | $ | 43,105 | $ | 53,389 | $ | 843,276 | $ | 896,665 | $ | 34,737 | ||||||||||||||
Home equity | 371 | 81 | 1,526 | 1,978 | 133,620 | 135,598 | — | |||||||||||||||||||||
8,203 | 2,533 | 44,631 | 55,367 | 976,896 | 1,032,263 | 34,737 | ||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | — | — | 4,843 | 4,843 | 518,621 | 523,464 | — | |||||||||||||||||||||
Multifamily | — | — | — | — | 55,088 | 55,088 | — | |||||||||||||||||||||
Construction/land development | — | 1,261 | — | 1,261 | 366,673 | 367,934 | — | |||||||||||||||||||||
Commercial business | 611 | 3 | 1,527 | 2,141 | 145,308 | 147,449 | 250 | |||||||||||||||||||||
611 | 1,264 | 6,370 | 8,245 | 1,085,690 | 1,093,935 | 250 | ||||||||||||||||||||||
$ | 8,814 | $ | 3,797 | $ | 51,001 | $ | 63,612 | $ | 2,062,586 | $ | 2,126,198 | $ | 34,987 | |||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | 30-59 days | 60-89 days | 90 days or | Total past | Current | Total | 90 days or | |||||||||||||||||||||
past due | past due | more | due | loans | more past | |||||||||||||||||||||||
past due | due and accruing(1) | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 6,466 | $ | 4,901 | $ | 55,672 | $ | 67,039 | $ | 837,874 | $ | 904,913 | $ | 46,811 | ||||||||||||||
Home equity | 375 | 75 | 1,846 | 2,296 | 133,354 | 135,650 | — | |||||||||||||||||||||
6,841 | 4,976 | 57,518 | 69,335 | 971,228 | 1,040,563 | 46,811 | ||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | — | — | 12,257 | 12,257 | 465,385 | 477,642 | — | |||||||||||||||||||||
Multifamily | — | — | — | — | 79,216 | 79,216 | — | |||||||||||||||||||||
Construction/land development | — | — | — | — | 130,465 | 130,465 | — | |||||||||||||||||||||
Commercial business | — | — | 2,743 | 2,743 | 168,311 | 171,054 | — | |||||||||||||||||||||
— | — | 15,000 | 15,000 | 843,377 | 858,377 | — | ||||||||||||||||||||||
$ | 6,841 | $ | 4,976 | $ | 72,518 | $ | 84,335 | $ | 1,814,605 | $ | 1,898,940 | $ | 46,811 | |||||||||||||||
-1 | FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss. | |||||||||||||||||||||||||||
Performing and nonaccrual loan balances by loan portfolio segment and loan class | The following tables present performing and nonperforming loan balances by loan portfolio segment and loan class. | |||||||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||||||
(in thousands) | Accrual | Nonaccrual | Total | |||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 888,297 | $ | 8,368 | $ | 896,665 | ||||||||||||||||||||||
Home equity | 134,072 | 1,526 | 135,598 | |||||||||||||||||||||||||
1,022,369 | 9,894 | 1,032,263 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 518,621 | 4,843 | 523,464 | |||||||||||||||||||||||||
Multifamily | 55,088 | — | 55,088 | |||||||||||||||||||||||||
Construction/land development | 367,934 | — | 367,934 | |||||||||||||||||||||||||
Commercial business | 146,172 | 1,277 | 147,449 | |||||||||||||||||||||||||
1,087,815 | 6,120 | 1,093,935 | ||||||||||||||||||||||||||
$ | 2,110,184 | $ | 16,014 | $ | 2,126,198 | |||||||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||||||
(in thousands) | Accrual | Nonaccrual | Total | |||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | $ | 896,052 | $ | 8,861 | $ | 904,913 | ||||||||||||||||||||||
Home equity | 133,804 | 1,846 | 135,650 | |||||||||||||||||||||||||
1,029,856 | 10,707 | 1,040,563 | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | 465,385 | 12,257 | 477,642 | |||||||||||||||||||||||||
Multifamily | 79,216 | — | 79,216 | |||||||||||||||||||||||||
Construction/land development | 130,465 | — | 130,465 | |||||||||||||||||||||||||
Commercial business | 168,311 | 2,743 | 171,054 | |||||||||||||||||||||||||
843,377 | 15,000 | 858,377 | ||||||||||||||||||||||||||
$ | 1,873,233 | $ | 25,707 | $ | 1,898,940 | |||||||||||||||||||||||
TDR balances by loan portfolio segment and loan class | The following tables present information about TDR activity during the periods presented. | |||||||||||||||||||||||||||
Year Ended December 31, 2014 | ||||||||||||||||||||||||||||
(dollars in thousands) | Concession type | Number of loan | Recorded | Related charge- | ||||||||||||||||||||||||
modifications | investment | offs | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | ||||||||||||||||||||||||||||
Interest rate reduction | 62 | $ | 12,012 | $ | — | |||||||||||||||||||||||
Payment restructure | 10 | 1,991 | — | |||||||||||||||||||||||||
72 | 14,003 | — | ||||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||
Interest rate reduction | 3 | 430 | — | |||||||||||||||||||||||||
Payment restructure | 1 | 58 | — | |||||||||||||||||||||||||
4 | $ | 488 | — | |||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||
Interest rate reduction | 65 | 12,442 | — | |||||||||||||||||||||||||
Payment restructure | 11 | 2,049 | — | |||||||||||||||||||||||||
76 | 14,491 | — | ||||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Interest rate reduction | 1 | $ | 1,181 | $ | — | |||||||||||||||||||||||
Payment restructure | 3 | 4,248 | — | |||||||||||||||||||||||||
4 | $ | 5,429 | $ | — | ||||||||||||||||||||||||
Commercial business | ||||||||||||||||||||||||||||
Interest rate reduction | 2 | $ | 117 | $ | — | |||||||||||||||||||||||
Payment restructure | 3 | 1,270 | — | |||||||||||||||||||||||||
Forgiveness of principal | 2 | 599 | 554 | |||||||||||||||||||||||||
7 | $ | 1,986 | $ | 554 | ||||||||||||||||||||||||
Total commercial | ||||||||||||||||||||||||||||
Interest rate reduction | 3 | $ | 1,298 | $ | — | |||||||||||||||||||||||
Payment restructure | 6 | 5,518 | — | |||||||||||||||||||||||||
Forgiveness of principal | 2 | 599 | 554 | |||||||||||||||||||||||||
11 | $ | 7,415 | $ | 554 | ||||||||||||||||||||||||
Total loans | ||||||||||||||||||||||||||||
Interest rate reduction | 68 | 13,740 | — | |||||||||||||||||||||||||
Payment restructure | 17 | 7,567 | — | |||||||||||||||||||||||||
Forgiveness of principal | 2 | 599 | 554 | |||||||||||||||||||||||||
87 | $ | 21,906 | $ | 554 | ||||||||||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||||||||||||||
(dollars in thousands) | Concession type | Number of loan | Recorded | Related charge- | ||||||||||||||||||||||||
modifications | investment | offs | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | ||||||||||||||||||||||||||||
Interest rate reduction | 104 | $ | 22,605 | $ | — | |||||||||||||||||||||||
104 | $ | 22,605 | $ | — | ||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||
Interest rate reduction | 9 | $ | 571 | $ | — | |||||||||||||||||||||||
9 | $ | 571 | $ | — | ||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||
Interest rate reduction | 113 | $ | 23,176 | $ | — | |||||||||||||||||||||||
113 | $ | 23,176 | $ | — | ||||||||||||||||||||||||
Total loans | ||||||||||||||||||||||||||||
Interest rate reduction | 113 | $ | 23,176 | $ | — | |||||||||||||||||||||||
113 | $ | 23,176 | $ | — | ||||||||||||||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||||||||||||||
(dollars in thousands) | Concession type | Number of loan | Recorded | Related charge- | ||||||||||||||||||||||||
modifications | investment | offs | ||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | ||||||||||||||||||||||||||||
Interest rate reduction | 84 | $ | 15,487 | $ | — | |||||||||||||||||||||||
Payment restructure | 1 | 280 | — | |||||||||||||||||||||||||
85 | $ | 15,767 | $ | — | ||||||||||||||||||||||||
Home equity | ||||||||||||||||||||||||||||
Interest rate reduction | 7 | $ | 527 | $ | — | |||||||||||||||||||||||
7 | $ | 527 | $ | — | ||||||||||||||||||||||||
Total consumer | ||||||||||||||||||||||||||||
Interest rate reduction | 91 | $ | 16,014 | $ | — | |||||||||||||||||||||||
Payment restructure | 1 | 280 | — | |||||||||||||||||||||||||
92 | $ | 16,294 | $ | — | ||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | ||||||||||||||||||||||||||||
Interest rate reduction | 2 | $ | 6,070 | $ | 1,000 | |||||||||||||||||||||||
2 | $ | 6,070 | $ | 1,000 | ||||||||||||||||||||||||
Construction/land development | ||||||||||||||||||||||||||||
Forgiveness of principal | 2 | $ | 304 | $ | — | |||||||||||||||||||||||
2 | $ | 304 | $ | — | ||||||||||||||||||||||||
Total commercial | ||||||||||||||||||||||||||||
Interest rate reduction | 2 | $ | 6,070 | $ | 1,000 | |||||||||||||||||||||||
Forgiveness of principal | 2 | 304 | — | |||||||||||||||||||||||||
4 | $ | 6,374 | $ | 1,000 | ||||||||||||||||||||||||
Total loans | ||||||||||||||||||||||||||||
Interest rate reduction | 93 | $ | 22,084 | $ | 1,000 | |||||||||||||||||||||||
Payment restructure | 1 | 280 | — | |||||||||||||||||||||||||
Forgiveness of principal | 2 | 304 | — | |||||||||||||||||||||||||
96 | $ | 22,668 | $ | 1,000 | ||||||||||||||||||||||||
TDR balances which have subsequently re-defaulted | The following table presents loans that were modified as TDRs within the previous 12 months and subsequently re-defaulted during the years ended December 31, 2014 and 2013, respectively. A TDR loan is considered re-defaulted when it becomes doubtful that the objectives of the modifications will be met, generally when a consumer loan TDR becomes 60 days or more past due on principal or interest payments or when a commercial loan TDR becomes 90 days or more past due on principal or interest payments. | |||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||||||
(dollars in thousands) | Number of loan relationships that subsequently re-defaulted | Recorded | Number of loan relationships that subsequently re-defaulted | Recorded | ||||||||||||||||||||||||
investment | investment | |||||||||||||||||||||||||||
Consumer loans | ||||||||||||||||||||||||||||
Single family | 7 | $ | 1,010 | 17 | $ | 2,840 | ||||||||||||||||||||||
Home equity | 1 | 190 | 1 | 22 | ||||||||||||||||||||||||
8 | 1,200 | 18 | 2,862 | |||||||||||||||||||||||||
Commercial loans | ||||||||||||||||||||||||||||
Commercial real estate | — | — | 1 | 770 | ||||||||||||||||||||||||
— | — | 1 | 770 | |||||||||||||||||||||||||
8 | $ | 1,200 | 19 | $ | 3,632 | |||||||||||||||||||||||
Other_Real_Estate_Owned_Tables
Other Real Estate Owned (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Real Estate [Abstract] | ||||||||||||
Schedule of Real Estate Properties [Table Text Block] | Other real estate owned consisted of the following. | |||||||||||
At December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Single family | $ | 1,613 | $ | 5,522 | ||||||||
Commercial real estate | 2,062 | 958 | ||||||||||
Construction/land development | 7,076 | 8,128 | ||||||||||
10,751 | 14,608 | |||||||||||
Valuation allowance | (1,303 | ) | (1,697 | ) | ||||||||
$ | 9,448 | $ | 12,911 | |||||||||
Other Real Estate, Roll Forward [Table Text Block] | Activity in other real estate owned was as follows. | |||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Beginning balance | $ | 12,911 | $ | 23,941 | ||||||||
Additions | 4,130 | 8,199 | ||||||||||
Loss provisions | (69 | ) | (603 | ) | ||||||||
Reductions related to sales | (7,524 | ) | (18,626 | ) | ||||||||
Ending balance | $ | 9,448 | $ | 12,911 | ||||||||
Other Real Estate, Roll Forward of Valuation Allowance [Table Text Block] | Activity in the valuation allowance for other real estate owned was as follows. | |||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 1,697 | $ | 14,965 | $ | 21,502 | ||||||
Loss provisions | 69 | 603 | 12,171 | |||||||||
(Charge-offs), net of recoveries | (463 | ) | (13,871 | ) | (18,708 | ) | ||||||
Ending balance | $ | 1,303 | $ | 1,697 | $ | 14,965 | ||||||
Other Real Estate, Components of Expense [Table Text Block] | The components of the net cost of operation and sale of other real estate owned are as follows. | |||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Maintenance costs | $ | 436 | $ | 840 | $ | 1,289 | ||||||
Loss provisions | 69 | 603 | 12,171 | |||||||||
Net gain on sales | (890 | ) | (722 | ) | (2,508 | ) | ||||||
Gain on transfer | — | (119 | ) | (489 | ) | |||||||
Net operating income (loss) | (85 | ) | 1,209 | (378 | ) | |||||||
Net cost of operation and sale of other real estate owned | $ | (470 | ) | $ | 1,811 | $ | 10,085 | |||||
Premises_and_Equipment_Premise
Premises and Equipment Premises and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | Premises and equipment consisted of the following. | |||||||
December 31, | ||||||||
(in thousands) | 2014 | 2013 | ||||||
Furniture and equipment | $ | 59,425 | $ | 47,247 | ||||
Leasehold improvements | 22,516 | 17,525 | ||||||
Land and buildings | 985 | 2,095 | ||||||
82,926 | 66,867 | |||||||
Less: accumulated depreciation | (37,675 | ) | (30,255 | ) | ||||
$ | 45,251 | $ | 36,612 | |||||
Deposits_Tables
Deposits (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Banking and Thrift [Abstract] | ||||||||||||
Deposit balances, including stated rates | Deposit balances, including stated rates, were as follows. | |||||||||||
At December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Noninterest-bearing accounts | $ | 470,663 | $ | 322,952 | ||||||||
NOW accounts, 0.00% to 1.00% at December 31, 2014 and 0.00% to 0.75% at December 31, 2013 | 272,390 | 297,966 | ||||||||||
Statement savings accounts, due on demand, 0.00% to 1.99% at December 31, 2014 and 0.20% to 2.00% at December 31, 2013 | 200,638 | 156,181 | ||||||||||
Money market accounts, due on demand, 0.00% to 1.45% at December 31, 2014 and 0.00% to 1.50% at December 31, 2013 | 1,007,214 | 919,322 | ||||||||||
Certificates of deposit, 0.05% to 3.80% at December 31, 2014 and December 31, 2013 | 494,525 | 514,400 | ||||||||||
$ | 2,445,430 | $ | 2,210,821 | |||||||||
Interest expense on deposits | Interest expense on deposits was as follows. | |||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
NOW accounts | $ | 1,122 | $ | 924 | $ | 498 | ||||||
Statement savings accounts | 929 | 546 | 395 | |||||||||
Money market accounts | 4,362 | 3,899 | 3,248 | |||||||||
Certificates of deposit | 3,018 | 5,047 | 12,600 | |||||||||
$ | 9,431 | $ | 10,416 | $ | 16,741 | |||||||
Certificates of deposit outstanding | Certificates of deposit outstanding mature as follows. | |||||||||||
(in thousands) | At December 31, 2014 | |||||||||||
Within one year | $ | 319,578 | ||||||||||
One to two years | 137,736 | |||||||||||
Two to three years | 27,793 | |||||||||||
Three to four years | 5,476 | |||||||||||
Four to five years | 3,942 | |||||||||||
$ | 494,525 | |||||||||||
Federal_Home_Loan_Bank_and_Oth1
Federal Home Loan Bank and Other Borrowings Federal Home Loan Bank Advances (Tables) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Federal Home Loan Banks [Abstract] | |||||||
Federal Home Loan Bank Advance By Maturity [Table Text Block] | FHLB advances outstanding by contractual maturities were as follows. | ||||||
At December 31, 2014 | |||||||
(in thousands) | Advances | Weighted-average | |||||
outstanding | interest rate | ||||||
2015 | $ | 532,000 | 0.28 | % | |||
2016 | 50,000 | 0.52 | |||||
2017 | — | — | |||||
2018 | — | — | |||||
2019 and thereafter | 15,590 | 4.64 | |||||
$ | 597,590 | 0.41 | % | ||||
Longterm_Debt_Longterm_Debt_Ta
Long-term Debt Long-term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Debt Disclosure [Abstract] | ||||||||
Schedule of Long-term Debt Instruments [Table Text Block] | The Subordinated Debt Securities are as follows: | |||||||
HomeStreet Statutory | ||||||||
(in thousands) | I | II | III | IV | ||||
Date issued | Jun-05 | Sep-05 | Feb-06 | Mar-07 | ||||
Amount | $5,155 | $20,619 | $20,619 | $15,464 | ||||
Interest rate | 3 MO LIBOR + 1.70% | 3 MO LIBOR + 1.50% | 3 MO LIBOR + 1.37% | 3 MO LIBOR + 1.68% | ||||
Maturity date | Jun-35 | Dec-35 | Mar-36 | Jun-37 | ||||
Call option(1) | 5 years | 5 years | 5 years | 5 years |
Recovered_Sheet1
Derivatives And Hedging Activities (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||||||||||||||||||||||||
Fair Value, Concentration of Risk [Table Text Block] | The following tables present gross and net information about derivative instruments. | |||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||
(in thousands) | Gross fair value | Netting adjustments | Carrying value | Cash collateral paid(1) | Securities pledged | Net amount | ||||||||||||||||||
Derivative assets | $ | 24,699 | $ | (5,858 | ) | $ | 18,841 | $ | — | $ | — | $ | 18,841 | |||||||||||
Derivative liabilities | $ | (6,636 | ) | $ | 5,858 | $ | (778 | ) | $ | — | $ | 762 | $ | (16 | ) | |||||||||
At December 31, 2013 | ||||||||||||||||||||||||
(in thousands) | Gross fair value | Netting adjustments | Carrying value | Cash collateral paid (1) | Securities pledged | Net amount | ||||||||||||||||||
Derivative assets | $ | 11,588 | $ | (1,363 | ) | $ | 10,225 | $ | — | $ | — | $ | 10,225 | |||||||||||
Derivative liabilities | $ | (10,365 | ) | $ | 1,363 | $ | (9,002 | ) | $ | 8,491 | $ | 451 | $ | (60 | ) | |||||||||
-1 | Excludes cash collateral of $20.4 million and $18.5 million at December 31, 2014 and 2013, which predominantly consists of collateral transferred by the Company at the initiation of derivative transactions and held by the counterparty as security. These amounts were not netted against the derivative receivables and payables, because, at an individual counterparty level, the collateral exceeded the fair value exposure at both December 31, 2014 and 2013. | |||||||||||||||||||||||
Notional amounts and fair values for derivatives | The notional amounts and fair values for derivatives consist of the following: | |||||||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||||||
Notional amount | Fair value derivatives | |||||||||||||||||||||||
(in thousands) | Asset | Liability | ||||||||||||||||||||||
Forward sale commitments | $ | 934,986 | $ | 1,071 | $ | (5,658 | ) | |||||||||||||||||
Interest rate swaptions | 15,000 | — | — | |||||||||||||||||||||
Interest rate lock commitments | 392,687 | 11,939 | (6 | ) | ||||||||||||||||||||
Interest rate swaps | 610,150 | 11,689 | (972 | ) | ||||||||||||||||||||
Total derivatives before netting | $ | 1,952,823 | $ | 24,699 | $ | (6,636 | ) | |||||||||||||||||
Netting adjustments(1) | (5,858 | ) | 5,858 | |||||||||||||||||||||
Carrying value on consolidated statements of financial position | $ | 18,841 | $ | (778 | ) | |||||||||||||||||||
At December 31, 2013 | ||||||||||||||||||||||||
Notional amount | Fair value derivatives | |||||||||||||||||||||||
(in thousands) | Asset | Liability | ||||||||||||||||||||||
Forward sale commitments | $ | 526,382 | $ | 3,630 | $ | (578 | ) | |||||||||||||||||
Interest rate swaptions | 110,000 | 858 | (199 | ) | ||||||||||||||||||||
Interest rate lock commitments | 261,070 | 6,012 | (40 | ) | ||||||||||||||||||||
Interest rate swaps | 508,004 | 1,088 | (9,548 | ) | ||||||||||||||||||||
Total derivatives before netting | $ | 1,405,456 | $ | 11,588 | $ | (10,365 | ) | |||||||||||||||||
Netting adjustments | (1,363 | ) | 1,363 | |||||||||||||||||||||
Carrying value on consolidated statements of financial position | $ | 10,225 | $ | (9,002 | ) | |||||||||||||||||||
Net gains (losses) recognized on economic hedge derivatives | The following table presents the net gain (loss) recognized on derivatives, including economic hedge derivatives, within the respective line items in the statement of operations for the periods indicated. | |||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||||||||||||||
Recognized in noninterest income: | ||||||||||||||||||||||||
Net gain (loss) on mortgage loan origination and sale activities (1) | $ | (17,258 | ) | $ | 12,904 | $ | (14,382 | ) | ||||||||||||||||
Mortgage servicing income (2) | 39,727 | (20,432 | ) | 21,982 | ||||||||||||||||||||
$ | 22,469 | $ | (7,528 | ) | $ | 7,600 | ||||||||||||||||||
-1 | Comprised of IRLCs and forward contracts used as an economic hedge of IRLCs and single family mortgage loans held for sale. | |||||||||||||||||||||||
-2 | Comprised of interest rate swaps, interest rate swaptions and forward contracts used as an economic hedge of single family mortgage servicing rights MSRs. |
Mortgage_Banking_Operations_Ta
Mortgage Banking Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Mortgage Banking [Abstract] | ||||||||||||
Loans held for sale and sold | Loans held for sale consisted of the following. | |||||||||||
At December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Single family | $ | 610,350 | (1) | $ | 279,385 | |||||||
Multifamily | 10,885 | 556 | ||||||||||
$ | 621,235 | $ | 279,941 | |||||||||
-1 | The Company transferred $310.5 million of loans from the held for investment portfolio into loans held for sale in March of 2014 and subsequently sold $266.8 million of these loans. At December 31, 2014, the Company had transferred $92.7 million of these loans back to the held for investment portfolio. | |||||||||||
Loans sold consisted of the following. | ||||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Single family | $ | 3,979,398 | $ | 4,733,473 | $ | 4,170,840 | ||||||
Multifamily | 141,859 | 104,016 | 118,805 | |||||||||
$ | 4,121,257 | $ | 4,837,489 | $ | 4,289,645 | |||||||
Net gain on mortgage loan origination and sale activity | Net gain on mortgage loan origination and sale activities, including the effects of derivative risk management instruments, consisted of the following. | |||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Single family: | ||||||||||||
Servicing value and secondary market gains(1) | $ | 109,063 | $ | 128,391 | $ | 175,655 | ||||||
Loan origination and funding fees | 25,572 | 30,051 | 30,037 | |||||||||
Total single family | 134,635 | 158,442 | 205,692 | |||||||||
Multifamily | 4,723 | 5,306 | 4,872 | |||||||||
Other | 4,764 | (2) | 964 | — | ||||||||
Total net gain on mortgage loan origination and sale activities | $ | 144,122 | $ | 164,712 | $ | 210,564 | ||||||
-1 | Comprised of gains and losses on interest rate lock commitments (which considers the value of servicing), single family loans held for sale, forward sale commitments used to economically hedge secondary market activities, and changes in the Company's repurchase liability for loans that have been sold. | |||||||||||
-2 | Includes $4.6 million in pre-tax gain during 2014 from the sale of loans that were originally held for investment. | |||||||||||
Company's portfolio of loans serviced for others | The composition of loans serviced for others is presented below at the unpaid principal balance. | |||||||||||
At December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Single family | ||||||||||||
U.S. government and agency | $ | 10,630,864 | (1) | $ | 11,467,853 | |||||||
Other | 585,344 | 327,768 | ||||||||||
11,216,208 | 11,795,621 | |||||||||||
Commercial | ||||||||||||
Multifamily | 752,640 | 720,429 | ||||||||||
Other | 82,354 | 95,673 | ||||||||||
834,994 | 816,102 | |||||||||||
Total loans serviced for others | $ | 12,051,202 | $ | 12,611,723 | ||||||||
-1 | On June 30, 2014, the Company sold the rights to service $2.96 billion in total unpaid principal balance of single family mortgage loans serviced for Fannie Mae. | |||||||||||
Mortgage Repurchase Losses [Table Text Block] | The following is a summary of changes in the Company's liability for estimated mortgage repurchase losses. | |||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Balance, beginning of year | $ | 1,260 | $ | 1,955 | ||||||||
Additions (1) | 1,430 | 1,828 | ||||||||||
Realized losses (2) | (734 | ) | (2,523 | ) | ||||||||
Balance, end of year | $ | 1,956 | $ | 1,260 | ||||||||
-1 | Includes additions for new loan sales and changes in estimated probable future repurchase losses on previously sold loans. | |||||||||||
-2 | Includes principal losses and accrued interest on repurchased loans, “make-whole” settlements, settlements with claimants and certain related expense. | |||||||||||
Revenue from mortgage servicing, including the effects of derivative risk management instruments | Revenue from mortgage servicing, including the effects of derivative risk management instruments, consisted of the following. | |||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Servicing income, net: | ||||||||||||
Servicing fees and other | $ | 37,818 | $ | 34,173 | $ | 27,833 | ||||||
Changes in fair value of single family MSRs due to modeled amortization (1) | (26,112 | ) | (24,321 | ) | (26,706 | ) | ||||||
Amortization of multifamily MSRs | (1,712 | ) | (1,803 | ) | (2,014 | ) | ||||||
9,994 | 8,049 | (887 | ) | |||||||||
Risk management, single family MSRs: | ||||||||||||
Changes in fair value due to changes in model inputs and/or assumptions (2) | (15,629 | ) | (3) | 29,456 | (4,974 | ) | ||||||
Net gain from derivatives economically hedging MSR | 39,727 | (20,432 | ) | 21,982 | ||||||||
24,098 | 9,024 | 17,008 | ||||||||||
Mortgage servicing income | $ | 34,092 | $ | 17,073 | $ | 16,121 | ||||||
-1 | Represents changes due to collection/realization of expected cash flows and curtailments. | |||||||||||
-2 | Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates. | |||||||||||
-3 | Includes pre-tax income of $4.7 million, net of brokerage fees and prepayment reserves, resulting from the sale of single family MSRs during the second quarter ended June 30, 2014. | |||||||||||
Key economic assumptions used in measuring the initial value of capitalized single family MSRs created from loan sales with retained servicing Key economic assumptions used in measuring the initial value of capitalized single family MSRs created from loan sales with retained servicing. | ||||||||||||
Year Ended December 31, | ||||||||||||
(rates per annum) (1) | 2014 | 2013 | 2012 | |||||||||
Constant prepayment rate (2) | 13.3 | % | 9.28 | % | 11.64 | % | ||||||
Discount rate | 10.5 | % | 10.25 | % | 10.28 | % | ||||||
-1 | Weighted average rates for sales during the period for sales of loans with similar characteristics. | |||||||||||
-2 | Represents the expected lifetime average. | |||||||||||
Schedule of Sensitivity Analysis of Fair Value, Transferor's Interests in Transferred Financial Assets [Table Text Block] | Key economic assumptions and the sensitivity of the current fair value for single family MSRs to immediate adverse changes in those assumptions were as follows. | |||||||||||
(in thousands) | At December 31, 2014 | |||||||||||
Fair value of single family MSR | $ | 112,439 | ||||||||||
Expected weighted-average life (in years) | 4.56 | |||||||||||
Constant prepayment rate (1) | 18.07 | % | ||||||||||
Impact on 25 basis points adverse change | $ | (8,674 | ) | |||||||||
Impact on 50 basis points adverse change | $ | (17,115 | ) | |||||||||
Discount rate | 10.6 | % | ||||||||||
Impact on fair value of 100 basis points increase | $ | (3,124 | ) | |||||||||
Impact on fair value of 200 basis points increase | $ | (6,084 | ) | |||||||||
-1 | Represents the expected lifetime average. | |||||||||||
Changes in single family MSRs measured at fair value | The changes in single family MSRs measured at fair value are as follows. | |||||||||||
At December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 153,128 | $ | 87,396 | $ | 70,169 | ||||||
Originations | 43,231 | 60,576 | 48,839 | |||||||||
Purchases | 19 | 21 | 68 | |||||||||
Sale of single family MSRs | (43,248 | ) | (3) | — | — | |||||||
Changes due to modeled amortization (1) | (26,112 | ) | (24,321 | ) | (26,706 | ) | ||||||
Net additions and amortization | (26,110 | ) | 36,276 | 22,201 | ||||||||
Changes in fair value due to changes in model inputs and/or assumptions (2) | (14,579 | ) | (4) | 29,456 | (4,974 | ) | ||||||
Ending balance | $ | 112,439 | $ | 153,128 | $ | 87,396 | ||||||
-1 | Represents changes due to collection/realization of expected cash flows and curtailments. | |||||||||||
-2 | Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates. | |||||||||||
-3 | On June 30, 2014, the Company sold the rights to service $2.96 billion in total unpaid principal balance of single family mortgage loans serviced for Fannie Mae. | |||||||||||
-4 | Includes pre-tax income of $5.7 million, excluding transaction costs, resulting from the sale of single family MSRs on June 30, 2014. | |||||||||||
Changes in multifamily MSRs measured at the lower of amortized cost or fair value | The changes in multifamily MSRs measured at the lower of amortized cost or fair value were as follows. | |||||||||||
December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Beginning balance | $ | 9,335 | $ | 8,097 | $ | 7,112 | ||||||
Origination | 3,260 | 3,027 | 2,999 | |||||||||
Amortization | (1,710 | ) | (1,789 | ) | (2,014 | ) | ||||||
Ending balance | $ | 10,885 | $ | 9,335 | $ | 8,097 | ||||||
Projected amortization expense for the gross carrying value of multifamily MSRs | Projected amortization expense for the gross carrying value of multifamily MSRs is estimated as follows. | |||||||||||
(in thousands) | At December 31, 2014 | |||||||||||
2015 | $ | 1,756 | ||||||||||
2016 | 1,650 | |||||||||||
2017 | 1,527 | |||||||||||
2018 | 1,370 | |||||||||||
2019 | 1,260 | |||||||||||
2020 and thereafter | 3,322 | |||||||||||
Carrying value of multifamily MSR | $ | 10,885 | ||||||||||
Commitments_Guarantees_and_Con1
Commitments, Guarantees, and Contingencies Commitments (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Leases [Abstract] | ||||
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Minimum rental payments for all non-cancelable leases were as follows. | |||
(in thousands) | At December 31, 2014 | |||
2015 | $ | 14,555 | ||
2016 | 15,047 | |||
2017 | 14,081 | |||
2018 | 12,406 | |||
2019 | 9,664 | |||
2020 and thereafter | 54,047 | |||
$ | 119,800 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Taxes note [Abstract] | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Income tax expense (benefit) consisted of following: | |||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Current (benefit) expense | $ | 25,303 | $ | (21,166 | ) | $ | 26,656 | |||||
Deferred expense (benefit) | (14,247 | ) | 32,151 | (5,110 | ) | |||||||
Total income tax expense | $ | 11,056 | $ | 10,985 | $ | 21,546 | ||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Income tax expense differed from amounts computed at the federal income tax statutory rate as follows: | |||||||||||
Year Ended December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Income taxes at statutory rate | $ | 11,660 | $ | 12,178 | $ | 36,285 | ||||||
Tax-exempt interest | (1,265 | ) | (1,452 | ) | (1,162 | ) | ||||||
State income tax expense net of federal tax benefit | 221 | 148 | 333 | |||||||||
Valuation allowance | — | — | (14,423 | ) | ||||||||
Tax credits | (717 | ) | (293 | ) | — | |||||||
Low Income Housing Tax Credit Partnerships | 617 | — | — | |||||||||
Change in state rate | 248 | — | — | |||||||||
Other, net | 292 | 404 | 513 | |||||||||
Total income tax expense | $ | 11,056 | $ | 10,985 | $ | 21,546 | ||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and those amounts used for tax return purposes. The tax effect of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities consisted of the following: | |||||||||||
At December 31, | ||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Deferred tax assets: | ||||||||||||
Provision for loan losses | $ | 11,890 | $ | 11,165 | ||||||||
Federal and state net operating loss carryforwards | 10,044 | 7,056 | ||||||||||
Section 382 built-in loss limitation | 5,291 | 10,145 | ||||||||||
Other real estate owned | 468 | 977 | ||||||||||
Accrued liabilities | 2,199 | 1,975 | ||||||||||
Other investments | 330 | 326 | ||||||||||
Leases | 1,153 | 1,018 | ||||||||||
Unrealized loss on investment securities available for sale | — | 7,051 | ||||||||||
Tax credits | 3,358 | 2,443 | ||||||||||
Stock options | 902 | 489 | ||||||||||
Loan valuation | 497 | — | ||||||||||
Other, net | 236 | 176 | ||||||||||
36,368 | 42,821 | |||||||||||
Deferred tax liabilities: | ||||||||||||
Mortgage servicing rights | (34,030 | ) | (48,402 | ) | ||||||||
Unrealized gain on investment securities available for sale | (252 | ) | — | |||||||||
FHLB dividends | (4,348 | ) | (4,310 | ) | ||||||||
Deferred loan fees and costs | (1,943 | ) | (2,290 | ) | ||||||||
Premises and equipment | (1,865 | ) | (859 | ) | ||||||||
Other intangibles - core deposit intangible | (700 | ) | (737 | ) | ||||||||
Other, net | (242 | ) | (23 | ) | ||||||||
(43,380 | ) | (56,621 | ) | |||||||||
Net deferred tax (liability) asset | $ | (7,012 | ) | $ | (13,800 | ) |
Share_Based_Compensation_Plans1
Share Based Compensation Plans (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||
Summary of changes in nonqualified stock options granted, but not vested | A summary of changes in nonqualified stock options granted for the year ended December 31, 2014 is as follows: | ||||||||||||
Number | Weighted | Weighted | Aggregate | ||||||||||
Average | Average | Intrinsic Value (2) | |||||||||||
Exercise Price | Remaining | (in thousands) | |||||||||||
Contractual | |||||||||||||
Term | |||||||||||||
Options outstanding at December 31, 2013 | 654,216 | $ | 11.54 | 8.1 years | $ | 5,559 | |||||||
Granted | — | — | 0.0 years | — | |||||||||
Cancelled or forfeited | (9,688 | ) | 11 | 7.1 years | 62 | ||||||||
Exercised | (43,504 | ) | 2.98 | 6.1 years | 734 | ||||||||
Options outstanding at December 31, 2014 | 601,024 | 12.16 | 7.2 years | 3,329 | |||||||||
Options that are exercisable and expected to be exercisable (1) | 597,666 | 12.17 | 7.2 years | 3,308 | |||||||||
Options exercisable | 397,981 | $ | 11.97 | 7.2 years | $ | 2,271 | |||||||
-1 | Adjusted for estimated forfeitures. | ||||||||||||
-2 | Intrinsic value is the amount by which fair value of the underlying stock exceeds the exercise price. | ||||||||||||
Fair value of the options granted using a Black-Schole Model | The fair value of the options granted during 2013 and 2012 was estimated as of the grant date using a Black-Scholes Merton (“Black-Scholes”) model and the assumptions noted in the following table. There were no options granted during the year ended December 31, 2014. | ||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Weighted-average fair value per share | $ | 8.78 | $ | 4 | |||||||||
Expected term of the option | 6 years | 6 years | |||||||||||
Expected stock price volatility | 50.04 | % | 33.13 | % | |||||||||
Annual risk-free interest rate | 1.18 | % | 1.23 | % | |||||||||
Expected annual dividend yield | 2.03 | % | 2.26 | % | |||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | The Company grants restricted shares to key senior management personnel and directors. A summary of the status of restricted shares follows. | ||||||||||||
Number | Weighted | ||||||||||||
Average | |||||||||||||
Grant Date Fair Value | |||||||||||||
Restricted shares outstanding at December 31, 2013 | 53,951 | $ | 18.18 | ||||||||||
Granted | 74,645 | 17.99 | |||||||||||
Cancelled or forfeited | — | — | |||||||||||
Vested | (10,079 | ) | 15.88 | ||||||||||
Restricted shares outstanding at December 31, 2014 | 118,517 | 18.26 | |||||||||||
Nonvested at December 31, 2014 | 118,517 | $ | 18.26 | ||||||||||
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||
Fair value measurement methodologies, including significant inputs and assumptions, and classification of the Company's assets and liabilities | The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions, and classification of the Company’s assets and liabilities. | |||||||||||||||||||
Asset/Liability class | Valuation methodology, inputs and assumptions | Classification | ||||||||||||||||||
Cash and cash equivalents | Carrying value is a reasonable estimate of fair value based on the short-term nature of the instruments. | Estimated fair value classified as Level 1. | ||||||||||||||||||
Investment securities available for sale | Observable market prices of identical or similar securities are used where available. | Level 2 recurring fair value measurement | ||||||||||||||||||
If market prices are not readily available, value is based on discounted cash flows using the following significant inputs: | ||||||||||||||||||||
• Expected prepayment speeds | ||||||||||||||||||||
• Estimated credit losses | ||||||||||||||||||||
• Market liquidity adjustments | ||||||||||||||||||||
Loans held for sale | ||||||||||||||||||||
Single-family loans | Fair value is based on observable market data, including: | Level 2 recurring fair value measurement | ||||||||||||||||||
• Quoted market prices, where available | ||||||||||||||||||||
• Dealer quotes for similar loans | ||||||||||||||||||||
• Forward sale commitments | ||||||||||||||||||||
Multifamily loans | The sale price is set at the time the loan commitment is made, and as such subsequent changes in market conditions have a very limited effect, if any, on the value of these loans carried on the consolidated statements of financial condition, which are typically sold within 30 days of origination. | Carried at lower of amortized cost or fair value. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Loans held for investment | ||||||||||||||||||||
Loans held for investment, excluding collateral dependent loans | Fair value is based on discounted cash flows, which considers the following inputs: | For the carrying value of loans see Note 1–Summary of Significant Accounting Policies. | ||||||||||||||||||
• Current lending rates for new loans | ||||||||||||||||||||
• Expected prepayment speeds | Estimated fair value classified as Level 3. | |||||||||||||||||||
• Estimated credit losses | ||||||||||||||||||||
• Market liquidity adjustments | ||||||||||||||||||||
Loans held for investment, collateral dependent | Fair value is based on appraised value of collateral, which considers sales comparison and income approach methodologies. Adjustments are made for various factors, which may include: | Carried at lower of amortized cost or fair value of collateral, less the estimated cost to sell. | ||||||||||||||||||
• Adjustments for variations in specific property qualities such as location, physical dissimilarities, market conditions at the time of sale, income producing characteristics and other factors | ||||||||||||||||||||
• Adjustments to obtain “upon completion” and “upon stabilization” values (e.g., property hold discounts where the highest and best use would require development of a property over time) | Classified as a Level 3 nonrecurring fair value measurement in periods where carrying value is adjusted to reflect the fair value of collateral. | |||||||||||||||||||
• Bulk discounts applied for sales costs, holding costs and profit for tract development and certain other properties | ||||||||||||||||||||
Asset/Liability class | Valuation methodology, inputs and assumptions | Classification | ||||||||||||||||||
Mortgage servicing rights | ||||||||||||||||||||
Single family MSRs | For information on how the Company measures the fair value of its single family MSRs, including key economic assumptions and the sensitivity of fair value to changes in those assumptions, see Note 12, Mortgage Banking Operations. | Level 3 recurring fair value measurement | ||||||||||||||||||
Multifamily MSRs | Fair value is based on discounted estimated future servicing fees and other revenue, less estimated costs to service the loans. | Carried at lower of amortized cost or fair value | ||||||||||||||||||
Estimated fair value classified as Level 3. | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||
Interest rate swaps | Fair value is based on quoted prices for identical or similar instruments, when available. | Level 2 recurring fair value measurement | ||||||||||||||||||
Interest rate swaptions | ||||||||||||||||||||
Forward sale commitments | When quoted prices are not available, fair value is based on internally developed modeling techniques, which require the use of multiple observable market inputs including: | |||||||||||||||||||
• Forward interest rates | ||||||||||||||||||||
• Interest rate volatilities | ||||||||||||||||||||
Interest rate lock commitments | The fair value considers several factors including: | Level 3 recurring fair value measurement | ||||||||||||||||||
• Fair value of the underlying loan based on quoted prices in the secondary market, when available. | ||||||||||||||||||||
• Value of servicing | ||||||||||||||||||||
• Fall-out factor | ||||||||||||||||||||
Other real estate owned (“OREO”) | Fair value is based on appraised value of collateral, less the estimated cost to sell. See discussion of "loans held for investment, collateral dependent" above for further information on appraisals. | Carried at lower of amortized cost or fair value of collateral (Level 3), less the estimated cost to sell. | ||||||||||||||||||
Federal Home Loan Bank stock | Carrying value approximates fair value as FHLB stock can only be purchased or redeemed at par value. | Carried at par value. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Deposits | ||||||||||||||||||||
Demand deposits | Fair value is estimated as the amount payable on demand at the reporting date. | Carried at historical cost. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Fixed-maturity certificates of deposit | Fair value is estimated using discounted cash flows based on market rates currently offered for deposits of similar remaining time to maturity. | Carried at historical cost. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Federal Home Loan Bank advances | Fair value is estimated using discounted cash flows based on rates currently available for advances with similar terms and remaining time to maturity. | Carried at historical cost. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Long-term debt | Fair value is estimated using discounted cash flows based on current lending rates for similar long-term debt instruments with similar terms and remaining time to maturity. | Carried at historical cost. | ||||||||||||||||||
Estimated fair value classified as Level 2. | ||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis. | The following table presents the levels of the fair value hierarchy for the Company’s assets and liabilities measured at fair value on a recurring basis. | |||||||||||||||||||
(in thousands) | Fair Value at December 31, 2014 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities available for sale | ||||||||||||||||||||
Mortgage backed securities: | ||||||||||||||||||||
Residential | $ | 107,280 | $ | — | $ | 107,280 | $ | — | ||||||||||||
Commercial | 13,671 | — | 13,671 | — | ||||||||||||||||
Municipal bonds | 122,334 | — | 122,334 | — | ||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||
Residential | 43,166 | — | 43,166 | — | ||||||||||||||||
Commercial | 20,486 | — | 20,486 | — | ||||||||||||||||
Corporate debt securities | 79,400 | — | 79,400 | — | ||||||||||||||||
U.S. Treasury securities | 40,989 | — | 40,989 | — | ||||||||||||||||
Single family mortgage servicing rights | 112,439 | — | — | 112,439 | ||||||||||||||||
Single family loans held for sale | 610,350 | — | 610,350 | — | ||||||||||||||||
Derivatives | ||||||||||||||||||||
Forward sale commitments | 1,071 | — | 1,071 | — | ||||||||||||||||
Interest rate lock commitments | 11,939 | — | — | 11,939 | ||||||||||||||||
Interest rate swaps | 11,689 | — | 11,689 | — | ||||||||||||||||
Total assets | $ | 1,174,814 | $ | — | $ | 1,050,436 | $ | 124,378 | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||
Forward sale commitments | 5,658 | $ | — | $ | 5,658 | $ | — | |||||||||||||
Interest rate lock commitments | 6 | — | — | 6 | ||||||||||||||||
Interest rate swaps | 972 | — | 972 | — | ||||||||||||||||
Total liabilities | $ | 6,636 | $ | — | $ | 6,630 | $ | 6 | ||||||||||||
(in thousands) | Fair Value at December 31, 2013 | Level 1 | Level 2 | Level 3 | ||||||||||||||||
Assets: | ||||||||||||||||||||
Investment securities available for sale | ||||||||||||||||||||
Mortgage backed securities: | ||||||||||||||||||||
Residential | $ | 133,910 | $ | — | $ | 133,910 | $ | — | ||||||||||||
Commercial | 13,433 | — | 13,433 | — | ||||||||||||||||
Municipal bonds | 130,850 | — | 130,850 | — | ||||||||||||||||
Collateralized mortgage obligations: | ||||||||||||||||||||
Residential | 90,327 | — | 90,327 | — | ||||||||||||||||
Commercial | 16,845 | — | 16,845 | — | ||||||||||||||||
Corporate debt securities | 68,866 | — | 68,866 | — | ||||||||||||||||
U.S. Treasury securities | 27,452 | — | 27,452 | — | ||||||||||||||||
Single family mortgage servicing rights | 153,128 | — | — | 153,128 | ||||||||||||||||
Single family loans held for sale | 279,385 | — | 279,385 | — | ||||||||||||||||
Derivatives | ||||||||||||||||||||
Forward sale commitments | 3,630 | — | 3,630 | — | ||||||||||||||||
Swaptions | 858 | — | 858 | — | ||||||||||||||||
Interest rate lock commitments | 6,012 | — | — | 6,012 | ||||||||||||||||
Interest rate swaps | 1,088 | — | 1,088 | — | ||||||||||||||||
Total assets | $ | 925,784 | $ | — | $ | 766,644 | $ | 159,140 | ||||||||||||
Liabilities: | ||||||||||||||||||||
Derivatives | ||||||||||||||||||||
Forward sale commitments | $ | 578 | $ | — | $ | 578 | $ | — | ||||||||||||
Interest rate swaptions | 199 | — | 199 | — | ||||||||||||||||
Interest rate lock commitments | 40 | — | — | 40 | ||||||||||||||||
Interest rate swaps | 9,548 | — | 9,548 | — | ||||||||||||||||
Total liabilities | $ | 10,365 | $ | — | $ | 10,325 | $ | 40 | ||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following table presents fair value changes and activity for level 3 interest rate lock commitments. | |||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||
(in thousands) | 2014 | 2013 | ||||||||||||||||||
Beginning balance, net | $ | 5,972 | $ | 22,528 | ||||||||||||||||
Total realized/unrealized gains (1) | 118,708 | 123,068 | ||||||||||||||||||
Settlements | (112,747 | ) | (139,624 | ) | ||||||||||||||||
Ending balance, net | $ | 11,933 | $ | 5,972 | ||||||||||||||||
-1 | All realized and unrealized gains and losses are recognized in earnings as net gain from mortgage loan origination and sale activities on the consolidated statement of operations. There were net unrealized gains (losses) of $11.9 million and $6.0 million for the years ended December 31, 2014 and 2013, respectively, recognized on interest rate lock commitments outstanding at December 31, 2014 and 2013, respectively. | |||||||||||||||||||
Assets and liabilities measured fair value on a nonrecurring basis | The following table presents assets that had changes in their recorded at fair value during the years ended December 31, 2014 and 2013 and still held at the end of the respective reporting period. | |||||||||||||||||||
Twelve Months Ended December 31, 2014 | ||||||||||||||||||||
(in thousands) | Fair Value of Assets Held at December 31, 2014 | Level 1 | Level 2 | Level 3 | Total Gains (Losses) | |||||||||||||||
Loans held for investment(1) | $ | 19,021 | — | — | $ | 19,021 | $ | (207 | ) | |||||||||||
Other real estate owned(2) | 6,706 | — | — | 6,706 | (41 | ) | ||||||||||||||
Total | $ | 25,727 | $ | — | $ | — | $ | 25,727 | $ | (248 | ) | |||||||||
Twelve Months Ended December 31, 2013 | ||||||||||||||||||||
(in thousands) | Fair Value of Assets Held at December 31, 2013 | Level 1 | Level 2 | Level 3 | Total Losses | |||||||||||||||
Loans held for investment(1) | $ | 44,422 | — | — | $ | 44,422 | $ | (1,629 | ) | |||||||||||
Other real estate owned(2) | 12,959 | — | — | 12,959 | 574 | |||||||||||||||
Total | $ | 57,381 | $ | — | $ | — | $ | 57,381 | $ | (1,055 | ) | |||||||||
-1 | Represents the carrying value of loans for which adjustments are based on the fair value of the collateral. | |||||||||||||||||||
-2 | Represents other real estate owned where an updated fair value of collateral is used to adjust the carrying amount subsequent to the initial classification as other real estate owned. | |||||||||||||||||||
Carrying values and the hierarchy of the fair values | The following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for the Company’s financial instruments other than assets and liabilities measured at fair value on a recurring basis. | |||||||||||||||||||
At December 31, 2014 | ||||||||||||||||||||
(in thousands) | Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||
Value | Value | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 30,502 | $ | 30,502 | $ | 30,502 | $ | — | $ | — | ||||||||||
Investment securities held to maturity | 28,006 | 28,537 | — | 28,537 | — | |||||||||||||||
Loans held for investment | 2,099,129 | 2,150,672 | — | — | 2,150,672 | |||||||||||||||
Loans held for sale – multifamily | 10,885 | 10,855 | — | 10,855 | — | |||||||||||||||
Mortgage servicing rights – multifamily | 10,885 | 12,540 | — | — | 12,540 | |||||||||||||||
Federal Home Loan Bank stock | 33,915 | 33,915 | — | 33,915 | — | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 2,445,430 | $ | 2,445,635 | $ | — | $ | 2,445,635 | $ | — | ||||||||||
Federal Home Loan Bank advances | 597,590 | 600,599 | — | 600,599 | — | |||||||||||||||
Federal funds purchased and securities sold under agreements to repurchase | 50,000 | 50,000 | — | 50,000 | — | |||||||||||||||
Long-term debt | 61,857 | 60,235 | — | 60,235 | — | |||||||||||||||
At December 31, 2013 | ||||||||||||||||||||
(in thousands) | Carrying | Fair | Level 1 | Level 2 | Level 3 | |||||||||||||||
Value | Value | |||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash and cash equivalents | $ | 33,908 | $ | 33,908 | $ | 33,908 | $ | — | $ | — | ||||||||||
Investment securities held to maturity | 17,133 | 16,887 | — | 16,887 | — | |||||||||||||||
Loans held for investment | 1,871,813 | 1,900,349 | — | — | 1,900,349 | |||||||||||||||
Loans held for sale – multifamily | 556 | 556 | — | 556 | — | |||||||||||||||
Mortgage servicing rights – multifamily | 9,335 | 10,839 | — | — | 10,839 | |||||||||||||||
Federal Home Loan Bank stock | 35,288 | 35,288 | — | 35,288 | — | |||||||||||||||
Liabilities: | ||||||||||||||||||||
Deposits | $ | 2,210,821 | $ | 2,058,533 | $ | — | $ | 2,058,533 | $ | — | ||||||||||
Federal Home Loan Bank advances | 446,590 | 449,109 | — | 449,109 | — | |||||||||||||||
Long-term debt | 64,811 | 63,849 | — | 63,849 | — | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||||||||||||||||
Significant Level 3 unobservable inputs used to measure fair value on a nonrecurring basis | The following information presents significant Level 3 unobservable inputs used to measure fair value of interest rate lock commitments. | |||||||||||||||||||
(dollars in thousands) | At December 31, 2014 | |||||||||||||||||||
Fair Value | Valuation | Significant Unobservable | Low | High | Weighted Average | |||||||||||||||
Technique | Input | |||||||||||||||||||
Interest rate lock commitments, net | $ | 11,933 | Income approach | Fall out factor | 0.60% | 77.90% | 21.40% | |||||||||||||
Value of servicing | 0.56% | 1.94% | 0.93% | |||||||||||||||||
(dollars in thousands) | At December 31, 2013 | |||||||||||||||||||
Fair Value | Valuation | Significant Unobservable | Low | High | Weighted Average | |||||||||||||||
Technique | Input | |||||||||||||||||||
Interest rate lock commitments, net | $ | 5,972 | Income approach | Fall out factor | 0.50% | 97.00% | 17.80% | |||||||||||||
Value of servicing | 0.62% | 2.65% | 1.22% |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Calculation of earnings per share | The following table summarizes the calculation of earnings per share. | |||||||||||
Year Ended December 31, | ||||||||||||
(in thousands, except share data) | 2014 | 2013 | 2012 | |||||||||
Net income | $ | 22,259 | $ | 23,809 | $ | 82,126 | ||||||
Weighted-average shares: | ||||||||||||
Basic weighted-average number of common shares outstanding | 14,800,689 | 14,412,059 | 13,312,939 | |||||||||
Dilutive effect of outstanding common stock equivalents (1) | 160,392 | 386,109 | 426,459 | |||||||||
Diluted weighted-average number of common stock outstanding | 14,961,081 | 14,798,168 | 13,739,398 | |||||||||
Earnings per share: | ||||||||||||
Basic earnings per share | $ | 1.5 | $ | 1.65 | $ | 6.17 | ||||||
Diluted earnings per share | $ | 1.49 | $ | 1.61 | $ | 5.98 | ||||||
Dividends per share | $ | 0.11 | $ | 0.33 | $ | — | ||||||
-1 | Excluded from the computation of diluted earnings per share (due to their antidilutive effect) for the twelve months ended December 31, 2014, 2013 and 2012 were certain stock options and unvested restricted stock issued to key senior management personnel and directors of the Company. The aggregate number of common stock equivalents related to such options and unvested restricted shares, which could potentially be dilutive in future periods, was 143,400, 103,674 and 121,283 at December 31, 2014, December 31, 2013 and December 31, 2012, respectively. |
Business_Segments_Tables
Business Segments (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Condensed income statement | Financial highlights by operating segment were as follows. | |||||||||||
Year Ended December 31, 2014 | ||||||||||||
(in thousands) | Mortgage | Commercial and | Total | |||||||||
Banking | Consumer Banking | |||||||||||
Condensed income statement: | ||||||||||||
Net interest income (1) | $ | 16,683 | $ | 81,986 | $ | 98,669 | ||||||
Provision (reversal of provision) for loan losses | — | (1,000 | ) | (1,000 | ) | |||||||
Noninterest income | 166,991 | 18,666 | 185,657 | |||||||||
Noninterest expense | 172,199 | 79,812 | 252,011 | |||||||||
Income before income taxes | 11,475 | 21,840 | 33,315 | |||||||||
Income tax expense | 3,964 | 7,092 | 11,056 | |||||||||
Net income | $ | 7,511 | $ | 14,748 | $ | 22,259 | ||||||
Total assets | $ | 788,681 | $ | 2,746,409 | $ | 3,535,090 | ||||||
Year Ended December 31, 2013 | ||||||||||||
(in thousands) | Mortgage | Commercial and | Total | |||||||||
Banking | Consumer Banking | |||||||||||
Condensed income statement: | ||||||||||||
Net interest income (1) | $ | 15,272 | $ | 59,172 | $ | 74,444 | ||||||
Provision for loan losses | — | 900 | 900 | |||||||||
Noninterest income | 175,654 | 15,091 | 190,745 | |||||||||
Noninterest expense | 163,354 | 66,141 | 229,495 | |||||||||
Income before income taxes | 27,572 | 7,222 | 34,794 | |||||||||
Income tax expense | 9,736 | 1,249 | 10,985 | |||||||||
Net income | $ | 17,836 | $ | 5,973 | $ | 23,809 | ||||||
Total assets | $ | 489,292 | $ | 2,576,762 | $ | 3,066,054 | ||||||
Year Ended December 31, 2012 | ||||||||||||
(in thousands) | Mortgage | Commercial and | Total | |||||||||
Banking | Consumer Banking | |||||||||||
Condensed income statement: | ||||||||||||
Net interest income (1) | $ | 14,117 | $ | 46,626 | $ | 60,743 | ||||||
Provision for loan losses | — | 11,500 | 11,500 | |||||||||
Noninterest income | 225,555 | 12,465 | 238,020 | |||||||||
Noninterest expense | 119,981 | 63,610 | 183,591 | |||||||||
Income (loss) before income taxes | 119,691 | (16,019 | ) | 103,672 | ||||||||
Income tax expense (benefit) | 24,862 | (3,316 | ) | 21,546 | ||||||||
Net income (loss) | $ | 94,829 | $ | (12,703 | ) | $ | 82,126 | |||||
Total assets | $ | 768,915 | $ | 1,862,315 | $ | 2,631,230 | ||||||
-1 | Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of excess liabilities from another segment. |
Parent_Company_Financial_State1
Parent Company Financial Statements Parent Company Financial Statements (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Parent Company Financial Statements [Abstract] | ||||||||||||
Condensed Balance Sheets, Parent Company [Table Text Block] | ||||||||||||
Condensed Statements of Financial Condition | At December 31, | |||||||||||
(in thousands) | 2014 | 2013 | ||||||||||
Assets: | ||||||||||||
Cash and cash equivalents | $ | 5,270 | $ | 4,334 | ||||||||
Other assets | 7,137 | 10,340 | ||||||||||
Investment in stock of subsidiaries | 353,992 | 316,384 | ||||||||||
$ | 366,399 | $ | 331,058 | |||||||||
Liabilities: | ||||||||||||
Other liabilities | 2,304 | 321 | ||||||||||
Long-term debt | 61,857 | 64,811 | ||||||||||
64,161 | 65,132 | |||||||||||
Shareholders’ Equity: | ||||||||||||
Preferred stock, no par value | — | — | ||||||||||
Common stock, no par value | 511 | 511 | ||||||||||
Additional paid-in capital | 96,615 | 94,474 | ||||||||||
Retained earnings | 203,567 | 182,935 | ||||||||||
Accumulated other comprehensive (loss) income | 1,545 | (11,994 | ) | |||||||||
302,238 | 265,926 | |||||||||||
$ | 366,399 | $ | 331,058 | |||||||||
Condensed Statements of Income, Parent Company [Table Text Block] | ||||||||||||
Condensed Statements of Operations | Year Ended December 31, | |||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Net interest expense | $ | (1,059 | ) | $ | (2,545 | ) | $ | (1,324 | ) | |||
Noninterest income | 561 | 970 | 800 | |||||||||
Income (loss) before income tax benefit and equity in income of subsidiaries | (498 | ) | (1,575 | ) | (524 | ) | ||||||
Dividend from HomeStreet Capital to parent | 4,200 | 19,600 | — | |||||||||
Income from subsidiaries | 21,394 | 6,591 | 84,504 | |||||||||
25,096 | 24,616 | 83,980 | ||||||||||
Noninterest expense | 4,664 | 2,281 | 3,152 | |||||||||
Income before income tax benefit | 20,432 | 22,335 | 80,828 | |||||||||
Income tax benefit | (1,827 | ) | (1,474 | ) | (1,298 | ) | ||||||
Net income | $ | 22,259 | $ | 23,809 | $ | 82,126 | ||||||
Other comprehensive income | 13,540 | (21,184 | ) | 5,071 | ||||||||
Comprehensive income | $ | 35,799 | $ | 2,625 | $ | 87,197 | ||||||
Condensed Statements of Cash Flows, Parent Company [Table Text Block] | ||||||||||||
Condensed Statements of Cash Flows | Year Ended December 31, | |||||||||||
(in thousands) | 2014 | 2013 | 2012 | |||||||||
Net cash (used in) provided by operating activities | $ | 5,693 | $ | (483 | ) | $ | (2,023 | ) | ||||
Cash flows from investing activities | ||||||||||||
Purchases of and proceeds from investment securities | 1,000 | (5,797 | ) | 1,058 | ||||||||
Net payments for investments in and advances to subsidiaries | (732 | ) | (12,172 | ) | (65,000 | ) | ||||||
Net cash (used in) provided by investing activities | 268 | (17,969 | ) | (63,942 | ) | |||||||
Cash flows from financing activities | ||||||||||||
Proceeds from issuance of common stock | 130 | 188 | 88,178 | |||||||||
Dividends paid | (1,628 | ) | — | — | ||||||||
Proceeds from and repayment of advances from subsidiaries | (3,527 | ) | 30 | 34 | ||||||||
Net cash provided by financing activities | (5,025 | ) | 218 | 88,212 | ||||||||
(Decrease) increase in cash and cash equivalents | 936 | (18,234 | ) | 22,247 | ||||||||
Cash and cash equivalents at beginning of year | 4,334 | 22,568 | 321 | |||||||||
Cash and cash equivalents at end of year | $ | 5,270 | $ | 4,334 | $ | 22,568 | ||||||
Unaudited_Quarterly_Financial_1
Unaudited Quarterly Financial Data Unaudited Quarterly Financial Data (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Our supplemental quarterly consolidated financial information is as follows. | |||||||||||||||||||||||||||||||
Quarter ended | Quarter ended | |||||||||||||||||||||||||||||||
(in thousands, except share data) | Dec. 31, 2014 | Sept. 30, 2014 | 30-Jun-14 | Mar. 31, 2014 | Dec. 31, 2013 | Sept. 30, 2013 | 30-Jun-13 | Mar. 31, 2013 | ||||||||||||||||||||||||
Interest income | $ | 30,780 | $ | 28,478 | $ | 26,225 | $ | 25,810 | $ | 24,422 | $ | 23,348 | $ | 20,468 | $ | 20,738 | ||||||||||||||||
Interest expense | 3,278 | 3,170 | 3,078 | 3,098 | 3,040 | 2,936 | 3,053 | 5,503 | ||||||||||||||||||||||||
Net interest income | 27,502 | 25,308 | 23,147 | 22,712 | 21,382 | 20,412 | 17,415 | 15,235 | ||||||||||||||||||||||||
Provision (reversal of provision) for credit losses | 500 | — | — | (1,500 | ) | — | (1,500 | ) | 400 | 2,000 | ||||||||||||||||||||||
Net interest income after provision for credit losses | 27,002 | 25,308 | 23,147 | 24,212 | 21,382 | 21,912 | 17,015 | 13,235 | ||||||||||||||||||||||||
Noninterest income | 51,487 | 45,813 | 53,650 | 34,707 | 36,072 | 38,174 | 57,556 | 58,943 | ||||||||||||||||||||||||
Noninterest expense | 68,791 | 64,158 | 62,971 | 56,091 | 58,868 | 58,116 | 56,712 | 55,799 | ||||||||||||||||||||||||
(Loss) income before income tax expense | 9,698 | 6,963 | 13,826 | 2,828 | (1,414 | ) | 1,970 | 17,859 | 16,379 | |||||||||||||||||||||||
Income tax (benefit) expense | 4,077 | 1,988 | 4,464 | 527 | (553 | ) | 308 | 5,791 | 5,439 | |||||||||||||||||||||||
Net (loss) income | $ | 5,621 | $ | 4,975 | $ | 9,362 | $ | 2,301 | $ | (861 | ) | $ | 1,662 | $ | 12,068 | $ | 10,940 | |||||||||||||||
Basic (loss) earnings per share | $ | 0.38 | $ | 0.34 | $ | 0.63 | $ | 0.16 | $ | (0.06 | ) | $ | 0.12 | $ | 0.84 | $ | 0.76 | |||||||||||||||
Diluted (loss) earnings per share | $ | 0.38 | $ | 0.33 | $ | 0.63 | $ | 0.15 | $ | (0.06 | ) | $ | 0.11 | $ | 0.82 | $ | 0.74 | |||||||||||||||
Summary_of_Significant_Account3
Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule of Equity Method Investments [Line Items] | |||
Commitments and Contingencies | |||
Restricted Cash | 2,400,000 | 2,400,000 | |
Windermere Mortgage Services Series LLC [Member] | |||
Schedule of Equity Method Investments [Line Items] | |||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 1,300,000 | 1,700,000 | 4,000,000 |
Equity Method Investments | 3,100,000 | 2,700,000 | |
Revenues | -1,200,000 | -951,000 | 279,000 |
Commitments and Contingencies | 25,000,000 | ||
Loans Receivable, Net | 7,100,000 | 5,700,000 | |
Highest balance of loans to borrower | $12,400,000 | $21,400,000 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies Recent Accounting Developments (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Tax benefit from cumulative effect of adoption of ASU 2014-01 [Table Text Block] | 406 |
Business_Combinations_Details
Business Combinations (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | ||
Deposits acquired from business combination | $32,000,000 | |
Premium of deposits from business combination | 804,000 | |
Business Combination, Purchase Price Allocation, Goodwill Amount | 11,521,000 | |
Business Combination, Purchase Price Allocation, Amortizable Intangible Assets | 3,455,000 | |
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life | 77 months | |
Business Combination, Acquisition Related Costs | $2,166,000 | $4,549,000 |
Business_Combinations_Purchase
Business Combinations Purchase price table (Details) (USD $) | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Business Combinations [Abstract] | ||
Business Combination, Cost of Acquired Entity, Purchase Price, Total | $36,890 | [1] |
Business Combination, Purchase Price Allocation, Cash and Cash Equivalents | 60,861 | |
Business Combination, Purchase Price Allocation, Marketable Securities | 1,241 | |
Business Combination, Acquired Receivables, Fair Value | 206,737 | |
Business Combination, Purchase Price Allocation, Other Real Estate Owned | 740 | |
Business Combination, Purchase Price Allocation, FHLB Stock | 240 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,416 | |
Business Combination, Purchase Price Allocation, Amortizable Intangible Assets | 3,455 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 15,006 | |
Business Combination, Purchase Price Allocation, Liabilities, Deposits | -261,116 | |
Business Combination, Purchase Price Allocation, Accrued Liabilities | -1,257 | |
Business Combination, Purchase Price Allocation, Junior Subordinated Debentures | -2,954 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net | 25,369 | |
Business Combination, Purchase Price Allocation, Goodwill Amount | $11,521 | |
[1] | (1)The purchase price represents the total amount of cash consideration transferred. |
Business_Combinations_Acquisit
Business Combinations Acquisition related costs (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Combinations [Abstract] | ||
Business combinations, compensation costs | $459 | $864 |
Business combinations, general and administrative costs | 427 | 206 |
Business Combinations, legal expenses | 248 | 407 |
Business Combinations, consulting expenses | 791 | 3,007 |
Business Combinations, FDIC assessments | 0 | 15 |
Business Combinations, occupancy expenses | 11 | 2 |
Business Combinations, information services expenses | 230 | 48 |
Business Combination, Acquisition Related Costs | $2,166 | $4,549 |
Business_Combinations_Contract
Business Combinations Contractual required payments (Details) (USD $) | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Business Combinations [Abstract] | ||
Business Combination, Acquired Receivables, Gross Contractual Amount | $265,215 | [1] |
Business Combination, Acquired Receivables, Estimated Uncollectible | -4,646 | |
Business combination, acquired receivable, net collectible | $260,569 | |
[1] | (1)Denotes required payments based on a loan's current contractual rate and contractual schedule, assuming no loss or prepayment. |
Business_Combinations_Textual_
Business Combinations Textual (Details) (USD $) | Dec. 31, 2013 | Mar. 01, 2015 |
Business Acquisition [Line Items] | ||
Deposits acquired from business combination | $32,000,000 | |
Business Combination, Acquired Receivables, Fair Value | 206,737,000 | |
Simplicity acquisition [Member] | ||
Business Acquisition [Line Items] | ||
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | 7,180,005 | |
Business Acquisition, Share Price | $17.53 | |
Deposits acquired from business combination | 656,000,000 | |
Business Combination, Assets Acquired | 863,000,000 | |
Business Combination, Acquired Receivables, Fair Value | $683,000,000 |
Regulatory_Capital_Requirement2
Regulatory Capital Requirements Regulatory Capital (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital | $341,534 | $315,762 |
Capital to Risk Weighted Assets | 14.03% | 15.28% |
Capital Required for Capital Adequacy | 194,808 | 163,415 |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | 8.00% |
Capital Required to be Well Capitalized | 243,511 | 204,269 |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital | 319,010 | 291,673 |
Tier One Risk Based Capital to Risk Weighted Assets | 13.10% | 14.12% |
Tier One Risk Based Capital Required for Capital Adequacy | 97,404 | 81,708 |
Tier One Risk Based Capital Required for Capital Adequacy to Risk Weighted Assets | 4.00% | 4.00% |
Tier One Risk Based Capital Required to be Well Capitalized | 146,106 | 122,562 |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 6.00% | 6.00% |
Tier One Leverage Capital Required for Capital Adequacy | 136,058 | 117,182 |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 4.00% | 4.00% |
Tier One Leverage Capital Required to be Well Capitalized | 170,072 | 146,478 |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Tier One Leverage Capital | $319,010 | $291,673 |
Tier One Leverage Capital to Average Assets | 9.38% | 9.96% |
Investment_Securities_Availabl1
Investment Securities Available for Sale - Amortized Cost and Fair Value (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Debt Securities, Amortized Cost Basis | $426,617 | $501,395 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 4,467 | 503 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | -3,758 | -20,215 |
Available-for-sale Securities, Fair Value Disclosure | 427,326 | 481,683 |
Residential Mortgage Backed Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 107,624 | 137,602 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 509 | 187 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | -853 | -3,879 |
Commercial Mortgage Backed Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 13,030 | 13,391 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 641 | 45 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | 0 | -3 |
Municipal Bonds [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 119,744 | 136,937 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 2,847 | 185 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | -257 | -6,272 |
Residential [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 44,254 | 93,112 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 161 | 85 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | -1,249 | -2,870 |
Commercial [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 20,775 | 17,333 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | -289 | -488 |
Corporate Debt Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 80,214 | 75,542 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 296 | 0 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | -1,110 | -6,676 |
US Treasury Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Debt Securities, Amortized Cost Basis | 40,976 | 27,478 |
Available-for-sale Securities, Gross Unrealized Gains at Period End | 13 | 1 |
Available-for-sale Securities, Gross Unrealized Losses at Period End | 0 | -27 |
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Fair Value Disclosure | 107,280 | 133,910 |
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Fair Value Disclosure | 13,671 | 13,433 |
Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Fair Value Disclosure | 122,334 | |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations Residential [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Fair Value Disclosure | 43,166 | 130,850 |
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations Commercial [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Fair Value Disclosure | 20,486 | 16,845 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Fair Value Disclosure | 79,400 | 68,866 |
Fair Value, Measurements, Recurring [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Fair Value Disclosure | 40,989 | 27,452 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Residential Mortgage Backed Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Fair Value Disclosure | 107,280 | 133,910 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Fair Value Disclosure | 13,671 | 13,433 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Municipal Bonds [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Fair Value Disclosure | 122,334 | 130,850 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations Residential [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Fair Value Disclosure | 43,166 | 90,327 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Collateralized Mortgage Obligations Commercial [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Fair Value Disclosure | 20,486 | 16,845 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Fair Value Disclosure | 79,400 | 68,866 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Fair Value Disclosure | $40,989 | $27,452 |
Investment_Securities_Availabl2
Investment Securities Available for Sale (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | ($96) | ($19,072) |
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 20,516 | 388,242 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at Period End | -3,662 | -1,143 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 161,864 | 25,299 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -3,758 | -20,215 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 182,380 | 413,541 |
Residential Mortgage [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | 0 | -3,767 |
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 98,717 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at Period End | -853 | -112 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 57,242 | 6,728 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -853 | -3,879 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 57,242 | 105,445 |
Commercial Mortgage Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | 0 | -3 |
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 7,661 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at Period End | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | 0 | -3 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 0 | 7,661 |
Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | -11 | -5,991 |
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,339 | 106,985 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at Period End | -246 | -281 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 17,155 | 3,490 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -257 | -6,272 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 19,494 | 110,475 |
Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | 0 | -2,120 |
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 63,738 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at Period End | -1,249 | -750 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 31,021 | 15,081 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -1,249 | -2,870 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 31,021 | 78,819 |
Commercial [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | -29 | -488 |
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,037 | 16,845 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at Period End | -260 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 15,449 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -289 | -488 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 20,486 | 16,845 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | -56 | -6,676 |
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 13,140 | 68,844 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at Period End | -1,054 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 40,997 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -1,110 | -6,676 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 54,137 | 68,844 |
US Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | 0 | -27 |
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 25,452 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at Period End | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | 0 | -27 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $0 | $25,452 |
Investment_Securities_Availabl3
Investment Securities Available for Sale (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | $25,998 | $1,001 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 24,595 | 26,451 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 78,677 | 88,284 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 298,056 | 365,947 |
Available-for-sale Securities, Debt Securities | 427,326 | 481,683 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.28% | 0.18% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 1.19% | 0.30% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 3.09% | 2.84% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 2.92% | 2.92% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 2.69% | 2.75% |
Residential Mortgage Backed Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 6,949 | 10,581 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 100,331 | 123,329 |
Available-for-sale Securities, Debt Securities | 107,280 | 133,910 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.00% | 0.00% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 0.00% | 0.00% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 1.72% | 1.63% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 1.75% | 1.82% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 1.75% | 1.81% |
Commercial Mortgage Backed Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 13,671 | 13,433 |
Available-for-sale Securities, Debt Securities | 13,671 | 13,433 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.00% | 0.00% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 0.00% | 0.00% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 0.00% | 0.00% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 4.75% | 4.51% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 4.75% | 4.51% |
Municipal Bonds [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 604 | 0 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 23,465 | 19,598 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 98,265 | 111,252 |
Available-for-sale Securities, Debt Securities | 122,334 | 130,850 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.00% | 0.00% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 4.10% | 0.00% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 3.55% | 3.51% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 4.21% | 4.29% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 4.09% | 4.17% |
Residential [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 0 | 19,987 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 43,166 | 70,340 |
Available-for-sale Securities, Debt Securities | 43,166 | 90,327 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.00% | 0.00% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 0.00% | 0.00% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 0.00% | 2.31% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 1.84% | 2.17% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 1.84% | 2.20% |
Commercial [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 9,776 | 5,270 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 10,710 | 11,575 |
Available-for-sale Securities, Debt Securities | 20,486 | 16,845 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.00% | 0.00% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 0.00% | 0.00% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 1.96% | 1.90% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 1.99% | 1.42% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 1.97% | 1.57% |
Corporate Debt Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 9,000 | 0 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 38,487 | 32,848 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 31,913 | 36,018 |
Available-for-sale Securities, Debt Securities | 79,400 | 68,866 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.00% | 0.00% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 2.21% | 0.00% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 3.35% | 3.31% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 3.73% | 3.75% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 3.37% | 3.54% |
US Treasury Securities [Member] | ||
Mortgage Backed and Collateral Mortgage Obligation | ||
Available-for-sale Securities, Debt Maturities, Next Twelve Months, Fair Value | 25,998 | 1,001 |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Fair Value | 14,991 | 26,451 |
Available-for-sale Securities, Debt Maturities, Year Six Through Ten, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Maturities, after Ten Years, Fair Value | 0 | 0 |
Available-for-sale Securities, Debt Securities | $40,989 | $27,452 |
Available for Sale Securities Debt Maturities with in One Year Weighted Average Yield | 0.28% | 0.18% |
Available-for-sale Securities, Debt Maturities, Year Two Through Five, Weighted Average Yield | 0.46% | 0.30% |
Available for Sale Securities Debt Maturities After Five Through Ten Years Weighted Average Yield | 0.00% | 0.00% |
Available for Sale Securities Debt Maturities After Ten Years Weighted Average Yield | 0.00% | 0.00% |
Available for Sale Securities Debt Maturities Without Single Maturity Date Weighted Average Yield | 0.35% | 0.29% |
Investment_Securities_Availabl4
Investment Securities Available for Sale - Gross Gains and Losses (Details 3) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Available-for-sale Securities, Gross Realized Gain (Loss), Disclosures [Abstract] | |||
Securities pledged to secure derivatives in a liability position | $47,300,000 | ||
Interest Income, Securities, Tax Exempt | 3,400,000 | 4,000,000 | 4,300,000 |
Gain (Loss) on Investments [Line Items] | |||
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | -96,154,000 | -127,648,000 | -166,187,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | -96,000 | -19,072,000 | |
Available-for-sale Securities, Gross Realized Gains | 2,560,000 | 2,089,000 | 1,921,000 |
Available-for-sale Securities, Gross Realized Losses | -201,000 | -315,000 | -431,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 20,516,000 | 388,242,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at Period End | -3,662,000 | -1,143,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 161,864,000 | 25,299,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -3,758,000 | -20,215,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 182,380,000 | 413,541,000 | |
Residential Mortgage Backed Securities [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | 0 | -3,767,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 98,717,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at Period End | -853,000 | -112,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 57,242,000 | 6,728,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -853,000 | -3,879,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 57,242,000 | 105,445,000 | |
Commercial Mortgage Backed Securities [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | 0 | -3,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 7,661,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at Period End | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | 0 | -3,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 0 | 7,661,000 | |
Municipal Bonds [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | -11,000 | -5,991,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 2,339,000 | 106,985,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at Period End | -246,000 | -281,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 17,155,000 | 3,490,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -257,000 | -6,272,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 19,494,000 | 110,475,000 | |
Collateralized Residential Mortgage Obligations [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | 0 | -2,120,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 63,738,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at Period End | -1,249,000 | -750,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 31,021,000 | 15,081,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -1,249,000 | -2,870,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 31,021,000 | 78,819,000 | |
Collateralized Commercial Mortgage Obligations [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | -29,000 | -488,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 5,037,000 | 16,845,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at Period End | -260,000 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 15,449,000 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -289,000 | -488,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 20,486,000 | 16,845,000 | |
US Treasury Securities [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | 0 | -27,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | 25,452,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at Period End | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | 0 | -27,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | 0 | 25,452,000 | |
Corporate Debt Securities [Member] | |||
Gain (Loss) on Investments [Line Items] | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Aggregate Loss at Period End | -56,000 | -6,676,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 13,140,000 | 68,844,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss at Period End | -1,054,000 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 40,997,000 | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Aggregate Loss at Period End | -1,110,000 | -6,676,000 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $54,137,000 | $68,844,000 |
Investment_Securities_Availabl5
Investment Securities Available for Sale (Details Textual) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Available-for-sale Securities [Line Items] | |||
Securities pledged to secure derivatives in a liability position | $47.30 | ||
Interest Income, Securities, Tax Exempt | 3.4 | 4 | 4.3 |
Federal Home Loan Bank Advances [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities pledged to secure derivatives in a liability position | 44.3 | ||
Derivative Financial Instruments, Liabilities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Securities pledged to secure derivatives in a liability position | $33.40 | $37.70 |
Loans_and_Credit_Quality_Detai
Loans and Credit Quality (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Loans held for investment | |||
Loans and Leases Receivable, Gross | $2,126,198 | $1,898,940 | |
Net deferred loan fees and discounts | 5,048 | -3,219 | |
Loans held for investment, net of deferred fees and discounts | 2,121,150 | 1,895,721 | |
Allowance for losses on loans held for investment | -22,021 | -23,908 | -27,561 |
Loans held for investment, net | 2,099,129 | 1,871,813 | |
Consumer Portfolio Segment [Member] | |||
Loans held for investment | |||
Loans and Leases Receivable, Gross | 1,032,263 | 1,040,563 | |
Commercial Portfolio Segment [Member] | |||
Loans held for investment | |||
Loans and Leases Receivable, Gross | 1,093,935 | 858,377 | |
Residential Mortgage [Member] | |||
Loans held for investment | |||
Loans and Leases Receivable, Gross | 896,665 | 904,913 | |
Home Equity Line of Credit [Member] | |||
Loans held for investment | |||
Loans and Leases Receivable, Gross | 135,598 | 135,650 | |
Commercial Real Estate [Member] | |||
Loans held for investment | |||
Loans and Leases Receivable, Gross | 523,464 | 477,642 | |
Multifamily Residential [Member] | |||
Loans held for investment | |||
Loans and Leases Receivable, Gross | 55,088 | 79,216 | |
Commercial Real Estate Construction Financing Receivable [Member] | |||
Loans held for investment | |||
Loans and Leases Receivable, Gross | 367,934 | 130,465 | |
Commercial Business [Member] | |||
Loans held for investment | |||
Loans and Leases Receivable, Gross | $147,449 | $171,054 |
Loans_and_Credit_Quality_ALLL_
Loans and Credit Quality- ALLL Rollforward (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Loans and Leases Receivable, Allowance | $22,021,000 | $23,908,000 | $22,021,000 | $23,908,000 | $27,561,000 | ||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||||||
Beginning Balance | 24,089,000 | 27,751,000 | 24,089,000 | 27,751,000 | 42,800,000 | ||||||
Charge-offs | -2,508,000 | -6,854,000 | |||||||||
Recoveries | 1,943,000 | 2,292,000 | |||||||||
Provision for credit losses | 500,000 | 0 | 0 | -1,500,000 | 0 | -1,500,000 | 400,000 | 2,000,000 | -1,000,000 | 900,000 | 11,500,000 |
Ending Balance | 22,524,000 | 24,089,000 | 22,524,000 | 24,089,000 | 27,751,000 | ||||||
Allowance for Loan and Lease Losses, Provision for Loss, Net | -565,000 | -4,562,000 | -26,549,000 | ||||||||
Residential Mortgage [Member] | |||||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||||||
Beginning Balance | 11,990,000 | 13,388,000 | 11,990,000 | 13,388,000 | |||||||
Charge-offs | -907,000 | -2,967,000 | |||||||||
Recoveries | 139,000 | 536,000 | |||||||||
Provision for credit losses | -1,775,000 | 1,033,000 | |||||||||
Ending Balance | 9,447,000 | 11,990,000 | 9,447,000 | 11,990,000 | |||||||
Home Equity Line of Credit [Member] | |||||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||||||
Beginning Balance | 3,987,000 | 4,648,000 | 3,987,000 | 4,648,000 | |||||||
Charge-offs | -953,000 | -1,960,000 | |||||||||
Recoveries | 566,000 | 583,000 | |||||||||
Provision for credit losses | -278,000 | 716,000 | |||||||||
Ending Balance | 3,322,000 | 3,987,000 | 3,322,000 | 3,987,000 | |||||||
Commercial Real Estate [Member] | |||||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||||||
Beginning Balance | 4,012,000 | 5,312,000 | 4,012,000 | 5,312,000 | |||||||
Charge-offs | -52,000 | -1,448,000 | |||||||||
Recoveries | 493,000 | 134,000 | |||||||||
Provision for credit losses | -607,000 | 14,000 | |||||||||
Ending Balance | 3,846,000 | 4,012,000 | 3,846,000 | 4,012,000 | |||||||
Multifamily Residential [Member] | |||||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||||||
Beginning Balance | 942,000 | 622,000 | 942,000 | 622,000 | |||||||
Charge-offs | 0 | 0 | |||||||||
Recoveries | 0 | 0 | |||||||||
Provision for credit losses | -269,000 | 320,000 | |||||||||
Ending Balance | 673,000 | 942,000 | 673,000 | 942,000 | |||||||
Commercial Real Estate Construction Financing Receivable [Member] | |||||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||||||
Beginning Balance | 1,414,000 | 1,580,000 | 1,414,000 | 1,580,000 | |||||||
Charge-offs | 0 | -458,000 | |||||||||
Recoveries | 516,000 | 767,000 | |||||||||
Provision for credit losses | 1,888,000 | -475,000 | |||||||||
Ending Balance | 3,818,000 | 1,414,000 | 3,818,000 | 1,414,000 | |||||||
Commercial Business [Member] | |||||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||||||
Beginning Balance | 1,744,000 | 2,201,000 | 1,744,000 | 2,201,000 | |||||||
Charge-offs | -596,000 | -21,000 | |||||||||
Recoveries | 229,000 | 272,000 | |||||||||
Provision for credit losses | 41,000 | -708,000 | |||||||||
Ending Balance | 1,418,000 | 1,744,000 | 1,418,000 | 1,744,000 | |||||||
Consumer Portfolio Segment [Member] | |||||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||||||
Beginning Balance | 15,977,000 | 18,036,000 | 15,977,000 | 18,036,000 | |||||||
Charge-offs | -1,860,000 | -4,927,000 | |||||||||
Recoveries | 705,000 | 1,119,000 | |||||||||
Provision for credit losses | -2,053,000 | 1,749,000 | |||||||||
Ending Balance | 12,769,000 | 15,977,000 | 12,769,000 | 15,977,000 | |||||||
Commercial Portfolio Segment [Member] | |||||||||||
Allowance for Doubtful Accounts Receivable [Roll Forward] | |||||||||||
Beginning Balance | 8,112,000 | 9,715,000 | 8,112,000 | 9,715,000 | |||||||
Charge-offs | -648,000 | -1,927,000 | |||||||||
Recoveries | 1,238,000 | 1,173,000 | |||||||||
Provision for credit losses | 1,053,000 | -849,000 | |||||||||
Ending Balance | 9,755,000 | 8,112,000 | 9,755,000 | 8,112,000 | |||||||
Credit Risk [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Loss Contingency Accrual, at Carrying Value | $503,000 | $181,000 | $503,000 | $181,000 | $190,000 |
Loans_and_Credit_Quality_ALLL_1
Loans and Credit Quality - ALLL by Impairment Methodology (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||
Allowance: collectively evaluated for impairment | $20,818 | $21,518 | ||
Allowance: individually evaluated for impairment | 1,706 | 2,571 | ||
Total Allowance | 22,524 | 24,089 | 27,751 | 42,800 |
Loans: collectively evaluated for impairment | 2,006,974 | 1,779,071 | ||
Loans: individually evaluated for impairment | 119,224 | 119,869 | ||
Total loans | 2,126,198 | 1,898,940 | ||
Consumer Portfolio Segment [Member] | ||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||
Allowance: collectively evaluated for impairment | 11,908 | 14,535 | ||
Allowance: individually evaluated for impairment | 861 | 1,442 | ||
Total Allowance | 12,769 | 15,977 | 18,036 | |
Loans: collectively evaluated for impairment | 951,720 | 964,736 | ||
Loans: individually evaluated for impairment | 80,543 | 75,827 | ||
Total loans | 1,032,263 | 1,040,563 | ||
Commercial Portfolio Segment [Member] | ||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||
Allowance: collectively evaluated for impairment | 8,910 | 6,983 | ||
Allowance: individually evaluated for impairment | 845 | 1,129 | ||
Total Allowance | 9,755 | 8,112 | 9,715 | |
Loans: collectively evaluated for impairment | 1,055,254 | 814,335 | ||
Loans: individually evaluated for impairment | 38,681 | 44,042 | ||
Total loans | 1,093,935 | 858,377 | ||
Residential Mortgage [Member] | ||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||
Allowance: collectively evaluated for impairment | 8,743 | 10,632 | ||
Allowance: individually evaluated for impairment | 704 | 1,358 | ||
Total Allowance | 9,447 | 11,990 | 13,388 | |
Loans: collectively evaluated for impairment | 818,783 | 831,730 | ||
Loans: individually evaluated for impairment | 77,882 | 73,183 | ||
Total loans | 896,665 | 904,913 | ||
Home Equity Line of Credit [Member] | ||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||
Allowance: collectively evaluated for impairment | 3,165 | 3,903 | ||
Allowance: individually evaluated for impairment | 157 | 84 | ||
Total Allowance | 3,322 | 3,987 | 4,648 | |
Loans: collectively evaluated for impairment | 132,937 | 133,006 | ||
Loans: individually evaluated for impairment | 2,661 | 2,644 | ||
Total loans | 135,598 | 135,650 | ||
Commercial Real Estate [Member] | ||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||
Allowance: collectively evaluated for impairment | 3,806 | 4,012 | ||
Allowance: individually evaluated for impairment | 40 | 0 | ||
Total Allowance | 3,846 | 4,012 | 5,312 | |
Loans: collectively evaluated for impairment | 496,685 | 445,766 | ||
Loans: individually evaluated for impairment | 26,779 | 31,876 | ||
Total loans | 523,464 | 477,642 | ||
Multifamily Residential [Member] | ||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||
Allowance: collectively evaluated for impairment | 312 | 515 | ||
Allowance: individually evaluated for impairment | 361 | 427 | ||
Total Allowance | 673 | 942 | 622 | |
Loans: collectively evaluated for impairment | 52,011 | 76,053 | ||
Loans: individually evaluated for impairment | 3,077 | 3,163 | ||
Total loans | 55,088 | 79,216 | ||
Commercial Real Estate Construction Financing Receivable [Member] | ||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||
Allowance: collectively evaluated for impairment | 3,818 | 1,414 | ||
Allowance: individually evaluated for impairment | 0 | 0 | ||
Total Allowance | 3,818 | 1,414 | 1,580 | |
Loans: collectively evaluated for impairment | 362,487 | 124,317 | ||
Loans: individually evaluated for impairment | 5,447 | 6,148 | ||
Total loans | 367,934 | 130,465 | ||
Commercial Business [Member] | ||||
Allowance for credit losses and recorded investment in loans by impairment methodology | ||||
Allowance: collectively evaluated for impairment | 974 | 1,042 | ||
Allowance: individually evaluated for impairment | 444 | 702 | ||
Total Allowance | 1,418 | 1,744 | 2,201 | |
Loans: collectively evaluated for impairment | 144,071 | 168,199 | ||
Loans: individually evaluated for impairment | 3,378 | 2,855 | ||
Total loans | $147,449 | $171,054 |
Loans_and_Credit_Quality_Impai
Loans and Credit Quality - Impaired Loans (Details 3) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Financing Receivable, Impaired [Line Items] | ||||
Financing Receivable, Modifications, Performing, Recorded Investment | $73,600,000 | $70,300,000 | ||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||
Recorded investment With no related allowance recorded | 82,725,000 | [1] | 81,301,000 | [1] |
Recorded investment With related allowance recorded | 36,499,000 | [1] | 38,568,000 | [1] |
Total Recorded investment | 119,224,000 | [1] | 119,869,000 | [1] |
Unpaid principal balance With no related allowance recorded | 98,664,000 | [2] | 112,795,000 | [2] |
Unpaid principal balance With related allowance recorded | 37,078,000 | [2] | 38,959,000 | [2] |
Impaired Financing Receivable, Related Allowance | 1,706,000 | 2,571,000 | ||
Total Unpaid principal balance | 135,742,000 | [2] | 151,754,000 | [2] |
Total Average recorded investment | 118,791,000 | 122,804,000 | ||
Residential Mortgage [Member] | ||||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||
Recorded investment With no related allowance recorded | 48,104,000 | [1] | 39,341,000 | [1] |
Recorded investment With related allowance recorded | 29,778,000 | [1] | 33,842,000 | [1] |
Total Recorded investment | 77,882,000 | [1],[3] | 73,183,000 | [1],[3] |
Unpaid principal balance With no related allowance recorded | 50,787,000 | [2] | 41,935,000 | [2] |
Unpaid principal balance With related allowance recorded | 29,891,000 | [2] | 33,900,000 | [2] |
Impaired Financing Receivable, Related Allowance | 704,000 | [3] | 1,358,000 | [3] |
Total Unpaid principal balance | 80,678,000 | [2],[3] | 75,835,000 | [2],[3] |
Total Average recorded investment | 73,683,000 | 76,910,000 | ||
Home Equity Line of Credit [Member] | ||||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||
Recorded investment With no related allowance recorded | 1,824,000 | [1] | 1,895,000 | [1] |
Recorded investment With related allowance recorded | 837,000 | [1] | 749,000 | [1] |
Total Recorded investment | 2,661,000 | [1] | 2,644,000 | [1] |
Unpaid principal balance With no related allowance recorded | 1,850,000 | [2] | 1,968,000 | [2] |
Unpaid principal balance With related allowance recorded | 837,000 | [2] | 749,000 | [2] |
Impaired Financing Receivable, Related Allowance | 157,000 | 84,000 | ||
Total Unpaid principal balance | 2,687,000 | [2] | 2,717,000 | [2] |
Total Average recorded investment | 2,528,000 | 3,204,000 | ||
Commercial Real Estate [Member] | ||||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||
Recorded investment With no related allowance recorded | 25,540,000 | [1] | 31,876,000 | [1] |
Recorded investment With related allowance recorded | 1,239,000 | [1] | 0 | [1] |
Total Recorded investment | 26,779,000 | [1] | 31,876,000 | [1] |
Unpaid principal balance With no related allowance recorded | 27,205,000 | [2] | 45,921,000 | [2] |
Unpaid principal balance With related allowance recorded | 1,399,000 | [2] | 0 | [2] |
Impaired Financing Receivable, Related Allowance | 40,000 | 0 | ||
Total Unpaid principal balance | 28,604,000 | [2] | 45,921,000 | [2] |
Total Average recorded investment | 30,364,000 | 28,595,000 | ||
Multifamily Residential [Member] | ||||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||
Recorded investment With no related allowance recorded | 508,000 | [1] | 508,000 | [1] |
Recorded investment With related allowance recorded | 2,569,000 | [1] | 2,655,000 | [1] |
Total Recorded investment | 3,077,000 | [1] | 3,163,000 | [1] |
Unpaid principal balance With no related allowance recorded | 508,000 | [2] | 508,000 | [2] |
Unpaid principal balance With related allowance recorded | 2,747,000 | [2] | 2,832,000 | [2] |
Impaired Financing Receivable, Related Allowance | 361,000 | 427,000 | ||
Total Unpaid principal balance | 3,255,000 | [2] | 3,340,000 | [2] |
Total Average recorded investment | 3,112,000 | 3,197,000 | ||
Commercial Real Estate Construction Financing Receivable [Member] | ||||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||
Recorded investment With no related allowance recorded | 5,447,000 | [1] | 6,148,000 | [1] |
Recorded investment With related allowance recorded | 0 | [1] | 0 | [1] |
Total Recorded investment | 5,447,000 | [1] | 6,148,000 | [1] |
Unpaid principal balance With no related allowance recorded | 14,532,000 | [2] | 15,299,000 | [2] |
Unpaid principal balance With related allowance recorded | 0 | [2] | 0 | [2] |
Impaired Financing Receivable, Related Allowance | 0 | 0 | ||
Total Unpaid principal balance | 14,532,000 | [2] | 15,299,000 | [2] |
Total Average recorded investment | 5,723,000 | 8,790,000 | ||
Commercial Business [Member] | ||||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||
Recorded investment With no related allowance recorded | 1,302,000 | [1] | 1,533,000 | [1] |
Recorded investment With related allowance recorded | 2,076,000 | [1] | 1,322,000 | [1] |
Total Recorded investment | 3,378,000 | [1] | 2,855,000 | [1] |
Unpaid principal balance With no related allowance recorded | 3,782,000 | [2] | 7,164,000 | [2] |
Unpaid principal balance With related allowance recorded | 2,204,000 | [2] | 1,478,000 | [2] |
Impaired Financing Receivable, Related Allowance | 444,000 | 702,000 | ||
Total Unpaid principal balance | 5,986,000 | [2] | 8,642,000 | [2] |
Total Average recorded investment | 3,381,000 | 2,108,000 | ||
Consumer Portfolio Segment [Member] | ||||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||
Recorded investment With no related allowance recorded | 49,928,000 | [1] | 41,236,000 | [1] |
Recorded investment With related allowance recorded | 30,615,000 | [1] | 34,591,000 | [1] |
Total Recorded investment | 80,543,000 | [1] | 75,827,000 | [1] |
Unpaid principal balance With no related allowance recorded | 52,637,000 | [2] | 43,903,000 | [2] |
Unpaid principal balance With related allowance recorded | 30,728,000 | [2] | 34,649,000 | [2] |
Impaired Financing Receivable, Related Allowance | 861,000 | 1,442,000 | ||
Total Unpaid principal balance | 83,365,000 | [2] | 78,552,000 | [2] |
Total Average recorded investment | 76,211,000 | 80,114,000 | ||
Commercial Portfolio Segment [Member] | ||||
Impaired loans by loan portfolio segment and loan class [Abstract] | ||||
Recorded investment With no related allowance recorded | 32,797,000 | [1] | 40,065,000 | [1] |
Recorded investment With related allowance recorded | 5,884,000 | [1] | 3,977,000 | [1] |
Total Recorded investment | 38,681,000 | [1] | 44,042,000 | [1] |
Unpaid principal balance With no related allowance recorded | 46,027,000 | [2] | 68,892,000 | [2] |
Unpaid principal balance With related allowance recorded | 6,350,000 | [2] | 4,310,000 | [2] |
Impaired Financing Receivable, Related Allowance | 845,000 | 1,129,000 | ||
Total Unpaid principal balance | 52,377,000 | [2] | 73,202,000 | [2] |
Total Average recorded investment | $42,580,000 | $42,690,000 | ||
[1] | (1)Includes partial charge-offs and nonaccrual interest paid. | |||
[2] | (2)Unpaid principal balance does not includes partial charge-offs or nonaccrual interest paid. Related allowance is calculated on net book balances not unpaid principal balances. | |||
[3] | (3)Includes $73.6 million in performing TDRs. |
Loans_and_Credit_Quality_Detai1
Loans and Credit Quality (Details 4) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Financing Receivable, Recorded Investment [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | $118,791 | $122,804 |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 2,126,198 | 1,898,940 |
Residential Mortgage [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 73,683 | 76,910 |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 896,665 | 904,913 |
Home Equity Line of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 2,528 | 3,204 |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 135,598 | 135,650 |
Commercial Real Estate [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 30,364 | 28,595 |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 523,464 | 477,642 |
Multifamily Residential [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 3,112 | 3,197 |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 55,088 | 79,216 |
Commercial Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 5,723 | 8,790 |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 367,934 | 130,465 |
Commercial Business [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 3,381 | 2,108 |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 147,449 | 171,054 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 42,580 | 42,690 |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 1,093,935 | 858,377 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Impaired Financing Receivable, Average Recorded Investment | 76,211 | 80,114 |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 1,032,263 | 1,040,563 |
Pass [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 1,967,815 | 1,660,075 |
Pass [Member] | Residential Mortgage [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 865,641 | 817,877 |
Pass [Member] | Home Equity Line of Credit [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 133,338 | 132,086 |
Pass [Member] | Commercial Real Estate [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 441,509 | 368,817 |
Pass [Member] | Multifamily Residential [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 50,495 | 74,509 |
Pass [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 361,167 | 121,026 |
Pass [Member] | Commercial Business [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 115,665 | 145,760 |
Pass [Member] | Commercial Portfolio Segment [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 968,836 | 710,112 |
Pass [Member] | Consumer Portfolio Segment [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 998,979 | 949,963 |
Watch [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 97,947 | 143,752 |
Watch [Member] | Residential Mortgage [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 361 | 53,711 |
Watch [Member] | Home Equity Line of Credit [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 82 | 1,442 |
Watch [Member] | Commercial Real Estate [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 67,434 | 63,579 |
Watch [Member] | Multifamily Residential [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 1,516 | 1,544 |
Watch [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 2,830 | 3,414 |
Watch [Member] | Commercial Business [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 25,724 | 20,062 |
Watch [Member] | Commercial Portfolio Segment [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 97,504 | 88,599 |
Watch [Member] | Consumer Portfolio Segment [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 443 | 55,153 |
Special Mention [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 43,460 | 57,424 |
Special Mention [Member] | Residential Mortgage [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 21,714 | 12,746 |
Special Mention [Member] | Home Equity Line of Credit [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 652 | 276 |
Special Mention [Member] | Commercial Real Estate [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 13,066 | 37,758 |
Special Mention [Member] | Multifamily Residential [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 3,077 | 3,163 |
Special Mention [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 1,261 | 2,895 |
Special Mention [Member] | Commercial Business [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 3,690 | 586 |
Special Mention [Member] | Commercial Portfolio Segment [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 21,094 | 44,402 |
Special Mention [Member] | Consumer Portfolio Segment [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 22,366 | 13,022 |
Substandard [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 16,976 | 37,689 |
Substandard [Member] | Residential Mortgage [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 8,949 | 20,579 |
Substandard [Member] | Home Equity Line of Credit [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 1,526 | 1,846 |
Substandard [Member] | Commercial Real Estate [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 1,455 | 7,488 |
Substandard [Member] | Multifamily Residential [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 0 | 0 |
Substandard [Member] | Commercial Real Estate Construction Financing Receivable [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 2,676 | 3,130 |
Substandard [Member] | Commercial Business [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 2,370 | 4,646 |
Substandard [Member] | Commercial Portfolio Segment [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | 6,501 | 15,264 |
Substandard [Member] | Consumer Portfolio Segment [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Total loans | $10,475 | $22,425 |
Loans_and_Credit_Quality_Past_
Loans and Credit Quality - Past Due Loans (Details 5) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | $2,126,198 | $1,898,940 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||
30-59 days past due | 8,814 | 6,841 | ||
60-89 days past due | 3,797 | 4,976 | ||
90 days or more past due | 51,001 | 72,518 | ||
Total past due | 63,612 | 84,335 | ||
Current | 2,062,586 | 1,814,605 | ||
Total loans | 2,126,198 | 1,898,940 | ||
90-days or more past due and still accruing | 34,987 | [1] | 46,811 | [1] |
Residential Mortgage [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 896,665 | 904,913 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||
30-59 days past due | 7,832 | 6,466 | ||
60-89 days past due | 2,452 | 4,901 | ||
90 days or more past due | 43,105 | 55,672 | ||
Total past due | 53,389 | 67,039 | ||
Current | 843,276 | 837,874 | ||
Total loans | 896,665 | 904,913 | ||
90-days or more past due and still accruing | 34,737 | [1] | 46,811 | [1] |
Home Equity Line of Credit [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 135,598 | 135,650 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||
30-59 days past due | 371 | 375 | ||
60-89 days past due | 81 | 75 | ||
90 days or more past due | 1,526 | 1,846 | ||
Total past due | 1,978 | 2,296 | ||
Current | 133,620 | 133,354 | ||
Total loans | 135,598 | 135,650 | ||
90-days or more past due and still accruing | 0 | [1] | 0 | [1] |
Commercial Real Estate [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 523,464 | 477,642 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||
30-59 days past due | 0 | 0 | ||
60-89 days past due | 0 | 0 | ||
90 days or more past due | 4,843 | 12,257 | ||
Total past due | 4,843 | 12,257 | ||
Current | 518,621 | 465,385 | ||
Total loans | 523,464 | 477,642 | ||
90-days or more past due and still accruing | 0 | [1] | 0 | [1] |
Multifamily Residential [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 55,088 | 79,216 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||
30-59 days past due | 0 | 0 | ||
60-89 days past due | 0 | 0 | ||
90 days or more past due | 0 | 0 | ||
Total past due | 0 | 0 | ||
Current | 55,088 | 79,216 | ||
Total loans | 55,088 | 79,216 | ||
90-days or more past due and still accruing | 0 | [1] | 0 | [1] |
Commercial Real Estate Construction Financing Receivable [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 367,934 | 130,465 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||
30-59 days past due | 0 | 0 | ||
60-89 days past due | 1,261 | 0 | ||
90 days or more past due | 0 | 0 | ||
Total past due | 1,261 | 0 | ||
Current | 366,673 | 130,465 | ||
Total loans | 367,934 | 130,465 | ||
90-days or more past due and still accruing | 0 | [1] | 0 | [1] |
Commercial Business [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 147,449 | 171,054 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||
30-59 days past due | 611 | 0 | ||
60-89 days past due | 3 | 0 | ||
90 days or more past due | 1,527 | 2,743 | ||
Total past due | 2,141 | 2,743 | ||
Current | 145,308 | 168,311 | ||
Total loans | 147,449 | 171,054 | ||
90-days or more past due and still accruing | 250 | [1] | 0 | [1] |
Consumer Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,032,263 | 1,040,563 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||
30-59 days past due | 8,203 | 6,841 | ||
60-89 days past due | 2,533 | 4,976 | ||
90 days or more past due | 44,631 | 57,518 | ||
Total past due | 55,367 | 69,335 | ||
Current | 976,896 | 971,228 | ||
Total loans | 1,032,263 | 1,040,563 | ||
90-days or more past due and still accruing | 34,737 | [1] | 46,811 | [1] |
Commercial Portfolio Segment [Member] | ||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||||
Loans and Leases Receivable, Gross | 1,093,935 | 858,377 | ||
Financing Receivable, Recorded Investment, Past Due [Abstract] | ||||
30-59 days past due | 611 | 0 | ||
60-89 days past due | 1,264 | 0 | ||
90 days or more past due | 6,370 | 15,000 | ||
Total past due | 8,245 | 15,000 | ||
Current | 1,085,690 | 843,377 | ||
Total loans | 1,093,935 | 858,377 | ||
90-days or more past due and still accruing | $250 | [1] | $0 | [1] |
[1] | (1)FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss. |
Loans_and_Credit_Quality_Detai2
Loans and Credit Quality (Details 6) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ||
Performing | $2,110,184 | $1,873,233 |
Nonaccrual | 16,014 | 25,707 |
Total loans | 2,126,198 | 1,898,940 |
Consumer Portfolio Segment [Member] | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ||
Performing | 1,022,369 | 1,029,856 |
Nonaccrual | 9,894 | 10,707 |
Total loans | 1,032,263 | 1,040,563 |
Commercial Portfolio Segment [Member] | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ||
Performing | 1,087,815 | 843,377 |
Nonaccrual | 6,120 | 15,000 |
Total loans | 1,093,935 | 858,377 |
Residential Mortgage [Member] | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ||
Performing | 888,297 | 896,052 |
Nonaccrual | 8,368 | 8,861 |
Total loans | 896,665 | 904,913 |
Home Equity Line of Credit [Member] | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ||
Performing | 134,072 | 133,804 |
Nonaccrual | 1,526 | 1,846 |
Total loans | 135,598 | 135,650 |
Commercial Real Estate [Member] | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ||
Performing | 518,621 | 465,385 |
Nonaccrual | 4,843 | 12,257 |
Total loans | 523,464 | 477,642 |
Multifamily Residential [Member] | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ||
Performing | 55,088 | 79,216 |
Nonaccrual | 0 | 0 |
Total loans | 55,088 | 79,216 |
Commercial Real Estate Construction Financing Receivable [Member] | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ||
Performing | 367,934 | 130,465 |
Nonaccrual | 0 | 0 |
Total loans | 367,934 | 130,465 |
Commercial Business [Member] | ||
Performing and Nonaccrual Loan Balances by Loan Portfolio Segment and Loan Class [Abstract] | ||
Performing | 146,172 | 168,311 |
Nonaccrual | 1,277 | 2,743 |
Total loans | $147,449 | $171,054 |
Loans_and_Credit_Quality_Troub
Loans and Credit Quality - Troubled Debt Restructurings (Details 7) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Impaired [Line Items] | |||
Financing Receivable, Modifications, Performing, Recorded Investment | $73,600,000 | $70,300,000 | |
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 87 | 113 | 96 |
Recorded Investment | 21,906,000 | 23,176,000 | 22,668,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 554,000 | 0 | 1,000,000 |
Interest Rate Reduction [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 68 | 113 | 93 |
Recorded Investment | 13,740,000 | 23,176,000 | 22,084,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | 0 | 1,000,000 |
Payment Restructure [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 17 | 1 | |
Recorded Investment | 7,567,000 | 280,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | 0 | |
Forgiveness of Principal [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 2 | 2 | |
Recorded Investment | 599,000 | 304,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 554,000 | 0 | |
Consumer loans [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 76 | 113 | 92 |
Recorded Investment | 14,491,000 | 23,176,000 | 16,294,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | 0 | 0 |
Consumer loans [Member] | Interest Rate Reduction [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 65 | 113 | 91 |
Recorded Investment | 12,442,000 | 23,176,000 | 16,014,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | 0 | 0 |
Consumer loans [Member] | Payment Restructure [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 11 | 1 | |
Recorded Investment | 2,049,000 | 280,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | 0 | |
Commercial loans [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 11 | 4 | |
Recorded Investment | 7,415,000 | 6,374,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 554,000 | 1,000,000 | |
Commercial loans [Member] | Interest Rate Reduction [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 3 | 2 | |
Recorded Investment | 1,298,000 | 6,070,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | 1,000,000 | |
Commercial loans [Member] | Payment Restructure [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 6 | ||
Recorded Investment | 5,518,000 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | ||
Commercial loans [Member] | Forgiveness of Principal [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 2 | 2 | |
Recorded Investment | 599,000 | 304,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 554,000 | 0 | |
Residential Mortgage [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 72 | 104 | 85 |
Recorded Investment | 14,003,000 | 22,605,000 | 15,767,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | 0 | 0 |
Residential Mortgage [Member] | Interest Rate Reduction [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 62 | 104 | 84 |
Recorded Investment | 12,012,000 | 22,605,000 | 15,487,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | 0 | 0 |
Residential Mortgage [Member] | Payment Restructure [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 10 | 1 | |
Recorded Investment | 1,991,000 | 280,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | 0 | |
Home Equity Line of Credit [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 4 | 9 | 7 |
Recorded Investment | 488,000 | 571,000 | 527,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | 0 | 0 |
Home Equity Line of Credit [Member] | Interest Rate Reduction [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 3 | 9 | 7 |
Recorded Investment | 430,000 | 571,000 | 527,000 |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | 0 | 0 |
Home Equity Line of Credit [Member] | Payment Restructure [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 1 | ||
Recorded Investment | 58,000 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | ||
Commercial Real Estate [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 4 | 2 | |
Recorded Investment | 5,429,000 | 6,070,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | 1,000,000 | |
Commercial Real Estate [Member] | Interest Rate Reduction [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 1 | 2 | |
Recorded Investment | 1,181,000 | 6,070,000 | |
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | 1,000,000 | |
Commercial Real Estate [Member] | Payment Restructure [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 3 | ||
Recorded Investment | 4,248,000 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | ||
Commercial Real Estate Construction Financing Receivable [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 2 | ||
Recorded Investment | 304,000 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | ||
Commercial Real Estate Construction Financing Receivable [Member] | Forgiveness of Principal [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 2 | ||
Recorded Investment | 304,000 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | ||
Commercial Business [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 7 | ||
Recorded Investment | 1,986,000 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 554,000 | ||
Commercial Business [Member] | Interest Rate Reduction [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 2 | ||
Recorded Investment | 117,000 | ||
Commercial Business [Member] | Payment Restructure [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 3 | ||
Recorded Investment | 1,270,000 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | 0 | ||
Commercial Business [Member] | Forgiveness of Principal [Member] | |||
TDR balances by loan portfolio segment and loan class | |||
Number of loan relationship | 2 | ||
Recorded Investment | 599,000 | ||
Financing Receivables, Impaired, Troubled Debt Restructuring, Cumulative Charge-Offs | $554,000 |
Loans_and_Credit_Quality_Redef
Loans and Credit Quality - Redefaults (Details 8) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | $21,906 | $23,176 | $22,668 |
Consumer loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 14,491 | 23,176 | 16,294 |
Commercial loans [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 7,415 | 6,374 | |
Residential Mortgage [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 14,003 | 22,605 | 15,767 |
Home Equity Line of Credit [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 488 | 571 | 527 |
Commercial Real Estate [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 5,429 | 6,070 | |
Commercial Real Estate Construction Financing Receivable [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 304 | ||
Commercial Business [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Financing Receivable, Modifications, Recorded Investment | 1,986 | ||
Defaults Over The Prior Twelve Month Period [Member] | |||
TDR balances which have subsequently re-defaulted | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 8 | 19 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 1,200 | 3,632 | |
Defaults Over The Prior Twelve Month Period [Member] | Consumer loans [Member] | |||
TDR balances which have subsequently re-defaulted | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 8 | 18 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 1,200 | 2,862 | |
Defaults Over The Prior Twelve Month Period [Member] | Commercial loans [Member] | |||
TDR balances which have subsequently re-defaulted | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 1 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 0 | 770 | |
Defaults Over The Prior Twelve Month Period [Member] | Residential Mortgage [Member] | |||
TDR balances which have subsequently re-defaulted | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 7 | 17 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 1,010 | 2,840 | |
Defaults Over The Prior Twelve Month Period [Member] | Home Equity Line of Credit [Member] | |||
TDR balances which have subsequently re-defaulted | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 1 | 1 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | 190 | 22 | |
Defaults Over The Prior Twelve Month Period [Member] | Commercial Real Estate [Member] | |||
TDR balances which have subsequently re-defaulted | |||
Financing Receivable, Modifications, Subsequent Default, Number of Contracts | 0 | 1 | |
Financing Receivable, Modifications, Subsequent Default, Recorded Investment | $0 | $770 |
Loans_and_Credit_Quality_Detai3
Loans and Credit Quality (Details Textual) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Financing Receivable, Impaired [Line Items] | |||||
Percentage of Portfolio by State and Property Type for Loan Classes | 10.00% | 10.00% | |||
Adversely Classified Assets | $26,400,000 | $50,600,000 | |||
Loans and Credit Quality (Textual) [Abstract] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 36,499,000 | [1] | 38,568,000 | [1] | |
Impaired Financing Receivable, Recorded Investment | 119,224,000 | [1] | 119,869,000 | [1] | |
Impaired Loan allowance | 1,706,000 | 2,571,000 | |||
Number of Loan Relationships Classified as TDRs | 87 | 113 | 96 | ||
Financing Receivable, Modifications, Recorded Investment | 21,906,000 | 23,176,000 | 22,668,000 | ||
Federal Home Loan Bank Advances [Member] | |||||
Loans and Credit Quality (Textual) [Abstract] | |||||
Loans pledged to secure borrowings | 1,060,000,000 | 800,500,000 | |||
Consumer Portfolio Segment [Member] | |||||
Loans and Credit Quality (Textual) [Abstract] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 30,615,000 | [1] | 34,591,000 | [1] | |
Impaired Financing Receivable, Recorded Investment | 80,543,000 | [1] | 75,827,000 | [1] | |
Impaired Loan allowance | 861,000 | 1,442,000 | |||
Number of Loan Relationships Classified as TDRs | 76 | 113 | 92 | ||
Financing Receivable, Modifications, Recorded Investment | 14,491,000 | 23,176,000 | 16,294,000 | ||
Commercial Real Estate Construction Financing Receivable [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Percentage of Loan Portfolio | 13.70% | ||||
Loans and Credit Quality (Textual) [Abstract] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | [1] | 0 | [1] | |
Impaired Financing Receivable, Recorded Investment | 5,447,000 | [1] | 6,148,000 | [1] | |
Impaired Loan allowance | 0 | 0 | |||
Number of Loan Relationships Classified as TDRs | 2 | ||||
Financing Receivable, Modifications, Recorded Investment | 304,000 | ||||
Commercial Real Estate [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Percentage of Loan Portfolio | 20.70% | 21.20% | |||
Loans and Credit Quality (Textual) [Abstract] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,239,000 | [1] | 0 | [1] | |
Impaired Financing Receivable, Recorded Investment | 26,779,000 | [1] | 31,876,000 | [1] | |
Impaired Loan allowance | 40,000 | 0 | |||
Number of Loan Relationships Classified as TDRs | 4 | 2 | |||
Financing Receivable, Modifications, Recorded Investment | 5,429,000 | 6,070,000 | |||
Residential Mortgage [Member] | |||||
Financing Receivable, Impaired [Line Items] | |||||
Percentage of Loan Portfolio | 28.00% | 37.30% | |||
Loans and Credit Quality (Textual) [Abstract] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 29,778,000 | [1] | 33,842,000 | [1] | |
Impaired Financing Receivable, Recorded Investment | 77,882,000 | [1],[2] | 73,183,000 | [1],[2] | |
Impaired Loan allowance | 704,000 | [2] | 1,358,000 | [2] | |
Number of Loan Relationships Classified as TDRs | 72 | 104 | 85 | ||
Financing Receivable, Modifications, Recorded Investment | 14,003,000 | 22,605,000 | 15,767,000 | ||
Commercial Portfolio Segment [Member] | |||||
Loans and Credit Quality (Textual) [Abstract] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 5,884,000 | [1] | 3,977,000 | [1] | |
Impaired Financing Receivable, Recorded Investment | 38,681,000 | [1] | 44,042,000 | [1] | |
Impaired Loan allowance | 845,000 | 1,129,000 | |||
Number of Loan Relationships Classified as TDRs | 11 | 4 | |||
Financing Receivable, Modifications, Recorded Investment | $7,415,000 | $6,374,000 | |||
[1] | (1)Includes partial charge-offs and nonaccrual interest paid. | ||||
[2] | (3)Includes $73.6 million in performing TDRs. |
Loans_and_Credit_Quality_Loans
Loans and Credit Quality Loans to Officers (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Related Party Transaction [Line Items] | ||
Loans and Leases Receivable, Related Parties, Beginning Balance | $9,738 | $11,763 |
Loans and Leases Receivable, Related Parties, Additions | 0 | 2,178 |
Loans and Leases Receivable, Related Parties, Collections | -4,238 | -4,203 |
Loans and Leases Receivable, Related Parties, Ending Balance | $5,500 | $9,738 |
Other_Real_Estate_Owned_Detail
Other Real Estate Owned (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Other Real Estate Owned [Line Items] | ||||
Real Estate, Gross | $10,751 | $14,608 | ||
Real Estate Owned, Valuation Allowance | 1,303 | 1,697 | 14,965 | 21,502 |
Other real estate owned | ||||
Other Real Estate, Total | 9,448 | 12,911 | 23,941 | |
Construction Land Development Property [Member] | ||||
Other Real Estate Owned [Line Items] | ||||
Real Estate, Gross | 7,076 | 8,128 | ||
Commercial Real Estate [Member] | ||||
Other Real Estate Owned [Line Items] | ||||
Real Estate, Gross | 2,062 | 958 | ||
Residential Real Estate [Member] | ||||
Other Real Estate Owned [Line Items] | ||||
Real Estate, Gross | $1,613 | $5,522 |
Other_Real_Estate_Owned_Detail1
Other Real Estate Owned (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Activity in other real estate owned | |||
Other Real Estate Owned, Beginning of Period | $12,911 | $23,941 | |
Real Estate, Acquisitions Through Foreclosures | 4,130 | 8,199 | |
Loss provision | -69 | -603 | -12,171 |
Real Estate, Cost of Real Estate Sold | -7,524 | -18,626 | |
Other Real Estate Owned, End of Period | $9,448 | $12,911 | $23,941 |
Other_Real_Estate_Owned_Detail2
Other Real Estate Owned (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Activity in the valuation allowance for other real estate owned | |||
Balance, beginning of period | $1,697 | $14,965 | $21,502 |
Loss provisions | -69 | -603 | -12,171 |
Charge-offs, net of recoveries | -463 | -13,871 | -18,708 |
Balance, end of period | $1,303 | $1,697 | $14,965 |
Other_Real_Estate_Owned_Detail3
Other Real Estate Owned (Details Textual) (Washington [Member]) | Dec. 31, 2014 | Dec. 31, 2013 |
Washington [Member] | ||
Other Real Estate Owned (Textual) [Abstract] | ||
Percentage of real estate assets to portfolio | 88.50% | 70.50% |
Other_Real_Estate_Owned_Other_
Other Real Estate Owned Other Real Estate Owned Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cost of Property Repairs and Maintenance | $436 | $840 | $1,289 |
Loss provision | 69 | 603 | 12,171 |
Gain loss on sale of real Estate Properties | -890 | -722 | -2,508 |
Other Real Estate Owned Expense, Gain on Transfer | 0 | -119 | -489 |
Real Estate Revenue, Net | -85 | 1,209 | -378 |
Foreclosed Real Estate Expense | ($470) | $1,811 | $10,085 |
Premises_and_Equipment_Premise1
Premises and Equipment Premises and Equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Furniture and equipment | $59,425 | $47,247 |
Leasehold improvements | 22,516 | 17,525 |
Land and buildings | 985 | 2,095 |
Property, Plant and Equipment, Gross | 82,926 | 66,867 |
Less accumulated depreciation and amortization | -37,675 | -30,255 |
Property, Plant and Equipment, Net | $45,251 | $36,612 |
Premises_and_Equipment_Premise2
Premises and Equipment Premises and Equipment Depreciation and Amortization (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | |||
Depreciation, Depletion and Amortization | $7.40 | $4.60 | $2.70 |
Deposits_Balances_Details
Deposits - Balances (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Public Funds Included in Deposits | $2,200,000 | $4,400,000 |
Deposit balances, including stated rates | ||
Noninterest bearing accounts | 470,663,000 | 322,952,000 |
NOW accounts 0.00% to 0.45% | 272,390,000 | 297,966,000 |
Statement savings accounts, due on demand 0.20% to 0.80% | 200,638,000 | 156,181,000 |
Money market accounts, due on demand 0.00% to 1.55% | 1,007,214,000 | 919,322,000 |
Certificates of deposit 0.20% to 5.00% | 494,525,000 | 514,400,000 |
Deposits, Total | $2,445,430,000 | $2,210,821,000 |
Maximum [Member] | ||
Weighted Average Rate Domestic Deposit, Notice of Withdrawal | 1.00% | 0.75% |
Weighted Average Rate Domestic Deposit, Savings | 1.99% | 2.00% |
Weighted Average Rate Domestic Deposit, Money Market | 1.45% | 1.50% |
Weighted Average Rate Domestic Deposit, Certificates of Deposit | 3.80% | 3.80% |
Minimum [Member] | ||
Weighted Average Rate Domestic Deposit, Notice of Withdrawal | 0.00% | 0.00% |
Weighted Average Rate Domestic Deposit, Savings | 0.00% | 0.20% |
Weighted Average Rate Domestic Deposit, Money Market | 0.00% | 0.00% |
Weighted Average Rate Domestic Deposit, Certificates of Deposit | 0.05% | 0.05% |
Deposits_Expense_Details_1
Deposits - Expense (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Interest expense on deposits | |||
NOW accounts | $1,122 | $924 | $498 |
Statement savings accounts | 929 | 546 | 395 |
Money market accounts | 4,362 | 3,899 | 3,248 |
Certificates of deposit | 3,018 | 5,047 | 12,600 |
Interest expense on deposits, Total | $9,431 | $10,416 | $16,741 |
Deposits_Details_2
Deposits (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Certificates of deposit outstanding | ||
Within one year | $319,578 | |
One to two years | 137,736 | |
Two to three years | 27,793 | |
Three to four years | 5,476 | |
Four to five years | 3,942 | |
Total | $494,525 | $514,400 |
Deposits_Details_Textual
Deposits (Details Textual) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | |||
Short-term Debt [Line Items] | |||
Public Funds Included in Deposits | $2.20 | $4.40 | |
Deposits, Brokered | 176.1 | 144.3 | |
Deposits (Additional Textual) [Abstract] | |||
Weighted-average interest rate on certificates of deposit | 0.60% | 0.71% | 1.59% |
Aggregate amount of time deposits in denominations of of 100000 | 188.7 | 216.5 | |
Aggregate amount of time deposits in denominations of 250000 | $30.20 | $26.30 |
Federal_Home_Loan_Bank_and_Oth2
Federal Home Loan Bank and Other Borrowings Federal Home Loan Bank Advances (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Federal Home Loan Banks [Abstract] | |||
Federal Home Loan Bank, Advances, Maturities Summary, Fixed Rate, under One Year | $532,000 | ||
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, One to Two Years from Balance Sheet Date | 0.28% | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Two | 50,000 | ||
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Two to Three Years from Balance Sheet Date | 0.52% | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Three | 0 | ||
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Three to Four Years from Balance Sheet Date | 0.00% | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due in Year Four | 0 | ||
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, Four to Five Years from Balance Sheet Date | 0.00% | ||
Federal Home Loan Bank, Advances, Maturities Summary, Due after Year Five | 15,590 | ||
Federal Home Loan Bank, Advances, Maturities Summary, Average Interest Rate, after Five Years from Balance Sheet Date | 4.64% | ||
Advances by Federal Home Loan Bank | $597,590 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate | 0.41% | 0.43% | 0.60% |
Federal_Home_Loan_Bank_and_Oth3
Federal Home Loan Bank and Other Borrowings Federal Home Loan Bank Adavances (Textual) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Advances from Federal Home Loan Banks | $597,590,000 | $446,590,000 | |
Federal Home Loan Bank Stock | 33,915,000 | 35,288,000 | |
Line of Credit Facility, Amount Outstanding | 0 | ||
Federal Home Loan Bank, Advances, General Debt Obligations, Disclosures, Weighted Average Interest Rate | 0.41% | 0.43% | 0.60% |
Federal Home Loan Bank of Seattle [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 317,900,000 | ||
Federal Reserve Bank of San Francisco [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $316,100,000 |
Federal_Home_Loan_Bank_and_Oth4
Federal Home Loan Bank and Other Borrowings Federal funds purchased and securities sold under agreements to repurchase (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Federal Home Loan Banks [Abstract] | ||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | $50,000 | $0 |
Longterm_Debt_Longterm_Debt_De
Long-term Debt Long-term Debt (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | |
Debt Instrument [Line Items] | |||||
Gains (Losses) on Extinguishment of Debt | ($573) | $0 | ($939) | ||
Repayments of Long-term Debt | 3,527 | 0 | 0 | ||
Long-term Debt | 61,857 | 64,811 | 61,900 | 64,800 | |
HomeStreet Statutory Trust Subordinated Debt Securities I [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Issuance Date | 30-Jun-05 | ||||
Debt Instrument, Maturity Date | 30-Jun-35 | ||||
Debt Instrument, Call Option | 5 years | [1] | |||
HomeStreet Statutory Trust Subordinated Debt Securities II [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Issuance Date | 30-Sep-05 | ||||
Debt Instrument, Maturity Date | 31-Dec-35 | ||||
Debt Instrument, Call Option | 5 years | [1] | |||
HomeStreet Statutory Trust Subordinated Debt Securities III [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Call Option | 5 years | [1] | |||
HomeStreet Statutory Trust Subordinated Debt Securities IV [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Call Option | 5 years | [1] | |||
Subordinated Debt [Member] | HomeStreet Statutory Trust Subordinated Debt Securities I [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 5,155 | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.70% | ||||
Subordinated Debt [Member] | HomeStreet Statutory Trust Subordinated Debt Securities II [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Face Amount | 20,619 | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | ||||
Subordinated Debt [Member] | HomeStreet Statutory Trust Subordinated Debt Securities III [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Issuance Date | 28-Feb-06 | ||||
Debt Instrument, Face Amount | 20,619 | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.37% | ||||
Debt Instrument, Maturity Date | 30-Mar-36 | ||||
Subordinated Debt [Member] | HomeStreet Statutory Trust Subordinated Debt Securities IV [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt Instrument, Issuance Date | 30-Mar-07 | ||||
Debt Instrument, Face Amount | $15,464 | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.68% | ||||
Debt Instrument, Maturity Date | 30-Jun-37 | ||||
[1] | (1) Call options are exercisable at par. |
Longterm_Debt_Longterm_Debt_De1
Long-term Debt Long-term Debt (Details) (Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | |
Extinguishment of Debt [Line Items] | ||||
Long-term Debt | $61,857,000 | $64,811,000 | $61,900,000 | $64,800,000 |
Gains (Losses) on Extinguishment of Debt | 573,000 | 0 | 939,000 | |
Extinguishment of Debt, Amount | 2,900,000 | |||
Repayments of Long-term Debt | 3,527,000 | 0 | 0 | |
Yakima Statutory Trust Subordinated Debt Securities I [Member] | Subordinated Debt [Member] | ||||
Extinguishment of Debt [Line Items] | ||||
Debt Instrument, Face Amount | $3,100,000 |
Derivatives_and_Hedging_Activi1
Derivatives and Hedging Activities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Derivatives, Fair Value [Line Items] | ||
Derivative Liability, Fair Value of Collateral | $762,000 | $451,000 |
Derivative, Fair Value, Net [Abstract] | ||
Notional Amount | 1,952,823,000 | 1,405,456,000 |
Derivative Assets | 18,841,000 | 10,225,000 |
Derivative Asset, Fair Value, Gross Asset | 24,699,000 | 11,588,000 |
Derivative Liability, Fair Value, Gross Liability | -6,636,000 | -10,365,000 |
Derivative Liability Fair Value Amount Offset Against Other Derivatives | -5,858,000 | -1,363,000 |
Derivative Asset Fair Value Amount Offset Against Other Derivatives | 5,858,000 | 1,363,000 |
Fair Value Derivatives Asset | 18,841,000 | 10,225,000 |
Fair Value Derivatives Liability | -778,000 | -9,002,000 |
Derivative Liability | -778,000 | -9,002,000 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 8,491,000 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 18,841,000 | 10,225,000 |
Derivative Asset, Fair Value of Collateral | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | -16,000 | -60,000 |
Forward Contracts [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Notional Amount | 934,986,000 | 526,382,000 |
Derivative Liability, Fair Value, Gross Liability | -5,658,000 | -578,000 |
Interest Rate Swaption [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Notional Amount | 15,000,000 | 110,000,000 |
Derivative Liability, Fair Value, Gross Liability | 0 | -199,000 |
Interest Rate Lock Commitments [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Notional Amount | 392,687,000 | 261,070,000 |
Derivative Liability, Fair Value, Gross Liability | -6,000 | -40,000 |
Interest Rate Swap [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Notional Amount | 610,150,000 | 508,004,000 |
Derivative Asset, Fair Value, Gross Asset | 1,088,000 | |
Derivative Liability, Fair Value, Gross Liability | -972,000 | -9,548,000 |
Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 1,071,000 | 3,630,000 |
Derivative Liability | -5,658,000 | -578,000 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaption [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 858,000 | |
Derivative Liability | -199,000 | |
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 11,939,000 | 6,012,000 |
Derivative Liability | -6,000 | -40,000 |
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 11,689,000 | 1,088,000 |
Derivative Liability | -972,000 | -9,548,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Forward Contracts [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 1,071,000 | |
Derivative Asset, Fair Value, Gross Asset | 3,630,000 | |
Derivative Liability | -5,658,000 | -578,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swaption [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 0 | |
Derivative Asset, Fair Value, Gross Asset | 858,000 | |
Fair Value Derivatives Asset | 0 | |
Derivative Liability | -199,000 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 0 | 0 |
Derivative Liability | -972,000 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Interest Rate Swap [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 11,689,000 | |
Derivative Liability | 0 | -9,548,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Forward Contracts [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 0 | |
Derivative Liability | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swaption [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 0 | |
Derivative Liability | 0 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Lock Commitments [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 11,939,000 | 6,012,000 |
Derivative Liability | -6,000 | -40,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Interest Rate Swap [Member] | ||
Derivative, Fair Value, Net [Abstract] | ||
Derivative Assets | 0 | 0 |
Derivative Liability | 0 | 0 |
Fair Value, Concentration of Credit Risk, Master Netting Arrangements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Right to reclaim cash in excess of fair value of derivative liability | $20,400,000 | $18,500,000 |
Derivatives_and_Hedging_Activi2
Derivatives and Hedging Activities (Details 1) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | ($6,636) | ($10,365) | ||||
Derivative, Notional Amount | 1,952,823 | 1,405,456 | ||||
Derivative Assets | 18,841 | 10,225 | ||||
Derivative Asset, Fair Value, Gross Asset | 24,699 | 11,588 | ||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 22,469 | -7,528 | 7,600 | |||
Derivative Liability Fair Value Amount Offset Against Other Derivatives | -5,858 | -1,363 | ||||
Derivative Asset Fair Value Amount Offset Against Other Derivatives | 5,858 | 1,363 | ||||
Fair Value Derivatives Asset | 18,841 | 10,225 | ||||
Derivative Liability, Fair Value, Net | -778 | -9,002 | ||||
Derivative, Collateral, Obligation to Return Cash | 0 | 0 | ||||
Derivative Asset, Fair Value, Amount Offset Against Collateral | 18,841 | 10,225 | ||||
Derivative Asset, Fair Value of Collateral | 0 | 0 | ||||
Derivative Liability | -778 | -9,002 | ||||
Derivative, Collateral, Right to Reclaim Cash | 0 | 8,491 | ||||
Derivative Liability, Fair Value of Collateral | 762 | 451 | ||||
Derivative Liability, Fair Value, Amount Offset Against Collateral | -16 | -60 | ||||
Loans [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -17,258 | [1] | 12,904 | [1] | -14,382 | [1] |
Servicing Contracts [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 39,727 | [2] | -20,432 | [2] | 21,982 | [2] |
Forward Contracts [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | -5,658 | -578 | ||||
Derivative, Notional Amount | 934,986 | 526,382 | ||||
Interest Rate Swaption [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | 0 | -199 | ||||
Derivative, Notional Amount | 15,000 | 110,000 | ||||
Interest Rate Lock Commitments [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | -6 | -40 | ||||
Derivative, Notional Amount | 392,687 | 261,070 | ||||
Interest Rate Swap [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Liability, Fair Value, Gross Liability | -972 | -9,548 | ||||
Derivative, Notional Amount | 610,150 | 508,004 | ||||
Derivative Asset, Fair Value, Gross Asset | 1,088 | |||||
Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Assets | 1,071 | 3,630 | ||||
Derivative Liability | -5,658 | -578 | ||||
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaption [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Assets | 858 | |||||
Derivative Liability | -199 | |||||
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Assets | 11,939 | 6,012 | ||||
Derivative Liability | -6 | -40 | ||||
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Assets | 11,689 | 1,088 | ||||
Derivative Liability | -972 | -9,548 | ||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Assets | 1,071 | |||||
Derivative Asset, Fair Value, Gross Asset | 3,630 | |||||
Derivative Liability | -5,658 | -578 | ||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swaption [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Assets | 0 | |||||
Derivative Asset, Fair Value, Gross Asset | 858 | |||||
Fair Value Derivatives Asset | 0 | |||||
Derivative Liability | -199 | |||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Assets | 0 | 0 | ||||
Derivative Liability | -972 | |||||
Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Assets | 11,689 | |||||
Derivative Liability | 0 | -9,548 | ||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Assets | 0 | |||||
Derivative Liability | 0 | 0 | ||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swaption [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Assets | 0 | |||||
Derivative Liability | 0 | |||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Assets | 11,939 | 6,012 | ||||
Derivative Liability | -6 | -40 | ||||
Fair Value, Inputs, Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | ||||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||||
Derivative Assets | 0 | 0 | ||||
Derivative Liability | $0 | $0 | ||||
[1] | (1)Comprised of IRLCs and forward contracts used as an economic hedge of IRLCs and single family mortgage loans held for sale. | |||||
[2] | . |
Derivatives_and_Hedging_Activi3
Derivatives and Hedging Activities (Details Textual) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $22,469 | ($7,528) | $7,600 | |||
Loans [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | -17,258 | [1] | 12,904 | [1] | -14,382 | [1] |
Servicing Contracts [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 39,727 | [2] | -20,432 | [2] | 21,982 | [2] |
Credit Risk [Member] | ||||||
Derivative [Line Items] | ||||||
Fair Value, Estimate Not Practicable, Commitments | 3,400 | 977 | ||||
Fair Value Hedging [Member] | Loans Receivable [Member] | ||||||
Derivative [Line Items] | ||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Ineffective Portion and Amount Excluded from Effectiveness Testing, Net | $86 | $151 | ||||
[1] | (1)Comprised of IRLCs and forward contracts used as an economic hedge of IRLCs and single family mortgage loans held for sale. | |||||
[2] | . |
Mortgage_Banking_Operations_Lo
Mortgage Banking Operations (Loans Held for Sale and Loans Sold) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Mortgage Loans on Real Estate [Line Items] | |||
Transfer of Portfolio Loans and Leases to Held-for-sale | $310,455,000 | $93,567,000 | $9,966,000 |
Mortgage Loans on Real Estate, Cost of Mortgages Sold | 4,121,257,000 | 4,837,489,000 | 4,289,645,000 |
Loan pool sale, fixed rate mortgage loans | 266,800,000 | ||
Loans transferred from held-for-sale to held for investment | 92,668,000 | 0 | 0 |
Residential Mortgage [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage Loans on Real Estate, Cost of Mortgages Sold | 3,979,398,000 | 4,733,473,000 | 4,170,840,000 |
Multifamily Residential [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Mortgage Loans on Real Estate, Cost of Mortgages Sold | $141,859,000 | $104,016,000 | $118,805,000 |
Mortgage_Banking_Operations_Ga
Mortgage Banking Operations (Gain On Sale) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Gain on mortgage loan origination and sale activities [Line Items] | ||||||
Proceeds from Sale of Loans Held-for-sale | $4,586 | $0 | $0 | |||
Provision for repurchase losses | -734 | -2,500 | -2,800 | |||
Net gain on mortgage loan origination and sale activities | 144,122 | 164,712 | 210,564 | |||
Multifamily originations [Member] | ||||||
Gain on mortgage loan origination and sale activities [Line Items] | ||||||
Net gain on mortgage loan origination and sale activities | 4,723 | 5,306 | 4,872 | |||
Single family originations [Member] | ||||||
Gain on mortgage loan origination and sale activities [Line Items] | ||||||
Secondary marketing activities | 109,063 | [1] | 128,391 | [1] | 175,655 | [1] |
Loan Origination and Funding Fees | 25,572 | 30,051 | 30,037 | |||
Net gain on mortgage loan origination and sale activities | 134,635 | 158,442 | 205,692 | |||
Commercial Mortgages, Excluding Multfamily [Member] | ||||||
Gain on mortgage loan origination and sale activities [Line Items] | ||||||
Net gain on mortgage loan origination and sale activities | $4,764 | [2] | $964 | $0 | ||
[1] | (1)Comprised of gains and losses on interest rate lock commitments (which considers the value of servicing), single family loans held for sale, forward sale commitments used to economically hedge secondary market activities, and changes in the Company's repurchase liability for loans that have been sold. | |||||
[2] | (2)Includes $4.6 million in pre-tax gain during 2014 from the sale of loans that were originally held for investment. |
Mortgage_Banking_Operations_De
Mortgage Banking Operations (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Loans serviced for others | |||
Loans serviced for others | $12,051,202 | $12,611,723 | |
Single Family Residential [Member] | |||
Loans serviced for others | |||
Loans serviced for others | 11,216,208 | 11,795,621 | |
Commercial Portfolio Segment [Member] | |||
Loans serviced for others | |||
Loans serviced for others | 834,994 | 816,102 | |
U.S. Government Agency Securities [Member] | Single Family Residential [Member] | |||
Loans serviced for others | |||
Loans serviced for others | 10,630,864 | [1] | 11,467,853 |
Single Family Residential Mortgage Loans, Excluding U.S. Government Agency Mortgage Backed Securities [Member] | Single Family Residential [Member] | |||
Loans serviced for others | |||
Loans serviced for others | 585,344 | 327,768 | |
Multifamily Residential [Member] | Commercial Portfolio Segment [Member] | |||
Loans serviced for others | |||
Loans serviced for others | 752,640 | 720,429 | |
Commercial Mortgages, Excluding Multfamily [Member] | Commercial Portfolio Segment [Member] | |||
Loans serviced for others | |||
Loans serviced for others | $82,354 | $95,673 | |
[1] | (1)On June 30, 2014, the Company sold the rights to service $2.96 billion in total unpaid principal balance of single family mortgage loans serviced for Fannie Mae. |
Mortgage_Banking_Operations_Lo1
Mortgage Banking Operations (Loans Serviced for Others) (Details) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | |
Credit Derivatives [Line Items] | ||||
Unpaid principal balance of mortgage servicing rights sold | $2,960,000,000 | |||
Loans sold with credit provisions [Abstract] | ||||
Loans serviced for others | 12,051,202,000 | 12,611,723,000 | ||
Multifamily Residential [Member] | Loss Sharing Relationship [Member] | ||||
Loans sold with credit provisions [Abstract] | ||||
Loans serviced for others | 752,600,000 | 720,400,000 | ||
Single Family Residential [Member] | ||||
Loans sold with credit provisions [Abstract] | ||||
Loans serviced for others | 11,216,208,000 | 11,795,621,000 | ||
Single Family Residential [Member] | Agency Securities [Member] | ||||
Loans sold with credit provisions [Abstract] | ||||
Loans serviced for others | 10,630,864,000 | [1] | 11,467,853,000 | |
Single Family Residential [Member] | Single Family Residential Mortgage Loans, Excluding U.S. Government Agency Mortgage Backed Securities [Member] | ||||
Loans sold with credit provisions [Abstract] | ||||
Loans serviced for others | 585,344,000 | 327,768,000 | ||
Commercial Portfolio Segment [Member] | ||||
Loans sold with credit provisions [Abstract] | ||||
Loans serviced for others | 834,994,000 | 816,102,000 | ||
Commercial Portfolio Segment [Member] | Multifamily Residential [Member] | ||||
Loans sold with credit provisions [Abstract] | ||||
Loans serviced for others | 752,640,000 | 720,429,000 | ||
Commercial Portfolio Segment [Member] | Commercial Mortgages, Excluding Multfamily [Member] | ||||
Loans sold with credit provisions [Abstract] | ||||
Loans serviced for others | $82,354,000 | $95,673,000 | ||
[1] | (1)On June 30, 2014, the Company sold the rights to service $2.96 billion in total unpaid principal balance of single family mortgage loans serviced for Fannie Mae. |
Mortgage_Banking_Operations_Mo
Mortgage Banking Operations Mortgage Repurchase Liability (Details) (Representations and Warranties Reserve for Loan Receivables [Member], USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Representations and Warranties Reserve for Loan Receivables [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual, at Carrying Value | $1,956,000 | $1,260,000 | $1,955,000 | ||
Loss Contingency Accrual, Carrying Value, Provision | 1,430,000 | [1] | 1,828,000 | [1] | |
Loss Contingency Accrual, Carrying Value, Payments | ($734,000) | [2] | ($2,523,000) | [2] | |
[1] | (1)Includes additions for new loan sales and changes in estimated probable future repurchase losses on previously sold loans. | ||||
[2] | (2)Includes principal losses and accrued interest on repurchased loans, bmake-wholeb settlements, settlements with claimants and certain related expense. |
Mortgage_Banking_Operations_In
Mortgage Banking Operations (Initial Fair Value of Servicing Rights) (Details) | 12 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Rates per annum [Abstract] | ||||||
Constant prepayment rate (2) | 13.30% | [1],[2] | 9.28% | [1],[2] | 11.64% | [1],[2] |
Fair Value Inputs, Discount Rate | 10.50% | [2] | 10.25% | [2] | 10.28% | [2] |
[1] | (2)Represents the expected lifetime average. | |||||
[2] | (1)Weighted average rates for sales during the period for sales of loans with similar characteristics. |
Mortgage_Banking_Operations_Mo1
Mortgage Banking Operations (Mortgage Servicing Rights Key Assumptions) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | |
Key economic assumptions and the sensitivity of the current fair value for single family MSRs | |||
Fair value of single family MSR | $112,439 | $153,128 | |
Single Family Residential [Member] | |||
Key economic assumptions and the sensitivity of the current fair value for single family MSRs | |||
Servicing Assets and Servicing Liabilities at Fair Value, Assumptions Used to Estimate Fair Value, Weighted Average Life | 4 years 6 months 21 days | ||
Constant prepayment rate (1) | 18.07% | [1] | |
Impact on fair value of 25 basis points decrease | -8,674 | ||
Impact on fair value of 50 basis points decrease | -17,115 | ||
Discount rate | 10.60% | ||
Impact on fair value of 100 basis points increase | -3,124 | ||
Impact on fair value of 200 basis points increase | ($6,084) | ||
[1] | (2)Represents the expected lifetime average. |
Mortgage_Banking_Operations_SF
Mortgage Banking Operations (SF Mortgage Servicing Rights roll forward) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||
Servicing Assets at Fair Value [Line Items] | ||||||||
Gross proceeds from sale of mortgage servicing rights | $5,700,000 | |||||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||||||
Beginning balance | 153,128,000 | 153,128,000 | ||||||
Addition of originated mortgage servicing rights | 46,492,000 | 63,604,000 | 51,838,000 | |||||
Proceeds from Sale of Mortgage Servicing Rights (MSR) | -4,700,000 | -39,004,000 | 0 | 0 | ||||
Changes in Fair Value of Mortgage Servicing Rights Due to Modeled Amortization | -26,112,000 | [1] | -24,321,000 | [1] | -26,706,000 | [1] | ||
Servicing Asset at Fair Value, Other Changes in Fair Value | -15,629,000 | [2],[3] | 29,456,000 | [2] | -4,974,000 | [2] | ||
Ending balance | 112,439,000 | 153,128,000 | ||||||
Single family residential mortgage servicing rights [Member] | ||||||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||||||
Beginning balance | 153,128,000 | 153,128,000 | 87,396,000 | 70,169,000 | ||||
Addition of originated mortgage servicing rights | -43,231,000 | -60,576,000 | -48,839,000 | |||||
Purchase | -19,000 | -21,000 | -68,000 | |||||
Proceeds from Sale of Mortgage Servicing Rights (MSR) | -43,248,000 | [4] | 0 | 0 | ||||
Changes in Fair Value of Mortgage Servicing Rights Due to Modeled Amortization | -26,112,000 | [1] | -24,321,000 | [1] | -26,706,000 | [1] | ||
Net additions and amortization of servicing assets | -26,110,000 | 36,276,000 | 22,201,000 | |||||
Servicing Asset at Fair Value, Other Changes in Fair Value | -14,579,000 | [2],[5] | 29,456,000 | [2] | -4,974,000 | [2] | ||
Ending balance | $112,439,000 | $153,128,000 | $87,396,000 | |||||
[1] | (1)Represents changes due to collection/realization of expected cash flows and curtailments. | |||||||
[2] | (2)Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates. | |||||||
[3] | (3)Includes pre-tax income of $4.7 million, net of brokerage fees and prepayment reserves, resulting from the sale of single family MSRs during the second quarter ended June 30, 2014. | |||||||
[4] | (1)On June 30, 2014, the Company sold the rights to service $2.96 billion in total unpaid principal balance of single family mortgage loans serviced for Fannie Mae. | |||||||
[5] | (4)Includes pre-tax income of $5.7 million, excluding transaction costs, resulting from the sale of single family MSRs on June 30, 2014. |
Mortgage_Banking_Operations_MF
Mortgage Banking Operations (MF MSR Roll forward) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Servicing Asset at Amortized Value, Balance [Roll Forward] | |||
Beginning balance | $9,335 | $8,097 | $7,112 |
Origination | 3,260 | 3,027 | 2,999 |
Amortization | -1,710 | -1,789 | -2,014 |
Ending balance | $10,885 | $9,335 | $8,097 |
Mortgage_Banking_Operations_Pr
Mortgage Banking Operations (Projected Amortization Expense of MSR) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||||
2012 | $1,756 | |||
2013 | 1,650 | |||
2014 | 1,527 | |||
2015 | 1,370 | |||
2016 | 1,260 | |||
2017 and thereafter | 3,322 | |||
Carrying value of multifamily MSR | $10,885 | $9,335 | $8,097 | $7,112 |
Mortgage_Banking_Operations_De1
Mortgage Banking Operations (Details Textual) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Mortgage Banking Operations (Textual) [Abstract] | ||
Servicing Advances | 7.8 | $7.10 |
Ginnie Mae Early Buyout Loans | ||
Mortgage Banking Operations (Textual) [Abstract] | ||
Loans Receivable, Net | 21.2 | $14.30 |
Multifamily Residential [Member] | ||
Mortgage Banking Operations (Textual) [Abstract] | ||
Weighted average life of company's multifamily MSRs | 9 years 7 months 15 days |
Mortgage_Banking_Operations_Mo2
Mortgage Banking Operations Mortgage Banking Operations - Mortgage Servicing Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Servicing Assets at Fair Value [Line Items] | |||||||
Proceeds from Sale of Mortgage Servicing Rights (MSR) | $4,700 | $39,004 | $0 | $0 | |||
Servicing Fees and Other | 37,818 | 34,173 | 27,833 | ||||
Changes in Fair Value of Mortgage Servicing Rights Due to Modeled Amortization | -26,112 | [1] | -24,321 | [1] | -26,706 | [1] | |
Amortization of Mortgage Servicing Rights (MSRs) | -1,712 | -1,803 | -2,014 | ||||
Net Servicing Income | 9,994 | 8,049 | -887 | ||||
Servicing Asset at Fair Value, Other Changes in Fair Value | -15,629 | [2],[3] | 29,456 | [2] | -4,974 | [2] | |
Derivative Instruments, Gain (Loss) Recognized in Income, Net | 22,469 | -7,528 | 7,600 | ||||
Mortgage servicing rights, risk management | 24,098 | 9,024 | 17,008 | ||||
Servicing Fees, Net | 34,092 | 17,073 | 16,121 | ||||
Servicing Contracts [Member] | |||||||
Servicing Assets at Fair Value [Line Items] | |||||||
Derivative Instruments, Gain (Loss) Recognized in Income, Net | $39,727 | [4] | ($20,432) | [4] | $21,982 | [4] | |
[1] | (1)Represents changes due to collection/realization of expected cash flows and curtailments. | ||||||
[2] | (2)Principally reflects changes in model assumptions, including prepayment speed assumptions, which are primarily affected by changes in mortgage interest rates. | ||||||
[3] | (3)Includes pre-tax income of $4.7 million, net of brokerage fees and prepayment reserves, resulting from the sale of single family MSRs during the second quarter ended June 30, 2014. | ||||||
[4] | . |
Commitments_Guarantees_and_Con2
Commitments, Guarantees, and Contingencies Commitments and Contigencies (Minimum rental payments) (Details) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leased Assets [Line Items] | |
Operating Leases, Future Minimum Payments Due, Next Twelve Months | $14,555 |
Operating Leases, Future Minimum Payments, Due in Two Years | 15,047 |
Operating Leases, Future Minimum Payments, Due in Three Years | 14,081 |
Operating Leases, Future Minimum Payments, Due in Four Years | 12,406 |
Operating Leases, Future Minimum Payments, Due in Five Years | 9,664 |
Operating Leases, Future Minimum Payments, Due Thereafter | 54,047 |
Operating Leases, Future Minimum Payments Due | $119,800 |
Commitments_Guarantees_and_Con3
Commitments Guarantees and Contingencies (Details Textual) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Loss Contingencies [Line Items] | |||||
Credit of Unfunded Commitments | $72,000,000 | $18,400,000 | |||
Loss Contingency, Loss in Period | 734,000 | 2,500,000 | 2,800,000 | ||
Operating Leases, Rent Expense, Net | 15,300,000 | 11,400,000 | 7,100,000 | ||
Loans serviced for others | 12,051,202,000 | 12,611,723,000 | |||
Loss Contingency, Pending Claims, Number | 0 | ||||
Representations and Warranties Reserve for Loan Receivables [Member] | |||||
Loss Contingencies [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | -11,890,000,000 | -11,300,000,000 | |||
Loss Contingency Accrual, at Carrying Value | 1,956,000 | 1,260,000 | 1,955,000 | ||
Loss Contingency Accrual, Carrying Value, Provision | 1,430,000 | [1] | 1,828,000 | [1] | |
Loss Contingency Accrual, Carrying Value, Payments | 734,000 | [2] | 2,523,000 | [2] | |
Legal Reserve [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual, at Carrying Value | 0 | ||||
Home Equity and Business Banking Credit Lines [Member] | |||||
Loss Contingencies [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | -149,400,000 | -154,000,000 | |||
Undisbursed construction loan funds [Member] | |||||
Loss Contingencies [Line Items] | |||||
Guarantor Obligations, Maximum Exposure, Undiscounted | -379,400,000 | -168,500,000 | |||
Credit Risk [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual, at Carrying Value | 503,000 | 181,000 | 190,000 | ||
Multifamily Residential [Member] | Loss Sharing Relationship [Member] | |||||
Loss Contingencies [Line Items] | |||||
Loss Contingency Accrual, at Carrying Value | 2,300,000 | 2,000,000 | |||
Loss Contingency, Loss in Period | 0 | ||||
Loans serviced for others | $752,600,000 | $720,400,000 | |||
Minimum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Percentage of Loss that Lender is Responsible For on Loans Sold under Loss Sharing Agreement | 5.00% | ||||
Maximum [Member] | |||||
Loss Contingencies [Line Items] | |||||
Percentage of Loss that Lender is Responsible For on Loans Sold under Loss Sharing Agreement | 20.00% | ||||
[1] | (1)Includes additions for new loan sales and changes in estimated probable future repurchase losses on previously sold loans. | ||||
[2] | (2)Includes principal losses and accrued interest on repurchased loans, bmake-wholeb settlements, settlements with claimants and certain related expense. |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Contingency [Line Items] | |||||||||||
Current expense (benefit) | $25,303 | ($21,166) | $26,656 | ||||||||
Income tax (benefit) expense | 4,077 | 1,988 | 4,464 | 527 | -553 | 308 | 5,791 | 5,439 | 11,056 | 10,985 | 21,546 |
Income Tax Reconciliation, Change in Deferred Tax Assets Valuation Allowance | 0 | 0 | -14,423 | ||||||||
Deferred Tax Assets, Net | -7,012 | -13,800 | -7,012 | -13,800 | |||||||
Deferred (benefit) expense | ($14,247) | $32,151 | ($5,110) |
Income_Taxes_Income_Tax_Rate_R
Income Taxes Income Tax Rate Reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Taxes at statutory rate | $11,660 | $12,178 | $36,285 | ||||||||
Tax-exempt interest | -1,265 | -1,452 | -1,162 | ||||||||
State income tax expense (benefit) net of federal tax benefit | 221 | 148 | 333 | ||||||||
Valuation allowance | 0 | 0 | -14,423 | ||||||||
Income Tax Credits and Adjustments | -717 | -293 | 0 | ||||||||
Low income housing tax credit partnerships | 617 | 0 | 0 | ||||||||
Change in state tax rate | 248 | 0 | 0 | ||||||||
Other, net | 292 | 404 | 513 | ||||||||
Total income tax expense (benefit) | $4,077 | $1,988 | $4,464 | $527 | ($553) | $308 | $5,791 | $5,439 | $11,056 | $10,985 | $21,546 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes Deferred Tax Assets and Liabilties (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Provision for Loan Losses | $11,890 | $11,165 |
Deferred Tax Assets, Operating Loss Carryforwards | 10,044 | 7,056 |
Deferred Tax Asset, Section 382 Built-In Loss Limitation | 5,291 | 10,145 |
Deferred Tax Assets, Other Real Estate Owned | 468 | 977 |
Deferred Tax Assets, Property, Plant and Equipment | 1,153 | 1,018 |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 0 | 7,051 |
Deferred Tax Assets, Tax Credit Carryforwards | 3,358 | 2,443 |
Deferred Tax Assets, Stock Options | 902 | 489 |
Deferred Tax Assets, Loan Valuation | 497 | 0 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 2,199 | 1,975 |
Deferred Tax Assets, Investments | 330 | 326 |
Deferred Tax Liabilities, Investments | -252 | 0 |
Deferred Tax Assets, Other | 236 | 176 |
Deferred Tax Assets, Gross | 36,368 | 42,821 |
Deferred Tax Liabilities, Mortgage Servicing Rights | -34,030 | -48,402 |
Deferred Tax Liabilities, Federal Home Loan Bank Dividends | -4,348 | -4,310 |
Deferred Tax Liabilities, Deferred Loan Fees and Costs | -1,943 | -2,290 |
Deferred Tax Liabilities, Property, Plant and Equipment | -1,865 | -859 |
Deferred Tax Liabilities, Intangible Assets | -700 | -737 |
Deferred Tax Liabilities, Other | -242 | -23 |
Deferred Tax Liabilities, Net | -43,380 | -56,621 |
Deferred Tax Assets, Net | ($7,012) | ($13,800) |
Income_Taxes_Income_Taxes_Text
Income Taxes Income Taxes (Textual) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Operating Loss Carryforwards [Line Items] | |
Deferred Tax Asset, Section 382 Built-In Loss Limitation | $14.90 |
Income Taxes, Section 382 Built-in Loss Limitations, Expiration Date | 2032 |
Deferred Tax Assets, Tax Credit Carryforwards, Alternative Minimum Tax | 3.3 |
Tax basis in unrecorded bad debts with no liability recorded | 12.7 |
Unrecognized Tax Benefits | 0 |
Domestic Tax Authority [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | 27.9 |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 4.4 |
State and Local Jurisdiction [Member] | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $6.60 |
Minimum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryfoward, Expiration Date | 2024 |
Maximum [Member] | |
Operating Loss Carryforwards [Line Items] | |
Net Operating Loss Carryfoward, Expiration Date | 2031 |
401K_Savings_Plan_Details
401(K) Savings Plan (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | ||||
Net assets transferred to Employee Stock Ownership Plan | $6.70 | |||
Defined Contribution Plan, Automatic Enrollment, Percent | 3.00% | |||
Defined Contribution Plan, Employer Matching Contribution, Percent | 3.00% | |||
Defined Contribution Plan, Employer Fifty Percent Matching Contribution, Percent | 2.00% | |||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $4.50 | $3.70 | $1.40 |
Share_Based_Compensation_Plans2
Share Based Compensation Plans (Details) (USD $) | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Adjustments to Additional Paid in Capital, Share-based Compensation, Restricted Stock Unit or Restricted Stock Award, Requisite Service Period Recognition | $644 | ||||
Share-based Compensation | 1,516 | 1,498 | 2,773 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Stock Options, Outstanding, Weighted Average Remaining Contractual Term | 7 years 2 months 9 days | 8 years 1 month 9 days | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Granted in Period, Weighted Average Remaining Contractual Term | 0 days | ||||
Number, Beginning Balance | 654,216 | ||||
Number, Granted | 0 | ||||
Number, Cancelled or forfeited | -9,688 | ||||
Number, Exercised | -43,504 | ||||
Number, Ending Balance | 601,024 | 654,216 | |||
Number, Options that are exercisable and expected to be exercisable | 597,666 | [1] | |||
Number, Options exercisable | 397,981 | ||||
Weighted Average Exercise Price, Beginning Balance | $11.54 | ||||
Weighted Average Exercise Price, Granted | $0 | ||||
Weighted Average Exercise Price, Cancelled or forfeited | $11 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeited in Period, Weighted Average Remaining Contractual Term | 7 years 1 month 9 days | ||||
Weighted Average Exercise Price, Exercised | $2.98 | ||||
Weighted Average Exercise Price, Ending Balance | $12.16 | $11.54 | |||
Weighted Average Exercise Price, Options that are exercisable and expected to be exercisable | $12.17 | [1] | |||
Weighted Average Exercise Price, Options exercisable | $11.97 | ||||
Weighted Average Remaining Contractual Term, Options that are exercisable and expected to be exercisable | 7 years 2 months 5 days | [1] | |||
Weighted Average Remaining Contractual Term, Options exercisable | 7 years 2 months 13 days | ||||
Aggregate Intrinsic Value, Beginning Balance | 5,559 | [2] | |||
Aggregate Intrinsic Value, Granted | 0 | [2] | |||
Aggregate Intrinsic Value, Cancelled or forfeited | 62 | [2] | |||
Aggregate Intrinsic Value, Ending Balance | 3,329 | [2] | 5,559 | [2] | |
Aggregate Intrinsic Value, Options that are exercisable and expected to be exercisable | 3,308 | [1],[2] | |||
Aggregate Intrinsic Value, Options exercisable | 2,271 | [2] | |||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Remaining Contractual Term | 6 years 1 month 9 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $734 | [2] | |||
[1] | (1)Adjusted for estimated forfeitures. | ||||
[2] | (2)Intrinsic value is the amount by which fair value of the underlying stock exceeds the exercise price. |
Share_Based_Compensation_Plans3
Share Based Compensation Plans (Details 1) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $1,500,000 | $1,100,000 | $2,800,000 |
Share-based Compensation | $1,516,000 | $1,498,000 | $2,773,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $8.78 | $4 | |
Fair value of the options granted using a Black-Schole Model | |||
Expected term of the option | 6 years | ||
Expected stock price volatility | 50.04% | 33.13% | |
Annual risk-free interest rate | 1.18% | 1.23% | |
Expected annual dividend yield | 2.03% | 2.26% |
Share_Based_Compensation_Plans4
Share Based Compensation Plans (Details 2) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Sep. 30, 2013 | |
Restricted shares granted | ||
Restricted shares outstanding, Number of shares at December 31, 2011 | 53,951 | 118,517 |
Restricted shares outstanding, Weighted Average Grant Date Fair Value at December 31, 2011 | $18.18 | $18.26 |
Granted, Number of shares | 74,645 | |
Granted , Weighted Average Grant Date Fair Value | $17.99 | |
Vested, Number of shares | -10,079 | |
Vested, Weighted Average Grant Date Fair Value | $15.88 | |
Restricted shares outstanding, Number of shares at June 30, 2012 | 118,517 | 118,517 |
Restricted shares outstanding, Weighted Average Grant Date Fair Value at June 30, 2012 | $18.26 | $18.26 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 0 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $0 |
Share_Based_Compensation_Plans5
Share Based Compensation Plans (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Allocated Share-based Compensation Expense | $1,500,000 | $1,100,000 | $2,800,000 |
Share-based Compensation | 1,516,000 | 1,498,000 | 2,773,000 |
Share Based Compensation Plans (Textual) [Abstract] | |||
Maximum number of shares of common stock available for grant under the 2010 EIP | 900,000 | ||
Options have been exercised from issuance | 43,504 | ||
Unrecognized compensation costs related to stock options | 301,000 | ||
Exceed percentage of grant date fair value, one | 25.00% | ||
Exceed percentage of grant date fair value, two | 40.00% | ||
Exceed percentage of grant date fair value, three | 50.00% | ||
Restricted shares vested | 10,079 | ||
Share Based Compensation Plans (Additional Textual) [Abstract] | |||
Cash received on exercise of stock option | 130,000 | ||
Expected term based on an expectation of the holders of the stock options | 6 years | ||
Nonqualified Stock Options [Member] | |||
Share Based Compensation Plans (Textual) [Abstract] | |||
Unrecognized compensation costs are expected to be recognized over the remaining weighted-average service period | 0 years 3 months | ||
Restricted Stock [Member] | |||
Share Based Compensation Plans (Textual) [Abstract] | |||
Unrecognized compensation costs are expected to be recognized over the remaining weighted-average service period | 2 years 0 months 15 days | ||
Unrecognized compensation cost related to nonvested restricted shares, Total | $1,500,000 |
Fair_Value_Measurement_FV_hier
Fair Value Measurement (FV hierarchy - recurring and non-recurring)(Details) (USD $) | 12 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Assets: | |||||
Investment securities available for sale | $427,326,000 | $481,683,000 | |||
Fair value of single family MSR | 112,439,000 | 153,128,000 | |||
Loans Held-for-sale, Fair Value Disclosure | 610,350,000 | 279,385,000 | |||
Derivatives | 18,841,000 | 10,225,000 | |||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 18,841,000 | 10,225,000 | |||
Derivative Asset, Fair Value, Gross Asset | 24,699,000 | 11,588,000 | |||
Assets, Fair Value Disclosure | 1,174,814,000 | 925,784,000 | |||
Liabilities: | |||||
Derivatives | 778,000 | 9,002,000 | |||
Interest Rate Lock Commitments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis with Unobservable Inputs | 11,933,000 | 5,972,000 | 22,528,000 | ||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 11,900,000 | 6,000,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | 118,708,000 | [1] | 123,068,000 | [1] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | 112,747,000 | 139,624,000 | |||
Interest Rate Swap [Member] | |||||
Assets: | |||||
Derivative Asset, Fair Value, Gross Asset | 1,088,000 | ||||
Fair Value, Measurements, Recurring [Member] | |||||
Assets: | |||||
Fair value of single family MSR | 112,439,000 | 153,128,000 | |||
Loans Held-for-sale, Fair Value Disclosure | 610,350,000 | 279,385,000 | |||
Liabilities: | |||||
Total Liabilities | 6,636,000 | 10,365,000 | |||
Fair Value, Measurements, Recurring [Member] | Forward Contracts [Member] | |||||
Assets: | |||||
Derivatives | 1,071,000 | 3,630,000 | |||
Liabilities: | |||||
Derivatives | 5,658,000 | 578,000 | |||
Fair Value, Measurements, Recurring [Member] | Interest Rate Swaption [Member] | |||||
Assets: | |||||
Derivatives | 858,000 | ||||
Liabilities: | |||||
Derivatives | 199,000 | ||||
Fair Value, Measurements, Recurring [Member] | Interest Rate Lock Commitments [Member] | |||||
Assets: | |||||
Derivatives | 11,939,000 | 6,012,000 | |||
Liabilities: | |||||
Derivatives | 6,000 | 40,000 | |||
Fair Value, Measurements, Recurring [Member] | Interest Rate Swap [Member] | |||||
Assets: | |||||
Derivatives | 11,689,000 | 1,088,000 | |||
Liabilities: | |||||
Derivatives | 972,000 | 9,548,000 | |||
Fair Value, Measurements, Recurring [Member] | Residential Mortgage Backed Securities [Member] | |||||
Assets: | |||||
Investment securities available for sale | 107,280,000 | 133,910,000 | |||
Fair Value, Measurements, Recurring [Member] | Commercial Mortgage Backed Securities [Member] | |||||
Assets: | |||||
Investment securities available for sale | 13,671,000 | 13,433,000 | |||
Fair Value, Measurements, Recurring [Member] | Municipal Bonds [Member] | |||||
Assets: | |||||
Investment securities available for sale | 122,334,000 | ||||
Fair Value, Measurements, Recurring [Member] | Agency Collaterized Mortgage Backed Securities [Member] | |||||
Assets: | |||||
Investment securities available for sale | 90,327,000 | ||||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations Residential [Member] | |||||
Assets: | |||||
Investment securities available for sale | 43,166,000 | 130,850,000 | |||
Fair Value, Measurements, Recurring [Member] | Collateralized Mortgage Obligations Commercial [Member] | |||||
Assets: | |||||
Investment securities available for sale | 20,486,000 | 16,845,000 | |||
Fair Value, Measurements, Recurring [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | |||||
Assets: | |||||
Investment securities available for sale | 40,989,000 | 27,452,000 | |||
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | |||||
Assets: | |||||
Investment securities available for sale | 79,400,000 | 68,866,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | |||||
Assets: | |||||
Fair value of single family MSR | 0 | 0 | |||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |||
Assets, Fair Value Disclosure | 0 | 0 | |||
Liabilities: | |||||
Total Liabilities | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Forward Contracts [Member] | |||||
Assets: | |||||
Derivatives | 0 | ||||
Liabilities: | |||||
Derivatives | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Interest Rate Swaption [Member] | |||||
Liabilities: | |||||
Derivatives | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Interest Rate Lock Commitments [Member] | |||||
Assets: | |||||
Derivatives | 0 | 0 | |||
Liabilities: | |||||
Derivatives | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Interest Rate Swap [Member] | |||||
Assets: | |||||
Derivatives | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Residential Mortgage Backed Securities [Member] | |||||
Assets: | |||||
Investment securities available for sale | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Commercial Mortgage Backed Securities [Member] | |||||
Assets: | |||||
Investment securities available for sale | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Municipal Bonds [Member] | |||||
Assets: | |||||
Investment securities available for sale | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Agency Collaterized Mortgage Backed Securities [Member] | |||||
Assets: | |||||
Investment securities available for sale | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Collateralized Mortgage Obligations Residential [Member] | |||||
Assets: | |||||
Investment securities available for sale | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Collateralized Mortgage Obligations Commercial [Member] | |||||
Assets: | |||||
Investment securities available for sale | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | |||||
Assets: | |||||
Investment securities available for sale | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | Corporate Debt Securities [Member] | |||||
Assets: | |||||
Investment securities available for sale | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | |||||
Assets: | |||||
Fair value of single family MSR | 0 | 0 | |||
Loans Held-for-sale, Fair Value Disclosure | 610,350,000 | [2] | 279,385,000 | ||
Assets, Fair Value Disclosure | 1,050,436,000 | 766,644,000 | |||
Liabilities: | |||||
Total Liabilities | 6,630,000 | 10,325,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Forward Contracts [Member] | |||||
Assets: | |||||
Derivatives | 1,071,000 | ||||
Derivative Asset, Fair Value, Gross Asset | 3,630,000 | ||||
Liabilities: | |||||
Derivatives | 5,658,000 | 578,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Interest Rate Swaption [Member] | |||||
Assets: | |||||
Derivatives | 0 | ||||
Derivative Asset, Fair Value, Amount Not Offset Against Collateral | 0 | ||||
Derivative Asset, Fair Value, Gross Asset | 858,000 | ||||
Liabilities: | |||||
Derivatives | 199,000 | ||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Interest Rate Lock Commitments [Member] | |||||
Assets: | |||||
Derivatives | 0 | 0 | |||
Liabilities: | |||||
Derivatives | 972,000 | ||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Interest Rate Swap [Member] | |||||
Assets: | |||||
Derivatives | 11,689,000 | ||||
Liabilities: | |||||
Derivatives | 0 | 9,548,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Residential Mortgage Backed Securities [Member] | |||||
Assets: | |||||
Investment securities available for sale | 107,280,000 | 133,910,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Commercial Mortgage Backed Securities [Member] | |||||
Assets: | |||||
Investment securities available for sale | 13,671,000 | 13,433,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Municipal Bonds [Member] | |||||
Assets: | |||||
Investment securities available for sale | 122,334,000 | 130,850,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Agency Collaterized Mortgage Backed Securities [Member] | |||||
Assets: | |||||
Investment securities available for sale | 27,452,000 | ||||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Collateralized Mortgage Obligations Residential [Member] | |||||
Assets: | |||||
Investment securities available for sale | 43,166,000 | 90,327,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Collateralized Mortgage Obligations Commercial [Member] | |||||
Assets: | |||||
Investment securities available for sale | 20,486,000 | 16,845,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | |||||
Assets: | |||||
Investment securities available for sale | 40,989,000 | 27,452,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | Corporate Debt Securities [Member] | |||||
Assets: | |||||
Investment securities available for sale | 79,400,000 | 68,866,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||||
Assets: | |||||
Fair value of single family MSR | 112,439,000 | 153,128,000 | |||
Loans Held-for-sale, Fair Value Disclosure | 0 | 0 | |||
Assets, Fair Value Disclosure | 124,378,000 | 159,140,000 | |||
Liabilities: | |||||
Total Liabilities | 6,000 | 40,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Forward Contracts [Member] | |||||
Assets: | |||||
Derivatives | 0 | ||||
Liabilities: | |||||
Derivatives | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Interest Rate Swaption [Member] | |||||
Assets: | |||||
Derivatives | 0 | ||||
Liabilities: | |||||
Derivatives | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Interest Rate Lock Commitments [Member] | |||||
Assets: | |||||
Derivatives | 11,939,000 | 6,012,000 | |||
Liabilities: | |||||
Derivatives | 6,000 | 40,000 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Interest Rate Swap [Member] | |||||
Assets: | |||||
Derivatives | 0 | 0 | |||
Liabilities: | |||||
Derivatives | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Residential Mortgage Backed Securities [Member] | |||||
Assets: | |||||
Investment securities available for sale | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Commercial Mortgage Backed Securities [Member] | |||||
Assets: | |||||
Investment securities available for sale | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Municipal Bonds [Member] | |||||
Assets: | |||||
Investment securities available for sale | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Agency Collaterized Mortgage Backed Securities [Member] | |||||
Assets: | |||||
Investment securities available for sale | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Collateralized Mortgage Obligations Residential [Member] | |||||
Assets: | |||||
Investment securities available for sale | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Collateralized Mortgage Obligations Commercial [Member] | |||||
Assets: | |||||
Investment securities available for sale | 0 | 0 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Us Treasury Collateralized Mortgage Obligations [Member] | |||||
Assets: | |||||
Investment securities available for sale | 0 | ||||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | Corporate Debt Securities [Member] | |||||
Assets: | |||||
Investment securities available for sale | $0 | $0 | |||
Minimum [Member] | Interest Rate Lock Commitments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Fall Out Factor | 0.60% | 0.50% | |||
Liabilities: | |||||
Fair Value Inputs, Initial Value of Servicing | 0.56% | 0.62% | |||
Maximum [Member] | Interest Rate Lock Commitments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Fall Out Factor | 77.90% | 97.00% | |||
Liabilities: | |||||
Fair Value Inputs, Initial Value of Servicing | 1.94% | 2.65% | |||
Weighted Average [Member] | Interest Rate Lock Commitments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Fall Out Factor | 21.40% | 17.80% | |||
Liabilities: | |||||
Fair Value Inputs, Initial Value of Servicing | 0.93% | 1.22% | |||
[1] | (1)All realized and unrealized gains and losses are recognized in earnings as net gain from mortgage loan origination and sale activities on the consolidated statement of operations. There were net unrealized gains (losses) of $11.9 million and $6.0 million for the years ended DecemberB 31, 2014 and 2013, respectively, recognized on interest rate lock commitments outstanding at DecemberB 31, 2014 and 2013, respectively. | ||||
[2] | (1)The Company transferred $310.5 million of loans from the held for investment portfolio into loans held for sale in March of 2014 and subsequently sold $266.8 million of these loans. At DecemberB 31, 2014, the Company had transferred $92.7 million of these loans back to the held for investment portfolio. |
Fair_Value_Measurement_FV_hier1
Fair Value Measurement (FV hierarchy - nonrecurring basis)(Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | |||||
Fair value of loans held for sale | $610,350 | $279,385 | |||
Other real estate owned | 9,448 | 12,911 | 23,941 | ||
Total Assets | 1,174,814 | 925,784 | |||
Gains/losses on other real estate owned | 890 | 722 | 2,508 | ||
Assets | 3,535,090 | 3,066,054 | 2,631,230 | ||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | |||||
Fair value of loans held for sale | 44,422 | [1] | |||
Other real estate owned | 12,959 | [2] | |||
Gains/losses on loans held for investment | -207 | [1] | -1,629 | [1] | |
Gains/losses on other real estate owned | -41 | [2] | 574 | [2] | |
Assets | 25,727 | 57,381 | |||
Assets, Fair Value Adjustment | -248 | -1,055 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | |||||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | |||||
Fair value of loans held for sale | 0 | [1] | 0 | [1] | |
Other real estate owned | 0 | [2] | 0 | [2] | |
Assets | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | |||||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | |||||
Fair value of loans held for sale | 0 | [1] | 0 | [1] | |
Other real estate owned | 0 | [2] | 0 | [2] | |
Assets | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | |||||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | |||||
Fair value of loans held for sale | 19,021 | [1] | 44,422 | [1] | |
Other real estate owned | 6,706 | [2] | 12,959 | [2] | |
Assets | 25,727 | 57,381 | |||
Nonrecurring Fair Value Measurement Occurring in the Prior Six Months [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | |||||
Fair value of loans held for sale | 19,021 | [1] | |||
Other real estate owned | $6,706 | [2] | |||
Minimum [Member] | Loans Receivable [Member] | |||||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | |||||
Fair Value Inputs, Discount for Lack of Marketability | 10.00% | ||||
Maximum [Member] | Loans Receivable [Member] | |||||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | |||||
Fair Value Inputs, Discount for Lack of Marketability | 100.00% | ||||
Weighted Average [Member] | Loans Receivable [Member] | |||||
Assets and Liabilities Measured at Fair Value on Nonrecurring Basis [Abstract] | |||||
Fair Value Inputs, Discount for Lack of Marketability | 41.80% | ||||
[1] | (1)Represents the carrying value of loans for which adjustments are based on the fair value of the collateral. | ||||
[2] | (2)Represents other real estate owned where an updated fair value of collateral is used to adjust the carrying amount subsequent to the initial classification as other real estate owned. |
Fair_Value_Measurement_Level_3
Fair Value Measurement (Level 3 unobservable inputs)(Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of loans held for sale | 610,350 | 279,385 | |||
Significant Level 3 unobservable inputs used to measure fair value on a nonrecurring basis | |||||
Other real estate owned | 9,448 | 12,911 | 23,941 | ||
Loans Receivable [Member] | Minimum [Member] | |||||
Significant Level 3 unobservable inputs used to measure fair value on a nonrecurring basis | |||||
Fair Value Inputs, Discount for Lack of Marketability | 10.00% | ||||
Loans Receivable [Member] | Maximum [Member] | |||||
Significant Level 3 unobservable inputs used to measure fair value on a nonrecurring basis | |||||
Fair Value Inputs, Discount for Lack of Marketability | 100.00% | ||||
Loans Receivable [Member] | Weighted Average [Member] | |||||
Significant Level 3 unobservable inputs used to measure fair value on a nonrecurring basis | |||||
Fair Value Inputs, Discount for Lack of Marketability | 41.80% | ||||
Interest Rate Lock Commitments [Member] | Minimum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Fall Out Factor | 0.60% | 0.50% | |||
Significant Level 3 unobservable inputs used to measure fair value on a nonrecurring basis | |||||
Fair Value Inputs, Initial Value of Servicing | 0.56% | 0.62% | |||
Interest Rate Lock Commitments [Member] | Maximum [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Fall Out Factor | 77.90% | 97.00% | |||
Significant Level 3 unobservable inputs used to measure fair value on a nonrecurring basis | |||||
Fair Value Inputs, Initial Value of Servicing | 1.94% | 2.65% | |||
Interest Rate Lock Commitments [Member] | Weighted Average [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair Value Inputs, Fall Out Factor | 21.40% | 17.80% | |||
Significant Level 3 unobservable inputs used to measure fair value on a nonrecurring basis | |||||
Fair Value Inputs, Initial Value of Servicing | 0.93% | 1.22% | |||
Fair Value, Measurements, Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of loans held for sale | 610,350 | 279,385 | |||
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of loans held for sale | 0 | 0 | |||
Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of loans held for sale | 44,422 | [1] | |||
Significant Level 3 unobservable inputs used to measure fair value on a nonrecurring basis | |||||
Other real estate owned | 12,959 | [2] | |||
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of loans held for sale | 19,021 | [1] | 44,422 | [1] | |
Significant Level 3 unobservable inputs used to measure fair value on a nonrecurring basis | |||||
Other real estate owned | 6,706 | [2] | 12,959 | [2] | |
Nonrecurring Fair Value Measurement Occurring in the Prior Six Months [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of loans held for sale | 19,021 | [1] | |||
Significant Level 3 unobservable inputs used to measure fair value on a nonrecurring basis | |||||
Other real estate owned | 6,706 | [2] | |||
Interest Rate Lock Commitments [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Interest Rate Lock Commitments, Net | 11,933 | 5,972 | $22,528 | ||
[1] | (1)Represents the carrying value of loans for which adjustments are based on the fair value of the collateral. | ||||
[2] | (2)Represents other real estate owned where an updated fair value of collateral is used to adjust the carrying amount subsequent to the initial classification as other real estate owned. |
Fair_Value_Measurement_FV_of_f
Fair Value Measurement (FV of financial instruments)(Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and Cash Equivalents, at Carrying Value | $30,502 | $33,908 | $25,285 | $263,302 | |
Assets: | |||||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 28,006 | 17,133 | |||
Loans held for investment, net | 2,099,129 | 1,871,813 | |||
Loans held for sale | 621,235 | 279,941 | |||
Fair value of loans held for sale | 610,350 | 279,385 | |||
Servicing Asset at Amortized Cost | 10,885 | 9,335 | 8,097 | 7,112 | |
Federal Home Loan Bank Stock | 33,915 | 35,288 | |||
Deposits | 2,445,430 | 2,210,821 | |||
Liabilities: | |||||
Advances from Federal Home Loan Banks | 597,590 | 446,590 | |||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 50,000 | 0 | |||
Long-term Debt | 61,857 | 64,800 | 64,811 | 61,900 | |
Estimate of Fair Value, Fair Value Disclosure [Member] | |||||
Assets: | |||||
Cash and cash equivalents | 30,502 | 33,908 | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 28,537 | 16,887 | |||
Loans held for investment | 2,150,672 | 1,900,349 | |||
Fair value of loans held for sale | 10,855 | 556 | |||
Servicing Asset at Amortized Cost | 12,540 | 10,839 | |||
Federal Home Loan Bank Stock | 33,915 | 35,288 | |||
Liabilities: | |||||
Deposits | 2,445,635 | 2,058,533 | |||
Federal Home Loan Bank advances | 600,599 | 449,109 | |||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 50,000 | ||||
Long-term debt | 60,235 | 63,849 | |||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 1 [Member] | |||||
Assets: | |||||
Cash and cash equivalents | 30,502 | 33,908 | |||
Loans held for investment | 0 | 0 | |||
Fair value of loans held for sale | 0 | 0 | |||
Servicing Asset at Amortized Cost | 0 | 0 | |||
Federal Home Loan Bank Stock | 0 | 0 | |||
Liabilities: | |||||
Deposits | 0 | 0 | |||
Federal Home Loan Bank advances | 0 | 0 | |||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 0 | ||||
Long-term debt | 0 | 0 | |||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 2 [Member] | |||||
Assets: | |||||
Cash and cash equivalents | 0 | 0 | |||
Held-to-maturity Securities, Amortized Cost before Other than Temporary Impairment | 28,537 | 16,887 | |||
Loans held for investment | 0 | 0 | |||
Fair value of loans held for sale | 10,855 | 556 | |||
Servicing Asset at Amortized Cost | 0 | 0 | |||
Federal Home Loan Bank Stock | 33,915 | 35,288 | |||
Liabilities: | |||||
Deposits | 2,445,635 | 2,058,533 | |||
Federal Home Loan Bank advances | 600,599 | 449,109 | |||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 50,000 | ||||
Long-term debt | 60,235 | 63,849 | |||
Estimate of Fair Value, Fair Value Disclosure [Member] | Level 3 [Member] | |||||
Assets: | |||||
Cash and cash equivalents | 0 | 0 | |||
Loans held for investment | 2,150,672 | 1,900,349 | |||
Fair value of loans held for sale | 0 | 0 | |||
Servicing Asset at Amortized Cost | 12,540 | 10,839 | |||
Federal Home Loan Bank Stock | 0 | 0 | |||
Liabilities: | |||||
Deposits | 0 | 0 | |||
Federal Home Loan Bank advances | 0 | 0 | |||
Federal Funds Purchased and Securities Sold under Agreements to Repurchase | 0 | ||||
Long-term debt | 0 | 0 | |||
Multifamily Residential [Member] | |||||
Assets: | |||||
Loans held for sale | $10,885 | $556 |
Fair_Value_Measurement_FV_chan
Fair Value Measurement (FV changes of Level 3 - recurring)(Details) (USD $) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||||||||||||||||
Fair Value, Measurements, Recurring [Member] | ||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||||||||
Fair Value, Measurement Inputs, Disclosure [Text Block] | The following information presents significant Level 3 unobservable inputs used to measure fair value of interest rate lock commitments. | |||||||||||||||||
(dollars in thousands) | At December 31, 2014 | |||||||||||||||||
Fair Value | Valuation | Significant Unobservable | Low | High | Weighted Average | |||||||||||||
Technique | Input | |||||||||||||||||
Interest rate lock commitments, net | $ | 11,933 | Income approach | Fall out factor | 0.60% | 77.90% | 21.40% | |||||||||||
Value of servicing | 0.56% | 1.94% | 0.93% | |||||||||||||||
(dollars in thousands) | At December 31, 2013 | |||||||||||||||||
Fair Value | Valuation | Significant Unobservable | Low | High | Weighted Average | |||||||||||||
Technique | Input | |||||||||||||||||
Interest rate lock commitments, net | $ | 5,972 | Income approach | Fall out factor | 0.50% | 97.00% | 17.80% | |||||||||||
Value of servicing | 0.62% | 2.65% | 1.22% | |||||||||||||||
Interest Rate Lock Commitments [Member] | ||||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | $118,708,000 | [1] | $123,068,000 | [1] | ||||||||||||||
Interest Rate Lock Commitments, Net | 11,933,000 | 5,972,000 | 22,528,000 | |||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss) | 11,900,000 | 6,000,000 | ||||||||||||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | $112,747,000 | $139,624,000 | ||||||||||||||||
[1] | (1)All realized and unrealized gains and losses are recognized in earnings as net gain from mortgage loan origination and sale activities on the consolidated statement of operations. There were net unrealized gains (losses) of $11.9 million and $6.0 million for the years ended DecemberB 31, 2014 and 2013, respectively, recognized on interest rate lock commitments outstanding at DecemberB 31, 2014 and 2013, respectively. |
Fair_Value_Measurement_Details
Fair Value Measurement (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Change in Accounting Estimate, Financial Effect | $4,300,000 | |
Credit Risk [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value, Estimate Not Practicable, Commitments | ($3,400,000) | ($977,000) |
Loans Receivable [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 10.00% | |
Loans Receivable [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 100.00% | |
Loans Receivable [Member] | Weighted Average [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Inputs, Discount for Lack of Marketability | 41.80% |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid | $0.11 | $0.33 | $0 | |||||||||||
Calculation of earnings per share | ||||||||||||||
Net income (loss) | $5,621 | $4,975 | $9,362 | $2,301 | ($861) | $1,662 | $12,068 | $10,940 | $22,259 | $23,809 | $82,126 | |||
Weighted average shares: | ||||||||||||||
Basic weighted-average common shares outstanding | 14,800,689 | 14,412,059 | 13,312,939 | |||||||||||
Dilutive effect of outstanding common stock equivalents | 160,392 | [1] | 386,109 | [1] | 426,459 | [1] | ||||||||
Diluted weighted-average number of common stock outstanding | 14,961,081 | 14,798,168 | 13,739,398 | |||||||||||
Earnings per share: | ||||||||||||||
Basic earnings (loss) per share | $0.38 | $0.34 | $0.63 | $0.16 | ($0.06) | $0.12 | $0.84 | $0.76 | $1.50 | $1.65 | $6.17 | |||
Diluted earnings (loss) per share | $0.38 | $0.33 | $0.63 | $0.15 | ($0.06) | $0.11 | $0.82 | $0.74 | $1.49 | $1.61 | $5.98 | |||
Retained Earnings [Member] | ||||||||||||||
Calculation of earnings per share | ||||||||||||||
Net income (loss) | $22,259 | $23,809 | $82,126 | |||||||||||
[1] | (1)Excluded from the computation of diluted earnings per share (due to their antidilutive effect) for the twelve months ended DecemberB 31, 2014, 2013 and 2012 were certain stock options and unvested restricted stock issued to key senior management personnel and directors of the Company. The aggregate number of common stock equivalents related to such options and unvested restricted shares, which could potentially be dilutive in future periods, was 143,400, 103,674 and 121,283 at DecemberB 31, 2014, DecemberB 31, 2013 and DecemberB 31, 2012, respectively. |
Earnings_Per_Share_Details_Tex
Earnings Per Share (Details Textual) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Earnings Per Share (Textual) [Abstract] | |||
Aggregate number of common stock equivalents and unvested restricted stock | 143,400 | 103,674 | 121,283 |
Business_Segments_Details
Business Segments (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Segment Reporting Information [Line Items] | ||||||||||||||
Number of Operating Segments | 2 | |||||||||||||
Condensed income statement: | ||||||||||||||
Net interest income | $27,502 | $25,308 | $23,147 | $22,712 | $21,382 | $20,412 | $17,415 | $15,235 | $98,669 | [1] | $74,444 | [1] | $60,743 | [1] |
Provision for loan losses | -500 | 0 | 0 | 1,500 | 0 | 1,500 | -400 | -2,000 | 1,000 | -900 | -11,500 | |||
Noninterest income | 51,487 | 45,813 | 53,650 | 34,707 | 36,072 | 38,174 | 57,556 | 58,943 | 185,657 | 190,745 | 238,020 | |||
Noninterest expense | -68,791 | -64,158 | -62,971 | -56,091 | -58,868 | -58,116 | -56,712 | -55,799 | -252,011 | -229,495 | -183,591 | |||
Income (loss) before income tax expense | 9,698 | 6,963 | 13,826 | 2,828 | -1,414 | 1,970 | 17,859 | 16,379 | 33,315 | 34,794 | 103,672 | |||
Income tax (benefit) expense | -4,077 | -1,988 | -4,464 | -527 | 553 | -308 | -5,791 | -5,439 | -11,056 | -10,985 | -21,546 | |||
Net income (loss) | 5,621 | 4,975 | 9,362 | 2,301 | -861 | 1,662 | 12,068 | 10,940 | 22,259 | 23,809 | 82,126 | |||
Assets | 3,535,090 | 3,066,054 | 3,535,090 | 3,066,054 | 2,631,230 | |||||||||
Mortgage Banking [Member] | ||||||||||||||
Condensed income statement: | ||||||||||||||
Net interest income | 16,683 | [1] | 15,272 | [1] | 14,117 | [1] | ||||||||
Provision for loan losses | 0 | 0 | 0 | |||||||||||
Noninterest income | 166,991 | 175,654 | 225,555 | |||||||||||
Noninterest expense | -172,199 | -163,354 | -119,981 | |||||||||||
Income (loss) before income tax expense | 11,475 | 27,572 | 119,691 | |||||||||||
Income tax (benefit) expense | -3,964 | -9,736 | -24,862 | |||||||||||
Net income (loss) | 7,511 | 17,836 | 94,829 | |||||||||||
Assets | 788,681 | 489,292 | 788,681 | 489,292 | 768,915 | |||||||||
Consumer and Commercial Banking [Member] | ||||||||||||||
Condensed income statement: | ||||||||||||||
Net interest income | 81,986 | [1] | 59,172 | [1] | 46,626 | [1] | ||||||||
Provision for loan losses | 1,000 | -900 | -11,500 | |||||||||||
Noninterest income | 18,666 | 15,091 | 12,465 | |||||||||||
Noninterest expense | -79,812 | -66,141 | -63,610 | |||||||||||
Income (loss) before income tax expense | 21,840 | 7,222 | -16,019 | |||||||||||
Income tax (benefit) expense | -7,092 | -1,249 | 3,316 | |||||||||||
Net income (loss) | 14,748 | 5,973 | -12,703 | |||||||||||
Assets | $2,746,409 | $2,576,762 | $2,746,409 | $2,576,762 | $1,862,315 | |||||||||
[1] | Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of excess liabilities from another segment. |
Parent_Company_Financial_State2
Parent Company Financial Statements Parent Company Condensed Statement of Financial Position (Details) (USD $) | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and Cash Equivalents, at Carrying Value | $30,502 | $33,908 | $25,285 | $263,302 | |
Other Assets | 105,009 | 122,239 | |||
Total assets | 3,535,090 | 3,066,054 | 2,631,230 | ||
Accounts Payable and Accrued Liabilities | 77,975 | 77,906 | |||
Long-term Debt | 61,857 | 64,800 | 64,811 | 61,900 | |
Total liabilities | 3,232,852 | 2,800,128 | |||
Preferred Stock, Value, Issued | 0 | 0 | |||
Common Stock, Value, Issued | 511 | 511 | |||
Additional Paid in Capital | 96,615 | 94,474 | |||
Retained Earnings (Accumulated Deficit) | 203,566 | 182,935 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 1,546 | -11,994 | |||
Total shareholders' equity | 302,238 | 265,926 | 263,762 | 86,407 | |
Total liabilities and shareholders' equity | 3,535,090 | 3,066,054 | |||
Parent Company [Member] | |||||
Condensed Financial Statements, Captions [Line Items] | |||||
Cash and Cash Equivalents, at Carrying Value | 5,270 | 4,334 | 22,568 | 321 | |
Other Assets | 7,137 | 10,340 | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | 353,992 | 316,384 | |||
Total assets | 366,399 | 331,058 | |||
Accounts Payable and Accrued Liabilities | 2,304 | 321 | |||
Long-term Debt | 61,857 | 64,811 | |||
Total liabilities | 64,161 | 65,132 | |||
Preferred Stock, Value, Issued | 0 | 0 | |||
Common Stock, Value, Issued | 511 | 511 | |||
Additional Paid in Capital | 96,615 | 94,474 | |||
Retained Earnings (Accumulated Deficit) | 203,567 | 182,935 | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax | 1,545 | -11,994 | |||
Total shareholders' equity | 302,238 | 265,926 | |||
Total liabilities and shareholders' equity | $366,399 | $331,058 |
Parent_Company_Financial_State3
Parent Company Financial Statements Parent Company Condensed Statements of Operations (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Net interest income | $27,502 | $25,308 | $23,147 | $22,712 | $21,382 | $20,412 | $17,415 | $15,235 | $98,669 | [1] | $74,444 | [1] | $60,743 | [1] |
Noninterest Income | 51,487 | 45,813 | 53,650 | 34,707 | 36,072 | 38,174 | 57,556 | 58,943 | 185,657 | 190,745 | 238,020 | |||
Income (Loss) from Equity Method Investments | 101 | 704 | 4,264 | |||||||||||
Noninterest Expense | 68,791 | 64,158 | 62,971 | 56,091 | 58,868 | 58,116 | 56,712 | 55,799 | 252,011 | 229,495 | 183,591 | |||
Income (loss) before income tax expense | 9,698 | 6,963 | 13,826 | 2,828 | -1,414 | 1,970 | 17,859 | 16,379 | 33,315 | 34,794 | 103,672 | |||
Income tax (benefit) expense | 4,077 | 1,988 | 4,464 | 527 | -553 | 308 | 5,791 | 5,439 | 11,056 | 10,985 | 21,546 | |||
Net income (loss) | 5,621 | 4,975 | 9,362 | 2,301 | -861 | 1,662 | 12,068 | 10,940 | 22,259 | 23,809 | 82,126 | |||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 13,540 | -21,184 | 5,071 | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | 35,799 | 2,625 | 87,197 | |||||||||||
Parent Company [Member] | ||||||||||||||
Condensed Financial Statements, Captions [Line Items] | ||||||||||||||
Net interest income | -1,059 | -2,545 | -1,324 | |||||||||||
Noninterest Income | 561 | 970 | 800 | |||||||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest | -498 | -1,575 | -524 | |||||||||||
Cash Dividends Paid to Parent Company by Unconsolidated Subsidiaries | 4,200 | 19,600 | 0 | |||||||||||
Income (Loss) from Equity Method Investments | 21,394 | 6,591 | 84,504 | |||||||||||
Revenue, Net | 25,096 | 24,616 | 83,980 | |||||||||||
Noninterest Expense | 4,664 | 2,281 | 3,152 | |||||||||||
Income (loss) before income tax expense | 20,432 | 22,335 | 80,828 | |||||||||||
Income tax (benefit) expense | -1,827 | -1,474 | -1,298 | |||||||||||
Net income (loss) | 22,259 | 23,809 | 82,126 | |||||||||||
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent | 13,540 | -21,184 | 5,071 | |||||||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $35,799 | $2,625 | $87,197 | |||||||||||
[1] | Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of excess liabilities from another segment. |
Parent_Company_Financial_State4
Parent Company Financial Statements Parent Company Condensed Statements of Cash Flows (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | ($348,636) | $304,030 | ($391,870) |
Net Cash Provided by (Used in) Investing Activities | -84,239 | -459,884 | -102,858 |
Payments of Dividends | -1,628 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 429,469 | 164,477 | 256,711 |
Cash and Cash Equivalents, Period Increase (Decrease) | -3,406 | 8,623 | -238,017 |
Beginning of year | 33,908 | 25,285 | 263,302 |
End of period | 30,502 | 33,908 | 25,285 |
Parent Company [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Net Cash Provided by (Used in) Operating Activities | 5,693 | -483 | -2,023 |
Payments to Acquire Marketable Securities | 1,000 | -5,797 | 1,058 |
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | -732 | -12,172 | -65,000 |
Net Cash Provided by (Used in) Investing Activities | 268 | -17,969 | -63,942 |
Proceeds from Stock Options Exercised | 130 | 188 | 88,178 |
Payments of Dividends | -1,628 | 0 | 0 |
Proceeds from advances from subsidiaries | -3,527 | 30 | 34 |
Net Cash Provided by (Used in) Financing Activities | -5,025 | 218 | 88,212 |
Cash and Cash Equivalents, Period Increase (Decrease) | 936 | -18,234 | 22,247 |
Beginning of year | 4,334 | 22,568 | 321 |
End of period | $5,270 | $4,334 | $22,568 |
Unaudited_Quarterly_Financial_2
Unaudited Quarterly Financial Data Unaudited Quarterly Financial Data (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Interest and Dividend Income, Operating | $30,780 | $28,478 | $26,225 | $25,810 | $24,422 | $23,348 | $20,468 | $20,738 | $111,293 | $88,976 | $80,691 | |||
Interest Expense | 3,278 | 3,170 | 3,078 | 3,098 | 3,040 | 2,936 | 3,053 | 5,503 | 12,624 | 14,532 | 19,948 | |||
Net interest income | 27,502 | 25,308 | 23,147 | 22,712 | 21,382 | 20,412 | 17,415 | 15,235 | 98,669 | [1] | 74,444 | [1] | 60,743 | [1] |
Provision for Loan, Lease, and Other Losses | 500 | 0 | 0 | -1,500 | 0 | -1,500 | 400 | 2,000 | -1,000 | 900 | 11,500 | |||
Net interest income after provision for credit losses | 27,002 | 25,308 | 23,147 | 24,212 | 21,382 | 21,912 | 17,015 | 13,235 | 99,669 | 73,544 | 49,243 | |||
Noninterest Income | 51,487 | 45,813 | 53,650 | 34,707 | 36,072 | 38,174 | 57,556 | 58,943 | 185,657 | 190,745 | 238,020 | |||
Noninterest Expense | 68,791 | 64,158 | 62,971 | 56,091 | 58,868 | 58,116 | 56,712 | 55,799 | 252,011 | 229,495 | 183,591 | |||
Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest | 9,698 | 6,963 | 13,826 | 2,828 | -1,414 | 1,970 | 17,859 | 16,379 | 33,315 | 34,794 | 103,672 | |||
Income tax (benefit) expense | 4,077 | 1,988 | 4,464 | 527 | -553 | 308 | 5,791 | 5,439 | 11,056 | 10,985 | 21,546 | |||
Net income (loss) | $5,621 | $4,975 | $9,362 | $2,301 | ($861) | $1,662 | $12,068 | $10,940 | $22,259 | $23,809 | $82,126 | |||
Earnings Per Share, Basic | $0.38 | $0.34 | $0.63 | $0.16 | ($0.06) | $0.12 | $0.84 | $0.76 | $1.50 | $1.65 | $6.17 | |||
Diluted earnings (loss) per share | $0.38 | $0.33 | $0.63 | $0.15 | ($0.06) | $0.11 | $0.82 | $0.74 | $1.49 | $1.61 | $5.98 | |||
[1] | Net interest income is the difference between interest earned on assets and the cost of liabilities to fund those assets. Interest earned includes actual interest earned on segment assets and, if the segment has excess liabilities, interest credits for providing funding to the other segment. The cost of liabilities includes interest expense on segment liabilities and, if the segment does not have enough liabilities to fund its assets, a funding charge based on the cost of excess liabilities from another segment. |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events (Details) (USD $) | Dec. 31, 2014 |
In Millions, unless otherwise specified | |
Subsequent Event [Line Items] | |
Loan pool sale, fixed rate mortgage loans | $266.80 |
Uncategorized_Items
Uncategorized Items | |
[us-gaap_CommonStockSharesOutstanding] | 5,403,498 |