Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CVBF | |
Entity Registrant Name | CVB FINANCIAL CORP | |
Entity Central Index Key | 354,647 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 110,151,039 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Cash and due from banks | $ 134,686 | $ 119,445 |
Interest-earning balances due from Federal Reserve | 50,061 | 2,188 |
Total cash and cash equivalents | 184,747 | 121,633 |
Interest-earning balances due from depository institutions | 25,050 | 47,848 |
Investment securities available-for-sale, at fair value (with amortized cost of $2,251,275 at June 30, 2017, and $2,255,874 at December 31, 2016) | 2,269,510 | 2,270,466 |
Investment securities held-to-maturity (with fair value of $862,485 at June 30, 2017, and $897,374 at December 31, 2016) | 869,769 | 911,676 |
Total investment securities | 3,139,279 | 3,182,142 |
Investment in stock of Federal Home Loan Bank (FHLB) | 17,688 | 17,688 |
Loans and lease finance receivables | 4,687,698 | 4,395,064 |
Allowance for loan losses | (60,201) | (61,540) |
Net loans and lease finance receivables | 4,627,497 | 4,333,524 |
Premises and equipment, net | 47,362 | 42,086 |
Bank owned life insurance | 145,441 | 134,785 |
Accrued interest receivable | 22,135 | 22,259 |
Intangibles | 7,519 | 5,010 |
Goodwill | 119,193 | 89,533 |
Other real estate owned (OREO) | 4,527 | 4,527 |
Income taxes | 51,988 | 45,429 |
Asset held-for-sale | 3,411 | 3,411 |
Other assets | 22,366 | 23,832 |
Total assets | 8,418,203 | 8,073,707 |
Deposits: | ||
Noninterest-bearing | 3,929,394 | 3,673,541 |
Interest-bearing | 2,767,787 | 2,636,139 |
Total deposits | 6,697,181 | 6,309,680 |
Customer repurchase agreements | 546,085 | 603,028 |
Other borrowings | 0 | 53,000 |
Deferred compensation | 18,163 | 12,361 |
Junior subordinated debentures | 25,774 | 25,774 |
Payable for securities purchased | 16,346 | 23,777 |
Other liabilities | 53,885 | 55,225 |
Total liabilities | 7,357,434 | 7,082,845 |
Commitments and Contingencies | ||
Stockholders' Equity | ||
Common stock, authorized, 225,000,000 shares without par; issued and outstanding 110,149,314 at June 30, 2017, and 108,251,981 at December 31, 2016 | 571,958 | 531,192 |
Retained earnings | 477,675 | 449,499 |
Accumulated other comprehensive income, net of tax | 11,136 | 10,171 |
Total stockholders' equity | 1,060,769 | 990,862 |
Total liabilities and stockholders' equity | $ 8,418,203 | $ 8,073,707 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 2,251,275 | $ 2,255,874 |
Fair Value, Held-to-maturity | $ 862,485 | $ 897,374 |
Common stock, par value | ||
Common stock, authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 110,149,314 | 108,251,981 |
Common stock, shares outstanding | 110,149,314 | 108,251,981 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Interest income: | ||||
Loans and leases, including fees | $ 53,614 | $ 50,257 | $ 102,255 | $ 96,027 |
Investment securities: | ||||
Investment securities available-for-sale | 13,007 | 12,018 | 25,647 | 24,817 |
Investment securities held-to-maturity | 5,323 | 4,743 | 10,830 | 10,091 |
Total investment income | 18,330 | 16,761 | 36,477 | 34,908 |
Dividends from FHLB stock | 359 | 439 | 752 | 807 |
Interest-earning deposits with other institutions and federal funds sold | 286 | 558 | 553 | 773 |
Total interest income | 72,589 | 68,015 | 140,037 | 132,515 |
Interest expense: | ||||
Deposits | 1,559 | 1,582 | 2,992 | 3,019 |
Borrowings and customer repurchase agreements | 382 | 345 | 811 | 768 |
Junior subordinated debentures | 165 | 132 | 318 | 256 |
Total interest expense | 2,106 | 2,059 | 4,121 | 4,043 |
Net interest income before recapture of provision for loan losses | 70,483 | 65,956 | 135,916 | 128,472 |
Recapture of provision for loan losses | (1,000) | 0 | (5,500) | 0 |
Net interest income after recapture of provision for loan losses | 71,483 | 65,956 | 141,416 | 128,472 |
Noninterest income: | ||||
Service charges on deposit accounts | 3,982 | 3,822 | 7,709 | 7,569 |
Trust and investment services | 2,613 | 2,508 | 4,909 | 4,711 |
Bankcard services | 871 | 784 | 1,636 | 1,339 |
BOLI income | 1,497 | 752 | 2,212 | 1,299 |
Gain on sale of loans | 0 | 0 | 0 | 1,101 |
Other | 1,813 | 1,408 | 3,032 | 1,938 |
Total noninterest income | 10,776 | 9,274 | 19,498 | 17,957 |
Noninterest expense: | ||||
Salaries and employee benefits | 21,706 | 21,403 | 43,281 | 42,601 |
Occupancy and equipment | 4,554 | 4,125 | 8,238 | 7,838 |
Professional services | 1,843 | 1,075 | 3,100 | 2,323 |
Software licenses and maintenance | 1,627 | 1,445 | 3,188 | 2,719 |
Marketing and promotion | 1,190 | 1,192 | 2,429 | 2,619 |
Acquisition related expenses | 1,250 | 355 | 1,926 | 1,204 |
Other | 4,703 | 4,843 | 8,828 | 9,498 |
Total noninterest expense | 36,873 | 34,438 | 70,990 | 68,802 |
Earnings before income taxes | 45,386 | 40,792 | 89,924 | 77,627 |
Income taxes | 17,013 | 15,278 | 33,047 | 28,722 |
Net earnings | 28,373 | 25,514 | 56,877 | 48,905 |
Other comprehensive income: | ||||
Unrealized gain on securities arising during the period, before tax | 1,642 | 7,493 | 2,066 | 34,763 |
Less: Reclassification adjustment for net gain on securities included in net income | (402) | 0 | (402) | 0 |
Other comprehensive income, before tax | 1,240 | 7,493 | 1,664 | 34,763 |
Less: Income tax expense related to items of other comprehensive income | (521) | (3,147) | (699) | (14,600) |
Other comprehensive income, net of tax | 719 | 4,346 | 965 | 20,163 |
Comprehensive income | $ 29,092 | $ 29,860 | $ 57,842 | $ 69,068 |
Basic earnings per common share | $ 0.26 | $ 0.23 | $ 0.52 | $ 0.46 |
Diluted earnings per common share | 0.26 | 0.23 | 0.52 | 0.45 |
Cash dividends declared per common share | $ 0.14 | $ 0.12 | $ 0.26 | $ 0.24 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Total | County Commerce Bank [Member] | Valley Commerce Bancorp [Member] | Common Stock [Member] | Common Stock [Member]County Commerce Bank [Member] | Common Stock [Member]Valley Commerce Bancorp [Member] | Retained Earnings [Member] | Retained Earnings [Member]County Commerce Bank [Member] | Retained Earnings [Member]Valley Commerce Bancorp [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Other Comprehensive Income [Member]County Commerce Bank [Member] | Accumulated Other Comprehensive Income [Member]Valley Commerce Bancorp [Member] |
Beginning balance at Dec. 31, 2015 | $ 923,399 | $ 502,571 | $ 399,919 | $ 20,909 | ||||||||
Beginning balance, shares at Dec. 31, 2015 | 106,385 | |||||||||||
Repurchase of common stock | (408) | $ (408) | 0 | 0 | ||||||||
Repurchase of common stock, shares | (40) | |||||||||||
Issuance of common stock for acquisition | $ 21,642 | $ 21,642 | $ 0 | $ 0 | ||||||||
Issuance of common stock for acquisition, shares | 1,394 | |||||||||||
Exercise of stock options | 2,254 | $ 2,254 | 0 | 0 | ||||||||
Exercise of stock options, shares | 175 | |||||||||||
Tax benefit from exercise of stock options | 86 | $ 86 | 0 | 0 | ||||||||
Shares issued pursuant to stock-based compensation plan | 1,307 | $ 1,307 | 0 | 0 | ||||||||
Shares issued pursuant to stock-based compensation plan, shares | 33 | |||||||||||
Cash dividends declared on common stock | (25,885) | $ 0 | (25,885) | 0 | ||||||||
Net earnings | 48,905 | 0 | 48,905 | 0 | ||||||||
Other comprehensive income | 20,163 | 0 | 0 | 20,163 | ||||||||
Ending balance at Jun. 30, 2016 | 991,463 | $ 527,452 | 422,939 | 41,072 | ||||||||
Ending balance, shares at Jun. 30, 2016 | 107,947 | |||||||||||
Beginning balance at Dec. 31, 2016 | 990,862 | $ 531,192 | 449,499 | 10,171 | ||||||||
Beginning balance, shares at Dec. 31, 2016 | 108,252 | |||||||||||
Cumulative adjustment upon adoption of ASU 2016-09 | 50 | $ 116 | (66) | 0 | ||||||||
Repurchase of common stock | (833) | $ (833) | 0 | 0 | ||||||||
Repurchase of common stock, shares | (37) | |||||||||||
Issuance of common stock for acquisition | $ 37,637 | $ 37,637 | $ 0 | $ 0 | ||||||||
Issuance of common stock for acquisition, shares | 1,634 | |||||||||||
Exercise of stock options | 2,389 | $ 2,389 | 0 | 0 | ||||||||
Exercise of stock options, shares | 257 | |||||||||||
Shares issued pursuant to stock-based compensation plan | 1,457 | $ 1,457 | 0 | 0 | ||||||||
Shares issued pursuant to stock-based compensation plan, shares | 43 | |||||||||||
Cash dividends declared on common stock | (28,635) | $ 0 | (28,635) | 0 | ||||||||
Net earnings | 56,877 | 0 | 56,877 | 0 | ||||||||
Other comprehensive income | 965 | 0 | 0 | 965 | ||||||||
Ending balance at Jun. 30, 2017 | $ 1,060,769 | $ 571,958 | $ 477,675 | $ 11,136 | ||||||||
Ending balance, shares at Jun. 30, 2017 | 110,149 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Stockholders' Equity [Abstract] | ||||
Cash dividends per common share | $ 0.14 | $ 0.12 | $ 0.26 | $ 0.24 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Flows from Operating Activities | ||
Interest and dividends received | $ 145,978 | $ 138,664 |
Service charges and other fees received | 17,456 | 16,908 |
Interest paid | (4,168) | (4,030) |
Net cash paid to vendors, employees and others | (52,329) | (69,730) |
Income taxes | (40,097) | (23,000) |
Payments to FDIC, loss share agreement | (474) | (203) |
Net cash provided by operating activities | 66,366 | 58,609 |
Cash Flows from Investing Activities | ||
Proceeds from redemption of FHLB stock | 1,952 | 1,423 |
Net change in interest-earning balances from depository institutions | 23,277 | 3,755 |
Proceeds from sale of investment securities held-for-sale | 5,403 | 0 |
Proceeds from repayment of investment securities available-for-sale | 201,546 | 228,070 |
Proceeds from maturity of investment securities available-for-sale | 16,615 | 56,006 |
Purchases of investment securities available-for-sale | (235,061) | (97,368) |
Proceeds from repayment and maturity of investment securities held-to-maturity | 70,949 | 128,497 |
Purchases of investment securities held-to-maturity | (30,112) | 0 |
Net decrease (increase) in loan and lease finance receivables | 25,211 | (54,623) |
Proceeds from sale of loans | 0 | 6,417 |
Purchase of premises and equipment | (2,469) | (2,045) |
Proceeds from sales of other real estate owned | 0 | 621 |
Cash used in sale of branch, net | 0 | (8,217) |
Cash acquired from acquisition, net of cash paid | 28,325 | (7,504) |
Net cash provided by investing activities | 105,636 | 255,032 |
Cash Flows from Financing Activities | ||
Net increase in other deposits | 58,901 | 512,784 |
Net decrease in time deposits | (33,197) | (58,754) |
Repayment of FHLB advances | 0 | (5,000) |
Net decrease in other borrowings | (53,000) | (46,000) |
Net decrease in customer repurchase agreements | (56,943) | (99,818) |
Cash dividends on common stock | (26,205) | (25,700) |
Repurchase of common stock | (833) | (408) |
Proceeds from exercise of stock options | 2,389 | 2,254 |
Tax benefit related to exercise of stock options | 0 | 86 |
Net cash (used in) provided by financing activities | (108,888) | 279,444 |
Net increase in cash and cash equivalents | 63,114 | 593,085 |
Cash and cash equivalents, beginning of period | 121,633 | 106,097 |
Cash and cash equivalents, end of period | 184,747 | 699,182 |
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities | ||
Net earnings | 56,877 | 48,905 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | ||
Gain on sale of loans | 0 | (1,101) |
Gain on sale of branch | 0 | (272) |
Gain on sale of investment securities | (402) | 0 |
Gain on sale of other real estate owned | 0 | (14) |
Increase in bank owned life insurance | (1,234) | (2,275) |
Net amortization of premiums and discounts on investment securities | 8,989 | 10,192 |
Accretion of PCI discount | (505) | (1,569) |
Recapture of provision for loan losses | (5,500) | 0 |
Valuation adjustment on other real estate owned | 0 | 337 |
Payments to FDIC, loss share agreement | (474) | (203) |
Stock-based compensation | 1,457 | 1,307 |
Depreciation and amortization, net | (402) | 1,685 |
Change in other assets and liabilities | 7,560 | 1,617 |
Total adjustments | 9,489 | 9,704 |
Net cash provided by operating activities | 66,366 | 58,609 |
Supplemental Disclosure of Non-cash Investing Activities | ||
Securities purchased and not settled | 16,346 | 44,723 |
Issuance of common stock for acquistion | $ 37,637 | $ 21,642 |
Business
Business | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | 1. BUSINESS The condensed consolidated financial statements include CVB Financial Corp. (referred to herein on an unconsolidated basis as “CVB” and on a consolidated basis as “we,” “our” or the “Company”) and its wholly owned subsidiary, Citizens Business Bank (the “Bank” or “CBB”), after elimination of all intercompany transactions and balances. The Company has one inactive subsidiary, Chino Valley Bancorp. The Company is also the common stockholder of CVB Statutory Trust III. CVB Statutory Trust III was created in January 2006 to issue trust preferred securities in order to raise capital for the Company. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation The Company’s primary operations are related to traditional banking activities. This includes the acceptance of deposits and the lending and investing of money through the operations of the Bank. The Bank also provides trust and investment-related services to customers through its CitizensTrust Division. The Bank’s customers consist primarily of small to mid-sized businesses and individuals located in the Inland Empire, Los Angeles County, Orange County, San Diego County, Ventura County, Santa Barbara County, and the Central Valley area of California. The Bank operates 54 banking centers and three trust office locations. The Company is headquartered in the city of Ontario, California. On March 10, 2017, we completed the acquisition of Valley Commerce Bancorp (“VCBP”), the holding company for Valley Business Bank (“VBB”), headquartered in the Central Valley area of California with four branch locations and total assets of approximately $400 million. This acquisition strengthens our market share in the Central Valley area of California. Our condensed consolidated financial statements for 2017 include VBB operations, post-merger. See Note 4 – Business Combinations, included herein. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION The accompanying unaudited condensed consolidated financial statements and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-Q and conform to practices within the banking industry and include all of the information and disclosures required by accounting principles generally accepted in the United States of America (“GAAP”) for interim financial reporting. The accompanying unaudited condensed consolidated financial statements reflect all adjustments (consisting only of normal recurring adjustments), which are necessary for a fair presentation of financial results for the interim periods presented. The results of operations for the six months ended June 30, 2017 are not necessarily indicative of the results for the full year. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements, accounting policies and financial notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016, filed with the SEC. A summary of the significant accounting policies consistently applied in the preparation of the accompanying unaudited condensed consolidated financial statements follows. Reclassification |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Except as discussed below, our accounting policies are described in Note 3— Summary of Significant Accounting Policies, Use of Estimates in the Preparation of Financial Statements Adoption of New Accounting Standard Recent Accounting Pronouncements In February 2016, FASB issued ASU No. 2016-02, “Leases (Topic 842)”. ASU 2016-02 establishes a right of use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact of adoption of this ASU on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace the current “incurred loss” approach with an “expected loss” model. The new model, referred to as the Current Expected Credit Loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. ASU No. 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). The Company is currently evaluating the impact of adoption of this ASU on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” The new guidance clarifies the classification within the statement of cash flows for certain transactions, including debt extinguishment costs, zero-coupon debt, contingent consideration related to business combinations, insurance proceeds, equity method distributions and beneficial interests in securitizations. The guidance also clarifies that cash flows with aspects of multiple classes of cash flows or that cannot be separated by source or use should be classified based on the activity that is likely to be the predominant source or use of cash flows for the item. This guidance is effective for fiscal years beginning after December 15, 2017 and will require application using a retrospective transition method. The Company is currently evaluating the impact of adoption of this ASU on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard will be effective for the Company beginning January 1, 2020, with early adoption permitted for goodwill impairment tests performed after January 1, 2017. The Company does not expect this ASU to have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. ASU No. 2017-08 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. The guidance calls for a modified retrospective transition approach under which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company adopted this ASU effective January 1, 2017 and the adoption did not have a significant impact on its consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, “Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting.” The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. An entity should account for the effects of a modification unless all the following are met: (1) The fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification. (2) The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified. (3) The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments in ASU No. 2017-09 are effective for annual periods, and interim within those annual reporting periods, beginning after December 15, 2017; early adoption is permitted. The amendments in this ASU should be applied prospectively to an award modified on or after the adoption date. The Company does not expect this ASU to have a material impact on the Company’s consolidated financial statements. |
Business Combinations
Business Combinations | 6 Months Ended |
Jun. 30, 2017 | |
Business Combinations [Abstract] | |
Business Combinations | 4. BUSINESS COMBINATIONS Valley Commerce Bancorp Acquisition On March 10, 2017, the Company completed the acquisition of VCBP, the holding company for VBB, headquartered in the Central Valley area of California. The Company acquired all of the assets and assumed all of the liabilities of VCBP for $23.2 million in cash and $37.6 million in stock. As a result, VBB was merged with the Bank, the principal subsidiary of CVB. The Company believes this transaction serves to further strengthen its presence in the Central Valley area of California. At close, VBB had four branches located in Visalia, Tulare, Fresno, and Woodlake. The systems integration of VCBP and CBB was completed in May 2017. Goodwill of $29.7 million from the acquisition represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The total fair value of assets acquired approximated $406.1 million, which included $51.5 million in cash and cash equivalents, $2.0 million in FHLB stock, $309.7 million in loans and lease finance receivables, $5.3 million in fixed assets, $9.4 million in Bank-Owned Life Insurance (“BOLI”), $3.2 million in core deposit intangible assets acquired and $18.5 million in other assets. The total fair value of liabilities assumed was $368.5 million, which included $361.8 million in deposits, and $6.7 million in other liabilities. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of March 10, 2017. The assets acquired and liabilities assumed have been accounted for under the acquisition method accounting. These fair values are estimates and are subject to adjustment for up to one year after the acquisition date or when additional information relative to the closing date fair values becomes available and such information is considered final, whichever is earlier. We have included the financial results of the business combination in the condensed consolidated statement of earnings and comprehensive income beginning on the acquisition date. For the three and six months ended June 30, 2017, the Company incurred non-recurring merger related expenses associated with the VCBP acquisition of $1.3 million and $1.9 million, respectively. County Commerce Bank Acquisition On February 29, 2016, the Bank acquired all of the assets and assumed all of the liabilities of County Commerce Bank (“CCB”) for $20.6 million in cash and $21.6 million in stock. As a result, CCB was merged with the Bank, the principal subsidiary of CVB. The Company believes this transaction served to further expand its footprint northward into and along the central coast of California. At close, CCB had four branches located in Ventura, Oxnard, Camarillo, and Westlake Village. Goodwill of $15.3 million from the acquisition represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The total fair value of assets acquired approximated $252.4 million, which included $54.8 million in cash and balances due from depository institutions, $1.5 million in FHLB stock, $168.0 million in loans and lease finance receivables, $8.6 million in fixed assets, $3.9 million in core deposit intangible assets acquired and $289,000 in other assets. The total fair value of liabilities assumed was $230.8 million, which included $224.2 million in deposits, $5.0 million in FHLB advances and $1.6 million in other liabilities. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of February 29, 2016. The assets acquired and liabilities assumed have been accounted for under the acquisition method accounting. The purchase price allocation was finalized in the fourth quarter of 2016. We have included the financial results of the business combination in the condensed consolidated statement of earnings and comprehensive income beginning on the acquisition date. For the three and six months ended June 30, 2016, the Company incurred non-recurring merger related expenses associated with the CCB acquisition of $355,000 and $1.2 million, respectively. |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 5. INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities are summarized below. The majority of securities held are traded in markets where similar assets are actively traded. Estimated fair values were obtained from an independent pricing service based upon market quotes. June 30, 2017 Amortized Gross Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ 1,750 $ - $ - $ 1,750 0.08% Residential mortgage-backed securities 1,866,602 20,302 (4,601) 1,882,303 82.94% CMO/REMIC - residential 312,024 3,045 (951) 314,118 13.84% Municipal bonds 70,209 795 (355) 70,649 3.11% Other securities 690 - - 690 0.03% Total available-for-sale securities $ 2,251,275 $ 24,142 $ (5,907) $ 2,269,510 100.00% Investment securities held-to-maturity: Government agency/GSE $ 169,942 $ 1,108 $ (1,361) $ 169,689 19.54% Residential mortgage-backed securities 185,401 676 (393) 185,684 21.32% CMO 234,003 - (6,611) 227,392 26.90% Municipal bonds 280,423 2,634 (3,337) 279,720 32.24% Total held-to-maturity securities $ 869,769 $ 4,418 $ (11,702) $ 862,485 100.00% December 31, 2016 Amortized Gross Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ 2,750 $ 2 $ - $ 2,752 0.12% Residential mortgage-backed securities 1,822,168 18,812 (6,232) 1,834,748 80.81% CMO/REMIC - residential 345,313 3,361 (1,485) 347,189 15.29% Municipal bonds 80,137 889 (955) 80,071 3.53% Other securities 5,506 200 - 5,706 0.25% Total available-for-sale securities $ 2,255,874 $ 23,264 $ (8,672) $ 2,270,466 100.00% Investment securities held-to-maturity: Government agency/GSE $ 182,648 $ 362 $ (1,972) $ 181,038 20.03% Residential mortgage-backed securities 193,699 - (1,892) 191,807 21.25% CMO 244,419 - (6,808) 237,611 26.81% Municipal bonds 290,910 776 (4,768) 286,918 31.91% Total held-to-maturity securities $ 911,676 $ 1,138 $ (15,440) $ 897,374 100.00% The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax. For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 12,420 $ 10,827 $ 24,346 $ 22,207 Tax-advantaged 587 1,191 1,301 2,610 Total interest income from available-for-sale securities 13,007 12,018 25,647 24,817 Investment securities held-to-maturity: Taxable 3,203 2,215 6,480 4,835 Tax-advantaged 2,120 2,528 4,350 5,256 Total interest income from held-to-maturity securities 5,323 4,743 10,830 10,091 Total interest income from investment securities $ 18,330 $ 16,761 $ 36,477 $ 34,908 Approximately 89% of the total investment securities portfolio at June 30, 2017 represents securities issued by the U.S government or U.S. government-sponsored enterprises, with the implied guarantee of payment of principal and interest. All non-agency available-for-sale Collateralized Mortgage Obligations (“CMO”)/Real Estate Mortgage Investment Conduit (“REMIC”) issues held are rated investment grade or better by either Standard & Poor’s or Moody’s, as of June 30, 2017 and December 31, 2016. At June 30, 2017, the Bank had $4,000 in total CMO backed by whole loans issued by private-label companies (nongovernment sponsored). The tables below show the Company’s investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2017 and December 31, 2016. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. The unrealized losses on these securities were primarily attributed to changes in interest rates. The issuers of these securities have not, to our knowledge, evidenced any cause for default on these securities. These securities have fluctuated in value since their purchase dates as market rates have fluctuated. However, we have the ability and the intention to hold these securities until their fair values recover to cost or maturity. As such, management does not deem these securities to be Other-Than-Temporarily-Impaired (“OTTI”). June 30, 2017 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ - $ - $ - $ - $ - $ - Residential mortgage-backed securities 339,074 (4,601) - - 339,074 (4,601) CMO/REMIC - residential 79,172 (951) - - 79,172 (951) Municipal bonds 16,243 (354) 5,991 (1) 22,234 (355) Total available-for-sale securities $ 434,489 $ (5,906) $ 5,991 $ (1) $ 440,480 $ (5,907) Investment securities held-to-maturity: Government agency/GSE $ 46,040 $ (1,361) $ - $ - $ 46,040 $ (1,361) Residential mortgage-backed securities 111,873 (393) - - 111,873 (393) CMO 227,392 (6,611) - - 227,392 (6,611) Municipal bonds 77,824 (2,430) 23,484 (907) 101,308 (3,337) Total held-to-maturity securities $ 463,129 $ (10,795) $ 23,484 $ (907) $ 486,613 $ (11,702) December 31, 2016 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ - $ - $ - $ - $ - $ - Residential mortgage-backed securities 583,143 (6,232) - - 583,143 (6,232) CMO/REMIC - residential 128,595 (1,485) - - 128,595 (1,485) Municipal bonds 23,255 (954) 5,981 (1) 29,236 (955) Total available-for-sale securities $ 734,993 $ (8,671) $ 5,981 $ (1) $ 740,974 $ (8,672) Investment securities held-to-maturity: Government agency/GSE $ 76,854 $ (1,972) $ - $ - $ 76,854 $ (1,972) Residential mortgage-backed securities 191,807 (1,892) - - 191,807 (1,892) CMO 237,611 (6,808) - - 237,611 (6,808) Municipal bonds 145,804 (3,711) 36,971 (1,057) 182,775 (4,768) Total held-to-maturity securities $ 652,076 $ (14,383) $ 36,971 $ (1,057) $ 689,047 $ (15,440) At June 30, 2017 and December 31, 2016, investment securities having a carrying value of approximately $2.03 billion and $2.19 billion, respectively, were pledged to secure public deposits, short and long-term borrowings, and for other purposes as required or permitted by law. The amortized cost and fair value of debt securities at June 30, 2017, by contractual maturity, are shown in the table below. Although certain mortgage-backed and CMO/REMIC securities have contractual maturities through 2057, expected maturities will differ from contractual maturities because borrowers may have the right to prepay such obligations without penalty. Mortgage-backed and CMO/REMIC securities are included in maturity categories based upon estimated average lives which incorporate estimated prepayment speeds. June 30, 2017 Available-for-sale Held-to-maturity Amortized Fair Value Amortized Fair Value (Dollars in thousands) Due in one year or less $ 17,369 $ 17,485 $ 425 $ 424 Due after one year through five years 1,955,896 1,975,849 124,293 122,167 Due after five years through ten years 232,464 230,357 417,336 413,416 Due after ten years 45,546 45,819 327,715 326,478 Total investment securities $ 2,251,275 $ 2,269,510 $ 869,769 $ 862,485 The investment in FHLB stock is periodically evaluated for impairment based on, among other things, the capital adequacy of the FHLB and its overall financial condition. No impairment losses have been recorded through June 30, 2017. |
Acquired SJB Assets and FDIC Lo
Acquired SJB Assets and FDIC Loss Sharing Asset | 6 Months Ended |
Jun. 30, 2017 | |
Text Block [Abstract] | |
Acquired SJB Assets and FDIC Loss Sharing Asset | 6. ACQUIRED SJB ASSETS AND FDIC LOSS SHARING ASSET FDIC Assisted Acquisition On October 16, 2009, the Bank acquired San Joaquin Bank (“SJB”) and entered into loss sharing agreements with the Federal Deposit Insurance Corporation (“FDIC”) that is more fully discussed in Note 3— Summary of Significant Accounting Policies At June 30, 2017, the remaining discount associated with the PCI loans approximated $1.0 million. The loss sharing agreement for commercial loans expired October 16, 2014 and will expire for single-family residential loans on October 16, 2019. The following table provides a summary of PCI loans and lease finance receivables by type and by internal risk ratings (credit quality indicators) for the periods indicated. June 30, 2017 December 31, 2016 (Dollars in thousands) Commercial and industrial $ 1,913 $ 2,309 SBA 1,433 327 Real estate: Commercial real estate 46,210 67,594 Construction - - SFR mortgage 171 178 Dairy & livestock and agribusiness 345 1,216 Municipal lease finance receivables - - Consumer and other loans 805 1,469 Gross PCI loans 50,877 73,093 Less: Purchase accounting discount (1,008) (1,508) Gross PCI loans, net of discount 49,869 71,585 Less: Allowance for PCI loan losses (659) (1,219) Net PCI loans $ 49,210 $ 70,366 Credit Quality Indicators The following table summarizes gross PCI loans by internal risk ratings for the periods indicated. June 30, 2017 December 31, 2016 (Dollars in thousands) Pass $ 38,623 $ 59,409 Special mention 167 1,162 Substandard 12,087 12,522 Doubtful & loss - - Total gross PCI loans $ 50,877 $ 73,093 |
Loans and Lease Finance Receiva
Loans and Lease Finance Receivables and Allowance for Loan Losses | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Loans and Lease Finance Receivables and Allowance for Loan Losses | 7. LOANS AND LEASE FINANCE RECEIVABLES AND ALLOWANCE FOR LOAN LOSSES The following table provides a summary of total loans and lease finance receivables, excluding PCI loans, by type. June 30, 2017 December 31, 2016 (Dollars in thousands) Commercial and industrial $ 537,347 $ 485,078 SBA 129,283 97,184 Real estate: Commercial real estate 3,265,858 2,930,141 Construction 77,294 85,879 SFR mortgage 249,933 250,605 Dairy & livestock and agribusiness 245,255 338,631 Municipal lease finance receivables 66,048 64,639 Consumer and other loans 73,909 78,274 Gross loans, excluding PCI loans 4,644,927 4,330,431 Less: Deferred loan fees, net (7,098) (6,952) Gross loans, excluding PCI loans, net of deferred loan fees 4,637,829 4,323,479 Less: Allowance for loan losses (59,542) (60,321) Net loans, excluding PCI loans 4,578,287 4,263,158 PCI Loans 50,877 73,093 Discount on PCI loans (1,008) (1,508) Less: Allowance for loan losses (659) (1,219) PCI loans, net 49,210 70,366 Total loans and lease finance receivables $ 4,627,497 $ 4,333,524 As of June 30, 2017, 77.36% of the total gross loan portfolio (excluding PCI loans) consisted of real estate loans, 70.31% of which consisted of commercial real estate loans. Substantially all of the Company’s real estate loans and construction loans are secured by real properties located in California. As of June 30, 2017, $156.5 million, or 4.79% of the total commercial real estate loans included loans secured by farmland, compared to $180.6 million, or 6.16%, at December 31, 2016. The loans secured by farmland included $99.7 million for loans secured by dairy & livestock land and $56.8 million for loans secured by agricultural land at June 30, 2017, compared to $127.1 million for loans secured by dairy & livestock land and $53.6 million for loans secured by agricultural land at December 31, 2016. As of June 30, 2017, dairy & livestock and agribusiness loans of $245.3 million were comprised of $208.7 million for dairy & livestock loans and $36.5 million for agribusiness loans, compared to $317.9 million for dairy & livestock loans and $20.7 million for agribusiness loans at December 31, 2016. At June 30, 2017, the Company held approximately $2.11 billion of total fixed rate loans, including PCI loans. At June 30, 2017 and December 31, 2016, loans totaling $3.50 billion and $3.11 billion, respectively, were pledged to secure the borrowings and available lines of credit from the FHLB and the Federal Reserve Bank. There were no outstanding loans held-for-sale as of June 30, 2017 and December 31, 2016. Credit Quality Indicators Central to our credit risk management is our loan risk rating system. The originating officer assigns each loan an initial risk rating, which is reviewed and confirmed or changed, as appropriate, by credit management. Approvals are made based upon the amount of inherent credit risk specific to the transaction and are reviewed for appropriateness by senior line and credit management personnel. Credits are monitored by line and credit management personnel for deterioration in a borrower’s financial condition, which would impact the ability of the borrower to perform under the contract. Risk ratings are adjusted as necessary. Loans are risk rated into the following categories (Credit Quality Indicators): Pass, Special Mention, Substandard, Doubtful and Loss. Each of these groups is assessed for the proper amount to be used in determining the adequacy of our allowance for losses. These categories can be described as follows: Pass — These loans, including loans on the Bank’s internal watch list, range from minimal credit risk to lower than average, but still acceptable, credit risk. Watch list loans usually require more than normal management attention. Loans on the watch list may involve borrowers with adverse financial trends, higher debt/equity ratios, or weaker liquidity positions, but not to the degree of being considered a defined weakness or problem loan where risk of loss may be apparent. Special Mention — Loans assigned to this category have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Substandard — Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Company will sustain some loss if deficiencies are not corrected. Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or the liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loss — Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this asset with insignificant value even though partial recovery may be effected in the future. The following table summarizes loans by type, excluding PCI loans, according to our internal risk ratings for the periods presented. June 30, 2017 Pass Special Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 497,714 $ 24,927 $ 14,706 $ - $ 537,347 SBA 117,400 5,477 6,400 6 129,283 Real estate: Commercial real estate Owner occupied 927,211 77,594 20,059 - 1,024,864 Non-owner occupied 2,207,442 18,217 15,335 - 2,240,994 Construction Speculative 53,698 6,745 - - 60,443 Non-speculative 16,851 - - - 16,851 SFR mortgage 241,269 4,961 3,703 - 249,933 Dairy & livestock and agribusiness 154,008 71,761 19,486 - 245,255 Municipal lease finance receivables 65,419 629 - - 66,048 Consumer and other loans 70,129 2,118 1,659 3 73,909 Total gross loans, excluding PCI loans $ 4,351,141 $ 212,429 $ 81,348 $ 9 $ 4,644,927 December 31, 2016 Pass Special Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 449,658 $ 21,610 $ 13,809 $ 1 $ 485,078 SBA 80,138 10,553 6,482 11 97,184 Real estate: Commercial real estate Owner occupied 842,992 87,781 19,046 - 949,819 Non-owner occupied 1,941,203 23,534 15,585 - 1,980,322 Construction Speculative 48,841 - - - 48,841 Non-speculative 37,038 - - - 37,038 SFR mortgage 243,374 4,930 2,301 - 250,605 Dairy & livestock and agribusiness 187,819 114,106 36,706 - 338,631 Municipal lease finance receivables 60,102 4,537 - - 64,639 Consumer and other loans 74,328 2,123 1,819 4 78,274 Total gross loans, excluding PCI loans $ 3,965,493 $ 269,174 $ 95,748 $ 16 $ 4,330,431 Allowance for Loan Losses (“ALLL”) The Bank’s Director Loan Committee provides Board oversight of the ALLL process and approves the ALLL methodology on a quarterly basis. Our methodology for assessing the appropriateness of the allowance is conducted on a regular basis and considers the Bank’s overall loan portfolio. Refer to Note 3 – Summary of Significant Accounting Policies Management believes that the ALLL was appropriate at June 30, 2017 and December 31, 2016. No assurance can be given that economic conditions which adversely affect the Company’s service areas or other circumstances will not be reflected in increased provisions for loan losses in the future. The following tables present the balance and activity related to the allowance for loan losses for held-for-investment loans by type for the periods presented. For the Three Months Ended June 30, 2017 Ending Balance March 30, 2017 Charge-offs Recoveries (Recapture of) Provision for Loan Losses Ending Balance June 30, 2017 (Dollars in thousands) Commercial and industrial $ 7,956 $ - $ 42 $ 62 $ 8,060 SBA 871 - 38 4 913 Real estate: Commercial real estate 38,986 - 154 787 39,927 Construction 820 - 1,694 (1,455) 1,059 SFR mortgage 2,186 - - 183 2,369 Dairy & livestock and agribusiness 5,842 - 19 (421) 5,440 Municipal lease finance receivables 889 - - (37) 852 Consumer and other loans 937 - 42 (57) 922 PCI loans 725 - - (66) 659 Total allowance for loan losses $ 59,212 $ - $ 1,989 $ (1,000) $ 60,201 For the Three Months Ended June 30, 2016 Ending Balance March 31, 2016 Charge-offs Recoveries (Recapture of) Provision for Loan Losses Ending Balance June 30, 2016 (Dollars in thousands) Commercial and industrial $ 8,731 $ (24) $ 141 $ 539 $ 9,387 SBA 1,236 - 2 (61) 1,177 Real estate: Commercial real estate 38,286 - 496 1,137 39,919 Construction 1,151 - 875 (798) 1,228 SFR mortgage 2,202 - - 299 2,501 Dairy & livestock and agribusiness 5,176 - 107 (401) 4,882 Municipal lease finance receivables 1,165 - - (50) 1,115 Consumer and other loans 1,389 (1) 6 (975) 419 PCI loans - - - 310 310 Total allowance for loan losses $ 59,336 $ (25) $ 1,627 $ - $ 60,938 For the Six Months Ended June 30, 2017 Ending Balance December 31, 2016 Charge-offs Recoveries (Recapture of) Provision for Loan Losses Ending Balance June 30, 2017 (Dollars in thousands) Commercial and industrial $ 8,154 $ - $ 94 $ (188) $ 8,060 SBA 871 - 42 - 913 Real estate: Commercial real estate 37,443 - 154 2,330 39,927 Construction 1,096 - 3,719 (3,756) 1,059 SFR mortgage 2,287 - 64 18 2,369 Dairy & livestock and agribusiness 8,541 - 19 (3,120) 5,440 Municipal lease finance receivables 941 - - (89) 852 Consumer and other loans 988 (2) 71 (135) 922 PCI loans 1,219 - - (560) 659 Total allowance for loan losses $ 61,540 $ (2) $ 4,163 $ (5,500) $ 60,201 For the Six Months Ended June 30, 2016 Ending Balance December 31, 2015 Charge-offs Recoveries (Recapture of) Ending Balance June 30, 2016 (Dollars in thousands) Commercial and industrial $ 8,588 $ (85) $ 204 $ 680 $ 9,387 SBA 993 - 3 181 1,177 Real estate: Commercial real estate 36,995 - 635 2,289 39,919 Construction 2,389 - 884 (2,045) 1,228 SFR mortgage 2,103 (102) - 500 2,501 Dairy & livestock and agribusiness 6,029 - 206 (1,353) 4,882 Municipal lease finance receivables 1,153 - - (38) 1,115 Consumer and other loans 906 (1) 38 (524) 419 PCI loans - - - 310 310 Total allowance for loan losses $ 59,156 $ (188) $ 1,970 $ - $ 60,938 The following tables present the recorded investment in loans held-for-investment and the related allowance for loan losses by loan type, based on the Company’s methodology for determining the allowance for loan losses for the periods presented. The Company’s ALLL methodology for the first six months of 2017 excludes the impact of the recent VCBP acquisition from certain of the Bank’s qualitative factors that are otherwise designed to capture incremental risk in the legacy loan portfolio. The VBB acquired loans are also supported by a credit mark established through the determination of fair value for the acquired loan portfolio. June 30, 2017 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Acquired with Individually Collectively Acquired with (Dollars in thousands) Commercial and industrial $ 1,605 $ 535,742 $ - $ 13 $ 8,047 $ - SBA 2,478 126,805 - 6 907 - Real estate: Commercial real estate 18,558 3,247,300 - - 39,927 - Construction - 77,294 - - 1,059 - SFR mortgage 4,195 245,738 - - 2,369 - Dairy & livestock and agribusiness 829 244,426 - - 5,440 - Municipal lease finance receivables - 66,048 - - 852 - Consumer and other loans 1,131 72,778 - 94 828 - PCI loans - - 49,869 - - 659 Total $ 28,796 $ 4,616,131 $ 49,869 $ 113 $ 59,429 $ 659 June 30, 2016 Recorded Investment in Loans Allowance for Loan Losses Individually Impairment Collectively Acquired with Individually Collectively Acquired with Credit Quality (Dollars in thousands) Commercial and industrial $ 1,447 $ 477,686 $ - $ 526 $ 8,861 $ - SBA 3,498 108,264 - 42 1,135 - Real estate: Commercial real estate 17,908 2,866,424 - 1 39,918 - Construction 7,651 86,358 - 45 1,183 - SFR mortgage 5,734 231,754 - 13 2,488 - Dairy & livestock and agribusiness 697 213,133 - - 4,882 - Municipal lease finance receivables - 71,929 - - 1,115 - Consumer and other loans 829 78,896 - 3 416 - PCI loans - - 76,022 - - 310 Total $ 37,764 $ 4,134,444 $ 76,022 $ 630 $ 59,998 $ 310 Past Due and Nonperforming Loans We seek to manage asset quality and control credit risk through diversification of the loan portfolio and the application of policies designed to promote sound underwriting and loan monitoring practices. The Bank’s Credit Management Division is in charge of monitoring asset quality, establishing credit policies and procedures and enforcing the consistent application of these policies and procedures across the Bank. Reviews of nonperforming, past due loans and larger credits, designed to identify potential charges to the allowance for loan losses, and to determine the adequacy of the allowance, are conducted on an ongoing basis. These reviews consider such factors as the financial strength of borrowers and any guarantors, the value of the applicable collateral, loan loss experience, estimated loan losses, growth in the loan portfolio, prevailing economic conditions and other factors. Refer to Note 3 – Summary of Significant Accounting Policies, included in our Annual Report on Form 10-K for the year ended December 31, 2016, for additional discussion concerning the Bank’s policy for past due and nonperforming loans. A loan is reported as a Troubled Debt Restructuring (“TDR”) when the Bank grants a concession(s) to a borrower experiencing financial difficulties that the Bank would not otherwise consider. Examples of such concessions include a reduction in the interest rate, deferral of principal or accrued interest, extending the payment due dates or loan maturity date(s), or providing a lower interest rate than would be normally available for new debt of similar risk. As a result of these concessions, restructured loans are classified as impaired. Impairment reserves on non-collateral dependent restructured loans are measured by comparing the present value of expected future cash flows on the restructured loans discounted at the interest rate of the original loan agreement to the loan’s carrying value. These impairment reserves are recognized as a specific component to be provided for in the allowance for loan losses. Generally, when loans are identified as impaired they are moved to our Special Assets Department. When we identify a loan as impaired, we measure the loan for potential impairment using discounted cash flows, unless the loan is determined to be collateral dependent. In these cases, we use the current fair value of collateral, less selling costs. Generally, the determination of fair value is established through obtaining external appraisals of the collateral. The following tables present the recorded investment in, and the aging of, past due and nonaccrual loans, excluding PCI loans, by type of loans for the periods presented. June 30, 2017 30-59 Days 60-89 Days Total Past Due Nonaccrual (1) Current Total Loans (Dollars in thousands) Commercial and industrial $ - $ - $ - $ 1,058 $ 536,289 $ 537,347 SBA - - - 1,651 127,632 129,283 Real estate: Commercial real estate Owner occupied 218 - 218 4,401 1,020,245 1,024,864 Non-owner occupied - - - 2,549 2,238,445 2,240,994 Construction Speculative (2) - - - - 60,443 60,443 Non-speculative - - - - 16,851 16,851 SFR mortgage - 400 400 963 248,570 249,933 Dairy & livestock and agribusiness - - - 829 244,426 245,255 Municipal lease finance receivables - - - - 66,048 66,048 Consumer and other loans 1 - 1 771 73,137 73,909 Total gross loans, excluding PCI loans $ 219 $ 400 $ 619 $ 12,222 $ 4,632,086 $ 4,644,927 (1) As of June 30, 2017, $5.5 million of nonaccruing loans were current, $4.5 million were 30-59 days past due, and $2.2 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 2016 30-59 Days 60-89 Days Total Past Due Nonaccrual Current Total Loans (Dollars in thousands) Commercial and industrial $ - $ - $ - $ 156 $ 484,922 $ 485,078 SBA 352 - 352 2,737 94,095 97,184 Real estate: Commercial real estate Owner occupied - - - 635 949,184 949,819 Non-owner occupied - - - 1,048 1,979,274 1,980,322 Construction Speculative (2) - - - - 48,841 48,841 Non-speculative - - - - 37,038 37,038 SFR mortgage - - - 2,207 248,398 250,605 Dairy & livestock and agribusiness - - - - 338,631 338,631 Municipal lease finance receivables - - - - 64,639 64,639 Consumer and other loans 84 - 84 369 77,821 78,274 Total gross loans, excluding PCI loans $ 436 $ - $ 436 $ 7,152 $ 4,322,843 $ 4,330,431 (1) As of December 31, 2016, $4.7 million of nonaccruing loans were current, $514,000 were 30-59 days past due, $435,000 were 60-89 days past due and $1.5 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. Impaired Loans At June 30, 2017, the Company had impaired loans, excluding PCI loans, of $28.8 million and included $4.6 million of loans acquired from VBB in the first quarter of 2017. Impaired loans included $7.0 million of nonaccrual commercial real estate loans, $1.7 million of nonaccrual Small Business Administration (“SBA”) loans, $1.1 million of nonaccrual commercial and industrial loans, $963,000 of nonaccrual single-family residential (“SFR”) mortgage loans, $829,000 of nonaccrual dairy & livestock and agribusiness loans, and $771,000 of nonaccrual consumer and other loans. These impaired loans included $21.0 million of loans whose terms were modified in a troubled debt restructuring, of which $4.4 million were classified as nonaccrual. The remaining balance of $16.6 million consisted of 24 loans performing according to the restructured terms. The impaired loans had a specific allowance of $113,000 at June 30, 2017. At December 31, 2016, the Company had classified as impaired, loans, excluding PCI loans, with a balance of $26.4 million with a related allowance of $141,000. The following tables present information for held-for-investment loans, excluding PCI loans, individually evaluated for impairment by type of loans, as and for the periods presented. As of and For the Six Months Ended June 30, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,465 $ 1,939 $ - $ 1,572 $ 13 SBA 2,472 2,750 - 2,538 32 Real estate: Commercial real estate Owner occupied 5,541 5,866 - 5,240 69 Non-owner occupied 13,017 15,469 - 12,908 798 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 4,195 4,983 - 4,242 73 Dairy & livestock and agribusiness 829 1,091 - 1,123 1 Municipal lease finance receivables - - - - - Consumer and other loans 734 941 - 752 9 Total 28,253 33,039 - 28,375 995 With a related allowance recorded: Commercial and industrial 140 187 13 157 1 SBA 6 23 6 9 - Real estate: Commercial real estate Owner occupied - - - - - Non-owner occupied - - - - - Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 397 402 94 399 - Total 543 612 113 565 1 Total impaired loans $ 28,796 $ 33,651 $ 113 $ 28,940 $ 996 As of and For the Six Months Ended June 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 840 $ 1,727 $ - $ 904 $ 14 SBA 3,266 4,026 - 3,347 25 Real estate: Commercial real estate Owner occupied 4,386 5,573 - 4,623 87 Non-owner occupied 12,522 15,110 - 12,760 83 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 5,464 6,331 - 5,591 60 Dairy & livestock and agribusiness 697 697 - 709 17 Municipal lease finance receivables - - - - - Consumer and other loans 816 1,373 - 845 8 Total 27,991 34,837 - 28,779 294 With a related allowance recorded: Commercial and industrial 607 668 526 638 6 SBA 232 250 42 238 6 Real estate: Commercial real estate Owner occupied 1,000 1,000 1 392 28 Non-owner occupied - - - - - Construction Speculative 7,651 7,651 45 7,651 193 Non-speculative - - - - - SFR mortgage 270 270 13 277 3 Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 13 13 3 13 - Total 9,773 9,852 630 9,209 236 Total impaired loans $ 37,764 $ 44,689 $ 630 $ 37,988 $ 530 As of December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 730 $ 1,646 $ - SBA 3,386 4,189 - Real estate: Commercial real estate Owner occupied 1,797 2,276 - Non-owner occupied 13,331 15,842 - Construction Speculative - - - Non-speculative - - - SFR mortgage 5,174 6,075 - Dairy & livestock and agribusiness 747 747 - Municipal lease finance receivables - - - Consumer and other loans 853 1,423 - Total 26,018 32,198 - With a related allowance recorded: Commercial and industrial 171 171 114 SBA 196 212 27 Real estate: Commercial real estate Owner occupied - - - Non-owner occupied - - - Construction Speculative - - - Non-speculative - - - SFR mortgage - - - Dairy & livestock and agribusiness - - - Municipal lease finance receivables - - - Consumer and other loans - - - Total 367 383 141 Total impaired loans $ 26,385 $ 32,581 $ 141 The Company recognizes the charge-off of the impairment allowance on impaired loans in the period in which a loss is identified for collateral dependent loans. Therefore, the majority of the nonaccrual loans as of June 30, 2017 and December 31, 2016 have already been written down to the estimated net realizable value. An allowance is recorded on impaired loans for the following: nonaccrual loans where a charge-off is not yet processed, nonaccrual SFR mortgage loans where there is a potential modification in process, or smaller balance non-collateral dependent loans. Reserve for Unfunded Loan Commitments The allowance for off-balance sheet credit exposure relates to commitments to extend credit, letters of credit and undisbursed funds on lines of credit. The Company evaluates credit risk associated with the off-balance sheet loan commitments at the same time it evaluates credit risk associated with the loan and lease portfolio. There was no provision or recapture of provision for unfunded loan commitments for the three and six months ended June 30, 2017 and 2016. As of June 30, 2017 and December 31, 2016, the balance in this reserve was $6.7 million and was included in other liabilities. Troubled Debt Restructurings Loans that are reported as TDRs are considered impaired and charge-off amounts are taken on an individual loan basis, as deemed appropriate. The majority of restructured loans are loans for which the terms of repayment have been renegotiated, resulting in a reduction in interest rate or deferral of principal. Refer to Note 3 – Summary of Significant Accounting Policies 10-K As of June 30, 2017, there were $21.0 million of loans classified as a TDR, of which $4.4 million were nonperforming and $16.6 million were performing. TDRs on accrual status are comprised of loans that were accruing interest at the time of restructuring or have demonstrated repayment performance in compliance with the restructured terms for a sustained period and for which the Company anticipates full repayment of both principal and interest. At June 30, 2017, performing TDRs were comprised of five commercial real estate loans of $11.6 million, 11 SFR mortgage loans of $3.2 million, two SBA loans of $827,000, five commercial and industrial loans of $547,000, and one consumer loan of $360,000. The majority of TDRs have no specific allowance allocated as any impairment amount is normally charged off at the time a probable loss is determined. We have allocated $10,000 and $141,000 of specific allowance to TDRs as of June 30, 2017 and December 31, 2016, respectively. The following table provides a summary of the activity related to TDRs for the periods presented. For the Three Months Ended For the Six Months Ended 2017 2016 2017 2016 (Dollars in thousands) Performing TDRs: Beginning balance $ 19,702 $ 37,321 $ 19,233 $ 42,687 New modifications - 112 3,143 1,118 Payoffs/payments, net and other 16 (17,141) (2,987) (23,513) TDRs returned to accrual status - - 329 - TDRs placed on nonaccrual status (3,144) - (3,144) - Ending balance $ 16,574 $ 20,292 $ 16,574 $ 20,292 Nonperforming TDRs: Beginning balance $ 1,407 $ 12,360 $ 1,626 $ 12,622 New modifications - - 2,066 82 Charge-offs - - - (38) Payoffs/payments, net and other (160) (331) (2,116) (637) TDRs returned to accrual status - - (329) - TDRs placed on nonaccrual status 3,144 - 3,144 - Ending balance $ 4,391 $ 12,029 $ 4,391 $ 12,029 Total TDRs $ 20,965 $ 32,321 $ 20,965 $ 32,321 The following tables summarize loans modified as troubled debt restructurings for the periods presented. Modifications (1) For the Three Months Ended June 30, 2017 Number of Pre-Modification Post-Modification Investment Outstanding June 30, 2017 Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity - - - - - SBA: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans - $ - $ - $ - $ - For the Three Months Ended June 30, 2016 Number of Pre-Modification Post-Modification Investment Outstanding June 30, 2016 Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity 1 112 112 110 - SBA: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans 1 $ 112 $ 112 $ 110 $ - For the Six Months Ended June 30, 2017 Number of Pre-Modification Post-Modification Investment Outstanding June 30, 2017 Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity - - - - - SBA: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity 1 3,143 3,143 3,143 - Non-owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity 1 1,984 1,984 78 - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity 1 82 82 78 - Total loans 3 $ 5,209 $ 5,209 $ 3,299 $ - For the Six Months Ended June 30, 2016 Number of Pre-Modification Post-Modification Investment Outstanding June 30, 2016 Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity 1 112 112 110 - SBA: Interest rate reduction - - - - - Change in amortization period or maturity 1 194 194 190 28 Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity 2 812 812 761 - Non-owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity 2 82 82 72 - Total loans 6 $ 1,200 $ 1,200 $ 1,133 $ 28 (1) The tables above exclude modified loans that were paid off prior to the end of the period. (2) Financial effects resulting from modifications represent charge-offs and specific allowance recorded at modification date. As of June 30, 2017, there was one commercial real estate loan with an outstanding balance of $3.1 million that was modified as a TDR within the previous 12 months that subsequently defaulted during the three and six months ended June 30, 2017. |
Earnings Per Share Reconciliati
Earnings Per Share Reconciliation | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Reconciliation | 8. EARNINGS PER SHARE RECONCILIATION Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of tax-effected shares issuable upon the assumed exercise of outstanding common stock options. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the three and six months ended June 30, 2017, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 11,000 and 8,000, respectively. For the three and six months ended June 30, 2016, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share, were 262,000 and 267,000, respectively. The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations. For the Three Months For the Six Months Ended June 30, Ended June 30, 2017 2016 2017 2016 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 28,373 $ 25,514 $ 56,877 $ 48,905 Less: Net earnings allocated to restricted stock 105 99 217 205 Net earnings allocated to common shareholders $ 28,268 $ 25,415 $ 56,660 $ 48,700 Weighted average shares outstanding 109,730 108,834 109,039 106,917 Basic earnings per common share $ 0.26 $ 0.23 $ 0.52 $ 0.46 Diluted earnings per common share: Net income allocated to common shareholders $ 28,268 $ 25,415 $ 56,660 $ 48,700 Weighted average shares outstanding 109,730 108,834 109,039 106,917 Incremental shares from assumed exercise of outstanding options 348 410 406 406 Diluted weighted average shares outstanding 110,078 109,244 109,445 107,323 Diluted earnings per common share $ 0.26 $ 0.23 $ 0.52 $ 0.45 |
Fair Value Information
Fair Value Information | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Information | 9. FAIR VALUE INFORMATION Fair Value Hierarchy Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following disclosure provides the fair value information for financial assets and liabilities as of June 30, 2017. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (Level 1, Level 2 and Level 3). • Level 1 • Level 2 • Level 3 Observable and unobservable inputs are the key elements that separate the levels in the fair value hierarchy. Inputs here refer explicitly to the types of information used to obtain the fair value of the asset or liability. Observable inputs include data sources and market prices available and visible outside of the entity. While there will continue to be judgments required when an active market price is not available, these inputs are external to the entity and observable outside the entity; they are consequently considered more objective than internal unobservable inputs used for Level 3 fair value. Unobservable inputs are data and analyses that are developed within the entity to assess the fair value, such as management estimates of future benefits from use of assets. There were no transfers in and out of Level 1 and Level 2 during the six months ended June 30, 2017 and 2016. Assets and Liabilities Measured at Fair Value on a Recurring Basis The tables below present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented. Carrying Value at Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other (Level 2) Significant (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSE $ 1,750 $ - $ 1,750 $ - Residential mortgage-backed securities 1,882,303 - 1,882,303 - CMO/REMIC - residential 314,118 - 314,118 - Municipal bonds 70,649 - 70,649 - Other securities 690 - 690 - Total investment securities - AFS 2,269,510 - 2,269,510 - Interest rate swaps 5,148 - 5,148 - Total assets $ 2,274,658 $ - $ 2,274,658 $ - Description of liability Interest rate swaps $ 5,148 $ - $ 5,148 $ - Total liabilities $ 5,148 $ - $ 5,148 $ - Carrying Value at Quoted Prices in Active Markets for Significant Other Significant (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSE $ 2,752 $ - $ 2,752 $ - Residential mortgage-backed securities 1,834,748 - 1,834,748 - CMO/REMIC - residential 347,189 - 347,189 - Municipal bonds 80,071 - 80,071 - Other securities 5,706 - 5,706 - Total investment securities - AFS 2,270,466 - 2,270,466 - Interest rate swaps 5,783 - 5,783 - Total assets $ 2,276,249 $ - $ 2,276,249 $ - Description of liability Interest rate swaps $ 5,783 $ - $ 5,783 $ - Total liabilities $ 5,783 $ - $ 5,783 $ - Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis We may be required to measure certain assets at fair value on a non-recurring basis in accordance with GAAP. These adjustments to fair value usually result from application of lower of cost or fair value accounting or write-downs of individual assets. For assets measured at fair value on a non-recurring basis that were held on the balance sheet at June 30, 2017 and December 31, 2016, respectively, the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets that had losses during the period. Carrying Value at Quoted Prices in Active Markets for Significant Other Significant Total Losses For the Six Months June 30, 2017 (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ 105 $ - $ - $ 105 $ 9 SBA - - - - - Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and other loans 398 - - 398 94 Other real estate owned - - - - - Asset held-for-sale - - - Total assets $ 503 $ - $ - $ 503 $ 103 Carrying Value at Quoted Prices in Active Markets for Significant Other Significant Total Losses For the Year Ended December 31, 2016 (Dollars in thousands ) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ 65 $ - $ - $ 65 $ 8 SBA 196 - - 196 27 Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and other loans - - - - - Other real estate owned - - - - - Asset held-for-sale 3,411 3,411 2,558 Total assets $ 3,672 $ - $ - $ 3,672 $ 2,593 Fair Value of Financial Instruments The following disclosure presents estimated fair value of our financial instruments. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company may realize in a current market exchange as of June 30, 2017 and December 31, 2016, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. June 30, 2017 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 184,747 $ 184,747 $ - $ - $ 184,747 Interest-earning balances due from depository institutions 25,050 - 25,088 - 25,088 FHLB stock 17,688 - 17,688 - 17,688 Investment securities available-for-sale 2,269,510 - 2,269,510 - 2,269,510 Investment securities held-to-maturity 869,769 - 862,485 - 862,485 Total loans, net of allowance for loan losses 4,627,497 - - 4,598,548 4,598,548 Swaps 5,148 - 5,148 - 5,148 Liabilities Deposits: Noninterest-bearing $ 3,929,394 $ 3,929,394 $ - $ - $ 3,929,394 Interest-bearing 2,767,787 - 2,765,900 - 2,765,900 Borrowings 546,085 - 545,796 - 545,796 Junior subordinated debentures 25,774 - - 17,235 17,235 Swaps 5,148 - 5,148 - 5,148 December 31, 2016 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 119,445 $ 119,445 $ - $ - $ 119,445 Interest-earning balances due from depository institutions 2,188 - 2,188 - 2,188 FHLB stock 17,688 - 17,688 - 17,688 Investment securities available-for-sale 2,270,466 - 2,270,466 - 2,270,466 Investment securities held-to-maturity 911,676 - 897,374 - 897,374 Total loans, net of allowance for loan losses 4,333,524 - - 4,306,225 4,306,225 Swaps 5,783 - 5,783 - 5,783 Liabilities Deposits: Noninterest-bearing $ 3,673,541 $ 3,673,541 $ - $ - $ 3,673,541 Interest-bearing 2,636,139 - 2,634,443 - 2,634,443 Borrowings 656,028 - 655,820 - 655,820 Junior subordinated debentures 25,774 - - 18,463 18,463 Swaps 5,783 - 5,783 - 5,783 The fair value estimates presented herein are based on pertinent information available to management as of June 30, 2017 and December 31, 2016. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date, and therefore, current estimates of fair value may differ significantly from the amounts presented above. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Business Segments | 10. BUSINESS SEGMENTS The Company has identified two principal reportable segments: Business Financial and Commercial Banking Centers (“Centers”) and Dairy & Livestock and Agribusiness. All other operations have been aggregated in “Other”. The Bank has 54 Banking Centers organized in geographic regions, which are the focal points for customer sales and services. The Company utilizes an internal reporting system to measure the performance of various operating departments within the Bank which is the basis for determining the Bank’s reportable segments. The chief operating decision maker (currently our CEO) regularly reviews the financial information of these two segments in deciding how to allocate resources and to assess performance. Our two principal reporting segments, Centers and Dairy & Livestock and Agribusiness, are aggregated into separate operating segments as their products and services are similar and are sold to similar types of customers, have similar production and distribution processes, have similar economic characteristics, and have similar reporting and organizational structures. In 2016, Dairy & Livestock and Agribusiness was reflected as our second reportable segment. All other operating departments have been aggregated and included in “Other” for reporting purposes. Recapture of provision for loan losses was allocated by segment based on loan type in 2016. Prior period information has been conformed to the current presentation. In addition, the Company allocates internal funds to the segments using a methodology that charges users of funds interest expense and credits providers of funds interest income with the net effect of this allocation being recorded in the “Other” category. The following tables represent the selected financial information for these two business segments. GAAP does not have an authoritative body of knowledge regarding the management accounting used in presenting segment financial information. The accounting policies for each of the business units is the same as those policies identified for the consolidated Company and disclosed in Note 3 — Summary of Significant Accounting Policies The following tables present the operating results and other key financial measures for the individual operating segments for the periods presented. For the Three Months Ended June 30, 2017 Centers Dairy & livestock and agribusiness Other (1) Total (Dollars in thousands) Net interest income $ 48,762 $ 2,369 $ 19,352 $ 70,483 (Recapture of) provision for loan losses 875 (421) (1,454) (1,000) Net interest income after (recapture of) provision for loan losses 47,887 2,790 20,806 71,483 Noninterest income 5,303 49 5,424 10,776 Noninterest expense 13,206 504 23,163 36,873 Segment pre-tax profit $ 39,984 $ 2,335 $ 3,067 $ 45,386 Goodwill $ 119,193 $ - $ - $ 119,193 Segment assets as of June 30, 2017 $ 7,314,110 $ 348,570 $ 755,523 $ 8,418,203 (1) Includes the elimination of certain items that are included in more than one department, most of which represents products and services for Centers’ customers. For the Three Months Ended June 30, 2016 Centers Dairy & livestock and agribusiness Other (1) Total (Dollars in thousands) Net interest income $ 44,583 $ 1,986 $ 19,387 $ 65,956 (Recapture of) provision for loan losses 1,215 (401) (814) - Net interest income after (recapture of) provision for loan losses 43,368 2,387 20,201 65,956 Noninterest income 5,326 54 3,894 9,274 Noninterest expense 12,891 499 21,048 34,438 Segment pre-tax profit $ 35,803 $ 1,942 $ 3,047 $ 40,792 Goodwill $ 88,174 $ - $ - $ 88,174 Segment assets as of June 30, 2016 $ 6,949,273 $ 378,246 $ 984,788 $ 8,312,307 (1) Includes the elimination of certain items that are included in more than one department, most of which represents products and services for Centers’ customers. For the Six Months Ended June 30, 2017 Centers Dairy & livestock and agribusiness Other (1) Total (Dollars in thousands) Net interest income $ 94,340 $ 4,513 $ 37,063 $ 135,916 (Recapture of) provision for loan losses 1,386 (3,120) (3,766) (5,500) Net interest income after (recapture of) provision for loan losses 92,954 7,633 40,829 141,416 Noninterest income 10,510 104 8,884 19,498 Noninterest expense 25,644 1,005 44,341 70,990 Segment pre-tax profit $ 77,820 $ 6,732 $ 5,372 $ 89,924 Goodwill $ 119,193 $ - $ - $ 119,193 Segment assets as of June 30, 2017 $ 7,314,110 $ 348,570 $ 755,523 $ 8,418,203 (1) Includes the elimination of certain items that are included in more than one department, most of which represents products and services for Centers’ customers. For the Six Months Ended June 30, 2016 Centers Dairy & livestock and agribusiness Other (1) Total (Dollars in thousands) Net interest income $ 86,817 $ 3,919 $ 37,736 $ 128,472 (Recapture of) provision for loan losses 3,415 (1,353) (2,062) - Net interest income after (recapture of) provision for loan losses 83,402 5,272 39,798 128,472 Noninterest income 10,153 107 7,697 17,957 Noninterest expense 25,501 978 42,323 68,802 Segment pre-tax profit $ 68,054 $ 4,401 $ 5,172 $ 77,627 Goodwill $ 88,174 $ - $ - $ 88,174 Segment assets as of June 30, 2016 $ 6,949,273 $ 378,246 $ 984,788 $ 8,312,307 (1) Includes the elimination of certain items that are included in more than one department, most of which represents products and services for Centers’ customers. |
Derivative Financial Instrument
Derivative Financial Instruments | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 11. DERIVATIVE FINANCIAL INSTRUMENTS The Bank is exposed to certain risks relating to its ongoing business operations and utilizes interest rate swap agreements (“swaps”) as part of its asset/liability management strategy to help manage its interest rate risk position. As of June 30, 2017, the Bank has entered into 78 interest-rate swap agreements with customers. The Bank then entered into identical offsetting swaps with a counterparty bank. The swap agreements are not designated as hedging instruments. The purpose of entering into offsetting derivatives not designated as a hedging instrument is to provide the Bank a variable-rate loan receivable and to provide the customer the financial effects of a fixed-rate loan without creating significant volatility in the Bank’s earnings. The structure of the swaps is as follows. The Bank enters into a swap with its customers to allow them to convert variable rate loans to fixed rate loans, and at the same time, the Bank enters into a swap with the counterparty bank to allow the Bank to pass on the interest-rate risk associated with the customer fixed rate swaps. The net effect of the transaction allows the Bank to receive interest on the loan from the customer at a variable rate based on LIBOR plus a spread. The changes in the fair value of the swaps primarily offset each other and therefore should not have a significant impact on the Company’s results of operations, although the Company does incur credit and counterparty risk with respect to performance on the swap agreements by the Bank’s customer and counterparty, respectively. Our interest rate swap derivatives are subject to a master netting arrangement with one counterparty bank. None of our derivative assets and liabilities are offset in the balance sheet. We believe our risk of loss associated with our counterparty borrowers related to interest rate swaps is mitigated as the loans with swaps are underwritten to take into account potential additional exposure, although there can be no assurances in this regard since the performance of our swaps is subject to market and counterparty risk. Balance Sheet Classification of Derivative Financial Instruments As of June 30, 2017 and December 31, 2016, the total notional amount of the Company’s swaps was $199.0 million, and $202.7 million, respectively. The location of the asset and liability, and their respective fair values are summarized in the tables below. June 30, 2017 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 5,148 Other liabilities $ 5,148 Total derivatives $ 5,148 $ 5,148 December 31, 2016 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 5,783 Other liabilities $ 5,783 Total derivatives $ 5,783 $ 5,783 The Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Earnings The following table summarizes the effect of derivative financial instruments on the condensed consolidated statement of earnings for the periods presented. Derivatives Not Location of Gain Recognized Designated as Hedging in Income on Derivative Amount of Gain Recognized in Income on Instruments Instruments Derivative Instruments For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Interest rate swaps Other income $ 71 $ 327 $ 394 $ 385 Total $ 71 $ 327 $ 394 $ 385 |
Other Comprehensive Income
Other Comprehensive Income | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Other Comprehensive Income | 12. OTHER COMPREHENSIVE INCOME The table below provides a summary of the components of other comprehensive income (“OCI”) for the periods presented. For the Three Months Ended June 30, 2017 2016 Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities: Net change in fair value recorded in accumulated OCI $ 2,838 $ 1,192 $ 1,646 $ 7,579 $ 3,183 $ 4,396 Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity (1,196) (502) (694) (86) (36) (50) Net realized gain reclassified into earnings (1) (402) (169) (233) - - - Net Change $ 1,240 $ 521 $ 719 $ 7,493 $ 3,147 $ 4,346 For the Six Months Ended June 30, 2017 2016 Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities: Net change in fair value recorded in accumulated OCI $ 4,045 $ 1,699 $ 2,346 $ 35,623 $ 14,961 $ 20,662 Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity (1,979) (831) (1,148) (860) (361) (499) Net realized gain reclassified into earnings (1) (402) (169) (233) - - - Net Change $ 1,664 $ 699 $ 965 $ 34,763 $ 14,600 $ 20,163 (1) Included in other noninterest income. |
Balance Sheet Offsetting
Balance Sheet Offsetting | 6 Months Ended |
Jun. 30, 2017 | |
Text Block [Abstract] | |
Balance Sheet Offsetting | 13. BALANCE SHEET OFFSETTING Assets and liabilities relating to certain financial instruments, including, derivatives and securities sold under repurchase agreements (“repurchase agreements”), may be eligible for offset in the condensed consolidated balance sheets as permitted under accounting guidance. As noted above, our interest rate swap derivatives are subject to a master netting arrangement with one counterparty bank. Our interest rate swap derivatives require the Company to pledge investment securities as collateral based on certain risk thresholds. Investment securities that have been pledged by the Company to the counterparty bank continue to be reported in the Company’s condensed consolidated balance sheets unless the Company defaults. We offer a repurchase agreement product to our customers, which include master netting agreements that allow for the netting of collateral positions. This product, known as Citizens Sweep Manager, sells certain of our securities overnight to our customers under an agreement to repurchase them the next day. The repurchase agreements are not offset in the condensed consolidated balances. Gross Amounts Recognized in the Condensed Consolidated Balance Sheets Gross Amounts offset in the Condensed Consolidated Balance Sheets Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets Net Amount Financial Collateral (Dollars in thousands) June 30, 2017 Financial assets: Derivatives not designated as hedging instruments $ 5,148 $ - $ - $ 5,148 $ - $ 5,148 Total $ 5,148 $ - $ - $ 5,148 $ - $ 5,148 Financial liabilities: Derivatives not designated as hedging instruments $ 6,083 $ (935) $ 5,148 $ 935 $ (12,850) $ (6,767) Repurchase agreements 546,085 - 546,085 - (585,490) (39,405) Total $ 552,168 $ (935) $ 551,233 $ 935 $ (598,340) $ (46,172) December 31, 2016 Financial assets: Derivatives not designated as hedging instruments $ 5,783 $ - $ - $ 5,783 $ - $ 5,783 Total $ 5,783 $ - $ - $ 5,783 $ - $ 5,783 Financial liabilities: Derivatives not designated as hedging instruments $ 6,855 $ (1,072) $ 5,783 $ 1,072 $ (12,800) $ (5,945) Repurchase agreements 603,028 - 603,028 - (683,413) (80,385) Total $ 609,883 $ (1,072) $ 608,811 $ 1,072 $ (696,213) $ (86,330) |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Reclassification | Reclassification |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements |
Adoption of New Accounting Standard and Recent Accounting Pronouncements | Adoption of New Accounting Standard Recent Accounting Pronouncements In February 2016, FASB issued ASU No. 2016-02, “Leases (Topic 842)”. ASU 2016-02 establishes a right of use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The new standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. The Company is currently evaluating the impact of adoption of this ASU on its consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments.” This ASU significantly changes how entities will measure credit losses for most financial assets and certain other instruments that are not measured at fair value through net income. The standard will replace the current “incurred loss” approach with an “expected loss” model. The new model, referred to as the Current Expected Credit Loss (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost, and (2) certain off-balance sheet credit exposures. This includes, but is not limited to, loans, leases, held-to-maturity securities, loan commitments, and financial guarantees. The CECL model does not apply to available-for-sale (“AFS”) debt securities. For AFS debt securities with unrealized losses, entities will measure credit losses in a manner similar to what they do today, except that the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. As a result, entities will recognize improvements to estimated credit losses immediately in earnings rather than as interest income over time, as they do today. ASU No. 2016-13 is effective for interim and annual reporting periods beginning after December 15, 2019. Entities will apply the standard’s provisions as a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., modified retrospective approach). The Company is currently evaluating the impact of adoption of this ASU on its consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, “Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments.” The new guidance clarifies the classification within the statement of cash flows for certain transactions, including debt extinguishment costs, zero-coupon debt, contingent consideration related to business combinations, insurance proceeds, equity method distributions and beneficial interests in securitizations. The guidance also clarifies that cash flows with aspects of multiple classes of cash flows or that cannot be separated by source or use should be classified based on the activity that is likely to be the predominant source or use of cash flows for the item. This guidance is effective for fiscal years beginning after December 15, 2017 and will require application using a retrospective transition method. The Company is currently evaluating the impact of adoption of this ASU on its consolidated financial statements. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment.” ASU 2017-04 eliminates the second step in the goodwill impairment test which requires an entity to determine the implied fair value of the reporting unit’s goodwill. Instead, an entity should recognize an impairment loss if the carrying value of the net assets assigned to the reporting unit exceeds the fair value of the reporting unit, with the impairment loss not to exceed the amount of goodwill allocated to the reporting unit. The standard will be effective for the Company beginning January 1, 2020, with early adoption permitted for goodwill impairment tests performed after January 1, 2017. The Company does not expect this ASU to have a material impact on the Company’s consolidated financial statements. In March 2017, the FASB issued ASU No. 2017-08, “Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities.” ASU 2017-08 shortens the amortization period for the premium on certain purchased callable debt securities to the earliest call date. ASU No. 2017-08 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. The guidance calls for a modified retrospective transition approach under which a cumulative-effect adjustment will be made to retained earnings as of the beginning of the first reporting period in which the guidance is adopted. The Company adopted this ASU effective January 1, 2017 and the adoption did not have a significant impact on its consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, “Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting.” The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. An entity should account for the effects of a modification unless all the following are met: (1) The fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the modified award is the same as the fair value (or calculated value or intrinsic value, if such an alternative measurement method is used) of the original award immediately before the original award is modified. If the modification does not affect any of the inputs to the valuation technique that the entity uses to value the award, the entity is not required to estimate the value immediately before and after the modification. (2) The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified. (3) The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The amendments in ASU No. 2017-09 are effective for annual periods, and interim within those annual reporting periods, beginning after December 15, 2017; early adoption is permitted. The amendments in this ASU should be applied prospectively to an award modified on or after the adoption date. The Company does not expect this ASU to have a material impact on the Company’s consolidated financial statements. |
Fair Value Hierarchy | Fair Value Hierarchy Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following disclosure provides the fair value information for financial assets and liabilities as of June 30, 2017. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (Level 1, Level 2 and Level 3). • Level 1 • Level 2 • Level 3 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities | The majority of securities held are traded in markets where similar assets are actively traded. Estimated fair values were obtained from an independent pricing service based upon market quotes. June 30, 2017 Amortized Gross Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ 1,750 $ - $ - $ 1,750 0.08% Residential mortgage-backed securities 1,866,602 20,302 (4,601) 1,882,303 82.94% CMO/REMIC - residential 312,024 3,045 (951) 314,118 13.84% Municipal bonds 70,209 795 (355) 70,649 3.11% Other securities 690 - - 690 0.03% Total available-for-sale securities $ 2,251,275 $ 24,142 $ (5,907) $ 2,269,510 100.00% Investment securities held-to-maturity: Government agency/GSE $ 169,942 $ 1,108 $ (1,361) $ 169,689 19.54% Residential mortgage-backed securities 185,401 676 (393) 185,684 21.32% CMO 234,003 - (6,611) 227,392 26.90% Municipal bonds 280,423 2,634 (3,337) 279,720 32.24% Total held-to-maturity securities $ 869,769 $ 4,418 $ (11,702) $ 862,485 100.00% December 31, 2016 Amortized Gross Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ 2,750 $ 2 $ - $ 2,752 0.12% Residential mortgage-backed securities 1,822,168 18,812 (6,232) 1,834,748 80.81% CMO/REMIC - residential 345,313 3,361 (1,485) 347,189 15.29% Municipal bonds 80,137 889 (955) 80,071 3.53% Other securities 5,506 200 - 5,706 0.25% Total available-for-sale securities $ 2,255,874 $ 23,264 $ (8,672) $ 2,270,466 100.00% Investment securities held-to-maturity: Government agency/GSE $ 182,648 $ 362 $ (1,972) $ 181,038 20.03% Residential mortgage-backed securities 193,699 - (1,892) 191,807 21.25% CMO 244,419 - (6,808) 237,611 26.81% Municipal bonds 290,910 776 (4,768) 286,918 31.91% Total held-to-maturity securities $ 911,676 $ 1,138 $ (15,440) $ 897,374 100.00% |
Summary of Interest Income Earned on Investment Securities | The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax. For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 12,420 $ 10,827 $ 24,346 $ 22,207 Tax-advantaged 587 1,191 1,301 2,610 Total interest income from available-for-sale securities 13,007 12,018 25,647 24,817 Investment securities held-to-maturity: Taxable 3,203 2,215 6,480 4,835 Tax-advantaged 2,120 2,528 4,350 5,256 Total interest income from held-to-maturity securities 5,323 4,743 10,830 10,091 Total interest income from investment securities $ 18,330 $ 16,761 $ 36,477 $ 34,908 |
Summary of Continuous Unrealized Loss Position of Securities | The tables below show the Company’s investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at June 30, 2017 and December 31, 2016. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. The unrealized losses on these securities were primarily attributed to changes in interest rates. The issuers of these securities have not, to our knowledge, evidenced any cause for default on these securities. These securities have fluctuated in value since their purchase dates as market rates have fluctuated. However, we have the ability and the intention to hold these securities until their fair values recover to cost or maturity. As such, management does not deem these securities to be Other-Than-Temporarily-Impaired (“OTTI”). June 30, 2017 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ - $ - $ - $ - $ - $ - Residential mortgage-backed securities 339,074 (4,601) - - 339,074 (4,601) CMO/REMIC - residential 79,172 (951) - - 79,172 (951) Municipal bonds 16,243 (354) 5,991 (1) 22,234 (355) Total available-for-sale securities $ 434,489 $ (5,906) $ 5,991 $ (1) $ 440,480 $ (5,907) Investment securities held-to-maturity: Government agency/GSE $ 46,040 $ (1,361) $ - $ - $ 46,040 $ (1,361) Residential mortgage-backed securities 111,873 (393) - - 111,873 (393) CMO 227,392 (6,611) - - 227,392 (6,611) Municipal bonds 77,824 (2,430) 23,484 (907) 101,308 (3,337) Total held-to-maturity securities $ 463,129 $ (10,795) $ 23,484 $ (907) $ 486,613 $ (11,702) December 31, 2016 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Investment securities available-for-sale: Government agency/GSE $ - $ - $ - $ - $ - $ - Residential mortgage-backed securities 583,143 (6,232) - - 583,143 (6,232) CMO/REMIC - residential 128,595 (1,485) - - 128,595 (1,485) Municipal bonds 23,255 (954) 5,981 (1) 29,236 (955) Total available-for-sale securities $ 734,993 $ (8,671) $ 5,981 $ (1) $ 740,974 $ (8,672) Investment securities held-to-maturity: Government agency/GSE $ 76,854 $ (1,972) $ - $ - $ 76,854 $ (1,972) Residential mortgage-backed securities 191,807 (1,892) - - 191,807 (1,892) CMO 237,611 (6,808) - - 237,611 (6,808) Municipal bonds 145,804 (3,711) 36,971 (1,057) 182,775 (4,768) Total held-to-maturity securities $ 652,076 $ (14,383) $ 36,971 $ (1,057) $ 689,047 $ (15,440) |
Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Mortgage-backed and CMO/REMIC securities are included in maturity categories based upon estimated average lives which incorporate estimated prepayment speeds. June 30, 2017 Available-for-sale Held-to-maturity Amortized Fair Value Amortized Fair Value (Dollars in thousands) Due in one year or less $ 17,369 $ 17,485 $ 425 $ 424 Due after one year through five years 1,955,896 1,975,849 124,293 122,167 Due after five years through ten years 232,464 230,357 417,336 413,416 Due after ten years 45,546 45,819 327,715 326,478 Total investment securities $ 2,251,275 $ 2,269,510 $ 869,769 $ 862,485 |
Acquired SJB Assets and FDIC 23
Acquired SJB Assets and FDIC Loss Sharing Asset (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Text Block [Abstract] | |
Summary of PCI Loans and Lease Finance Receivables | The following table provides a summary of PCI loans and lease finance receivables by type and by internal risk ratings (credit quality indicators) for the periods indicated. June 30, 2017 December 31, 2016 (Dollars in thousands) Commercial and industrial $ 1,913 $ 2,309 SBA 1,433 327 Real estate: Commercial real estate 46,210 67,594 Construction - - SFR mortgage 171 178 Dairy & livestock and agribusiness 345 1,216 Municipal lease finance receivables - - Consumer and other loans 805 1,469 Gross PCI loans 50,877 73,093 Less: Purchase accounting discount (1,008) (1,508) Gross PCI loans, net of discount 49,869 71,585 Less: Allowance for PCI loan losses (659) (1,219) Net PCI loans $ 49,210 $ 70,366 |
Summary of Gross PCI Loans by Internal Risk Ratings by Loans | The following table summarizes gross PCI loans by internal risk ratings for the periods indicated. June 30, 2017 December 31, 2016 (Dollars in thousands) Pass $ 38,623 $ 59,409 Special mention 167 1,162 Substandard 12,087 12,522 Doubtful & loss - - Total gross PCI loans $ 50,877 $ 73,093 |
Loans and Lease Finance Recei24
Loans and Lease Finance Receivables and Allowance for Loan Losses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Receivables [Abstract] | |
Summary of Components of Loans and Lease Finance Receivables, Excluding PCI Loans | The following table provides a summary of total loans and lease finance receivables, excluding PCI loans, by type. June 30, 2017 December 31, 2016 (Dollars in thousands) Commercial and industrial $ 537,347 $ 485,078 SBA 129,283 97,184 Real estate: Commercial real estate 3,265,858 2,930,141 Construction 77,294 85,879 SFR mortgage 249,933 250,605 Dairy & livestock and agribusiness 245,255 338,631 Municipal lease finance receivables 66,048 64,639 Consumer and other loans 73,909 78,274 Gross loans, excluding PCI loans 4,644,927 4,330,431 Less: Deferred loan fees, net (7,098) (6,952) Gross loans, excluding PCI loans, net of deferred loan fees 4,637,829 4,323,479 Less: Allowance for loan losses (59,542) (60,321) Net loans, excluding PCI loans 4,578,287 4,263,158 PCI Loans 50,877 73,093 Discount on PCI loans (1,008) (1,508) Less: Allowance for loan losses (659) (1,219) PCI loans, net 49,210 70,366 Total loans and lease finance receivables $ 4,627,497 $ 4,333,524 |
Summary of Loan, Excluding PCI Loans by Internal Risk Ratings | The following table summarizes loans by type, excluding PCI loans, according to our internal risk ratings for the periods presented. June 30, 2017 Pass Special Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 497,714 $ 24,927 $ 14,706 $ - $ 537,347 SBA 117,400 5,477 6,400 6 129,283 Real estate: Commercial real estate Owner occupied 927,211 77,594 20,059 - 1,024,864 Non-owner occupied 2,207,442 18,217 15,335 - 2,240,994 Construction Speculative 53,698 6,745 - - 60,443 Non-speculative 16,851 - - - 16,851 SFR mortgage 241,269 4,961 3,703 - 249,933 Dairy & livestock and agribusiness 154,008 71,761 19,486 - 245,255 Municipal lease finance receivables 65,419 629 - - 66,048 Consumer and other loans 70,129 2,118 1,659 3 73,909 Total gross loans, excluding PCI loans $ 4,351,141 $ 212,429 $ 81,348 $ 9 $ 4,644,927 December 31, 2016 Pass Special Substandard Doubtful & Total (Dollars in thousands) Commercial and industrial $ 449,658 $ 21,610 $ 13,809 $ 1 $ 485,078 SBA 80,138 10,553 6,482 11 97,184 Real estate: Commercial real estate Owner occupied 842,992 87,781 19,046 - 949,819 Non-owner occupied 1,941,203 23,534 15,585 - 1,980,322 Construction Speculative 48,841 - - - 48,841 Non-speculative 37,038 - - - 37,038 SFR mortgage 243,374 4,930 2,301 - 250,605 Dairy & livestock and agribusiness 187,819 114,106 36,706 - 338,631 Municipal lease finance receivables 60,102 4,537 - - 64,639 Consumer and other loans 74,328 2,123 1,819 4 78,274 Total gross loans, excluding PCI loans $ 3,965,493 $ 269,174 $ 95,748 $ 16 $ 4,330,431 |
Schedule of Balance and Activity Related to Allowance for Loan Losses for Held-for-Investment Loans by Type | The following tables present the balance and activity related to the allowance for loan losses for held-for-investment loans by type for the periods presented. For the Three Months Ended June 30, 2017 Ending Balance March 30, 2017 Charge-offs Recoveries (Recapture of) Provision for Loan Losses Ending Balance June 30, 2017 (Dollars in thousands) Commercial and industrial $ 7,956 $ - $ 42 $ 62 $ 8,060 SBA 871 - 38 4 913 Real estate: Commercial real estate 38,986 - 154 787 39,927 Construction 820 - 1,694 (1,455) 1,059 SFR mortgage 2,186 - - 183 2,369 Dairy & livestock and agribusiness 5,842 - 19 (421) 5,440 Municipal lease finance receivables 889 - - (37) 852 Consumer and other loans 937 - 42 (57) 922 PCI loans 725 - - (66) 659 Total allowance for loan losses $ 59,212 $ - $ 1,989 $ (1,000) $ 60,201 For the Three Months Ended June 30, 2016 Ending Balance March 31, 2016 Charge-offs Recoveries (Recapture of) Provision for Loan Losses Ending Balance June 30, 2016 (Dollars in thousands) Commercial and industrial $ 8,731 $ (24) $ 141 $ 539 $ 9,387 SBA 1,236 - 2 (61) 1,177 Real estate: Commercial real estate 38,286 - 496 1,137 39,919 Construction 1,151 - 875 (798) 1,228 SFR mortgage 2,202 - - 299 2,501 Dairy & livestock and agribusiness 5,176 - 107 (401) 4,882 Municipal lease finance receivables 1,165 - - (50) 1,115 Consumer and other loans 1,389 (1) 6 (975) 419 PCI loans - - - 310 310 Total allowance for loan losses $ 59,336 $ (25) $ 1,627 $ - $ 60,938 For the Six Months Ended June 30, 2017 Ending Balance December 31, 2016 Charge-offs Recoveries (Recapture of) Provision for Loan Losses Ending Balance June 30, 2017 (Dollars in thousands) Commercial and industrial $ 8,154 $ - $ 94 $ (188) $ 8,060 SBA 871 - 42 - 913 Real estate: Commercial real estate 37,443 - 154 2,330 39,927 Construction 1,096 - 3,719 (3,756) 1,059 SFR mortgage 2,287 - 64 18 2,369 Dairy & livestock and agribusiness 8,541 - 19 (3,120) 5,440 Municipal lease finance receivables 941 - - (89) 852 Consumer and other loans 988 (2) 71 (135) 922 PCI loans 1,219 - - (560) 659 Total allowance for loan losses $ 61,540 $ (2) $ 4,163 $ (5,500) $ 60,201 For the Six Months Ended June 30, 2016 Ending Balance December 31, 2015 Charge-offs Recoveries (Recapture of) Ending Balance June 30, 2016 (Dollars in thousands) Commercial and industrial $ 8,588 $ (85) $ 204 $ 680 $ 9,387 SBA 993 - 3 181 1,177 Real estate: Commercial real estate 36,995 - 635 2,289 39,919 Construction 2,389 - 884 (2,045) 1,228 SFR mortgage 2,103 (102) - 500 2,501 Dairy & livestock and agribusiness 6,029 - 206 (1,353) 4,882 Municipal lease finance receivables 1,153 - - (38) 1,115 Consumer and other loans 906 (1) 38 (524) 419 PCI loans - - - 310 310 Total allowance for loan losses $ 59,156 $ (188) $ 1,970 $ - $ 60,938 |
Schedule of Recorded Investment in Loans Held-for-Investment and Related Allowance for Loan Losses by Loan Type | The following tables present the recorded investment in loans held-for-investment and the related allowance for loan losses by loan type, based on the Company’s methodology for determining the allowance for loan losses for the periods presented. The Company’s ALLL methodology for the first six months of 2017 excludes the impact of the recent VCBP acquisition from certain of the Bank’s qualitative factors that are otherwise designed to capture incremental risk in the legacy loan portfolio. The VBB acquired loans are also supported by a credit mark established through the determination of fair value for the acquired loan portfolio. June 30, 2017 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Acquired with Individually Collectively Acquired with (Dollars in thousands) Commercial and industrial $ 1,605 $ 535,742 $ - $ 13 $ 8,047 $ - SBA 2,478 126,805 - 6 907 - Real estate: Commercial real estate 18,558 3,247,300 - - 39,927 - Construction - 77,294 - - 1,059 - SFR mortgage 4,195 245,738 - - 2,369 - Dairy & livestock and agribusiness 829 244,426 - - 5,440 - Municipal lease finance receivables - 66,048 - - 852 - Consumer and other loans 1,131 72,778 - 94 828 - PCI loans - - 49,869 - - 659 Total $ 28,796 $ 4,616,131 $ 49,869 $ 113 $ 59,429 $ 659 June 30, 2016 Recorded Investment in Loans Allowance for Loan Losses Individually Impairment Collectively Acquired with Individually Collectively Acquired with Credit Quality (Dollars in thousands) Commercial and industrial $ 1,447 $ 477,686 $ - $ 526 $ 8,861 $ - SBA 3,498 108,264 - 42 1,135 - Real estate: Commercial real estate 17,908 2,866,424 - 1 39,918 - Construction 7,651 86,358 - 45 1,183 - SFR mortgage 5,734 231,754 - 13 2,488 - Dairy & livestock and agribusiness 697 213,133 - - 4,882 - Municipal lease finance receivables - 71,929 - - 1,115 - Consumer and other loans 829 78,896 - 3 416 - PCI loans - - 76,022 - - 310 Total $ 37,764 $ 4,134,444 $ 76,022 $ 630 $ 59,998 $ 310 |
Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Excluding PCI Loans by Class of Loans | The following tables present the recorded investment in, and the aging of, past due and nonaccrual loans, excluding PCI loans, by type of loans for the periods presented. June 30, 2017 30-59 Days 60-89 Days Total Past Due Nonaccrual (1) Current Total Loans (Dollars in thousands) Commercial and industrial $ - $ - $ - $ 1,058 $ 536,289 $ 537,347 SBA - - - 1,651 127,632 129,283 Real estate: Commercial real estate Owner occupied 218 - 218 4,401 1,020,245 1,024,864 Non-owner occupied - - - 2,549 2,238,445 2,240,994 Construction Speculative (2) - - - - 60,443 60,443 Non-speculative - - - - 16,851 16,851 SFR mortgage - 400 400 963 248,570 249,933 Dairy & livestock and agribusiness - - - 829 244,426 245,255 Municipal lease finance receivables - - - - 66,048 66,048 Consumer and other loans 1 - 1 771 73,137 73,909 Total gross loans, excluding PCI loans $ 219 $ 400 $ 619 $ 12,222 $ 4,632,086 $ 4,644,927 (1) As of June 30, 2017, $5.5 million of nonaccruing loans were current, $4.5 million were 30-59 days past due, and $2.2 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. December 31, 2016 30-59 Days 60-89 Days Total Past Due Nonaccrual Current Total Loans (Dollars in thousands) Commercial and industrial $ - $ - $ - $ 156 $ 484,922 $ 485,078 SBA 352 - 352 2,737 94,095 97,184 Real estate: Commercial real estate Owner occupied - - - 635 949,184 949,819 Non-owner occupied - - - 1,048 1,979,274 1,980,322 Construction Speculative (2) - - - - 48,841 48,841 Non-speculative - - - - 37,038 37,038 SFR mortgage - - - 2,207 248,398 250,605 Dairy & livestock and agribusiness - - - - 338,631 338,631 Municipal lease finance receivables - - - - 64,639 64,639 Consumer and other loans 84 - 84 369 77,821 78,274 Total gross loans, excluding PCI loans $ 436 $ - $ 436 $ 7,152 $ 4,322,843 $ 4,330,431 (1) As of December 31, 2016, $4.7 million of nonaccruing loans were current, $514,000 were 30-59 days past due, $435,000 were 60-89 days past due and $1.5 million were 90+ days past due. (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. |
Schedule of Held-for-Investment Loans, Excluding PCI Loans, Individually Evaluated for Impairment by Class of Loans | The following tables present information for held-for-investment loans, excluding PCI loans, individually evaluated for impairment by type of loans, as and for the periods presented. As of and For the Six Months Ended June 30, 2017 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,465 $ 1,939 $ - $ 1,572 $ 13 SBA 2,472 2,750 - 2,538 32 Real estate: Commercial real estate Owner occupied 5,541 5,866 - 5,240 69 Non-owner occupied 13,017 15,469 - 12,908 798 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 4,195 4,983 - 4,242 73 Dairy & livestock and agribusiness 829 1,091 - 1,123 1 Municipal lease finance receivables - - - - - Consumer and other loans 734 941 - 752 9 Total 28,253 33,039 - 28,375 995 With a related allowance recorded: Commercial and industrial 140 187 13 157 1 SBA 6 23 6 9 - Real estate: Commercial real estate Owner occupied - - - - - Non-owner occupied - - - - - Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 397 402 94 399 - Total 543 612 113 565 1 Total impaired loans $ 28,796 $ 33,651 $ 113 $ 28,940 $ 996 As of and For the Six Months Ended June 30, 2016 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 840 $ 1,727 $ - $ 904 $ 14 SBA 3,266 4,026 - 3,347 25 Real estate: Commercial real estate Owner occupied 4,386 5,573 - 4,623 87 Non-owner occupied 12,522 15,110 - 12,760 83 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 5,464 6,331 - 5,591 60 Dairy & livestock and agribusiness 697 697 - 709 17 Municipal lease finance receivables - - - - - Consumer and other loans 816 1,373 - 845 8 Total 27,991 34,837 - 28,779 294 With a related allowance recorded: Commercial and industrial 607 668 526 638 6 SBA 232 250 42 238 6 Real estate: Commercial real estate Owner occupied 1,000 1,000 1 392 28 Non-owner occupied - - - - - Construction Speculative 7,651 7,651 45 7,651 193 Non-speculative - - - - - SFR mortgage 270 270 13 277 3 Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 13 13 3 13 - Total 9,773 9,852 630 9,209 236 Total impaired loans $ 37,764 $ 44,689 $ 630 $ 37,988 $ 530 As of December 31, 2016 Recorded Investment Unpaid Principal Balance Related Allowance (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 730 $ 1,646 $ - SBA 3,386 4,189 - Real estate: Commercial real estate Owner occupied 1,797 2,276 - Non-owner occupied 13,331 15,842 - Construction Speculative - - - Non-speculative - - - SFR mortgage 5,174 6,075 - Dairy & livestock and agribusiness 747 747 - Municipal lease finance receivables - - - Consumer and other loans 853 1,423 - Total 26,018 32,198 - With a related allowance recorded: Commercial and industrial 171 171 114 SBA 196 212 27 Real estate: Commercial real estate Owner occupied - - - Non-owner occupied - - - Construction Speculative - - - Non-speculative - - - SFR mortgage - - - Dairy & livestock and agribusiness - - - Municipal lease finance receivables - - - Consumer and other loans - - - Total 367 383 141 Total impaired loans $ 26,385 $ 32,581 $ 141 |
Summary of Activity Related to Troubled Debt Restructurings | The following table provides a summary of the activity related to TDRs for the periods presented. For the Three Months Ended For the Six Months Ended 2017 2016 2017 2016 (Dollars in thousands) Performing TDRs: Beginning balance $ 19,702 $ 37,321 $ 19,233 $ 42,687 New modifications - 112 3,143 1,118 Payoffs/payments, net and other 16 (17,141) (2,987) (23,513) TDRs returned to accrual status - - 329 - TDRs placed on nonaccrual status (3,144) - (3,144) - Ending balance $ 16,574 $ 20,292 $ 16,574 $ 20,292 Nonperforming TDRs: Beginning balance $ 1,407 $ 12,360 $ 1,626 $ 12,622 New modifications - - 2,066 82 Charge-offs - - - (38) Payoffs/payments, net and other (160) (331) (2,116) (637) TDRs returned to accrual status - - (329) - TDRs placed on nonaccrual status 3,144 - 3,144 - Ending balance $ 4,391 $ 12,029 $ 4,391 $ 12,029 Total TDRs $ 20,965 $ 32,321 $ 20,965 $ 32,321 |
Summary of Loans Modified as Troubled Debt Restructurings | The following tables summarize loans modified as troubled debt restructurings for the periods presented. Modifications (1) For the Three Months Ended June 30, 2017 Number of Pre-Modification Post-Modification Investment Outstanding June 30, 2017 Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity - - - - - SBA: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans - $ - $ - $ - $ - For the Three Months Ended June 30, 2016 Number of Pre-Modification Post-Modification Investment Outstanding June 30, 2016 Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity 1 112 112 110 - SBA: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans 1 $ 112 $ 112 $ 110 $ - For the Six Months Ended June 30, 2017 Number of Pre-Modification Post-Modification Investment Outstanding June 30, 2017 Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity - - - - - SBA: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity 1 3,143 3,143 3,143 - Non-owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity 1 1,984 1,984 78 - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity 1 82 82 78 - Total loans 3 $ 5,209 $ 5,209 $ 3,299 $ - For the Six Months Ended June 30, 2016 Number of Pre-Modification Post-Modification Investment Outstanding June 30, 2016 Financial Effect (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity 1 112 112 110 - SBA: Interest rate reduction - - - - - Change in amortization period or maturity 1 194 194 190 28 Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity 2 812 812 761 - Non-owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity 2 82 82 72 - Total loans 6 $ 1,200 $ 1,200 $ 1,133 $ 28 (1) The tables above exclude modified loans that were paid off prior to the end of the period. (2) Financial effects resulting from modifications represent charge-offs and specific allowance recorded at modification date. |
Earnings Per Share Reconcilia25
Earnings Per Share Reconciliation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Common Share Reconciliation | The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations. For the Three Months For the Six Months Ended June 30, Ended June 30, 2017 2016 2017 2016 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 28,373 $ 25,514 $ 56,877 $ 48,905 Less: Net earnings allocated to restricted stock 105 99 217 205 Net earnings allocated to common shareholders $ 28,268 $ 25,415 $ 56,660 $ 48,700 Weighted average shares outstanding 109,730 108,834 109,039 106,917 Basic earnings per common share $ 0.26 $ 0.23 $ 0.52 $ 0.46 Diluted earnings per common share: Net income allocated to common shareholders $ 28,268 $ 25,415 $ 56,660 $ 48,700 Weighted average shares outstanding 109,730 108,834 109,039 106,917 Incremental shares from assumed exercise of outstanding options 348 410 406 406 Diluted weighted average shares outstanding 110,078 109,244 109,445 107,323 Diluted earnings per common share $ 0.26 $ 0.23 $ 0.52 $ 0.45 |
Fair Value Information (Tables)
Fair Value Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The tables below present the balances of assets and liabilities measured at fair value on a recurring basis for the periods presented. Carrying Value at Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other (Level 2) Significant (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSE $ 1,750 $ - $ 1,750 $ - Residential mortgage-backed securities 1,882,303 - 1,882,303 - CMO/REMIC - residential 314,118 - 314,118 - Municipal bonds 70,649 - 70,649 - Other securities 690 - 690 - Total investment securities - AFS 2,269,510 - 2,269,510 - Interest rate swaps 5,148 - 5,148 - Total assets $ 2,274,658 $ - $ 2,274,658 $ - Description of liability Interest rate swaps $ 5,148 $ - $ 5,148 $ - Total liabilities $ 5,148 $ - $ 5,148 $ - Carrying Value at Quoted Prices in Active Markets for Significant Other Significant (Dollars in thousands) Description of assets Investment securities - AFS: Government agency/GSE $ 2,752 $ - $ 2,752 $ - Residential mortgage-backed securities 1,834,748 - 1,834,748 - CMO/REMIC - residential 347,189 - 347,189 - Municipal bonds 80,071 - 80,071 - Other securities 5,706 - 5,706 - Total investment securities - AFS 2,270,466 - 2,270,466 - Interest rate swaps 5,783 - 5,783 - Total assets $ 2,276,249 $ - $ 2,276,249 $ - Description of liability Interest rate swaps $ 5,783 $ - $ 5,783 $ - Total liabilities $ 5,783 $ - $ 5,783 $ - |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | For assets measured at fair value on a non-recurring basis that were held on the balance sheet at June 30, 2017 and December 31, 2016, respectively, the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets that had losses during the period. Carrying Value at Quoted Prices in Active Markets for Significant Other Significant Total Losses For the Six Months June 30, 2017 (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ 105 $ - $ - $ 105 $ 9 SBA - - - - - Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and other loans 398 - - 398 94 Other real estate owned - - - - - Asset held-for-sale - - - Total assets $ 503 $ - $ - $ 503 $ 103 Carrying Value at Quoted Prices in Active Markets for Significant Other Significant Total Losses For the Year Ended December 31, 2016 (Dollars in thousands ) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ 65 $ - $ - $ 65 $ 8 SBA 196 - - 196 27 Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and other loans - - - - - Other real estate owned - - - - - Asset held-for-sale 3,411 3,411 2,558 Total assets $ 3,672 $ - $ - $ 3,672 $ 2,593 |
Estimated Fair Value of Financial Instruments | The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. June 30, 2017 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 184,747 $ 184,747 $ - $ - $ 184,747 Interest-earning balances due from depository institutions 25,050 - 25,088 - 25,088 FHLB stock 17,688 - 17,688 - 17,688 Investment securities available-for-sale 2,269,510 - 2,269,510 - 2,269,510 Investment securities held-to-maturity 869,769 - 862,485 - 862,485 Total loans, net of allowance for loan losses 4,627,497 - - 4,598,548 4,598,548 Swaps 5,148 - 5,148 - 5,148 Liabilities Deposits: Noninterest-bearing $ 3,929,394 $ 3,929,394 $ - $ - $ 3,929,394 Interest-bearing 2,767,787 - 2,765,900 - 2,765,900 Borrowings 546,085 - 545,796 - 545,796 Junior subordinated debentures 25,774 - - 17,235 17,235 Swaps 5,148 - 5,148 - 5,148 December 31, 2016 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 119,445 $ 119,445 $ - $ - $ 119,445 Interest-earning balances due from depository institutions 2,188 - 2,188 - 2,188 FHLB stock 17,688 - 17,688 - 17,688 Investment securities available-for-sale 2,270,466 - 2,270,466 - 2,270,466 Investment securities held-to-maturity 911,676 - 897,374 - 897,374 Total loans, net of allowance for loan losses 4,333,524 - - 4,306,225 4,306,225 Swaps 5,783 - 5,783 - 5,783 Liabilities Deposits: Noninterest-bearing $ 3,673,541 $ 3,673,541 $ - $ - $ 3,673,541 Interest-bearing 2,636,139 - 2,634,443 - 2,634,443 Borrowings 656,028 - 655,820 - 655,820 Junior subordinated debentures 25,774 - - 18,463 18,463 Swaps 5,783 - 5,783 - 5,783 |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information by Segment | The following tables present the operating results and other key financial measures for the individual operating segments for the periods presented. For the Three Months Ended June 30, 2017 Centers Dairy & livestock and agribusiness Other (1) Total (Dollars in thousands) Net interest income $ 48,762 $ 2,369 $ 19,352 $ 70,483 (Recapture of) provision for loan losses 875 (421) (1,454) (1,000) Net interest income after (recapture of) provision for loan losses 47,887 2,790 20,806 71,483 Noninterest income 5,303 49 5,424 10,776 Noninterest expense 13,206 504 23,163 36,873 Segment pre-tax profit $ 39,984 $ 2,335 $ 3,067 $ 45,386 Goodwill $ 119,193 $ - $ - $ 119,193 Segment assets as of June 30, 2017 $ 7,314,110 $ 348,570 $ 755,523 $ 8,418,203 (1) Includes the elimination of certain items that are included in more than one department, most of which represents products and services for Centers’ customers. For the Three Months Ended June 30, 2016 Centers Dairy & livestock and agribusiness Other (1) Total (Dollars in thousands) Net interest income $ 44,583 $ 1,986 $ 19,387 $ 65,956 (Recapture of) provision for loan losses 1,215 (401) (814) - Net interest income after (recapture of) provision for loan losses 43,368 2,387 20,201 65,956 Noninterest income 5,326 54 3,894 9,274 Noninterest expense 12,891 499 21,048 34,438 Segment pre-tax profit $ 35,803 $ 1,942 $ 3,047 $ 40,792 Goodwill $ 88,174 $ - $ - $ 88,174 Segment assets as of June 30, 2016 $ 6,949,273 $ 378,246 $ 984,788 $ 8,312,307 (1) Includes the elimination of certain items that are included in more than one department, most of which represents products and services for Centers’ customers. For the Six Months Ended June 30, 2017 Centers Dairy & livestock and agribusiness Other (1) Total (Dollars in thousands) Net interest income $ 94,340 $ 4,513 $ 37,063 $ 135,916 (Recapture of) provision for loan losses 1,386 (3,120) (3,766) (5,500) Net interest income after (recapture of) provision for loan losses 92,954 7,633 40,829 141,416 Noninterest income 10,510 104 8,884 19,498 Noninterest expense 25,644 1,005 44,341 70,990 Segment pre-tax profit $ 77,820 $ 6,732 $ 5,372 $ 89,924 Goodwill $ 119,193 $ - $ - $ 119,193 Segment assets as of June 30, 2017 $ 7,314,110 $ 348,570 $ 755,523 $ 8,418,203 (1) Includes the elimination of certain items that are included in more than one department, most of which represents products and services for Centers’ customers. For the Six Months Ended June 30, 2016 Centers Dairy & livestock and agribusiness Other (1) Total (Dollars in thousands) Net interest income $ 86,817 $ 3,919 $ 37,736 $ 128,472 (Recapture of) provision for loan losses 3,415 (1,353) (2,062) - Net interest income after (recapture of) provision for loan losses 83,402 5,272 39,798 128,472 Noninterest income 10,153 107 7,697 17,957 Noninterest expense 25,501 978 42,323 68,802 Segment pre-tax profit $ 68,054 $ 4,401 $ 5,172 $ 77,627 Goodwill $ 88,174 $ - $ - $ 88,174 Segment assets as of June 30, 2016 $ 6,949,273 $ 378,246 $ 984,788 $ 8,312,307 (1) Includes the elimination of certain items that are included in more than one department, most of which represents products and services for Centers’ customers. |
Derivative Financial Instrume28
Derivative Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | As of June 30, 2017 and December 31, 2016, the total notional amount of the Company’s swaps was $199.0 million, and $202.7 million, respectively. The location of the asset and liability, and their respective fair values are summarized in the tables below. June 30, 2017 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 5,148 Other liabilities $ 5,148 Total derivatives $ 5,148 $ 5,148 December 31, 2016 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 5,783 Other liabilities $ 5,783 Total derivatives $ 5,783 $ 5,783 |
Effect of Derivative Instruments on Consolidated Statement of Earnings | The following table summarizes the effect of derivative financial instruments on the condensed consolidated statement of earnings for the periods presented. Derivatives Not Location of Gain Recognized Designated as Hedging in Income on Derivative Amount of Gain Recognized in Income on Instruments Instruments Derivative Instruments For the Three Months Ended June 30, For the Six Months Ended June 30, 2017 2016 2017 2016 (Dollars in thousands) Interest rate swaps Other income $ 71 $ 327 $ 394 $ 385 Total $ 71 $ 327 $ 394 $ 385 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Summary of Components of Other Comprehensive Income | The table below provides a summary of the components of other comprehensive income (“OCI”) for the periods presented. For the Three Months Ended June 30, 2017 2016 Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities: Net change in fair value recorded in accumulated OCI $ 2,838 $ 1,192 $ 1,646 $ 7,579 $ 3,183 $ 4,396 Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity (1,196) (502) (694) (86) (36) (50) Net realized gain reclassified into earnings (1) (402) (169) (233) - - - Net Change $ 1,240 $ 521 $ 719 $ 7,493 $ 3,147 $ 4,346 For the Six Months Ended June 30, 2017 2016 Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities: Net change in fair value recorded in accumulated OCI $ 4,045 $ 1,699 $ 2,346 $ 35,623 $ 14,961 $ 20,662 Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity (1,979) (831) (1,148) (860) (361) (499) Net realized gain reclassified into earnings (1) (402) (169) (233) - - - Net Change $ 1,664 $ 699 $ 965 $ 34,763 $ 14,600 $ 20,163 (1) Included in other noninterest income. |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Text Block [Abstract] | |
Schedule of Balance Sheet Offsetting | The repurchase agreements are not offset in the condensed consolidated balances. Gross Amounts Recognized in the Condensed Consolidated Balance Sheets Gross Amounts offset in the Condensed Consolidated Balance Sheets Net Amounts of Assets Presented in the Condensed Consolidated Balance Sheets Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets Net Amount Financial Collateral (Dollars in thousands) June 30, 2017 Financial assets: Derivatives not designated as hedging instruments $ 5,148 $ - $ - $ 5,148 $ - $ 5,148 Total $ 5,148 $ - $ - $ 5,148 $ - $ 5,148 Financial liabilities: Derivatives not designated as hedging instruments $ 6,083 $ (935) $ 5,148 $ 935 $ (12,850) $ (6,767) Repurchase agreements 546,085 - 546,085 - (585,490) (39,405) Total $ 552,168 $ (935) $ 551,233 $ 935 $ (598,340) $ (46,172) December 31, 2016 Financial assets: Derivatives not designated as hedging instruments $ 5,783 $ - $ - $ 5,783 $ - $ 5,783 Total $ 5,783 $ - $ - $ 5,783 $ - $ 5,783 Financial liabilities: Derivatives not designated as hedging instruments $ 6,855 $ (1,072) $ 5,783 $ 1,072 $ (12,800) $ (5,945) Repurchase agreements 603,028 - 603,028 - (683,413) (80,385) Total $ 609,883 $ (1,072) $ 608,811 $ 1,072 $ (696,213) $ (86,330) |
Business - Additional Informati
Business - Additional Information (Detail) $ in Millions | Mar. 10, 2017USD ($)Branch | Jun. 30, 2017LocationSubsidiary |
Schedule Of Description Of Company [Line Items] | ||
Number of inactive subsidiaries | Subsidiary | 1 | |
Bank operated banking centers, number | 54 | |
Bank operated trust office locations, number | 3 | |
Valley Commerce Bancorp [Member] | ||
Schedule Of Description Of Company [Line Items] | ||
Total assets of acquired/merger company | $ | $ 400 | |
Number of bank branches acquired | Branch | 4 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Accounting Standards Update 2016-09 [Member] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Excess tax benefits recognized in provision for income taxes | $ 1.3 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) | Mar. 10, 2017USD ($)Branch | Feb. 29, 2016USD ($)Branch | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) |
Business Acquisition [Line Items] | |||||||
Acquisition date | Oct. 16, 2009 | ||||||
Goodwill | $ 119,193,000 | $ 88,174,000 | $ 119,193,000 | $ 88,174,000 | $ 89,533,000 | ||
Non-recurring merger related expenses | 1,250,000 | $ 355,000 | $ 1,926,000 | $ 1,204,000 | |||
Valley Commerce Bancorp [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition date | Mar. 10, 2017 | ||||||
Acquired assets and assumed liabilities for cash | $ 23,200,000 | ||||||
Assets and assumed all of the liabilities, stock | 37,600,000 | ||||||
Goodwill | 29,700,000 | ||||||
Total fair value of assets acquired | 406,100,000 | ||||||
Cash and cash equivalents | 51,500,000 | ||||||
FHLB stock | 2,000,000 | ||||||
Loans and lease finance receivables | 309,700,000 | ||||||
Fixed assets | 5,300,000 | ||||||
Bank-Owned Life Insurance | 9,400,000 | ||||||
Core deposit intangible assets | 3,200,000 | ||||||
Other assets | 18,500,000 | ||||||
Total fair value of liabilities assumed | 368,500,000 | ||||||
Deposits | 361,800,000 | ||||||
Other liabilities | $ 6,700,000 | ||||||
Non-recurring merger related expenses | 1,300,000 | $ 1,900,000 | |||||
Valley Business Bank [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Number of branches owned by merger company | Branch | 4 | ||||||
County Commerce Bank [Member] | |||||||
Business Acquisition [Line Items] | |||||||
Acquisition date | Feb. 29, 2016 | ||||||
Number of branches owned by merger company | Branch | 4 | ||||||
Acquired assets and assumed liabilities for cash | $ 20,600,000 | ||||||
Assets and assumed all of the liabilities, stock | 21,600,000 | ||||||
Goodwill | 15,300,000 | ||||||
Total fair value of assets acquired | 252,400,000 | ||||||
Cash and cash equivalents | 54,800,000 | ||||||
FHLB stock | 1,500,000 | ||||||
Loans and lease finance receivables | 168,000,000 | ||||||
Fixed assets | 8,600,000 | ||||||
Core deposit intangible assets | 3,900,000 | ||||||
Other assets | 289,000 | ||||||
Total fair value of liabilities assumed | 230,800,000 | ||||||
Deposits | 224,200,000 | ||||||
Other liabilities | 1,600,000 | ||||||
Non-recurring merger related expenses | $ 355,000 | $ 1,200,000 | |||||
FHLB advances | $ 5,000,000 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 2,251,275 | $ 2,255,874 |
Gross Unrealized Holding Gain, Available-for-sale | 24,142 | 23,264 |
Gross Unrealized Holding Loss, Available-for-sale | (5,907) | (8,672) |
Fair Value, Available-for-sale | $ 2,269,510 | $ 2,270,466 |
Total Percent, Available-for-sale | 100.00% | 100.00% |
Amortized Cost, Held-to-maturity | $ 869,769 | $ 911,676 |
Gross Unrealized Holding Gain, Held-to-maturity | 4,418 | 1,138 |
Gross Unrealized Holding Loss, Held-to-maturity | (11,702) | (15,440) |
Fair Value, Held-to-maturity | $ 862,485 | $ 897,374 |
Total Percent, Held-to-maturity | 100.00% | 100.00% |
CMO/REMIC - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 312,024 | $ 345,313 |
Gross Unrealized Holding Gain, Available-for-sale | 3,045 | 3,361 |
Gross Unrealized Holding Loss, Available-for-sale | (951) | (1,485) |
Fair Value, Available-for-sale | $ 314,118 | $ 347,189 |
Total Percent, Available-for-sale | 13.84% | 15.29% |
Amortized Cost, Held-to-maturity | $ 234,003 | $ 244,419 |
Gross Unrealized Holding Gain, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Loss, Held-to-maturity | (6,611) | (6,808) |
Fair Value, Held-to-maturity | $ 227,392 | $ 237,611 |
Total Percent, Held-to-maturity | 26.90% | 26.81% |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 1,750 | $ 2,750 |
Gross Unrealized Holding Gain, Available-for-sale | 0 | 2 |
Gross Unrealized Holding Loss, Available-for-sale | 0 | 0 |
Fair Value, Available-for-sale | $ 1,750 | $ 2,752 |
Total Percent, Available-for-sale | 0.08% | 0.12% |
Amortized Cost, Held-to-maturity | $ 169,942 | $ 182,648 |
Gross Unrealized Holding Gain, Held-to-maturity | 1,108 | 362 |
Gross Unrealized Holding Loss, Held-to-maturity | (1,361) | (1,972) |
Fair Value, Held-to-maturity | $ 169,689 | $ 181,038 |
Total Percent, Held-to-maturity | 19.54% | 20.03% |
Residential Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 1,866,602 | $ 1,822,168 |
Gross Unrealized Holding Gain, Available-for-sale | 20,302 | 18,812 |
Gross Unrealized Holding Loss, Available-for-sale | (4,601) | (6,232) |
Fair Value, Available-for-sale | $ 1,882,303 | $ 1,834,748 |
Total Percent, Available-for-sale | 82.94% | 80.81% |
Amortized Cost, Held-to-maturity | $ 185,401 | $ 193,699 |
Gross Unrealized Holding Gain, Held-to-maturity | 676 | 0 |
Gross Unrealized Holding Loss, Held-to-maturity | (393) | (1,892) |
Fair Value, Held-to-maturity | $ 185,684 | $ 191,807 |
Total Percent, Held-to-maturity | 21.32% | 21.25% |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 70,209 | $ 80,137 |
Gross Unrealized Holding Gain, Available-for-sale | 795 | 889 |
Gross Unrealized Holding Loss, Available-for-sale | (355) | (955) |
Fair Value, Available-for-sale | $ 70,649 | $ 80,071 |
Total Percent, Available-for-sale | 3.11% | 3.53% |
Amortized Cost, Held-to-maturity | $ 280,423 | $ 290,910 |
Gross Unrealized Holding Gain, Held-to-maturity | 2,634 | 776 |
Gross Unrealized Holding Loss, Held-to-maturity | (3,337) | (4,768) |
Fair Value, Held-to-maturity | $ 279,720 | $ 286,918 |
Total Percent, Held-to-maturity | 32.24% | 31.91% |
Other Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 690 | $ 5,506 |
Gross Unrealized Holding Gain, Available-for-sale | 0 | 200 |
Gross Unrealized Holding Loss, Available-for-sale | 0 | 0 |
Fair Value, Available-for-sale | $ 690 | $ 5,706 |
Total Percent, Available-for-sale | 0.03% | 0.25% |
Investment Securities - Summa35
Investment Securities - Summary of Interest Income Earned on Investment Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Net Investment Income [Line Items] | ||||
Total interest income from available-for-sale securities | $ 13,007 | $ 12,018 | $ 25,647 | $ 24,817 |
Total interest income from held-to-maturity securities | 5,323 | 4,743 | 10,830 | 10,091 |
Total investment income | 18,330 | 16,761 | 36,477 | 34,908 |
Investment securities available-for-sale [Member] | ||||
Net Investment Income [Line Items] | ||||
Taxable | 12,420 | 10,827 | 24,346 | 22,207 |
Tax-advantaged | 587 | 1,191 | 1,301 | 2,610 |
Investment securities held-to-maturity [Member] | ||||
Net Investment Income [Line Items] | ||||
Taxable | 3,203 | 2,215 | 6,480 | 4,835 |
Tax-advantaged | $ 2,120 | $ 2,528 | $ 4,350 | $ 5,256 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Investment securities pledged as collateral | $ 2,030,000,000 | $ 2,190,000,000 |
Investment in FHLB stock, impairment losses | $ 0 | |
United States [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Securities issued by U.S. government percentage | 89.00% | |
CMO/REMIC - Residential [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
CMOs backed by whole loans issued by private-label companies (non-government sponsored) | $ 4,000 |
Investment Securities - Summa37
Investment Securities - Summary of Continuous Unrealized Loss Position of Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | $ 434,489 | $ 734,993 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (5,906) | (8,671) |
Fair Value, 12 Months or Longer, Available-for-sale | 5,991 | 5,981 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (1) | (1) |
Fair Value, Available-for-sale | 440,480 | 740,974 |
Gross Unrealized Holding Losses, Available-for-sale | (5,907) | (8,672) |
Fair Value, Less Than 12 Months, Held-to-maturity | 463,129 | 652,076 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (10,795) | (14,383) |
Fair Value, 12 Months or Longer, Held-to-maturity | 23,484 | 36,971 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (907) | (1,057) |
Fair Value, Held-to-maturity | 486,613 | 689,047 |
Gross Unrealized Holding Losses, Held-to-maturity | (11,702) | (15,440) |
CMO/REMIC - Residential [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 79,172 | 128,595 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (951) | (1,485) |
Fair Value, 12 Months or Longer, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | 0 | 0 |
Fair Value, Available-for-sale | 79,172 | 128,595 |
Gross Unrealized Holding Losses, Available-for-sale | (951) | (1,485) |
Fair Value, Less Than 12 Months, Held-to-maturity | 227,392 | 237,611 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (6,611) | (6,808) |
Fair Value, 12 Months or Longer, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | 0 | 0 |
Fair Value, Held-to-maturity | 227,392 | 237,611 |
Gross Unrealized Holding Losses, Held-to-maturity | (6,611) | (6,808) |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 0 | 0 |
Fair Value, 12 Months or Longer, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | 0 | 0 |
Fair Value, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Losses, Available-for-sale | 0 | 0 |
Fair Value, Less Than 12 Months, Held-to-maturity | 46,040 | 76,854 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (1,361) | (1,972) |
Fair Value, 12 Months or Longer, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | 0 | 0 |
Fair Value, Held-to-maturity | 46,040 | 76,854 |
Gross Unrealized Holding Losses, Held-to-maturity | (1,361) | (1,972) |
Residential Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 339,074 | 583,143 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (4,601) | (6,232) |
Fair Value, 12 Months or Longer, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | 0 | 0 |
Fair Value, Available-for-sale | 339,074 | 583,143 |
Gross Unrealized Holding Losses, Available-for-sale | (4,601) | (6,232) |
Fair Value, Less Than 12 Months, Held-to-maturity | 111,873 | 191,807 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (393) | (1,892) |
Fair Value, 12 Months or Longer, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | 0 | 0 |
Fair Value, Held-to-maturity | 111,873 | 191,807 |
Gross Unrealized Holding Losses, Held-to-maturity | (393) | (1,892) |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 16,243 | 23,255 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (354) | (954) |
Fair Value, 12 Months or Longer, Available-for-sale | 5,991 | 5,981 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (1) | (1) |
Fair Value, Available-for-sale | 22,234 | 29,236 |
Gross Unrealized Holding Losses, Available-for-sale | (355) | (955) |
Fair Value, Less Than 12 Months, Held-to-maturity | 77,824 | 145,804 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (2,430) | (3,711) |
Fair Value, 12 Months or Longer, Held-to-maturity | 23,484 | 36,971 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (907) | (1,057) |
Fair Value, Held-to-maturity | 101,308 | 182,775 |
Gross Unrealized Holding Losses, Held-to-maturity | $ (3,337) | $ (4,768) |
Investment Securities - Summa38
Investment Securities - Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost, Held-to-maturity | $ 425 | |
Due after one year through five years, Amortized Cost, Held-to-maturity | 124,293 | |
Due after five years through ten years, Amortized Cost, Held-to-maturity | 417,336 | |
Due after ten years, Amortized Cost, Held-to-maturity | 327,715 | |
Total Held-to-maturity, Debt Maturities, Amortized Cost Basis | 869,769 | |
Due in one year or less, Fair Value, Held-to-maturity | 424 | |
Due after one year through five years, Fair Value, Held-to-maturity | 122,167 | |
Due after five years through ten years, Fair Value, Held-to-maturity | 413,416 | |
Due after ten years, Fair Value, Held-to-maturity | 326,478 | |
Total, Held-to-maturity, Fair Value | 862,485 | |
Due in one year or less, Amortized Cost, Available-for-sale | 17,369 | |
Due after one year through five years, Amortized Cost, Available-for-sale | 1,955,896 | |
Due after five years through ten years, Amortized Cost, Available-for-sale | 232,464 | |
Due after ten years, Amortized Cost, Available-for-sale | 45,546 | |
Amortized Cost, Available-for-sale | 2,251,275 | $ 2,255,874 |
Due in one year or less, Fair Value, Available-for-sale | 17,485 | |
Due after one year through five years, Fair Value, Available-for-sale | 1,975,849 | |
Due after five years through ten years, Fair Value, Available-for-sale | 230,357 | |
Due after ten years, Fair Value, Available-for-sale | 45,819 | |
Total Available-for-sale Securities, Debt Maturities, Available-for-sale, Fair Value | $ 2,269,510 | $ 2,270,466 |
Acquired SJB Assets and FDIC 39
Acquired SJB Assets and FDIC Loss Sharing Asset - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Business Acquisition [Line Items] | |
Acquisition date | Oct. 16, 2009 |
Remaining discount associated with SJB loans | $ 1 |
Single Family Residential Loans [Member] | |
Business Acquisition [Line Items] | |
Loans expiration date | Oct. 16, 2019 |
Acquired SJB Assets and FDIC 40
Acquired SJB Assets and FDIC Loss Sharing Asset - Summary of PCI Loans and Lease Finance Receivables (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Real estate: | |||
Less: Purchase accounting discount | $ (1,000) | ||
Gross PCI loans, net of discount | 49,869 | $ 76,022 | |
Less: Allowance for PCI loan losses | (659) | (310) | |
PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial and industrial | 1,913 | $ 2,309 | |
SBA | 1,433 | 327 | |
Real estate: | |||
Commercial real estate | 46,210 | 67,594 | |
Construction | 0 | 0 | |
SFR mortgage | 171 | 178 | |
Dairy & livestock and agribusiness | 345 | 1,216 | |
Municipal lease finance receivables | 0 | 0 | |
Consumer and other loans | 805 | 1,469 | |
Gross PCI loans | 50,877 | 73,093 | |
Less: Purchase accounting discount | (1,008) | (1,508) | |
Gross PCI loans, net of discount | 49,869 | 71,585 | 76,022 |
Less: Allowance for PCI loan losses | (659) | (1,219) | $ (310) |
Net loans | $ 49,210 | $ 70,366 |
Acquired SJB Assets and FDIC 41
Acquired SJB Assets and FDIC Loss Sharing Asset - Summary of Gross PCI Loans by Internal Risk Ratings by Loans (Detail) - PCI Loans [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | $ 50,877 | $ 73,093 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | 38,623 | 59,409 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | 167 | 1,162 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | 12,087 | 12,522 |
Doubtful & Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross PCI loans | $ 0 | $ 0 |
Loans and Lease Finance Recei42
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Components of Loans and Lease Finance Receivables, Excluding PCI Loans (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Gross loans, excluding PCI loans, net of deferred loan fees | $ 4,687,698 | $ 4,395,064 | ||||
Less: Allowance for loan losses | (60,201) | $ (59,212) | (61,540) | $ (60,938) | $ (59,336) | $ (59,156) |
Total loans and lease finance receivables | 4,627,497 | 4,333,524 | ||||
PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial and industrial | 1,913 | 2,309 | ||||
PCI Loans | 50,877 | 73,093 | ||||
SBA | 1,433 | 327 | ||||
Discount on PCI loans | (1,008) | (1,508) | ||||
Commercial real estate | 46,210 | 67,594 | ||||
Construction | 0 | 0 | ||||
SFR mortgage | 171 | 178 | ||||
Dairy & livestock and agribusiness | 345 | 1,216 | ||||
Municipal lease finance receivables | 0 | 0 | ||||
Consumer and other loans | 805 | 1,469 | ||||
Less: Allowance for loan losses | (659) | $ (725) | (1,219) | $ (310) | $ 0 | $ 0 |
Net loans | 49,210 | 70,366 | ||||
Loans, Excluding PCI Loans [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Commercial and industrial | 537,347 | 485,078 | ||||
SBA | 129,283 | 97,184 | ||||
Commercial real estate | 3,265,858 | 2,930,141 | ||||
Construction | 77,294 | 85,879 | ||||
SFR mortgage | 249,933 | 250,605 | ||||
Dairy & livestock and agribusiness | 245,255 | 338,631 | ||||
Municipal lease finance receivables | 66,048 | 64,639 | ||||
Consumer and other loans | 73,909 | 78,274 | ||||
Total gross loans, excluding PCI loans | 4,644,927 | 4,330,431 | ||||
Less: Deferred loan fees, net | (7,098) | (6,952) | ||||
Gross loans, excluding PCI loans, net of deferred loan fees | 4,637,829 | 4,323,479 | ||||
Less: Allowance for loan losses | (59,542) | (60,321) | ||||
Net loans | $ 4,578,287 | $ 4,263,158 |
Loans and Lease Finance Recei43
Loans and Lease Finance Receivables and Allowance for Loan Losses - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)ContractSecurityLoan | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Total fixed rate loans held | $ 2,110,000,000 | $ 2,110,000,000 | |||
Secure borrowings and available lines of credit from FHLB and Federal Reserve Bank | 3,500,000,000 | 3,500,000,000 | $ 3,110,000,000 | ||
Loans held-for-sale | 0 | 0 | 0 | ||
Impaired, at carrying value | 28,796,000 | $ 37,764,000 | 28,796,000 | $ 37,764,000 | 26,385,000 |
Loans classified as troubled debt restructured | 21,000,000 | 21,000,000 | |||
Impaired, at carrying value | 113,000 | 630,000 | 113,000 | 630,000 | 141,000 |
Provision for unfunded loan commitments | 0 | $ 0 | 0 | $ 0 | |
Reserve for credit risk for undisbursed commitments | 6,700,000 | 6,700,000 | 6,700,000 | ||
Allocation of allowance to troubled debt restructuring | 10,000 | 10,000 | 141,000 | ||
Valley Business Bank [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired, at carrying value | $ 4,600,000 | $ 4,600,000 | |||
Commercial Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total gross loan portfolio (excluding PCI loans) | 77.36% | 77.36% | |||
Construction [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total gross loan portfolio (excluding PCI loans) | 70.31% | 70.31% | |||
Dairy & Livestock and Agribusiness [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | $ 829,000 | $ 829,000 | |||
Nonaccrual Small Business Administration Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 1,700,000 | 1,700,000 | |||
Impaired Loans Modified in Troubled Debt Restructure [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired, at carrying value | 21,000,000 | 21,000,000 | |||
Commercial Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial real estate loan outstanding balance modified as a TDR within the previous 12 months that subsequently defaulted | $ 3,100,000 | ||||
Number of loans modified as a TDR within the previous 12 months that subsequently defaulted | Contract | 1 | ||||
Nonaccrual Single Family Mortgage Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 963,000 | $ 963,000 | |||
Commercial Real Estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 7,000,000 | 7,000,000 | |||
Consumer [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 771,000 | 771,000 | |||
Nonperforming Financing Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Impaired, at carrying value | 4,400,000 | 4,400,000 | |||
Loans classified as troubled debt restructured | 4,400,000 | 4,400,000 | |||
Performing Financing Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 16,600,000 | $ 16,600,000 | |||
Number of performing loans | SecurityLoan | 24 | ||||
Performing Financing Receivable [Member] | Commercial Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 11,600,000 | $ 11,600,000 | |||
Number of loans | SecurityLoan | 5 | ||||
Performing Financing Receivable [Member] | Single-family Residential Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 3,200,000 | $ 3,200,000 | |||
Number of loans | SecurityLoan | 11 | ||||
Performing Financing Receivable [Member] | Commercial and Industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 547,000 | $ 547,000 | |||
Number of loans | SecurityLoan | 5 | ||||
Performing Financing Receivable [Member] | Small Business Administration [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 827,000 | $ 827,000 | |||
Number of loans | SecurityLoan | 2 | ||||
Performing Financing Receivable [Member] | Consumer and Other Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 360,000 | $ 360,000 | |||
Number of loans | SecurityLoan | 1 | ||||
Allowance Impaired Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Loans classified as troubled debt restructured | 113,000 | $ 113,000 | |||
Loans, Excluding PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial real estate loans | 3,265,858,000 | 3,265,858,000 | 2,930,141,000 | ||
Dairy & livestock and agribusiness | 245,255,000 | 245,255,000 | 338,631,000 | ||
Outstanding balance | 12,222,000 | 12,222,000 | 7,152,000 | ||
Loans, Excluding PCI Loans [Member] | Dairy & Livestock Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Dairy & livestock and agribusiness | 208,700,000 | 208,700,000 | 317,900,000 | ||
Loans, Excluding PCI Loans [Member] | Agribusiness Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Dairy & livestock and agribusiness | 36,500,000 | 36,500,000 | 20,700,000 | ||
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 829,000 | 829,000 | 0 | ||
Loans, Excluding PCI Loans [Member] | Nonaccrual Commercial and Industrial Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 1,100,000 | 1,100,000 | |||
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 1,058,000 | 1,058,000 | 156,000 | ||
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | 1,651,000 | 1,651,000 | 2,737,000 | ||
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Outstanding balance | $ 771,000 | $ 771,000 | $ 369,000 | ||
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Commercial Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Percentage of total gross loan portfolio (excluding PCI loans) | 4.79% | 4.79% | 6.16% | ||
Commercial real estate loans | $ 156,500,000 | $ 156,500,000 | $ 180,600,000 | ||
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Loans Secured by Dairy & Livestock Land [Member] | Commercial Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial real estate loans | 99,700,000 | 99,700,000 | 127,100,000 | ||
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Loans Secured by Agricultural Land [Member] | Commercial Real Estate Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Commercial real estate loans | $ 56,800,000 | $ 56,800,000 | $ 53,600,000 |
Loans and Lease Finance Recei44
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Loan, Excluding PCI Loans by Internal Risk Ratings (Detail) - Loans, Excluding PCI Loans [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | $ 537,347 | $ 485,078 |
SBA | 129,283 | 97,184 |
Commercial real estate, Owner occupied | 1,024,864 | 949,819 |
Commercial real estate, Non-owner occupied | 2,240,994 | 1,980,322 |
Construction, Speculative | 60,443 | 48,841 |
Construction, Non-speculative | 16,851 | 37,038 |
SFR mortgage | 249,933 | 250,605 |
Dairy & livestock and agribusiness | 245,255 | 338,631 |
Municipal lease finance receivables | 66,048 | 64,639 |
Consumer and other loans | 73,909 | 78,274 |
Total gross loans, excluding PCI loans | 4,644,927 | 4,330,431 |
Pass [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 497,714 | 449,658 |
SBA | 117,400 | 80,138 |
Commercial real estate, Owner occupied | 927,211 | 842,992 |
Commercial real estate, Non-owner occupied | 2,207,442 | 1,941,203 |
Construction, Speculative | 53,698 | 48,841 |
Construction, Non-speculative | 16,851 | 37,038 |
SFR mortgage | 241,269 | 243,374 |
Dairy & livestock and agribusiness | 154,008 | 187,819 |
Municipal lease finance receivables | 65,419 | 60,102 |
Consumer and other loans | 70,129 | 74,328 |
Total gross loans, excluding PCI loans | 4,351,141 | 3,965,493 |
Special Mention [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 24,927 | 21,610 |
SBA | 5,477 | 10,553 |
Commercial real estate, Owner occupied | 77,594 | 87,781 |
Commercial real estate, Non-owner occupied | 18,217 | 23,534 |
Construction, Speculative | 6,745 | 0 |
Construction, Non-speculative | 0 | 0 |
SFR mortgage | 4,961 | 4,930 |
Dairy & livestock and agribusiness | 71,761 | 114,106 |
Municipal lease finance receivables | 629 | 4,537 |
Consumer and other loans | 2,118 | 2,123 |
Total gross loans, excluding PCI loans | 212,429 | 269,174 |
Substandard [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 14,706 | 13,809 |
SBA | 6,400 | 6,482 |
Commercial real estate, Owner occupied | 20,059 | 19,046 |
Commercial real estate, Non-owner occupied | 15,335 | 15,585 |
Construction, Speculative | 0 | 0 |
Construction, Non-speculative | 0 | 0 |
SFR mortgage | 3,703 | 2,301 |
Dairy & livestock and agribusiness | 19,486 | 36,706 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 1,659 | 1,819 |
Total gross loans, excluding PCI loans | 81,348 | 95,748 |
Doubtful & Loss [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Commercial and industrial | 0 | 1 |
SBA | 6 | 11 |
Commercial real estate, Owner occupied | 0 | 0 |
Commercial real estate, Non-owner occupied | 0 | 0 |
Construction, Speculative | 0 | 0 |
Construction, Non-speculative | 0 | 0 |
SFR mortgage | 0 | 0 |
Dairy & livestock and agribusiness | 0 | 0 |
Municipal lease finance receivables | 0 | 0 |
Consumer and other loans | 3 | 4 |
Total gross loans, excluding PCI loans | $ 9 | $ 16 |
Loans and Lease Finance Recei45
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Balance and Activity Related to Allowance for Loan Losses for Held-for-Investment Loans by Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | $ 59,212 | $ 59,336 | $ 61,540 | $ 59,156 |
Charge-offs | 0 | (25) | (2) | (188) |
Recoveries | 1,989 | 1,627 | 4,163 | 1,970 |
(Recapture of) provision for loan losses | (1,000) | 0 | (5,500) | 0 |
Ending Balance | 60,201 | 60,938 | 60,201 | 60,938 |
PCI Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 725 | 0 | 1,219 | 0 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
(Recapture of) provision for loan losses | (66) | 310 | (560) | 310 |
Ending Balance | 659 | 310 | 659 | 310 |
Commercial and Industrial [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 7,956 | 8,731 | 8,154 | 8,588 |
Charge-offs | 0 | (24) | 0 | (85) |
Recoveries | 42 | 141 | 94 | 204 |
(Recapture of) provision for loan losses | 62 | 539 | (188) | 680 |
Ending Balance | 8,060 | 9,387 | 8,060 | 9,387 |
Small Business Administration [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 871 | 1,236 | 871 | 993 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 38 | 2 | 42 | 3 |
(Recapture of) provision for loan losses | 4 | (61) | 0 | 181 |
Ending Balance | 913 | 1,177 | 913 | 1,177 |
Commercial Real Estate [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 38,986 | 38,286 | 37,443 | 36,995 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 154 | 496 | 154 | 635 |
(Recapture of) provision for loan losses | 787 | 1,137 | 2,330 | 2,289 |
Ending Balance | 39,927 | 39,919 | 39,927 | 39,919 |
Construction [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 820 | 1,151 | 1,096 | 2,389 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 1,694 | 875 | 3,719 | 884 |
(Recapture of) provision for loan losses | (1,455) | (798) | (3,756) | (2,045) |
Ending Balance | 1,059 | 1,228 | 1,059 | 1,228 |
SFR Mortgage [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 2,186 | 2,202 | 2,287 | 2,103 |
Charge-offs | 0 | 0 | 0 | (102) |
Recoveries | 0 | 0 | 64 | 0 |
(Recapture of) provision for loan losses | 183 | 299 | 18 | 500 |
Ending Balance | 2,369 | 2,501 | 2,369 | 2,501 |
Dairy & Livestock and Agribusiness [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 5,842 | 5,176 | 8,541 | 6,029 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 19 | 107 | 19 | 206 |
(Recapture of) provision for loan losses | (421) | (401) | (3,120) | (1,353) |
Ending Balance | 5,440 | 4,882 | 5,440 | 4,882 |
Municipal Lease Finance Receivables [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 889 | 1,165 | 941 | 1,153 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
(Recapture of) provision for loan losses | (37) | (50) | (89) | (38) |
Ending Balance | 852 | 1,115 | 852 | 1,115 |
Consumer and Other Loans [Member] | ||||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||||
Beginning Balance | 937 | 1,389 | 988 | 906 |
Charge-offs | 0 | (1) | (2) | (1) |
Recoveries | 42 | 6 | 71 | 38 |
(Recapture of) provision for loan losses | (57) | (975) | (135) | (524) |
Ending Balance | $ 922 | $ 419 | $ 922 | $ 419 |
Loans and Lease Finance Recei46
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Recorded Investment in Loans Held-for-Investment and Related Allowance for Loan Losses by Loan Type (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | $ 28,796 | $ 37,764 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 4,616,131 | 4,134,444 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 49,869 | 76,022 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 113 | 630 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 59,429 | 59,998 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 659 | 310 | |
PCI Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 0 | 0 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 49,869 | $ 71,585 | 76,022 |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 659 | $ 1,219 | 310 |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,605 | 1,447 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 535,742 | 477,686 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 13 | 526 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 8,047 | 8,861 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Small Business Administration [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 2,478 | 3,498 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 126,805 | 108,264 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 6 | 42 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 907 | 1,135 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Commercial Real Estate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 18,558 | 17,908 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 3,247,300 | 2,866,424 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 1 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 39,927 | 39,918 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Construction [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 7,651 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 77,294 | 86,358 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 45 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,059 | 1,183 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 0 | 0 | |
SFR Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 4,195 | 5,734 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 245,738 | 231,754 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 13 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,369 | 2,488 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Dairy & Livestock and Agribusiness [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 829 | 697 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 244,426 | 213,133 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 5,440 | 4,882 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Municipal Lease Finance Receivables [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 66,048 | 71,929 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 852 | 1,115 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Consumer and Other Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,131 | 829 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 72,778 | 78,896 | |
Recorded Investment in Loans, Acquired with Deteriorated Credit Quality | 0 | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 94 | 3 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 828 | 416 | |
Allowance for Loan Losses, Acquired with Deteriorated Credit Quality | $ 0 | $ 0 |
Loans and Lease Finance Recei47
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Excluding PCI Loans by Class of Loans (Detail) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 4,500,000 | $ 514,000 |
60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 435,000 | |
Dairy & Livestock and Agribusiness [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 829,000 | |
Loans, Excluding PCI Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 619,000 | 436,000 |
Nonaccrual | 12,222,000 | 7,152,000 |
Current | 4,632,086,000 | 4,322,843,000 |
Total gross loans, excluding PCI loans | 4,644,927,000 | 4,330,431,000 |
Loans, Excluding PCI Loans [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 219,000 | 436,000 |
Loans, Excluding PCI Loans [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 400,000 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 1,058,000 | 156,000 |
Current | 536,289,000 | 484,922,000 |
Total gross loans, excluding PCI loans | 537,347,000 | 485,078,000 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 352,000 |
Nonaccrual | 1,651,000 | 2,737,000 |
Current | 127,632,000 | 94,095,000 |
Total gross loans, excluding PCI loans | 129,283,000 | 97,184,000 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 352,000 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 218,000 | 0 |
Nonaccrual | 4,401,000 | 635,000 |
Current | 1,020,245,000 | 949,184,000 |
Total gross loans, excluding PCI loans | 1,024,864,000 | 949,819,000 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Owner Occupied [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 218,000 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Owner Occupied [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Non-owner Occupied [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 2,549,000 | 1,048,000 |
Current | 2,238,445,000 | 1,979,274,000 |
Total gross loans, excluding PCI loans | 2,240,994,000 | 1,980,322,000 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Non-owner Occupied [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Non-owner Occupied [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Construction Speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 60,443,000 | 48,841,000 |
Total gross loans, excluding PCI loans | 60,443,000 | 48,841,000 |
Loans, Excluding PCI Loans [Member] | Construction Speculative [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Construction Speculative [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Construction Non-speculative [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 16,851,000 | 37,038,000 |
Total gross loans, excluding PCI loans | 16,851,000 | 37,038,000 |
Loans, Excluding PCI Loans [Member] | Construction Non-speculative [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Construction Non-speculative [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 400,000 | 0 |
Nonaccrual | 963,000 | 2,207,000 |
Current | 248,570,000 | 248,398,000 |
Total gross loans, excluding PCI loans | 249,933,000 | 250,605,000 |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 400,000 | 0 |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 829,000 | 0 |
Current | 244,426,000 | 338,631,000 |
Total gross loans, excluding PCI loans | 245,255,000 | 338,631,000 |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Nonaccrual | 0 | 0 |
Current | 66,048,000 | 64,639,000 |
Total gross loans, excluding PCI loans | 66,048,000 | 64,639,000 |
Loans, Excluding PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 1,000 | 84,000 |
Nonaccrual | 771,000 | 369,000 |
Current | 73,137,000 | 77,821,000 |
Total gross loans, excluding PCI loans | 73,909,000 | 78,274,000 |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | 30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | 1,000 | 84,000 |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | 60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total Past Due and Accruing | $ 0 | $ 0 |
Loans and Lease Finance Recei48
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Excluding PCI Loans by Class of Loans (Parenthetical) (Detail) - USD ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing loans, current | $ 5,500,000 | $ 4,700,000 |
30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 4,500,000 | 514,000 |
60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 435,000 | |
90+ Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 2,200,000 | $ 1,500,000 |
Loans and Lease Finance Recei49
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Held-for-Investment Loans, Excluding PCI Loans, Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | $ 28,253 | $ 27,991 | $ 26,018 |
Recorded Investment, With a related allowance recorded | 543 | 9,773 | 367 |
Recorded Investment, Total impaired loans | 28,796 | 37,764 | 26,385 |
Unpaid Principal Balance, With no related allowance recorded | 33,039 | 34,837 | 32,198 |
Unpaid Principal Balance, With a related allowance recorded | 612 | 9,852 | 383 |
Unpaid Principal Balance, Total impaired loans | 33,651 | 44,689 | 32,581 |
Related Allowance, With no related allowance recorded | 0 | 0 | |
Related Allowance, With a related allowance recorded | 113 | 630 | 141 |
Related Allowance, Total impaired loans | 113 | 630 | 141 |
Average Recorded Investment, With no related allowance recorded | 28,375 | 28,779 | |
Average Recorded Investment, With a related allowance recorded | 565 | 9,209 | |
Average Recorded Investment, Total impaired loans | 28,940 | 37,988 | |
Interest Income Recognized, With no related allowance recorded | 995 | 294 | |
Interest Income Recognized, With a related allowance recorded | 1 | 236 | |
Interest Income Recognized, Total impaired loans | 996 | 530 | |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,465 | 840 | 730 |
Recorded Investment, With a related allowance recorded | 140 | 607 | 171 |
Unpaid Principal Balance, With no related allowance recorded | 1,939 | 1,727 | 1,646 |
Unpaid Principal Balance, With a related allowance recorded | 187 | 668 | 171 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 13 | 526 | 114 |
Average Recorded Investment, With no related allowance recorded | 1,572 | 904 | |
Average Recorded Investment, With a related allowance recorded | 157 | 638 | |
Interest Income Recognized, With no related allowance recorded | 13 | 14 | |
Interest Income Recognized, With a related allowance recorded | 1 | 6 | |
Small Business Administration [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 2,472 | 3,266 | 3,386 |
Recorded Investment, With a related allowance recorded | 6 | 232 | 196 |
Unpaid Principal Balance, With no related allowance recorded | 2,750 | 4,026 | 4,189 |
Unpaid Principal Balance, With a related allowance recorded | 23 | 250 | 212 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 6 | 42 | 27 |
Average Recorded Investment, With no related allowance recorded | 2,538 | 3,347 | |
Average Recorded Investment, With a related allowance recorded | 9 | 238 | |
Interest Income Recognized, With no related allowance recorded | 32 | 25 | |
Interest Income Recognized, With a related allowance recorded | 0 | 6 | |
Commercial Real Estate Owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 5,541 | 4,386 | 1,797 |
Recorded Investment, With a related allowance recorded | 0 | 1,000 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 5,866 | 5,573 | 2,276 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 1,000 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 1 | 0 |
Average Recorded Investment, With no related allowance recorded | 5,240 | 4,623 | |
Average Recorded Investment, With a related allowance recorded | 0 | 392 | |
Interest Income Recognized, With no related allowance recorded | 69 | 87 | |
Interest Income Recognized, With a related allowance recorded | 0 | 28 | |
Commercial Real Estate Non-owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 13,017 | 12,522 | 13,331 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 15,469 | 15,110 | 15,842 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 12,908 | 12,760 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 798 | 83 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Construction Speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Recorded Investment, With a related allowance recorded | 0 | 7,651 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 7,651 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 45 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With a related allowance recorded | 0 | 7,651 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | 0 | 193 | |
Construction Non-speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
SFR Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 4,195 | 5,464 | 5,174 |
Recorded Investment, With a related allowance recorded | 0 | 270 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 4,983 | 6,331 | 6,075 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 270 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 13 | 0 |
Average Recorded Investment, With no related allowance recorded | 4,242 | 5,591 | |
Average Recorded Investment, With a related allowance recorded | 0 | 277 | |
Interest Income Recognized, With no related allowance recorded | 73 | 60 | |
Interest Income Recognized, With a related allowance recorded | 0 | 3 | |
Dairy & Livestock and Agribusiness [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 829 | 697 | 747 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 1,091 | 697 | 747 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 1,123 | 709 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 1 | 17 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Municipal Lease Finance Receivables [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | |
Consumer and Other Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 734 | 816 | 853 |
Recorded Investment, With a related allowance recorded | 397 | 13 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 941 | 1,373 | 1,423 |
Unpaid Principal Balance, With a related allowance recorded | 402 | 13 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 94 | 3 | $ 0 |
Average Recorded Investment, With no related allowance recorded | 752 | 845 | |
Average Recorded Investment, With a related allowance recorded | 399 | 13 | |
Interest Income Recognized, With no related allowance recorded | 9 | 8 | |
Interest Income Recognized, With a related allowance recorded | $ 0 | $ 0 |
Loans and Lease Finance Recei50
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Activity Related to Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Financing Receivable, Modifications [Line Items] | ||||
Total TDRs | $ 20,965 | $ 32,321 | $ 20,965 | $ 32,321 |
Performing TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Beginning balance | 19,702 | 37,321 | 19,233 | 42,687 |
New modifications | 0 | 112 | 3,143 | 1,118 |
Payoffs and payments, net | 16 | (17,141) | (2,987) | (23,513) |
TDRs returned to accrual status | 0 | 0 | 329 | 0 |
TDRs placed on nonaccrual status | (3,144) | 0 | (3,144) | 0 |
Ending balance | 16,574 | 20,292 | 16,574 | 20,292 |
Nonperforming TDRs [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Beginning balance | 1,407 | 12,360 | 1,626 | 12,622 |
New modifications | 0 | 0 | 2,066 | 82 |
Charge-offs | 0 | 0 | 0 | (38) |
Payoffs and payments, net | (160) | (331) | (2,116) | (637) |
TDRs returned to accrual status | 0 | 0 | (329) | 0 |
TDRs placed on nonaccrual status | 3,144 | 0 | 3,144 | 0 |
Ending balance | $ 4,391 | $ 12,029 | $ 4,391 | $ 12,029 |
Loans and Lease Finance Recei51
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Loans Modified as Troubled Debt Restructurings (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017USD ($)Contract | Jun. 30, 2016USD ($)Contract | Jun. 30, 2017USD ($)Contract | Jun. 30, 2016USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 1 | 3 | 6 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 112 | $ 5,209 | $ 1,200 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 112 | 5,209 | 1,200 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 110 | 3,299 | 1,133 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 28 |
Commercial and Industrial [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial and Industrial [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 1 | 0 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 112 | $ 0 | $ 112 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 112 | 0 | 112 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 110 | 0 | 110 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Small Business Administration [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Small Business Administration [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 1 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 194 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 194 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 190 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 28 |
Commercial Real Estate Owner Occupied [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate Owner Occupied [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 1 | 2 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 3,143 | $ 812 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 3,143 | 812 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 3,143 | 761 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate Non-owner Occupied [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial Real Estate Non-owner Occupied [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Dairy & Livestock and Agribusiness [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | ||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | ||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | ||
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | ||
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | ||
Dairy & Livestock and Agribusiness [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 1 | ||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 1,984 | ||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 1,984 | ||
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 78 | ||
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | ||
Consumer [Member] | Interest Rate Reduction [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer [Member] | Change in Amortization Period or Maturity [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | 1 | 2 |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 82 | $ 82 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 82 | 82 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 78 | 72 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 | $ 0 |
Earnings Per Share Reconcilia52
Earnings Per Share Reconciliation - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Antidilutive securities excluded from computation of earnings per common share | 11,000 | 262,000 | 8,000 | 267,000 |
Earnings Per Share Reconcilia53
Earnings Per Share Reconciliation - Schedule of Earnings Per Common Share Reconciliation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings per common share: | ||||
Net earnings | $ 28,373 | $ 25,514 | $ 56,877 | $ 48,905 |
Less: Net earnings allocated to restricted stock | 105 | 99 | 217 | 205 |
Net earnings allocated to common shareholders | $ 28,268 | $ 25,415 | $ 56,660 | $ 48,700 |
Weighted average shares outstanding | 109,730 | 108,834 | 109,039 | 106,917 |
Basic earnings per common share | $ 0.26 | $ 0.23 | $ 0.52 | $ 0.46 |
Diluted earnings per common share: | ||||
Net income allocated to common shareholders | $ 28,268 | $ 25,415 | $ 56,660 | $ 48,700 |
Weighted average shares outstanding | 109,730 | 108,834 | 109,039 | 106,917 |
Incremental shares from assumed exercise of outstanding options | 348 | 410 | 406 | 406 |
Diluted weighted average shares outstanding | 110,078 | 109,244 | 109,445 | 107,323 |
Diluted earnings per common share | $ 0.26 | $ 0.23 | $ 0.52 | $ 0.45 |
Fair Value Information - Additi
Fair Value Information - Additional Information (Detail) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Fair Value Disclosures [Abstract] | ||
Fair value assets transfers from Level 1 to Level 2 | $ 0 | $ 0 |
Fair value assets transfers from Level 2 to Level 1 | 0 | 0 |
Fair value liabilities transfers from Level 1 to Level 2 | 0 | 0 |
Fair value liabilities transfers from Level 2 to Level 1 | $ 0 | $ 0 |
Fair Value Information - Assets
Fair Value Information - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, liabilities | $ 551,233 | $ 608,811 |
Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | 0 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 5,148 | 5,783 |
Interest rate swaps, liabilities | 5,148 | 5,783 |
Fair Value on Recurring Basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 2,274,658 | 2,276,249 |
Total liabilities | 5,148 | 5,783 |
Fair Value on Recurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Municipal Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Municipal Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 70,649 | 80,071 |
Fair Value on Recurring Basis [Member] | Municipal Bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Government Agency/GSE [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Government Agency/GSE [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 1,750 | 2,752 |
Fair Value on Recurring Basis [Member] | Government Agency/GSE [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Residential Mortgage-backed Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Residential Mortgage-backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 1,882,303 | 1,834,748 |
Fair Value on Recurring Basis [Member] | Residential Mortgage-backed Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | CMO/REMIC - Residential [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | CMO/REMIC - Residential [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 314,118 | 347,189 |
Fair Value on Recurring Basis [Member] | CMO/REMIC - Residential [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Other Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Other Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 690 | 5,706 |
Fair Value on Recurring Basis [Member] | Other Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Investment Securities-AFS [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Investment Securities-AFS [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 2,269,510 | 2,270,466 |
Fair Value on Recurring Basis [Member] | Investment Securities-AFS [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | 0 |
Interest rate swaps, liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 5,148 | 5,783 |
Interest rate swaps, liabilities | 5,148 | 5,783 |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | 0 |
Interest rate swaps, liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 2,274,658 | 2,276,249 |
Total liabilities | 5,148 | 5,783 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 70,649 | 80,071 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Government Agency/GSE [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 1,750 | 2,752 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Residential Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 1,882,303 | 1,834,748 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | CMO/REMIC - Residential [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 314,118 | 347,189 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 690 | 5,706 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Investment Securities-AFS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 2,269,510 | 2,270,466 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 5,148 | 5,783 |
Interest rate swaps, liabilities | $ 5,148 | $ 5,783 |
Fair Value Information - Asse56
Fair Value Information - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value on Non-Recurring Basis [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Description of assets | ||
Total assets | $ 103 | $ 2,593 |
Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 2,558 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 9 | 8 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 27 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 94 | 0 |
Level 1 [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | ||
Description of assets | ||
Total assets | 0 | |
Level 2 [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | ||
Description of assets | ||
Total assets | 503 | 3,672 |
Level 3 [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 3,411 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 105 | 65 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 196 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 398 | 0 |
Carrying Value [Member] | ||
Description of assets | ||
Total assets | 503 | 3,672 |
Carrying Value [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 3,411 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 105 | 65 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 196 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | $ 398 | $ 0 |
Fair Value Information - Estima
Fair Value Information - Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Assets | ||
Total cash and cash equivalents | $ 134,686 | $ 119,445 |
Interest-earning balances due from depository institutions | 25,050 | 47,848 |
FHLB stock | 17,688 | 17,688 |
Investment securities available-for-sale | 2,269,510 | 2,270,466 |
Investment securities held-to-maturity | 869,769 | 911,676 |
Total loans, net of allowance for loan losses | 4,627,497 | 4,333,524 |
Deposits: | ||
Noninterest-bearing | 3,929,394 | 3,673,541 |
Interest-bearing | 2,767,787 | 2,636,139 |
Junior subordinated debentures | 25,774 | 25,774 |
Swaps | 551,233 | 608,811 |
Carrying Value [Member] | ||
Assets | ||
Total cash and cash equivalents | 184,747 | 119,445 |
Interest-earning balances due from depository institutions | 25,050 | 2,188 |
FHLB stock | 17,688 | 17,688 |
Investment securities available-for-sale | 2,269,510 | 2,270,466 |
Investment securities held-to-maturity | 869,769 | 911,676 |
Total loans, net of allowance for loan losses | 4,627,497 | 4,333,524 |
Swaps | 5,148 | 5,783 |
Deposits: | ||
Noninterest-bearing | 3,929,394 | 3,673,541 |
Interest-bearing | 2,767,787 | 2,636,139 |
Borrowings | 546,085 | 656,028 |
Junior subordinated debentures | 25,774 | 25,774 |
Swaps | 5,148 | 5,783 |
Estimated Fair Value [Member] | ||
Assets | ||
Total cash and cash equivalents | 184,747 | 119,445 |
Interest-earning balances due from depository institutions | 25,088 | 2,188 |
FHLB stock | 17,688 | 17,688 |
Investment securities available-for-sale | 2,269,510 | 2,270,466 |
Investment securities held-to-maturity | 862,485 | 897,374 |
Total loans, net of allowance for loan losses | 4,598,548 | 4,306,225 |
Swaps | 5,148 | 5,783 |
Deposits: | ||
Noninterest-bearing | 3,929,394 | 3,673,541 |
Interest-bearing | 2,765,900 | 2,634,443 |
Borrowings | 545,796 | 655,820 |
Junior subordinated debentures | 17,235 | 18,463 |
Swaps | 5,148 | 5,783 |
Estimated Fair Value [Member] | Level 1 [Member] | ||
Assets | ||
Total cash and cash equivalents | 184,747 | 119,445 |
Interest-earning balances due from depository institutions | 0 | 0 |
FHLB stock | 0 | 0 |
Investment securities available-for-sale | 0 | 0 |
Investment securities held-to-maturity | 0 | 0 |
Total loans, net of allowance for loan losses | 0 | 0 |
Swaps | 0 | 0 |
Deposits: | ||
Noninterest-bearing | 3,929,394 | 3,673,541 |
Interest-bearing | 0 | 0 |
Borrowings | 0 | 0 |
Junior subordinated debentures | 0 | 0 |
Swaps | 0 | 0 |
Estimated Fair Value [Member] | Level 2 [Member] | ||
Assets | ||
Total cash and cash equivalents | 0 | 0 |
Interest-earning balances due from depository institutions | 25,088 | 2,188 |
FHLB stock | 17,688 | 17,688 |
Investment securities available-for-sale | 2,269,510 | 2,270,466 |
Investment securities held-to-maturity | 862,485 | 897,374 |
Total loans, net of allowance for loan losses | 0 | 0 |
Swaps | 5,148 | 5,783 |
Deposits: | ||
Noninterest-bearing | 0 | 0 |
Interest-bearing | 2,765,900 | 2,634,443 |
Borrowings | 545,796 | 655,820 |
Junior subordinated debentures | 0 | 0 |
Swaps | 5,148 | 5,783 |
Estimated Fair Value [Member] | Level 3 [Member] | ||
Assets | ||
Total cash and cash equivalents | 0 | 0 |
Interest-earning balances due from depository institutions | 0 | 0 |
FHLB stock | 0 | 0 |
Investment securities available-for-sale | 0 | 0 |
Investment securities held-to-maturity | 0 | 0 |
Total loans, net of allowance for loan losses | 4,598,548 | 4,306,225 |
Swaps | 0 | 0 |
Deposits: | ||
Noninterest-bearing | 0 | 0 |
Interest-bearing | 0 | 0 |
Borrowings | 0 | 0 |
Junior subordinated debentures | 17,235 | 18,463 |
Swaps | $ 0 | $ 0 |
Business Segments - Additional
Business Segments - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2017LocationSegment | |
Segment Reporting [Abstract] | |
Number of principal reporting segments | Segment | 2 |
Bank operated banking centers, number | Location | 54 |
Business Segments - Schedule of
Business Segments - Schedule of Segment Reporting Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Net interest income | $ 70,483 | $ 65,956 | $ 135,916 | $ 128,472 | |
(Recapture of) provision for loan losses | (1,000) | 0 | (5,500) | 0 | |
Net interest income after (recapture of) provision for loan losses | 71,483 | 65,956 | 141,416 | 128,472 | |
Noninterest income | 10,776 | 9,274 | 19,498 | 17,957 | |
Noninterest expense | 36,873 | 34,438 | 70,990 | 68,802 | |
Earnings before income taxes | 45,386 | 40,792 | 89,924 | 77,627 | |
Goodwill | 119,193 | 88,174 | 119,193 | 88,174 | $ 89,533 |
Segment assets | 8,418,203 | 8,312,307 | 8,418,203 | 8,312,307 | $ 8,073,707 |
Operating Segments [Member] | Centers [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 48,762 | 44,583 | 94,340 | 86,817 | |
(Recapture of) provision for loan losses | 875 | 1,215 | 1,386 | 3,415 | |
Net interest income after (recapture of) provision for loan losses | 47,887 | 43,368 | 92,954 | 83,402 | |
Noninterest income | 5,303 | 5,326 | 10,510 | 10,153 | |
Noninterest expense | 13,206 | 12,891 | 25,644 | 25,501 | |
Earnings before income taxes | 39,984 | 35,803 | 77,820 | 68,054 | |
Goodwill | 119,193 | 88,174 | 119,193 | 88,174 | |
Segment assets | 7,314,110 | 6,949,273 | 7,314,110 | 6,949,273 | |
Operating Segments [Member] | Dairy & Livestock and Agribusiness [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 2,369 | 1,986 | 4,513 | 3,919 | |
(Recapture of) provision for loan losses | (421) | (401) | (3,120) | (1,353) | |
Net interest income after (recapture of) provision for loan losses | 2,790 | 2,387 | 7,633 | 5,272 | |
Noninterest income | 49 | 54 | 104 | 107 | |
Noninterest expense | 504 | 499 | 1,005 | 978 | |
Earnings before income taxes | 2,335 | 1,942 | 6,732 | 4,401 | |
Goodwill | 0 | 0 | 0 | 0 | |
Segment assets | 348,570 | 378,246 | 348,570 | 378,246 | |
Operating Segments [Member] | Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net interest income | 19,352 | 19,387 | 37,063 | 37,736 | |
(Recapture of) provision for loan losses | (1,454) | (814) | (3,766) | (2,062) | |
Net interest income after (recapture of) provision for loan losses | 20,806 | 20,201 | 40,829 | 39,798 | |
Noninterest income | 5,424 | 3,894 | 8,884 | 7,697 | |
Noninterest expense | 23,163 | 21,048 | 44,341 | 42,323 | |
Earnings before income taxes | 3,067 | 3,047 | 5,372 | 5,172 | |
Goodwill | 0 | 0 | 0 | 0 | |
Segment assets | $ 755,523 | $ 984,788 | $ 755,523 | $ 984,788 |
Derivative Financial Instrume60
Derivative Financial Instruments - Additional Information (Detail) | Jun. 30, 2017USD ($)Agreement | Dec. 31, 2016USD ($) |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative assets and liabilities offset in balance sheet | $ 0 | |
Total notional amount of the Company's swaps | $ 199,000,000 | $ 202,700,000 |
Interest-rate Swap Agreements with Customers [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of interest-rate swap agreements | Agreement | 78 |
Derivative Financial Instrume61
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 5,148 | $ 5,783 |
Other Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 5,148 | 5,783 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 5,148 | 5,783 |
Other Assets [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 5,148 | $ 5,783 |
Derivative Financial Instrume62
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statement of Earnings (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain Recognized in Income on Derivative Instruments | $ 71 | $ 327 | $ 394 | $ 385 |
Interest Rate Swaps [Member] | Other Income [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Amount of Gain Recognized in Income on Derivative Instruments | $ 71 | $ 327 | $ 394 | $ 385 |
Other Comprehensive Income - Su
Other Comprehensive Income - Summary of Components of Other Comprehensive Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Equity [Abstract] | ||||
Net change in fair value recorded in accumulated OCI, Before-tax | $ 2,838 | $ 7,579 | $ 4,045 | $ 35,623 |
Net change in fair value recorded in accumulated OCI, Tax effect | 1,192 | 3,183 | 1,699 | 14,961 |
Net change in fair value recorded in accumulated OCI, After-tax | 1,646 | 4,396 | 2,346 | 20,662 |
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Before-tax | (1,196) | (86) | (1,979) | (860) |
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, Tax effect | (502) | (36) | (831) | (361) |
Amortization of unrealized gains on securities transferred from available-for-sale to held-to-maturity, After-tax | (694) | (50) | (1,148) | (499) |
Net realized gain reclassified into earnings, Before-tax | (402) | 0 | (402) | 0 |
Net realized gain reclassified into earnings, Tax Effect | (169) | 0 | (169) | 0 |
Net realized gain reclassified into earnings, After-Tax | (233) | 0 | (233) | 0 |
Net Change, Before-tax | 1,240 | 7,493 | 1,664 | 34,763 |
Net Change, Tax effect | 521 | 3,147 | 699 | 14,600 |
Other comprehensive income, net of tax | $ 719 | $ 4,346 | $ 965 | $ 20,163 |
Balance Sheet Offsetting - Sche
Balance Sheet Offsetting - Schedule of Balance Sheet Offsetting (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | $ 552,168 | $ 609,883 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | (935) | (1,072) |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 551,233 | 608,811 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 935 | 1,072 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (598,340) | (696,213) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | (46,172) | (86,330) |
Repurchase Agreements [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 546,085 | 603,028 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 546,085 | 603,028 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 0 | |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (585,490) | (683,413) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | (39,405) | (80,385) |
Interest Rate Swaps [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 5,148 | 5,783 |
Financial assets, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | |
Financial assets, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 5,148 | 5,783 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 0 | |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 5,148 | 5,783 |
Interest Rate Swaps [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 5,148 | 5,783 |
Financial assets, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | 0 | |
Financial assets, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 5,148 | 5,783 |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | 0 | |
Financial assets, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | 5,148 | 5,783 |
Financial liabilities, Gross Amounts Recognized in the Condensed Consolidated Balance Sheets | 6,083 | 6,855 |
Financial liabilities, Gross Amounts Offset in the Condensed Consolidated Balance Sheets | (935) | (1,072) |
Financial liabilities, Net Amounts of Assets presented in the Condensed Consolidated Balance Sheets | 5,148 | 5,783 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Financial Instruments | 935 | 1,072 |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Collateral Pledged | (12,850) | (12,800) |
Financial liabilities, Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets, Net Amount | $ (6,767) | $ (5,945) |