x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware | 95-4788120 | |
(State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) | |
3660 Wilshire Boulevard, Penthouse Suite A Los Angeles, California | 90010 | |
(Address of Principal Executive Offices) | (Zip Code) |
Large Accelerated Filer | x | Accelerated Filer | ¨ | |
Non-Accelerated Filer | ¨ (Do Not Check if a Smaller Reporting Company) | Smaller Reporting Company | ¨ |
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(Unaudited) March 31, 2016 | December 31, 2015 | ||||||
Assets | |||||||
Cash and due from banks | $ | 137,464 | $ | 164,364 | |||
Securities available for sale, at fair value (amortized cost of $667,640 as of March 31, 2016 and $700,627 as of December 31, 2015) | 675,032 | 698,296 | |||||
Loans held for sale, at the lower of cost or fair value | 2,583 | 2,874 | |||||
Loans receivable, net of allowance for loan losses of $41,026 as of March 31, 2016 and $42,935 as of December 31, 2015 | 3,265,453 | 3,140,381 | |||||
Accrued interest receivable | 10,626 | 9,501 | |||||
Premises and equipment, net | 30,112 | 29,834 | |||||
Other real estate owned ("OREO"), net | 9,411 | 8,511 | |||||
Customers’ liability on acceptances | 2,809 | 3,586 | |||||
Servicing assets | 11,452 | 11,744 | |||||
Core deposit intangible, net | 1,619 | 1,701 | |||||
Federal Home Loan Bank ("FHLB") stock, at cost | 16,385 | 16,385 | |||||
Federal Reserve Bank ("FRB") stock, at cost | 14,423 | 14,098 | |||||
Income tax asset | 56,456 | 57,174 | |||||
Bank-owned life insurance | 48,612 | 48,340 | |||||
Prepaid expenses and other assets | 28,311 | 27,732 | |||||
Total assets | $ | 4,310,748 | $ | 4,234,521 | |||
Liabilities and stockholders’ equity | |||||||
Liabilities: | |||||||
Deposits: | |||||||
Noninterest-bearing | $ | 1,172,444 | $ | 1,155,518 | |||
Interest-bearing | 2,327,548 | 2,354,458 | |||||
Total deposits | 3,499,992 | 3,509,976 | |||||
Accrued interest payable | 3,249 | 3,177 | |||||
Bank’s liability on acceptances | 2,809 | 3,586 | |||||
FHLB advances | 250,000 | 170,000 | |||||
Servicing liabilities | 4,588 | 4,784 | |||||
Federal Deposit Insurance Corporation ("FDIC") loss sharing liability | 1,266 | 1,289 | |||||
Subordinated debentures | 18,759 | 18,703 | |||||
Accrued expenses and other liabilities | 19,225 | 29,088 | |||||
Total liabilities | 3,799,888 | 3,740,603 | |||||
Stockholders’ equity: | |||||||
Common stock, $0.001 par value; authorized 62,500,000 shares; issued 32,842,495 shares (32,249,512 shares outstanding) as of March 31, 2016 and issued 32,566,522 shares (31,974,359 shares outstanding) as of December 31, 2015 | 33 | 257 | |||||
Additional paid-in capital | 558,945 | 557,761 | |||||
Accumulated other comprehensive income (loss), net of tax expense of $2,037 as of March 31, 2016 and tax benefit of $2,007 as of December 31, 2015 | 5,364 | (315 | ) | ||||
Retained earnings | 16,742 | 6,422 | |||||
Less: treasury stock, at cost; 592,983 shares as of March 31, 2016 and 592,163 shares as of December 31, 2015 | (70,224 | ) | (70,207 | ) | |||
Total stockholders’ equity | 510,860 | 493,918 | |||||
Total liabilities and stockholders’ equity | $ | 4,310,748 | $ | 4,234,521 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Interest and dividend income: | |||||||
Interest and fees on loans | $ | 39,067 | $ | 37,034 | |||
Interest on securities | 3,017 | 3,874 | |||||
Dividends on FRB and FHLB stock | 542 | 482 | |||||
Interest on deposits in other banks | 48 | 48 | |||||
Total interest and dividend income | 42,674 | 41,438 | |||||
Interest expense: | |||||||
Interest on deposits | 3,727 | 3,780 | |||||
Interest on subordinated debentures | 183 | 145 | |||||
Interest on FHLB advances | 195 | 56 | |||||
Total interest expense | 4,105 | 3,981 | |||||
Net interest income before provision for loan losses | 38,569 | 37,457 | |||||
Negative provision for loan losses | (1,525 | ) | (1,673 | ) | |||
Net interest income after provision for loan losses | 40,094 | 39,130 | |||||
Noninterest income: | |||||||
Service charges on deposit accounts | 3,001 | 3,211 | |||||
Trade finance and other service charges and fees | 1,044 | 1,267 | |||||
Gain on sales of Small Business Administration ("SBA") loans | 858 | 1,684 | |||||
Net gain on sales of securities | — | 2,184 | |||||
Disposition gains on Purchased Credit Impaired ("PCI") loans | 659 | 1,222 | |||||
Other operating income | 1,399 | 1,282 | |||||
Total noninterest income | 6,961 | 10,850 | |||||
Noninterest expense: | |||||||
Salaries and employee benefits | 15,698 | 16,384 | |||||
Occupancy and equipment | 3,496 | 4,303 | |||||
Data processing | 1,436 | 2,132 | |||||
Professional fees | 1,464 | 2,341 | |||||
Supplies and communications | 736 | 830 | |||||
Advertising and promotion | 522 | 523 | |||||
OREO expense | 465 | 417 | |||||
Merger and integration costs | — | 1,611 | |||||
Other operating expenses | 2,251 | 2,851 | |||||
Total noninterest expense | 26,068 | 31,392 | |||||
Income before income tax expense | 20,987 | 18,588 | |||||
Income tax expense | 6,183 | 7,534 | |||||
Net income | $ | 14,804 | $ | 11,054 | |||
Basic earnings per share | $ | 0.46 | $ | 0.35 | |||
Diluted earnings per share | $ | 0.46 | $ | 0.35 | |||
Weighted-average shares outstanding: | |||||||
Basic | 31,846,371 | 31,747,299 | |||||
Diluted | 31,928,103 | 32,026,723 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Net income | $ | 14,804 | $ | 11,054 | |||
Other comprehensive income, net of tax: | |||||||
Unrealized gain on securities: | |||||||
Unrealized holding gain arising during period | 9,723 | 12,043 | |||||
Less: reclassification adjustment for net gain included in net income | — | (2,184 | ) | ||||
Income tax expense related to items of other comprehensive income | (4,044 | ) | (4,123 | ) | |||
Other comprehensive income, net of tax | 5,679 | 5,736 | |||||
Comprehensive income | $ | 20,483 | $ | 16,790 |
Common Stock - Number of Shares | Stockholders’ Equity | ||||||||||||||||||||||||||||||||
Shares Issued | Treasury Shares | Shares Outstanding | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated (Deficit) Retained Earnings | Treasury Stock, at Cost | Total Stockholders’ Equity | |||||||||||||||||||||||||
Balance at January 1, 2015 | 32,488,097 | (577,894 | ) | 31,910,203 | $ | 257 | $ | 554,904 | $ | 463 | $ | (32,379 | ) | $ | (69,858 | ) | $ | 453,387 | |||||||||||||||
Stock options exercised | 19,581 | — | 19,581 | — | 278 | — | — | — | 278 | ||||||||||||||||||||||||
Restricted stock awards, net of forfeitures | 3,850 | — | 3,850 | — | — | — | — | — | — | ||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 528 | — | — | — | 528 | ||||||||||||||||||||||||
Cash dividends declared | — | — | — | — | — | — | (3,513 | ) | — | (3,513 | ) | ||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 11,054 | — | 11,054 | ||||||||||||||||||||||||
Change in unrealized gain on securities available for sale, net of income taxes | — | — | — | — | — | 5,736 | — | — | 5,736 | ||||||||||||||||||||||||
Balance at March 31, 2015 | 32,511,528 | (577,894 | ) | 31,933,634 | $ | 257 | $ | 555,710 | $ | 6,199 | $ | (24,838 | ) | $ | (69,858 | ) | $ | 467,470 | |||||||||||||||
Balance at January 1, 2016 | 32,566,522 | (592,163 | ) | 31,974,359 | $ | 257 | $ | 557,761 | $ | (315 | ) | $ | 6,422 | $ | (70,207 | ) | $ | 493,918 | |||||||||||||||
Correction of accounting for the 2011 1-for-8 stock split | — | — | — | — | (224 | ) | 224 | — | — | — | — | ||||||||||||||||||||||
Stock options exercised | 22,209 | — | 22,209 | — | 341 | — | — | — | 341 | ||||||||||||||||||||||||
Restricted stock awards, net of forfeitures | 253,764 | — | 253,764 | — | — | — | — | — | — | ||||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 619 | — | — | — | 619 | ||||||||||||||||||||||||
Restricted stock surrendered due to employee tax liability | — | (820 | ) | (820 | ) | — | — | — | — | (17 | ) | (17 | ) | ||||||||||||||||||||
Cash dividends declared | — | — | — | — | — | — | (4,484 | ) | — | (4,484 | ) | ||||||||||||||||||||||
Comprehensive income: | |||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 14,804 | — | 14,804 | ||||||||||||||||||||||||
Change in unrealized gain on securities available for sale, net of income taxes | — | — | — | — | — | 5,679 | — | — | 5,679 | ||||||||||||||||||||||||
Balance at March 31, 2016 | 32,842,495 | (592,983 | ) | 32,249,512 | $ | 33 | $ | 558,945 | $ | 5,364 | $ | 16,742 | $ | (70,224 | ) | $ | 510,860 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 14,804 | $ | 11,054 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 3,982 | 5,441 | |||||
Share-based compensation expense | 619 | 528 | |||||
Negative provision for loan losses | (1,525 | ) | (1,673 | ) | |||
Gain on sales of securities | — | (2,184 | ) | ||||
Gain on sales of SBA loans | (858 | ) | (1,684 | ) | |||
Gain on sale of premises and equipment | (35 | ) | — | ||||
Disposition gains on PCI loans | (659 | ) | (1,222 | ) | |||
Valuation adjustment on OREO | 465 | (215 | ) | ||||
Origination of SBA loans held for sale | (12,152 | ) | (23,108 | ) | |||
Proceeds from sales of SBA loans | 13,662 | 21,996 | |||||
Change in accrued interest receivable | (1,125 | ) | 511 | ||||
Change in bank-owned life insurance | (272 | ) | (253 | ) | |||
Change in prepaid expenses and other assets | (441 | ) | (257 | ) | |||
Change in income tax asset | (3,326 | ) | (6,230 | ) | |||
Change in accrued interest payable | 72 | 47 | |||||
Change in FDIC loss sharing liability | (23 | ) | (1,531 | ) | |||
Change in accrued expenses and other liabilities | (7,354 | ) | (6,568 | ) | |||
Net cash provided by (used in) operating activities | 5,834 | (5,348 | ) | ||||
Cash flows from investing activities: | |||||||
Proceeds from matured, called and repayment of securities | 30,884 | 34,613 | |||||
Proceeds from sales of securities available for sale | — | 176,848 | |||||
Proceeds from sales of OREO | 117 | 4,038 | |||||
Proceeds from bank-owned life insurance | — | 1,323 | |||||
Change in loans receivable, excluding purchases | (93,113 | ) | 13,952 | ||||
Purchases of premises and equipment | (990 | ) | (903 | ) | |||
Purchases of loans receivable | (30,687 | ) | (43,979 | ) | |||
Purchases of FRB stock | (325 | ) | (1 | ) | |||
Net cash (used in) provided by provided by investing activities | (94,114 | ) | 185,891 | ||||
Cash flows from financing activities: | |||||||
Change in deposits | (9,984 | ) | (4,070 | ) | |||
Change in overnight FHLB borrowings | 80,000 | (150,000 | ) | ||||
Redemption of rescinded stock obligation | — | (783 | ) | ||||
Proceeds from exercise of stock options | 341 | 278 | |||||
Cash paid for treasury shares acquired in respect of share-based compensation | (17 | ) | — | ||||
Cash dividends paid | (8,960 | ) | (2,234 | ) | |||
Net cash provided by (used in) financing activities | 61,380 | (156,809 | ) | ||||
Net (decrease) increase in cash and cash equivalents | (26,900 | ) | 23,734 | ||||
Cash and cash equivalents at beginning of year | 164,364 | 158,320 | |||||
Cash and cash equivalents at end of period | $ | 137,464 | $ | 182,054 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid during the period for: | |||||||
Interest | $ | 4,034 | $ | 3,934 | |||
Income taxes | $ | 9,887 | $ | 13,172 | |||
Non-cash activities: | |||||||
Transfer of loans receivable to OREO | $ | 676 | $ | 627 | |||
Income tax expense related to items in other comprehensive income | $ | (4,044 | ) | $ | (4,123 | ) | |
Change in unrealized gain in accumulated other comprehensive income | $ | (9,723 | ) | $ | (12,043 | ) | |
Cash dividends declared | $ | (4,482 | ) | $ | (3,513 | ) |
Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Estimated Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
March 31, 2016 | |||||||||||||||
Mortgage-backed securities (1) (2) | $ | 271,395 | $ | 2,642 | $ | 447 | $ | 273,590 | |||||||
Collateralized mortgage obligations (1) | 91,947 | 404 | 222 | 92,129 | |||||||||||
U.S. government agency securities | 39,982 | 66 | 8 | 40,040 | |||||||||||
SBA loan pool securities | 60,811 | 12 | 216 | 60,607 | |||||||||||
Municipal bonds-tax exempt | 161,527 | 4,599 | — | 166,126 | |||||||||||
Municipal bonds-taxable | 13,888 | 425 | — | 14,313 | |||||||||||
Corporate bonds | 5,016 | — | 18 | 4,998 | |||||||||||
U.S. treasury securities | 158 | 2 | — | 160 | |||||||||||
Mutual funds | 22,916 | 240 | 87 | 23,069 | |||||||||||
Total securities available for sale | $ | 667,640 | $ | 8,390 | $ | 998 | $ | 675,032 | |||||||
December 31, 2015 | |||||||||||||||
Mortgage-backed securities (1) (2) | $ | 286,450 | $ | 392 | $ | 2,461 | $ | 284,381 | |||||||
Collateralized mortgage obligations (1) | 97,904 | 79 | 997 | 96,986 | |||||||||||
U.S. government agency securities | 48,478 | — | 656 | 47,822 | |||||||||||
SBA loan pool securities | 63,670 | 7 | 411 | 63,266 | |||||||||||
Municipal bonds-tax exempt | 162,101 | 1,820 | 19 | 163,902 | |||||||||||
Municipal bonds-taxable | 13,932 | 189 | 88 | 14,033 | |||||||||||
Corporate bonds | 5,017 | — | 24 | 4,993 | |||||||||||
U.S. treasury securities | 159 | 1 | — | 160 | |||||||||||
Mutual funds | 22,916 | — | 163 | 22,753 | |||||||||||
Total securities available for sale | $ | 700,627 | $ | 2,488 | $ | 4,819 | $ | 698,296 |
(1) | Collateralized by residential mortgages and guaranteed by U.S. government sponsored entities. |
(2) | Include securities collateralized by home equity conversion mortgages with total estimated fair value of $56.9 million and $58.6 million as of March 31, 2016 and December 31, 2015, respectively. |
Available for Sale | |||||||
Amortized Cost | Estimated Fair Value | ||||||
(in thousands) | |||||||
Within one year | $ | 25 | $ | 25 | |||
Over one year through five years | 87,158 | 87,606 | |||||
Over five years through ten years | 300,008 | 303,688 | |||||
Over ten years | 280,449 | 283,713 | |||||
Total | $ | 667,640 | $ | 675,032 |
Holding Period | ||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||
Gross Unrealized Loss | Estimated Fair Value | Number of Securities | Gross Unrealized Loss | Estimated Fair Value | Number of Securities | Gross Unrealized Loss | Estimated Fair Value | Number of Securities | ||||||||||||||||||||||||
(in thousands, except number of securities) | ||||||||||||||||||||||||||||||||
March 31, 2016 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 281 | $ | 65,007 | 12 | $ | 166 | $ | 18,704 | 8 | $ | 447 | $ | 83,711 | 20 | |||||||||||||||||
Collateralized mortgage obligations | 43 | 18,161 | 7 | 179 | 15,364 | 8 | 222 | 33,525 | 15 | |||||||||||||||||||||||
U.S. government agency securities | — | — | — | 8 | 7,984 | 3 | 8 | 7,984 | 3 | |||||||||||||||||||||||
SBA loan pool securities | 125 | 47,102 | 12 | 91 | 7,193 | 3 | 216 | 54,295 | 15 | |||||||||||||||||||||||
Municipal bonds-tax exempt | — | 854 | 1 | — | — | — | — | 854 | 1 | |||||||||||||||||||||||
Corporate bonds | 18 | 4,998 | 1 | — | — | — | 18 | 4,998 | 1 | |||||||||||||||||||||||
Mutual funds | — | — | — | 87 | 939 | 3 | 87 | 939 | 3 | |||||||||||||||||||||||
Total | $ | 467 | $ | 136,122 | 33 | $ | 531 | $ | 50,184 | 25 | $ | 998 | $ | 186,306 | 58 | |||||||||||||||||
December 31, 2015 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 1,734 | $ | 193,931 | 52 | $ | 727 | $ | 21,659 | 9 | $ | 2,461 | $ | 215,590 | 61 | |||||||||||||||||
Collateralized mortgage obligations | 335 | 48,970 | 18 | 662 | 32,964 | 13 | 997 | 81,934 | 31 | |||||||||||||||||||||||
U.S. government agency securities | 201 | 23,289 | 8 | 455 | 24,533 | 8 | 656 | 47,822 | 16 | |||||||||||||||||||||||
SBA loan pool securities | 161 | 50,499 | 12 | 250 | 7,036 | 3 | 411 | 57,535 | 15 | |||||||||||||||||||||||
Municipal bonds-tax exempt | 19 | 8,922 | 6 | — | — | — | 19 | 8,922 | 6 | |||||||||||||||||||||||
Municipal bonds-taxable | 88 | 7,106 | 4 | — | — | — | 88 | 7,106 | 4 | |||||||||||||||||||||||
Corporate binds | 24 | 4,994 | 1 | — | — | — | 24 | 4,994 | 1 | |||||||||||||||||||||||
Mutual funds | 66 | 21,820 | 3 | 97 | 928 | 3 | 163 | 22,748 | 6 | |||||||||||||||||||||||
Total | $ | 2,628 | $ | 359,531 | 104 | $ | 2,191 | $ | 87,120 | 36 | $ | 4,819 | $ | 446,651 | 140 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
(in thousands) | |||||||
Gross realized gains on sales of securities | $ | — | $ | 2,194 | |||
Gross realized losses on sales of securities | — | (10 | ) | ||||
Net realized gains on sales of securities | $ | — | $ | 2,184 | |||
Proceeds from sales of securities | $ | — | $ | 176,848 |
March 31, 2016 | December 31, 2015 | ||||||||||||||||||||||
Non-PCI Loans | PCI Loans | Total | Non-PCI Loans | PCI Loans | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Commercial property (1) | |||||||||||||||||||||||
Retail | $ | 772,454 | $ | 4,264 | $ | 776,718 | $ | 735,501 | $ | 4,849 | $ | 740,350 | |||||||||||
Hospitality | 544,708 | 4,099 | 548,807 | 539,345 | 4,080 | 543,425 | |||||||||||||||||
Gas station | 313,571 | 4,613 | 318,184 | 319,363 | 4,292 | 323,655 | |||||||||||||||||
Other (2) | 1,053,306 | 5,495 | 1,058,801 | 973,243 | 5,418 | 978,661 | |||||||||||||||||
Construction | 27,017 | — | 27,017 | 23,387 | — | 23,387 | |||||||||||||||||
Residential property | 255,334 | 1,154 | 256,488 | 234,879 | 1,157 | 236,036 | |||||||||||||||||
Total real estate loans | 2,966,390 | 19,625 | 2,986,015 | 2,825,718 | 19,796 | 2,845,514 | |||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||
Commercial term | 140,559 | 161 | 140,720 | 152,602 | 171 | 152,773 | |||||||||||||||||
Commercial lines of credit | 124,962 | — | 124,962 | 128,224 | — | 128,224 | |||||||||||||||||
International loans | 29,950 | — | 29,950 | 31,879 | — | 31,879 | |||||||||||||||||
Total commercial and industrial loans | 295,471 | 161 | 295,632 | 312,705 | 171 | 312,876 | |||||||||||||||||
Consumer loans (3) | 24,783 | 49 | 24,832 | 24,879 | 47 | 24,926 | |||||||||||||||||
Loans receivable | 3,286,644 | 19,835 | 3,306,479 | 3,163,302 | 20,014 | 3,183,316 | |||||||||||||||||
Allowance for loans losses | (35,381 | ) | (5,645 | ) | (41,026 | ) | (37,494 | ) | (5,441 | ) | (42,935 | ) | |||||||||||
Loans receivable, net | $ | 3,251,263 | $ | 14,190 | $ | 3,265,453 | $ | 3,125,808 | $ | 14,573 | $ | 3,140,381 |
(1) | Includes owner-occupied property loans of $1.23 billion and $1.20 billion as of March 31, 2016 and December 31, 2015, respectively. |
(2) | Includes, among other property types, mixed-use, apartment, office, industrial, faith-based facilities and warehouse; the remaining real estate categories represent less than one percent of the Bank's total loans. |
(3) | Consumer loans include home equity lines of credit of $21.7 million and $21.8 million as of March 31, 2016 and December 31, 2015, respectively. |
Real Estate | Commercial and Industrial | Total Non-PCI | |||||||||
(in thousands) | |||||||||||
March 31, 2016 | |||||||||||
Loans held for sale, at beginning of period | $ | 840 | $ | 2,034 | $ | 2,874 | |||||
Originations | 6,473 | 5,679 | 12,152 | ||||||||
Sales | (5,488 | ) | (6,935 | ) | (12,423 | ) | |||||
Principal payoffs and amortization | (1 | ) | (19 | ) | (20 | ) | |||||
Loans held for sale, at end of period | $ | 1,824 | $ | 759 | $ | 2,583 | |||||
March 31, 2015 | |||||||||||
Loans held for sale, at beginning of period | $ | 3,323 | $ | 2,128 | $ | 5,451 | |||||
Originations | 16,927 | 6,181 | 23,108 | ||||||||
Sales | (13,014 | ) | (6,840 | ) | (19,854 | ) | |||||
Principal payoffs and amortization | (10 | ) | (18 | ) | (28 | ) | |||||
Loans held for sale, at end of period | $ | 7,226 | $ | 1,451 | $ | 8,677 |
As of and for the Three Months Ended | ||||||||||||||||||||||
March 31, 2016 | March 31, 2015 | |||||||||||||||||||||
Non-PCI Loans | PCI Loans | Total | Non-PCI Loans | PCI Loans | Total | |||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||
Balance at beginning of period | $ | 37,494 | $ | 5,441 | $ | 42,935 | $ | 51,640 | $ | 1,026 | 52,666 | |||||||||||
Charge-offs | (637 | ) | — | (637 | ) | (34 | ) | (52 | ) | (86 | ) | |||||||||||
Recoveries on loans previously charged off | 253 | — | 253 | 1,692 | 352 | 2,044 | ||||||||||||||||
Net loan (charge-offs) recoveries | (384 | ) | — | (384 | ) | 1,658 | 300 | 1,958 | ||||||||||||||
(Negative provision) provision | (1,729 | ) | 204 | (1,525 | ) | (1,783 | ) | 110 | (1,673 | ) | ||||||||||||
Balance at end of period | $ | 35,381 | $ | 5,645 | $ | 41,026 | $ | 51,515 | $ | 1,436 | 52,951 |
Real Estate | Commercial and Industrial | Consumer | Unallocated | Total | |||||||||||||||
(in thousands) | |||||||||||||||||||
March 31, 2016 | |||||||||||||||||||
Allowance for loan losses on Non-PCI loans: | |||||||||||||||||||
Beginning balance | $ | 29,800 | $ | 7,081 | $ | 242 | $ | 371 | $ | 37,494 | |||||||||
Charge-offs | (535 | ) | (102 | ) | — | — | (637 | ) | |||||||||||
Recoveries on loans previously charged off | 93 | 160 | — | — | 253 | ||||||||||||||
(Negative provision) provision | (1,080 | ) | (850 | ) | 13 | 188 | (1,729 | ) | |||||||||||
Ending balance | $ | 28,278 | $ | 6,289 | $ | 255 | $ | 559 | $ | 35,381 | |||||||||
Ending balance: individually evaluated for impairment | $ | 3,334 | $ | 759 | $ | — | $ | — | $ | 4,093 | |||||||||
Ending balance: collectively evaluated for impairment | $ | 24,944 | $ | 5,530 | $ | 255 | $ | 559 | $ | 31,288 | |||||||||
Non-PCI loans receivable: | |||||||||||||||||||
Ending balance | $ | 2,966,390 | $ | 295,471 | $ | 24,783 | $ | — | $ | 3,286,644 | |||||||||
Ending balance: individually evaluated for impairment | $ | 25,595 | $ | 6,441 | $ | 700 | $ | — | $ | 32,736 | |||||||||
Ending balance: collectively evaluated for impairment | $ | 2,940,795 | $ | 289,030 | $ | 24,083 | $ | — | $ | 3,253,908 | |||||||||
Allowance for loan losses on PCI loans: | |||||||||||||||||||
Beginning balance | $ | 5,397 | $ | 42 | $ | 2 | $ | — | $ | 5,441 | |||||||||
Provision | 202 | 2 | — | — | 204 | ||||||||||||||
Ending balance: acquired with deteriorated credit quality | $ | 5,599 | $ | 44 | $ | 2 | $ | — | $ | 5,645 | |||||||||
PCI loans receivable | $ | 19,625 | $ | 161 | $ | 49 | $ | — | $ | 19,835 | |||||||||
March 31, 2015 | |||||||||||||||||||
Allowance for loan losses on Non-PCI loans: | |||||||||||||||||||
Beginning balance | $ | 41,194 | $ | 9,142 | $ | 220 | $ | 1,084 | $ | 51,640 | |||||||||
Charge-offs | — | (34 | ) | — | — | (34 | ) | ||||||||||||
Recoveries on loans previously charged off | 32 | 1,660 | — | — | 1,692 | ||||||||||||||
Provision (negative provision) | 1,324 | (2,982 | ) | (35 | ) | (90 | ) | (1,783 | ) | ||||||||||
Ending balance | $ | 42,550 | $ | 7,786 | $ | 185 | $ | 994 | $ | 51,515 | |||||||||
Ending balance: individually evaluated for impairment | $ | 3,386 | $ | 1,913 | $ | — | $ | — | $ | 5,299 | |||||||||
Ending balance: collectively evaluated for impairment | $ | 39,164 | $ | 5,873 | $ | 185 | $ | 994 | $ | 46,216 | |||||||||
Non-PCI loans receivable: | |||||||||||||||||||
Ending balance | $ | 2,499,323 | $ | 250,351 | $ | 25,942 | $ | — | $ | 2,775,616 | |||||||||
Ending balance: individually evaluated for impairment | $ | 33,537 | $ | 11,570 | $ | 1,823 | $ | — | $ | 46,930 | |||||||||
Ending balance: collectively evaluated for impairment | $ | 2,465,786 | $ | 238,781 | $ | 24,119 | $ | — | $ | 2,728,686 | |||||||||
Allowance for loan losses on PCI loans: | |||||||||||||||||||
Beginning balance | $ | 895 | $ | 131 | $ | — | $ | — | $ | 1,026 | |||||||||
Charge-offs | (52 | ) | — | — | — | (52 | ) | ||||||||||||
Recoveries on loans previously charged off | — | 352 | — | — | 352 | ||||||||||||||
Provision (negative provision) | 475 | (365 | ) | — | — | 110 | |||||||||||||
Ending balance: acquired with deteriorated credit quality | $ | 1,318 | $ | 118 | $ | — | $ | — | $ | 1,436 | |||||||||
PCI loans receivable | $ | 40,616 | $ | 281 | $ | 44 | $ | — | $ | 40,941 |
Pass/Pass-Watch | Special Mention | Classified | Total | ||||||||||||
(in thousands) | |||||||||||||||
March 31, 2016 | |||||||||||||||
Real estate loans: | |||||||||||||||
Commercial property | |||||||||||||||
Retail | $ | 764,216 | $ | 4,826 | $ | 3,412 | $ | 772,454 | |||||||
Hospitality | 526,393 | 6,636 | 11,679 | 544,708 | |||||||||||
Gas station | 306,330 | 3,772 | 3,469 | 313,571 | |||||||||||
Other | 1,039,280 | 6,352 | 7,674 | 1,053,306 | |||||||||||
Construction | 27,017 | — | — | 27,017 | |||||||||||
Residential property | 254,407 | 52 | 875 | 255,334 | |||||||||||
Commercial and industrial loans: | |||||||||||||||
Commercial term | 134,120 | 2,366 | 4,073 | 140,559 | |||||||||||
Commercial lines of credit | 124,659 | 195 | 108 | 124,962 | |||||||||||
International loans | 27,940 | 2,010 | — | 29,950 | |||||||||||
Consumer loans | 23,715 | 81 | 987 | 24,783 | |||||||||||
Total Non-PCI loans | $ | 3,228,077 | $ | 26,290 | $ | 32,277 | $ | 3,286,644 | |||||||
December 31, 2015 | |||||||||||||||
Real estate loans: | |||||||||||||||
Commercial property | |||||||||||||||
Retail | $ | 722,483 | $ | 9,519 | $ | 3,499 | $ | 735,501 | |||||||
Hospitality | 517,462 | 9,604 | 12,279 | 539,345 | |||||||||||
Gas station | 309,598 | 5,897 | 3,868 | 319,363 | |||||||||||
Other | 953,839 | 8,662 | 10,742 | 973,243 | |||||||||||
Construction | 23,387 | — | — | 23,387 | |||||||||||
Residential property | 232,862 | 58 | 1,959 | 234,879 | |||||||||||
Commercial and industrial loans: | |||||||||||||||
Commercial term | 145,773 | 2,370 | 4,459 | 152,602 | |||||||||||
Commercial lines of credit | 127,579 | 195 | 450 | 128,224 | |||||||||||
International loans | 29,719 | 2,160 | — | 31,879 | |||||||||||
Consumer loans | 22,707 | 91 | 2,081 | 24,879 | |||||||||||
Total Non-PCI loans | $ | 3,085,409 | $ | 38,556 | $ | 39,337 | $ | 3,163,302 |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total | Accruing 90 Days or More Past Due | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
March 31, 2016 | |||||||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||||||
Retail | $ | — | $ | 201 | $ | 884 | $ | 1,085 | $ | 771,369 | $ | 772,454 | $ | — | |||||||||||||
Hospitality | 1,201 | 1,610 | 3,299 | 6,110 | 538,598 | 544,708 | — | ||||||||||||||||||||
Gas station | 2,503 | 711 | 1,473 | 4,687 | 308,884 | 313,571 | — | ||||||||||||||||||||
Other | 428 | 1,454 | 364 | 2,246 | 1,051,060 | 1,053,306 | — | ||||||||||||||||||||
Construction | — | — | — | — | 27,017 | 27,017 | — | ||||||||||||||||||||
Residential property | — | — | 394 |