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 | ¨ | |
Emerging Growth Company | ¨ |
Item 1. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 1. | ||
Item 1A. | ||
Item 2. | ||
Item 3. | ||
Item 4. | ||
Item 5. | ||
Item 6. | ||
(Unaudited) March 31, 2018 | December 31, 2017 | |||||||
Assets | ||||||||
Cash and due from banks | $ | 151,611 | $ | 153,826 | ||||
Securities available for sale, at fair value (amortized cost of $581,874 as of March 31, 2018 and $581,992 as of December 31, 2017) | 570,351 | 578,804 | ||||||
Loans held for sale, at the lower of cost or fair value | 6,008 | 6,394 | ||||||
Loans and leases receivable, net of allowance for loan and lease losses of $31,777 as of March 31, 2018 and $31,043 as of December 31, 2017 | 4,381,780 | 4,273,415 | ||||||
Accrued interest receivable | 12,751 | 12,770 | ||||||
Premises and equipment, net | 26,465 | 26,655 | ||||||
Customers’ liability on acceptances | 870 | 803 | ||||||
Servicing assets | 9,867 | 10,218 | ||||||
Goodwill and other intangible assets, net | 12,454 | 12,544 | ||||||
Federal Home Loan Bank ("FHLB") stock, at cost | 16,385 | 16,385 | ||||||
Bank-owned life insurance | 50,831 | 50,554 | ||||||
Prepaid expenses and other assets | 66,268 | 68,117 | ||||||
Total assets | $ | 5,305,641 | $ | 5,210,485 | ||||
Liabilities and stockholders’ equity | ||||||||
Liabilities: | ||||||||
Deposits: | ||||||||
Noninterest-bearing | $ | 1,352,162 | $ | 1,312,274 | ||||
Interest-bearing | 3,025,939 | 3,036,380 | ||||||
Total deposits | 4,378,101 | 4,348,654 | ||||||
Accrued interest payable | 5,931 | 5,309 | ||||||
Bank’s liability on acceptances | 870 | 803 | ||||||
Borrowings | 220,000 | 150,000 | ||||||
Subordinated debentures | 117,400 | 117,270 | ||||||
Accrued expenses and other liabilities | 19,061 | 25,972 | ||||||
Total liabilities | 4,741,363 | 4,648,008 | ||||||
Stockholders’ equity: | ||||||||
Common stock, $0.001 par value; authorized 62,500,000 shares; issued 33,167,768 shares (32,502,658 shares outstanding) as of March 31, 2018 and issued 33,083,133 shares (32,431,627 shares outstanding) as of December 31, 2017 | 33 | 33 | ||||||
Additional paid-in capital | 567,081 | 565,627 | ||||||
Accumulated other comprehensive loss, net of tax benefit of $3,316 as of March 31, 2018 and $1,319 as of December 31, 2017 | (8,207 | ) | (1,869 | ) | ||||
Retained earnings | 77,691 | 70,575 | ||||||
Less: treasury stock, at cost; 665,110 shares as of March 31, 2018 and 651,506 shares as of December 31, 2017 | (72,320 | ) | (71,889 | ) | ||||
Total stockholders’ equity | 564,278 | 562,477 | ||||||
Total liabilities and stockholders’ equity | $ | 5,305,641 | $ | 5,210,485 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Interest and dividend income: | |||||||
Interest and fees on loans and leases | $ | 51,574 | $ | 45,378 | |||
Interest on securities | 3,105 | 2,520 | |||||
Dividends on FHLB stock | 289 | 374 | |||||
Interest on deposits in other banks | 114 | 77 | |||||
Total interest and dividend income | 55,082 | 48,349 | |||||
Interest expense: | |||||||
Interest on deposits | 7,785 | 5,154 | |||||
Interest on borrowings | 679 | 468 | |||||
Interest on subordinated debentures | 1,694 | 373 | |||||
Total interest expense | 10,158 | 5,995 | |||||
Net interest income before provision for loan and lease losses | 44,924 | 42,354 | |||||
Loan and lease loss provision (income) | 649 | (80 | ) | ||||
Net interest income after provision for loan and lease losses | 44,275 | 42,434 | |||||
Noninterest income: | |||||||
Service charges on deposit accounts | 2,511 | 2,528 | |||||
Trade finance and other service charges and fees | 1,173 | 1,047 | |||||
Gain on sales of Small Business Administration ("SBA") loans | 1,448 | 1,464 | |||||
Disposition gains on Purchased Credit Impaired ("PCI") loans | 133 | 183 | |||||
Net (loss) gain on sales of securities | (428 | ) | 269 | ||||
Other operating income | 1,224 | 1,726 | |||||
Total noninterest income | 6,061 | 7,217 | |||||
Noninterest expense: | |||||||
Salaries and employee benefits | 18,702 | 17,104 | |||||
Occupancy and equipment | 4,072 | 3,982 | |||||
Data processing | 1,678 | 1,631 | |||||
Professional fees | 1,369 | 1,148 | |||||
Supplies and communications | 708 | 635 | |||||
Advertising and promotion | 876 | 802 | |||||
Other operating expenses | 2,352 | 1,938 | |||||
Total noninterest expense | 29,757 | 27,240 | |||||
Income before income tax expense | 20,579 | 22,411 | |||||
Income tax expense | 5,724 | 8,628 | |||||
Net income | $ | 14,855 | $ | 13,783 | |||
Basic earnings per share | $ | 0.46 | $ | 0.43 | |||
Diluted earnings per share | $ | 0.46 | $ | 0.43 | |||
Weighted-average shares outstanding: | |||||||
Basic | 32,145,214 | 32,001,766 | |||||
Diluted | 32,301,095 | 32,191,458 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Net income | $ | 14,855 | $ | 13,783 | |||
Other comprehensive (loss) income, net of tax: | |||||||
Unrealized gain (loss) on securities: | |||||||
Unrealized holding (loss) gain arising during period | (8,864 | ) | 1,620 | ||||
Less: reclassification adjustment for net loss (gain) included in net income | — | (269 | ) | ||||
Income tax benefit (expense) related to items of other comprehensive income | 2,543 | (560 | ) | ||||
Other comprehensive (loss) income, net of tax | (6,321 | ) | 791 | ||||
Comprehensive income | $ | 8,534 | $ | 14,574 |
Common Stock - Number of Shares | Stockholders’ Equity | |||||||||||||||||||||||||||||||
Shares Issued | Treasury Shares | Shares Outstanding | Common Stock | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Treasury Stock, at Cost | Total Stockholders’ Equity | ||||||||||||||||||||||||
Balance at January 1, 2017 | 32,946,197 | (615,450 | ) | 32,330,747 | $ | 33 | $ | 562,446 | $ | (2,394 | ) | $ | 41,726 | $ | (70,786 | ) | $ | 531,025 | ||||||||||||||
Stock options exercised | 1,000 | — | 1,000 | — | 13 | — | — | — | 13 | |||||||||||||||||||||||
Restricted stock awards, net of forfeitures | 81,411 | — | 81,411 | — | — | — | — | — | — | |||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 692 | — | — | — | 692 | |||||||||||||||||||||||
Restricted stock surrendered due to employee tax liability | — | (20,578 | ) | (20,578 | ) | — | — | — | — | (648 | ) | (648 | ) | |||||||||||||||||||
Cash dividends declared | — | — | — | — | — | — | (6,114 | ) | — | (6,114 | ) | |||||||||||||||||||||
Net income | — | — | — | — | — | — | 13,783 | — | 13,783 | |||||||||||||||||||||||
Change in unrealized gain (loss) on securities available for sale, net of income taxes | — | — | — | — | — | 791 | — | — | 791 | |||||||||||||||||||||||
Balance at March 31, 2017 | 33,028,608 | (636,028 | ) | 32,392,580 | $ | 33 | $ | 563,151 | $ | (1,603 | ) | $ | 49,395 | $ | (71,434 | ) | $ | 539,542 | ||||||||||||||
Balance at January 1, 2018 | 33,083,133 | (651,506 | ) | 32,431,627 | $ | 33 | $ | 565,627 | $ | (1,869 | ) | $ | 70,575 | $ | (71,889 | ) | $ | 562,477 | ||||||||||||||
Adjustments related to adoption of new accounting standards: | ||||||||||||||||||||||||||||||||
ASU 2016-01 (See Notes 1 and 2) | — | — | — | — | — | 382 | (382 | ) | — | — | ||||||||||||||||||||||
ASU 2018-02 (See Notes 1 and 5) | — | — | — | — | — | (399 | ) | 399 | — | — | ||||||||||||||||||||||
Adjusted balance at January 1, 2018 | 33,083,133 | (651,506 | ) | 32,431,627 | $ | 33 | $ | 565,627 | $ | (1,886 | ) | $ | 70,592 | $ | (71,889 | ) | $ | 562,477 | ||||||||||||||
Stock options exercised | 25,750 | — | 25,750 | — | 570 | — | — | — | 570 | |||||||||||||||||||||||
Restricted stock awards, net of forfeitures | 58,885 | — | 58,885 | — | — | — | — | — | — | |||||||||||||||||||||||
Share-based compensation expense | — | — | — | — | 884 | — | — | — | 884 | |||||||||||||||||||||||
Restricted stock surrendered due to employee tax liability | — | (13,604 | ) | (13,604 | ) | — | — | — | — | (431 | ) | (431 | ) | |||||||||||||||||||
Cash dividends declared | — | — | — | — | — | — | (7,756 | ) | — | (7,756 | ) | |||||||||||||||||||||
Net income | — | — | — | — | — | — | 14,855 | — | 14,855 | |||||||||||||||||||||||
Change in unrealized gain (loss) on securities available for sale, net of income taxes | — | — | — | — | — | (6,321 | ) | — | — | (6,321 | ) | |||||||||||||||||||||
Balance at March 31, 2018 | 33,167,768 | (665,110 | ) | 32,502,658 | $ | 33 | $ | 567,081 | $ | (8,207 | ) | $ | 77,691 | $ | (72,320 | ) | $ | 564,278 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
Cash flows from operating activities: | |||||||
Net income | $ | 14,855 | $ | 13,783 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 1,757 | 3,885 | |||||
Share-based compensation expense | 884 | 692 | |||||
Loan and lease loss provision (income) | 649 | (80 | ) | ||||
Gain (loss) on sales of securities | 428 | (269 | ) | ||||
Gain on sales of SBA loans | (1,448 | ) | (1,464 | ) | |||
Disposition gains on PCI loans | (133 | ) | (183 | ) | |||
Origination of SBA loans held for sale | (18,805 | ) | (19,192 | ) | |||
Proceeds from sales of SBA loans | 20,981 | 21,414 | |||||
Change in accrued interest receivable | 19 | 213 | |||||
Change in bank-owned life insurance | (277 | ) | (282 | ) | |||
Change in prepaid expenses and other assets | 5,192 | 5,117 | |||||
Change in accrued interest payable | 622 | 52 | |||||
Change in accrued expenses and other liabilities | (6,357 | ) | (3,569 | ) | |||
Net cash provided by operating activities | 18,367 | 20,117 | |||||
Cash flows from investing activities: | |||||||
Proceeds from matured, called and repayment of securities | 22,495 | 17,404 | |||||
Proceeds from sales of securities available for sale | 21,958 | 12,573 | |||||
Proceeds from sales of other real estate owned ("OREO") | — | 3,349 | |||||
Change in loans and leases receivable, excluding purchases | (70,838 | ) | (66,556 | ) | |||
Purchases of securities | (46,641 | ) | (60,960 | ) | |||
Purchases of premises and equipment | (481 | ) | (411 | ) | |||
Purchases of loans receivable | (38,905 | ) | (33,573 | ) | |||
Net cash used in investing activities | (112,412 | ) | (128,174 | ) | |||
Cash flows from financing activities: | |||||||
Change in deposits | 29,447 | 273,428 | |||||
Change in overnight FHLB borrowings | 70,000 | (265,000 | ) | ||||
Issuance of subordinated debentures | — | 97,735 | |||||
Proceeds from exercise of stock options | 570 | 13 | |||||
Cash paid for treasury shares acquired in respect of share-based compensation | (431 | ) | (648 | ) | |||
Cash dividends paid | (7,756 | ) | (6,114 | ) | |||
Net cash provided by financing activities | 91,830 | 99,414 | |||||
Net decrease in cash and cash equivalents | (2,215 | ) | (8,643 | ) | |||
Cash and cash equivalents at beginning of year | 153,826 | 147,235 | |||||
Cash and cash equivalents at end of period | $ | 151,611 | $ | 138,592 | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid (received) during the period for: | |||||||
Interest | $ | 9,536 | $ | 5,943 | |||
Income taxes | $ | 39 | $ | (101 | ) | ||
Non-cash activities: | |||||||
Income tax benefit (expense) related to items in other comprehensive income | $ | 2,543 | $ | (560 | ) | ||
Change in unrealized loss (gain) in accumulated other comprehensive income | $ | 8,864 | $ | (1,620 | ) | ||
Cash dividends declared | $ | (7,756 | ) | $ | (6,114 | ) |
Amortized Cost | Gross Unrealized Gain | Gross Unrealized Loss | Estimated Fair Value | ||||||||||||
(in thousands) | |||||||||||||||
March 31, 2018 | |||||||||||||||
Mortgage-backed securities (1) | $ | 322,186 | $ | 6 | $ | 7,223 | $ | 314,969 | |||||||
Collateralized mortgage obligations (1) | 127,125 | 8 | 2,945 | 124,188 | |||||||||||
U.S. government agency securities | 7,499 | — | 131 | 7,368 | |||||||||||
Municipal bonds-tax exempt | 125,064 | 219 | 1,457 | 123,826 | |||||||||||
Total securities available for sale | $ | 581,874 | $ | 233 | $ | 11,756 | $ | 570,351 | |||||||
December 31, 2017 | |||||||||||||||
Mortgage-backed securities (1) | $ | 306,166 | $ | 145 | $ | 2,702 | $ | 303,609 | |||||||
Collateralized mortgage obligations (1) | 119,658 | 8 | 1,898 | 117,768 | |||||||||||
U.S. government agency securities | 7,499 | — | 85 | 7,414 | |||||||||||
Municipal bonds-tax exempt | 125,601 | 1,943 | 69 | 127,475 | |||||||||||
U.S. treasury securities | 152 | — | — | 152 | |||||||||||
Mutual funds | 22,916 | — | 530 | 22,386 | |||||||||||
Total securities available for sale | $ | 581,992 | $ | 2,096 | $ | 5,284 | $ | 578,804 |
(1) | Collateralized by residential mortgages and guaranteed by U.S. government sponsored entities. |
Available for Sale | |||||||
Amortized Cost | Estimated Fair Value | ||||||
(in thousands) | |||||||
Within one year | $ | 12,847 | $ | 12,801 | |||
Over one year through five years | 77,973 | 76,519 | |||||
Over five years through ten years | 251,941 | 247,151 | |||||
Over ten years | 239,113 | 233,880 | |||||
Total | $ | 581,874 | $ | 570,351 |
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, 2018 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 5,777 | $ | 243,061 | 83 | $ | 1,446 | $ | 54,871 | 28 | $ | 7,223 | $ | 297,932 | 111 | |||||||||||||||||
Collateralized mortgage obligations | 1,388 | 65,798 | 18 | 1,557 | 51,314 | 36 | 2,945 | 117,112 | 54 | |||||||||||||||||||||||
U.S. government agency securities | 36 | 1,464 | 1 | 95 | 5,905 | 2 | 131 | 7,369 | 3 | |||||||||||||||||||||||
Municipal bonds-tax exempt | 1,331 | 89,320 | 40 | 126 | 2,632 | 2 | 1,457 | 91,952 | 42 | |||||||||||||||||||||||
Total | $ | 8,532 | $ | 399,643 | 142 | $ | 3,224 | $ | 114,722 | 68 | $ | 11,756 | $ | 514,365 | 210 | |||||||||||||||||
December 31, 2017 | ||||||||||||||||||||||||||||||||
Mortgage-backed securities | $ | 1,855 | $ | 197,621 | 66 | $ | 847 | $ | 56,998 | 25 | $ | 2,702 | $ | 254,619 | 91 | |||||||||||||||||
Collateralized mortgage obligations | 773 | 65,726 | 20 | 1,125 | 49,986 | 32 | 1,898 | 115,712 | 52 | |||||||||||||||||||||||
U.S. government agency securities | 15 | 1,484 | 1 | 70 | 5,930 | 2 | 85 | 7,414 | 3 | |||||||||||||||||||||||
Municipal bonds-tax exempt | 48 | 11,541 | 6 | 21 | 2,737 | 2 | 69 | 14,278 | 8 | |||||||||||||||||||||||
Municipal bonds-taxable | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Mutual funds | — | — | — | 530 | 22,382 | 6 | 530 | 22,382 | 6 | |||||||||||||||||||||||
Total | $ | 2,691 | $ | 276,372 | 93 | $ | 2,593 | $ | 138,033 | 67 | $ | 5,284 | $ | 414,405 | 160 |
Three Months Ended March 31, | |||||||
2018 | 2017 | ||||||
(in thousands) | |||||||
Gross realized gains on sales of securities | $ | — | $ | 269 | |||
Gross realized losses on sales of securities | (957 | ) | — | ||||
Net realized (losses) gains on sales of securities | $ | (957 | ) | $ | 269 | ||
Proceeds from sales of securities | $ | 21,958 | $ | 12,573 |
March 31, 2018 | December 31, 2017 | ||||||
(in thousands) | |||||||
Real estate loans: | |||||||
Commercial property | |||||||
Retail | $ | 909,414 | $ | 915,273 | |||
Hospitality | 731,531 | 681,325 | |||||
Other (1) | 1,423,903 | 1,417,273 | |||||
Total commercial property loans | 3,064,848 | 3,013,871 | |||||
Construction | 57,896 | 55,190 | |||||
Residential property | 545,053 | 521,853 | |||||
Total real estate loans | 3,667,797 | 3,590,914 | |||||
Commercial and industrial loans: | |||||||
Commercial term | 184,083 | 182,685 | |||||
Commercial lines of credit | 190,255 | 181,894 | |||||
International loans | 35,042 | 34,622 | |||||
Total commercial and industrial loans | 409,380 | 399,201 | |||||
Leases receivable | 321,481 | 297,284 | |||||
Consumer loans (2) | 14,899 | 17,059 | |||||
Loans and leases receivable | 4,413,557 | 4,304,458 | |||||
Allowance for loan and lease losses | (31,777 | ) | (31,043 | ) | |||
Loans and leases receivable, net | $ | 4,381,780 | $ | 4,273,415 |
(1) | Includes, among other types, mixed-use, apartment, office, industrial, gas stations, faith-based facilities and warehouse; all other property types represent less than one percent of total loans and leases receivable. |
(2) | Consumer loans include home equity lines of credit of $12.7 million and $14.2 million as of March 31, 2018 and December 31, 2017, respectively. |
SBA Loans Held for Sale | |||||||||||
Real Estate | Commercial and Industrial | Total | |||||||||
(in thousands) | |||||||||||
March 31, 2018 | |||||||||||
Balance at beginning of period | $ | 3,746 | $ | 2,648 | $ | 6,394 | |||||
Originations | 10,433 | 8,372 | 18,805 | ||||||||
Sales | (12,028 | ) | (7,159 | ) | (19,187 | ) | |||||
Principal payoffs and amortization | — | (4 | ) | (4 | ) | ||||||
Balance at end of period | $ | 2,151 | $ | 3,857 | $ | 6,008 | |||||
March 31, 2017 | |||||||||||
Balance at beginning of period | $ | 7,410 | $ | 1,906 | $ | 9,316 | |||||
Originations | 12,633 | 6,559 | 19,192 | ||||||||
Sales | (12,254 | ) | (7,389 | ) | (19,643 | ) | |||||
Principal payoffs and amortization | — | (16 | ) | (16 | ) | ||||||
Balance at end of period | $ | 7,789 | $ | 1,060 | $ | 8,849 |
As of and for the Three Months Ended | |||||||
March 31, 2018 | March 31, 2017 | ||||||
(in thousands) | |||||||
Allowance for loan and lease losses: | |||||||
Balance at beginning of period | $ | 31,043 | $ | 32,429 | |||
Charge-offs | (1,632 | ) | (186 | ) | |||
Recoveries on loans and leases previously charged off | 1,717 | 989 | |||||
Net recoveries | 85 | 803 | |||||
Loan and lease loss provision (income) | 649 | (80 | ) | ||||
Balance at end of period | $ | 31,777 | $ | 33,152 |
Real Estate | Commercial and Industrial | Leases Receivable | Consumer | Unallocated | Total | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||||
As of and for the Three Months Ended March 31, 2018 | |||||||||||||||||||||||
Allowance for loan and lease losses on loans and leases: | |||||||||||||||||||||||
Beginning balance | $ | 17,012 | $ | 7,400 | 6,279 | $ | 122 | $ | 230 | $ | 31,043 | ||||||||||||
Charge-offs | (989 | ) | (279 | ) | (364 | ) | — | — | (1,632 | ) | |||||||||||||
Recoveries on loans and leases previously charged off | 885 | 736 | 95 | 1 | — | 1,717 | |||||||||||||||||
Loan and lease loss provision (income) | 732 | (967 | ) | 1,100 | 2 | (218 | ) | 649 | |||||||||||||||
Ending balance | $ | 17,640 | $ | 6,890 | $ | 7,110 | $ | 125 | $ | 12 | $ | 31,777 | |||||||||||
Individually evaluated for impairment | $ | 1,549 | $ | 357 | $ | 1,110 | $ | — | $ | — | $ | 3,016 | |||||||||||
Collectively evaluated for impairment | $ | 16,091 | $ | 6,533 | $ | 6,000 | $ | 125 | $ | 12 | $ | 28,761 | |||||||||||
Loans and leases receivable | $ | 3,667,797 | $ | 409,380 | $ | 321,481 | $ | 14,899 | $ | — | $ | 4,413,557 | |||||||||||
Individually evaluated for impairment | $ | 18,513 | $ | 2,843 | $ | 4,200 | $ | 894 | $ | — | $ | 26,450 | |||||||||||
Collectively evaluated for impairment | $ | 3,649,284 | $ | 406,537 | $ | 317,281 | $ | 14,005 | $ | — | $ | 4,387,107 |
As of and for the Three Months Ended March 31, 2017 | |||||||||||||||||||||||||
Allowance for loan and lease losses on loans and leases: | |||||||||||||||||||||||||
Beginning balance | $ | 26,134 | $ | 5,623 | 307 | $ | 199 | $ | 166 | $ | 32,429 | ||||||||||||||
Charge-offs | (104 | ) | (40 | ) | (42 | ) | — | — | (186 | ) | |||||||||||||||
Recoveries on loans and leases previously charged off | 712 | 277 | — | — | — | 989 | |||||||||||||||||||
Loan and lease loss provision (income) | (1,140 | ) | 95 | 715 | (69 | ) | 319 | (80 | ) | ||||||||||||||||
Ending balance | $ | 25,602 | $ | 5,955 | $ | 980 | $ | 130 | $ | 485 | $ | 33,152 | |||||||||||||
Individually evaluated for impairment | $ | 3,756 | $ | 791 | $ | — | $ | — | $ | — | $ | 4,547 | |||||||||||||
Collectively evaluated for impairment | $ | 21,846 | $ | 5,164 | $ | 980 | $ | — | $ | 130 | $ | 485 | $ | 28,605 | |||||||||||
Loans and leases receivable | $ | 3,348,875 | $ | 317,682 | $ | 259,591 | $ | 17,803 | $ | — | $ | 3,943,951 | |||||||||||||
Individually evaluated for impairment | $ | 20,795 | $ | 3,828 | $ | — | $ | 321 | $ | — | $ | 24,944 | |||||||||||||
Collectively evaluated for impairment | $ | 3,328,080 | $ | 313,854 | $ | 259,591 | $ | 17,482 | $ | — | $ | 3,919,007 |
Pass/Pass-Watch | Special Mention | Classified | Total | ||||||||||||
(in thousands) | |||||||||||||||
March 31, 2018 | |||||||||||||||
Real estate loans: | |||||||||||||||
Commercial property | |||||||||||||||
Retail | $ | 903,510 | $ | 375 | $ | 5,529 | $ | 909,414 | |||||||
Hospitality | 717,252 | 4,220 | 10,059 | 731,531 | |||||||||||
Other | 1,407,438 | 9,040 | 7,425 | 1,423,903 | |||||||||||
Construction | 57,896 | — | — | 57,896 | |||||||||||
Residential property | 544,516 | 301 | 236 | 545,053 | |||||||||||
Total real estate loans | 3,630,612 | 13,936 | 23,249 | 3,667,797 | |||||||||||
Commercial and industrial loans: | |||||||||||||||
Commercial term | 180,355 | 757 | 2,971 | 184,083 | |||||||||||
Commercial lines of credit | 189,514 | 741 | — | 190,255 | |||||||||||
International loans | 35,042 | — | — | 35,042 | |||||||||||
Total commercial and industrial loans | 404,911 | 1,498 | 2,971 | 409,380 | |||||||||||
Leases receivable | 317,281 | — | 4,200 | 321,481 | |||||||||||
Consumer loans | 13,864 | 202 | 833 | 14,899 | |||||||||||
Total loans and leases | $ | 4,366,668 | $ | 15,636 | $ | 31,253 | $ | 4,413,557 | |||||||
December 31, 2017 | |||||||||||||||
Real estate loans: | |||||||||||||||
Commercial property | |||||||||||||||
Retail | $ | 909,682 | $ | 454 | $ | 5,137 | $ | 915,273 | |||||||
Hospitality | 667,254 | 4,976 | 9,095 | 681,325 | |||||||||||
Other | 1,397,658 | 11,045 | 8,570 | 1,417,273 | |||||||||||
Construction | 55,190 | — | — | 55,190 | |||||||||||
Residential property | 521,261 | 305 | 287 | 521,853 | |||||||||||
Total real estate loans | 3,551,045 | 16,780 | 23,089 | 3,590,914 | |||||||||||
Commercial and industrial loans: | |||||||||||||||
Commercial term | 179,835 | 439 | 2,411 | 182,685 | |||||||||||
Commercial lines of credit | 181,462 | 250 | 182 | 181,894 | |||||||||||
International loans | 34,622 | — | — | 34,622 | |||||||||||
Total commercial and industrial loans | 395,919 | 689 | 2,593 | 399,201 | |||||||||||
Leases receivable | 292,832 | — | 4,452 | 297,284 | |||||||||||
Consumer loans | 15,995 | — | 1,064 | 17,059 | |||||||||||
Total loans and leases | $ | 4,255,791 | $ | 17,469 | $ | 31,198 | $ | 4,304,458 |
30-59 Days Past Due | 60-89 Days Past Due | 90 Days or More Past Due | Total Past Due | Current | Total | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
March 31, 2018 | |||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||
Retail | $ | 295 | $ | — | $ | 689 | $ | 984 | $ | 908,430 | $ | 909,414 | |||||||||||
Hospitality | 5,585 | — | 819 | 6,404 | 725,127 | 731,531 | |||||||||||||||||
Other | 348 | — | 683 | 1,031 | 1,422,872 | 1,423,903 | |||||||||||||||||
Construction | — | — | — | — | 57,896 | 57,896 | |||||||||||||||||
Residential property | 1,715 | — | — | 1,715 | 543,338 | 545,053 | |||||||||||||||||
Total real estate loans | 7,943 | — | 2,191 | 10,134 | 3,657,663 | 3,667,797 | |||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||
Commercial term | 496 | 406 | 259 | 1,161 | 182,922 | 184,083 | |||||||||||||||||
Commercial lines of credit | — | — | — | — | 190,255 | 190,255 | |||||||||||||||||
International loans | — | — | — | — | 35,042 | 35,042 | |||||||||||||||||
Total commercial and industrial loans | 496 | 406 | 259 | 1,161 | 408,219 | 409,380 | |||||||||||||||||
Leases receivable | 2,211 | 816 | 3,089 | 6,116 | 315,365 | 321,481 | |||||||||||||||||
Consumer loans | 6 | 2 | — | 8 | 14,891 | 14,899 | |||||||||||||||||
Total loans and leases | $ | 10,656 | $ | 1,224 | $ | 5,539 | $ | 17,419 | $ | 4,396,138 | $ | 4,413,557 | |||||||||||
December 31, 2017 | |||||||||||||||||||||||
Real estate loans: | |||||||||||||||||||||||
Commercial property | |||||||||||||||||||||||
Retail | $ | 96 | $ | 15 | $ | 630 | $ | 741 | $ | 914,532 | $ | 915,273 | |||||||||||
Hospitality | 3,421 | 168 | 398 | 3,987 | 677,338 | 681,325 | |||||||||||||||||
Other | 1,245 | 1,333 | 563 | 3,141 | 1,414,132 | 1,417,273 | |||||||||||||||||
Construction | — | — | — | — | 55,190 | 55,190 | |||||||||||||||||
Residential property | 609 | — | — | 609 | 521,244 | 521,853 | |||||||||||||||||
Total real estate loans | 5,371 | 1,516 | 1,591 | 8,478 | 3,582,436 | 3,590,914 | |||||||||||||||||
Commercial and industrial loans: | |||||||||||||||||||||||
Commercial term | 430 | 567 | 829 | 1,826 | 180,859 | 182,685 | |||||||||||||||||
Commercial lines of credit | 250 | — | 182 | 432 | 181,462 | 181,894 | |||||||||||||||||
International loans | — | — | — | — | 34,622 | 34,622 | |||||||||||||||||
Total commercial and industrial loans | 680 | 567 | 1,011 | 2,258 | 396,943 | 399,201 | |||||||||||||||||
Leases receivable | 2,295 | 944 | 3,554 | 6,793 | 290,491 | 297,284 | |||||||||||||||||
Consumer loans | — | — | — | — | 17,059 | 17,059 | |||||||||||||||||
Total loans and leases | $ | 8,346 | $ | 3,027 | $ | 6,156 | $ | 17,529 | $ | 4,286,929 | $ | 4,304,458 |
Recorded Investment | Unpaid Principal Balance | With No Related Allowance Recorded | With an Allowance Recorded | Related Allowance | |||||||||||||||
(in thousands) | |||||||||||||||||||
March 31, 2018 | |||||||||||||||||||
Real estate loans: | |||||||||||||||||||
Commercial property | |||||||||||||||||||
Retail | $ | 1,394 | $ | 1,417 | $ | 1,336 | $ | 58 | $ | 5 | |||||||||
Hospitality | 7,413 | 8,962 | 3,671 | 3,742 | 1,543 | ||||||||||||||
Other | 7,255 | 7,778 | 7,140 | 116 | 1 | ||||||||||||||
Residential property | 2,450 | 2,596 | 2,450 | — | — | ||||||||||||||
Total real estate loans | 18,512 | 20,753 | 14,597 | 3,916 | 1,549 | ||||||||||||||
Commercial and industrial loans | 2,843 | 2,934 | 1,344 | 1,499 | 357 | ||||||||||||||
Leases receivable | 4,200 | 4,324 | 934 | 3,265 | 1,110 | ||||||||||||||
Consumer loans | 894 | 1,087 | 895 | — | — | ||||||||||||||
Total loans and leases | $ | 26,449 | $ | 29,098 | $ | 17,770 | $ | 8,680 | $ | 3,016 | |||||||||
December 31, 2017 | |||||||||||||||||||
Real estate loans: | |||||||||||||||||||
Commercial property | |||||||||||||||||||
Retail | $ | 1,403 | $ | 1,423 | $ |