Loans (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Loans Receivable |
Loans receivable consisted of the following as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
December 31, 2014 |
|
Non-PCI Loans |
|
PCI Loans |
|
Total |
|
|
(In thousands) |
Real estate loans: |
|
|
|
|
|
|
|
Commercial property (1)
|
|
|
|
|
|
|
|
Retail |
$ |
735,501 |
|
|
$ |
4,849 |
|
|
$ |
740,350 |
|
|
$ |
684,400 |
|
Hotel/motel |
539,345 |
|
|
4,080 |
|
|
543,425 |
|
|
462,718 |
|
Gas station |
319,363 |
|
|
4,292 |
|
|
323,655 |
|
|
370,416 |
|
Other (2)
|
973,243 |
|
|
5,418 |
|
|
978,661 |
|
|
848,906 |
|
Construction |
23,387 |
|
|
— |
|
|
23,387 |
|
|
9,527 |
|
Residential property |
234,879 |
|
|
1,157 |
|
|
236,036 |
|
|
135,462 |
|
Total real estate loans |
2,825,718 |
|
|
19,796 |
|
|
2,845,514 |
|
|
2,511,429 |
|
Commercial and industrial loans: |
|
|
|
|
|
|
|
Commercial term |
152,602 |
|
|
171 |
|
|
152,773 |
|
|
116,536 |
|
Commercial lines of credit |
128,224 |
|
|
— |
|
|
128,224 |
|
|
93,970 |
|
International loans |
31,879 |
|
|
— |
|
|
31,879 |
|
|
38,974 |
|
Total commercial and industrial loans |
312,705 |
|
|
171 |
|
|
312,876 |
|
|
249,480 |
|
Consumer loans (3)
|
24,879 |
|
|
47 |
|
|
24,926 |
|
|
27,589 |
|
Total gross loans |
3,163,302 |
|
|
20,014 |
|
|
3,183,316 |
|
|
2,788,498 |
|
Allowance for loans losses |
(37,494 |
) |
|
(5,441 |
) |
|
(42,935 |
) |
|
(52,666 |
) |
Loans receivable, net |
$ |
3,125,808 |
|
|
$ |
14,573 |
|
|
$ |
3,140,381 |
|
|
$ |
2,735,832 |
|
|
|
(1) |
Includes owner-occupied property loans of $1.20 billion and $1.12 billion as of December 31, 2015 and 2014, respectively.
|
|
| Loans Receivable to Loans Held for Sale |
The following table details the information on the sales and reclassifications of loans receivable to loans held for sale (excluding PCI loans) by portfolio segment for the years ended December 31, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate |
|
Commercial and
Industrial |
|
Total
Non-PCI |
|
(In thousands) |
December 31, 2015 |
|
|
|
|
|
Balance at beginning of period |
$ |
3,323 |
|
|
$ |
2,128 |
|
|
$ |
5,451 |
|
Origination of loans held for sale |
56,247 |
|
|
30,410 |
|
|
86,657 |
|
Reclassification from loans receivable to loans held for sale |
360 |
|
|
— |
|
|
360 |
|
Sales of loans held for sale |
(59,030 |
) |
|
(30,441 |
) |
|
(89,471 |
) |
Principal payoffs and amortization |
(60 |
) |
|
(63 |
) |
|
(123 |
) |
Balance at end of period |
$ |
840 |
|
|
$ |
2,034 |
|
|
$ |
2,874 |
|
December 31, 2014 |
|
|
|
|
|
Balance at beginning of period |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Origination of loans held for sale |
38,379 |
|
|
9,606 |
|
|
47,985 |
|
Sales of loans held for sale |
(34,994 |
) |
|
(7,418 |
) |
|
(42,412 |
) |
Principal payoffs and amortization |
(62 |
) |
|
(60 |
) |
|
(122 |
) |
Balance at end of period |
$ |
3,323 |
|
|
$ |
2,128 |
|
|
$ |
5,451 |
|
|
| Allowance for Loan Losses and Allowance for Off-Balance Sheet Items |
Activity in the allowance for loan losses and allowance for off-balance sheet items was as follows for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of and for the
Year Ended December 31, |
|
2015 |
|
|
|
|
|
Non-PCI Loans |
|
PCI Loans |
|
Total |
|
2014 |
|
2013 |
|
(In thousands) |
Allowance for loan losses: |
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
$ |
51,640 |
|
|
$ |
1,026 |
|
|
$ |
52,666 |
|
|
$ |
57,555 |
|
|
$ |
63,305 |
|
Charge-offs |
(3,531 |
) |
|
— |
|
|
(3,531 |
) |
|
(6,992 |
) |
|
(11,862 |
) |
Recoveries on loans previously charged off |
5,423 |
|
|
— |
|
|
5,423 |
|
|
8,361 |
|
|
5,536 |
|
Net loan recoveries (charge-offs) |
1,892 |
|
|
— |
|
|
1,892 |
|
|
1,369 |
|
|
(6,326 |
) |
(Negative provision) provision charged to operating expense |
(16,038 |
) |
|
4,415 |
|
|
(11,623 |
) |
|
(6,258 |
) |
|
576 |
|
Balance at end of period |
$ |
37,494 |
|
|
$ |
5,441 |
|
|
$ |
42,935 |
|
|
$ |
52,666 |
|
|
$ |
57,555 |
|
|
|
|
|
|
|
|
|
|
|
Allowance for off-balance sheet items: |
|
|
|
|
|
|
|
|
|
Balance at beginning of period |
$ |
1,366 |
|
|
$ |
— |
|
|
$ |
1,366 |
|
|
$ |
1,248 |
|
|
$ |
1,824 |
|
Provision (negative provision) charged to operating expense |
(380 |
) |
|
— |
|
|
$ |
(380 |
) |
|
118 |
|
|
(576 |
) |
Balance at end of period |
$ |
986 |
|
|
$ |
— |
|
|
$ |
986 |
|
|
$ |
1,366 |
|
|
$ |
1,248 |
|
|
| Allowance for Loan Losses by Portfolio Segment |
The following table details the information on the allowance for loan losses by portfolio segment for the years ended December 31, 2015 and 2014:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate |
|
Commercial
and Industrial |
|
Consumer |
|
Unallocated |
|
Total |
|
(In thousands) |
December 31, 2015 |
|
|
|
|
|
|
|
|
|
Allowance for loan losses on Non-PCI loans: |
|
|
|
|
|
|
|
|
|
Beginning balance |
$ |
41,194 |
|
|
$ |
9,142 |
|
|
$ |
220 |
|
|
$ |
1,084 |
|
|
$ |
51,640 |
|
Charge-offs |
(565 |
) |
|
(2,966 |
) |
|
— |
|
|
— |
|
|
(3,531 |
) |
Recoveries on loans previously charged off |
2,080 |
|
|
3,339 |
|
|
4 |
|
|
— |
|
|
5,423 |
|
(Negative provision) provision |
(12,909 |
) |
|
(2,434 |
) |
|
18 |
|
|
(713 |
) |
|
(16,038 |
) |
Ending balance |
$ |
29,800 |
|
|
$ |
7,081 |
|
|
$ |
242 |
|
|
$ |
371 |
|
|
$ |
37,494 |
|
Ending balance: individually evaluated for impairment |
$ |
3,858 |
|
|
$ |
587 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,445 |
|
Ending balance: collectively evaluated for impairment |
$ |
25,942 |
|
|
$ |
6,494 |
|
|
$ |
242 |
|
|
$ |
371 |
|
|
$ |
33,049 |
|
Non-PCI loans receivable: |
|
|
|
|
|
|
|
|
|
Ending balance |
$ |
2,825,718 |
|
|
$ |
312,705 |
|
|
$ |
24,879 |
|
|
$ |
— |
|
|
$ |
3,163,302 |
|
Ending balance: individually evaluated for impairment |
$ |
27,341 |
|
|
$ |
6,853 |
|
|
$ |
1,665 |
|
|
$ |
— |
|
|
$ |
35,859 |
|
Ending balance: collectively evaluated for impairment |
$ |
2,798,377 |
|
|
$ |
305,852 |
|
|
$ |
23,214 |
|
|
$ |
— |
|
|
$ |
3,127,443 |
|
Allowance for loan losses on PCI loans: |
|
|
|
|
|
|
|
|
|
Beginning balance |
$ |
895 |
|
|
$ |
131 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,026 |
|
Provision |
4,502 |
|
|
(89 |
) |
|
2 |
|
|
— |
|
|
4,415 |
|
Ending balance: acquired with deteriorated credit quality |
$ |
5,397 |
|
|
$ |
42 |
|
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
5,441 |
|
PCI loans receivable: |
|
|
|
|
|
|
|
|
|
Ending balance: acquired with deteriorated credit quality |
$ |
19,796 |
|
|
$ |
171 |
|
|
$ |
47 |
|
|
$ |
— |
|
|
$ |
20,014 |
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
Allowance for loan losses on Non-PCI loans: |
|
|
|
|
|
|
|
|
|
Beginning balance |
$ |
43,550 |
|
|
$ |
11,287 |
|
|
$ |
1,427 |
|
|
$ |
1,291 |
|
|
$ |
57,555 |
|
Charge-offs |
(3,009 |
) |
|
(3,881 |
) |
|
(102 |
) |
|
— |
|
|
(6,992 |
) |
Recoveries on loans previously charged off |
4,348 |
|
|
3,801 |
|
|
212 |
|
|
— |
|
|
8,361 |
|
Provision (negative provision) |
(3,695 |
) |
|
(2,065 |
) |
|
(1,317 |
) |
|
(207 |
) |
|
(7,284 |
) |
Ending balance |
$ |
41,194 |
|
|
$ |
9,142 |
|
|
$ |
220 |
|
|
$ |
1,084 |
|
|
$ |
51,640 |
|
Ending balance: individually evaluated for impairment |
$ |
2,517 |
|
|
$ |
2,729 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
5,246 |
|
Ending balance: collectively evaluated for impairment |
$ |
38,677 |
|
|
$ |
6,413 |
|
|
$ |
220 |
|
|
$ |
1,084 |
|
|
$ |
46,394 |
|
Non-PCI loans receivable: |
|
|
|
|
|
|
|
|
|
Ending balance |
$ |
2,464,386 |
|
|
$ |
248,862 |
|
|
$ |
27,512 |
|
|
$ |
— |
|
|
$ |
2,740,760 |
|
Ending balance: individually evaluated for impairment |
$ |
32,497 |
|
|
$ |
11,626 |
|
|
$ |
1,742 |
|
|
$ |
— |
|
|
$ |
45,865 |
|
Ending balance: collectively evaluated for impairment |
$ |
2,431,889 |
|
|
$ |
237,236 |
|
|
$ |
25,770 |
|
|
$ |
— |
|
|
$ |
2,694,895 |
|
|
| Information on Impaired Loans, Disaggregated by Loan Class |
The following table provides information on impaired loans (excluding PCI loans), disaggregated by loan class, as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recorded
Investment |
|
Unpaid Principal
Balance |
|
With No
Related
Allowance
Recorded |
|
With an
Allowance
Recorded |
|
Related
Allowance |
|
Average
Recorded
Investment |
|
Interest
Income
Recognized |
|
|
|
|
|
(In thousands) |
|
|
|
|
|
|
As of or for The Year Ended December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
$ |
2,597 |
|
|
$ |
2,892 |
|
|
$ |
2,435 |
|
|
$ |
162 |
|
|
$ |
27 |
|
|
$ |
3,878 |
|
|
$ |
277 |
|
Hotel/motel |
7,168 |
|
|
7,538 |
|
|
2,873 |
|
|
4,295 |
|
|
3,068 |
|
|
6,628 |
|
|
572 |
|
Gas station |
5,393 |
|
|
5,815 |
|
|
4,400 |
|
|
993 |
|
|
112 |
|
|
7,116 |
|
|
436 |
|
Other |
9,288 |
|
|
10,810 |
|
|
7,219 |
|
|
2,069 |
|
|
647 |
|
|
10,218 |
|
|
795 |
|
Residential property |
2,895 |
|
|
3,081 |
|
|
2,608 |
|
|
287 |
|
|
4 |
|
|
2,839 |
|
|
120 |
|
Commercial and industrial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial term |
5,257 |
|
|
5,621 |
|
|
1,858 |
|
|
3,399 |
|
|
457 |
|
|
6,637 |
|
|
368 |
|
Commercial lines of credit |
381 |
|
|
493 |
|
|
280 |
|
|
101 |
|
|
100 |
|
|
1,515 |
|
|
42 |
|
International loans |
1,215 |
|
|
1,215 |
|
|
647 |
|
|
568 |
|
|
30 |
|
|
1,257 |
|
|
— |
|
Consumer loans |
1,665 |
|
|
1,898 |
|
|
1,665 |
|
|
— |
|
|
— |
|
|
1,753 |
|
|
73 |
|
Total Non-PCI loans |
$ |
35,859 |
|
|
$ |
39,363 |
|
|
$ |
23,985 |
|
|
$ |
11,874 |
|
|
$ |
4,445 |
|
|
$ |
41,841 |
|
|
$ |
2,683 |
|
As of or for The Year Ended December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
$ |
4,436 |
|
|
$ |
4,546 |
|
|
$ |
1,938 |
|
|
$ |
2,498 |
|
|
$ |
220 |
|
|
$ |
5,373 |
|
|
$ |
251 |
|
Hotel/motel |
5,835 |
|
|
6,426 |
|
|
4,581 |
|
|
1,254 |
|
|
1,828 |
|
|
4,583 |
|
|
398 |
|
Gas station |
8,974 |
|
|
9,594 |
|
|
8,526 |
|
|
448 |
|
|
150 |
|
|
11,281 |
|
|
787 |
|
Other |
10,125 |
|
|
11,591 |
|
|
8,890 |
|
|
1,235 |
|
|
319 |
|
|
10,579 |
|
|
885 |
|
Residential property |
3,127 |
|
|
3,268 |
|
|
3,127 |
|
|
— |
|
|
— |
|
|
2,924 |
|
|
115 |
|
Commercial and industrial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial term |
7,614 |
|
|
8,133 |
|
|
2,999 |
|
|
4,615 |
|
|
2,443 |
|
|
9,458 |
|
|
566 |
|
Commercial lines of credit |
466 |
|
|
575 |
|
|
466 |
|
|
— |
|
|
— |
|
|
1,205 |
|
|
66 |
|
International loans |
3,546 |
|
|
3,546 |
|
|
2,628 |
|
|
918 |
|
|
286 |
|
|
1,736 |
|
|
33 |
|
Consumer loans |
1,742 |
|
|
1,907 |
|
|
1,742 |
|
|
— |
|
|
— |
|
|
1,651 |
|
|
59 |
|
Total Non-PCI loans |
$ |
45,865 |
|
|
$ |
49,586 |
|
|
$ |
34,897 |
|
|
$ |
10,968 |
|
|
$ |
5,246 |
|
|
$ |
48,790 |
|
|
$ |
3,160 |
|
As of or for The Year Ended December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
$ |
6,244 |
|
|
$ |
6,332 |
|
|
$ |
3,767 |
|
|
$ |
2,477 |
|
|
$ |
305 |
|
|
$ |
4,342 |
|
|
$ |
166 |
|
Hotel/motel |
6,200 |
|
|
6,940 |
|
|
4,668 |
|
|
1,532 |
|
|
1,183 |
|
|
5,125 |
|
|
530 |
|
Gas station |
9,389 |
|
|
9,884 |
|
|
8,592 |
|
|
797 |
|
|
209 |
|
|
8,939 |
|
|
756 |
|
Other |
11,451 |
|
|
12,882 |
|
|
9,555 |
|
|
1,896 |
|
|
351 |
|
|
10,014 |
|
|
1,047 |
|
Residential property |
2,678 |
|
|
2,773 |
|
|
2,678 |
|
|
— |
|
|
— |
|
|
2,941 |
|
|
117 |
|
Commercial and industrial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial term |
13,834 |
|
|
14,308 |
|
|
2,929 |
|
|
10,905 |
|
|
3,806 |
|
|
13,083 |
|
|
968 |
|
Commercial lines of credit |
614 |
|
|
686 |
|
|
173 |
|
|
441 |
|
|
252 |
|
|
1,008 |
|
|
54 |
|
International loans |
1,087 |
|
|
1,087 |
|
|
286 |
|
|
801 |
|
|
78 |
|
|
1,284 |
|
|
— |
|
Consumer loans |
1,569 |
|
|
1,671 |
|
|
644 |
|
|
925 |
|
|
284 |
|
|
1,612 |
|
|
71 |
|
Total Non-PCI loans |
$ |
53,066 |
|
|
$ |
56,563 |
|
|
$ |
33,292 |
|
|
$ |
19,774 |
|
|
$ |
6,468 |
|
|
$ |
48,348 |
|
|
$ |
3,709 |
|
|
| Summary of Interest Foregone on Impaired Loans |
The following is a summary of interest foregone on impaired loans (excluding PCI loans) for the periods indicated:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2015 |
|
2014 |
|
2013 |
|
(In thousands) |
Interest income that would have been recognized had impaired loans performed in accordance with their original terms |
$ |
4,168 |
|
|
$ |
4,468 |
|
|
$ |
4,451 |
|
Less: Interest income recognized on impaired loans |
(2,683 |
) |
|
(3,160 |
) |
|
(3,708 |
) |
Interest foregone on impaired loans |
$ |
1,485 |
|
|
$ |
1,308 |
|
|
$ |
743 |
|
|
| Non-Accrual Loans, Disaggregated by Loan Class |
The following table details nonaccrual loans (excluding PCI loans), disaggregated by loan class, as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
2015 |
|
2014 |
|
(In thousands) |
Real estate loans: |
|
|
|
Commercial property |
|
|
|
Retail |
$ |
946 |
|
|
$ |
2,160 |
|
Hotel/motel |
5,790 |
|
|
3,835 |
|
Gas station |
2,774 |
|
|
3,478 |
|
Other |
4,068 |
|
|
4,961 |
|
Residential property |
1,386 |
|
|
1,588 |
|
Commercial and industrial loans: |
|
|
|
Commercial term |
2,193 |
|
|
7,052 |
|
Commercial lines of credit |
450 |
|
|
466 |
|
Consumer loans |
1,511 |
|
|
1,742 |
|
Total nonaccrual Non-PCI loans |
$ |
19,118 |
|
|
$ |
25,282 |
|
|
| Non-Performing Assets |
The following table details nonperforming assets (excluding PCI loans) as of the dates indicated:
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
2015 |
|
2014 |
|
(In thousands) |
Nonaccrual Non-PCI loans |
$ |
19,118 |
|
|
$ |
25,282 |
|
Loans 90 days or more past due and still accruing |
— |
|
|
— |
|
Total nonperforming Non-PCI loans |
19,118 |
|
|
25,282 |
|
Other real estate owned |
8,511 |
|
|
15,790 |
|
Total nonperforming assets |
$ |
27,629 |
|
|
$ |
41,072 |
|
|
| Troubled Debt Restructurings, Disaggregated by Type of Concession and by Loan Type |
The following table details TDRs (excluding PCI loans), disaggregated by concession type and by loan type, as of December 31, 2015, 2014 and 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual TDRs |
|
Accrual TDRs |
|
Deferral of
Principal |
|
Deferral of
Principal and
Interest |
|
Reduction of
Principal
and Interest |
|
Extension of
Maturity |
|
Total |
|
Deferral of
Principal |
|
Deferral of
Principal and
Interest |
|
Reduction of
Principal
and Interest |
|
Extension of
Maturity |
|
Total |
|
(In thousands) |
December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
344 |
|
|
$ |
344 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,227 |
|
|
$ |
— |
|
|
$ |
1,227 |
|
Hotel/motel |
1,216 |
|
|
28 |
|
|
— |
|
|
— |
|
|
1,244 |
|
|
414 |
|
|
— |
|
|
— |
|
|
— |
|
|
414 |
|
Gas station |
959 |
|
|
— |
|
|
— |
|
|
— |
|
|
959 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other |
— |
|
|
1,301 |
|
|
216 |
|
|
8 |
|
|
1,525 |
|
|
3,537 |
|
|
— |
|
|
322 |
|
|
1,378 |
|
|
5,237 |
|
Residential property |
689 |
|
|
— |
|
|
— |
|
|
— |
|
|
689 |
|
|
— |
|
|
— |
|
|
— |
|
|
299 |
|
|
299 |
|
Commercial and industrial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial term |
45 |
|
|
— |
|
|
997 |
|
|
679 |
|
|
1,721 |
|
|
40 |
|
|
214 |
|
|
1,673 |
|
|
945 |
|
|
2,872 |
|
Commercial lines of credit |
222 |
|
|
— |
|
|
— |
|
|
58 |
|
|
280 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
International loans |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Consumer loans |
— |
|
|
— |
|
|
116 |
|
|
— |
|
|
116 |
|
|
250 |
|
|
— |
|
|
— |
|
|
— |
|
|
250 |
|
Total Non-PCI loans |
$ |
3,131 |
|
|
$ |
1,329 |
|
|
$ |
1,329 |
|
|
$ |
1,089 |
|
|
$ |
6,878 |
|
|
$ |
4,241 |
|
|
$ |
214 |
|
|
$ |
3,222 |
|
|
$ |
2,622 |
|
|
$ |
10,299 |
|
December 31, 2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
2,032 |
|
|
$ |
2,032 |
|
|
$ |
306 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
306 |
|
Hotel/motel |
1,115 |
|
|
(53 |
) |
|
— |
|
|
— |
|
|
1,062 |
|
|
1,807 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,807 |
|
Gas station |
1,075 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,075 |
|
|
2,335 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,335 |
|
Other |
943 |
|
|
1,498 |
|
|
433 |
|
|
24 |
|
|
2,898 |
|
|
2,343 |
|
|
— |
|
|
782 |
|
|
1,372 |
|
|
4,497 |
|
Residential property |
742 |
|
|
— |
|
|
— |
|
|
— |
|
|
742 |
|
|
— |
|
|
— |
|
|
— |
|
|
308 |
|
|
308 |
|
Commercial and industrial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial term |
14 |
|
|
(1 |
) |
|
2,556 |
|
|
1,481 |
|
|
4,050 |
|
|
57 |
|
|
226 |
|
|
567 |
|
|
1,358 |
|
|
2,208 |
|
Commercial lines of credit |
227 |
|
|
— |
|
|
126 |
|
|
113 |
|
|
466 |
|
|
2,156 |
|
|
— |
|
|
— |
|
|
— |
|
|
2,156 |
|
International loans |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
200 |
|
|
— |
|
|
200 |
|
Consumer loans |
— |
|
|
— |
|
|
131 |
|
|
— |
|
|
131 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total Non-PCI loans |
$ |
4,116 |
|
|
$ |
1,444 |
|
|
$ |
3,246 |
|
|
$ |
3,650 |
|
|
$ |
12,456 |
|
|
$ |
9,004 |
|
|
$ |
226 |
|
|
$ |
1,549 |
|
|
$ |
3,038 |
|
|
$ |
13,817 |
|
December 31, 2013 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
750 |
|
|
$ |
750 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
474 |
|
|
$ |
474 |
|
Hotel/motel |
1,272 |
|
|
758 |
|
|
— |
|
|
— |
|
|
2,030 |
|
|
1,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
1,000 |
|
Gas station |
1,291 |
|
|
— |
|
|
729 |
|
|
— |
|
|
2,020 |
|
|
365 |
|
|
— |
|
|
— |
|
|
2,609 |
|
|
2,974 |
|
Other |
403 |
|
|
1,279 |
|
|
555 |
|
|
— |
|
|
2,237 |
|
|
2,956 |
|
|
— |
|
|
1,253 |
|
|
2,027 |
|
|
6,236 |
|
Residential property |
795 |
|
|
— |
|
|
— |
|
|
— |
|
|
795 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Commercial and industrial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial term |
25 |
|
|
206 |
|
|
1,449 |
|
|
851 |
|
|
2,531 |
|
|
1,203 |
|
|
— |
|
|
2,286 |
|
|
3,817 |
|
|
7,306 |
|
Commercial lines of credit |
— |
|
|
— |
|
|
— |
|
|
173 |
|
|
173 |
|
|
— |
|
|
— |
|
|
191 |
|
|
— |
|
|
191 |
|
International loans |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,087 |
|
|
— |
|
|
1,087 |
|
Consumer loans |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
149 |
|
|
— |
|
|
149 |
|
Total Non-PCI loans |
$ |
3,786 |
|
|
$ |
2,243 |
|
|
$ |
2,733 |
|
|
$ |
1,774 |
|
|
$ |
10,536 |
|
|
$ |
5,524 |
|
|
$ |
— |
|
|
$ |
4,966 |
|
|
$ |
8,927 |
|
|
$ |
19,417 |
|
|
| Troubled Debt Restructurings, Disaggregated by Loan Class |
The following table details TDRs (excluding PCI loans), disaggregated by loan class, for the years ended December 31, 2015, 2014 and 2013:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2015 |
|
December 31, 2014 |
|
December 31, 2013 |
|
Number of
Loans |
|
Pre-
Modification
Outstanding
Recorded
Investment |
|
Post-
Modification
Outstanding
Recorded
Investment |
|
Number of
Loans |
|
Pre-
Modification
Outstanding
Recorded
Investment |
|
Post-
Modification
Outstanding
Recorded
Investment |
|
Number of
Loans |
|
Pre-
Modification
Outstanding
Recorded
Investment |
|
Post-
Modification
Outstanding
Recorded
Investment |
|
|
|
|
|
|
|
(In thousands, except number of loans) |
|
|
|
|
|
|
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail (1)
|
1 |
|
|
$ |
1,230 |
|
|
$ |
1,227 |
|
|
2 |
|
|
$ |
2,205 |
|
|
$ |
2,032 |
|
|
— |
|
|
$ |
— |
|
|
$ |
— |
|
Hotel/motel (2)
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
832 |
|
|
821 |
|
|
1 |
|
|
1,000 |
|
|
1,000 |
|
Gas station (3)
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
2,040 |
|
|
1,979 |
|
|
3 |
|
|
903 |
|
|
819 |
|
Other (4)
|
2 |
|
|
725 |
|
|
724 |
|
|
3 |
|
|
1,422 |
|
|
1,352 |
|
|
4 |
|
|
1,853 |
|
|
1,796 |
|
Residential property (5)
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
317 |
|
|
308 |
|
|
— |
|
|
— |
|
|
— |
|
Commercial and industrial loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial term (6)
|
10 |
|
|
973 |
|
|
801 |
|
|
5 |
|
|
721 |
|
|
629 |
|
|
20 |
|
|
4,068 |
|
|
3,534 |
|
Commercial lines of credit (7)
|
— |
|
|
— |
|
|
— |
|
|
3 |
|
|
2,366 |
|
|
2,509 |
|
|
2 |
|
|
220 |
|
|
191 |
|
International loans (8) |
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
480 |
|
|
200 |
|
|
2 |
|
|
1,584 |
|
|
1,087 |
|
Consumer loans (9)
|
1 |
|
|
250 |
|
|
250 |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
149 |
|
|
149 |
|
Total Non-PCI loans |
14 |
|
|
$ |
3,178 |
|
|
$ |
3,002 |
|
|
17 |
|
|
$ |
10,383 |
|
|
$ |
9,830 |
|
|
33 |
|
|
$ |
9,777 |
|
|
$ |
8,576 |
|
|
|
(1) |
Includes a modification of $1.2 million through a reduction of principal or accrued interest payment for the year ended December 31, 2015 and a modification of $2.0 million through payment deferrals for the year ended December 31, 2014.
|
|
|
(2) |
Includes a modification of $821,000 through a payment deferral for the year ended December 31, 2014 and a modification of $1.0 million through payment deferral for the year ended December 31, 2013.
|
|
|
(3) |
Includes a modification of $2.0 million through a payment deferral for the year ended December 31, 2014 and modifications of $90,000 through payment deferral and $729,000 through reductions of principal or accrued interest for the year ended December 31, 2013.
|
|
|
(4) |
Includes a modification of $725,000 through payment deferrals for the year ended December 31, 2015 and modifications of $943,000 through a payment deferral, $385,000 through a reduction of principal or accrued interest and $24,000 through an extension of maturity for the year ended December 31, 2014, modifications of $365,000 through a payment deferral, $785,000 through a reduction of principal or accrued interest and $645,000 through an extension of maturity for the year ended December 31, 2013.
|
|
|
(5) |
Includes a modification of $308,000 through an extension of maturity for the year ended December 31, 2014.
|
|
|
(6) |
Includes modifications of $34,000 through payment deferral, $60,000 through reductions of principal or accrued interest and $707,000 through extensions of maturity for the year ended December 31, 2015, modifications of $184,000 through reductions of principal or accrued interest and $445,000 through extensions of maturity for the year ended December 31, 2014, modifications of $386,000 through payment deferrals, $733,000 through a reduction of principal or accrued interest and $2.5 million through extensions of maturity for the year ended December 31, 2013.
|
|
|
(7) |
Includes modifications of $2.4 million through payment deferrals and $126,000 through a reduction of principal or accrued interest for the year ended December 31, 2014, and a modification o f $191,000 through a reduction of principal or accrued interest for the year ended December 31, 2013.
|
|
|
(8) |
Includes a modification of $200,000 through a reduction of principal or accrued interest for the year ended December 31, 2014, and a modification of $1.1 million through a reduction of principal or accrued interest for the year ended December 31, 2013.
|
|
|
(9) |
Includes a modification of $250,000 through a payment deferral for the year ended December 31, 2015 and a modification of $149,000 through a reduction of principal or accrued interest for the year ended December 31, 2013.
|
|
| Troubled Debt Restructurings that Defaulted Subsequent to Modifications Occurring Within Previous Twelve Months, Disaggregated by Loan Class |
The following table details TDRs (excluding PCI loans) that defaulted subsequent to the modifications occurring within the previous twelve months, disaggregated by loan class, for years ended December 31, 2015, 2014 and 2013, respectively:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended |
|
December 31, 2015 |
|
December 31, 2014 |
|
December 31, 2013 |
|
Number of
Loans |
|
Recorded
Investment |
|
Number of
Loans |
|
Recorded
Investment |
|
Number of
Loans |
|
Recorded
Investment |
|
(In thousands, except number of loans) |
Real estate loans: |
|
|
|
|
|
|
|
|
|
|
|
Commercial property |
|
|
|
|
|
|
|
|
|
|
|
Retail |
— |
|
|
$ |
— |
|
|
1 |
|
|
$ |
1,856 |
|
|
— |
|
|
$ |
— |
|
Gas station |
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1 |
|
|
90 |
|
Other |
1 |
|
|
412 |
|
|
3 |
|
|
1,352 |
|
|
1 |
|
|
125 |
|
Commercial and industrial loans: |
|
|
|
|
|
|
|
|
|
|
|
Commercial term |
1 |
|
|
178 |
|
|
— |
|
|
— |
|
|
2 |
|
|
123 |
|
Commercial lines of credit |
— |
|
|
— |
|
|
2 |
|
|
353 |
|
|
— |
|
|
— |
|
Total Non-PCI loans |
2 |
|
|
$ |
590 |
|
|
6 |
|
|
$ |
3,561 |
|
|
4 |
|
|
$ |
338 |
|
|
| Schedule of Changes in Carrying Value of PCI Loans |
The following table summarizes the changes in carrying value of PCI loans during the year ended December 31, 2015 :
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, 2015 |
|
For the Year Ended December 31, 2014 |
|
Carrying
Amount
|
|
Accretable
Yield
|
|
Carrying
Amount |
|
Accretable
Yield |
|
(In thousands) |
|
(In thousands) |
Beginning Balance |
$ |
43,475 |
|
|
$ |
(11,025 |
) |
|
$ |
— |
|
|
$ |
— |
|
Additions from CBI acquisition at August 31, 2014 |
— |
|
|
— |
|
|
65,346 |
|
|
(10,856 |
) |
Accretion |
2,956 |
|
|
2,956 |
|
|
1,448 |
|
|
1,448 |
|
Payments received |
(31,215 |
) |
|
— |
|
|
(17,803 |
) |
|
— |
|
Disposal/transfers to OREO |
3,772 |
|
|
— |
|
|
(4,490 |
) |
|
— |
|
Change in expected cash flows, net |
— |
|
|
2,125 |
|
|
— |
|
|
(1,617 |
) |
Provision for credit losses |
(4,415 |
) |
|
— |
|
|
(1,026 |
) |
|
— |
|
Ending Balance |
$ |
14,573 |
|
|
$ |
(5,944 |
) |
|
$ |
43,475 |
|
|
$ |
(11,025 |
) |
|
| Changes in Servicing Assets and Liabilities |
The changes in servicing assets and liabilities for the years ended December 31, 2015 and 2014 were as follows:
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
2015 |
|
2014 |
|
(In thousands) |
Servicing assets: |
|
|
|
Balance at beginning of period |
$ |
13,773 |
|
|
$ |
6,833 |
|
Additions from CBI acquisition |
— |
|
|
7,497 |
|
Addition related to sale of SBA loans |
2,573 |
|
|
1,332 |
|
Impairment provision |
(330 |
) |
|
|
Amortization |
(4,272 |
) |
|
(1,889 |
) |
Balance at end of period |
$ |
11,744 |
|
|
$ |
13,773 |
|
Servicing liabilities: |
|
|
|
Balance at beginning of period |
$ |
5,971 |
|
|
$ |
106 |
|
Additions from CBI acquisition |
— |
|
|
6,039 |
|
Amortization |
(1,187 |
) |
|
(174 |
) |
Balance at end of period |
$ |
4,784 |
|
|