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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Columbia Banking System Inc | NASDAQ:COLB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.44 | 2.23% | 20.19 | 20.18 | 20.19 | 20.37 | 20.00 | 20.15 | 409,185 | 15:31:16 |
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ý
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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Washington
|
|
91-1422237
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(State or other jurisdiction of
incorporation or organization)
|
|
(I.R.S. Employer
Identification Number)
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|
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1301 A Street
Tacoma, Washington
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|
98402-2156
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
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ý
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Accelerated filer
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¨
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Non-accelerated filer
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¨
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Smaller reporting company
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¨
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Page
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PART I — FINANCIAL INFORMATION
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Item 1.
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Item 2.
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Item 3.
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Item 4.
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PART II — OTHER INFORMATION
|
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Item 1.
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||
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Item 1A.
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||
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Item 2.
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||
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Item 3.
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Item 4.
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Item 5.
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Item 6.
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March 31,
2016 |
|
December 31,
2015 |
||||||
ASSETS
|
|
(in thousands)
|
|||||||||||
Cash and due from banks
|
|
$
|
150,683
|
|
|
$
|
166,929
|
|
|||||
Interest-earning deposits with banks
|
|
38,248
|
|
|
8,373
|
|
|||||||
Total cash and cash equivalents
|
|
188,931
|
|
|
175,302
|
|
|||||||
Securities available for sale at fair value (amortized cost of $2,156,999 and $2,157,610, respectively)
|
|
2,186,166
|
|
|
2,157,694
|
|
|||||||
Federal Home Loan Bank stock at cost
|
|
10,241
|
|
|
12,722
|
|
|||||||
Loans held for sale
|
|
3,681
|
|
|
4,509
|
|
|||||||
Loans, net of unearned income of ($39,410) and ($42,373), respectively
|
|
5,877,283
|
|
|
5,815,027
|
|
|||||||
Less: allowance for loan and lease losses
|
|
69,264
|
|
|
68,172
|
|
|||||||
Loans, net
|
|
5,808,019
|
|
|
5,746,855
|
|
|||||||
FDIC loss-sharing asset
|
|
5,954
|
|
|
6,568
|
|
|||||||
Interest receivable
|
|
29,304
|
|
|
27,877
|
|
|||||||
Premises and equipment, net
|
|
158,101
|
|
|
164,239
|
|
|||||||
Other real estate owned
|
|
12,427
|
|
|
13,738
|
|
|||||||
Goodwill
|
|
382,762
|
|
|
382,762
|
|
|||||||
Other intangible assets, net
|
|
21,994
|
|
|
23,577
|
|
|||||||
Other assets
|
|
228,352
|
|
|
235,854
|
|
|||||||
Total assets
|
|
$
|
9,035,932
|
|
|
$
|
8,951,697
|
|
|||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
|||||||||
Deposits:
|
|
|
|
|
|
|
|
||||||
Noninterest-bearing
|
|
$
|
3,553,468
|
|
|
$
|
3,507,358
|
|
|||||
Interest-bearing
|
|
4,043,481
|
|
|
3,931,471
|
|
|||||||
Total deposits
|
|
7,596,949
|
|
|
7,438,829
|
|
|||||||
Federal Home Loan Bank advances
|
|
6,521
|
|
|
68,531
|
|
|||||||
Securities sold under agreements to repurchase
|
|
73,839
|
|
|
99,699
|
|
|||||||
Other liabilities
|
|
97,835
|
|
|
102,510
|
|
|||||||
Total liabilities
|
|
7,775,144
|
|
|
7,709,569
|
|
|||||||
Commitments and contingent liabilities (Note 10)
|
|
|
|
|
|||||||||
Shareholders’ equity:
|
|
|
|
|
|
|
|
||||||
|
March 31,
2016 |
|
December 31,
2015 |
|
|
|
|
||||||
Preferred stock (no par value)
|
(in thousands)
|
|
|
|
|
||||||||
Authorized shares
|
2,000
|
|
|
2,000
|
|
|
|
|
|
||||
Issued and outstanding
|
9
|
|
|
9
|
|
|
2,217
|
|
|
2,217
|
|
||
Common stock (no par value)
|
|
|
|
|
|
|
|
||||||
Authorized shares
|
115,000
|
|
|
115,000
|
|
|
|
|
|
||||
Issued and outstanding
|
58,008
|
|
|
57,724
|
|
|
991,026
|
|
|
990,281
|
|
||
Retained earnings
|
|
255,202
|
|
|
255,925
|
|
|||||||
Accumulated other comprehensive income (loss)
|
|
12,343
|
|
|
(6,295
|
)
|
|||||||
Total shareholders’ equity
|
|
1,260,788
|
|
|
1,242,128
|
|
|||||||
Total liabilities and shareholders’ equity
|
|
$
|
9,035,932
|
|
|
$
|
8,951,697
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2016
|
|
2015 (1)
|
||||
|
|
(in thousands except per share amounts)
|
||||||
Interest Income
|
|
|
|
|
||||
Loans
|
|
$
|
70,316
|
|
|
$
|
70,822
|
|
Taxable securities
|
|
8,017
|
|
|
7,526
|
|
||
Tax-exempt securities
|
|
2,803
|
|
|
3,042
|
|
||
Deposits in banks
|
|
38
|
|
|
27
|
|
||
Total interest income
|
|
81,174
|
|
|
81,417
|
|
||
Interest Expense
|
|
|
|
|
||||
Deposits
|
|
742
|
|
|
748
|
|
||
Federal Home Loan Bank advances
|
|
124
|
|
|
159
|
|
||
Other borrowings
|
|
138
|
|
|
146
|
|
||
Total interest expense
|
|
1,004
|
|
|
1,053
|
|
||
Net Interest Income
|
|
80,170
|
|
|
80,364
|
|
||
Provision for loan and lease losses
|
|
5,254
|
|
|
1,209
|
|
||
Net interest income after provision for loan and lease losses
|
|
74,916
|
|
|
79,155
|
|
||
Noninterest Income
|
|
|
|
|
||||
Deposit account and treasury management fees (1)
|
|
6,989
|
|
|
6,860
|
|
||
Card revenue (1)
|
|
5,652
|
|
|
5,363
|
|
||
Financial services and trust revenue (1)
|
|
2,821
|
|
|
3,124
|
|
||
Loan revenue (1)
|
|
2,262
|
|
|
2,603
|
|
||
Merchant processing revenue
|
|
2,102
|
|
|
2,040
|
|
||
Bank owned life insurance
|
|
1,116
|
|
|
1,078
|
|
||
Investment securities gains, net
|
|
373
|
|
|
721
|
|
||
Change in FDIC loss-sharing asset
|
|
(1,103
|
)
|
|
150
|
|
||
Other (1)
|
|
434
|
|
|
828
|
|
||
Total noninterest income
|
|
20,646
|
|
|
22,767
|
|
||
Noninterest Expense
|
|
|
|
|
||||
Compensation and employee benefits
|
|
36,319
|
|
|
39,100
|
|
||
Occupancy
|
|
10,173
|
|
|
7,993
|
|
||
Merchant processing expense
|
|
1,033
|
|
|
977
|
|
||
Advertising and promotion
|
|
842
|
|
|
931
|
|
||
Data processing
|
|
4,146
|
|
|
4,984
|
|
||
Legal and professional fees
|
|
1,325
|
|
|
2,507
|
|
||
Taxes, licenses and fees
|
|
1,290
|
|
|
1,232
|
|
||
Regulatory premiums
|
|
1,141
|
|
|
1,221
|
|
||
Net cost (benefit) of operation of other real estate owned
|
|
104
|
|
|
(1,246
|
)
|
||
Amortization of intangibles
|
|
1,583
|
|
|
1,817
|
|
||
Other
|
|
7,118
|
|
|
7,218
|
|
||
Total noninterest expense
|
|
65,074
|
|
|
66,734
|
|
||
Income before income taxes
|
|
30,488
|
|
|
35,188
|
|
||
Income tax provision
|
|
9,229
|
|
|
10,827
|
|
||
Net Income
|
|
$
|
21,259
|
|
|
$
|
24,361
|
|
Earnings per common share
|
|
|
|
|
||||
Basic
|
|
$
|
0.37
|
|
|
$
|
0.42
|
|
Diluted
|
|
$
|
0.37
|
|
|
$
|
0.42
|
|
Dividends paid per common share
|
|
$
|
0.38
|
|
|
$
|
0.30
|
|
Weighted average number of common shares outstanding
|
|
57,114
|
|
|
56,965
|
|
||
Weighted average number of diluted common shares outstanding
|
|
57,125
|
|
|
56,978
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(in thousands)
|
||||||
Net income
|
|
$
|
21,259
|
|
|
$
|
24,361
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
||||
Unrealized gain from securities:
|
|
|
|
|
||||
Net unrealized holding gain from available for sale securities arising during the period, net of tax of ($10,686) and ($5,338)
|
|
18,770
|
|
|
9,376
|
|
||
Reclassification adjustment of net gain from sale of available for sale securities included in income, net of tax of $135 and $262
|
|
(238
|
)
|
|
(459
|
)
|
||
Net unrealized gain from securities, net of reclassification adjustment
|
|
18,532
|
|
|
8,917
|
|
||
Pension plan liability adjustment:
|
|
|
|
|
||||
Net unrealized loss from unfunded defined benefit plan liability arising during the period, net of tax of $0 and $159
|
|
—
|
|
|
(280
|
)
|
||
Amortization of unrecognized net actuarial loss included in net periodic pension cost, net of tax of ($61) and ($16)
|
|
106
|
|
|
28
|
|
||
Pension plan liability adjustment, net
|
|
106
|
|
|
(252
|
)
|
||
Other comprehensive income
|
|
18,638
|
|
|
8,665
|
|
||
Total comprehensive income
|
|
$
|
39,897
|
|
|
$
|
33,026
|
|
|
|
|
|
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Retained
Earnings |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total
Shareholders’ Equity |
||||||||||||||||
|
|
Number of
Shares |
|
Amount
|
|
Number of
Shares |
|
Amount
|
|
|||||||||||||||||
|
|
(in thousands)
|
||||||||||||||||||||||||
Balance at January 1, 2016
|
|
9
|
|
|
$
|
2,217
|
|
|
57,724
|
|
|
$
|
990,281
|
|
|
$
|
255,925
|
|
|
$
|
(6,295
|
)
|
|
$
|
1,242,128
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,259
|
|
|
—
|
|
|
21,259
|
|
|||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,638
|
|
|
18,638
|
|
|||||
Issuance of common stock - stock option and other plans
|
|
—
|
|
|
—
|
|
|
20
|
|
|
598
|
|
|
—
|
|
|
—
|
|
|
598
|
|
|||||
Issuance of common stock - restricted stock awards, net of canceled awards
|
|
—
|
|
|
—
|
|
|
299
|
|
|
1,180
|
|
|
—
|
|
|
—
|
|
|
1,180
|
|
|||||
Purchase and retirement of common stock
|
|
—
|
|
|
—
|
|
|
(35
|
)
|
|
(1,033
|
)
|
|
—
|
|
|
—
|
|
|
(1,033
|
)
|
|||||
Preferred dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
—
|
|
|
(39
|
)
|
|||||
Cash dividends paid on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,943
|
)
|
|
—
|
|
|
(21,943
|
)
|
|||||
Balance at March 31, 2016
|
|
9
|
|
|
$
|
2,217
|
|
|
58,008
|
|
|
$
|
991,026
|
|
|
$
|
255,202
|
|
|
$
|
12,343
|
|
|
$
|
1,260,788
|
|
Balance at January 1, 2015
|
|
9
|
|
|
$
|
2,217
|
|
|
57,437
|
|
|
$
|
985,839
|
|
|
$
|
234,498
|
|
|
$
|
5,621
|
|
|
$
|
1,228,175
|
|
Net income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,361
|
|
|
—
|
|
|
24,361
|
|
|||||
Other comprehensive income
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8,665
|
|
|
8,665
|
|
|||||
Issuance of common stock - stock option and other plans
|
|
—
|
|
|
—
|
|
|
17
|
|
|
428
|
|
|
—
|
|
|
—
|
|
|
428
|
|
|||||
Issuance of common stock - restricted stock awards, net of canceled awards
|
|
—
|
|
|
—
|
|
|
273
|
|
|
862
|
|
|
—
|
|
|
—
|
|
|
862
|
|
|||||
Purchase and retirement of common stock
|
|
—
|
|
|
—
|
|
|
(28
|
)
|
|
(781
|
)
|
|
—
|
|
|
—
|
|
|
(781
|
)
|
|||||
Preferred dividends
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(31
|
)
|
|
—
|
|
|
(31
|
)
|
|||||
Cash dividends paid on common stock
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17,236
|
)
|
|
—
|
|
|
(17,236
|
)
|
|||||
Balance at March 31, 2015
|
|
9
|
|
|
$
|
2,217
|
|
|
57,699
|
|
|
$
|
986,348
|
|
|
$
|
241,592
|
|
|
$
|
14,286
|
|
|
$
|
1,244,443
|
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
Columbia Banking System, Inc.
(Unaudited)
|
||||||||
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015 (1)
|
||||
|
|
(in thousands)
|
||||||
Cash Flows From Operating Activities
|
|
|
|
|
||||
Net income
|
|
$
|
21,259
|
|
|
$
|
24,361
|
|
Adjustments to reconcile net income to net cash provided by operating activities
|
|
|
|
|
||||
Provision for loan and lease losses
|
|
5,254
|
|
|
1,209
|
|
||
Stock-based compensation expense
|
|
1,180
|
|
|
862
|
|
||
Depreciation, amortization and accretion
|
|
10,798
|
|
|
7,735
|
|
||
Investment securities gain, net
|
|
(373
|
)
|
|
(721
|
)
|
||
Net realized (gain) loss on sale of other assets
|
|
106
|
|
|
(306
|
)
|
||
Net realized (gain) loss on sale and valuation adjustments of other real estate owned (1)
|
|
90
|
|
|
(1,539
|
)
|
||
Originations of loans held for sale (1)
|
|
(19,174
|
)
|
|
(14,890
|
)
|
||
Proceeds from sales of loans held for sale (1)
|
|
20,002
|
|
|
12,461
|
|
||
Net change in:
|
|
|
|
|
||||
Interest receivable
|
|
(1,427
|
)
|
|
(1,286
|
)
|
||
Interest payable
|
|
(55
|
)
|
|
(79
|
)
|
||
Other assets
|
|
(3,731
|
)
|
|
(4,531
|
)
|
||
Other liabilities
|
|
(4,619
|
)
|
|
3,680
|
|
||
Net cash provided by operating activities
|
|
29,310
|
|
|
26,956
|
|
||
Cash Flows From Investing Activities
|
|
|
|
|
||||
Loans originated and acquired, net of principal collected
|
|
(64,056
|
)
|
|
(12,443
|
)
|
||
Purchases of:
|
|
|
|
|
||||
Securities available for sale
|
|
(95,686
|
)
|
|
(11,362
|
)
|
||
Premises and equipment
|
|
(445
|
)
|
|
(4,032
|
)
|
||
Federal Home Loan Bank stock
|
|
(10,520
|
)
|
|
—
|
|
||
Proceeds from:
|
|
|
|
|
||||
FDIC reimbursement on loss-sharing asset
|
|
258
|
|
|
1,138
|
|
||
Sales of securities available for sale
|
|
38,876
|
|
|
57,243
|
|
||
Principal repayments and maturities of securities available for sale
|
|
52,422
|
|
|
54,451
|
|
||
Sales of premises and equipment and loans held for investment
|
|
1,911
|
|
|
7,384
|
|
||
Redemption of Federal Home Loan Bank stock (1)
|
|
13,001
|
|
|
361
|
|
||
Sales of other real estate and other personal property owned (1)
|
|
1,326
|
|
|
5,067
|
|
||
Payments to FDIC related to loss-sharing asset
|
|
(611
|
)
|
|
(479
|
)
|
||
Net cash provided by (used in) investing activities
|
|
(63,524
|
)
|
|
97,328
|
|
||
Cash Flows From Financing Activities
|
|
|
|
|
||||
Net increase in deposits
|
|
158,120
|
|
|
150,243
|
|
||
Net decrease in sweep repurchase agreements
|
|
(25,860
|
)
|
|
(8,228
|
)
|
||
Proceeds from:
|
|
|
|
|
||||
Federal Home Loan Bank advances
|
|
165,000
|
|
|
624,000
|
|
||
Exercise of stock options
|
|
598
|
|
|
428
|
|
||
Payments for:
|
|
|
|
|
||||
Repayment of Federal Home Loan Bank advances
|
|
(227,000
|
)
|
|
(804,000
|
)
|
||
Common stock dividends
|
|
(21,943
|
)
|
|
(17,236
|
)
|
||
Preferred stock dividends
|
|
(39
|
)
|
|
(31
|
)
|
||
Repayment of other borrowings
|
|
—
|
|
|
(8,248
|
)
|
||
Purchase and retirement of common stock
|
|
(1,033
|
)
|
|
(781
|
)
|
||
Net cash provided by (used in) financing activities
|
|
47,843
|
|
|
(63,853
|
)
|
||
Increase in cash and cash equivalents
|
|
13,629
|
|
|
60,431
|
|
||
Cash and cash equivalents at beginning of period
|
|
175,302
|
|
|
188,170
|
|
||
Cash and cash equivalents at end of period
|
|
$
|
188,931
|
|
|
$
|
248,601
|
|
|
|
|
|
|
||||
Supplemental Information:
|
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
|
||||
Cash paid for interest
|
|
$
|
1,059
|
|
|
$
|
1,132
|
|
Cash paid for income tax
|
|
$
|
6,350
|
|
|
$
|
13
|
|
Non-cash investing and financing activities
|
|
|
|
|
||||
Loans transferred to other real estate owned
|
|
$
|
105
|
|
|
$
|
4,692
|
|
1.
|
Basis of Presentation and Significant Accounting Policies
|
2.
|
Accounting Pronouncements Recently Issued
|
|
|
Amortized
Cost |
|
Gross
Unrealized Gains |
|
Gross
Unrealized Losses |
|
Fair Value
|
||||||||
|
|
(in thousands)
|
||||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
|
|
$
|
1,319,714
|
|
|
$
|
14,247
|
|
|
$
|
(3,861
|
)
|
|
$
|
1,330,100
|
|
State and municipal securities
|
|
477,544
|
|
|
14,257
|
|
|
(414
|
)
|
|
491,387
|
|
||||
U.S. government agency and government-sponsored enterprise securities
|
|
353,910
|
|
|
5,031
|
|
|
—
|
|
|
358,941
|
|
||||
U.S. government securities
|
|
547
|
|
|
—
|
|
|
—
|
|
|
547
|
|
||||
Other securities
|
|
5,284
|
|
|
53
|
|
|
(146
|
)
|
|
5,191
|
|
||||
Total
|
|
$
|
2,156,999
|
|
|
$
|
33,588
|
|
|
$
|
(4,421
|
)
|
|
$
|
2,186,166
|
|
December 31, 2015
|
|
|
|
|
|
|
|
|
||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
|
|
$
|
1,296,955
|
|
|
$
|
4,525
|
|
|
$
|
(14,991
|
)
|
|
$
|
1,286,489
|
|
State and municipal securities
|
|
480,417
|
|
|
12,690
|
|
|
(938
|
)
|
|
492,169
|
|
||||
U.S. government agency and government-sponsored enterprise securities
|
|
354,515
|
|
|
1,113
|
|
|
(1,846
|
)
|
|
353,782
|
|
||||
U.S. government securities
|
|
20,439
|
|
|
—
|
|
|
(302
|
)
|
|
20,137
|
|
||||
Other securities
|
|
5,284
|
|
|
24
|
|
|
(191
|
)
|
|
5,117
|
|
||||
Total
|
|
$
|
2,157,610
|
|
|
$
|
18,352
|
|
|
$
|
(18,268
|
)
|
|
$
|
2,157,694
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(in thousands)
|
||||||
Gross realized gains
|
|
$
|
373
|
|
|
$
|
730
|
|
Gross realized losses
|
|
—
|
|
|
(9
|
)
|
||
Net realized gains
|
|
$
|
373
|
|
|
$
|
721
|
|
|
|
March 31, 2016
|
||||||
|
|
Amortized Cost
|
|
Fair Value
|
||||
|
|
(in thousands)
|
||||||
Due within one year
|
|
$
|
39,056
|
|
|
$
|
39,243
|
|
Due after one year through five years
|
|
435,423
|
|
|
440,733
|
|
||
Due after five years through ten years
|
|
711,190
|
|
|
723,977
|
|
||
Due after ten years
|
|
966,046
|
|
|
977,022
|
|
||
Other securities with no stated maturity
|
|
5,284
|
|
|
5,191
|
|
||
Total investment securities available-for-sale
|
|
$
|
2,156,999
|
|
|
$
|
2,186,166
|
|
|
|
March 31, 2016
|
||
|
|
(in thousands)
|
||
Washington and Oregon State to secure public deposits
|
|
$
|
339,424
|
|
Federal Reserve Bank to secure borrowings
|
|
48,879
|
|
|
Other securities pledged
|
|
156,551
|
|
|
Total securities pledged as collateral
|
|
$
|
544,854
|
|
|
|
Less than 12 Months
|
|
12 Months or More
|
|
Total
|
||||||||||||||||||
|
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
|
Fair
Value |
|
Unrealized
Losses |
||||||||||||
|
|
(in thousands)
|
||||||||||||||||||||||
March 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
|
|
$
|
95,313
|
|
|
$
|
(533
|
)
|
|
$
|
190,975
|
|
|
$
|
(3,328
|
)
|
|
$
|
286,288
|
|
|
$
|
(3,861
|
)
|
State and municipal securities
|
|
25,702
|
|
|
(125
|
)
|
|
19,010
|
|
|
(289
|
)
|
|
44,712
|
|
|
(414
|
)
|
||||||
U.S. government agency and government-sponsored enterprise securities
|
|
4,063
|
|
|
—
|
|
|
500
|
|
|
—
|
|
|
4,563
|
|
|
—
|
|
||||||
Other securities
|
|
—
|
|
|
—
|
|
|
2,810
|
|
|
(146
|
)
|
|
2,810
|
|
|
(146
|
)
|
||||||
Total
|
|
$
|
125,078
|
|
|
$
|
(658
|
)
|
|
$
|
213,295
|
|
|
$
|
(3,763
|
)
|
|
$
|
338,373
|
|
|
$
|
(4,421
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
|
|
$
|
664,509
|
|
|
$
|
(7,610
|
)
|
|
$
|
214,325
|
|
|
$
|
(7,381
|
)
|
|
$
|
878,834
|
|
|
$
|
(14,991
|
)
|
State and municipal securities
|
|
48,261
|
|
|
(358
|
)
|
|
31,383
|
|
|
(580
|
)
|
|
79,644
|
|
|
(938
|
)
|
||||||
U.S. government agency and government-sponsored enterprise securities
|
|
193,400
|
|
|
(1,128
|
)
|
|
40,034
|
|
|
(718
|
)
|
|
233,434
|
|
|
(1,846
|
)
|
||||||
U.S. government securities
|
|
10,343
|
|
|
(136
|
)
|
|
9,794
|
|
|
(166
|
)
|
|
20,137
|
|
|
(302
|
)
|
||||||
Other securities
|
|
2,300
|
|
|
(15
|
)
|
|
2,780
|
|
|
(176
|
)
|
|
5,080
|
|
|
(191
|
)
|
||||||
Total
|
|
$
|
918,813
|
|
|
$
|
(9,247
|
)
|
|
$
|
298,316
|
|
|
$
|
(9,021
|
)
|
|
$
|
1,217,129
|
|
|
$
|
(18,268
|
)
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
|
Loans, excluding PCI loans
|
|
PCI Loans
|
|
Total
|
|
Loans, excluding PCI loans
|
|
PCI Loans
|
|
Total
|
||||||||||||
|
|
(in thousands)
|
||||||||||||||||||||||
Commercial business
|
|
$
|
2,401,193
|
|
|
$
|
34,474
|
|
|
$
|
2,435,667
|
|
|
$
|
2,362,575
|
|
|
$
|
34,848
|
|
|
$
|
2,397,423
|
|
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family residential
|
|
175,050
|
|
|
22,720
|
|
|
197,770
|
|
|
176,295
|
|
|
23,938
|
|
|
200,233
|
|
||||||
Commercial and multifamily residential
|
|
2,520,352
|
|
|
93,979
|
|
|
2,614,331
|
|
|
2,491,736
|
|
|
99,389
|
|
|
2,591,125
|
|
||||||
Total real estate
|
|
2,695,402
|
|
|
116,699
|
|
|
2,812,101
|
|
|
2,668,031
|
|
|
123,327
|
|
|
2,791,358
|
|
||||||
Real estate construction:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family residential
|
|
133,447
|
|
|
2,163
|
|
|
135,610
|
|
|
135,874
|
|
|
2,278
|
|
|
138,152
|
|
||||||
Commercial and multifamily residential
|
|
183,548
|
|
|
1,618
|
|
|
185,166
|
|
|
167,413
|
|
|
1,630
|
|
|
169,043
|
|
||||||
Total real estate construction
|
|
316,995
|
|
|
3,781
|
|
|
320,776
|
|
|
303,287
|
|
|
3,908
|
|
|
307,195
|
|
||||||
Consumer
|
|
329,902
|
|
|
18,247
|
|
|
348,149
|
|
|
342,601
|
|
|
18,823
|
|
|
361,424
|
|
||||||
Less: Net unearned income
|
|
(39,410
|
)
|
|
—
|
|
|
(39,410
|
)
|
|
(42,373
|
)
|
|
—
|
|
|
(42,373
|
)
|
||||||
Total loans, net of unearned income
|
|
5,704,082
|
|
|
173,201
|
|
|
5,877,283
|
|
|
5,634,121
|
|
|
180,906
|
|
|
5,815,027
|
|
||||||
Less: Allowance for loan and lease losses
|
|
(56,200
|
)
|
|
(13,064
|
)
|
|
(69,264
|
)
|
|
(54,446
|
)
|
|
(13,726
|
)
|
|
(68,172
|
)
|
||||||
Total loans, net
|
|
$
|
5,647,882
|
|
|
$
|
160,137
|
|
|
$
|
5,808,019
|
|
|
$
|
5,579,675
|
|
|
$
|
167,180
|
|
|
$
|
5,746,855
|
|
Loans held for sale
|
|
$
|
3,681
|
|
|
$
|
—
|
|
|
$
|
3,681
|
|
|
$
|
4,509
|
|
|
$
|
—
|
|
|
$
|
4,509
|
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||
|
|
Recorded
Investment Nonaccrual Loans |
|
Unpaid Principal
Balance Nonaccrual Loans |
|
Recorded
Investment Nonaccrual Loans |
|
Unpaid Principal
Balance Nonaccrual Loans |
||||||||
|
|
(in thousands)
|
||||||||||||||
Commercial business:
|
|
|
|
|
|
|
|
|
||||||||
Secured
|
|
$
|
22,452
|
|
|
$
|
31,039
|
|
|
$
|
9,395
|
|
|
$
|
15,688
|
|
Unsecured
|
|
107
|
|
|
331
|
|
|
42
|
|
|
256
|
|
||||
Real estate:
|
|
|
|
|
|
|
|
|
||||||||
One-to-four family residential
|
|
730
|
|
|
1,702
|
|
|
820
|
|
|
1,866
|
|
||||
Commercial & multifamily residential:
|
|
|
|
|
|
|
|
|
||||||||
Commercial land
|
|
238
|
|
|
247
|
|
|
349
|
|
|
332
|
|
||||
Income property
|
|
2,897
|
|
|
3,185
|
|
|
2,843
|
|
|
3,124
|
|
||||
Owner occupied
|
|
4,982
|
|
|
7,473
|
|
|
6,321
|
|
|
8,943
|
|
||||
Real estate construction:
|
|
|
|
|
|
|
|
|
||||||||
One-to-four family residential:
|
|
|
|
|
|
|
|
|
||||||||
Land and acquisition
|
|
205
|
|
|
231
|
|
|
362
|
|
|
385
|
|
||||
Residential construction
|
|
563
|
|
|
563
|
|
|
566
|
|
|
679
|
|
||||
Consumer
|
|
4,717
|
|
|
4,985
|
|
|
766
|
|
|
990
|
|
||||
Total
|
|
$
|
36,891
|
|
|
$
|
49,756
|
|
|
$
|
21,464
|
|
|
$
|
32,263
|
|
|
|
Current
Loans |
|
30 - 59
Days Past Due |
|
60 - 89
Days Past Due |
|
Greater
than 90 Days Past Due |
|
Total
Past Due |
|
Nonaccrual
Loans |
|
Total Loans
|
||||||||||||||
March 31, 2016
|
|
(in thousands)
|
||||||||||||||||||||||||||
Commercial business:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Secured
|
|
$
|
2,277,121
|
|
|
$
|
4,148
|
|
|
$
|
311
|
|
|
$
|
—
|
|
|
$
|
4,459
|
|
|
$
|
22,452
|
|
|
$
|
2,304,032
|
|
Unsecured
|
|
91,785
|
|
|
684
|
|
|
—
|
|
|
—
|
|
|
684
|
|
|
107
|
|
|
92,576
|
|
|||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
One-to-four family residential
|
|
170,846
|
|
|
686
|
|
|
62
|
|
|
—
|
|
|
748
|
|
|
730
|
|
|
172,324
|
|
|||||||
Commercial & multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial land
|
|
218,925
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
238
|
|
|
219,163
|
|
|||||||
Income property
|
|
1,321,566
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,897
|
|
|
1,324,463
|
|
|||||||
Owner occupied
|
|
946,635
|
|
|
4,577
|
|
|
—
|
|
|
—
|
|
|
4,577
|
|
|
4,982
|
|
|
956,194
|
|
|||||||
Real estate construction:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
One-to-four family residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Land and acquisition
|
|
12,915
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
205
|
|
|
13,120
|
|
|||||||
Residential construction
|
|
119,125
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
563
|
|
|
119,688
|
|
|||||||
Commercial & multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Income property
|
|
86,584
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86,584
|
|
|||||||
Owner occupied
|
|
94,743
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
94,743
|
|
|||||||
Consumer
|
|
314,197
|
|
|
1,541
|
|
|
740
|
|
|
—
|
|
|
2,281
|
|
|
4,717
|
|
|
321,195
|
|
|||||||
Total
|
|
$
|
5,654,442
|
|
|
$
|
11,636
|
|
|
$
|
1,113
|
|
|
$
|
—
|
|
|
$
|
12,749
|
|
|
$
|
36,891
|
|
|
$
|
5,704,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Current
Loans |
|
30 - 59
Days Past Due |
|
60 - 89
Days Past Due |
|
Greater
than 90 Days Past Due |
|
Total
Past Due |
|
Nonaccrual
Loans |
|
Total Loans
|
||||||||||||||
December 31, 2015
|
|
(in thousands)
|
||||||||||||||||||||||||||
Commercial business:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Secured
|
|
$
|
2,241,069
|
|
|
$
|
11,611
|
|
|
$
|
617
|
|
|
$
|
—
|
|
|
$
|
12,228
|
|
|
$
|
9,395
|
|
|
$
|
2,262,692
|
|
Unsecured
|
|
94,867
|
|
|
39
|
|
|
—
|
|
|
—
|
|
|
39
|
|
|
42
|
|
|
94,948
|
|
|||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
One-to-four family residential
|
|
170,913
|
|
|
1,637
|
|
|
66
|
|
|
—
|
|
|
1,703
|
|
|
820
|
|
|
173,436
|
|
|||||||
Commercial & multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial land
|
|
212,740
|
|
|
69
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
349
|
|
|
213,158
|
|
|||||||
Income property
|
|
1,305,502
|
|
|
1,750
|
|
|
684
|
|
|
—
|
|
|
2,434
|
|
|
2,843
|
|
|
1,310,779
|
|
|||||||
Owner occupied
|
|
939,396
|
|
|
599
|
|
|
—
|
|
|
—
|
|
|
599
|
|
|
6,321
|
|
|
946,316
|
|
|||||||
Real estate construction:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
One-to-four family residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Land and acquisition
|
|
14,388
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
362
|
|
|
14,750
|
|
|||||||
Residential construction
|
|
119,809
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
566
|
|
|
120,375
|
|
|||||||
Commercial & multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Income property
|
|
83,634
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
83,634
|
|
|||||||
Owner occupied
|
|
81,671
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
81,671
|
|
|||||||
Consumer
|
|
328,219
|
|
|
2,597
|
|
|
780
|
|
|
—
|
|
|
3,377
|
|
|
766
|
|
|
332,362
|
|
|||||||
Total
|
|
$
|
5,592,208
|
|
|
$
|
18,302
|
|
|
$
|
2,147
|
|
|
$
|
—
|
|
|
$
|
20,449
|
|
|
$
|
21,464
|
|
|
$
|
5,634,121
|
|
|
|
Recorded Investment
of Loans Collectively Measured for Contingency Provision |
|
Recorded Investment
of Loans Individually Measured for Specific Impairment |
|
Impaired Loans With
Recorded Allowance |
|
Impaired Loans Without
Recorded Allowance |
||||||||||||||||||||
|
|
Recorded
Investment |
|
Unpaid
Principal Balance |
|
Related
Allowance |
|
Recorded
Investment |
|
Unpaid
Principal Balance |
||||||||||||||||||
March 31, 2016
|
|
(in thousands)
|
||||||||||||||||||||||||||
Commercial business:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Secured
|
|
$
|
2,285,351
|
|
|
$
|
18,681
|
|
|
$
|
11,861
|
|
|
$
|
11,996
|
|
|
$
|
2,500
|
|
|
$
|
6,820
|
|
|
$
|
12,314
|
|
Unsecured
|
|
92,576
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
One-to-four family residential
|
|
171,660
|
|
|
664
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
664
|
|
|
1,093
|
|
|||||||
Commercial & multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial land
|
|
219,163
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Income property
|
|
1,322,410
|
|
|
2,053
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,053
|
|
|
2,257
|
|
|||||||
Owner occupied
|
|
951,216
|
|
|
4,978
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,978
|
|
|
7,390
|
|
|||||||
Real estate construction:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
One-to-four family residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Land and acquisition
|
|
12,810
|
|
|
310
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
310
|
|
|
334
|
|
|||||||
Residential construction
|
|
119,126
|
|
|
562
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
562
|
|
|
562
|
|
|||||||
Commercial & multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Income property
|
|
86,584
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Owner occupied
|
|
94,743
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Consumer
|
|
319,628
|
|
|
1,567
|
|
|
15
|
|
|
15
|
|
|
15
|
|
|
1,552
|
|
|
1,634
|
|
|||||||
Total
|
|
$
|
5,675,267
|
|
|
$
|
28,815
|
|
|
$
|
11,876
|
|
|
$
|
12,011
|
|
|
$
|
2,515
|
|
|
$
|
16,939
|
|
|
$
|
25,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Recorded Investment
of Loans Collectively Measured for Contingency Provision |
|
Recorded Investment
of Loans Individually Measured for Specific Impairment |
|
Impaired Loans With
Recorded Allowance |
|
Impaired Loans Without
Recorded Allowance |
||||||||||||||||||||
|
|
|
|
Recorded
Investment |
|
Unpaid
Principal Balance |
|
Related
Allowance |
|
Recorded
Investment |
|
Unpaid
Principal Balance |
||||||||||||||||
December 31, 2015
|
|
(in thousands)
|
||||||||||||||||||||||||||
Commercial business:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Secured
|
|
$
|
2,257,168
|
|
|
$
|
5,524
|
|
|
$
|
690
|
|
|
$
|
718
|
|
|
$
|
321
|
|
|
$
|
4,834
|
|
|
$
|
6,455
|
|
Unsecured
|
|
94,948
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
One-to-four family residential
|
|
172,150
|
|
|
1,286
|
|
|
314
|
|
|
339
|
|
|
314
|
|
|
972
|
|
|
1,397
|
|
|||||||
Commercial & multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial land
|
|
213,158
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Income property
|
|
1,308,673
|
|
|
2,106
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,106
|
|
|
2,311
|
|
|||||||
Owner occupied
|
|
940,261
|
|
|
6,055
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
6,055
|
|
|
8,528
|
|
|||||||
Real estate construction:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
One-to-four family residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Land and acquisition
|
|
14,283
|
|
|
467
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
467
|
|
|
490
|
|
|||||||
Residential construction
|
|
119,813
|
|
|
562
|
|
|
335
|
|
|
335
|
|
|
3
|
|
|
227
|
|
|
227
|
|
|||||||
Commercial & multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Income property
|
|
83,634
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Owner occupied
|
|
81,671
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Consumer
|
|
332,282
|
|
|
80
|
|
|
15
|
|
|
15
|
|
|
15
|
|
|
65
|
|
|
139
|
|
|||||||
Total
|
|
$
|
5,618,041
|
|
|
$
|
16,080
|
|
|
$
|
1,354
|
|
|
$
|
1,407
|
|
|
$
|
653
|
|
|
$
|
14,726
|
|
|
$
|
19,547
|
|
|
|
Three Months Ended March 31,
|
||||||||||||||
|
|
2016
|
|
2015
|
||||||||||||
|
|
Average Recorded
Investment Impaired Loans |
|
Interest Recognized
on Impaired Loans |
|
Average Recorded
Investment Impaired Loans |
|
Interest Recognized
on Impaired Loans |
||||||||
|
|
(in thousands)
|
||||||||||||||
Commercial business:
|
|
|
|
|
|
|
|
|
||||||||
Secured
|
|
$
|
12,103
|
|
|
$
|
17
|
|
|
$
|
10,698
|
|
|
$
|
7
|
|
Unsecured
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
||||
Real estate:
|
|
|
|
|
|
|
|
|
||||||||
One-to-four family residential
|
|
975
|
|
|
6
|
|
|
3,162
|
|
|
13
|
|
||||
Commercial & multifamily residential:
|
|
|
|
|
|
|
|
|
||||||||
Commercial land
|
|
—
|
|
|
—
|
|
|
235
|
|
|
—
|
|
||||
Income property
|
|
2,080
|
|
|
3
|
|
|
4,168
|
|
|
10
|
|
||||
Owner occupied
|
|
5,516
|
|
|
7
|
|
|
7,938
|
|
|
234
|
|
||||
Real estate construction:
|
|
|
|
|
|
|
|
|
||||||||
One-to-four family residential:
|
|
|
|
|
|
|
|
|
||||||||
Land and acquisition
|
|
388
|
|
|
1
|
|
|
544
|
|
|
1
|
|
||||
Residential construction
|
|
562
|
|
|
—
|
|
|
446
|
|
|
—
|
|
||||
Consumer
|
|
824
|
|
|
2
|
|
|
404
|
|
|
2
|
|
||||
Total
|
|
$
|
22,448
|
|
|
$
|
36
|
|
|
$
|
27,596
|
|
|
$
|
267
|
|
|
|
Three months ended March 31, 2016
|
|
Three months ended March 31, 2015
|
||||||||||||||||||
|
|
Number of TDR Modifications
|
|
Pre-Modification
Outstanding Recorded Investment |
|
Post-Modification
Outstanding Recorded Investment |
|
Number of TDR Modifications
|
|
Pre-Modification
Outstanding Recorded Investment |
|
Post-Modification
Outstanding Recorded Investment |
||||||||||
|
|
(dollars in thousands)
|
||||||||||||||||||||
Commercial business:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Secured
|
|
3
|
|
|
$
|
1,370
|
|
|
$
|
1,370
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial and multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Owner occupied
|
|
1
|
|
|
250
|
|
|
250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Consumer
|
|
4
|
|
|
497
|
|
|
497
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total
|
|
8
|
|
|
$
|
2,117
|
|
|
$
|
2,117
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
|
|
(in thousands)
|
||||||
Commercial business
|
|
$
|
38,209
|
|
|
$
|
38,784
|
|
Real estate:
|
|
|
|
|
||||
One-to-four family residential
|
|
25,766
|
|
|
27,195
|
|
||
Commercial and multifamily residential
|
|
100,384
|
|
|
106,308
|
|
||
Total real estate
|
|
126,150
|
|
|
133,503
|
|
||
Real estate construction:
|
|
|
|
|
||||
One-to-four family residential
|
|
2,200
|
|
|
2,326
|
|
||
Commercial and multifamily residential
|
|
1,809
|
|
|
1,834
|
|
||
Total real estate construction
|
|
4,009
|
|
|
4,160
|
|
||
Consumer
|
|
20,226
|
|
|
20,903
|
|
||
Subtotal of PCI loans
|
|
188,594
|
|
|
197,350
|
|
||
Less:
|
|
|
|
|
||||
Valuation discount resulting from acquisition accounting
|
|
15,393
|
|
|
16,444
|
|
||
Allowance for loan losses
|
|
13,064
|
|
|
13,726
|
|
||
PCI loans, net of allowance for loan losses
|
|
$
|
160,137
|
|
|
$
|
167,180
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(in thousands)
|
||||||
Balance at beginning of period
|
|
$
|
58,981
|
|
|
$
|
73,849
|
|
Accretion
|
|
(4,229
|
)
|
|
(6,319
|
)
|
||
Disposals
|
|
94
|
|
|
(1,093
|
)
|
||
Reclassifications from nonaccretable difference
|
|
1,761
|
|
|
2,289
|
|
||
Balance at end of period
|
|
$
|
56,607
|
|
|
$
|
68,726
|
|
1.
|
General valuation allowance consistent with the Contingencies topic of the FASB ASC.
|
2.
|
Classified loss reserves on specific relationships. Specific allowances for identified problem loans are determined in accordance with the Receivables topic of the FASB ASC.
|
3.
|
The unallocated allowance provides for other factors inherent in our loan portfolio that may not have been contemplated in the general and specific components of the allowance. This unallocated amount generally comprises less than
5%
of the allowance. The unallocated amount is reviewed quarterly based on trends in credit losses, the results of credit reviews and overall economic trends.
|
|
|
Beginning
Balance |
|
Charge-offs
|
|
Recoveries
|
|
Provision (Recovery)
|
|
Ending
Balance |
|
Specific
Reserve |
|
General
Allocation |
||||||||||||||
Three months ended March 31, 2016
|
|
(in thousands)
|
||||||||||||||||||||||||||
Commercial business:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Secured
|
|
$
|
32,321
|
|
|
$
|
(3,770
|
)
|
|
$
|
611
|
|
|
$
|
2,952
|
|
|
$
|
32,114
|
|
|
$
|
2,500
|
|
|
$
|
29,614
|
|
Unsecured
|
|
1,299
|
|
|
(3
|
)
|
|
51
|
|
|
(47
|
)
|
|
1,300
|
|
|
—
|
|
|
1,300
|
|
|||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
One-to-four family residential
|
|
916
|
|
|
—
|
|
|
41
|
|
|
(303
|
)
|
|
654
|
|
|
—
|
|
|
654
|
|
|||||||
Commercial & multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial land
|
|
1,178
|
|
|
—
|
|
|
—
|
|
|
84
|
|
|
1,262
|
|
|
—
|
|
|
1,262
|
|
|||||||
Income property
|
|
6,616
|
|
|
—
|
|
|
61
|
|
|
725
|
|
|
7,402
|
|
|
—
|
|
|
7,402
|
|
|||||||
Owner occupied
|
|
5,550
|
|
|
—
|
|
|
8
|
|
|
528
|
|
|
6,086
|
|
|
—
|
|
|
6,086
|
|
|||||||
Real estate construction:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
One-to-four family residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Land and acquisition
|
|
339
|
|
|
—
|
|
|
51
|
|
|
250
|
|
|
640
|
|
|
—
|
|
|
640
|
|
|||||||
Residential construction
|
|
733
|
|
|
—
|
|
|
203
|
|
|
513
|
|
|
1,449
|
|
|
—
|
|
|
1,449
|
|
|||||||
Commercial & multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Income property
|
|
388
|
|
|
—
|
|
|
1
|
|
|
326
|
|
|
715
|
|
|
—
|
|
|
715
|
|
|||||||
Owner occupied
|
|
1,006
|
|
|
—
|
|
|
—
|
|
|
204
|
|
|
1,210
|
|
|
—
|
|
|
1,210
|
|
|||||||
Consumer
|
|
3,531
|
|
|
(266
|
)
|
|
165
|
|
|
(62
|
)
|
|
3,368
|
|
|
15
|
|
|
3,353
|
|
|||||||
Purchased credit impaired
|
|
13,726
|
|
|
(2,866
|
)
|
|
1,551
|
|
|
653
|
|
|
13,064
|
|
|
—
|
|
|
13,064
|
|
|||||||
Unallocated
|
|
569
|
|
|
—
|
|
|
—
|
|
|
(569
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Total
|
|
$
|
68,172
|
|
|
$
|
(6,905
|
)
|
|
$
|
2,743
|
|
|
$
|
5,254
|
|
|
$
|
69,264
|
|
|
$
|
2,515
|
|
|
$
|
66,749
|
|
|
|
Beginning
Balance |
|
Charge-offs
|
|
Recoveries
|
|
Provision (Recovery)
|
|
Ending
Balance |
|
Specific
Reserve |
|
General
Allocation |
||||||||||||||
Three months ended March 31, 2015
|
|
(in thousands)
|
||||||||||||||||||||||||||
Commercial business:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Secured
|
|
$
|
25,923
|
|
|
$
|
(1,386
|
)
|
|
$
|
512
|
|
|
$
|
712
|
|
|
$
|
25,761
|
|
|
$
|
24
|
|
|
$
|
25,737
|
|
Unsecured
|
|
927
|
|
|
(40
|
)
|
|
106
|
|
|
19
|
|
|
1,012
|
|
|
—
|
|
|
1,012
|
|
|||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
One-to-four family residential
|
|
2,281
|
|
|
(8
|
)
|
|
12
|
|
|
(921
|
)
|
|
1,364
|
|
|
115
|
|
|
1,249
|
|
|||||||
Commercial & multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial land
|
|
799
|
|
|
—
|
|
|
—
|
|
|
28
|
|
|
827
|
|
|
—
|
|
|
827
|
|
|||||||
Income property
|
|
9,159
|
|
|
—
|
|
|
3,252
|
|
|
(3,971
|
)
|
|
8,440
|
|
|
—
|
|
|
8,440
|
|
|||||||
Owner occupied
|
|
5,007
|
|
|
—
|
|
|
9
|
|
|
596
|
|
|
5,612
|
|
|
24
|
|
|
5,588
|
|
|||||||
Real estate construction:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
One-to-four family residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Land and acquisition
|
|
1,197
|
|
|
—
|
|
|
2
|
|
|
(173
|
)
|
|
1,026
|
|
|
67
|
|
|
959
|
|
|||||||
Residential construction
|
|
1,860
|
|
|
—
|
|
|
26
|
|
|
(96
|
)
|
|
1,790
|
|
|
—
|
|
|
1,790
|
|
|||||||
Commercial & multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Income property
|
|
622
|
|
|
—
|
|
|
3
|
|
|
202
|
|
|
827
|
|
|
—
|
|
|
827
|
|
|||||||
Owner occupied
|
|
434
|
|
|
—
|
|
|
—
|
|
|
65
|
|
|
499
|
|
|
—
|
|
|
499
|
|
|||||||
Consumer
|
|
3,180
|
|
|
(891
|
)
|
|
273
|
|
|
273
|
|
|
2,835
|
|
|
—
|
|
|
2,835
|
|
|||||||
Purchased credit impaired
|
|
16,336
|
|
|
(4,100
|
)
|
|
1,686
|
|
|
2,609
|
|
|
16,531
|
|
|
—
|
|
|
16,531
|
|
|||||||
Unallocated
|
|
1,844
|
|
|
—
|
|
|
—
|
|
|
1,866
|
|
|
3,710
|
|
|
—
|
|
|
3,710
|
|
|||||||
Total
|
|
$
|
69,569
|
|
|
$
|
(6,425
|
)
|
|
$
|
5,881
|
|
|
$
|
1,209
|
|
|
$
|
70,234
|
|
|
$
|
230
|
|
|
$
|
70,004
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(in thousands)
|
||||||
Balance at beginning of period
|
|
$
|
2,930
|
|
|
$
|
2,655
|
|
Net changes in the allowance for unfunded commitments and letters of credit
|
|
—
|
|
|
—
|
|
||
Balance at end of period
|
|
$
|
2,930
|
|
|
$
|
2,655
|
|
|
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
March 31, 2016
|
|
(in thousands)
|
||||||||||||||||||||||
Loans, excluding PCI loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial business:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Secured
|
|
$
|
2,185,283
|
|
|
$
|
54,957
|
|
|
$
|
63,792
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,304,032
|
|
Unsecured
|
|
91,737
|
|
|
277
|
|
|
562
|
|
|
—
|
|
|
—
|
|
|
92,576
|
|
||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family residential
|
|
170,788
|
|
|
461
|
|
|
1,075
|
|
|
—
|
|
|
—
|
|
|
172,324
|
|
||||||
Commercial and multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial land
|
|
213,936
|
|
|
4,804
|
|
|
423
|
|
|
—
|
|
|
—
|
|
|
219,163
|
|
||||||
Income property
|
|
1,306,718
|
|
|
6,394
|
|
|
11,351
|
|
|
—
|
|
|
—
|
|
|
1,324,463
|
|
||||||
Owner occupied
|
|
933,090
|
|
|
7,978
|
|
|
15,126
|
|
|
—
|
|
|
—
|
|
|
956,194
|
|
||||||
Real estate construction:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Land and acquisition
|
|
12,915
|
|
|
—
|
|
|
205
|
|
|
—
|
|
|
—
|
|
|
13,120
|
|
||||||
Residential construction
|
|
118,843
|
|
|
—
|
|
|
845
|
|
|
—
|
|
|
—
|
|
|
119,688
|
|
||||||
Commercial and multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income property
|
|
86,584
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86,584
|
|
||||||
Owner occupied
|
|
90,807
|
|
|
—
|
|
|
3,936
|
|
|
—
|
|
|
—
|
|
|
94,743
|
|
||||||
Consumer
|
|
313,249
|
|
|
—
|
|
|
7,946
|
|
|
—
|
|
|
—
|
|
|
321,195
|
|
||||||
Total
|
|
$
|
5,523,950
|
|
|
$
|
74,871
|
|
|
$
|
105,261
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
5,704,082
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan and lease losses
|
|
56,200
|
|
|||||||||||||||||||||
Loans, excluding PCI loans, net
|
|
$
|
5,647,882
|
|
|
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
December 31, 2015
|
|
(in thousands)
|
||||||||||||||||||||||
Loans, excluding PCI loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial business:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Secured
|
|
$
|
2,146,729
|
|
|
$
|
59,746
|
|
|
$
|
56,217
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,262,692
|
|
Unsecured
|
|
93,347
|
|
|
278
|
|
|
1,323
|
|
|
—
|
|
|
—
|
|
|
94,948
|
|
||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family residential
|
|
171,945
|
|
|
52
|
|
|
1,439
|
|
|
—
|
|
|
—
|
|
|
173,436
|
|
||||||
Commercial and multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial land
|
|
207,768
|
|
|
4,966
|
|
|
424
|
|
|
—
|
|
|
—
|
|
|
213,158
|
|
||||||
Income property
|
|
1,296,043
|
|
|
5,889
|
|
|
8,847
|
|
|
—
|
|
|
—
|
|
|
1,310,779
|
|
||||||
Owner occupied
|
|
918,986
|
|
|
9,668
|
|
|
17,662
|
|
|
—
|
|
|
—
|
|
|
946,316
|
|
||||||
Real estate construction:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Land and acquisition
|
|
14,388
|
|
|
—
|
|
|
362
|
|
|
—
|
|
|
—
|
|
|
14,750
|
|
||||||
Residential construction
|
|
119,243
|
|
|
—
|
|
|
1,132
|
|
|
—
|
|
|
—
|
|
|
120,375
|
|
||||||
Commercial and multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income property
|
|
83,634
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
83,634
|
|
||||||
Owner occupied
|
|
81,270
|
|
|
—
|
|
|
401
|
|
|
—
|
|
|
—
|
|
|
81,671
|
|
||||||
Consumer
|
|
328,286
|
|
|
—
|
|
|
4,076
|
|
|
—
|
|
|
—
|
|
|
332,362
|
|
||||||
Total
|
|
$
|
5,461,639
|
|
|
$
|
80,599
|
|
|
$
|
91,883
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
5,634,121
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan and lease losses
|
|
54,446
|
|
|||||||||||||||||||||
Loans, excluding PCI loans, net
|
|
$
|
5,579,675
|
|
|
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
March 31, 2016
|
|
(in thousands)
|
||||||||||||||||||||||
PCI loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial business:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Secured
|
|
$
|
31,706
|
|
|
$
|
99
|
|
|
$
|
5,297
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37,102
|
|
Unsecured
|
|
1,106
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
1,107
|
|
||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family residential
|
|
23,766
|
|
|
—
|
|
|
2,000
|
|
|
—
|
|
|
—
|
|
|
25,766
|
|
||||||
Commercial and multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial land
|
|
8,037
|
|
|
—
|
|
|
623
|
|
|
—
|
|
|
—
|
|
|
8,660
|
|
||||||
Income property
|
|
33,558
|
|
|
—
|
|
|
3,970
|
|
|
—
|
|
|
—
|
|
|
37,528
|
|
||||||
Owner occupied
|
|
52,487
|
|
|
—
|
|
|
1,709
|
|
|
—
|
|
|
—
|
|
|
54,196
|
|
||||||
Real estate construction:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Land and acquisition
|
|
1,143
|
|
|
—
|
|
|
315
|
|
|
—
|
|
|
—
|
|
|
1,458
|
|
||||||
Residential construction
|
|
414
|
|
|
—
|
|
|
328
|
|
|
—
|
|
|
—
|
|
|
742
|
|
||||||
Commercial and multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income property
|
|
1,283
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,283
|
|
||||||
Owner occupied
|
|
526
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
526
|
|
||||||
Consumer
|
|
19,531
|
|
|
—
|
|
|
695
|
|
|
—
|
|
|
—
|
|
|
20,226
|
|
||||||
Total
|
|
$
|
173,557
|
|
|
$
|
99
|
|
|
$
|
14,938
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
188,594
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Valuation discount resulting from acquisition accounting
|
|
15,393
|
|
|||||||||||||||||||||
Allowance for loan losses
|
|
13,064
|
|
|||||||||||||||||||||
PCI loans, net
|
|
$
|
160,137
|
|
|
|
Pass
|
|
Special Mention
|
|
Substandard
|
|
Doubtful
|
|
Loss
|
|
Total
|
||||||||||||
December 31, 2015
|
|
(in thousands)
|
||||||||||||||||||||||
PCI loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial business:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Secured
|
|
$
|
31,468
|
|
|
$
|
101
|
|
|
$
|
5,995
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
37,564
|
|
Unsecured
|
|
1,218
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
1,220
|
|
||||||
Real estate:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family residential
|
|
25,018
|
|
|
—
|
|
|
2,177
|
|
|
—
|
|
|
—
|
|
|
27,195
|
|
||||||
Commercial and multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial land
|
|
8,234
|
|
|
—
|
|
|
664
|
|
|
—
|
|
|
—
|
|
|
8,898
|
|
||||||
Income property
|
|
36,426
|
|
|
—
|
|
|
5,916
|
|
|
—
|
|
|
—
|
|
|
42,342
|
|
||||||
Owner occupied
|
|
53,071
|
|
|
261
|
|
|
1,736
|
|
|
—
|
|
|
—
|
|
|
55,068
|
|
||||||
Real estate construction:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
One-to-four family residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Land and acquisition
|
|
1,086
|
|
|
—
|
|
|
479
|
|
|
—
|
|
|
—
|
|
|
1,565
|
|
||||||
Residential construction
|
|
427
|
|
|
—
|
|
|
334
|
|
|
—
|
|
|
—
|
|
|
761
|
|
||||||
Commercial and multifamily residential:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Income property
|
|
1,303
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,303
|
|
||||||
Owner occupied
|
|
531
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
531
|
|
||||||
Consumer
|
|
20,122
|
|
|
—
|
|
|
781
|
|
|
—
|
|
|
—
|
|
|
20,903
|
|
||||||
Total
|
|
$
|
178,904
|
|
|
$
|
362
|
|
|
$
|
18,084
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
197,350
|
|
|
Less:
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Valuation discount resulting from acquisition accounting
|
|
16,444
|
|
|||||||||||||||||||||
Allowance for loan losses
|
|
13,726
|
|
|||||||||||||||||||||
PCI loans, net
|
|
$
|
167,180
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(in thousands)
|
||||||
Balance, beginning of period
|
|
$
|
13,738
|
|
|
$
|
22,190
|
|
Transfers in
|
|
105
|
|
|
4,692
|
|
||
Valuation adjustments
|
|
(137
|
)
|
|
(197
|
)
|
||
Proceeds from sale of OREO property
|
|
(1,326
|
)
|
|
(5,122
|
)
|
||
Gain on sale of OREO, net
|
|
47
|
|
|
1,736
|
|
||
Balance, end of period
|
|
$
|
12,427
|
|
|
$
|
23,299
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(in thousands)
|
||||||
Balance at beginning of period
|
|
$
|
6,568
|
|
|
$
|
15,174
|
|
Adjustments not reflected in income:
|
|
|
|
|
||||
Cash (received from) paid to the FDIC, net
|
|
353
|
|
|
(659
|
)
|
||
FDIC reimbursable recoveries, net
|
|
136
|
|
|
(21
|
)
|
||
Adjustments reflected in income:
|
|
|
|
|
||||
Amortization, net
|
|
(1,332
|
)
|
|
(2,294
|
)
|
||
Loan impairment
|
|
147
|
|
|
1,532
|
|
||
Sale of other real estate
|
|
144
|
|
|
(420
|
)
|
||
Write-downs of other real estate
|
|
18
|
|
|
1,071
|
|
||
Other
|
|
(80
|
)
|
|
261
|
|
||
Balance at end of period
|
|
$
|
5,954
|
|
|
$
|
14,644
|
|
|
|
March 31, 2016
|
||||||||||||||||||
|
|
Columbia River Bank
|
|
American Marine Bank
|
|
Summit Bank
|
|
First Heritage Bank
|
|
Total
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||
FDIC loss-sharing asset
|
|
$
|
537
|
|
|
$
|
2,404
|
|
|
$
|
1,799
|
|
|
$
|
1,214
|
|
|
$
|
5,954
|
|
Clawback liability
|
|
$
|
3,420
|
|
|
$
|
1,264
|
|
|
$
|
—
|
|
|
$
|
734
|
|
|
$
|
5,418
|
|
Non-single family covered assets
|
|
$
|
66,682
|
|
|
$
|
11,321
|
|
|
$
|
8,381
|
|
|
$
|
14,779
|
|
|
$
|
101,163
|
|
Single family covered assets
|
|
$
|
7,764
|
|
|
$
|
22,561
|
|
|
$
|
6,046
|
|
|
$
|
1,735
|
|
|
$
|
38,106
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loss-sharing expiration dates:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-single family
|
|
First Quarter 2015
|
|
First Quarter 2015
|
|
Second Quarter 2016
|
|
Second Quarter 2016
|
|
|
||||||||||
Single family
|
|
First Quarter 2020
|
|
First Quarter 2020
|
|
Second Quarter 2021
|
|
Second Quarter 2021
|
|
|
||||||||||
Loss recovery expiration dates:
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-single family
|
|
First Quarter 2018
|
|
First Quarter 2018
|
|
Second Quarter 2019
|
|
Second Quarter 2019
|
|
|
||||||||||
Single family
|
|
First Quarter 2020
|
|
First Quarter 2020
|
|
Second Quarter 2021
|
|
Second Quarter 2021
|
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(in thousands)
|
||||||
Goodwill
|
|
|
|
|
||||
Total goodwill
|
|
$
|
382,762
|
|
|
$
|
382,537
|
|
Other intangible assets, net
|
|
|
|
|
||||
Core deposit intangible:
|
|
|
|
|
||||
Gross core deposit intangible balance at beginning of period
|
|
58,598
|
|
|
58,598
|
|
||
Accumulated amortization at beginning of period
|
|
(35,940
|
)
|
|
(29,058
|
)
|
||
Core deposit intangible, net at beginning of period
|
|
22,658
|
|
|
29,540
|
|
||
CDI current period amortization
|
|
(1,583
|
)
|
|
(1,817
|
)
|
||
Total core deposit intangible, net at end of period
|
|
21,075
|
|
|
27,723
|
|
||
Intangible assets not subject to amortization
|
|
919
|
|
|
919
|
|
||
Other intangible assets, net at end of period
|
|
21,994
|
|
|
28,642
|
|
||
Total goodwill and other intangible assets at end of period
|
|
$
|
404,756
|
|
|
$
|
411,179
|
|
|
Asset Derivatives
|
|
Liability Derivatives
|
||||||||||||||||||||
|
March 31, 2016
|
|
December 31, 2015
|
|
March 31, 2016
|
|
December 31, 2015
|
||||||||||||||||
|
Balance Sheet
Location |
|
Fair Value
|
|
Balance Sheet
Location |
|
Fair Value
|
|
Balance Sheet
Location |
|
Fair Value
|
|
Balance Sheet
Location |
|
Fair Value
|
||||||||
|
(in thousands)
|
||||||||||||||||||||||
Interest rate contracts
|
Other assets
|
|
$
|
18,641
|
|
|
Other assets
|
|
$
|
12,438
|
|
|
Other liabilities
|
|
$
|
18,689
|
|
|
Other liabilities
|
|
$
|
12,478
|
|
|
Gross Amounts of Recognized Assets/Liabilities
|
|
Gross Amounts Offset in the Consolidated Balance Sheets
|
|
Net Amounts of Assets/Liabilities Presented in the Consolidated Balance Sheets
|
|
Gross Amounts Not Offset in the Consolidated Balance Sheets
|
||||||||||||
|
|
|
|
Collateral Posted
|
|
Net Amount
|
|||||||||||||
March 31, 2016
|
(in thousands)
|
||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
$
|
18,641
|
|
|
$
|
—
|
|
|
$
|
18,641
|
|
|
$
|
—
|
|
|
$
|
18,641
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
$
|
18,689
|
|
|
$
|
—
|
|
|
$
|
18,689
|
|
|
$
|
(18,689
|
)
|
|
$
|
—
|
|
Repurchase agreements
|
$
|
73,839
|
|
|
$
|
—
|
|
|
$
|
73,839
|
|
|
$
|
(73,839
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
$
|
12,438
|
|
|
$
|
—
|
|
|
$
|
12,438
|
|
|
$
|
—
|
|
|
$
|
12,438
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest rate contracts
|
$
|
12,478
|
|
|
$
|
—
|
|
|
$
|
12,478
|
|
|
$
|
(12,478
|
)
|
|
$
|
—
|
|
Repurchase agreements
|
$
|
99,699
|
|
|
$
|
—
|
|
|
$
|
99,699
|
|
|
$
|
(99,699
|
)
|
|
$
|
—
|
|
|
|
Remaining contractual maturity of the agreements
|
||||||||||||||||||
|
|
Overnight and continuous
|
|
Up to 30 days
|
|
30 - 90 days
|
|
Greater than 90 days
|
|
Total
|
||||||||||
March 31, 2016
|
|
(in thousands)
|
||||||||||||||||||
Class of collateral pledged for repurchase agreements
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
|
|
$
|
48,839
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
25,000
|
|
|
$
|
73,839
|
|
Gross amount of recognized liabilities for repurchase agreements
|
|
|
|
|
|
|
|
|
|
73,839
|
|
|||||||||
Amounts related to agreements not included in offsetting disclosure
|
|
|
|
|
|
|
|
|
|
$
|
—
|
|
|
|
Unrealized Gains and Losses on Available-for-Sale Securities (1)
|
|
Unrealized Gains and Losses on Pension Plan Liability (1)
|
|
Total (1)
|
||||||
Three months ended March 31, 2016
|
|
(in thousands)
|
||||||||||
Beginning balance
|
|
$
|
386
|
|
|
$
|
(6,681
|
)
|
|
$
|
(6,295
|
)
|
Other comprehensive income before reclassifications
|
|
18,770
|
|
|
—
|
|
|
18,770
|
|
|||
Amounts reclassified from accumulated other comprehensive income (loss)
|
|
(238
|
)
|
|
106
|
|
|
(132
|
)
|
|||
Net current-period other comprehensive income
|
|
18,532
|
|
|
106
|
|
|
18,638
|
|
|||
Ending balance
|
|
$
|
18,918
|
|
|
$
|
(6,575
|
)
|
|
$
|
12,343
|
|
Three months ended March 31, 2015
|
|
|
|
|
|
|
||||||
Beginning balance
|
|
$
|
7,462
|
|
|
$
|
(1,841
|
)
|
|
$
|
5,621
|
|
Other comprehensive income (loss) before reclassifications
|
|
9,376
|
|
|
(280
|
)
|
|
9,096
|
|
|||
Amounts reclassified from accumulated other comprehensive income (loss)
|
|
(459
|
)
|
|
28
|
|
|
(431
|
)
|
|||
Net current-period other comprehensive income (loss)
|
|
8,917
|
|
|
(252
|
)
|
|
8,665
|
|
|||
Ending balance
|
|
$
|
16,379
|
|
|
$
|
(2,093
|
)
|
|
$
|
14,286
|
|
|
|
Amount Reclassified from Accumulated Other Comprehensive Income (Loss)
|
|
|
||||||
|
|
Three Months Ended March 31,
|
|
Affected line Item in the Consolidated
|
||||||
|
|
2016
|
|
2015
|
|
Statement of Income
|
||||
|
|
(in thousands)
|
|
|
||||||
Unrealized gains and losses on available-for-sale securities
|
|
|
|
|
|
|
||||
Investment securities gains
|
|
$
|
373
|
|
|
$
|
721
|
|
|
Investment securities gains, net
|
|
|
373
|
|
|
721
|
|
|
Total before tax
|
||
|
|
(135
|
)
|
|
(262
|
)
|
|
Income tax provision
|
||
|
|
$
|
238
|
|
|
$
|
459
|
|
|
Net of tax
|
|
|
|
|
|
|
|
||||
Amortization of pension plan liability
|
|
|
|
|
|
|
||||
Actuarial losses
|
|
$
|
(167
|
)
|
|
$
|
(44
|
)
|
|
Compensation and employee benefits
|
|
|
(167
|
)
|
|
(44
|
)
|
|
Total before tax
|
||
|
|
61
|
|
|
16
|
|
|
Income tax benefit
|
||
|
|
$
|
(106
|
)
|
|
$
|
(28
|
)
|
|
Net of tax
|
|
|
Fair value
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
March 31, 2016
|
|
(in thousands)
|
||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
||||||||
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations
|
|
$
|
1,330,100
|
|
|
$
|
—
|
|
|
$
|
1,330,100
|
|
|
$
|
—
|
|
State and municipal debt securities
|
|
491,387
|
|
|
—
|
|
|
491,387
|
|
|
—
|
|
||||
U.S. government agency and government-sponsored enterprise securities
|
|
358,941
|
|
|
—
|
|
|
358,941
|
|
|
—
|
|
||||
U.S. government securities
|
|
547
|
|
|
547
|
|
|
—
|
|
|
—
|
|
||||
Other securities
|
|
5,191
|
|
|
—
|
|
|
5,191
|
|
|
—
|
|
||||
Total securities available for sale
|
|
$
|
2,186,166
|
|
|
$
|
547
|
|
|
$
|
2,185,619
|
|
|
$
|
—
|
|
Other assets (Interest rate contracts)
|
|
$
|
18,641
|
|
|
$
|
—
|
|
|
$
|
18,641
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Other liabilities (Interest rate contracts)
|
|
$
|
18,689
|
|
|
$
|
—
|
|
|
$
|
18,689
|
|
|
$
|
—
|
|
|
|
Fair value
|
|
Fair Value Measurements at Reporting Date Using
|
||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
December 31, 2015
|
|
(in thousands)
|
||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
||||||||
U.S. government agency and government-sponsored enterprise mortgage-back securities and collateralized mortgage obligations
|
|
$
|
1,286,489
|
|
|
$
|
—
|
|
|
$
|
1,286,489
|
|
|
$
|
—
|
|
State and municipal debt securities
|
|
492,169
|
|
|
—
|
|
|
492,169
|
|
|
—
|
|
||||
U.S. government agency and government-sponsored enterprise securities
|
|
353,782
|
|
|
—
|
|
|
353,782
|
|
|
—
|
|
||||
U.S. government securities
|
|
20,137
|
|
|
20,137
|
|
|
—
|
|
|
—
|
|
||||
Other securities
|
|
5,117
|
|
|
—
|
|
|
5,117
|
|
|
—
|
|
||||
Total securities available for sale
|
|
$
|
2,157,694
|
|
|
$
|
20,137
|
|
|
$
|
2,137,557
|
|
|
$
|
—
|
|
Other assets (Interest rate contracts)
|
|
$
|
12,438
|
|
|
$
|
—
|
|
|
$
|
12,438
|
|
|
$
|
—
|
|
Liabilities
|
|
|
|
|
|
|
|
|
||||||||
Other liabilities (Interest rate contracts)
|
|
$
|
12,478
|
|
|
$
|
—
|
|
|
$
|
12,478
|
|
|
$
|
—
|
|
|
|
Fair value at
March 31, 2016 |
|
Fair Value Measurements at Reporting Date Using
|
|
Losses During the Three Months Ended
March 31, 2016 |
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||||||
|
|
(in thousands)
|
||||||||||||||||||
Impaired loans
|
|
$
|
10,681
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10,681
|
|
|
$
|
2,676
|
|
OREO
|
|
2,553
|
|
|
—
|
|
|
—
|
|
|
2,553
|
|
|
137
|
|
|||||
|
|
$
|
13,234
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
13,234
|
|
|
$
|
2,813
|
|
|
|
Fair value at
March 31, 2015 |
|
Fair Value Measurements at Reporting Date Using
|
|
Losses During the Three Months Ended
March 31, 2015 |
||||||||||||||
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|||||||||||||
|
|
(in thousands)
|
||||||||||||||||||
OREO
|
|
$
|
1,429
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,429
|
|
|
$
|
197
|
|
|
|
$
|
1,429
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,429
|
|
|
$
|
197
|
|
|
|
March 31, 2016
|
||||||||||||||||||
|
|
Carrying
Amount |
|
Fair
Value |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks
|
|
$
|
150,683
|
|
|
$
|
150,683
|
|
|
$
|
150,683
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest-earning deposits with banks
|
|
38,248
|
|
|
38,248
|
|
|
38,248
|
|
|
—
|
|
|
—
|
|
|||||
Securities available for sale
|
|
2,186,166
|
|
|
2,186,166
|
|
|
547
|
|
|
2,185,619
|
|
|
—
|
|
|||||
FHLB stock
|
|
10,241
|
|
|
10,241
|
|
|
—
|
|
|
10,241
|
|
|
—
|
|
|||||
Loans held for sale
|
|
3,681
|
|
|
3,681
|
|
|
—
|
|
|
3,681
|
|
|
—
|
|
|||||
Loans
|
|
5,808,019
|
|
|
5,889,840
|
|
|
—
|
|
|
—
|
|
|
5,889,840
|
|
|||||
FDIC loss-sharing asset
|
|
5,954
|
|
|
1,613
|
|
|
—
|
|
|
—
|
|
|
1,613
|
|
|||||
Interest rate contracts
|
|
18,641
|
|
|
18,641
|
|
|
—
|
|
|
18,641
|
|
|
—
|
|
|||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
|
$
|
7,596,949
|
|
|
$
|
7,593,830
|
|
|
$
|
7,162,893
|
|
|
$
|
430,937
|
|
|
$
|
—
|
|
FHLB Advances
|
|
6,521
|
|
|
7,459
|
|
|
—
|
|
|
7,459
|
|
|
—
|
|
|||||
Repurchase agreements
|
|
73,839
|
|
|
74,353
|
|
|
—
|
|
|
74,353
|
|
|
—
|
|
|||||
Interest rate contracts
|
|
18,689
|
|
|
18,689
|
|
|
—
|
|
|
18,689
|
|
|
—
|
|
|
|
December 31, 2015
|
||||||||||||||||||
|
|
Carrying
Amount |
|
Fair
Value |
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
|
(in thousands)
|
||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks
|
|
$
|
166,929
|
|
|
$
|
166,929
|
|
|
$
|
166,929
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest-earning deposits with banks
|
|
8,373
|
|
|
8,373
|
|
|
8,373
|
|
|
—
|
|
|
—
|
|
|||||
Securities available for sale
|
|
2,157,694
|
|
|
2,157,694
|
|
|
20,137
|
|
|
2,137,557
|
|
|
—
|
|
|||||
FHLB stock
|
|
12,722
|
|
|
12,722
|
|
|
—
|
|
|
12,722
|
|
|
—
|
|
|||||
Loans held for sale
|
|
4,509
|
|
|
4,509
|
|
|
—
|
|
|
4,509
|
|
|
—
|
|
|||||
Loans
|
|
5,746,855
|
|
|
5,752,423
|
|
|
—
|
|
|
—
|
|
|
5,752,423
|
|
|||||
FDIC loss-sharing asset
|
|
6,568
|
|
|
921
|
|
|
—
|
|
|
—
|
|
|
921
|
|
|||||
Interest rate contracts
|
|
12,438
|
|
|
12,438
|
|
|
—
|
|
|
12,438
|
|
|
—
|
|
|||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
|
$
|
7,438,829
|
|
|
$
|
7,434,787
|
|
|
$
|
6,979,924
|
|
|
$
|
454,863
|
|
|
$
|
—
|
|
FHLB Advances
|
|
68,531
|
|
|
69,176
|
|
|
—
|
|
|
69,176
|
|
|
—
|
|
|||||
Repurchase agreements
|
|
99,699
|
|
|
100,346
|
|
|
—
|
|
|
100,346
|
|
|
—
|
|
|||||
Interest rate contracts
|
|
12,478
|
|
|
12,478
|
|
|
—
|
|
|
12,478
|
|
|
—
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(in thousands except per share)
|
||||||
Basic EPS:
|
|
|
|
|
||||
Net income
|
|
$
|
21,259
|
|
|
$
|
24,361
|
|
Less: Earnings allocated to participating securities:
|
|
|
|
|
||||
Preferred shares
|
|
39
|
|
|
43
|
|
||
Nonvested restricted shares
|
|
247
|
|
|
225
|
|
||
Earnings allocated to common shareholders
|
|
$
|
20,973
|
|
|
$
|
24,093
|
|
Weighted average common shares outstanding
|
|
57,114
|
|
|
56,965
|
|
||
Basic earnings per common share
|
|
$
|
0.37
|
|
|
$
|
0.42
|
|
Diluted EPS:
|
|
|
|
|
||||
Earnings allocated to common shareholders (1)
|
|
$
|
20,973
|
|
|
$
|
24,093
|
|
Weighted average common shares outstanding
|
|
57,114
|
|
|
56,965
|
|
||
Dilutive effect of equity awards
|
|
11
|
|
|
13
|
|
||
Weighted average diluted common shares outstanding
|
|
57,125
|
|
|
56,978
|
|
||
Diluted earnings per common share
|
|
$
|
0.37
|
|
|
$
|
0.42
|
|
Potentially dilutive share options that were not included in the computation of diluted EPS because to do so would be anti-dilutive
|
|
27
|
|
|
53
|
|
(1)
|
Earnings allocated to common shareholders for basic and diluted EPS may differ under the two-class method as a result of adding common stock equivalents for options and warrants to dilutive shares outstanding, which alters the ratio used to allocate earnings to common shareholders and participating securities for the purposes of calculating diluted EPS.
|
Item 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
•
|
national and global economic conditions could be less favorable than expected or could have a more direct and pronounced effect on us than expected and adversely affect our ability to continue internal growth and maintain the quality of our earning assets;
|
•
|
the local housing/real estate markets where we operate and make loans could face challenges;
|
•
|
the risks presented by the economy, which could adversely affect credit quality, collateral values, including real estate collateral, investment values, liquidity and loan originations and loan portfolio delinquency rates;
|
•
|
the efficiencies and enhanced financial and operating performance we expect to realize from investments in personnel, acquisitions and infrastructure may not be realized;
|
•
|
the ability to complete future acquisitions and to successfully integrate acquired entities;
|
•
|
interest rate changes could significantly reduce net interest income and negatively affect funding sources;
|
•
|
projected business increases following strategic expansion or opening of new branches could be lower than expected;
|
•
|
changes in the scope and cost of Federal Deposit Insurance Corporation (“FDIC”) insurance and other coverages;
|
•
|
the impact of acquired loans on our earnings;
|
•
|
changes in accounting principles, policies, and guidelines applicable to bank holding companies and banking;
|
•
|
changes in laws and regulations affecting our businesses, including changes in the enforcement and interpretation of such laws and regulations by applicable governmental and regulatory agencies;
|
•
|
competition among financial institutions and nontraditional providers of financial services could increase significantly;
|
•
|
continued consolidation in the Pacific Northwest financial services industry resulting in the creation of larger financial institutions that may have greater resources could change the competitive landscape;
|
•
|
the goodwill we have recorded in connection with acquisitions could become impaired, which may have an adverse impact on our earnings and capital;
|
•
|
the reputation of the financial services industry could deteriorate, which could adversely affect our ability to access markets for funding and to acquire and retain customers;
|
•
|
our ability to identify and address cyber-security risks, including security breaches, “denial of service attacks,” “hacking” and identity theft;
|
•
|
any material failure or interruption of our information and communications systems or inability to keep pace with technological changes;
|
•
|
our ability to effectively manage credit risk, interest rate risk, market risk, operational risk, legal risk, liquidity risk and regulatory and compliance risk;
|
•
|
the effect of geopolitical instability, including wars, conflicts and terrorist attacks;
|
•
|
our profitability measures could be adversely affected if we are unable to effectively manage our capital;
|
•
|
natural disasters, including earthquakes, tsunamis, flooding, fires and other unexpected events; and
|
•
|
the effects of any damage to our reputation resulting from developments related to any of the items identified above.
|
|
|
Three Months Ended March 31,
|
|
Three Months Ended March 31,
|
||||||||||||||||||
|
|
2016
|
|
2015
|
||||||||||||||||||
|
|
Average
Balances |
|
Interest
Earned / Paid |
|
Average
Rate |
|
Average
Balances |
|
Interest
Earned / Paid |
|
Average
Rate |
||||||||||
|
|
(dollars in thousands)
|
||||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans, net (1)(2)
|
|
$
|
5,827,440
|
|
|
$
|
71,298
|
|
|
4.89
|
%
|
|
$
|
5,414,942
|
|
|
$
|
71,487
|
|
|
5.28
|
%
|
Taxable securities
|
|
1,689,289
|
|
|
8,017
|
|
|
1.90
|
%
|
|
1,609,323
|
|
|
7,526
|
|
|
1.87
|
%
|
||||
Tax exempt securities (2)
|
|
458,168
|
|
|
4,312
|
|
|
3.76
|
%
|
|
459,483
|
|
|
4,680
|
|
|
4.07
|
%
|
||||
Interest-earning deposits with banks
|
|
31,048
|
|
|
38
|
|
|
0.49
|
%
|
|
45,292
|
|
|
27
|
|
|
0.24
|
%
|
||||
Total interest-earning assets
|
|
8,005,945
|
|
|
$
|
83,665
|
|
|
4.18
|
%
|
|
7,529,040
|
|
|
$
|
83,720
|
|
|
4.45
|
%
|
||
Other earning assets
|
|
154,336
|
|
|
|
|
|
|
146,055
|
|
|
|
|
|
||||||||
Noninterest-earning assets
|
|
788,931
|
|
|
|
|
|
|
830,681
|
|
|
|
|
|
||||||||
Total assets
|
|
$
|
8,949,212
|
|
|
|
|
|
|
$
|
8,505,776
|
|
|
|
|
|
||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||||||||||||||||
Certificates of deposit
|
|
$
|
448,915
|
|
|
$
|
144
|
|
|
0.13
|
%
|
|
$
|
502,287
|
|
|
$
|
240
|
|
|
0.19
|
%
|
Savings accounts
|
|
675,876
|
|
|
17
|
|
|
0.01
|
%
|
|
625,132
|
|
|
19
|
|
|
0.01
|
%
|
||||
Interest-bearing demand
|
|
927,948
|
|
|
169
|
|
|
0.07
|
%
|
|
1,214,149
|
|
|
138
|
|
|
0.05
|
%
|
||||
Money market accounts
|
|
1,930,575
|
|
|
412
|
|
|
0.09
|
%
|
|
1,815,923
|
|
|
351
|
|
|
0.08
|
%
|
||||
Total interest-bearing deposits
|
|
3,983,314
|
|
|
742
|
|
|
0.07
|
%
|
|
4,157,491
|
|
|
748
|
|
|
0.07
|
%
|
||||
Federal Home Loan Bank advances
|
|
50,569
|
|
|
124
|
|
|
0.98
|
%
|
|
129,841
|
|
|
159
|
|
|
0.49
|
%
|
||||
Other borrowings
|
|
90,699
|
|
|
138
|
|
|
0.61
|
%
|
|
108,170
|
|
|
146
|
|
|
0.54
|
%
|
||||
Total interest-bearing liabilities
|
|
4,124,582
|
|
|
$
|
1,004
|
|
|
0.10
|
%
|
|
4,395,502
|
|
|
$
|
1,053
|
|
|
0.10
|
%
|
||
Noninterest-bearing deposits
|
|
3,462,379
|
|
|
|
|
|
|
2,770,265
|
|
|
|
|
|
||||||||
Other noninterest-bearing liabilities
|
|
103,840
|
|
|
|
|
|
|
99,156
|
|
|
|
|
|
||||||||
Shareholders’ equity
|
|
1,258,411
|
|
|
|
|
|
|
1,240,853
|
|
|
|
|
|
||||||||
Total liabilities & shareholders’ equity
|
|
$
|
8,949,212
|
|
|
|
|
|
|
$
|
8,505,776
|
|
|
|
|
|
||||||
Net interest income (tax equivalent)
|
|
$
|
82,661
|
|
|
|
|
|
|
$
|
82,667
|
|
|
|
||||||||
Net interest margin (tax equivalent)
|
|
4.13
|
%
|
|
|
|
|
|
4.39
|
%
|
(1)
|
Nonaccrual loans have been included in the tables as loans carrying a zero yield. Amortized net deferred loan fees and unearned net discounts on acquired loans were included in the interest income calculations. The amortization of net deferred loan fees was $1.1 million for both three month periods ended
March 31, 2016
and
2015
. The incremental accretion income on acquired loans was
$4.7 million
and
$7.5 million
for the
three
months ended
March 31, 2016
and
2015
, respectively.
|
(2)
|
Tax-exempt income is calculated on a tax equivalent basis. The tax equivalent yield adjustment to interest earned on loans was
$982 thousand
and
$665 thousand
for the
three
months ended
March 31, 2016
and
2015
, respectively. The tax equivalent yield adjustment to interest earned on tax exempt securities was
$1.5 million
and
$1.6 million
for the
three
months ended
March 31, 2016
and
2015
, respectively.
|
|
|
Three Months Ended March 31,
2016 Compared to 2015 Increase (Decrease) Due to |
||||||||||
|
|
Volume
|
|
Rate
|
|
Total
|
||||||
|
|
(in thousands)
|
||||||||||
Interest Income
|
|
|
|
|
|
|
||||||
Loans, net
|
|
$
|
5,243
|
|
|
$
|
(5,432
|
)
|
|
$
|
(189
|
)
|
Taxable securities
|
|
378
|
|
|
113
|
|
|
491
|
|
|||
Tax exempt securities
|
|
(13
|
)
|
|
(355
|
)
|
|
(368
|
)
|
|||
Interest earning deposits with banks
|
|
(11
|
)
|
|
22
|
|
|
11
|
|
|||
Interest income
|
|
$
|
5,597
|
|
|
$
|
(5,652
|
)
|
|
$
|
(55
|
)
|
Interest Expense
|
|
|
|
|
|
|
||||||
Deposits:
|
|
|
|
|
|
|
||||||
Certificates of deposit
|
|
$
|
(23
|
)
|
|
$
|
(73
|
)
|
|
$
|
(96
|
)
|
Savings accounts
|
|
1
|
|
|
(3
|
)
|
|
(2
|
)
|
|||
Interest-bearing demand
|
|
(38
|
)
|
|
69
|
|
|
31
|
|
|||
Money market accounts
|
|
23
|
|
|
38
|
|
|
61
|
|
|||
Total interest on deposits
|
|
(37
|
)
|
|
31
|
|
|
(6
|
)
|
|||
Federal Home Loan Bank advances
|
|
(134
|
)
|
|
99
|
|
|
(35
|
)
|
|||
Other borrowings
|
|
(37
|
)
|
|
29
|
|
|
(8
|
)
|
|||
Interest expense
|
|
$
|
(208
|
)
|
|
$
|
159
|
|
|
$
|
(49
|
)
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(dollars in thousands)
|
||||||
Incremental accretion income due to:
|
|
|
|
|
||||
FDIC purchased credit impaired loans
|
|
$
|
1,657
|
|
|
$
|
2,447
|
|
Other FDIC acquired loans (2)
|
|
—
|
|
|
117
|
|
||
Other acquired loans
|
|
3,073
|
|
|
4,934
|
|
||
Incremental accretion income
|
|
$
|
4,730
|
|
|
$
|
7,498
|
|
|
|
|
|
|
||||
Net interest margin (tax equivalent)
|
|
4.13
|
%
|
|
4.39
|
%
|
||
Operating net interest margin
(tax equivalent) (1)
|
|
4.03
|
%
|
|
4.18
|
%
|
|
|
Three Months Ended March 31,
|
|||||||||||||
|
|
2016
|
|
2015 (1)
|
|
$ Change
|
|
% Change
|
|||||||
|
|
(dollars in thousands)
|
|||||||||||||
Deposit account and treasury management fees (1)
|
|
$
|
6,989
|
|
|
$
|
6,860
|
|
|
$
|
129
|
|
|
2
|
%
|
Card revenue (1)
|
|
5,652
|
|
|
5,363
|
|
|
289
|
|
|
5
|
%
|
|||
Financial services and trust revenue (1)
|
|
2,821
|
|
|
3,124
|
|
|
(303
|
)
|
|
(10
|
)%
|
|||
Loan revenue (1)
|
|
2,262
|
|
|
2,603
|
|
|
(341
|
)
|
|
(13
|
)%
|
|||
Merchant processing revenue
|
|
2,102
|
|
|
2,040
|
|
|
62
|
|
|
3
|
%
|
|||
Bank owned life insurance
|
|
1,116
|
|
|
1,078
|
|
|
38
|
|
|
4
|
%
|
|||
Other (1)
|
|
434
|
|
|
828
|
|
|
(394
|
)
|
|
(48
|
)%
|
|||
Subtotal
|
|
21,376
|
|
|
21,896
|
|
|
(520
|
)
|
|
(2
|
)%
|
|||
Investment securities gains, net
|
|
373
|
|
|
721
|
|
|
(348
|
)
|
|
(48
|
)%
|
|||
Change in FDIC loss-sharing asset
|
|
(1,103
|
)
|
|
150
|
|
|
(1,253
|
)
|
|
(835
|
)%
|
|||
Total noninterest income
|
|
$
|
20,646
|
|
|
$
|
22,767
|
|
|
$
|
(2,121
|
)
|
|
(9
|
)%
|
|
|
Three Months Ended March 31,
|
|||||||||||||
|
|
2016
|
|
2015
|
|
$ Change
|
|
% Change
|
|||||||
|
|
(dollars in thousands)
|
|||||||||||||
Compensation and employee benefits
|
|
$
|
36,319
|
|
|
$
|
39,100
|
|
|
$
|
(2,781
|
)
|
|
(7
|
)%
|
All other noninterest expense:
|
|
|
|
|
|
|
|
|
|||||||
Occupancy
|
|
10,173
|
|
|
7,993
|
|
|
2,180
|
|
|
27
|
%
|
|||
Merchant processing expense
|
|
1,033
|
|
|
977
|
|
|
56
|
|
|
6
|
%
|
|||
Advertising and promotion
|
|
842
|
|
|
931
|
|
|
(89
|
)
|
|
(10
|
)%
|
|||
Data processing
|
|
4,146
|
|
|
4,984
|
|
|
(838
|
)
|
|
(17
|
)%
|
|||
Legal and professional services
|
|
1,325
|
|
|
2,507
|
|
|
(1,182
|
)
|
|
(47
|
)%
|
|||
Taxes, license and fees
|
|
1,290
|
|
|
1,232
|
|
|
58
|
|
|
5
|
%
|
|||
Regulatory premiums
|
|
1,141
|
|
|
1,221
|
|
|
(80
|
)
|
|
(7
|
)%
|
|||
Net cost (benefit) of operation of other real estate owned
|
|
104
|
|
|
(1,246
|
)
|
|
1,350
|
|
|
(108
|
)%
|
|||
Amortization of intangibles
|
|
1,583
|
|
|
1,817
|
|
|
(234
|
)
|
|
(13
|
)%
|
|||
Other
|
|
7,118
|
|
|
7,218
|
|
|
(100
|
)
|
|
(1
|
)%
|
|||
Total all other noninterest expense
|
|
28,755
|
|
|
27,634
|
|
|
1,121
|
|
|
4
|
%
|
|||
Total noninterest expense
|
|
$
|
65,074
|
|
|
$
|
66,734
|
|
|
$
|
(1,660
|
)
|
|
(2
|
)%
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(in thousands)
|
||||||
Acquisition-related expenses:
|
|
|
|
|
||||
Compensation and employee benefits
|
|
$
|
35
|
|
|
$
|
338
|
|
Occupancy
|
|
2,383
|
|
|
499
|
|
||
Advertising and promotion
|
|
—
|
|
|
96
|
|
||
Data processing
|
|
18
|
|
|
1,558
|
|
||
Legal and professional fees
|
|
—
|
|
|
392
|
|
||
Other
|
|
—
|
|
|
91
|
|
||
Total impact of acquisition-related costs to noninterest expense (1)
|
|
$
|
2,436
|
|
|
$
|
2,974
|
|
|
|
Three Months Ended March 31,
|
|
Increase
(Decrease) Amount |
||||||||
|
|
2016
|
|
2015 (1)
|
|
|||||||
|
|
(in thousands)
|
||||||||||
Postage
|
|
$
|
585
|
|
|
$
|
808
|
|
|
$
|
(223
|
)
|
Software support and maintenance
|
|
1,034
|
|
|
1,037
|
|
|
(3
|
)
|
|||
Supplies
|
|
455
|
|
|
317
|
|
|
138
|
|
|||
Loan expenses (1)
|
|
307
|
|
|
463
|
|
|
(156
|
)
|
|||
Dues and subscriptions (1)
|
|
357
|
|
|
275
|
|
|
82
|
|
|||
Insurance
|
|
475
|
|
|
396
|
|
|
79
|
|
|||
Card expenses (1)
|
|
667
|
|
|
815
|
|
|
(148
|
)
|
|||
Travel and entertainment (1)
|
|
687
|
|
|
775
|
|
|
(88
|
)
|
|||
Employee expenses
|
|
290
|
|
|
279
|
|
|
11
|
|
|||
Sponsorships and charitable contributions
|
|
619
|
|
|
432
|
|
|
187
|
|
|||
Directors fees
|
|
192
|
|
|
239
|
|
|
(47
|
)
|
|||
Correspondent bank processing fees
|
|
132
|
|
|
147
|
|
|
(15
|
)
|
|||
Investor relations
|
|
40
|
|
|
61
|
|
|
(21
|
)
|
|||
Other personal property owned
|
|
(2
|
)
|
|
4
|
|
|
(6
|
)
|
|||
FDIC clawback expense
|
|
209
|
|
|
23
|
|
|
186
|
|
|||
Fraud losses (1)
|
|
66
|
|
|
150
|
|
|
(84
|
)
|
|||
Miscellaneous (1)
|
|
1,005
|
|
|
997
|
|
|
8
|
|
|||
Total other noninterest expense
|
|
$
|
7,118
|
|
|
$
|
7,218
|
|
|
$
|
(100
|
)
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(in thousands)
|
||||||
Incremental accretion income on FDIC purchased credit impaired loans
|
|
$
|
1,657
|
|
|
$
|
2,447
|
|
Incremental accretion income on other FDIC acquired loans (1)
|
|
—
|
|
|
117
|
|
||
Provision for losses on purchased credit impaired loans
|
|
(653
|
)
|
|
(2,609
|
)
|
||
Change in FDIC loss-sharing asset (2)
|
|
(1,103
|
)
|
|
150
|
|
||
FDIC clawback liability expense
|
|
(209
|
)
|
|
(23
|
)
|
||
Pre-tax earnings impact of FDIC acquired loan portfolios
|
|
$
|
(308
|
)
|
|
$
|
82
|
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
|
|
(in thousands)
|
||||||
Securities Available for Sale
|
|
|
|
|
||||
U.S. government agency and government-sponsored enterprise mortgage-backed securities and collateralized mortgage obligations
|
|
$
|
1,330,099
|
|
|
$
|
1,286,489
|
|
State and municipal securities
|
|
491,388
|
|
|
492,169
|
|
||
U.S. government and government-sponsored enterprise securities
|
|
358,941
|
|
|
353,782
|
|
||
U.S. government securities
|
|
547
|
|
|
20,137
|
|
||
Other securities
|
|
5,191
|
|
|
5,117
|
|
||
Total
|
|
$
|
2,186,166
|
|
|
$
|
2,157,694
|
|
|
|
March 31, 2016
|
|
% of Total
|
|
December 31, 2015
|
|
% of Total
|
||||||
|
|
(dollars in thousands)
|
||||||||||||
Commercial business
|
|
$
|
2,401,193
|
|
|
40.9
|
%
|
|
$
|
2,362,575
|
|
|
40.6
|
%
|
Real estate:
|
|
|
|
|
|
|
|
|
||||||
One-to-four family residential
|
|
175,050
|
|
|
3.0
|
%
|
|
176,295
|
|
|
3.0
|
%
|
||
Commercial and multifamily residential
|
|
2,520,352
|
|
|
42.9
|
%
|
|
2,491,736
|
|
|
42.9
|
%
|
||
Total real estate
|
|
2,695,402
|
|
|
45.9
|
%
|
|
2,668,031
|
|
|
45.9
|
%
|
||
Real estate construction:
|
|
|
|
|
|
|
|
|
||||||
One-to-four family residential
|
|
133,447
|
|
|
2.3
|
%
|
|
135,874
|
|
|
2.3
|
%
|
||
Commercial and multifamily residential
|
|
183,548
|
|
|
3.1
|
%
|
|
167,413
|
|
|
2.9
|
%
|
||
Total real estate construction
|
|
316,995
|
|
|
5.4
|
%
|
|
303,287
|
|
|
5.2
|
%
|
||
Consumer
|
|
329,902
|
|
|
5.6
|
%
|
|
342,601
|
|
|
5.9
|
%
|
||
Purchased credit impaired
|
|
173,201
|
|
|
2.9
|
%
|
|
180,906
|
|
|
3.1
|
%
|
||
Subtotal
|
|
5,916,693
|
|
|
100.7
|
%
|
|
5,857,400
|
|
|
100.7
|
%
|
||
Less: Net unearned income
|
|
(39,410
|
)
|
|
(0.7
|
)%
|
|
(42,373
|
)
|
|
(0.7
|
)%
|
||
Loans, net of unearned income (before Allowance for Loan and Lease Losses)
|
|
$
|
5,877,283
|
|
|
100.0
|
%
|
|
$
|
5,815,027
|
|
|
100.0
|
%
|
Loans held for sale
|
|
$
|
3,681
|
|
|
|
|
$
|
4,509
|
|
|
|
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
Acquisition:
|
|
(dollars in thousands)
|
||||||
Intermountain
|
|
$
|
7,778
|
|
|
$
|
8,237
|
|
West Coast
|
|
21,743
|
|
|
24,367
|
|
||
Other
|
|
(479
|
)
|
|
(432
|
)
|
||
Total net discount at period end
|
|
$
|
29,042
|
|
|
$
|
32,172
|
|
|
|
March 31,
2016 |
|
December 31,
2015 |
||||
|
|
(in thousands)
|
||||||
Nonperforming assets
|
|
|
|
|
||||
Nonaccrual loans:
|
|
|
|
|
||||
Commercial business
|
|
$
|
22,559
|
|
|
$
|
9,437
|
|
Real estate:
|
|
|
|
|
||||
One-to-four family residential
|
|
730
|
|
|
820
|
|
||
Commercial and multifamily residential
|
|
8,117
|
|
|
9,513
|
|
||
Total real estate
|
|
8,847
|
|
|
10,333
|
|
||
Real estate construction:
|
|
|
|
|
||||
One-to-four family residential
|
|
768
|
|
|
928
|
|
||
Total real estate construction
|
|
768
|
|
|
928
|
|
||
Consumer
|
|
4,717
|
|
|
766
|
|
||
Total nonaccrual loans
|
|
36,891
|
|
|
21,464
|
|
||
Other real estate owned and other personal property owned
|
|
12,427
|
|
|
13,738
|
|
||
Total nonperforming assets
|
|
$
|
49,318
|
|
|
$
|
35,202
|
|
|
|
|
|
|
||||
Loans, net of unearned income
|
|
$
|
5,877,283
|
|
|
$
|
5,815,027
|
|
Total assets
|
|
$
|
9,035,932
|
|
|
$
|
8,951,697
|
|
|
|
|
|
|
||||
Nonperforming loans to period end loans
|
|
0.63
|
%
|
|
0.37
|
%
|
||
Nonperforming assets to period end assets
|
|
0.55
|
%
|
|
0.39
|
%
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(in thousands)
|
||||||
Balance, beginning of period
|
|
$
|
13,738
|
|
|
$
|
22,190
|
|
Transfers in
|
|
105
|
|
|
4,692
|
|
||
Valuation adjustments
|
|
(137
|
)
|
|
(197
|
)
|
||
Proceeds from sale of OREO property
|
|
(1,326
|
)
|
|
(5,122
|
)
|
||
Gain on sale of OREO, net
|
|
47
|
|
|
1,736
|
|
||
Balance, end of period
|
|
$
|
12,427
|
|
|
$
|
23,299
|
|
1.
|
General valuation allowance consistent with the Contingencies topic of the FASB ASC.
|
2.
|
Classified loss reserves on specific relationships. Specific allowances for identified problem loans are determined in accordance with the Receivables topic of the FASB ASC.
|
3.
|
The unallocated allowance provides for other factors inherent in our loan portfolio that may not have been contemplated in the general and specific components of the allowance. This unallocated amount generally comprises less than 5% of the allowance. The unallocated amount is reviewed quarterly based on trends in credit losses, the results of credit reviews and overall economic trends.
|
•
|
Existing general economic and business conditions affecting our market place
|
•
|
Credit quality trends
|
•
|
Historical loss experience
|
•
|
Seasoning of the loan portfolio
|
•
|
Bank regulatory examination results
|
•
|
Findings of internal credit examiners
|
•
|
Duration of current business cycle
|
•
|
Specific loss estimates for problem loans
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(in thousands)
|
||||||
Beginning balance
|
|
$
|
68,172
|
|
|
$
|
69,569
|
|
Charge-offs:
|
|
|
|
|
||||
Commercial business
|
|
(3,773
|
)
|
|
(1,426
|
)
|
||
One-to-four family residential
|
|
—
|
|
|
(8
|
)
|
||
Consumer
|
|
(266
|
)
|
|
(891
|
)
|
||
Purchased credit impaired
|
|
(2,866
|
)
|
|
(4,100
|
)
|
||
Total charge-offs
|
|
(6,905
|
)
|
|
(6,425
|
)
|
||
Recoveries:
|
|
|
|
|
||||
Commercial business
|
|
662
|
|
|
618
|
|
||
One-to-four family residential
|
|
41
|
|
|
12
|
|
||
Commercial and multifamily residential
|
|
69
|
|
|
3,261
|
|
||
One-to-four family residential construction
|
|
254
|
|
|
28
|
|
||
Commercial and multifamily residential construction
|
|
1
|
|
|
3
|
|
||
Consumer
|
|
165
|
|
|
273
|
|
||
Purchased credit impaired
|
|
1,551
|
|
|
1,686
|
|
||
Total recoveries
|
|
2,743
|
|
|
5,881
|
|
||
Net charge-offs
|
|
(4,162
|
)
|
|
(544
|
)
|
||
Provision for loan and lease losses
|
|
5,254
|
|
|
1,209
|
|
||
Ending balance
|
|
$
|
69,264
|
|
|
$
|
70,234
|
|
Total loans, net at end of period, excluding loans held of sale
|
|
$
|
5,877,283
|
|
|
$
|
5,450,895
|
|
Allowance for loan and lease losses to period-end loans
|
|
1.18
|
%
|
|
1.29
|
%
|
||
Allowance for unfunded commitments and letters of credit
|
|
|
||||||
Beginning balance
|
|
$
|
2,930
|
|
|
$
|
2,655
|
|
Net changes in the allowance for unfunded commitments and letters of credit
|
|
—
|
|
|
—
|
|
||
Ending balance
|
|
$
|
2,930
|
|
|
$
|
2,655
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
|
|
(in thousands)
|
||||||
Balance at beginning of period
|
|
$
|
6,568
|
|
|
$
|
15,174
|
|
Adjustments not reflected in income:
|
|
|
|
|
||||
Cash (received from) paid to the FDIC, net
|
|
353
|
|
|
(659
|
)
|
||
FDIC reimbursable recoveries, net
|
|
136
|
|
|
(21
|
)
|
||
Adjustments reflected in income:
|
|
|
|
|
||||
Amortization, net
|
|
(1,332
|
)
|
|
(2,294
|
)
|
||
Loan impairment
|
|
147
|
|
|
1,532
|
|
||
Sale of other real estate
|
|
144
|
|
|
(420
|
)
|
||
Write-downs of other real estate
|
|
18
|
|
|
1,071
|
|
||
Other
|
|
(80
|
)
|
|
261
|
|
||
Balance at end of period
|
|
$
|
5,954
|
|
|
$
|
14,644
|
|
|
|
March 31, 2016
|
|
December 31, 2015 (1)
|
||||||||||
|
|
Balance
|
|
% of
Total |
|
Balance
|
|
% of
Total |
||||||
|
|
(dollars in thousands)
|
||||||||||||
Core deposits:
|
|
|
|
|
|
|
|
|
||||||
Demand and other noninterest-bearing
|
|
$
|
3,553,468
|
|
|
46.8
|
%
|
|
$
|
3,507,358
|
|
|
47.2
|
%
|
Interest-bearing demand
|
|
958,469
|
|
|
12.6
|
%
|
|
925,909
|
|
|
12.4
|
%
|
||
Money market
|
|
1,838,364
|
|
|
24.2
|
%
|
|
1,788,552
|
|
|
24.0
|
%
|
||
Savings
|
|
695,588
|
|
|
9.2
|
%
|
|
657,016
|
|
|
8.8
|
%
|
||
Certificates of deposit, less than $250,000 (1)
|
|
338,733
|
|
|
4.5
|
%
|
|
359,878
|
|
|
4.8
|
%
|
||
Total core deposits
|
|
7,384,622
|
|
|
97.3
|
%
|
|
7,238,713
|
|
|
97.2
|
%
|
||
Certificates of deposit, $250,000 or more (1)
|
|
70,571
|
|
|
0.9
|
%
|
|
72,126
|
|
|
1.0
|
%
|
||
Certificates of deposit insured by CDARS®
|
|
24,752
|
|
|
0.3
|
%
|
|
26,901
|
|
|
0.4
|
%
|
||
Brokered money market accounts
|
|
116,878
|
|
|
1.5
|
%
|
|
100,854
|
|
|
1.4
|
%
|
||
Subtotal
|
|
7,596,823
|
|
|
100.0
|
%
|
|
7,438,594
|
|
|
100.0
|
%
|
||
Premium resulting from acquisition date fair value adjustment
|
|
126
|
|
|
|
|
235
|
|
|
|
||||
Total deposits
|
|
$
|
7,596,949
|
|
|
|
|
$
|
7,438,829
|
|
|
|
|
|
Company
|
|
Columbia Bank
|
||||||||
|
|
March 31, 2016
|
|
December 31, 2015
|
|
March 31, 2016
|
|
December 31, 2015
|
||||
Common equity tier 1 (CET1) risk-based capital ratio
|
|
11.9246
|
%
|
|
11.94
|
%
|
|
11.7706
|
%
|
|
11.76
|
%
|
Tier 1 risk-based capital ratio
|
|
11.9392
|
%
|
|
11.95
|
%
|
|
11.7706
|
%
|
|
11.76
|
%
|
Total risk-based capital ratio
|
|
12.9539
|
%
|
|
12.94
|
%
|
|
12.7861
|
%
|
|
12.75
|
%
|
Leverage ratio
|
|
9.9343
|
%
|
|
10.03
|
%
|
|
9.8142
|
%
|
|
9.89
|
%
|
Capital conservation buffer
|
|
4.9539
|
%
|
|
N/A
|
|
|
4.7861
|
%
|
|
N/A
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2016
|
|
2015
|
||||
Operating net interest margin non-GAAP reconciliation:
|
|
(dollars in thousands)
|
||||||
Net interest income (tax equivalent) (1)
|
|
$
|
82,661
|
|
|
$
|
82,667
|
|
Adjustments to arrive at operating net interest income (tax equivalent):
|
|
|
|
|
||||
Incremental accretion income on FDIC purchased credit impaired loans
|
|
(1,657
|
)
|
|
(2,447
|
)
|
||
Incremental accretion income on other FDIC acquired loans (2)
|
|
—
|
|
|
(117
|
)
|
||
Incremental accretion income on other acquired loans
|
|
(3,073
|
)
|
|
(4,934
|
)
|
||
Premium amortization on acquired securities
|
|
2,324
|
|
|
2,861
|
|
||
Interest reversals on nonaccrual loans
|
|
453
|
|
|
650
|
|
||
Operating net interest income (tax equivalent) (1)
|
|
$
|
80,708
|
|
|
$
|
78,680
|
|
Average interest earning assets
|
|
$
|
8,005,945
|
|
|
$
|
7,529,040
|
|
Net interest margin (tax equivalent) (1)
|
|
4.13
|
%
|
|
4.39
|
%
|
||
Operating net interest margin (tax equivalent) (1)
|
|
4.03
|
%
|
|
4.18
|
%
|
Item 3.
|
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
Item 4.
|
CONTROLS AND PROCEDURES
|
Item 1.
|
LEGAL PROCEEDINGS
|
Item 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
(a)
|
Not applicable
|
(b)
|
Not applicable
|
(c)
|
The following table provides information about repurchases of common stock by the Company during the quarter ended
March 31, 2016
:
|
Period
|
|
Total Number of Common Shares Purchased (1)
|
|
Average Price Paid per Common Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Plan (2)
|
|
Maximum Number of Remaining Shares That May Yet Be Purchased Under the Plan (2)
|
|||||
1/1/2016 - 1/31/2016
|
|
419
|
|
|
$
|
29.01
|
|
|
—
|
|
|
—
|
|
2/1/2016 - 2/29/2016
|
|
34,871
|
|
|
29.24
|
|
|
—
|
|
|
—
|
|
|
3/1/2016 - 3/31/2016
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
35,290
|
|
|
$
|
29.24
|
|
|
—
|
|
|
|
(1)
|
Common shares repurchased by the Company during the quarter consist of cancellation of 35,290 shares of common stock to pay the shareholders’ withholding taxes.
|
(2)
|
The Company does not have a current share repurchase plan.
|
Item 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
Item 4.
|
MINE SAFETY DISCLOSURES
|
Item 5.
|
OTHER INFORMATION
|
Item 6.
|
EXHIBITS
|
31.1+
|
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
31.2+
|
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
32+
|
|
Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
101+
|
|
The following financial information from Columbia Banking System, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 is formatted in XBRL: (i) the Unaudited Consolidated Balance Sheets, (ii) the Unaudited Consolidated Statements of Income, (iii) the Unaudited Consolidated Statements of Comprehensive Income, (iv) the Unaudited Consolidated Statements of Changes in Shareholders’ Equity, (v) the Unaudited Consolidated Statements of Cash Flows, and (vi) the Notes to Unaudited Consolidated Financial Statements.
|
|
|
|
|
|
|
|
|
|
COLUMBIA BANKING SYSTEM, INC.
|
||
|
|
|
|
|
|
Date:
|
May 5, 2016
|
|
By
|
|
/s/ MELANIE J. DRESSEL
|
|
|
|
|
|
Melanie J. Dressel
|
|
|
|
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
|
Date:
|
May 5, 2016
|
|
By
|
|
/s/ CLINT E. STEIN
|
|
|
|
|
|
Clint E. Stein
|
|
|
|
|
|
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
|
|
|
|
|
|
|
Date:
|
May 5, 2016
|
|
By
|
|
/s/ BARRY S. RAY
|
|
|
|
|
|
Barry S. Ray
|
|
|
|
|
|
Senior Vice President and
Chief Accounting Officer
(Principal Accounting Officer)
|
|
|
|
31.1+
|
|
Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
31.2+
|
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
|
|
32+
|
|
Certification Pursuant to 18 U.S.C. Section 1350, As Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
|
|
101+
|
|
The following financial information from Columbia Banking System, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2016 is formatted in XBRL: (i) the Unaudited Consolidated Balance Sheets, (ii) the Unaudited Consolidated Statements of Income, (iii) the Unaudited Consolidated Statements of Comprehensive Income, (iv) the Unaudited Consolidated Statements of Changes in Shareholders’ Equity, (v) the Unaudited Consolidated Statements of Cash Flows, and (vi) the Notes to Unaudited Consolidated Financial Statements.
|
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