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x
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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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|
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Delaware
|
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95-4788120
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(State or Other Jurisdiction of
Incorporation or Organization)
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(I.R.S. Employer
Identification No.)
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3660 Wilshire Boulevard, Penthouse Suite A
Los Angeles, California
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90010
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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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x
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Accelerated Filer
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¨
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Non-Accelerated Filer
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¨
(Do Not Check if a Smaller Reporting Company)
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Smaller Reporting Company
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¨
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Item 1.
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||
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||
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||
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Item 2.
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Item 3.
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||
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Item 4.
|
||
|
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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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Item 3.
|
||
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Item 4.
|
||
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Item 5.
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||
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Item 6.
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||
|
|
|
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(Unaudited) September 30, 2016
|
|
December 31, 2015
|
||||
Assets
|
|
|
|
||||
Cash and due from banks
|
$
|
130,197
|
|
|
$
|
164,364
|
|
Securities available for sale, at fair value (amortized cost of $537,820 as of September 30, 2016 and $700,627 as of December 31, 2015)
|
548,961
|
|
|
698,296
|
|
||
Loans held for sale, at the lower of cost or fair value
|
6,425
|
|
|
2,874
|
|
||
Loans receivable, net of allowance for loan losses of $38,972 as of September 30, 2016 and $42,935 as of December 31, 2015
|
3,513,687
|
|
|
3,140,381
|
|
||
Accrued interest receivable
|
10,160
|
|
|
9,501
|
|
||
Premises and equipment, net
|
27,682
|
|
|
29,834
|
|
||
Other real estate owned ("OREO"), net
|
10,971
|
|
|
8,511
|
|
||
Customers’ liability on acceptances
|
1,041
|
|
|
3,586
|
|
||
Servicing assets
|
10,833
|
|
|
11,744
|
|
||
Core deposit intangible, net
|
1,456
|
|
|
1,701
|
|
||
Federal Home Loan Bank ("FHLB") stock, at cost
|
16,385
|
|
|
16,385
|
|
||
Federal Reserve Bank ("FRB") stock, at cost
|
—
|
|
|
14,098
|
|
||
Income tax asset
|
50,145
|
|
|
57,174
|
|
||
Bank-owned life insurance
|
49,149
|
|
|
48,340
|
|
||
Prepaid expenses and other assets
|
25,088
|
|
|
27,732
|
|
||
Total assets
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$
|
4,402,180
|
|
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$
|
4,234,521
|
|
Liabilities and stockholders’ equity
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Noninterest-bearing
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$
|
1,231,967
|
|
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$
|
1,155,518
|
|
Interest-bearing
|
2,539,240
|
|
|
2,354,458
|
|
||
Total deposits
|
3,771,207
|
|
|
3,509,976
|
|
||
Accrued interest payable
|
2,444
|
|
|
3,177
|
|
||
Bank’s liability on acceptances
|
1,041
|
|
|
3,586
|
|
||
FHLB advances
|
55,000
|
|
|
170,000
|
|
||
Servicing liabilities
|
3,426
|
|
|
4,784
|
|
||
Federal Deposit Insurance Corporation ("FDIC") loss sharing liability
|
1,701
|
|
|
1,289
|
|
||
Subordinated debentures
|
18,888
|
|
|
18,703
|
|
||
Accrued expenses and other liabilities
|
17,275
|
|
|
29,088
|
|
||
Total liabilities
|
3,870,982
|
|
|
3,740,603
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Common stock, $0.001 par value; authorized 62,500,000 shares; issued 32,865,393 shares (32,252,774 shares outstanding) as of September 30, 2016 and issued 32,566,522 shares (31,974,359 shares outstanding) as of December 31, 2015
|
33
|
|
|
257
|
|
||
Additional paid-in capital
|
560,906
|
|
|
557,761
|
|
||
Accumulated other comprehensive income (loss), net of tax expense of $3,586 as of September 30, 2016 and tax benefit of $2,007 as of December 31, 2015
|
7,555
|
|
|
(315
|
)
|
||
Retained earnings
|
33,413
|
|
|
6,422
|
|
||
Less: treasury stock, at cost; 612,619 shares as of September 30, 2016 and 592,163 shares as of December 31, 2015
|
(70,709
|
)
|
|
(70,207
|
)
|
||
Total stockholders’ equity
|
531,198
|
|
|
493,918
|
|
||
Total liabilities and stockholders’ equity
|
$
|
4,402,180
|
|
|
$
|
4,234,521
|
|
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Three Months Ended September 30,
|
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Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Interest and dividend income:
|
|
|
|
|
|
|
|
||||||||
Interest and fees on loans
|
$
|
41,150
|
|
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$
|
36,466
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|
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$
|
120,862
|
|
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$
|
110,415
|
|
Interest on securities
|
2,701
|
|
|
2,884
|
|
|
8,604
|
|
|
9,737
|
|
||||
Dividends on FRB and FHLB stock
|
419
|
|
|
607
|
|
|
1,540
|
|
|
2,205
|
|
||||
Interest on deposits in other banks
|
55
|
|
|
68
|
|
|
152
|
|
|
156
|
|
||||
Total interest and dividend income
|
44,325
|
|
|
40,025
|
|
|
131,158
|
|
|
122,513
|
|
||||
Interest expense:
|
|
|
|
|
|
|
|
||||||||
Interest on deposits
|
4,358
|
|
|
3,881
|
|
|
11,769
|
|
|
11,463
|
|
||||
Interest on subordinated debentures
|
206
|
|
|
158
|
|
|
584
|
|
|
454
|
|
||||
Interest on FHLB advances
|
179
|
|
|
1
|
|
|
673
|
|
|
61
|
|
||||
Total interest expense
|
4,743
|
|
|
4,040
|
|
|
13,026
|
|
|
11,978
|
|
||||
Net interest income before provision for loan losses
|
39,582
|
|
|
35,985
|
|
|
118,132
|
|
|
110,535
|
|
||||
Negative provision for loan losses
|
(1,450
|
)
|
|
(3,704
|
)
|
|
(4,490
|
)
|
|
(7,779
|
)
|
||||
Net interest income after provision for loan losses
|
41,032
|
|
|
39,689
|
|
|
122,622
|
|
|
118,314
|
|
||||
Noninterest income:
|
|
|
|
|
|
|
|
||||||||
Service charges on deposit accounts
|
2,883
|
|
|
3,378
|
|
|
8,782
|
|
|
9,758
|
|
||||
Trade finance and other service charges and fees
|
992
|
|
|
1,115
|
|
|
3,099
|
|
|
3,491
|
|
||||
Gain on sales of Small Business Administration ("SBA") loans
|
1,616
|
|
|
1,621
|
|
|
4,247
|
|
|
4,878
|
|
||||
Net gain on sales of securities
|
46
|
|
|
2,048
|
|
|
46
|
|
|
6,144
|
|
||||
Disposition gains on Purchased Credit Impaired ("PCI") loans
|
789
|
|
|
4,334
|
|
|
3,411
|
|
|
8,027
|
|
||||
Other operating income
|
2,348
|
|
|
1,065
|
|
|
5,423
|
|
|
3,246
|
|
||||
Total noninterest income
|
8,674
|
|
|
13,561
|
|
|
25,008
|
|
|
35,544
|
|
||||
Noninterest expense:
|
|
|
|
|
|
|
|
||||||||
Salaries and employee benefits
|
15,950
|
|
|
16,097
|
|
|
47,710
|
|
|
48,023
|
|
||||
Occupancy and equipment
|
3,917
|
|
|
4,896
|
|
|
11,351
|
|
|
13,423
|
|
||||
Data processing
|
1,330
|
|
|
1,418
|
|
|
4,219
|
|
|
4,885
|
|
||||
Professional fees
|
1,090
|
|
|
1,940
|
|
|
4,063
|
|
|
5,982
|
|
||||
Supplies and communications
|
821
|
|
|
880
|
|
|
2,266
|
|
|
2,638
|
|
||||
Advertising and promotion
|
1,153
|
|
|
1,290
|
|
|
2,769
|
|
|
2,859
|
|
||||
OREO expense
|
73
|
|
|
225
|
|
|
721
|
|
|
629
|
|
||||
Merger and integration costs
|
—
|
|
|
—
|
|
|
—
|
|
|
1,747
|
|
||||
Other operating expenses
|
4,003
|
|
|
1,976
|
|
|
9,170
|
|
|
6,953
|
|
||||
Total noninterest expense
|
28,337
|
|
|
28,722
|
|
|
82,269
|
|
|
87,139
|
|
||||
Income before income tax expense
|
21,369
|
|
|
24,528
|
|
|
65,361
|
|
|
66,719
|
|
||||
Income tax expense
|
8,248
|
|
|
10,569
|
|
|
23,288
|
|
|
27,722
|
|
||||
Net income
|
$
|
13,121
|
|
|
$
|
13,959
|
|
|
$
|
42,073
|
|
|
$
|
38,997
|
|
Basic earnings per share
|
$
|
0.41
|
|
|
$
|
0.44
|
|
|
$
|
1.31
|
|
|
$
|
1.22
|
|
Diluted earnings per share
|
$
|
0.41
|
|
|
$
|
0.44
|
|
|
$
|
1.31
|
|
|
$
|
1.22
|
|
Weighted-average shares outstanding:
|
|
|
|
|
|
|
|
||||||||
Basic
|
31,912,470
|
|
|
31,799,573
|
|
|
31,880,466
|
|
|
31,774,047
|
|
||||
Diluted
|
32,088,233
|
|
|
31,909,808
|
|
|
32,031,295
|
|
|
31,855,024
|
|
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Net income
|
$
|
13,121
|
|
|
$
|
13,959
|
|
|
$
|
42,073
|
|
|
$
|
38,997
|
|
Other comprehensive (loss) income, net of tax:
|
|
|
|
|
|
|
|
||||||||
Unrealized (loss) gain on securities:
|
|
|
|
|
|
|
|
||||||||
Unrealized holding (loss) gain arising during period
|
(2,629
|
)
|
|
5,064
|
|
|
13,518
|
|
|
9,066
|
|
||||
Less: reclassification adjustment for net gain included in net income
|
(46
|
)
|
|
(2,048
|
)
|
|
(46
|
)
|
|
(6,144
|
)
|
||||
Unrealized loss on interest-only strip of servicing assets
|
—
|
|
|
(7
|
)
|
|
(9
|
)
|
|
(7
|
)
|
||||
Income tax benefit (expense) related to items of other comprehensive income
|
1,109
|
|
|
(1,274
|
)
|
|
(5,593
|
)
|
|
(1,220
|
)
|
||||
Other comprehensive (loss) income, net of tax
|
(1,566
|
)
|
|
1,735
|
|
|
7,870
|
|
|
1,695
|
|
||||
Comprehensive income
|
$
|
11,555
|
|
|
$
|
15,694
|
|
|
$
|
49,943
|
|
|
$
|
40,692
|
|
|
Common Stock - Number of Shares
|
|
Stockholders’ Equity
|
|||||||||||||||||||||||||||||
|
Shares Issued
|
|
Treasury Shares
|
|
Shares Outstanding
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Accumulated (Deficit) Retained Earnings
|
|
Treasury Stock, at Cost
|
|
Total Stockholders’ Equity
|
|||||||||||||||
Balance at January 1, 2015
|
32,488,097
|
|
|
(577,894
|
)
|
|
31,910,203
|
|
|
$
|
257
|
|
|
$
|
554,904
|
|
|
$
|
463
|
|
|
$
|
(32,379
|
)
|
|
$
|
(69,858
|
)
|
|
$
|
453,387
|
|
Stock options exercised
|
39,766
|
|
|
—
|
|
|
39,766
|
|
|
—
|
|
|
531
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
531
|
|
||||||
Restricted stock awards, net of forfeitures
|
39,423
|
|
|
—
|
|
|
39,423
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,681
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,681
|
|
||||||
Restricted stock surrendered due to employee tax liability
|
—
|
|
|
(12,185
|
)
|
|
(12,185
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(293
|
)
|
|
(293
|
)
|
||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10,549
|
)
|
|
—
|
|
|
(10,549
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
38,997
|
|
|
—
|
|
|
38,997
|
|
||||||
Change in unrealized gain on securities available for sale, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,695
|
|
|
—
|
|
|
—
|
|
|
1,695
|
|
||||||
Balance at September 30, 2015
|
32,567,286
|
|
|
(590,079
|
)
|
|
31,977,207
|
|
|
$
|
257
|
|
|
$
|
557,116
|
|
|
$
|
2,158
|
|
|
$
|
(3,931
|
)
|
|
$
|
(70,151
|
)
|
|
$
|
485,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance at January 1, 2016
|
32,566,522
|
|
|
(592,163
|
)
|
|
31,974,359
|
|
|
$
|
257
|
|
|
$
|
557,761
|
|
|
$
|
(315
|
)
|
|
$
|
6,422
|
|
|
$
|
(70,207
|
)
|
|
$
|
493,918
|
|
Correction of accounting for the 2011 1-for-8 stock split
|
—
|
|
|
—
|
|
|
—
|
|
|
(224
|
)
|
|
224
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock options exercised
|
42,584
|
|
|
—
|
|
|
42,584
|
|
|
—
|
|
|
592
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
592
|
|
||||||
Restricted stock awards, net of forfeitures
|
256,287
|
|
|
—
|
|
|
256,287
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,329
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,329
|
|
||||||
Restricted stock surrendered due to employee tax liability
|
—
|
|
|
(20,456
|
)
|
|
(20,456
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(502
|
)
|
|
(502
|
)
|
||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,082
|
)
|
|
—
|
|
|
(15,082
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,073
|
|
|
—
|
|
|
42,073
|
|
||||||
Change in unrealized gain on securities available for sale and unrealized loss on interest-only strip of servicing assets, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,870
|
|
|
—
|
|
|
—
|
|
|
7,870
|
|
||||||
Balance at September 30, 2016
|
32,865,393
|
|
|
(612,619
|
)
|
|
32,252,774
|
|
|
$
|
33
|
|
|
$
|
560,906
|
|
|
$
|
7,555
|
|
|
$
|
33,413
|
|
|
$
|
(70,709
|
)
|
|
$
|
531,198
|
|
|
Amortized Cost
|
|
Gross Unrealized Gain
|
|
Gross Unrealized Loss
|
|
Estimated Fair Value
|
||||||||
|
(in thousands)
|
||||||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
(1) (2)
|
$
|
239,569
|
|
|
$
|
3,778
|
|
|
$
|
102
|
|
|
$
|
243,245
|
|
Collateralized mortgage obligations
(1)
|
84,277
|
|
|
174
|
|
|
238
|
|
|
84,213
|
|
||||
U.S. government agency securities
|
7,499
|
|
|
20
|
|
|
—
|
|
|
7,519
|
|
||||
SBA loan pool securities
|
4,585
|
|
|
—
|
|
|
40
|
|
|
4,545
|
|
||||
Municipal bonds-tax exempt
|
160,371
|
|
|
6,865
|
|
|
—
|
|
|
167,236
|
|
||||
Municipal bonds-taxable
|
13,434
|
|
|
491
|
|
|
—
|
|
|
13,925
|
|
||||
Corporate bonds
|
5,012
|
|
|
—
|
|
|
1
|
|
|
5,011
|
|
||||
U.S. treasury securities
|
157
|
|
|
1
|
|
|
—
|
|
|
158
|
|
||||
Mutual funds
|
22,916
|
|
|
280
|
|
|
87
|
|
|
23,109
|
|
||||
Total securities available for sale
|
$
|
537,820
|
|
|
$
|
11,609
|
|
|
$
|
468
|
|
|
$
|
548,961
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
(1) (2)
|
$
|
286,450
|
|
|
$
|
392
|
|
|
$
|
2,461
|
|
|
$
|
284,381
|
|
Collateralized mortgage obligations
(1)
|
97,904
|
|
|
79
|
|
|
997
|
|
|
96,986
|
|
||||
U.S. government agency securities
|
48,478
|
|
|
—
|
|
|
656
|
|
|
47,822
|
|
||||
SBA loan pool securities
|
63,670
|
|
|
7
|
|
|
411
|
|
|
63,266
|
|
||||
Municipal bonds-tax exempt
|
162,101
|
|
|
1,820
|
|
|
19
|
|
|
163,902
|
|
||||
Municipal bonds-taxable
|
13,932
|
|
|
189
|
|
|
88
|
|
|
14,033
|
|
||||
Corporate bonds
|
5,017
|
|
|
—
|
|
|
24
|
|
|
4,993
|
|
||||
U.S. treasury securities
|
159
|
|
|
1
|
|
|
—
|
|
|
160
|
|
||||
Mutual funds
|
22,916
|
|
|
—
|
|
|
163
|
|
|
22,753
|
|
||||
Total securities available for sale
|
$
|
700,627
|
|
|
$
|
2,488
|
|
|
$
|
4,819
|
|
|
$
|
698,296
|
|
(1)
|
Collateralized by residential mortgages and guaranteed by U.S. government sponsored entities.
|
(2)
|
Include securities collateralized by home equity conversion mortgages with total estimated fair value of
$54.5 million
and
$58.6 million
as of
September 30, 2016
and
December 31, 2015
, respectively.
|
|
Available for Sale
|
||||||
|
Amortized Cost
|
|
Estimated Fair Value
|
||||
|
(in thousands)
|
||||||
Within one year
|
$
|
1
|
|
|
$
|
1
|
|
Over one year through five years
|
80,351
|
|
|
80,744
|
|
||
Over five years through ten years
|
215,587
|
|
|
221,175
|
|
||
Over ten years
|
241,881
|
|
|
247,041
|
|
||
Total
|
$
|
537,820
|
|
|
$
|
548,961
|
|
|
Holding Period
|
|||||||||||||||||||||||||||||||
|
Less Than 12 Months
|
|
12 Months or More
|
|
Total
|
|||||||||||||||||||||||||||
|
Gross Unrealized Loss
|
|
Estimated Fair Value
|
|
Number of Securities
|
|
Gross Unrealized Loss
|
|
Estimated Fair Value
|
|
Number of Securities
|
|
Gross Unrealized Loss
|
|
Estimated Fair Value
|
|
Number of Securities
|
|||||||||||||||
|
(in thousands, except number of securities)
|
|||||||||||||||||||||||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mortgage-backed securities
|
$
|
17
|
|
|
$
|
9,799
|
|
|
5
|
|
|
$
|
85
|
|
|
$
|
11,639
|
|
|
3
|
|
|
$
|
102
|
|
|
$
|
21,438
|
|
|
8
|
|
Collateralized mortgage obligations
|
110
|
|
|
34,898
|
|
|
13
|
|
|
127
|
|
|
12,721
|
|
|
7
|
|
|
237
|
|
|
47,619
|
|
|
20
|
|
||||||
U.S. government agency securities
|
1
|
|
|
3,000
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
3,000
|
|
|
1
|
|
||||||
SBA loan pool securities
|
—
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|
4,545
|
|
|
2
|
|
|
40
|
|
|
4,545
|
|
|
2
|
|
||||||
Corporate bonds
|
1
|
|
|
5,010
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
5,010
|
|
|
1
|
|
||||||
Mutual funds
|
—
|
|
|
—
|
|
|
—
|
|
|
87
|
|
|
938
|
|
|
3
|
|
|
87
|
|
|
938
|
|
|
3
|
|
||||||
Total
|
$
|
129
|
|
|
$
|
52,707
|
|
|
20
|
|
|
$
|
339
|
|
|
$
|
29,843
|
|
|
15
|
|
|
$
|
468
|
|
|
$
|
82,550
|
|
|
35
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mortgage-backed securities
|
$
|
1,734
|
|
|
$
|
193,931
|
|
|
52
|
|
|
$
|
727
|
|
|
$
|
21,659
|
|
|
9
|
|
|
$
|
2,461
|
|
|
$
|
215,590
|
|
|
61
|
|
Collateralized mortgage obligations
|
335
|
|
|
48,970
|
|
|
18
|
|
|
662
|
|
|
32,964
|
|
|
13
|
|
|
997
|
|
|
81,934
|
|
|
31
|
|
||||||
U.S. government agency securities
|
201
|
|
|
23,289
|
|
|
8
|
|
|
455
|
|
|
24,533
|
|
|
8
|
|
|
656
|
|
|
47,822
|
|
|
16
|
|
||||||
SBA loan pool securities
|
161
|
|
|
50,499
|
|
|
12
|
|
|
250
|
|
|
7,036
|
|
|
3
|
|
|
411
|
|
|
57,535
|
|
|
15
|
|
||||||
Municipal bonds-tax exempt
|
19
|
|
|
8,922
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19
|
|
|
8,922
|
|
|
6
|
|
||||||
Municipal bonds-taxable
|
88
|
|
|
7,106
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
88
|
|
|
7,106
|
|
|
4
|
|
||||||
Corporate bonds
|
24
|
|
|
4,994
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24
|
|
|
4,994
|
|
|
1
|
|
||||||
Mutual funds
|
66
|
|
|
21,820
|
|
|
3
|
|
|
97
|
|
|
928
|
|
|
3
|
|
|
163
|
|
|
22,748
|
|
|
6
|
|
||||||
Total
|
$
|
2,628
|
|
|
$
|
359,531
|
|
|
104
|
|
|
$
|
2,191
|
|
|
$
|
87,120
|
|
|
36
|
|
|
$
|
4,819
|
|
|
$
|
446,651
|
|
|
140
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in thousands)
|
||||||||||||||
Gross realized gains on sales of securities
|
$
|
396
|
|
|
$
|
2,048
|
|
|
$
|
396
|
|
|
$
|
6,310
|
|
Gross realized losses on sales of securities
|
(350
|
)
|
|
—
|
|
|
(350
|
)
|
|
(166
|
)
|
||||
Net realized gains on sales of securities
|
$
|
46
|
|
|
$
|
2,048
|
|
|
$
|
46
|
|
|
$
|
6,144
|
|
Proceeds from sales of securities
|
$
|
78,282
|
|
|
$
|
44,782
|
|
|
$
|
78,282
|
|
|
$
|
352,224
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Non-PCI Loans
|
|
PCI Loans
|
|
Total
|
|
Non-PCI Loans
|
|
PCI Loans
|
|
Total
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial property
(1)
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
$
|
819,604
|
|
|
$
|
2,470
|
|
|
$
|
822,074
|
|
|
$
|
735,501
|
|
|
$
|
4,849
|
|
|
$
|
740,350
|
|
Hospitality
|
618,355
|
|
|
3,925
|
|
|
622,280
|
|
|
539,345
|
|
|
4,080
|
|
|
543,425
|
|
||||||
Gas station
|
271,552
|
|
|
2,833
|
|
|
274,385
|
|
|
319,363
|
|
|
4,292
|
|
|
323,655
|
|
||||||
Other
(2)
|
1,088,687
|
|
|
5,147
|
|
|
1,093,834
|
|
|
973,243
|
|
|
5,418
|
|
|
978,661
|
|
||||||
Construction
|
67,439
|
|
|
—
|
|
|
67,439
|
|
|
23,387
|
|
|
—
|
|
|
23,387
|
|
||||||
Residential property
|
329,695
|
|
|
980
|
|
|
330,675
|
|
|
234,879
|
|
|
1,157
|
|
|
236,036
|
|
||||||
Total real estate loans
|
3,195,332
|
|
|
15,355
|
|
|
3,210,687
|
|
|
2,825,718
|
|
|
19,796
|
|
|
2,845,514
|
|
||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial term
|
144,754
|
|
|
135
|
|
|
144,889
|
|
|
152,602
|
|
|
171
|
|
|
152,773
|
|
||||||
Commercial lines of credit
|
145,738
|
|
|
—
|
|
|
145,738
|
|
|
128,224
|
|
|
—
|
|
|
128,224
|
|
||||||
International loans
|
29,029
|
|
|
—
|
|
|
29,029
|
|
|
31,879
|
|
|
—
|
|
|
31,879
|
|
||||||
Total commercial and industrial loans
|
319,521
|
|
|
135
|
|
|
319,656
|
|
|
312,705
|
|
|
171
|
|
|
312,876
|
|
||||||
Consumer loans
(3)
|
22,266
|
|
|
50
|
|
|
22,316
|
|
|
24,879
|
|
|
47
|
|
|
24,926
|
|
||||||
Loans receivable
|
3,537,119
|
|
|
15,540
|
|
|
3,552,659
|
|
|
3,163,302
|
|
|
20,014
|
|
|
3,183,316
|
|
||||||
Allowance for loans losses
|
(33,439
|
)
|
|
(5,533
|
)
|
|
(38,972
|
)
|
|
(37,494
|
)
|
|
(5,441
|
)
|
|
(42,935
|
)
|
||||||
Loans receivable, net
|
$
|
3,503,680
|
|
|
$
|
10,007
|
|
|
$
|
3,513,687
|
|
|
$
|
3,125,808
|
|
|
$
|
14,573
|
|
|
$
|
3,140,381
|
|
(1)
|
Includes owner-occupied property loans of
$715.9 million
and
$737.5 million
as of
September 30, 2016
and
December 31, 2015
, respectively.
|
(2)
|
Includes, among other property types, mixed-use, apartment, office, industrial, faith-based facilities and warehouse; the remaining real estate categories represent less than one percent of the Bank's total loans.
|
(3)
|
Consumer loans include home equity lines of credit of
$19.3 million
and
$21.8 million
as of
September 30, 2016
and
December 31, 2015
, respectively.
|
|
Real Estate
|
|
Commercial and Industrial
|
|
Total Non-PCI
|
||||||
|
(in thousands)
|
||||||||||
September 30, 2016
|
|
|
|
|
|
||||||
Loans held for sale, at beginning of period
|
$
|
9,293
|
|
|
$
|
3,540
|
|
|
$
|
12,833
|
|
Originations
|
11,272
|
|
|
6,417
|
|
|
17,689
|
|
|||
Sales
|
(15,968
|
)
|
|
(8,122
|
)
|
|
(24,090
|
)
|
|||
Principal payoffs and amortization
|
(2
|
)
|
|
(5
|
)
|
|
(7
|
)
|
|||
Loans held for sale, at end of period
|
$
|
4,595
|
|
|
$
|
1,830
|
|
|
$
|
6,425
|
|
|
|
|
|
|
|
||||||
September 30, 2015
|
|
|
|
|
|
||||||
Loans held for sale, at beginning of period
|
$
|
2,067
|
|
|
$
|
2,091
|
|
|
$
|
4,158
|
|
Originations
|
13,867
|
|
|
7,464
|
|
|
21,331
|
|
|||
Sales
|
(12,199
|
)
|
|
(8,408
|
)
|
|
(20,607
|
)
|
|||
Principal payoffs and amortization
|
(3
|
)
|
|
(8
|
)
|
|
(11
|
)
|
|||
Loans held for sale, at end of period
|
$
|
3,732
|
|
|
$
|
1,139
|
|
|
$
|
4,871
|
|
|
Real Estate
|
|
Commercial and Industrial
|
|
Total Non-PCI
|
||||||
|
(in thousands)
|
||||||||||
September 30, 2016
|
|
|
|
|
|
||||||
Loans held for sale, at beginning of period
|
$
|
840
|
|
|
$
|
2,034
|
|
|
$
|
2,874
|
|
Originations
|
40,120
|
|
|
20,128
|
|
|
60,248
|
|
|||
Sales
|
(36,361
|
)
|
|
(20,304
|
)
|
|
(56,665
|
)
|
|||
Principal payoffs and amortization
|
(4
|
)
|
|
(28
|
)
|
|
(32
|
)
|
|||
Loans held for sale, at end of period
|
$
|
4,595
|
|
|
$
|
1,830
|
|
|
$
|
6,425
|
|
|
|
|
|
|
|
||||||
September 30, 2015
|
|
|
|
|
|
||||||
Loans held for sale, at beginning of period
|
$
|
3,323
|
|
|
$
|
2,128
|
|
|
$
|
5,451
|
|
Originations
|
37,601
|
|
|
21,672
|
|
|
59,273
|
|
|||
Reclassification from loans receivable
|
360
|
|
|
—
|
|
|
360
|
|
|||
Sales
|
(37,534
|
)
|
|
(22,616
|
)
|
|
(60,150
|
)
|
|||
Principal payoffs and amortization
|
(18
|
)
|
|
(45
|
)
|
|
(63
|
)
|
|||
Loans held for sale, at end of period
|
$
|
3,732
|
|
|
$
|
1,139
|
|
|
$
|
4,871
|
|
|
As of and for the Three Months Ended
|
||||||||||||||||||||||
|
September 30, 2016
|
|
September 30, 2015
|
||||||||||||||||||||
|
Non-PCI Loans
|
|
PCI Loans
|
|
Total
|
|
Non-PCI Loans
|
|
PCI Loans
|
|
Total
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at beginning of period
|
$
|
34,259
|
|
|
$
|
5,448
|
|
|
$
|
39,707
|
|
|
$
|
49,468
|
|
|
$
|
1,352
|
|
|
$
|
50,820
|
|
Charge-offs
|
(111
|
)
|
|
(5
|
)
|
|
(116
|
)
|
|
(1,748
|
)
|
|
—
|
|
|
(1,748
|
)
|
||||||
Recoveries on loans previously charged off
|
831
|
|
|
—
|
|
|
831
|
|
|
992
|
|
|
—
|
|
|
992
|
|
||||||
Net loan (charge-offs) recoveries
|
720
|
|
|
(5
|
)
|
|
715
|
|
|
(756
|
)
|
|
—
|
|
|
(756
|
)
|
||||||
(Negative provision) provision
|
(1,540
|
)
|
|
90
|
|
|
(1,450
|
)
|
|
(5,490
|
)
|
|
1,786
|
|
|
(3,704
|
)
|
||||||
Balance at end of period
|
$
|
33,439
|
|
|
$
|
5,533
|
|
|
$
|
38,972
|
|
|
$
|
43,222
|
|
|
$
|
3,138
|
|
|
$
|
46,360
|
|
|
As of and for the Nine Months Ended
|
||||||||||||||||||||||
|
September 30, 2016
|
|
September 30, 2015
|
||||||||||||||||||||
|
Non-PCI Loans
|
|
PCI Loans
|
|
Total
|
|
Non-PCI Loans
|
|
PCI Loans
|
|
Total
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at beginning of period
|
$
|
37,494
|
|
|
$
|
5,441
|
|
|
$
|
42,935
|
|
|
$
|
51,640
|
|
|
$
|
1,026
|
|
|
$
|
52,666
|
|
Charge-offs
|
(1,410
|
)
|
|
(142
|
)
|
|
(1,552
|
)
|
|
(3,004
|
)
|
|
—
|
|
|
(3,004
|
)
|
||||||
Recoveries on loans previously charged off
|
2,079
|
|
|
—
|
|
|
2,079
|
|
|
4,477
|
|
|
—
|
|
|
4,477
|
|
||||||
Net loan (charge-offs) recoveries
|
669
|
|
|
(142
|
)
|
|
527
|
|
|
1,473
|
|
|
—
|
|
|
1,473
|
|
||||||
(Negative provision) provision
|
(4,724
|
)
|
|
234
|
|
|
(4,490
|
)
|
|
(9,891
|
)
|
|
2,112
|
|
|
(7,779
|
)
|
||||||
Balance at end of period
|
$
|
33,439
|
|
|
$
|
5,533
|
|
|
$
|
38,972
|
|
|
$
|
43,222
|
|
|
$
|
3,138
|
|
|
$
|
46,360
|
|
|
Real Estate
|
|
Commercial and Industrial
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses on Non-PCI loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance
|
$
|
28,116
|
|
|
$
|
5,502
|
|
|
$
|
242
|
|
|
$
|
399
|
|
|
$
|
34,259
|
|
Charge-offs
|
(18
|
)
|
|
(93
|
)
|
|
—
|
|
|
—
|
|
|
(111
|
)
|
|||||
Recoveries on loans previously charged off
|
337
|
|
|
494
|
|
|
—
|
|
|
—
|
|
|
831
|
|
|||||
Negative provision
|
(479
|
)
|
|
(622
|
)
|
|
(40
|
)
|
|
(399
|
)
|
|
(1,540
|
)
|
|||||
Ending balance
|
$
|
27,956
|
|
|
$
|
5,281
|
|
|
$
|
202
|
|
|
$
|
—
|
|
|
$
|
33,439
|
|
Ending balance: individually evaluated for impairment
|
$
|
2,723
|
|
|
$
|
495
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,218
|
|
Ending balance: collectively evaluated for impairment
|
$
|
25,233
|
|
|
$
|
4,786
|
|
|
$
|
202
|
|
|
$
|
—
|
|
|
$
|
30,221
|
|
Non-PCI loans receivable:
|
|
|
|
|
|
|
|
|
|
||||||||||
Ending balance
|
$
|
3,195,332
|
|
|
$
|
319,521
|
|
|
$
|
22,266
|
|
|
$
|
—
|
|
|
$
|
3,537,119
|
|
Ending balance: individually evaluated for impairment
|
$
|
18,522
|
|
|
$
|
4,705
|
|
|
$
|
680
|
|
|
$
|
—
|
|
|
$
|
23,907
|
|
Ending balance: collectively evaluated for impairment
|
$
|
3,176,810
|
|
|
$
|
314,816
|
|
|
$
|
21,586
|
|
|
$
|
—
|
|
|
$
|
3,513,212
|
|
Allowance for loan losses on PCI loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance
|
$
|
5,400
|
|
|
$
|
41
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
5,448
|
|
Charge-offs
|
(5
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|||||
Provision
|
89
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
90
|
|
|||||
Ending balance: acquired with deteriorated credit quality
|
$
|
5,484
|
|
|
$
|
42
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
5,533
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI loans receivable
|
$
|
15,355
|
|
|
$
|
135
|
|
|
$
|
50
|
|
|
$
|
—
|
|
|
$
|
15,540
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
September 30, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses on Non-PCI loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance
|
$
|
39,898
|
|
|
$
|
8,245
|
|
|
$
|
172
|
|
|
$
|
1,153
|
|
|
$
|
49,468
|
|
Charge-offs
|
(334
|
)
|
|
(1,414
|
)
|
|
—
|
|
|
—
|
|
|
(1,748
|
)
|
|||||
Recoveries on loans previously charged off
|
745
|
|
|
244
|
|
|
3
|
|
|
—
|
|
|
992
|
|
|||||
(Negative provision) provision
|
(5,867
|
)
|
|
700
|
|
|
(78
|
)
|
|
(245
|
)
|
|
(5,490
|
)
|
|||||
Ending balance
|
$
|
34,442
|
|
|
$
|
7,775
|
|
|
$
|
97
|
|
|
$
|
908
|
|
|
$
|
43,222
|
|
Ending balance: individually evaluated for impairment
|
$
|
3,500
|
|
|
$
|
846
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,346
|
|
Ending balance: collectively evaluated for impairment
|
$
|
30,942
|
|
|
$
|
6,929
|
|
|
$
|
97
|
|
|
$
|
908
|
|
|
$
|
38,876
|
|
Non-PCI loans receivable:
|
|
|
|
|
|
|
|
|
|
||||||||||
Ending balance
|
$
|
2,714,645
|
|
|
$
|
280,591
|
|
|
$
|
24,691
|
|
|
$
|
—
|
|
|
$
|
3,019,927
|
|
Ending balance: individually evaluated for impairment
|
$
|
28,372
|
|
|
$
|
7,851
|
|
|
$
|
1,689
|
|
|
$
|
—
|
|
|
$
|
37,912
|
|
Ending balance: collectively evaluated for impairment
|
$
|
2,686,273
|
|
|
$
|
272,740
|
|
|
$
|
23,002
|
|
|
$
|
—
|
|
|
$
|
2,982,015
|
|
Allowance for loan losses on PCI loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance
|
$
|
1,289
|
|
|
$
|
63
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,352
|
|
Provision (negative provision)
|
1,830
|
|
|
(46
|
)
|
|
2
|
|
|
—
|
|
|
1,786
|
|
|||||
Ending balance: acquired with deteriorated credit quality
|
$
|
3,119
|
|
|
$
|
17
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
3,138
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI loans receivable
|
$
|
24,909
|
|
|
$
|
193
|
|
|
$
|
43
|
|
|
$
|
—
|
|
|
$
|
25,145
|
|
|
Real Estate
|
|
Commercial and Industrial
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||
|
(in thousands)
|
||||||||||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses on Non-PCI loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance
|
$
|
29,800
|
|
|
$
|
7,081
|
|
|
$
|
242
|
|
|
$
|
371
|
|
|
$
|
37,494
|
|
Charge-offs
|
(709
|
)
|
|
(701
|
)
|
|
—
|
|
|
—
|
|
|
(1,410
|
)
|
|||||
Recoveries on loans previously charged off
|
527
|
|
|
1,499
|
|
|
53
|
|
|
—
|
|
|
2,079
|
|
|||||
Negative provision
|
(1,662
|
)
|
|
(2,598
|
)
|
|
(93
|
)
|
|
(371
|
)
|
|
(4,724
|
)
|
|||||
Ending balance
|
$
|
27,956
|
|
|
$
|
5,281
|
|
|
$
|
202
|
|
|
$
|
—
|
|
|
$
|
33,439
|
|
Ending balance: individually evaluated for impairment
|
$
|
2,723
|
|
|
$
|
495
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,218
|
|
Ending balance: collectively evaluated for impairment
|
$
|
25,233
|
|
|
$
|
4,786
|
|
|
$
|
202
|
|
|
$
|
—
|
|
|
$
|
30,221
|
|
Non-PCI loans receivable:
|
|
|
|
|
|
|
|
|
|
||||||||||
Ending balance
|
$
|
3,195,332
|
|
|
$
|
319,521
|
|
|
$
|
22,266
|
|
|
$
|
—
|
|
|
$
|
3,537,119
|
|
Ending balance: individually evaluated for impairment
|
$
|
18,522
|
|
|
$
|
4,705
|
|
|
$
|
680
|
|
|
$
|
—
|
|
|
$
|
23,907
|
|
Ending balance: collectively evaluated for impairment
|
$
|
3,176,810
|
|
|
$
|
314,816
|
|
|
$
|
21,586
|
|
|
$
|
—
|
|
|
$
|
3,513,212
|
|
Allowance for loan losses on PCI loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance
|
$
|
5,397
|
|
|
$
|
42
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
5,441
|
|
Charge-offs
|
(142
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(142
|
)
|
|||||
Provision
|
229
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
234
|
|
|||||
Ending balance: acquired with deteriorated credit quality
|
$
|
5,484
|
|
|
$
|
42
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
5,533
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI loans receivable
|
$
|
15,355
|
|
|
$
|
135
|
|
|
$
|
50
|
|
|
$
|
—
|
|
|
$
|
15,540
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
September 30, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan losses on Non-PCI loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance
|
$
|
41,194
|
|
|
$
|
9,142
|
|
|
$
|
220
|
|
|
$
|
1,084
|
|
|
$
|
51,640
|
|
Charge-offs
|
(435
|
)
|
|
(2,569
|
)
|
|
—
|
|
|
—
|
|
|
(3,004
|
)
|
|||||
Recoveries on loans previously charged off
|
2,040
|
|
|
2,434
|
|
|
3
|
|
|
—
|
|
|
4,477
|
|
|||||
Negative provision
|
(8,357
|
)
|
|
(1,232
|
)
|
|
(126
|
)
|
|
(176
|
)
|
|
(9,891
|
)
|
|||||
Ending balance
|
$
|
34,442
|
|
|
$
|
7,775
|
|
|
$
|
97
|
|
|
$
|
908
|
|
|
$
|
43,222
|
|
Ending balance: individually evaluated for impairment
|
$
|
3,500
|
|
|
$
|
846
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,346
|
|
Ending balance: collectively evaluated for impairment
|
$
|
30,942
|
|
|
$
|
6,929
|
|
|
$
|
97
|
|
|
$
|
908
|
|
|
$
|
38,876
|
|
Non-PCI loans receivable:
|
|
|
|
|
|
|
|
|
|
||||||||||
Ending balance
|
$
|
2,714,645
|
|
|
$
|
280,591
|
|
|
$
|
24,691
|
|
|
$
|
—
|
|
|
$
|
3,019,927
|
|
Ending balance: individually evaluated for impairment
|
$
|
28,372
|
|
|
$
|
7,851
|
|
|
$
|
1,689
|
|
|
$
|
—
|
|
|
$
|
37,912
|
|
Ending balance: collectively evaluated for impairment
|
$
|
2,686,273
|
|
|
$
|
272,740
|
|
|
$
|
23,002
|
|
|
$
|
—
|
|
|
$
|
2,982,015
|
|
Allowance for loan losses on PCI loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Beginning balance
|
$
|
895
|
|
|
$
|
131
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,026
|
|
Provision (negative provision)
|
2,224
|
|
|
(114
|
)
|
|
2
|
|
|
—
|
|
|
2,112
|
|
|||||
Ending balance: acquired with deteriorated credit quality
|
$
|
3,119
|
|
|
$
|
17
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
3,138
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
PCI loans receivable
|
$
|
24,909
|
|
|
$
|
193
|
|
|
$
|
43
|
|
|
$
|
—
|
|
|
$
|
25,145
|
|
|
Pass/Pass-Watch
|
|
Special Mention
|
|
Classified
|
|
Total
|
||||||||
|
(in thousands)
|
||||||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
Commercial property
|
|
|
|
|
|
|
|
||||||||
Retail
|
$
|
811,506
|
|
|
$
|
3,608
|
|
|
$
|
4,490
|
|
|
$
|
819,604
|
|
Hospitality
|
597,533
|
|
|
4,811
|
|
|
16,011
|
|
|
618,355
|
|
||||
Gas station
|
263,947
|
|
|
1,917
|
|
|
5,688
|
|
|
271,552
|
|
||||
Other
|
1,080,597
|
|
|
1,701
|
|
|
6,389
|
|
|
1,088,687
|
|
||||
Construction
|
67,439
|
|
|
—
|
|
|
—
|
|
|
67,439
|
|
||||
Residential property
|
329,159
|
|
|
—
|
|
|
536
|
|
|
329,695
|
|
||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
||||||||
Commercial term
|
139,999
|
|
|
1,980
|
|
|
2,775
|
|
|
144,754
|
|
||||
Commercial lines of credit
|
145,535
|
|
|
195
|
|
|
8
|
|
|
145,738
|
|
||||
International loans
|
26,649
|
|
|
2,380
|
|
|
—
|
|
|
29,029
|
|
||||
Consumer loans
|
21,309
|
|
|
—
|
|
|
957
|
|
|
22,266
|
|
||||
Total Non-PCI loans
|
$
|
3,483,673
|
|
|
$
|
16,592
|
|
|
$
|
36,854
|
|
|
$
|
3,537,119
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
Commercial property
|
|
|
|
|
|
|
|
||||||||
Retail
|
$
|
722,483
|
|
|
$
|
9,519
|
|
|
$
|
3,499
|
|
|
$
|
735,501
|
|
Hospitality
|
517,462
|
|
|
9,604
|
|
|
12,279
|
|
|
539,345
|
|
||||
Gas station
|
309,598
|
|
|
5,897
|
|
|
3,868
|
|
|
319,363
|
|
||||
Other
|
953,839
|
|
|
8,662
|
|
|
10,742
|
|
|
973,243
|
|
||||
Construction
|
23,387
|
|
|
—
|
|
|
—
|
|
|
23,387
|
|
||||
Residential property
|
232,862
|
|
|
58
|
|
|
1,959
|
|
|
234,879
|
|
||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
||||||||
Commercial term
|
145,773
|
|
|
2,370
|
|
|
4,459
|
|
|
152,602
|
|
||||
Commercial lines of credit
|
127,579
|
|
|
195
|
|
|
450
|
|
|
128,224
|
|
||||
International loans
|
29,719
|
|
|
2,160
|
|
|
—
|
|
|
31,879
|
|
||||
Consumer loans
|
22,707
|
|
|
91
|
|
|
2,081
|
|
|
24,879
|
|
||||
Total Non-PCI loans
|
$
|
3,085,409
|
|
|
$
|
38,556
|
|
|
$
|
39,337
|
|
|
$
|
3,163,302
|
|
|
30-59 Days Past Due
|
|
60-89 Days Past Due
|
|
90 Days or More Past Due
|
|
Total Past Due
|
|
Current
|
|
Total
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
$
|
300
|
|
|
$
|
—
|
|
|
$
|
223
|
|
|
$
|
523
|
|
|
$
|
819,081
|
|
|
$
|
819,604
|
|
Hospitality
|
489
|
|
|
47
|
|
|
1,607
|
|
|
2,143
|
|
|
616,212
|
|
|
618,355
|
|
||||||
Gas station
|
—
|
|
|
662
|
|
|
3,433
|
|
|
4,095
|
|
|
267,457
|
|
|
271,552
|
|
||||||
Other
|
(1
|
)
|
|
627
|
|
|
1,236
|
|
|
1,862
|
|
|
1,086,825
|
|
|
1,088,687
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
67,439
|
|
|
67,439
|
|
||||||
Residential property
|
—
|
|
|
—
|
|
|
101
|
|
|
101
|
|
|
329,594
|
|
|
329,695
|
|
||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial term
|
617
|
|
|
18
|
|
|
246
|
|
|
881
|
|
|
143,873
|
|
|
144,754
|
|
||||||
Commercial lines of credit
|
176
|
|
|
—
|
|
|
8
|
|
|
184
|
|
|
145,554
|
|
|
145,738
|
|
||||||
International loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
29,029
|
|
|
29,029
|
|
||||||
Consumer loans
|
90
|
|
|
92
|
|
|
—
|
|
|
182
|
|
|
22,084
|
|
|
22,266
|
|
||||||
Total Non-PCI loans
|
$
|
1,671
|
|
|
$
|
1,446
|
|
|
$
|
6,854
|
|
|
$
|
9,971
|
|
|
$
|
3,527,148
|
|
|
$
|
3,537,119
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
$
|
441
|
|
|
$
|
343
|
|
|
$
|
399
|
|
|
$
|
1,183
|
|
|
$
|
734,318
|
|
|
$
|
735,501
|
|
Hospitality
|
1,250
|
|
|
49
|
|
|
3,840
|
|
|
5,139
|
|
|
534,206
|
|
|
539,345
|
|
||||||
Gas station
|
959
|
|
|
406
|
|
|
1,517
|
|
|
2,882
|
|
|
316,481
|
|
|
319,363
|
|
||||||
Other
|
1,144
|
|
|
661
|
|
|
1,636
|
|
|
3,441
|
|
|
969,802
|
|
|
973,243
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
23,387
|
|
|
23,387
|
|
||||||
Residential property
|
—
|
|
|
—
|
|
|
396
|
|
|
396
|
|
|
234,483
|
|
|
234,879
|
|
||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial term
|
420
|
|
|
253
|
|
|
458
|
|
|
1,131
|
|
|
151,471
|
|
|
152,602
|
|
||||||
Commercial lines of credit
|
58
|
|
|
—
|
|
|
392
|
|
|
450
|
|
|
127,774
|
|
|
128,224
|
|
||||||
International loans
|
—
|
|
|
497
|
|
|
—
|
|
|
497
|
|
|
31,382
|
|
|
31,879
|
|
||||||
Consumer loans
|
250
|
|
|
5
|
|
|
—
|
|
|
255
|
|
|
24,624
|
|
|
24,879
|
|
||||||
Total Non-PCI loans
|
$
|
4,522
|
|
|
$
|
2,214
|
|
|
$
|
8,638
|
|
|
$
|
15,374
|
|
|
$
|
3,147,928
|
|
|
$
|
3,163,302
|
|
|
Recorded
Investment |
|
Unpaid
Principal Balance |
|
With No
Related Allowance Recorded |
|
With an
Allowance Recorded |
|
Related
Allowance |
||||||||||
|
(in thousands)
|
||||||||||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail
|
$
|
1,976
|
|
|
$
|
2,028
|
|
|
$
|
1,813
|
|
|
$
|
163
|
|
|
$
|
4
|
|
Hospitality
|
3,060
|
|
|
3,595
|
|
|
2,794
|
|
|
266
|
|
|
2,542
|
|
|||||
Gas station
|
4,496
|
|
|
5,144
|
|
|
4,496
|
|
|
—
|
|
|
—
|
|
|||||
Other
|
6,491
|
|
|
7,203
|
|
|
5,790
|
|
|
701
|
|
|
177
|
|
|||||
Residential property
|
2,499
|
|
|
2,550
|
|
|
2,499
|
|
|
—
|
|
|
—
|
|
|||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial term
|
4,697
|
|
|
4,767
|
|
|
1,246
|
|
|
3,451
|
|
|
495
|
|
|||||
Commercial lines of credit
|
8
|
|
|
112
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|||||
Consumer loans
|
680
|
|
|
746
|
|
|
680
|
|
|
—
|
|
|
—
|
|
|||||
Total Non-PCI loans
|
$
|
23,907
|
|
|
$
|
26,145
|
|
|
$
|
19,326
|
|
|
$
|
4,581
|
|
|
$
|
3,218
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail
|
$
|
2,597
|
|
|
$
|
2,892
|
|
|
$
|
2,435
|
|
|
$
|
162
|
|
|
$
|
27
|
|
Hospitality
|
7,168
|
|
|
7,538
|
|
|
2,873
|
|
|
4,295
|
|
|
3,068
|
|
|||||
Gas station
|
5,393
|
|
|
5,815
|
|
|
4,400
|
|
|
993
|
|
|
112
|
|
|||||
Other
|
9,288
|
|
|
10,810
|
|
|
7,219
|
|
|
2,069
|
|
|
647
|
|
|||||
Residential property
|
2,895
|
|
|
3,081
|
|
|
2,608
|
|
|
287
|
|
|
4
|
|
|||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial term
|
5,257
|
|
|
5,621
|
|
|
1,858
|
|
|
3,399
|
|
|
457
|
|
|||||
Commercial lines of credit
|
381
|
|
|
493
|
|
|
280
|
|
|
101
|
|
|
100
|
|
|||||
International loans
|
1,215
|
|
|
1,215
|
|
|
647
|
|
|
568
|
|
|
30
|
|
|||||
Consumer loans
|
1,665
|
|
|
1,898
|
|
|
1,665
|
|
|
—
|
|
|
—
|
|
|||||
Total Non-PCI loans
|
$
|
35,859
|
|
|
$
|
39,363
|
|
|
$
|
23,985
|
|
|
$
|
11,874
|
|
|
$
|
4,445
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
Average Recorded Investment
|
|
Interest
Income
Recognized
|
|
Average Recorded Investment
|
|
Interest
Income
Recognized
|
||||||||
|
(in thousands)
|
||||||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
Commercial property
|
|
|
|
|
|
|
|
||||||||
Retail
|
$
|
1,985
|
|
|
$
|
31
|
|
|
$
|
2,430
|
|
|
$
|
117
|
|
Hospitality
|
3,222
|
|
|
66
|
|
|
4,429
|
|
|
367
|
|
||||
Gas station
|
4,557
|
|
|
134
|
|
|
4,772
|
|
|
395
|
|
||||
Other
|
6,541
|
|
|
138
|
|
|
7,438
|
|
|
533
|
|
||||
Residential property
|
2,512
|
|
|
28
|
|
|
2,606
|
|
|
85
|
|
||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
||||||||
Commercial term
|
4,792
|
|
|
71
|
|
|
5,032
|
|
|
235
|
|
||||
Commercial lines of credit
|
15
|
|
|
3
|
|
|
29
|
|
|
12
|
|
||||
International loans
|
—
|
|
|
—
|
|
|
420
|
|
|
—
|
|
||||
Consumer loans
|
682
|
|
|
7
|
|
|
688
|
|
|
22
|
|
||||
Total Non-PCI loans
|
$
|
24,306
|
|
|
$
|
478
|
|
|
$
|
27,844
|
|
|
$
|
1,766
|
|
|
|
|
|
|
|
|
|
||||||||
September 30, 2015
|
|
|
|
|
|
|
|
||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
Commercial property
|
|
|
|
|
|
|
|
||||||||
Retail
|
$
|
2,635
|
|
|
$
|
46
|
|
|
$
|
4,301
|
|
|
$
|
244
|
|
Hospitality
|
6,151
|
|
|
143
|
|
|
6,517
|
|
|
443
|
|
||||
Gas station
|
6,298
|
|
|
117
|
|
|
7,668
|
|
|
399
|
|
||||
Other
|
9,967
|
|
|
202
|
|
|
10,505
|
|
|
606
|
|
||||
Residential property
|
2,655
|
|
|
28
|
|
|
2,815
|
|
|
88
|
|
||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
||||||||
Commercial term
|
5,918
|
|
|
86
|
|
|
7,062
|
|
|
282
|
|
||||
Commercial lines of credit
|
901
|
|
|
4
|
|
|
1,804
|
|
|
40
|
|
||||
International loans
|
1,236
|
|
|
—
|
|
|
1,259
|
|
|
—
|
|
||||
Consumer loans
|
1,695
|
|
|
17
|
|
|
1,779
|
|
|
51
|
|
||||
Total Non-PCI loans
|
$
|
37,456
|
|
|
$
|
643
|
|
|
$
|
43,710
|
|
|
$
|
2,153
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in thousands)
|
||||||||||||||
Interest income that would have been recognized had impaired loans performed in accordance with their original terms
|
$
|
695
|
|
|
$
|
1,444
|
|
|
$
|
2,306
|
|
|
$
|
3,361
|
|
Less: Interest income recognized on impaired loans
|
(478
|
)
|
|
(643
|
)
|
|
(1,766
|
)
|
|
(2,153
|
)
|
||||
Interest foregone on impaired loans
|
$
|
217
|
|
|
$
|
801
|
|
|
$
|
540
|
|
|
$
|
1,208
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
|
(in thousands)
|
||||||
Real estate loans:
|
|
|
|
||||
Commercial property
|
|
|
|
||||
Retail
|
$
|
397
|
|
|
$
|
946
|
|
Hospitality
|
2,095
|
|
|
5,790
|
|
||
Gas station
|
4,343
|
|
|
2,774
|
|
||
Other
|
2,421
|
|
|
4,068
|
|
||
Residential property
|
244
|
|
|
1,386
|
|
||
Commercial and industrial loans:
|
|
|
|
||||
Commercial term
|
1,038
|
|
|
2,193
|
|
||
Commercial lines of credit
|
8
|
|
|
450
|
|
||
Consumer loans
|
402
|
|
|
1,511
|
|
||
Total nonaccrual Non-PCI loans
|
$
|
10,948
|
|
|
$
|
19,118
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
|
(in thousands)
|
||||||
Nonaccrual Non-PCI loans
|
$
|
10,948
|
|
|
$
|
19,118
|
|
Loans 90 days or more past due and still accruing
|
—
|
|
|
—
|
|
||
Total nonperforming Non-PCI loans
|
10,948
|
|
|
19,118
|
|
||
OREO
|
10,971
|
|
|
8,511
|
|
||
Total nonperforming assets
|
$
|
21,919
|
|
|
$
|
27,629
|
|
|
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)
|
||||||||||||||||||||||||||||||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Retail
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
140
|
|
|
$
|
140
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,238
|
|
|
$
|
—
|
|
|
$
|
1,238
|
|
Hospitality
|
1,319
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,319
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Gas station
|
854
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
854
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Other
|
394
|
|
|
658
|
|
|
158
|
|
|
—
|
|
|
1,210
|
|
|
2,716
|
|
|
—
|
|
|
296
|
|
|
1,349
|
|
|
4,361
|
|
||||||||||
Residential property
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
789
|
|
|
—
|
|
|
—
|
|
|
291
|
|
|
1,080
|
|
||||||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial term
|
155
|
|
|
6
|
|
|
216
|
|
|
447
|
|
|
824
|
|
|
26
|
|
|
202
|
|
|
2,496
|
|
|
723
|
|
|
3,447
|
|
||||||||||
Commercial lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Consumer loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250
|
|
|
|
|
121
|
|
|
—
|
|
|
371
|
|
|||||||||||
Total Non-PCI TDR loans
|
$
|
2,722
|
|
|
$
|
664
|
|
|
$
|
374
|
|
|
$
|
595
|
|
|
$
|
4,355
|
|
|
$
|
3,781
|
|
|
$
|
202
|
|
|
$
|
4,151
|
|
|
$
|
2,363
|
|
|
$
|
10,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Retail
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
344
|
|
|
$
|
344
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,227
|
|
|
$
|
—
|
|
|
$
|
1,227
|
|
Hospitality
|
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
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Consumer loans
|
—
|
|
|
—
|
|
|
116
|
|
|
—
|
|
|
116
|
|
|
250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250
|
|
||||||||||
Total Non-PCI TDR loans
|
$
|
3,131
|
|
|
$
|
1,329
|
|
|
$
|
1,329
|
|
|
$
|
1,089
|
|
|
$
|
6,878
|
|
|
$
|
4,241
|
|
|
$
|
214
|
|
|
$
|
3,222
|
|
|
$
|
2,622
|
|
|
$
|
10,299
|
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||||||||||||||
|
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
|
|
|
$
|
1,228
|
|
Other
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
412
|
|
|
412
|
|
||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial term
(3)
|
1
|
|
|
100
|
|
|
89
|
|
|
5
|
|
|
420
|
|
|
396
|
|
||||
Total Non-PCI TDR loans
|
1
|
|
|
$
|
100
|
|
|
$
|
89
|
|
|
7
|
|
|
$
|
2,062
|
|
|
$
|
2,036
|
|
(1)
|
Includes a modification of
$1.2 million
through a reduction of principal or accrued interest for the three months ended
September 30, 2015
.
|
(2)
|
Includes a modification of
$412,000
through a payment deferral for the three months ended
September 30, 2015
.
|
(3)
|
Includes a modification of
$89,000
through a reduction of principal or accrued interest for the three months ended
September 30, 2016
, and modifications of
$31,000
through a reduction of principal or accrued interest,
$71,000
through payment deferrals and
$293,000
through extensions of maturity for the three months ended
September 30, 2015
.
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||||||||||||||
|
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
|
|
|
$
|
21
|
|
|
$
|
23
|
|
|
1
|
|
|
$
|
1,248
|
|
|
$
|
1,228
|
|
Other
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
731
|
|
|
725
|
|
||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial term
(3)
|
4
|
|
|
335
|
|
|
296
|
|
|
10
|
|
|
1,052
|
|
|
858
|
|
||||
Consumer loans
(4)
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
250
|
|
|
250
|
|
||||
Total Non-PCI TDR loans
|
5
|
|
|
$
|
356
|
|
|
$
|
319
|
|
|
14
|
|
|
$
|
3,281
|
|
|
$
|
3,061
|
|
(1)
|
Includes a modification of
$23,000
through a reduction of principal or accrued interest for the
nine
months ended
September 30, 2016
, and a modification of
$1.2 million
through a reduction of principal or accrued interest for the
nine
months ended
September 30, 2015
.
|
(2)
|
Includes modifications of
$725,000
through a payment deferral for the
nine
months ended
September 30, 2015
.
|
(3)
|
Includes modifications of
$154,000
through payment deferrals,
$89,000
through a reduction of principal or accrued interest and
$53,000
through an extension of maturity for the
nine
months ended
September 30, 2016
, and modifications of
$749,000
through extensions of maturity,
$38,000
through payment deferrals and
$71,000
through a reduction of principal or accrued interest for the
nine
months ended
September 30, 2015
.
|
(4)
|
Includes a modification of
$250,000
through a payment deferral for the
nine
months ended
September 30, 2015
.
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||||||
|
Number of Loans
|
|
Recorded Investment
|
|
Number of Loans
|
|
Recorded Investment
|
||||||
|
(in thousands, except number of loans)
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||
Commercial property
|
|
|
|
|
|
|
|
||||||
Hospitality
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
466
|
|
Commercial and industrial loans:
|
|
|
|
|
|
|
|
||||||
Commercial term
|
1
|
|
|
53
|
|
|
—
|
|
|
—
|
|
||
Total Non-PCI TDR loans
|
1
|
|
|
$
|
53
|
|
|
1
|
|
|
$
|
466
|
|
|
September 30, 2016
|
|
September 30, 2015
|
||||||||||
|
Number of Loans
|
|
Recorded Investment
|
|
Number of Loans
|
|
Recorded Investment
|
||||||
|
(in thousands, except number of loans)
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||
Commercial property
|
|
|
|
|
|
|
|
||||||
Hospitality
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
466
|
|
Commercial and industrial loans:
|
|
|
|
|
|
|
|
||||||
Commercial term
|
1
|
|
|
53
|
|
|
—
|
|
|
—
|
|
||
Total Non-PCI TDR loans
|
1
|
|
|
$
|
53
|
|
|
1
|
|
|
$
|
466
|
|
|
Carrying Amount
|
|
Accretable Yield
|
||||
|
(in thousands)
|
||||||
Balance at January 1, 2016
|
$
|
14,573
|
|
|
$
|
(5,944
|
)
|
Accretion
|
933
|
|
|
933
|
|
||
Payments received
|
(6,408
|
)
|
|
—
|
|
||
Disposal/transfer to OREO
|
1,143
|
|
|
—
|
|
||
Change in expected cash flows, net
|
—
|
|
|
(900
|
)
|
||
Provision for credit losses
|
(234
|
)
|
|
—
|
|
||
Balance at September 30, 2016
|
$
|
10,007
|
|
|
$
|
(5,911
|
)
|
|
|
|
|
||||
Balance at January 1, 2015
|
$
|
43,475
|
|
|
$
|
(11,025
|
)
|
Accretion
|
2,462
|
|
|
2,462
|
|
||
Payments received
|
(26,060
|
)
|
|
—
|
|
||
Disposal/transfer to OREO
|
4,242
|
|
|
—
|
|
||
Change in expected cash flows, net
|
—
|
|
|
1,349
|
|
||
Provision for credit losses
|
(2,112
|
)
|
|
—
|
|
||
Balance at September 30, 2016
|
$
|
22,007
|
|
|
$
|
(7,214
|
)
|
|
Pass/Pass-Watch
|
|
Special Mention
|
|
Classified
|
|
Total
|
|
Allowance
|
|
Total
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,470
|
|
|
$
|
2,470
|
|
|
$
|
282
|
|
|
$
|
2,188
|
|
Hospitality
|
179
|
|
|
—
|
|
|
3,746
|
|
|
3,925
|
|
|
52
|
|
|
3,873
|
|
||||||
Gas station
|
—
|
|
|
1,164
|
|
|
1,669
|
|
|
2,833
|
|
|
575
|
|
|
2,258
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
5,147
|
|
|
5,147
|
|
|
4,495
|
|
|
652
|
|
||||||
Residential property
|
980
|
|
|
—
|
|
|
—
|
|
|
980
|
|
|
80
|
|
|
900
|
|
||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial term
|
—
|
|
|
—
|
|
|
135
|
|
|
135
|
|
|
42
|
|
|
93
|
|
||||||
Consumer loans
|
—
|
|
|
—
|
|
|
50
|
|
|
50
|
|
|
7
|
|
|
43
|
|
||||||
Total PCI loans
|
$
|
1,159
|
|
|
$
|
1,164
|
|
|
$
|
13,217
|
|
|
$
|
15,540
|
|
|
$
|
5,533
|
|
|
$
|
10,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,849
|
|
|
$
|
4,849
|
|
|
$
|
269
|
|
|
$
|
4,580
|
|
Hospitality
|
186
|
|
|
—
|
|
|
3,894
|
|
|
4,080
|
|
|
88
|
|
|
3,992
|
|
||||||
Gas station
|
—
|
|
|
176
|
|
|
4,116
|
|
|
4,292
|
|
|
477
|
|
|
3,815
|
|
||||||
Other
|
—
|
|
|
—
|
|
|
5,418
|
|
|
5,418
|
|
|
4,412
|
|
|
1,006
|
|
||||||
Residential property
|
999
|
|
|
—
|
|
|
158
|
|
|
1,157
|
|
|
151
|
|
|
1,006
|
|
||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial term
|
—
|
|
|
—
|
|
|
171
|
|
|
171
|
|
|
42
|
|
|
129
|
|
||||||
Consumer loans
|
—
|
|
|
—
|
|
|
47
|
|
|
47
|
|
|
2
|
|
|
45
|
|
||||||
Total PCI loans
|
$
|
1,185
|
|
|
$
|
176
|
|
|
$
|
18,653
|
|
|
$
|
20,014
|
|
|
$
|
5,441
|
|
|
$
|
14,573
|
|
|
30-59 Days Past Due
|
|
60-89 Days Past Due
|
|
90 Days or More Past Due
|
|
Total Past Due
|
|
Current
|
|
Total
|
|
Allowance Amount
|
|
Total
|
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Retail
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
966
|
|
|
$
|
966
|
|
|
$
|
1,504
|
|
|
$
|
2,470
|
|
|
$
|
282
|
|
|
$
|
2,188
|
|
Hospitality
|
—
|
|
|
—
|
|
|
97
|
|
|
97
|
|
|
3,828
|
|
|
3,925
|
|
|
52
|
|
|
3,873
|
|
||||||||
Gas station
|
—
|
|
|
—
|
|
|
336
|
|
|
336
|
|
|
2,497
|
|
|
2,833
|
|
|
575
|
|
|
2,258
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
4,991
|
|
|
4,991
|
|
|
156
|
|
|
5,147
|
|
|
4,495
|
|
|
652
|
|
||||||||
Residential property
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
980
|
|
|
980
|
|
|
80
|
|
|
900
|
|
||||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial term
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
129
|
|
|
135
|
|
|
42
|
|
|
93
|
|
||||||||
Consumer loans
|
—
|
|
|
—
|
|
|
50
|
|
|
50
|
|
|
|
|
50
|
|
|
7
|
|
|
43
|
|
|||||||||
Total PCI loans
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,446
|
|
|
$
|
6,446
|
|
|
$
|
9,094
|
|
|
$
|
15,540
|
|
|
$
|
5,533
|
|
|
$
|
10,007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Retail
|
$
|
—
|
|
|
$
|
267
|
|
|
$
|
1,109
|
|
|
$
|
1,376
|
|
|
$
|
3,473
|
|
|
$
|
4,849
|
|
|
$
|
269
|
|
|
$
|
4,580
|
|
Hospitality
|
—
|
|
|
9
|
|
|
154
|
|
|
163
|
|
|
3,917
|
|
|
4,080
|
|
|
88
|
|
|
3,992
|
|
||||||||
Gas station
|
—
|
|
|
—
|
|
|
457
|
|
|
457
|
|
|
3,835
|
|
|
4,292
|
|
|
477
|
|
|
3,815
|
|
||||||||
Other
|
4
|
|
|
—
|
|
|
4,996
|
|
|
5,000
|
|
|
418
|
|
|
5,418
|
|
|
4,412
|
|
|
1,006
|
|
||||||||
Residential property
|
—
|
|
|
—
|
|
|
158
|
|
|
158
|
|
|
999
|
|
|
1,157
|
|
|
151
|
|
|
1,006
|
|
||||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial term
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
167
|
|
|
171
|
|
|
42
|
|
|
129
|
|
||||||||
Consumer loans
|
—
|
|
|
—
|
|
|
47
|
|
|
47
|
|
|
—
|
|
|
47
|
|
|
2
|
|
|
45
|
|
||||||||
Total PCI loans
|
$
|
4
|
|
|
$
|
276
|
|
|
$
|
6,925
|
|
|
$
|
7,205
|
|
|
$
|
12,809
|
|
|
$
|
20,014
|
|
|
$
|
5,441
|
|
|
$
|
14,573
|
|
|
Pooled PCI Loans
|
|
Non-pooled PCI Loans
|
|
|
|||||||||||||||||||||
|
Number of Loans
|
|
Number of Pools
|
|
Carrying Amount
(in thousands)
|
|
Percentage of Total
|
|
Number of Loans
|
|
Carrying Amount
(in thousands)
|
|
Percentage of Total
|
|
Total PCI Loans
(in thousands)
|
|||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial property
|
54
|
|
|
7
|
|
|
$
|
13,437
|
|
|
93.5
|
%
|
|
1
|
|
|
$
|
938
|
|
|
6.5
|
%
|
|
$
|
14,375
|
|
Residential property
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
2
|
|
|
980
|
|
|
100.0
|
%
|
|
980
|
|
|||
Total real estate loans
|
54
|
|
|
7
|
|
|
13,437
|
|
|
87.5
|
%
|
|
3
|
|
|
1,918
|
|
|
12.5
|
%
|
|
15,355
|
|
|||
Commercial and industrial loans
|
6
|
|
|
3
|
|
|
135
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
135
|
|
|||
Consumer loans
|
1
|
|
|
1
|
|
|
50
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
50
|
|
|||
Total acquired loans
|
61
|
|
|
11
|
|
|
13,622
|
|
|
87.7
|
%
|
|
3
|
|
|
1,918
|
|
|
12.3
|
%
|
|
15,540
|
|
|||
Allowance for loan losses
|
|
|
|
|
(5,169
|
)
|
|
|
|
|
|
(364
|
)
|
|
|
|
(5,533
|
)
|
||||||||
Total carrying amount
|
|
|
|
|
$
|
8,453
|
|
|
|
|
|
|
$
|
1,554
|
|
|
|
|
$
|
10,007
|
|
|
Pooled PCI Loans
|
|
Non-pooled PCI Loans
|
|
|
|||||||||||||||||||||
|
Number of Loans
|
|
Number of Pools
|
|
Carrying Amount
(in thousands)
|
|
Percentage of Total
|
|
Number of Loans
|
|
Carrying Amount
(in thousands)
|
|
Percentage of Total
|
|
Total PCI Loans
(in thousands)
|
|||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial property
|
71
|
|
|
9
|
|
|
$
|
17,644
|
|
|
94.7
|
%
|
|
2
|
|
|
$
|
995
|
|
|
5.3
|
%
|
|
$
|
18,639
|
|
Residential property
|
2
|
|
|
2
|
|
|
119
|
|
|
10.3
|
%
|
|
2
|
|
|
1,038
|
|
|
89.7
|
%
|
|
1,157
|
|
|||
Total real estate loans
|
73
|
|
|
11
|
|
|
17,763
|
|
|
89.7
|
%
|
|
4
|
|
|
2,033
|
|
|
10.3
|
%
|
|
19,796
|
|
|||
Commercial and industrial loans
|
11
|
|
|
3
|
|
|
171
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
171
|
|
|||
Consumer loans
|
1
|
|
|
1
|
|
|
47
|
|
|
100.0
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
47
|
|
|||
Total acquired loans
|
85
|
|
|
15
|
|
|
17,981
|
|
|
89.8
|
%
|
|
4
|
|
|
2,033
|
|
|
10.2
|
%
|
|
20,014
|
|
|||
Allowance for loan losses
|
|
|
|
|
(5,136
|
)
|
|
|
|
|
|
(305
|
)
|
|
|
|
(5,441
|
)
|
||||||||
Total carrying amount
|
|
|
|
|
$
|
12,845
|
|
|
|
|
|
|
$
|
1,728
|
|
|
|
|
$
|
14,573
|
|
|
2016
|
|
2015
|
||||
|
(in thousands)
|
||||||
Servicing assets:
|
|
|
|
||||
Balance at beginning of period
|
$
|
11,744
|
|
|
$
|
13,773
|
|
Addition related to sale of SBA loans
|
1,452
|
|
|
1,739
|
|
||
Amortization
|
(2,363
|
)
|
|
(3,526
|
)
|
||
Balance at end of period
|
$
|
10,833
|
|
|
$
|
11,986
|
|
|
|
|
|
||||
Servicing liabilities:
|
|
|
|
||||
Balance at beginning of period
|
$
|
4,784
|
|
|
$
|
5,971
|
|
Amortization
|
(1,358
|
)
|
|
(795
|
)
|
||
Balance at end of period
|
$
|
3,426
|
|
|
$
|
5,176
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in thousands, except for share and per share data)
|
||||||||||||||
Basic EPS:
|
|
|
|
|
|
|
|
||||||||
Net income
|
$
|
13,121
|
|
|
$
|
13,959
|
|
|
$
|
42,073
|
|
|
$
|
38,997
|
|
Less: income allocated to unvested restricted shares
|
81
|
|
|
78
|
|
|
258
|
|
|
78
|
|
||||
Income allocated to common shares
|
$
|
13,040
|
|
|
$
|
13,881
|
|
|
$
|
41,815
|
|
|
$
|
38,919
|
|
Weighted-average shares for basic EPS
|
31,912,470
|
|
|
31,799,573
|
|
|
31,880,466
|
|
|
31,774,047
|
|
||||
Basic EPS
|
$
|
0.41
|
|
|
$
|
0.44
|
|
|
$
|
1.31
|
|
|
$
|
1.22
|
|
|
|
|
|
|
|
|
|
||||||||
Effect of dilutive securities - options and unvested restricted stock
|
175,763
|
|
|
110,235
|
|
|
150,829
|
|
|
80,977
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Diluted EPS:
|
|
|
|
|
|
|
|
||||||||
Income allocated to common shares
|
$
|
13,040
|
|
|
$
|
13,881
|
|
|
$
|
41,815
|
|
|
$
|
38,919
|
|
Weighted-average shares for diluted EPS
|
32,088,233
|
|
|
31,909,808
|
|
|
32,031,295
|
|
|
31,855,024
|
|
||||
Diluted EPS
|
$
|
0.41
|
|
|
$
|
0.44
|
|
|
$
|
1.31
|
|
|
$
|
1.22
|
|
|
Unrealized Gains
and Losses on
Available for Sale
Securities
|
|
Unrealized Gains
and Losses on
Interest-Only
Strip
|
|
Tax Benefit (Expense)
|
|
Total
|
||||||||
|
(in thousands)
|
||||||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
13,816
|
|
|
$
|
—
|
|
|
$
|
(4,695
|
)
|
|
$
|
9,121
|
|
Other comprehensive (loss) income before reclassification
|
(2,629
|
)
|
|
—
|
|
|
1,109
|
|
|
(1,520
|
)
|
||||
Reclassification from accumulated other comprehensive income
|
(46
|
)
|
|
—
|
|
|
—
|
|
|
(46
|
)
|
||||
Period change
|
(2,675
|
)
|
|
—
|
|
|
1,109
|
|
|
(1,566
|
)
|
||||
Balance at end of period
|
$
|
11,141
|
|
|
$
|
—
|
|
|
$
|
(3,586
|
)
|
|
$
|
7,555
|
|
|
|
|
|
|
|
|
|
||||||||
September 30, 2015
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
(1,079
|
)
|
|
$
|
16
|
|
|
$
|
1,486
|
|
|
$
|
423
|
|
Other comprehensive income (loss) before reclassification
|
5,064
|
|
|
(7
|
)
|
|
(1,274
|
)
|
|
3,783
|
|
||||
Reclassification from accumulated other comprehensive income
|
(2,048
|
)
|
|
—
|
|
|
—
|
|
|
(2,048
|
)
|
||||
Period change
|
3,016
|
|
|
(7
|
)
|
|
(1,274
|
)
|
|
1,735
|
|
||||
Balance at end of period
|
$
|
1,937
|
|
|
$
|
9
|
|
|
$
|
212
|
|
|
$
|
2,158
|
|
|
Unrealized Gains
and Losses on Available for Sale Securities |
|
Unrealized Gains
and Losses on Interest-Only Strip |
|
Tax Benefit (Expense)
|
|
Total
|
||||||||
|
(in thousands)
|
||||||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
(2,331
|
)
|
|
$
|
9
|
|
|
$
|
2,007
|
|
|
$
|
(315
|
)
|
Other comprehensive income (loss) before reclassification
|
13,518
|
|
|
(9
|
)
|
|
(5,593
|
)
|
|
7,916
|
|
||||
Reclassification from accumulated other comprehensive income
|
(46
|
)
|
|
—
|
|
|
—
|
|
|
(46
|
)
|
||||
Period change
|
13,472
|
|
|
(9
|
)
|
|
(5,593
|
)
|
|
7,870
|
|
||||
Balance at end of period
|
$
|
11,141
|
|
|
$
|
—
|
|
|
$
|
(3,586
|
)
|
|
$
|
7,555
|
|
|
|
|
|
|
|
|
|
||||||||
September 30, 2015
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
(985
|
)
|
|
$
|
16
|
|
|
$
|
1,432
|
|
|
$
|
463
|
|
Other comprehensive income (loss) before reclassification
|
9,066
|
|
|
(7
|
)
|
|
(1,220
|
)
|
|
7,839
|
|
||||
Reclassification from accumulated other comprehensive income
|
(6,144
|
)
|
|
—
|
|
|
—
|
|
|
(6,144
|
)
|
||||
Period change
|
2,922
|
|
|
(7
|
)
|
|
(1,220
|
)
|
|
1,695
|
|
||||
Balance at end of period
|
$
|
1,937
|
|
|
$
|
9
|
|
|
$
|
212
|
|
|
$
|
2,158
|
|
|
Actual
|
|
Minimum
Regulatory
Requirement
|
|
Minimum to Be
Categorized as
“Well Capitalized”
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
|
(dollars in thousands)
|
|||||||||||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
548,644
|
|
|
14.99
|
%
|
|
$
|
292,788
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
533,874
|
|
|
14.61
|
%
|
|
$
|
292,391
|
|
|
8.00
|
%
|
|
$
|
365,489
|
|
|
10.00
|
%
|
Tier 1 capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
508,181
|
|
|
13.89
|
%
|
|
$
|
219,591
|
|
|
6.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
493,411
|
|
|
13.50
|
%
|
|
$
|
219,293
|
|
|
6.00
|
%
|
|
$
|
292,391
|
|
|
8.00
|
%
|
Common equity Tier 1 capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
502,648
|
|
|
13.73
|
%
|
|
$
|
164,693
|
|
|
4.50
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
493,411
|
|
|
13.50
|
%
|
|
$
|
164,470
|
|
|
4.50
|
%
|
|
$
|
237,568
|
|
|
6.50
|
%
|
Tier 1 capital (to average assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
508,181
|
|
|
11.68
|
%
|
|
$
|
173,983
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
493,411
|
|
|
11.36
|
%
|
|
$
|
173,751
|
|
|
4.00
|
%
|
|
$
|
217,188
|
|
|
5.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
499,076
|
|
|
14.91
|
%
|
|
$
|
267,760
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
496,710
|
|
|
14.86
|
%
|
|
$
|
267,377
|
|
|
8.00
|
%
|
|
$
|
334,222
|
|
|
10.00
|
%
|
Tier 1 capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
456,941
|
|
|
13.65
|
%
|
|
$
|
200,820
|
|
|
6.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
454,634
|
|
|
13.60
|
%
|
|
$
|
200,533
|
|
|
6.00
|
%
|
|
$
|
267,377
|
|
|
8.00
|
%
|
Common equity Tier 1 capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
456,941
|
|
|
13.65
|
%
|
|
$
|
150,615
|
|
|
4.50
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
454,634
|
|
|
13.60
|
%
|
|
$
|
150,400
|
|
|
4.50
|
%
|
|
$
|
217,244
|
|
|
6.50
|
%
|
Tier 1 capital (to average assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
456,941
|
|
|
11.31
|
%
|
|
$
|
161,620
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
454,634
|
|
|
11.27
|
%
|
|
$
|
161,399
|
|
|
4.00
|
%
|
|
$
|
201,749
|
|
|
5.00
|
%
|
•
|
Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
|
•
|
Level 2 - Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data.
|
•
|
Level 3 - Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
||||||||
|
Quoted Prices in
Active Markets
for Identical
Assets
|
|
Significant
Observable
Inputs with No
Active Market
with Identical
Characteristics
|
|
Significant
Unobservable
Inputs
|
|
Balance
|
||||||||
|
(in thousands)
|
||||||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
243,245
|
|
|
$
|
—
|
|
|
$
|
243,245
|
|
Collateralized mortgage obligations
|
—
|
|
|
84,213
|
|
|
—
|
|
|
84,213
|
|
||||
U.S. government agency securities
|
—
|
|
|
7,519
|
|
|
—
|
|
|
7,519
|
|
||||
SBA loan pools securities
|
—
|
|
|
4,545
|
|
|
—
|
|
|
4,545
|
|
||||
Municipal bonds-tax exempt
|
—
|
|
|
167,236
|
|
|
—
|
|
|
167,236
|
|
||||
Municipal bonds-taxable
|
—
|
|
|
13,925
|
|
|
—
|
|
|
13,925
|
|
||||
Corporate bonds
|
—
|
|
|
5,011
|
|
|
—
|
|
|
5,011
|
|
||||
U.S. treasury securities
|
158
|
|
|
—
|
|
|
—
|
|
|
158
|
|
||||
Mutual funds
|
23,109
|
|
|
—
|
|
|
—
|
|
|
23,109
|
|
||||
Total securities available for sale
|
$
|
23,267
|
|
|
$
|
525,694
|
|
|
$
|
—
|
|
|
$
|
548,961
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
284,381
|
|
|
$
|
—
|
|
|
$
|
284,381
|
|
Collateralized mortgage obligations
|
—
|
|
|
96,986
|
|
|
—
|
|
|
96,986
|
|
||||
U.S. government agency securities
|
—
|
|
|
47,822
|
|
|
—
|
|
|
47,822
|
|
||||
SBA loan pools securities
|
—
|
|
|
63,266
|
|
|
—
|
|
|
63,266
|
|
||||
Municipal bonds-tax exempt
|
—
|
|
|
163,902
|
|
|
—
|
|
|
163,902
|
|
||||
Municipal bonds-taxable
|
—
|
|
|
14,033
|
|
|
—
|
|
|
14,033
|
|
||||
Corporate bonds
|
—
|
|
|
4,993
|
|
|
—
|
|
|
4,993
|
|
||||
U.S. treasury securities
|
160
|
|
|
—
|
|
|
—
|
|
|
160
|
|
||||
Mutual funds
|
22,753
|
|
|
—
|
|
|
—
|
|
|
22,753
|
|
||||
Total securities available for sale
|
$
|
22,913
|
|
|
$
|
675,383
|
|
|
$
|
—
|
|
|
$
|
698,296
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
||||||||
|
Quoted Prices in
Active Markets
for Identical
Assets
|
|
Significant
Observable
Inputs With No
Active Market
With Identical
Characteristics
|
|
Significant
Unobservable
Inputs
|
|
Loss During the Nine Months Ended September 30, 2016
|
||||||||
|
(in thousands)
|
||||||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Impaired loans (excluding PCI loans)
(1)
|
$
|
—
|
|
|
$
|
14,590
|
|
|
$
|
6,099
|
|
|
$
|
—
|
|
OREO
(2)
|
$
|
—
|
|
|
$
|
10,971
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
||||||||
|
Quoted Prices in
Active Markets
for Identical
Assets
|
|
Significant
Observable
Inputs With No
Active Market
With Identical
Characteristics
|
|
Significant
Unobservable
Inputs
|
|
Loss During the Twelve Months Ended December 31, 2015
|
||||||||
|
(in thousands)
|
||||||||||||||
December 31, 2015
|
|
|
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Impaired loans (excluding PCI loans)
(3)
|
$
|
—
|
|
|
$
|
29,595
|
|
|
$
|
1,044
|
|
|
$
|
2,756
|
|
OREO
(4)
|
$
|
—
|
|
|
$
|
8,511
|
|
|
$
|
—
|
|
|
$
|
—
|
|
(1)
|
Consist of real estate loans of
$15.8 million
, commercial and industrial loans of
$4.2 million
and consumer loans of
$680,000
.
|
(2)
|
Consist of properties obtained from the foreclosure of commercial property loans of
$8.3 million
and residential property loans of
$2.7 million
.
|
(3)
|
Consist of real estate loans of
$27.9 million
, commercial and industrial loans of
$1.0 million
, and consumer loans of
$1.7 million
.
|
(4)
|
Consist of properties obtained from the foreclosure of commercial property loans of
$6.6 million
and residential property loans of
$1.9 million
.
|
|
September 30, 2016
|
||||||||||||||
|
Carrying
|
|
Fair Value
|
||||||||||||
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
|
(in thousands)
|
||||||||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks
|
$
|
130,197
|
|
|
$
|
130,197
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities available for sale
|
548,961
|
|
|
23,267
|
|
|
525,694
|
|
|
—
|
|
||||
Loans receivable, net of allowance for loan losses
|
3,513,687
|
|
|
—
|
|
|
—
|
|
|
3,509,856
|
|
||||
Loans held for sale
|
6,425
|
|
|
—
|
|
|
6,425
|
|
|
—
|
|
||||
Accrued interest receivable
|
10,160
|
|
|
10,160
|
|
|
—
|
|
|
—
|
|
||||
FHLB stock
|
16,385
|
|
|
—
|
|
|
16,385
|
|
|
—
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Noninterest-bearing deposits
|
1,231,967
|
|
|
—
|
|
|
1,231,967
|
|
|
—
|
|
||||
Interest-bearing deposits
|
2,539,240
|
|
|
—
|
|
|
—
|
|
|
2,579,750
|
|
||||
Borrowings
|
73,888
|
|
|
—
|
|
|
—
|
|
|
73,888
|
|
||||
Accrued interest payable
|
2,444
|
|
|
2,444
|
|
|
—
|
|
|
—
|
|
||||
Off-balance sheet items:
|
|
|
|
|
|
|
|
||||||||
Commitments to extend credit
|
330,116
|
|
|
—
|
|
|
—
|
|
|
330,116
|
|
||||
Standby letters of credit
|
7,793
|
|
|
—
|
|
|
—
|
|
|
7,793
|
|
||||
Commercial letters of credit
|
3,652
|
|
|
—
|
|
|
—
|
|
|
3,652
|
|
|
December 31, 2015
|
||||||||||||||
|
Carrying
|
|
Fair Value
|
||||||||||||
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||
|
(in thousands)
|
||||||||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks
|
$
|
164,364
|
|
|
$
|
164,364
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities available for sale
|
698,296
|
|
|
22,913
|
|
|
675,383
|
|
|
—
|
|
||||
Loans receivable, net of allowance for loan losses
|
3,140,381
|
|
|
—
|
|
|
—
|
|
|
3,127,172
|
|
||||
Loans held for sale
|
2,874
|
|
|
—
|
|
|
2,874
|
|
|
—
|
|
||||
Accrued interest receivable
|
9,501
|
|
|
9,501
|
|
|
—
|
|
|
—
|
|
||||
FHLB stock
|
16,385
|
|
|
—
|
|
|
16,385
|
|
|
—
|
|
||||
FRB stock
|
14,098
|
|
|
—
|
|
|
14,098
|
|
|
—
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Noninterest-bearing deposits
|
1,155,518
|
|
|
—
|
|
|
1,155,518
|
|
|
—
|
|
||||
Interest-bearing deposits
|
2,354,458
|
|
|
—
|
|
|
—
|
|
|
2,329,335
|
|
||||
Borrowings
|
188,703
|
|
|
—
|
|
|
—
|
|
|
188,703
|
|
||||
Accrued interest payable
|
3,177
|
|
|
3,177
|
|
|
—
|
|
|
—
|
|
||||
Off-balance sheet items:
|
|
|
|
|
|
|
|
||||||||
Commitments to extend credit
|
262,680
|
|
|
—
|
|
|
—
|
|
|
262,680
|
|
||||
Standby letters of credit
|
6,839
|
|
|
—
|
|
|
—
|
|
|
6,839
|
|
||||
Commercial letters of credit
|
4,018
|
|
|
—
|
|
|
—
|
|
|
4,018
|
|
|
Unrecognized
Expense
|
|
Average Expected
Recognition
Period
|
||
|
(in thousands)
|
|
|
||
Stock option awards
|
$
|
148
|
|
|
1.0 years
|
Restricted stock awards
|
3,755
|
|
|
2.3 years
|
|
Total unrecognized share-based compensation expense
|
$
|
3,903
|
|
|
2.2 years
|
|
Number of
Shares
|
|
Weighted-
Average
Exercise
Price Per
Share
|
|
Weighted-
Average
Remaining
Contractual
Life
|
|
Aggregate
Intrinsic
Value of
In-the-
Money
Options
|
|
|||||
|
|
|
|
|
|
|
(in thousands)
|
|
|||||
Options outstanding at beginning of period
|
450,564
|
|
|
$
|
19.97
|
|
|
7.2 years
|
|
$
|
2,727
|
|
(1)
|
Options exercised
|
(2,375
|
)
|
|
$
|
12.54
|
|
|
6.2 years
|
|
—
|
|
|
|
Options expired
|
(1,875
|
)
|
|
$
|
152.24
|
|
|
0.0 years
|
|
—
|
|
|
|
Options outstanding at end of period
|
446,314
|
|
|
$
|
19.46
|
|
|
6.9 years
|
|
$
|
3,952
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|||||
Options exercisable at end of period
|
391,642
|
|
|
$
|
19.14
|
|
|
6.8 years
|
|
$
|
3,666
|
|
(2)
|
(1)
|
Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was
$23.49
as of June 30, 2016, over the exercise price, multiplied by the number of options.
|
(2)
|
Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was
$26.34
as of
September 30, 2016
, over the exercise price, multiplied by the number of options.
|
|
Number of
Shares |
|
Weighted-
Average Exercise Price Per Share |
|
Weighted-
Average Remaining Contractual Life |
|
Aggregate
Intrinsic Value of In-the- Money Options |
|
|||||
|
|
|
|
|
|
|
(in thousands)
|
|
|||||
Options outstanding at beginning of period
|
510,148
|
|
|
$
|
24.38
|
|
|
7.3 years
|
|
$
|
3,219
|
|
(1)
|
Options exercised
|
(42,584
|
)
|
|
$
|
13.90
|
|
|
6.1 years
|
|
—
|
|
|
|
Options forfeited
|
(125
|
)
|
|
$
|
144.00
|
|
|
0.0 years
|
|
—
|
|
|
|
Options expired
|
(21,125
|
)
|
|
$
|
148.70
|
|
|
0.0 years
|
|
—
|
|
|
|
Options outstanding at end of period
|
446,314
|
|
|
$
|
19.46
|
|
|
6.9 years
|
|
$
|
3,952
|
|
(2)
|
|
|
|
|
|
|
|
|
|
|||||
Options exercisable at end of period
|
391,642
|
|
|
$
|
19.14
|
|
|
6.8 years
|
|
$
|
3,666
|
|
(2)
|
(1)
|
Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was
$23.72
as of December 31, 2015, over the exercise price, multiplied by the number of options.
|
(2)
|
Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was
$26.34
as of
September 30, 2016
, over the exercise price, multiplied by the number of options.
|
|
Three Months Ended
September 30, 2016 |
|
Nine Months Ended
September 30, 2016 |
||||||||||
|
Number of
Shares
|
|
Weighted-
Average
Grant Date
Fair Value
Per Share
|
|
Number of
Shares
|
|
Weighted-
Average
Grant Date
Fair Value
Per Share
|
||||||
Restricted stock at beginning of period
|
358,871
|
|
|
$
|
16.04
|
|
|
136,795
|
|
|
$
|
20.74
|
|
Restricted stock granted
|
1,345
|
|
|
$
|
24.92
|
|
|
258,288
|
|
|
$
|
14.47
|
|
Restricted stock vested
|
(33,956
|
)
|
|
$
|
16.85
|
|
|
(68,156
|
)
|
|
$
|
19.68
|
|
Restricted stock forfeited
|
(1,334
|
)
|
|
$
|
20.99
|
|
|
(2,001
|
)
|
|
$
|
21.41
|
|
Restricted stock at end of period
|
324,926
|
|
|
$
|
15.97
|
|
|
324,926
|
|
|
$
|
15.97
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
|
(in thousands)
|
||||||
Commitments to extend credit
|
$
|
330,116
|
|
|
$
|
262,680
|
|
Standby letters of credit
|
7,793
|
|
|
6,839
|
|
||
Commercial letters of credit
|
3,652
|
|
|
4,018
|
|
||
Total undisbursed loan commitments
|
$
|
341,561
|
|
|
$
|
273,537
|
|
|
Three Months Ended
September 30, |
|
Nine Months Ended
September 30, |
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(in thousands)
|
||||||||||||||
Balance at beginning of period
|
$
|
1,475
|
|
|
$
|
962
|
|
|
$
|
986
|
|
|
$
|
1,366
|
|
Provision (negative provision)
|
16
|
|
|
(406
|
)
|
|
505
|
|
|
(810
|
)
|
||||
Balance at end of period
|
$
|
1,491
|
|
|
$
|
556
|
|
|
$
|
1,491
|
|
|
$
|
556
|
|
|
As of or For the
|
||||||||||||||
|
Three Months Ended September 30,
|
|
Nine Months Ended September 30,
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(dollars in thousands, except per share data)
|
||||||||||||||
Summary balance sheets:
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks
|
$
|
130,197
|
|
|
$
|
235,342
|
|
|
$
|
130,197
|
|
|
$
|
235,342
|
|
Securities
|
548,961
|
|
|
669,340
|
|
|
548,961
|
|
|
669,340
|
|
||||
Loans receivable
(1)
|
3,513,687
|
|
|
2,998,712
|
|
|
3,513,687
|
|
|
2,998,712
|
|
||||
Assets
|
4,402,180
|
|
|
4,214,241
|
|
|
4,402,180
|
|
|
4,214,241
|
|
||||
Deposits
|
3,771,207
|
|
|
3,518,694
|
|
|
3,771,207
|
|
|
3,518,694
|
|
||||
Liabilities
|
3,870,982
|
|
|
3,728,792
|
|
|
3,870,982
|
|
|
3,728,792
|
|
||||
Stockholders’ equity
|
531,198
|
|
|
485,449
|
|
|
531,198
|
|
|
485,449
|
|
||||
Tangible equity
|
529,742
|
|
|
483,654
|
|
|
529,742
|
|
|
483,654
|
|
||||
Average loans receivable
|
3,477,428
|
|
|
2,895,336
|
|
|
3,333,419
|
|
|
2,851,895
|
|
||||
Average securities
|
589,832
|
|
|
721,472
|
|
|
643,125
|
|
|
834,862
|
|
||||
Average interest-earning assets
|
4,130,145
|
|
|
3,755,740
|
|
|
4,045,480
|
|
|
3,801,057
|
|
||||
Average assets
|
4,397,703
|
|
|
4,021,642
|
|
|
4,315,062
|
|
|
4,074,537
|
|
||||
Average deposits
|
3,669,419
|
|
|
3,484,648
|
|
|
3,544,389
|
|
|
3,498,393
|
|
||||
Average borrowings
|
171,779
|
|
|
20,556
|
|
|
222,889
|
|
|
64,108
|
|
||||
Average interest-bearing liabilities
|
2,651,505
|
|
|
2,433,718
|
|
|
2,600,851
|
|
|
2,513,859
|
|
||||
Average stockholders’ equity
|
528,581
|
|
|
479,478
|
|
|
515,403
|
|
|
471,218
|
|
||||
Average tangible equity
|
527,072
|
|
|
477,620
|
|
|
513,813
|
|
|
469,267
|
|
||||
Per share data:
|
|
|
|
|
|
|
|
||||||||
Earnings per share – basic
(2)
|
$
|
0.41
|
|
|
$
|
0.44
|
|
|
$
|
1.31
|
|
|
$
|
1.22
|
|
Earnings per share – diluted
(2)
|
$
|
0.41
|
|
|
$
|
0.44
|
|
|
$
|
1.31
|
|
|
$
|
1.22
|
|
Book value per share
(3)
|
$
|
16.47
|
|
|
$
|
15.18
|
|
|
$
|
16.47
|
|
|
$
|
15.18
|
|
Tangible book value per share
(4)
|
$
|
16.42
|
|
|
$
|
15.12
|
|
|
$
|
16.42
|
|
|
$
|
15.12
|
|
Cash dividends per share
|
$
|
0.19
|
|
|
$
|
0.11
|
|
|
$
|
0.47
|
|
|
$
|
0.33
|
|
Common shares outstanding
|
32,252,774
|
|
|
31,977,207
|
|
|
32,252,774
|
|
|
31,977,207
|
|
||||
Performance ratios:
|
|
|
|
|
|
|
|
||||||||
Return on average assets
(5) (6)
|
1.19
|
%
|
|
1.38
|
%
|
|
1.30
|
%
|
|
1.28
|
%
|
||||
Return on average stockholders’ equity
(5) (7)
|
9.88
|
%
|
|
11.55
|
%
|
|
10.90
|
%
|
|
11.06
|
%
|
||||
Return on average tangible equity
(5) (8)
|
9.90
|
%
|
|
11.60
|
%
|
|
10.94
|
%
|
|
11.11
|
%
|
||||
Net interest margin
(9)
|
3.86
|
%
|
|
3.81
|
%
|
|
3.95
|
%
|
|
3.89
|
%
|
||||
Net interest margin excluding acquisition accounting
(9)
|
3.75
|
%
|
|
3.49
|
%
|
|
3.76
|
%
|
|
3.40
|
%
|
||||
Efficiency ratio
(10)
|
58.72
|
%
|
|
57.97
|
%
|
|
57.47
|
%
|
|
59.65
|
%
|
||||
Efficiency ratio excluding merger and integration costs
(10)
|
58.72
|
%
|
|
57.97
|
%
|
|
57.47
|
%
|
|
58.46
|
%
|
||||
Dividend payout ratio
(11)
|
46.50
|
%
|
|
25.20
|
%
|
|
35.83
|
%
|
|
26.94
|
%
|
||||
Average stockholders’ equity to average assets
|
12.02
|
%
|
|
11.92
|
%
|
|
11.94
|
%
|
|
11.56
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
Capital ratios
(15)
:
|
|
|
|
|
|
|
|
||||||||
Total risk-based capital:
|
|
|
|
|
|
|
|
||||||||
Hanmi Financial
|
14.99
|
%
|
|
14.80
|
%
|
|
14.99
|
%
|
|
14.80
|
%
|
||||
Hanmi Bank
|
14.61
|
%
|
|
14.74
|
%
|
|
14.61
|
%
|
|
14.74
|
%
|
||||
Tier 1 risk-based capital:
|
|
|
|
|
|
|
|
||||||||
Hanmi Financial
|
13.89
|
%
|
|
13.54
|
%
|
|
13.89
|
%
|
|
13.54
|
%
|
||||
Hanmi Bank
|
13.50
|
%
|
|
13.48
|
%
|
|
13.50
|
%
|
|
13.48
|
%
|
||||
Common equity Tier 1 capital:
|
|
|
|
|
|
|
|
||||||||
Hanmi Financial
|
13.73
|
%
|
|
13.54
|
%
|
|
13.73
|
%
|
|
13.54
|
%
|
||||
Hanmi Bank
|
13.50
|
%
|
|
13.48
|
%
|
|
13.50
|
%
|
|
13.48
|
%
|
||||
Tier 1 leverage:
|
|
|
|
|
|
|
|
||||||||
Hanmi Financial
|
11.68
|
%
|
|
11.19
|
%
|
|
11.68
|
%
|
|
11.19
|
%
|
||||
Hanmi Bank
|
11.36
|
%
|
|
11.14
|
%
|
|
11.36
|
%
|
|
11.14
|
%
|
||||
Asset quality ratios:
|
|
|
|
|
|
|
|
||||||||
Nonperforming Non-PCI loans to loans
(12)
|
0.31
|
%
|
|
0.79
|
%
|
|
0.31
|
%
|
|
0.79
|
%
|
||||
Nonperforming assets to assets
(13)
|
0.50
|
%
|
|
0.88
|
%
|
|
0.50
|
%
|
|
0.88
|
%
|
||||
Net loan (recoveries) charge-offs to average loans
|
(0.08
|
)%
|
|
0.10
|
%
|
|
(0.02
|
)%
|
|
(0.07
|
)%
|
||||
Allowance for loan losses to loans
|
1.10
|
%
|
|
1.52
|
%
|
|
1.10
|
%
|
|
1.52
|
%
|
||||
Allowance for loan losses to non-performing Non-PCI loans
(12)
(14)
|
305.43
|
%
|
|
180.52
|
%
|
|
305.43
|
%
|
|
180.52
|
%
|
||||
Acquired loans:
|
|
|
|
|
|
|
|
||||||||
PCI loans, net of discounts
|
$
|
15,540
|
|
|
$
|
25,145
|
|
|
$
|
15,540
|
|
|
$
|
25,145
|
|
Allowance for loan losses on PCI loans
|
5,533
|
|
|
3,138
|
|
|
5,533
|
|
|
3,138
|
|
||||
Non-PCI loans, net of discounts
|
108,434
|
|
|
179,695
|
|
|
108,434
|
|
|
179,695
|
|
||||
Unamortized acquisition discounts on Non-PCI loans
|
7,087
|
|
|
14,414
|
|
|
7,087
|
|
|
14,414
|
|
(1)
|
Loans receivable, net of allowance for loan losses
|
(2)
|
Calculation based on net income allocated to common shares
|
(3)
|
Stockholders’ equity divided by common shares outstanding
|
(4)
|
Tangible equity divided by common shares outstanding
|
(5)
|
Calculation based on annualized net income
|
(6)
|
Net income divided by average assets
|
(7)
|
Net income divided by average stockholders’ equity
|
(8)
|
Net income divided by average tangible equity
|
(9)
|
Net interest income before provision for loan losses divided by average interest-earning assets
|
(10)
|
Noninterest expenses divided by the sum of net interest income before provision for loan losses and noninterest income
|
(11)
|
Dividend declared per share divided by basic earnings per share
|
(12)
|
Excludes PCI loans
|
(13)
|
Nonperforming assets consist of nonperforming loans (see footnote (12) above) and OREO
|
(14)
|
Excludes allowance for loan losses allocated to PCI loans
|
(15)
|
Basel III rules, including certain transitional provisions, became effective January 1, 2015
|
|
September 30,
|
||||||
|
2016
|
|
2015
|
||||
|
(in thousands, except per share data)
|
||||||
Total assets
|
$
|
4,402,180
|
|
|
$
|
4,214,241
|
|
Less core deposit intangible, net
|
(1,456
|
)
|
|
(1,795
|
)
|
||
Tangible assets
|
$
|
4,400,724
|
|
|
$
|
4,212,446
|
|
|
|
|
|
||||
Total stockholders’ equity
|
$
|
531,198
|
|
|
$
|
485,449
|
|
Less core deposit intangible, net
|
(1,456
|
)
|
|
(1,795
|
)
|
||
Tangible stockholders' equity
|
$
|
529,742
|
|
|
$
|
483,654
|
|
|
|
|
|
||||
Book value per share
|
$
|
16.47
|
|
|
$
|
15.18
|
|
Effect of core deposit intangible
|
(0.05
|
)
|
|
(0.06
|
)
|
||
Tangible book value per share
|
$
|
16.42
|
|
|
$
|
15.12
|
|
|
Three Months Ended
|
||||||||||||
|
September 30, 2016
|
|
September 30, 2015
|
||||||||||
|
Amount
|
|
Rate
|
|
Amount
|
|
Rate
|
||||||
|
(dollars in thousands)
|
||||||||||||
Core loan interest income and yield
|
$
|
40,476
|
|
|
4.63
|
%
|
|
$
|
34,743
|
|
|
4.76
|
%
|
Accretion of discount on purchased loans
|
674
|
|
|
0.08
|
%
|
|
1,723
|
|
|
0.24
|
%
|
||
As reported
|
$
|
41,150
|
|
|
4.71
|
%
|
|
$
|
36,466
|
|
|
5.00
|
%
|
|
|
|
|
|
|
|
|
||||||
Net interest income and net interest margin excluding acquisition accounting
(1)
|
$
|
38,874
|
|
|
3.75
|
%
|
|
$
|
32,996
|
|
|
3.49
|
%
|
Accretion of discount on Non-PCI loans
|
648
|
|
|
0.06
|
%
|
|
1,209
|
|
|
0.13
|
%
|
||
Accretion of discount on PCI loans
|
26
|
|
|
—
|
%
|
|
514
|
|
|
0.05
|
%
|
||
Accretion of time deposits premium
|
610
|
|
|
0.06
|
%
|
|
1,378
|
|
|
0.14
|
%
|
||
Amortization of subordinated debentures discount
|
(67
|
)
|
|
(0.01
|
)%
|
|
(46
|
)
|
|
—
|
%
|
||
Net impact
|
1,217
|
|
|
0.11
|
%
|
|
3,055
|
|
|
0.32
|
%
|
||
As reported on a fully taxable equivalent basis
|
$
|
40,091
|
|
|
3.86
|
%
|
|
$
|
36,051
|
|
|
3.81
|
%
|
(1)
|
Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate.
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2016
|
|
September 30, 2015
|
||||||||||
|
Amount
|
|
Rate
|
|
Amount
|
|
Rate
|
||||||
|
(dollars in thousands)
|
||||||||||||
Core loan interest income and yield
|
$
|
117,066
|
|
|
4.69
|
%
|
|
$
|
101,265
|
|
|
4.75
|
%
|
Accretion of discount on purchased loans
|
3,796
|
|
|
0.15
|
%
|
|
9,150
|
|
|
0.43
|
%
|
||
As reported
|
$
|
120,862
|
|
|
4.84
|
%
|
|
$
|
110,415
|
|
|
5.18
|
%
|
|
|
|
|
|
|
|
|
||||||
Net interest income and net interest margin excluding acquisition accounting
(1)
|
$
|
113,710
|
|
|
3.76
|
%
|
|
$
|
97,109
|
|
|
3.40
|
%
|
Accretion of discount on Non-PCI loans
|
3,396
|
|
|
0.11
|
%
|
|
7,326
|
|
|
0.26
|
%
|
||
Accretion of discount on PCI loans
|
400
|
|
|
0.01
|
%
|
|
1,824
|
|
|
0.07
|
%
|
||
Accretion of time deposits premium
|
2,343
|
|
|
0.08
|
%
|
|
4,488
|
|
|
0.16
|
%
|
||
Amortization of subordinated debentures discount
|
(185
|
)
|
|
(0.01
|
)%
|
|
(125
|
)
|
|
—
|
%
|
||
Net impact
|
5,954
|
|
|
0.19
|
%
|
|
13,513
|
|
|
0.49
|
%
|
||
As reported on a fully taxable equivalent basis
|
$
|
119,664
|
|
|
3.95
|
%
|
|
$
|
110,622
|
|
|
3.89
|
%
|
(1)
|
Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate.
|
•
|
Loans receivable, before the allowance for loan losses, were $3.55 billion at the end of the
third
quarter of 2016, up $369.4 million or 11.6 percent, from $3.18 billion at the end of 2015.
|
•
|
Noninterest-bearing deposits at
September 30, 2016
were $1.23 billion, an increase of $76.4 million or 6.6 percent, from $1.16 billion at December 31, 2015.
|
•
|
Asset quality at the end of the
third
quarter of 2016 improved with non-performing assets of $21.9 million, or 0.50 percent of total assets, compared with $27.6 million, or 0.65 percent of total assets at the end of 2015.
|
|
Three Months Ended
|
||||||||||||||||||||
|
September 30, 2016
|
|
September 30, 2015
|
||||||||||||||||||
|
Average
Balance
|
|
Interest
Income /
Expense
|
|
Average
Yield /
Rate
|
|
Average
Balance
|
|
Interest
Income /
Expense
|
|
Average
Yield /
Rate
|
||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable
(1)
|
$
|
3,477,428
|
|
|
$
|
41,150
|
|
|
4.71
|
%
|
|
$
|
2,895,336
|
|
|
$
|
36,466
|
|
|
5.00
|
%
|
Securities
(2)
|
589,832
|
|
|
3,210
|
|
|
2.18
|
%
|
|
721,472
|
|
|
2,950
|
|
|
1.64
|
%
|
||||
FRB and FHLB stock
|
19,207
|
|
|
419
|
|
|
8.73
|
%
|
|
29,916
|
|
|
607
|
|
|
8.12
|
%
|
||||
Interest-bearing deposits in other banks
|
43,678
|
|
|
55
|
|
|
0.50
|
%
|
|
109,016
|
|
|
68
|
|
|
0.25
|
%
|
||||
Total interest-earning assets
|
4,130,145
|
|
|
44,834
|
|
|
4.32
|
%
|
|
3,755,740
|
|
|
40,091
|
|
|
4.23
|
%
|
||||
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks
|
116,779
|
|
|
|
|
|
|
89,241
|
|
|
|
|
|
||||||||
Allowance for loan losses
|
(40,214
|
)
|
|
|
|
|
|
(50,416
|
)
|
|
|
|
|
||||||||
Other assets
|
190,993
|
|
|
|
|
|
|
227,077
|
|
|
|
|
|
||||||||
Total noninterest-earning assets
|
267,558
|
|
|
|
|
|
|
265,902
|
|
|
|
|
|
||||||||
Total assets
|
$
|
4,397,703
|
|
|
|
|
|
|
$
|
4,021,642
|
|
|
|
|
|
||||||
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand: interest-bearing
|
$
|
93,852
|
|
|
$
|
19
|
|
|
0.08
|
%
|
|
$
|
91,111
|
|
|
$
|
31
|
|
|
0.13
|
%
|
Money market and savings
|
1,141,747
|
|
|
1,834
|
|
|
0.64
|
%
|
|
860,595
|
|
|
1,112
|
|
|
0.51
|
%
|
||||
Time deposits
|
1,244,127
|
|
|
2,505
|
|
|
0.80
|
%
|
|
1,461,456
|
|
|
2,738
|
|
|
0.74
|
%
|
||||
FHLB advances
|
152,935
|
|
|
179
|
|
|
0.47
|
%
|
|
1,902
|
|
|
1
|
|
|
0.21
|
%
|
||||
Rescinded stock obligation
|
—
|
|
|
—
|
|
|
—
|
%
|
|
15
|
|
|
—
|
|
|
—
|
%
|
||||
Subordinated debentures
|
18,844
|
|
|
206
|
|
|
4.35
|
%
|
|
18,639
|
|
|
158
|
|
|
3.36
|
%
|
||||
Total interest-bearing liabilities
|
2,651,505
|
|
|
4,743
|
|
|
0.71
|
%
|
|
2,433,718
|
|
|
4,040
|
|
|
0.66
|
%
|
||||
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand deposits: noninterest-bearing
|
1,189,693
|
|
|
|
|
|
|
1,071,486
|
|
|
|
|
|
||||||||
Other liabilities
|
27,924
|
|
|
|
|
|
|
36,960
|
|
|
|
|
|
||||||||
Total noninterest-bearing liabilities
|
1,217,617
|
|
|
|
|
|
|
1,108,446
|
|
|
|
|
|
||||||||
Total liabilities
|
3,869,122
|
|
|
|
|
|
|
3,542,164
|
|
|
|
|
|
||||||||
Stockholders’ equity
|
528,581
|
|
|
|
|
|
|
479,478
|
|
|
|
|
|
||||||||
Total liabilities and stockholders’ equity
|
$
|
4,397,703
|
|
|
|
|
|
|
$
|
4,021,642
|
|
|
|
|
|
||||||
Net interest income (taxable equivalent)
|
|
|
$
|
40,091
|
|
|
|
|
|
|
$
|
36,051
|
|
|
|
||||||
Cost of deposits
(3)
|
|
|
|
|
0.47
|
%
|
|
|
|
|
|
0.44
|
%
|
||||||||
Net interest spread
(4)
|
|
|
|
|
3.61
|
%
|
|
|
|
|
|
3.57
|
%
|
||||||||
Net interest margin
(5)
|
|
|
|
|
3.86
|
%
|
|
|
|
|
|
3.81
|
%
|
(1)
|
Loans include LHFS and exclude the allowance for loan losses. Nonaccrual loans are included in the average loan balance.
|
(2)
|
Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate.
|
(3)
|
Represents interest expense on deposits as a percentage of all interest-bearing and noninterest-bearing deposits.
|
(4)
|
Represents the average yield earned on interest-earning assets less the average rate paid on interest-bearing liabilities.
|
(5)
|
Represents net interest income as a percentage of average interest-earning assets.
|
|
Three Months Ended
|
||||||||||
|
September 30, 2016 vs. September 30, 2015
|
||||||||||
|
Increases (Decreases) Due to Change In
|
||||||||||
|
Volume
|
|
Rate
|
|
Total
|
||||||
|
(in thousands)
|
||||||||||
Interest and dividend income:
|
|
|
|
|
|
||||||
Loans receivable
|
$
|
6,920
|
|
|
$
|
(2,236
|
)
|
|
$
|
4,684
|
|
Securities
|
(607
|
)
|
|
867
|
|
|
260
|
|
|||
FRB and FHLB stock
|
(231
|
)
|
|
43
|
|
|
(188
|
)
|
|||
Interest-bearing deposits in other banks
|
(56
|
)
|
|
43
|
|
|
(13
|
)
|
|||
Total interest and dividend income
|
$
|
6,026
|
|
|
$
|
(1,283
|
)
|
|
$
|
4,743
|
|
Interest expense:
|
|
|
|
|
|
||||||
Demand: interest-bearing
|
$
|
1
|
|
|
$
|
(13
|
)
|
|
$
|
(12
|
)
|
Money market and savings
|
405
|
|
|
317
|
|
|
722
|
|
|||
Time deposits
|
(437
|
)
|
|
204
|
|
|
(233
|
)
|
|||
FHLB advances
|
175
|
|
|
3
|
|
|
178
|
|
|||
Subordinated debentures
|
2
|
|
|
46
|
|
|
48
|
|
|||
Total interest expense
|
$
|
146
|
|
|
$
|
557
|
|
|
$
|
703
|
|
Change in net interest income (taxable equivalent)
|
$
|
5,880
|
|
|
$
|
(1,840
|
)
|
|
$
|
4,040
|
|
|
Nine Months Ended
|
||||||||||||||||||||
|
September 30, 2016
|
|
September 30, 2015
|
||||||||||||||||||
|
Average
Balance
|
|
Interest
Income /
Expense
|
|
Average
Yield /
Rate
|
|
Average
Balance
|
|
Interest
Income /
Expense
|
|
Average
Yield /
Rate
|
||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans receivable
(1)
|
$
|
3,333,419
|
|
|
$
|
120,862
|
|
|
4.84
|
%
|
|
$
|
2,851,895
|
|
|
$
|
110,415
|
|
|
5.18
|
%
|
Securities
(2)
|
643,125
|
|
|
10,136
|
|
|
2.10
|
%
|
|
834,862
|
|
|
9,824
|
|
|
1.57
|
%
|
||||
FRB and FHLB stock
|
26,809
|
|
|
1,540
|
|
|
7.66
|
%
|
|
29,903
|
|
|
2,205
|
|
|
9.83
|
%
|
||||
Interest-bearing deposits in other banks
|
42,127
|
|
|
152
|
|
|
0.48
|
%
|
|
84,397
|
|
|
156
|
|
|
0.25
|
%
|
||||
Total interest-earning assets
|
4,045,480
|
|
|
132,690
|
|
|
4.38
|
%
|
|
3,801,057
|
|
|
122,600
|
|
|
4.31
|
%
|
||||
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks
|
115,235
|
|
|
|
|
|
|
88,313
|
|
|
|
|
|
||||||||
Allowance for loan losses
|
(41,401
|
)
|
|
|
|
|
|
(52,287
|
)
|
|
|
|
|
||||||||
Other assets
|
195,748
|
|
|
|
|
|
|
237,454
|
|
|
|
|
|
||||||||
Total noninterest-earning assets
|
269,582
|
|
|
|
|
|
|
273,480
|
|
|
|
|
|
||||||||
Total assets
|
$
|
4,315,062
|
|
|
|
|
|
|
$
|
4,074,537
|
|
|
|
|
|
||||||
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand: interest-bearing
|
$
|
95,264
|
|
|
$
|
56
|
|
|
0.08
|
%
|
|
$
|
89,286
|
|
|
$
|
89
|
|
|
0.13
|
%
|
Money market and savings
|
996,578
|
|
|
4,130
|
|
|
0.55
|
%
|
|
834,418
|
|
|
3,087
|
|
|
0.49
|
%
|
||||
Time deposits
|
1,286,120
|
|
|
7,583
|
|
|
0.79
|
%
|
|
1,526,047
|
|
|
8,287
|
|
|
0.73
|
%
|
||||
FHLB advances
|
204,106
|
|
|
673
|
|
|
0.44
|
%
|
|
45,311
|
|
|
61
|
|
|
0.18
|
%
|
||||
Rescinded stock obligation
|
—
|
|
|
—
|
|
|
—
|
%
|
|
199
|
|
|
—
|
|
|
—
|
%
|
||||
Subordinated debentures
|
18,783
|
|
|
584
|
|
|
4.15
|
%
|
|
18,598
|
|
|
454
|
|
|
3.26
|
%
|
||||
Total interest-bearing liabilities
|
2,600,851
|
|
|
13,026
|
|
|
0.67
|
%
|
|
2,513,859
|
|
|
11,978
|
|
|
0.64
|
%
|
||||
Noninterest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Demand deposits: noninterest-bearing
|
1,166,427
|
|
|
|
|
|
|
1,048,642
|
|
|
|
|
|
||||||||
Other liabilities
|
32,381
|
|
|
|
|
|
|
40,818
|
|
|
|
|
|
||||||||
Total noninterest-bearing liabilities
|
1,198,808
|
|
|
|
|
|
|
1,089,460
|
|
|
|
|
|
||||||||
Total liabilities
|
3,799,659
|
|
|
|
|
|
|
3,603,319
|
|
|
|
|
|
||||||||
Stockholders’ equity
|
515,403
|
|
|
|
|
|
|
471,218
|
|
|
|
|
|
||||||||
Total liabilities and stockholders’ equity
|
$
|
4,315,062
|
|
|
|
|
|
|
$
|
4,074,537
|
|
|
|
|
|
||||||
Net interest income (taxable equivalent)
|
|
|
$
|
119,664
|
|
|
|
|
|
|
$
|
110,622
|
|
|
|
||||||
Cost of deposits
(3)
|
|
|
|
|
0.44
|
%
|
|
|
|
|
|
0.44
|
%
|
||||||||
Net interest spread
(4)
|
|
|
|
|
3.71
|
%
|
|
|
|
|
|
3.67
|
%
|
||||||||
Net interest margin
(5)
|
|
|
|
|
3.95
|
%
|
|
|
|
|
|
3.89
|
%
|
(1)
|
Loans include LHFS and exclude the allowance for loan losses. Nonaccrual loans are included in the average loan balance.
|
(2)
|
Amounts calculated on a fully taxable equivalent basis using the current statutory federal tax rate.
|
(3)
|
Represents interest expense on deposits as a percentage of all interest-bearing and noninterest-bearing deposits.
|
(4)
|
Represents the average yield earned on interest-earning assets less the average rate paid on interest-bearing liabilities.
|
(5)
|
Represents net interest income as a percentage of average interest-earning assets.
|
|
Nine Months Ended
|
||||||||||
|
September 30, 2016 vs. September 30, 2015
|
||||||||||
|
Increases (Decreases) Due to Change In
|
||||||||||
|
Volume
|
|
Rate
|
|
Total
|
||||||
|
(in thousands)
|
||||||||||
Interest and dividend income:
|
|
|
|
|
|
||||||
Loans receivable
|
$
|
18,005
|
|
|
$
|
(7,558
|
)
|
|
$
|
10,447
|
|
Securities
|
(2,563
|
)
|
|
2,876
|
|
|
313
|
|
|||
FRB and FHLB stock
|
(212
|
)
|
|
(453
|
)
|
|
(665
|
)
|
|||
Interest-bearing deposits in other banks
|
(104
|
)
|
|
100
|
|
|
(4
|
)
|
|||
Total interest and dividend income
|
$
|
15,126
|
|
|
$
|
(5,035
|
)
|
|
$
|
10,091
|
|
Interest expense:
|
|
|
|
|
|
||||||
Demand: interest-bearing
|
$
|
(2
|
)
|
|
$
|
(31
|
)
|
|
$
|
(33
|
)
|
Money market and savings
|
640
|
|
|
403
|
|
|
1,043
|
|
|||
Time deposits
|
(765
|
)
|
|
61
|
|
|
(704
|
)
|
|||
FHLB advances
|
433
|
|
|
179
|
|
|
612
|
|
|||
Subordinated debentures
|
6
|
|
|
124
|
|
|
130
|
|
|||
Total interest expense
|
$
|
312
|
|
|
$
|
736
|
|
|
$
|
1,048
|
|
Change in net interest income (taxable equivalent)
|
$
|
14,814
|
|
|
$
|
(5,771
|
)
|
|
$
|
9,043
|
|
|
Three Months Ended September 30,
|
|
Increase (Decrease)
|
|||||||||||
|
2016
|
|
2015
|
|
Amount
|
|
Percentage
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Service charges on deposit accounts
|
$
|
2,883
|
|
|
$
|
3,378
|
|
|
$
|
(495
|
)
|
|
(14.7
|
)%
|
Trade finance and other service charges and fees
|
992
|
|
|
1,115
|
|
|
(123
|
)
|
|
(11.0
|
)%
|
|||
Other operating income
|
2,348
|
|
|
1,065
|
|
|
1,283
|
|
|
120.5
|
%
|
|||
Subtotal service charges, fees and other income
|
6,223
|
|
|
5,558
|
|
|
665
|
|
|
12.0
|
%
|
|||
Gain on sale of SBA loans
|
1,616
|
|
|
1,621
|
|
|
(5
|
)
|
|
(0.3
|
)%
|
|||
Disposition gains on PCI loans
|
789
|
|
|
4,334
|
|
|
(3,545
|
)
|
|
(81.8
|
)%
|
|||
Net gain on sales of securities
|
46
|
|
|
2,048
|
|
|
(2,002
|
)
|
|
(97.8
|
)%
|
|||
Total noninterest income
|
$
|
8,674
|
|
|
$
|
13,561
|
|
|
$
|
(4,887
|
)
|
|
(36.0
|
)%
|
|
Nine Months Ended September 30,
|
|
Increase (Decrease)
|
|||||||||||
|
2016
|
|
2015
|
|
Amount
|
|
Percentage
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Service charges on deposit accounts
|
$
|
8,782
|
|
|
$
|
9,758
|
|
|
$
|
(976
|
)
|
|
(10.0
|
)%
|
Trade finance and other service charges and fees
|
3,099
|
|
|
3,491
|
|
|
(392
|
)
|
|
(11.2
|
)%
|
|||
Other operating income
|
5,423
|
|
|
3,246
|
|
|
2,177
|
|
|
67.1
|
%
|
|||
Subtotal service charges, fees and other income
|
17,304
|
|
|
16,495
|
|
|
809
|
|
|
4.9
|
%
|
|||
Gain on sale of SBA loans
|
4,247
|
|
|
4,878
|
|
|
(631
|
)
|
|
(12.9
|
)%
|
|||
Disposition gains on PCI loans
|
3,411
|
|
|
8,027
|
|
|
(4,616
|
)
|
|
(57.5
|
)%
|
|||
Net gain on sales of securities
|
46
|
|
|
6,144
|
|
|
(6,098
|
)
|
|
(99.3
|
)%
|
|||
Total noninterest income
|
$
|
25,008
|
|
|
$
|
35,544
|
|
|
$
|
(10,536
|
)
|
|
(29.6
|
)%
|
|
Three Months Ended September 30,
|
|
Increase (Decrease)
|
|||||||||||
|
2016
|
|
2015
|
|
Amount
|
|
Percentage
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Salaries and employee benefits
|
$
|
15,950
|
|
|
$
|
16,097
|
|
|
$
|
(147
|
)
|
|
-0.9
|
%
|
Occupancy and equipment
|
3,917
|
|
|
4,896
|
|
|
(979
|
)
|
|
-20.0
|
%
|
|||
Data processing
|
1,330
|
|
|
1,418
|
|
|
(88
|
)
|
|
-6.2
|
%
|
|||
Professional fees
|
1,090
|
|
|
1,940
|
|
|
(850
|
)
|
|
-43.8
|
%
|
|||
Supplies and communications
|
821
|
|
|
880
|
|
|
(59
|
)
|
|
-6.7
|
%
|
|||
Advertising and promotion
|
1,153
|
|
|
1,290
|
|
|
(137
|
)
|
|
-10.6
|
%
|
|||
OREO expense
|
73
|
|
|
225
|
|
|
(152
|
)
|
|
-67.6
|
%
|
|||
Other operating expenses
|
4,003
|
|
|
1,976
|
|
|
2,027
|
|
|
102.6
|
%
|
|||
Total noninterest expense
|
$
|
28,337
|
|
|
$
|
28,722
|
|
|
$
|
(385
|
)
|
|
-1.3
|
%
|
|
Nine Months Ended September 30,
|
|
Increase (Decrease)
|
|||||||||||
|
2016
|
|
2015
|
|
Amount
|
|
Percentage
|
|||||||
|
(dollars in thousands)
|
|||||||||||||
Salaries and employee benefits
|
$
|
47,710
|
|
|
$
|
48,023
|
|
|
$
|
(313
|
)
|
|
-0.7
|
%
|
Occupancy and equipment
|
11,351
|
|
|
13,423
|
|
|
(2,072
|
)
|
|
-15.4
|
%
|
|||
Data processing
|
4,219
|
|
|
4,885
|
|
|
(666
|
)
|
|
-13.6
|
%
|
|||
Professional fees
|
4,063
|
|
|
5,982
|
|
|
(1,919
|
)
|
|
-32.1
|
%
|
|||
Supplies and communications
|
2,266
|
|
|
2,638
|
|
|
(372
|
)
|
|
-14.1
|
%
|
|||
Advertising and promotion
|
2,769
|
|
|
2,859
|
|
|
(90
|
)
|
|
-3.1
|
%
|
|||
OREO expense
|
721
|
|
|
629
|
|
|
92
|
|
|
14.6
|
%
|
|||
Merger and integration costs
|
—
|
|
|
1,747
|
|
|
(1,747
|
)
|
|
-100.0
|
%
|
|||
Other operating expenses
|
9,170
|
|
|
6,953
|
|
|
2,217
|
|
|
31.9
|
%
|
|||
Total noninterest expense
|
$
|
82,269
|
|
|
$
|
87,139
|
|
|
$
|
(4,870
|
)
|
|
-5.6
|
%
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
|
Unrealized
Gain
(Loss)
|
|
Amortized
Cost
|
|
Estimated
Fair
Value
|
|
Unrealized
Gain
(Loss)
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Mortgage-backed securities
(1) (2)
|
$
|
239,569
|
|
|
$
|
243,245
|
|
|
$
|
3,676
|
|
|
$
|
286,450
|
|
|
$
|
284,381
|
|
|
$
|
(2,069
|
)
|
Collateralized mortgage obligations
(1)
|
84,277
|
|
|
84,213
|
|
|
(64
|
)
|
|
97,904
|
|
|
96,986
|
|
|
(918
|
)
|
||||||
U.S. government agency securities
|
7,499
|
|
|
7,519
|
|
|
20
|
|
|
48,478
|
|
|
47,822
|
|
|
(656
|
)
|
||||||
SBA loan pool securities
|
4,585
|
|
|
4,545
|
|
|
(40
|
)
|
|
63,670
|
|
|
63,266
|
|
|
(404
|
)
|
||||||
Municipal bonds-tax exempt
|
160,371
|
|
|
167,236
|
|
|
6,865
|
|
|
162,101
|
|
|
163,902
|
|
|
1,801
|
|
||||||
Municipal bonds-taxable
|
13,434
|
|
|
13,925
|
|
|
491
|
|
|
13,932
|
|
|
14,033
|
|
|
101
|
|
||||||
Corporate bonds
|
5,012
|
|
|
5,011
|
|
|
(1
|
)
|
|
5,017
|
|
|
4,993
|
|
|
(24
|
)
|
||||||
U.S. treasury securities
|
157
|
|
|
158
|
|
|
1
|
|
|
159
|
|
|
160
|
|
|
1
|
|
||||||
Mutual funds
|
22,916
|
|
|
23,109
|
|
|
193
|
|
|
22,916
|
|
|
22,753
|
|
|
(163
|
)
|
||||||
Total securities available for sale
|
$
|
537,820
|
|
|
$
|
548,961
|
|
|
$
|
11,141
|
|
|
$
|
700,627
|
|
|
$
|
698,296
|
|
|
$
|
(2,331
|
)
|
(1)
|
Collateralized by residential mortgages and guaranteed by U.S. government sponsored entities.
|
(2)
|
Include securities collateralized by home equity conversion mortgages with total estimated fair value of
$54.5 million
and
$58.6 million
as of
September 30, 2016
and
December 31, 2015
, respectively.
|
|
|
|
|
|
After One Year But
|
|
After Five Years But
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Within One Year
|
|
Within Five Years
|
|
Within Ten Years
|
|
After Ten Years
|
|
Total
|
|||||||||||||||||||||||||
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mortgage-backed securities
|
$
|
1
|
|
|
1.42
|
%
|
|
$
|
43,383
|
|
|
1.68
|
%
|
|
$
|
75,251
|
|
|
2.09
|
%
|
|
$
|
120,935
|
|
|
1.80
|
%
|
|
$
|
239,570
|
|
|
1.87
|
%
|
Collateralized mortgage obligations
|
—
|
|
|
—
|
%
|
|
720
|
|
|
1.43
|
%
|
|
17,165
|
|
|
1.45
|
%
|
|
66,392
|
|
|
1.41
|
%
|
|
84,277
|
|
|
1.42
|
%
|
|||||
U.S. government agency securities
|
—
|
|
|
—
|
%
|
|
6,000
|
|
|
1.35
|
%
|
|
1,499
|
|
|
2.20
|
%
|
|
—
|
|
|
—
|
%
|
|
7,499
|
|
|
1.52
|
%
|
|||||
SBA loan pool securities
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
4,585
|
|
|
1.71
|
%
|
|
4,585
|
|
|
1.71
|
%
|
|||||
Municipal bonds-tax exempt
(1)
|
—
|
|
|
—
|
%
|
|
3,118
|
|
|
2.49
|
%
|
|
79,401
|
|
|
3.15
|
%
|
|
77,852
|
|
|
4.12
|
%
|
|
160,371
|
|
|
3.61
|
%
|
|||||
Municipal bonds-taxable
|
—
|
|
|
—
|
%
|
|
3,711
|
|
|
3.99
|
%
|
|
9,723
|
|
|
3.91
|
%
|
|
—
|
|
|
—
|
%
|
|
13,434
|
|
|
3.94
|
%
|
|||||
Corporate bonds
|
—
|
|
|
—
|
%
|
|
5,012
|
|
|
1.19
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
5,012
|
|
|
1.19
|
%
|
|||||
U.S. treasury securities
|
—
|
|
|
—
|
%
|
|
157
|
|
|
1.21
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
157
|
|
|
1.21
|
%
|
|||||
Mutual funds
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
22,916
|
|
|
2.12
|
%
|
|
22,916
|
|
|
2.12
|
%
|
|||||
Total securities available for sale
|
$
|
1
|
|
|
1.55
|
%
|
|
$
|
62,101
|
|
|
1.78
|
%
|
|
$
|
183,039
|
|
|
2.59
|
%
|
|
$
|
292,680
|
|
|
2.35
|
%
|
|
$
|
537,821
|
|
|
2.37
|
%
|
(1)
|
The yield on municipal bonds has been computed on a federal tax-equivalent basis of 35 percent.
|
|
September 30, 2016
|
|
December 31, 2015
|
||||
|
(in thousands)
|
||||||
Real estate loans:
|
|
|
|
||||
Commercial property
(1)
|
|
|
|
||||
Retail
|
$
|
822,074
|
|
|
$
|
740,350
|
|
Hospitality
|
622,280
|
|
|
543,425
|
|
||
Gas station
|
274,385
|
|
|
323,655
|
|
||
Other
(2)
|
1,093,834
|
|
|
978,662
|
|
||
Construction
|
67,439
|
|
|
23,387
|
|
||
Residential property
|
330,675
|
|
|
236,035
|
|
||
Total real estate loans
|
3,210,687
|
|
|
2,845,514
|
|
||
Commercial and industrial loans:
|
|
|
|
||||
Commercial term
|
144,889
|
|
|
152,773
|
|
||
Commercial lines of credit
|
145,738
|
|
|
128,224
|
|
||
International loans
|
29,029
|
|
|
31,879
|
|
||
Total commercial and industrial loans
|
319,656
|
|
|
312,876
|
|
||
Consumer loans
(3)
|
22,316
|
|
|
24,926
|
|
||
Loans receivable
|
3,552,659
|
|
|
3,183,316
|
|
||
Allowance for loan losses
|
(38,972
|
)
|
|
(42,935
|
)
|
||
Loans receivable, net
|
$
|
3,513,687
|
|
|
$
|
3,140,381
|
|
(1)
|
Includes owner-occupied property loans of
$715.90 million
and $737.5 million as of September 30, 2016 and December 31, 2015, respectively.
|
(2)
|
Includes, among other property types, mixed-use, apartment, office, industrial, faith-based facilities and warehouse; the remaining real estate categories represents less than one percent of the Bank's total loans.
|
(3)
|
Consumer loans include home equity lines of credit of
$19.3 million
and $21.8 million as of September 30, 2016 and December 31, 2015, respectively.
|
|
Balance at September 30, 2016
|
|
Percentage of Loans
Outstanding
|
|||
|
|
|||||
Industry
|
(in thousands)
|
|
|
|||
Lessor of nonresidential buildings
|
$
|
1,097,416
|
|
|
30.9
|
%
|
Hospitality
|
$
|
655,819
|
|
|
18.5
|
%
|
|
September 30, 2016
|
|
December 31, 2015
|
|
Increase (Decrease)
|
|||||||||
|
|
|
Amount
|
|
Percentage
|
|||||||||
|
|
|
(dollars in thousands)
|
|
|
|||||||||
Nonperforming Non-PCI loans:
|
|
|
|
|
|
|
|
|||||||
Real estate loans:
|
|
|
|
|
|
|
|
|||||||
Commercial property
|
|
|
|
|
|
|
|
|||||||
Retail
|
$
|
397
|
|
|
$
|
946
|
|
|
$
|
(549
|
)
|
|
-58.0
|
%
|
Hospitality
|
2,095
|
|
|
5,790
|
|
|
(3,695
|
)
|
|
-63.8
|
%
|
|||
Gas station
|
4,343
|
|
|
2,774
|
|
|
1,569
|
|
|
56.6
|
%
|
|||
Other
|
2,421
|
|
|
4,068
|
|
|
(1,647
|
)
|
|
-40.5
|
%
|
|||
Residential property
|
244
|
|
|
1,386
|
|
|
(1,142
|
)
|
|
-82.4
|
%
|
|||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|||||||
Commercial term
|
1,038
|
|
|
2,193
|
|
|
(1,155
|
)
|
|
-52.7
|
%
|
|||
Commercial lines of credit
|
8
|
|
|
450
|
|
|
(442
|
)
|
|
-98.2
|
%
|
|||
Consumer loans
|
402
|
|
|
1,511
|
|
|
(1,109
|
)
|
|
-73.4
|
%
|
|||
Total nonperforming Non-PCI loans
|
10,948
|
|
|
19,118
|
|
|
(8,170
|
)
|
|
-42.7
|
%
|
|||
Loans 90 days or more past due and still accruing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total nonperforming Non-PCI loans
(1)
|
10,948
|
|
|
19,118
|
|
|
(8,170
|
)
|
|
-42.7
|
%
|
|||
OREO
|
10,971
|
|
|
8,511
|
|
|
2,460
|
|
|
28.9
|
%
|
|||
Total nonperforming assets
|
$
|
21,919
|
|
|
$
|
27,629
|
|
|
$
|
(5,710
|
)
|
|
-20.7
|
%
|
|
|
|
|
|
|
|
|
|||||||
Nonperforming Non-PCI loans as a percentage of Non-PCI loans
|
0.31
|
%
|
|
0.60
|
%
|
|
|
|
|
|||||
Nonperforming assets as a percentage of assets
|
0.50
|
%
|
|
0.65
|
%
|
|
|
|
|
|||||
Troubled debt restructured performing Non-PCI loans
|
$
|
10,497
|
|
|
$
|
10,299
|
|
|
|
|
|
(1)
|
Includes nonperforming TDRs of $4.3 million and $6.9 million as of
September 30, 2016
and December 31, 2015, respectively.
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||
|
Recorded
Investment
|
|
Percentage
|
|
Recorded
Investment
|
|
Percentage
|
||||||
|
(dollars in thousands)
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||
Commercial property
|
|
|
|
|
|
|
|
||||||
Retail
|
$
|
1,976
|
|
|
8.3
|
%
|
|
$
|
2,597
|
|
|
7.2
|
%
|
Hospitality
|
3,060
|
|
|
12.8
|
%
|
|
7,168
|
|
|
20.0
|
%
|
||
Gas station
|
4,496
|
|
|
18.8
|
%
|
|
5,393
|
|
|
15.0
|
%
|
||
Other
|
6,491
|
|
|
27.2
|
%
|
|
9,288
|
|
|
25.9
|
%
|
||
Residential property
|
2,499
|
|
|
10.5
|
%
|
|
2,895
|
|
|
8.1
|
%
|
||
Commercial and industrial loans:
|
|
|
|
|
|
|
—
|
|
|||||
Commercial term
|
4,697
|
|
|
19.6
|
%
|
|
5,257
|
|
|
14.7
|
%
|
||
Commercial lines of credit
|
8
|
|
|
—
|
%
|
|
381
|
|
|
1.1
|
%
|
||
International loans
|
—
|
|
|
—
|
%
|
|
1,215
|
|
|
3.4
|
%
|
||
Consumer loans
|
680
|
|
|
2.8
|
%
|
|
1,665
|
|
|
4.6
|
%
|
||
Total Non-PCI loans
|
$
|
23,907
|
|
|
100.0
|
%
|
|
$
|
35,859
|
|
|
100.0
|
%
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Nonaccrual TDRs
|
|
Accrual TDRs
|
|
Total
|
|
Nonaccrual TDRs
|
|
Accrual TDRs
|
|
Total
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
$
|
140
|
|
|
$
|
1,238
|
|
|
$
|
1,378
|
|
|
$
|
344
|
|
|
$
|
1,227
|
|
|
$
|
1,571
|
|
Hospitality
|
1,319
|
|
|
—
|
|
|
1,319
|
|
|
1,244
|
|
|
414
|
|
|
1,658
|
|
||||||
Gas station
|
854
|
|
|
—
|
|
|
854
|
|
|
959
|
|
|
—
|
|
|
959
|
|
||||||
Other
|
1,210
|
|
|
4,361
|
|
|
5,571
|
|
|
1,525
|
|
|
5,237
|
|
|
6,762
|
|
||||||
Residential property
|
—
|
|
|
1,080
|
|
|
1,080
|
|
|
689
|
|
|
299
|
|
|
988
|
|
||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial term
|
824
|
|
|
3,447
|
|
|
4,271
|
|
|
1,721
|
|
|
2,872
|
|
|
4,593
|
|
||||||
Commercial lines of credit
|
8
|
|
|
—
|
|
|
8
|
|
|
280
|
|
|
—
|
|
|
280
|
|
||||||
Consumer loans
|
—
|
|
|
371
|
|
|
371
|
|
|
116
|
|
|
250
|
|
|
366
|
|
||||||
Total Non-PCI loans
|
$
|
4,355
|
|
|
$
|
10,497
|
|
|
$
|
14,852
|
|
|
$
|
6,878
|
|
|
$
|
10,299
|
|
|
$
|
17,177
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||
|
Allowance
Amount
|
|
Percentage
|
|
Non- PCI Loans
|
|
Allowance
Amount
|
|
Percentage
|
|
Non- PCI Loans
|
||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail
|
$
|
5,248
|
|
|
15.7
|
%
|
|
$
|
819,604
|
|
|
$
|
5,164
|
|
|
13.8
|
%
|
|
$
|
735,501
|
|
Hospitality
|
8,324
|
|
|
24.9
|
%
|
|
618,355
|
|
|
8,175
|
|
|
21.8
|
%
|
|
539,345
|
|
||||
Gas station
|
2,008
|
|
|
6.0
|
%
|
|
271,552
|
|
|
2,631
|
|
|
7.0
|
%
|
|
319,363
|
|
||||
Other
|
8,528
|
|
|
25.5
|
%
|
|
1,088,687
|
|
|
9,977
|
|
|
26.6
|
%
|
|
973,243
|
|
||||
Construction
|
1,224
|
|
|
3.7
|
%
|
|
67,439
|
|
|
1,732
|
|
|
4.6
|
%
|
|
23,387
|
|
||||
Residential property
|
2,624
|
|
|
7.8
|
%
|
|
329,695
|
|
|
2,121
|
|
|
5.7
|
%
|
|
234,879
|
|
||||
Total real estate loans
|
27,956
|
|
|
83.6
|
%
|
|
3,195,332
|
|
|
29,800
|
|
|
79.5
|
%
|
|
2,825,718
|
|
||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial term
|
3,913
|
|
|
11.7
|
%
|
|
144,754
|
|
|
4,734
|
|
|
12.6
|
%
|
|
152,602
|
|
||||
Commercial lines of credit
|
1,001
|
|
|
3.0
|
%
|
|
145,738
|
|
|
1,954
|
|
|
5.2
|
%
|
|
128,224
|
|
||||
International loans
|
367
|
|
|
1.1
|
%
|
|
29,029
|
|
|
393
|
|
|
1.0
|
%
|
|
31,879
|
|
||||
Total commercial and industrial loans
|
5,281
|
|
|
15.8
|
%
|
|
319,521
|
|
|
7,081
|
|
|
18.8
|
%
|
|
312,705
|
|
||||
Consumer loans
|
202
|
|
|
0.6
|
%
|
|
22,266
|
|
|
242
|
|
|
0.6
|
%
|
|
24,879
|
|
||||
Unallocated
|
—
|
|
|
0.0
|
%
|
|
—
|
|
|
371
|
|
|
1.1
|
%
|
|
—
|
|
||||
Total
|
$
|
33,439
|
|
|
100.0
|
%
|
|
$
|
3,537,119
|
|
|
$
|
37,494
|
|
|
100.0
|
%
|
|
$
|
3,163,302
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||||||||||
|
Allowance
Amount
|
|
Percentage
|
|
PCI Loans
|
|
Allowance
Amount
|
|
Percentage
|
|
PCI Loans
|
||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Retail
|
$
|
282
|
|
|
5.1
|
%
|
|
$
|
2,470
|
|
|
$
|
269
|
|
|
4.9
|
%
|
|
$
|
4,849
|
|
Hospitality
|
52
|
|
|
0.9
|
%
|
|
3,925
|
|
|
88
|
|
|
1.6
|
%
|
|
4,080
|
|
||||
Gas station
|
575
|
|
|
10.4
|
%
|
|
2,833
|
|
|
477
|
|
|
8.8
|
%
|
|
4,292
|
|
||||
Other
|
4,495
|
|
|
81.2
|
%
|
|
5,147
|
|
|
4,412
|
|
|
81.1
|
%
|
|
5,419
|
|
||||
Residential property
|
80
|
|
|
1.4
|
%
|
|
980
|
|
|
151
|
|
|
2.8
|
%
|
|
1,156
|
|
||||
Total real estate loans
|
5,484
|
|
|
99.2
|
%
|
|
15,355
|
|
|
5,397
|
|
|
99.2
|
%
|
|
19,796
|
|
||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial term
|
42
|
|
|
0.8
|
%
|
|
135
|
|
|
42
|
|
|
0.8
|
%
|
|
171
|
|
||||
Consumer loans
|
7
|
|
|
—
|
%
|
|
50
|
|
|
2
|
|
|
—
|
%
|
|
47
|
|
||||
Total
|
$
|
5,533
|
|
|
100.0
|
%
|
|
$
|
15,540
|
|
|
$
|
5,441
|
|
|
100.0
|
%
|
|
$
|
20,014
|
|
|
As of and for the Three Months Ended,
|
||||||||||||||||||||||||||||||||||
|
September 30, 2016
|
|
December 31, 2015
|
|
September 30, 2015
|
||||||||||||||||||||||||||||||
|
Non-PCI Loans
|
|
PCI Loans
|
|
Total
|
|
Non-PCI Loans
|
|
PCI Loans
|
|
Total
|
|
Non-PCI Loans
|
|
PCI Loans
|
|
Total
|
||||||||||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance at beginning of period
|
$
|
34,259
|
|
|
$
|
5,448
|
|
|
$
|
39,707
|
|
|
$
|
43,222
|
|
|
$
|
3,138
|
|
|
$
|
46,360
|
|
|
$
|
49,468
|
|
|
$
|
1,352
|
|
|
$
|
50,820
|
|
Actual charge-offs
|
(111
|
)
|
|
(5
|
)
|
|
(116
|
)
|
|
(527
|
)
|
|
—
|
|
|
(527
|
)
|
|
(1,748
|
)
|
|
—
|
|
|
(1,748
|
)
|
|||||||||
Recoveries on loans previously charged off
|
831
|
|
|
—
|
|
|
831
|
|
|
937
|
|
|
—
|
|
|
937
|
|
|
992
|
|
|
—
|
|
|
992
|
|
|||||||||
Net loan recoveries
|
720
|
|
|
(5
|
)
|
|
715
|
|
|
410
|
|
|
—
|
|
|
410
|
|
|
(756
|
)
|
|
—
|
|
|
(756
|
)
|
|||||||||
(Negative provision) provision
|
(1,540
|
)
|
|
90
|
|
|
(1,450
|
)
|
|
(6,138
|
)
|
|
2,303
|
|
|
(3,835
|
)
|
|
(5,490
|
)
|
|
1,786
|
|
|
(3,704
|
)
|
|||||||||
Balance at end of period
|
$
|
33,439
|
|
|
$
|
5,533
|
|
|
$
|
38,972
|
|
|
$
|
37,494
|
|
|
$
|
5,441
|
|
|
$
|
42,935
|
|
|
$
|
43,222
|
|
|
$
|
3,138
|
|
|
$
|
46,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Allowance for off-balance sheet items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance at beginning of period
|
$
|
1,475
|
|
|
$
|
—
|
|
|
$
|
1,475
|
|
|
$
|
556
|
|
|
$
|
—
|
|
|
$
|
556
|
|
|
$
|
962
|
|
|
$
|
—
|
|
|
$
|
962
|
|
Provision (negative provision)
|
16
|
|
|
—
|
|
|
16
|
|
|
430
|
|
|
—
|
|
|
430
|
|
|
(406
|
)
|
|
—
|
|
|
(406
|
)
|
|||||||||
Balance at end of period
|
$
|
1,491
|
|
|
$
|
—
|
|
|
$
|
1,491
|
|
|
$
|
986
|
|
|
$
|
—
|
|
|
$
|
986
|
|
|
$
|
556
|
|
|
$
|
—
|
|
|
$
|
556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net loan (recoveries) charge-offs to average loans
(1)
|
(0.08
|
)%
|
|
0.13
|
%
|
|
(0.08
|
)%
|
|
(0.06
|
)%
|
|
—
|
%
|
|
(0.05
|
)%
|
|
0.10
|
%
|
|
0.00
|
%
|
|
0.10
|
%
|
|||||||||
Net loan (recoveries) charge-offs to loans
(1)
|
(0.08
|
)%
|
|
0.13
|
%
|
|
(0.08
|
)%
|
|
(0.06
|
)%
|
|
—
|
%
|
|
(0.05
|
)%
|
|
0.10
|
%
|
|
0.00
|
%
|
|
0.10
|
%
|
|||||||||
Allowance for loan losses to average loans
|
0.96
|
%
|
|
36.21
|
%
|
|
1.12
|
%
|
|
1.27
|
%
|
|
18.14
|
%
|
|
1.41
|
%
|
|
1.47
|
%
|
|
10.63
|
%
|
|
1.60
|
%
|
|||||||||
Allowance for loan losses to loans
|
0.95
|
%
|
|
35.6
|
%
|
|
1.1
|
%
|
|
1.19
|
%
|
|
27.18
|
%
|
|
1.35
|
%
|
|
1.43
|
%
|
|
12.48
|
%
|
|
1.52
|
%
|
|||||||||
Net loan charge-offs (recoveries) to allowance for loan losses
(1)
|
(8.61
|
)%
|
|
0.36
|
%
|
|
(7.34
|
)%
|
|
(5.05
|
)%
|
|
—
|
%
|
|
(3.82
|
)%
|
|
7.00
|
%
|
|
0.00
|
%
|
|
6.52
|
%
|
|||||||||
Allowance for loan losses to nonperforming loans
|
305.43
|
%
|
|
—
|
%
|
|
355.97
|
%
|
|
196.12
|
%
|
|
—
|
%
|
|
224.58
|
%
|
|
180.51
|
%
|
|
0.00
|
%
|
|
193.62
|
%
|
|||||||||
Balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Average loans during period
|
$
|
3,485,705
|
|
|
$
|
15,280
|
|
|
$
|
3,477,428
|
|
|
$
|
3,091,615
|
|
|
$
|
22,580
|
|
|
$
|
3,049,544
|
|
|
$
|
2,931,463
|
|
|
$
|
29,527
|
|
|
$
|
2,895,336
|
|
Loans at end of period
|
$
|
3,537,119
|
|
|
$
|
15,540
|
|
|
$
|
3,552,659
|
|
|
$
|
3,163,302
|
|
|
$
|
20,014
|
|
|
$
|
3,183,316
|
|
|
$
|
3,019,927
|
|
|
$
|
25,145
|
|
|
$
|
3,045,072
|
|
Nonperforming loans at end of period
|
$
|
10,948
|
|
|
$
|
—
|
|
|
$
|
10,948
|
|
|
$
|
19,118
|
|
|
$
|
—
|
|
|
$
|
19,118
|
|
|
$
|
23,944
|
|
|
$
|
—
|
|
|
$
|
23,944
|
|
(1)
|
Net loan charge-offs (recoveries) are annualized to calculate the ratios.
|
|
As of and for the Nine Months Ended,
|
||||||||||||||||||||||
|
September 30, 2016
|
|
September 30, 2015
|
||||||||||||||||||||
|
Non-PCI Loans
|
|
PCI Loans
|
|
Total
|
|
Non-PCI Loans
|
|
PCI Loans
|
|
Total
|
||||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at beginning of period
|
$
|
37,494
|
|
|
$
|
5,441
|
|
|
$
|
42,935
|
|
|
$
|
51,640
|
|
|
$
|
1,026
|
|
|
$
|
52,666
|
|
Actual charge-offs
|
(1,410
|
)
|
|
(142
|
)
|
|
(1,552
|
)
|
|
(3,004
|
)
|
|
—
|
|
|
(3,004
|
)
|
||||||
Recoveries on loans previously charged off
|
2,079
|
|
|
—
|
|
|
2,079
|
|
|
4,477
|
|
|
—
|
|
|
4,477
|
|
||||||
Net loan recoveries
|
669
|
|
|
(142
|
)
|
|
527
|
|
|
1,473
|
|
|
—
|
|
|
1,473
|
|
||||||
(Negative provision) provision
|
(4,724
|
)
|
|
234
|
|
|
(4,490
|
)
|
|
(9,891
|
)
|
|
2,112
|
|
|
(7,779
|
)
|
||||||
Balance at end of period
|
$
|
33,439
|
|
|
$
|
5,533
|
|
|
$
|
38,972
|
|
|
$
|
43,222
|
|
|
$
|
3,138
|
|
|
$
|
46,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for off-balance sheet items:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Balance at beginning of period
|
$
|
986
|
|
|
$
|
—
|
|
|
$
|
986
|
|
|
$
|
1,366
|
|
|
$
|
—
|
|
|
$
|
1,366
|
|
Provision (negative provision)
|
505
|
|
|
—
|
|
|
505
|
|
|
(810
|
)
|
|
—
|
|
|
(810
|
)
|
||||||
Balance at end of period
|
$
|
1,491
|
|
|
$
|
—
|
|
|
$
|
1,491
|
|
|
$
|
556
|
|
|
$
|
—
|
|
|
$
|
556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net loan charge-offs (recoveries) to average loans
(1)
|
(0.03
|
)%
|
|
1.07
|
%
|
|
(0.02
|
)%
|
|
(0.07
|
)%
|
|
0.00
|
%
|
|
(0.07
|
)%
|
||||||
Net loan charge-offs (recoveries) to loans
(1)
|
(0.03
|
)%
|
|
1.22
|
%
|
|
(0.02
|
)%
|
|
(0.07
|
)%
|
|
0.00
|
%
|
|
(0.06
|
)%
|
||||||
Allowance for loan losses to average loans
|
1.00
|
%
|
|
31.12
|
%
|
|
1.17
|
%
|
|
1.52
|
%
|
|
8.69
|
%
|
|
1.63
|
%
|
||||||
Allowance for loan losses to loans
|
0.95
|
%
|
|
35.6
|
%
|
|
1.1
|
%
|
|
1.43
|
%
|
|
12.48
|
%
|
|
1.52
|
%
|
||||||
Net loan charge-offs (recoveries) to allowance for loan losses
(1)
|
(2.67
|
)%
|
|
3.42
|
%
|
|
(1.8
|
)%
|
|
(4.54
|
)%
|
|
0.00
|
%
|
|
(4.24
|
)%
|
||||||
Allowance for loan losses to nonperforming loans
|
305.43
|
%
|
|
—
|
%
|
|
355.97
|
%
|
|
180.51
|
%
|
|
0.00
|
%
|
|
193.62
|
%
|
||||||
Balance:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Average loans during period
|
$
|
3,350,211
|
|
|
$
|
17,777
|
|
|
$
|
3,333,419
|
|
|
$
|
2,846,503
|
|
|
$
|
36,124
|
|
|
$
|
2,851,895
|
|
Loans at end of period
|
$
|
3,537,119
|
|
|
$
|
15,540
|
|
|
$
|
3,552,659
|
|
|
$
|
3,019,927
|
|
|
$
|
25,145
|
|
|
$
|
3,045,072
|
|
Nonperforming loans at end of period
|
$
|
10,948
|
|
|
$
|
—
|
|
|
$
|
10,948
|
|
|
$
|
23,944
|
|
|
$
|
—
|
|
|
$
|
23,944
|
|
(1)
|
Net loan charge-offs (recoveries) are annualized to calculate the ratios.
|
|
As of and for the Three Months Ended
|
|
As of and for the Nine Months Ended
|
||||||||||||||||||||
|
Charge-offs
|
|
Recoveries
|
|
Net Recoveries (Charge-offs)
|
|
Charge-offs
|
|
Recoveries
|
|
Net Recoveries (Charge-offs)
|
||||||||||||
|
(in thousands)
|
||||||||||||||||||||||
September 30, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
$
|
(18
|
)
|
|
$
|
—
|
|
|
$
|
(18
|
)
|
|
$
|
(18
|
)
|
|
$
|
28
|
|
|
$
|
10
|
|
Hospitality
|
—
|
|
|
—
|
|
|
—
|
|
|
(638
|
)
|
|
33
|
|
|
(605
|
)
|
||||||
Gas station
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
86
|
|
|
86
|
|
||||||
Other
|
—
|
|
|
337
|
|
|
337
|
|
|
(53
|
)
|
|
380
|
|
|
327
|
|
||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial term
|
(93
|
)
|
|
188
|
|
|
95
|
|
|
(601
|
)
|
|
1,183
|
|
|
582
|
|
||||||
Commercial lines of credit
|
—
|
|
|
306
|
|
|
306
|
|
|
(100
|
)
|
|
316
|
|
|
216
|
|
||||||
Consumer loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53
|
|
|
53
|
|
||||||
Total Non-PCI loans
|
$
|
(111
|
)
|
|
$
|
831
|
|
|
$
|
720
|
|
|
$
|
(1,410
|
)
|
|
$
|
2,079
|
|
|
$
|
669
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
September 30, 2015
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
$
|
—
|
|
|
$
|
731
|
|
|
$
|
731
|
|
|
$
|
(22
|
)
|
|
$
|
747
|
|
|
$
|
725
|
|
Hospitality
|
(334
|
)
|
|
—
|
|
|
(334
|
)
|
|
(413
|
)
|
|
1,073
|
|
|
660
|
|
||||||
Other
|
—
|
|
|
14
|
|
|
14
|
|
|
—
|
|
|
220
|
|
|
220
|
|
||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial term
|
(1,414
|
)
|
|
110
|
|
|
(1,304
|
)
|
|
(2,370
|
)
|
|
2,230
|
|
|
(140
|
)
|
||||||
Commercial lines of credit
|
—
|
|
|
134
|
|
|
134
|
|
|
—
|
|
|
189
|
|
|
189
|
|
||||||
International loans
|
—
|
|
|
—
|
|
|
—
|
|
|
(199
|
)
|
|
15
|
|
|
(184
|
)
|
||||||
Consumer loans
|
—
|
|
|
3
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|
3
|
|
||||||
Total Non-PCI loans
|
$
|
(1,748
|
)
|
|
$
|
992
|
|
|
$
|
(756
|
)
|
|
$
|
(3,004
|
)
|
|
$
|
4,477
|
|
|
$
|
1,473
|
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||||
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
||||||
|
(dollars in thousands)
|
||||||||||||
Demand – noninterest-bearing
|
$
|
1,231,967
|
|
|
32.7
|
%
|
|
$
|
1,155,518
|
|
|
32.9
|
%
|
interest-bearing
|
94,272
|
|
|
2.5
|
%
|
|
94,583
|
|
|
2.7
|
%
|
||
Interest-bearing:
|
|
|
|
|
|
|
|
||||||
Money market and savings
|
1,242,502
|
|
|
32.9
|
%
|
|
871,863
|
|
|
24.8
|
%
|
||
Time deposits of $100,000 or more
(1)
|
830,224
|
|
|
22.0
|
%
|
|
881,082
|
|
|
25.1
|
%
|
||
Other time deposits
|
372,242
|
|
|
9.9
|
%
|
|
506,931
|
|
|
14.5
|
%
|
||
Total deposits
|
$
|
3,771,207
|
|
|
100.0
|
%
|
|
$
|
3,509,977
|
|
|
100.0
|
%
|
(1)
|
Includes $383.0 million and $377.1 million of time deposits of $250,000 or more as of September 30, 2016 and December 31, 2015, respectively.
|
|
Less
Than
Three
Months
|
|
More Than
Three
Months But
Less Than
One Year
|
|
More Than
One
Year But
Less Than
Five Years
|
|
More Than
Five Years
|
|
Noninterest-
Sensitive
|
|
Total
|
||||||||||||
|
(dollars in thousands)
|
||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and due from banks
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
114,617
|
|
|
$
|
114,617
|
|
Interest-bearing deposits in other banks
|
15,580
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,580
|
|
||||||
Securities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fixed rate
|
20,567
|
|
|
43,217
|
|
|
180,356
|
|
|
240,436
|
|
|
—
|
|
|
484,576
|
|
||||||
Floating rate
|
53,153
|
|
|
91
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53,244
|
|
||||||
Fair value adjustments
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
11,141
|
|
|
11,141
|
|
||||||
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fixed rate
|
45,390
|
|
|
164,620
|
|
|
732,092
|
|
|
34,186
|
|
|
—
|
|
|
976,288
|
|
||||||
Floating rate
|
822,443
|
|
|
419,873
|
|
|
1,317,661
|
|
|
17,571
|
|
|
—
|
|
|
2,577,548
|
|
||||||
Nonaccrual
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
21,496
|
|
|
21,496
|
|
||||||
Deferred loan costs, discount, and allowance for loan losses
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(55,220
|
)
|
|
(55,220
|
)
|
||||||
FHLB and FRB stock
|
—
|
|
|
—
|
|
|
—
|
|
|
16,385
|
|
|
—
|
|
|
16,385
|
|
||||||
Other assets
|
49,149
|
|
|
—
|
|
|
—
|
|
|
17,362
|
|
|
120,014
|
|
|
186,525
|
|
||||||
Total assets
|
$
|
1,006,282
|
|
|
$
|
627,801
|
|
|
$
|
2,230,109
|
|
|
$
|
325,940
|
|
|
$
|
212,048
|
|
|
$
|
4,402,180
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Demand – noninterest-bearing
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,231,967
|
|
|
$
|
1,231,967
|
|
– interest-bearing
|
4,362
|
|
|
8,062
|
|
|
25,699
|
|
|
56,148
|
|
|
—
|
|
|
94,271
|
|
||||||
Money market and savings
|
87,900
|
|
|
204,450
|
|
|
550,507
|
|
|
399,646
|
|
|
—
|
|
|
1,242,503
|
|
||||||
Time deposits
|
347,143
|
|
|
628,170
|
|
|
224,307
|
|
|
2,846
|
|
|
—
|
|
|
1,202,466
|
|
||||||
FHLB advances
|
55,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55,000
|
|
||||||
Subordinated debentures
|
18,888
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
18,888
|
|
||||||
Other liabilities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,887
|
|
|
25,887
|
|
||||||
Stockholders’ equity
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
531,198
|
|
|
531,198
|
|
||||||
Total liabilities and stockholders’ equity
|
$
|
513,293
|
|
|
$
|
840,682
|
|
|
$
|
800,513
|
|
|
$
|
458,640
|
|
|
$
|
1,789,052
|
|
|
$
|
4,402,180
|
|
Repricing gap
|
492,989
|
|
|
(212,881
|
)
|
|
1,429,596
|
|
|
(132,700
|
)
|
|
(1,577,004
|
)
|
|
|
|||||||
Cumulative repricing gap
|
492,989
|
|
|
280,108
|
|
|
1,709,704
|
|
|
1,577,004
|
|
|
—
|
|
|
|
|||||||
Cumulative repricing gap as a percentage of assets
|
11.20
|
%
|
|
6.36
|
%
|
|
38.84
|
%
|
|
35.82
|
%
|
|
—
|
|
|
|
|||||||
Cumulative repricing gap as a percentage of interest-earning assets
|
11.93
|
%
|
|
6.78
|
%
|
|
41.37
|
%
|
|
38.15
|
%
|
|
—
|
|
|
|
|||||||
Interest-earning assets
|
|
|
|
|
|
|
|
|
|
|
$
|
4,133,179
|
|
|
Less Than Three Months
|
|
Less Than Twelve Months
|
||||||||||||
|
September 30, 2016
|
|
December 31, 2015
|
|
September 30, 2016
|
|
December 31, 2015
|
||||||||
|
(dollars in thousands)
|
||||||||||||||
Cumulative repricing gap
|
$
|
492,989
|
|
|
$
|
533,628
|
|
|
$
|
280,108
|
|
|
$
|
70,573
|
|
Percentage of assets
|
11.20
|
%
|
|
12.68
|
%
|
|
6.36
|
%
|
|
1.68
|
%
|
||||
Percentage of interest-earning assets
|
11.93
|
%
|
|
13.56
|
%
|
|
6.78
|
%
|
|
1.79
|
%
|
|
Percentage Changes
|
|
Change in Amount
|
||||||||
Change in
Interest
Rate
|
Net
Interest
Income
|
|
Economic
Value of
Equity
|
|
Net
Interest
Income
|
|
Economic
Value of
Equity
|
||||
|
(dollars in thousands)
|
||||||||||
300%
|
2.96%
|
|
(0.83)%
|
|
$
|
4,817
|
|
|
$
|
(4,156
|
)
|
200%
|
1.99%
|
|
0.01%
|
|
$
|
3,229
|
|
|
$
|
64
|
|
100%
|
1.19%
|
|
1.41%
|
|
$
|
1,928
|
|
|
$
|
7,025
|
|
-100%
|
(1)
|
|
(1)
|
|
(1)
|
|
(1)
|
(1)
|
Results are not meaningful in a low interest rate environment.
|
|
|
|
|
Hanmi Financial Corporation
|
|
|
|
|
|
Date:
|
November 8, 2016
|
|
By:
|
/s/
C. G. Kum
|
|
|
|
|
C. G. Kum
|
|
|
|
|
President and Chief Executive Officer
(Principal Executive Officer)
|
|
|
|
|
|
|
|
|
By:
|
/s/
Romolo C. Santarosa
|
|
|
|
|
Romolo C. Santarosa
|
|
|
|
|
Senior Executive Vice President and Chief Financial Officer
(Principal Financial and Accounting Officer)
|