|
|
Maryland
|
|
04-3639825
|
(State or other jurisdiction of
incorporation or organization)
|
|
(IRS Employer
Identification No.)
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18500 Von Karman Ave, Suite 1100, Irvine, California
|
|
92612
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Title of each class
|
|
Name of each exchange on which registered
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Common Stock, par value $0.01 per share
|
|
New York Stock Exchange
|
Depositary Shares each representing a 1/40th
Interest in a share of 8.00% Non-Cumulative
Perpetual Preferred Stock, Series C
|
|
New York Stock Exchange
|
7.50% Senior Notes Due April 15, 2020
|
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New York Stock Exchange
|
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Large accelerated filer
|
¨
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|
Accelerated filer
|
ý
|
Non-accelerated filer
|
¨
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(Do not check if a smaller reporting company)
|
Smaller reporting company
|
¨
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|
|
Page
|
|
|
|
PART I
|
|
|
Item 1.
|
Business
|
|
Item 1.A.
|
Risk Factors
|
|
Item 1.B.
|
Unresolved Staff Comments
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Item 2.
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Properties
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|
Item 3.
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Legal Proceedings
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Item 4.
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Mine Safety Disclosures
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Part II
|
|
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Item 5.
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Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
|
|
Item 6.
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Selected Financial Data
|
|
Item 7.
|
Management's Discussion and Analysis of Financial Condition and Results of Operations
|
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Item 7.A.
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Quantitative and Qualitative Disclosures About Market Risk
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Item 8.
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Financial Statements and Supplementary Data
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Item 9.
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Changes in and Disagreements With Accountants on Accounting and Financial Disclosure
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Item 9.A.
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Controls and Procedures
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Item 9.B.
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Other Information
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Part III
|
|
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Item 10.
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Directors, Executive Officers and Corporate Governance
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Item 11.
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Executive Compensation
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Item 12.
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Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters
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Item 13.
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Certain Relationship and Related Transactions and Director Independence
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Item 14.
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Principal Accountant Fees and Services
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Part IV
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|
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Item 15.
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Exhibits and Financial Statement Schedules
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SIGNATURES
|
||
EXHIBIT INDEX
|
|
i.
|
the ability of the Company to successfully integrate the branches its wholly owned bank subsidiary, Banc of California, N.A. (the Bank), acquired from Banco Popular North America (BPNA or Banco Popular);
|
ii.
|
risks that the Company’s merger and acquisition activities, including but not limited to the recent acquisition of the BPNA branches and the acquisitions of The Private Bank of California (PBOC), The Palisades Group, LLC and CS Financial, Inc., as well as the merger of the Company’s subsidiary banks, may disrupt current plans and operations and lead to difficulties in customer and employee retention, risks that the amount of the costs, fees, expenses and charges related to these transactions could be significantly higher than anticipated and risks that the expected revenues, cost savings, synergies and other benefits of these transactions might not be realized to the extent anticipated, within the anticipated timetables, or at all;
|
iii.
|
risks that funds obtained from capital raising activities will not be utilized efficiently or effectively;
|
iv.
|
a worsening of current economic conditions, as well as turmoil in the financial markets;
|
v.
|
the credit risks of lending activities, which may be affected by deterioration in real estate markets and the financial condition of borrowers, may lead to increased loan and lease delinquencies, losses and nonperforming assets in our loan and lease portfolio, and may result in our allowance for loan and lease losses not being adequate to cover actual losses and require us to materially increase our loan and lease loss reserves;
|
vi.
|
the quality and composition of our securities portfolio;
|
vii.
|
changes in general economic conditions, either nationally or in our market areas;
|
viii.
|
continuation of the historically low short-term interest rate environment, changes in the levels of general interest rates, and the relative differences between short- and long-term interest rates, deposit interest rates, our net interest margin and funding sources;
|
ix.
|
fluctuations in the demand for loans and leases, the number of unsold homes and other properties and fluctuations in commercial and residential real estate values in our market area;
|
x.
|
results of examinations of us by regulatory authorities and the possibility that any such regulatory authority may, among other things, require us to increase our allowance for loan and lease losses, write-down asset values, increase our capital levels, or affect our ability to borrow funds or maintain or increase deposits, which could adversely affect our liquidity and earnings;
|
xi.
|
legislative or regulatory changes that adversely affect our business, including changes in regulatory capital or other rules;
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xii.
|
our ability to control operating costs and expenses;
|
xiii.
|
staffing fluctuations in response to product demand or the implementation of corporate strategies that affect our work force and potential associated charges;
|
xiv.
|
errors in our estimates in determining fair value of certain of our assets, which may result in significant declines in valuation;
|
xv.
|
the network and computer systems on which we depend could fail or experience a security breach;
|
xvi.
|
our ability to attract and retain key members of our senior management team;
|
xvii.
|
costs and effects of litigation, including settlements and judgments;
|
xviii.
|
increased competitive pressures among financial services companies;
|
xix.
|
changes in consumer spending, borrowing and saving habits;
|
xx.
|
adverse changes in the securities markets;
|
xxi.
|
earthquake, fire or other natural disasters affecting the condition of real estate collateral;
|
xxii.
|
the availability of resources to address changes in laws, rules or regulations or to respond to regulatory actions;
|
xxiii.
|
inability of key third-party providers to perform their obligations to us;
|
xxiv.
|
changes in accounting policies and practices, as may be adopted by the financial institution regulatory agencies or the Financial Accounting Standards Board or their application to our business, including additional guidance and interpretation on accounting issues and details of the implementation of new accounting methods;
|
xxv.
|
war or terrorist activities; and
|
xxvi.
|
other economic, competitive, governmental, regulatory, and technological factors affecting our operations, pricing, products and services and the other risks described in this report and from time to time in other documents that we file with or furnish to the SEC, including, without limitation, the risks described under “Item 1A. Risk Factors” presented elsewhere in this report.
|
•
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Extend branch footprint throughout attractive markets in California.
|
•
|
Enhance suite of simple, fair products to meet needs of private businesses, entrepreneurs and homeowners, including Residential Lending, Commercial Real Estate Lending, Private Banking, Entertainment Banking, Small / Middle Market Lending, Commercial and Industrial Lending, Small Business Administration (SBA) Lending, and Multi-Family Lending.
|
•
|
The Company successfully completed two bank acquisitions in 2012, one bank acquisition in 2013 and the acquisition of Banco Popular's Southern California branch network in 2014, which included teams of local commercial lending officers which has given us a greater network and far greater capacity to attract commercial and private banking relationships. The Company will seek to continue to develop its commercial lending activities through strategic “lift outs” of lending teams in various geographic markets that have particular business “niches” and “specialties.”
|
•
|
The Company has successfully attracted and launched several new loan origination groups through acquisitions and the new hire process. These include the acquisitions of RenovationReady and CS Financial, as well as the hiring and launch of our Financial Institutions Group (which has product offerings such as securities-backed lines of credit, insurance backed lines of credit and financial advisor acquisition financing), our multi-family and commercial real estate lending teams, and equipment finance teams. We will seek to continue to diversify our lending capabilities through our hiring and acquisitions process.
|
•
|
Develop simple, fair deposit products: checking, certificates of deposit, business analysis and cash management.
|
•
|
Implement a robust Community Reinvestment Act (CRA) plan focused on integrating with and investing in our communities.
|
•
|
The Company seeks to invest in and grow mutually complementary financial services businesses either as part of its subsidiary bank or through other non-bank subsidiaries. In 2013, these efforts resulted in the acquisition of The Palisades Group (an asset management and investment advisory businesses focused on residential mortgage loans, which became a wholly owned subsidiary of the Company).
|
•
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Achieve appropriate scale and profitability for each line of business.
|
•
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Execute our focused value proposition and marketing to become California’s Bank.
|
•
|
Enhance the Company’s risk management functions by proactively managing and implementing sound procedures and committing experienced human resources to this effort. We seek to (i) identify risks in all functions of our business, including credit, operations and asset and liability management, (ii) evaluate such risks and their trends and (iii) adopt strategies to manage such risks based upon our evaluations.
|
•
|
Maintain and improve asset quality through prudent loan underwriting standards and credit risk management practices.
|
•
|
Actively manage interest rate risk by closely matching the volume and maturity of our interest sensitive assets to our interest sensitive liabilities in order to mitigate adverse effects of rapid changes in interest rates on either side of our balance sheet.
|
•
|
Expand lending, to California’s private businesses, entrepreneurs and homeowners, which may generate deposits that are a lower cost and/or more stable funding source.
|
•
|
Align the interests of employees with those of stockholders by establishing the Employee Equity Ownership Plan to make every employee a stockholder, subject to vesting, as of their 90
th
day of employment.
|
•
|
Policies— The Bank's loan policy articulates the credit culture of our lending business and provides clarity around encouraged and discouraged lending activities. Additional policies cover key business segments of the portfolio, for example the Bank's Commercial Real Estate Policy, and other important aspects supporting the Bank's lending activities, for example policies relating to appraisals, risk ratings, fair lending, etc.
|
•
|
Credit Approval Authorities— All material credit exposures of the Bank are approved by a credit risk management group that is independent of the business units. Above this threshold, credit approvals are made by the chief credit officer or an executive management credit committee of the Bank. The joint enterprise risk committee of the Company Board of Directors and the Bank Board of Directors reviews/approves material loan pool purchases/divestitures and any other transactions as appropriate.
|
•
|
Concentration Risk Management Policy—To mitigate and manage the risk within the Bank's loan portfolio, the Board of Directors of the Bank adopted a concentration risk management policy, pursuant to which it expects to review and revise concentration risk to tolerance thresholds at least annually and otherwise from time to time as appropriate. It is anticipated that these concentration risk to tolerance thresholds may change at any time when the Board of Directors is considering material strategic initiatives such as acquisitions, new product launches and terminations of products or other factors as the Board of Directors believes appropriate. The Company has developed procedures relating to the appropriate actions to be taken should management seek to increase the concentration guidelines or exceed the guideline maximum based on various factors. Concentration risk to tolerance thresholds are not meant to be restrictive limits, but are intended to aid management and the Board to ensure that the Bank’s loan concentrations are consistent with the Board’s risk appetite.
|
•
|
Stress Testing– The Bank has established developed a stress test policy and stress testing methodology as a tool to evaluate our loan portfolio, capital levels and strategic plan with the objective of ensuring that our loan portfolio and balance sheet concentrations are consistent with the Board approved risk appetite and strategic and capital plans.
|
•
|
Loan Portfolio Management— The Bank has an internal asset review committee that formally reviews the loan portfolio on a regular basis. Risk rating trends, loan portfolio performance, including delinquency status, and the resolution of problem assets are reviewed and evaluated.
|
•
|
Commercial Real Estate Loan Pricing, Multi-Family Loan Pricing and Residential Loan Pricing—Regular discussions occur between the areas of Treasury, Capital Markets, Credit and Risk Management and the business units with regard to the pricing of our loan products. These pricing committees meet to ensure that the Bank is pricing its products appropriately to meet our strategic and capital plans while ensuring an appropriate return for stockholders.
|
•
|
7(a)—These loans provide the Bank with a guarantee from the SBA of the United States Government for up to 85 percent of the loan amount for loans up to $150,000 and 75 percent of the loan amount for loans of more than $150,000, with a maximum loan amount of $5 million. These are term loans that can be used for a variety of purposes including expansion, renovation, new construction, and equipment purchases. Depending on collateral, these loans can have terms ranging from 7 to 25 years. The guaranteed portion of these loans is often sold into the secondary market.
|
•
|
Cap Lines—In general, these lines are guaranteed up to 75 percent and are typically used for working capital purposes and secured by accounts receivable and/or inventory. These lines are generally allowed in amounts up to $5 million and can be issued with maturities of up to 5 years.
|
•
|
504 Loans—These are real estate loans in which the lender can advance up to 90 percent of the purchase price; retain 50 percent as a first trust deed; and, have a Certified Development Company (CDC) retain the 2nd position for 40 percent of the total cost. CDCs are licensed by the SBA. Required equity of the borrower is 10 percent. Terms of the first trust deed are typically similar to market rates for conventional real estate loans, while the CDC establishes rates and terms for the second trust deed loan.
|
•
|
SBA Express—These loans offer a 50 percent guaranty by the SBA and are made in amounts up to a maximum of $350,000 (although the SBA temporarily increased the maximum limit to $1 million on October 8, 2010 for a period of one year). These loans are typically revolving lines and have maturities of up to 7 years.
|
•
|
Expand the look-back period to 28 rolling quarters to capture a full economic cycle.
|
•
|
Utilize net historical losses versus gross historical losses.
|
•
|
Expand the peer group used to determine industry average loss history to include three industry groups; 1) all U.S. financial and bank holding companies, 2) all California financial and bank holding companies, 3) the peer group average from the Uniform Bank Performance Report.
|
•
|
Apply a segment specific loss emergence period to each segment's loss rate.
|
•
|
Determine qualitative reserves is calculated at each loan segment level based on a baseline risk weighting adjusted for current risks, trends and business conditions.
|
•
|
Disaggregate certain qualitative factors to be determined on the portfolio segment level.
|
•
|
Commercial and industrial
|
•
|
Commercial real estate
|
•
|
Construction
|
•
|
SBA
|
•
|
Leases
|
•
|
Single family residence — 1st deeds of trust
|
•
|
Single family residence — 2nd deeds of trust
|
•
|
Other consumer
|
•
|
our ability to successfully integrate the BPNA branches into our current operations;
|
•
|
our ability to limit outflow of deposits held by our new customers in the BPNA branches and to retain interest-earning assets (i.e., loans) acquired in the BPNA Branch Acquisition;
|
•
|
the credit quality of loans acquired as part of the BPNA Branch Acquisition;
|
•
|
our ability to attract new deposits and to generate new interest-earning assets;
|
•
|
our success in deploying the cash received in the BPNA Branch Acquisition, on a timely basis, into assets, including loans and investment securities, bearing sufficiently high yields without incurring unacceptable credit or interest rate risk;
|
•
|
our ability to control the incremental noninterest expense from the BPNA branches in a manner that enables us to maintain a favorable overall efficiency ratio;
|
•
|
our ability to retain and attract appropriate personnel to staff the BPNA branches; and
|
•
|
our ability to earn acceptable levels of noninterest income, including fee income, from the BPNA branches.
|
•
|
Demand for our products and services may decline;
|
•
|
Loan and lease delinquencies, problem assets and foreclosures may increase;
|
•
|
Collateral for our loans and leases may further decline in value; and
|
•
|
The amount of our low-cost or non-interest-bearing deposits may decrease.
|
•
|
Cash flow of the borrower and/or the project being financed;
|
•
|
In the case of a collateralized loan or lease, the changes and uncertainties as to the future value of the collateral;
|
•
|
The credit history of a particular borrower;
|
•
|
Changes in economic and industry conditions; and
|
•
|
The duration of the loan or lease.
|
•
|
An ongoing review of the quality, size and diversity of the loan and lease portfolio;
|
•
|
Evaluation of non-performing loans and leases;
|
•
|
Historical default and loss experience;
|
•
|
Historical recovery experience;
|
•
|
Existing economic conditions;
|
•
|
Risk characteristics of the various classifications of loans and leases; and
|
•
|
The amount and quality of collateral, including guarantees, securing the loans and leases.
|
•
|
It could affect our ability to satisfy our financial obligations, including those relating to the Senior Notes and junior subordinated amortizing notes;
|
•
|
A portion of our cash flows from operations will have to be dedicated to interest and principal payments and may not be available for operations, working capital, capital expenditures, expansion, acquisitions or general corporate or other purposes;
|
•
|
It may impair our ability to obtain additional financing in the future;
|
•
|
It may limit our flexibility in planning for, or reacting to, changes in our business and industry; and
|
•
|
It may make us more vulnerable to downturns in our business, our industry or the economy in general.
|
|
Market Price Range
|
|
|
||||||||
|
High
|
|
Low
|
|
Dividends
|
||||||
Quarter ended December 31, 2014
|
$
|
11.85
|
|
|
$
|
10.47
|
|
|
$
|
0.12
|
|
Quarter ended September 30, 2014
|
$
|
12.28
|
|
|
$
|
10.64
|
|
|
$
|
0.12
|
|
Quarter ended June 30, 2014
|
$
|
12.71
|
|
|
$
|
9.78
|
|
|
$
|
0.12
|
|
Quarter ended March 31, 2014
|
$
|
13.84
|
|
|
$
|
12.00
|
|
|
$
|
0.12
|
|
|
|
|
|
|
$
|
0.48
|
|
||||
|
|
||||||||||
Quarter ended December 31, 2013
|
$
|
14.57
|
|
|
$
|
12.45
|
|
|
$
|
0.12
|
|
Quarter ended September 30, 2013
|
$
|
15.54
|
|
|
$
|
13.24
|
|
|
$
|
0.12
|
|
Quarter ended June 30, 2013
|
$
|
13.86
|
|
|
$
|
11.06
|
|
|
$
|
0.12
|
|
Quarter ended March 31, 2013
|
$
|
12.33
|
|
|
$
|
10.26
|
|
|
$
|
0.12
|
|
|
|
|
|
|
$
|
0.48
|
|
|
Purchases of Equity Securities by the Issuer
|
|
|
|||||||||
Period
|
Total Number
of Shares
Purchased
|
|
Weighted
Average
Price Paid
Per Share
|
|
Total Number
of Shares
Purchased as
Part of
Publicly
Announced
Plans
|
|
Total Number
of Shares
That May Yet
be Purchased
Under the
Plan
|
|||||
From October 1, 2014 to October 31, 2014
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
897,958
|
|
From November 1, 2014 to November 30, 2014
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
897,958
|
|
From December 1, 2014 to December 31, 2014
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
897,958
|
|
Total
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
|
|
Period Ending
|
||||||||||||||||
Index
|
12/31/2009
|
|
12/31/2010
|
|
12/31/2011
|
|
12/31/2012
|
|
12/31/2013
|
|
12/31/2014
|
||||||
Banc of California, Inc.
|
100.00
|
|
|
254.88
|
|
|
203.60
|
|
|
253.80
|
|
|
287.92
|
|
|
256.51
|
|
NYSE Composite
|
100.00
|
|
|
110.84
|
|
|
104.07
|
|
|
117.52
|
|
|
144.75
|
|
|
150.86
|
|
NASDAQ Composite
(1)
|
100.00
|
|
|
116.91
|
|
|
114.81
|
|
|
133.07
|
|
|
184.06
|
|
|
208.71
|
|
S&P 500 Financials
|
100.00
|
|
|
112.12
|
|
|
93.00
|
|
|
119.79
|
|
|
162.47
|
|
|
187.17
|
|
KBW Bank Index
|
100.00
|
|
|
122.24
|
|
|
92.20
|
|
|
120.07
|
|
|
162.16
|
|
|
173.87
|
|
(1)
|
The NASDAQ Composite (U.S.) Index was used in the Company's last performance graph, and is used again in this performance graph, because the listing of the Company's voting common stock moved from the NASDAQ Global Market to the New York Stock Exchange effective May 29, 2014.
|
|
As of or For the Year Ended December 31,
|
||||||||||||||||||
|
2014
(5)
|
|
2013
(6)
|
|
2012
(7)
|
|
2011
|
|
2010
|
||||||||||
|
($ in thousands, except per share data)
|
||||||||||||||||||
Selected financial condition data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total assets
|
$
|
5,971,571
|
|
|
$
|
3,628,023
|
|
|
$
|
1,682,702
|
|
|
$
|
999,041
|
|
|
$
|
861,621
|
|
Cash and cash equivalents
|
231,199
|
|
|
110,118
|
|
|
108,643
|
|
|
44,475
|
|
|
59,100
|
|
|||||
Loans and leases receivable, net
|
3,919,642
|
|
|
2,427,306
|
|
|
1,234,023
|
|
|
775,609
|
|
|
678,175
|
|
|||||
Loans held for sale
|
1,187,090
|
|
|
716,733
|
|
|
113,158
|
|
|
—
|
|
|
—
|
|
|||||
Other real estate owned, net
|
423
|
|
|
—
|
|
|
4,527
|
|
|
14,692
|
|
|
6,562
|
|
|||||
Securities available-for-sale
|
345,695
|
|
|
170,022
|
|
|
121,419
|
|
|
101,616
|
|
|
64,790
|
|
|||||
Bank owned life insurance
|
19,095
|
|
|
18,881
|
|
|
18,704
|
|
|
18,451
|
|
|
18,151
|
|
|||||
Time deposits in financial institutions
|
1,900
|
|
|
1,846
|
|
|
5,027
|
|
|
—
|
|
|
—
|
|
|||||
FHLB and other bank stock
|
42,241
|
|
|
22,600
|
|
|
8,842
|
|
|
6,972
|
|
|
8,323
|
|
|||||
Deposits
|
4,671,831
|
|
|
2,918,644
|
|
|
1,306,342
|
|
|
786,334
|
|
|
646,308
|
|
|||||
Total borrowings
|
726,569
|
|
|
332,320
|
|
|
156,935
|
|
|
20,000
|
|
|
75,000
|
|
|||||
Total stockholders' equity
|
503,589
|
|
|
324,869
|
|
|
188,757
|
|
|
184,495
|
|
|
136,009
|
|
|||||
Selected operations data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total interest income
|
$
|
188,139
|
|
|
$
|
120,511
|
|
|
$
|
55,031
|
|
|
$
|
35,177
|
|
|
$
|
40,944
|
|
Total interest expense
|
32,862
|
|
|
23,282
|
|
|
8,479
|
|
|
6,037
|
|
|
10,788
|
|
|||||
Net interest income
|
155,277
|
|
|
97,229
|
|
|
46,552
|
|
|
29,140
|
|
|
30,156
|
|
|||||
Provision for loan and lease losses
|
10,976
|
|
|
7,963
|
|
|
5,500
|
|
|
5,388
|
|
|
8,957
|
|
|||||
Net interest income after provision for loan and lease losses
|
144,301
|
|
|
89,266
|
|
|
41,052
|
|
|
23,752
|
|
|
21,199
|
|
|||||
Total non-interest income
|
145,637
|
|
|
96,743
|
|
|
36,619
|
|
|
4,913
|
|
|
4,879
|
|
|||||
Total non-interest expense
|
264,161
|
|
|
178,670
|
|
|
71,560
|
|
|
31,689
|
|
|
22,217
|
|
|||||
Income/(loss) before income taxes
|
25,777
|
|
|
7,339
|
|
|
6,111
|
|
|
(3,024
|
)
|
|
3,861
|
|
|||||
Income tax (benefit)/expense
|
(4,541
|
)
|
|
7,260
|
|
|
115
|
|
|
(296
|
)
|
|
1,036
|
|
|||||
Net income/(loss)
|
30,318
|
|
|
79
|
|
|
5,996
|
|
|
(2,728
|
)
|
|
2,825
|
|
|||||
Dividends paid on preferred stock
|
3,640
|
|
|
2,185
|
|
|
1,359
|
|
|
534
|
|
|
960
|
|
|||||
Net income/(loss) available to common stockholders
|
26,678
|
|
|
(2,106
|
)
|
|
4,637
|
|
|
(3,262
|
)
|
|
1,865
|
|
|||||
Basic earnings/(loss) per total common share
|
$
|
0.91
|
|
|
$
|
(0.14
|
)
|
|
$
|
0.40
|
|
|
$
|
(0.31
|
)
|
|
$
|
0.37
|
|
Diluted earnings/(loss) per total common share
|
$
|
0.91
|
|
|
$
|
(0.14
|
)
|
|
$
|
0.40
|
|
|
$
|
(0.31
|
)
|
|
$
|
0.37
|
|
Performance ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average assets
(1)
|
0.70
|
%
|
|
—
|
%
|
|
0.45
|
%
|
|
(0.31
|
)%
|
|
0.32
|
%
|
|||||
Return on average equity
|
7.33
|
%
|
|
0.03
|
%
|
|
3.17
|
%
|
|
(1.71
|
)%
|
|
2.59
|
%
|
|||||
Dividend payout ratio
(2)
|
52.75
|
%
|
|
—
|
%
|
|
120.00
|
%
|
|
—
|
%
|
|
67.57
|
%
|
|||||
Net interest spread
|
3.54
|
%
|
|
3.49
|
%
|
|
3.49
|
%
|
|
3.31
|
%
|
|
3.38
|
%
|
|||||
Net interest margin
(3)
|
3.72
|
%
|
|
3.67
|
%
|
|
3.69
|
%
|
|
3.48
|
%
|
|
3.58
|
%
|
|||||
Ratio of operating expense to average total assets
|
6.07
|
%
|
|
6.44
|
%
|
|
5.33
|
%
|
|
3.54
|
%
|
|
2.50
|
%
|
|||||
Efficiency ratio
(4)
|
87.79
|
%
|
|
92.11
|
%
|
|
86.04
|
%
|
|
93.06
|
%
|
|
63.41
|
%
|
|||||
Ratio of average interest-earning assets to average interest-bearing liabilities
|
122.06
|
%
|
|
121.07
|
%
|
|
127.14
|
%
|
|
124.20
|
%
|
|
115.23
|
%
|
|||||
Asset quality ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for loan and lease losses (ALLL)
|
$
|
29,480
|
|
|
$
|
18,805
|
|
|
$
|
14,448
|
|
|
$
|
12,780
|
|
|
$
|
14,637
|
|
Nonperforming loans and leases
|
$
|
38,381
|
|
|
$
|
31,648
|
|
|
$
|
22,993
|
|
|
$
|
19,254
|
|
|
$
|
38,830
|
|
Nonperforming assets
|
$
|
38,804
|
|
|
$
|
31,648
|
|
|
$
|
27,520
|
|
|
$
|
33,946
|
|
|
$
|
45,392
|
|
Nonperforming assets to total assets
|
0.65
|
%
|
|
0.87
|
%
|
|
1.64
|
%
|
|
3.40
|
%
|
|
5.27
|
%
|
|||||
ALLL to nonperforming loans and leases
|
76.81
|
%
|
|
59.42
|
%
|
|
62.84
|
%
|
|
66.38
|
%
|
|
37.70
|
%
|
|||||
ALLL to total loans and leases
|
0.75
|
%
|
|
0.77
|
%
|
|
1.16
|
%
|
|
1.62
|
%
|
|
2.11
|
%
|
|||||
Capital Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
Total stockholders' equity to total assets
|
8.43
|
%
|
|
8.95
|
%
|
|
11.22
|
%
|
|
18.47
|
%
|
|
15.79
|
%
|
|||||
Average equity to average assets
|
9.51
|
%
|
|
9.55
|
%
|
|
14.11
|
%
|
|
17.89
|
%
|
|
12.25
|
%
|
(1)
|
Not meaningful for the year ended December 31, 2013 due to the amount of net income for the year.
|
(2)
|
Ratio of dividends declared per common shares to basic earnings per common share. Not applicable for the years ended December 31, 2013 and 2011 due to the net loss attributable to common stockholders for the years.
|
(3)
|
Net interest income divided by average interest-earning assets.
|
(4)
|
Efficiency ratio represents noninterest expense as a percentage of net interest income plus noninterest income.
|
(5)
|
The Company completed its acquisition of RenovationReady and the BPNA Branch Acquisition on January 31, 2014 and November 8, 2014, respectively.
|
(6)
|
The Company completed its acquisitions of PBOC, The Palisades Group and CS Financial on July 1, 2013, September 10, 2013 and October 31, 2013, respectively.
|
(7)
|
The Company completed its acquisitions of Beach and Gateway on July 1, 2012 and August 18, 2012, respectively.
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
($ in thousands)
|
||||||||||||||||||
Average total shareholders' equity
|
$
|
413,454
|
|
|
$
|
264,818
|
|
|
$
|
189,411
|
|
|
$
|
159,959
|
|
|
$
|
108,969
|
|
Less average preferred stock
|
(79,877
|
)
|
|
(56,284
|
)
|
|
(31,934
|
)
|
|
(10,849
|
)
|
|
(15,955
|
)
|
|||||
Less average goodwill
|
(32,326
|
)
|
|
(15,872
|
)
|
|
(3,517
|
)
|
|
—
|
|
|
—
|
|
|||||
Less average other intangible assets
|
(11,739
|
)
|
|
(9,580
|
)
|
|
(2,723
|
)
|
|
—
|
|
|
—
|
|
|||||
Average tangible common equity
|
$
|
289,512
|
|
|
$
|
183,082
|
|
|
$
|
151,237
|
|
|
$
|
149,110
|
|
|
$
|
93,014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Net income (loss)
|
$
|
30,318
|
|
|
$
|
79
|
|
|
$
|
5,996
|
|
|
$
|
(2,728
|
)
|
|
$
|
2,825
|
|
Less preferred stock dividends
|
(3,640
|
)
|
|
(2,185
|
)
|
|
(1,359
|
)
|
|
(534
|
)
|
|
(960
|
)
|
|||||
Add amortization of intangible assets, net of tax
(1)
|
2,651
|
|
|
1,723
|
|
|
452
|
|
|
—
|
|
|
—
|
|
|||||
Add impairment on intangible assets, net of tax
(1)
|
31
|
|
|
690
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Adjusted net income (loss)
|
$
|
29,360
|
|
|
$
|
307
|
|
|
$
|
5,089
|
|
|
$
|
(3,262
|
)
|
|
$
|
1,865
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average equity
|
7.33
|
%
|
|
0.03
|
%
|
|
3.17
|
%
|
|
(1.71
|
)%
|
|
2.59
|
%
|
|||||
Return on average tangible common equity
|
10.14
|
%
|
|
0.17
|
%
|
|
3.36
|
%
|
|
(2.19
|
)%
|
|
2.01
|
%
|
•
|
Expand the look-back period to 28 rolling quarters to capture a full economic cycle.
|
•
|
Utilize net historical losses versus gross historical losses.
|
•
|
Expand the peer group used to determine industry average loss history to include three industry groups; 1) all U.S. financial and bank holding companies, 2) all California financial and bank holding companies, 3) the peer group average from the Uniform Bank Performance Report.
|
•
|
Apply a segment specific loss emergence period to each segment's loss rate.
|
•
|
Determine qualitative reserves is calculated at each loan segment level based on a baseline risk weighting adjusted for current risks, trends and business conditions.
|
•
|
Disaggregate certain qualitative factors to be determined on the portfolio segment level.
|
•
|
Completed the acquisition of RenovationReady
®
on January 31, 2014.
|
•
|
Completed underwritten public offerings of common stock for gross proceeds of $57.9 million and 8.00% tangible equity units for gross proceeds of $69.0 million on May 21, 2014.
|
•
|
Completed the private placement of common stock to OCM BOCA Investor, LLC and Patriot Financial Partners, L.P. for gross proceeds of $49.9 million on November 7, 2014.
|
•
|
Completed the BPNA Branch Acquisition on November 8, 2014.
|
•
|
Total interest and dividend income for the year ended
December 31, 2014
increase
d by
$67.6 million
, or
56.1 percent
, to
$188.1 million
from
$120.5 million
for the year ended
December 31, 2013
.
|
•
|
Net interest margin was
3.72 percent
and
3.67 percent
for the years ended
December 31, 2014
and
2013
, respectively.
|
•
|
Net interest income for the year ended
December 31, 2014
increase
d by
$58.0 million
, or
59.7 percent
, to
$155.3 million
from
$97.2 million
for the year ended
December 31, 2013
.
|
•
|
Noninterest income for the year ended
December 31, 2014
increase
d by
$48.9 million
, or
50.5 percent
, to
$145.6 million
from
$96.7 million
for the year ended
December 31, 2013
. The Company recognized net revenue on mortgage banking activities of
$95.4 million
and
$67.9 million
for the years ended
December 31, 2014
and
2013
, respectively.
|
•
|
Noninterest expense for the year ended
December 31, 2014
increase
d by
$85.5 million
, or
47.8 percent
, to
$264.2 million
from
$178.7 million
for the year ended
December 31, 2013
. The increase relates predominantly to a higher salaries and employee benefits expense related to increased headcount as a result of growth and the acquisitions the Company completed during
2014
.
|
•
|
Total assets
increase
d by
$2.34 billion
, or
64.6 percent
, to
$5.97 billion
at
December 31, 2014
from
$3.63 billion
at
December 31, 2013
, due primarily to the BPNA Branch Acquisition, an increase in loans held for sale and an increase in cash and cash equivalents. Average total assets
increase
d to
$4.35 billion
for the year ended
December 31, 2014
from
$2.77 billion
for the year ended
December 31, 2013
, due mainly to the BPNA Branch Acquisition and the effect of a full year following the acquisitions the Company completed during 2013.
|
•
|
Loans and leases receivable, net of allowance for loan and lease losses,
increase
d by
$1.49 billion
, or
61.5 percent
, to
$3.92 billion
at
December 31, 2014
from
$2.43 billion
at
December 31, 2013
as a result of increased loan production and the BPNA Branch Acquisition. Loans held for sale
increase
d by
$470.4 million
,
65.6 percent
, to
$1.19 billion
at
December 31, 2014
from
$716.7 million
at
December 31, 2013
due to more originations than sales during the year. Average total loans and leases
increase
d to
$3.81 billion
for the year ended
December 31, 2014
from
$2.22 billion
for the year ended
December 31, 2013
, due mainly to the BPNA Branch Acquisition and the effect of a full year following the PBOC acquisition, which was completed on July 1, 2013.
|
•
|
Total deposits
increase
d by
$1.75 billion
, or
60.1 percent
, to
$4.67 billion
at
December 31, 2014
from
$2.92 billion
at
December 31, 2013
, due mainly to the BPNA Branch Acquisition. Average total deposits
increase
d to
$3.53 billion
for the year ended
December 31, 2014
from
$2.31 billion
for the year ended
December 31, 2013
, due mainly to the BPNA Branch Acquisition and the effect of a full year following the PBOC acquisition, which was completed on July 1, 2013.
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands, except per share data)
|
||||||||||
Interest and dividend income
|
$
|
188,139
|
|
|
$
|
120,511
|
|
|
$
|
55,031
|
|
Interest expense
|
32,862
|
|
|
23,282
|
|
|
8,479
|
|
|||
Net interest income
|
155,277
|
|
|
97,229
|
|
|
46,552
|
|
|||
Provision for loan and lease losses
|
10,976
|
|
|
7,963
|
|
|
5,500
|
|
|||
Noninterest income
|
145,637
|
|
|
96,743
|
|
|
36,619
|
|
|||
Noninterest expense
|
264,161
|
|
|
178,670
|
|
|
71,560
|
|
|||
Income before income taxes
|
25,777
|
|
|
7,339
|
|
|
6,111
|
|
|||
Income tax (benefit) expense
|
(4,541
|
)
|
|
7,260
|
|
|
115
|
|
|||
Net income
|
30,318
|
|
|
79
|
|
|
5,996
|
|
|||
Preferred stock dividends
|
3,640
|
|
|
2,185
|
|
|
1,359
|
|
|||
Net income (loss) available to common stockholders
|
$
|
26,678
|
|
|
$
|
(2,106
|
)
|
|
$
|
4,637
|
|
Basic earnings (loss) per common share
|
$
|
0.91
|
|
|
$
|
(0.14
|
)
|
|
$
|
0.40
|
|
Diluted earnings (loss) per common share
|
$
|
0.91
|
|
|
$
|
(0.14
|
)
|
|
$
|
0.40
|
|
Basic earnings (loss) per class B common share
|
$
|
0.91
|
|
|
$
|
(0.14
|
)
|
|
$
|
0.40
|
|
Diluted earnings (loss) per class B common share
|
$
|
0.91
|
|
|
$
|
(0.14
|
)
|
|
$
|
0.40
|
|
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||||||||||||||
|
Average
Balance
|
|
Interest
|
|
Yield/
Cost
|
|
Average
Balance
|
|
Interest
|
|
Yield/
Cost
|
|
Average
Balance |
|
Interest
|
|
Yield/
Cost |
|||||||||||||||
|
($ in thousands)
|
|||||||||||||||||||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total loans and leases
(1)
|
$
|
3,805,239
|
|
|
$
|
180,761
|
|
|
4.75
|
%
|
|
$
|
2,217,421
|
|
|
$
|
116,673
|
|
|
5.26
|
%
|
|
$
|
1,053,240
|
|
|
$
|
51,942
|
|
|
4.93
|
%
|
Securities
|
225,182
|
|
|
5,158
|
|
|
2.29
|
%
|
|
153,229
|
|
|
2,632
|
|
|
1.72
|
%
|
|
115,467
|
|
|
2,736
|
|
|
2.37
|
%
|
||||||
Other interest-earning assets
(2)
|
146,097
|
|
|
2,220
|
|
|
1.52
|
%
|
|
276,420
|
|
|
1,206
|
|
|
0.44
|
%
|
|
97,902
|
|
|
353
|
|
|
0.36
|
%
|
||||||
Total interest-earning assets
|
4,176,518
|
|
|
188,139
|
|
|
4.50
|
%
|
|
2,647,070
|
|
|
120,511
|
|
|
4.55
|
%
|
|
1,266,609
|
|
|
55,031
|
|
|
4.34
|
%
|
||||||
Allowance for loan and lease losses
|
(22,354
|
)
|
|
|
|
|
|
(17,332
|
)
|
|
|
|
|
|
(11,968
|
)
|
|
|
|
|
||||||||||||
BOLI and non-interest earning assets
(3)
|
194,462
|
|
|
|
|
|
|
143,538
|
|
|
|
|
|
|
88,203
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
4,348,626
|
|
|
|
|
|
|
$
|
2,773,276
|
|
|
|
|
|
|
$
|
1,342,844
|
|
|
|
|
|
|||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Savings
|
$
|
967,803
|
|
|
9,121
|
|
|
0.94
|
%
|
|
$
|
756,625
|
|
|
7,994
|
|
|
1.06
|
%
|
|
$
|
261,667
|
|
|
1,096
|
|
|
0.42
|
%
|
|||
Interest-bearing checking
|
735,156
|
|
|
7,629
|
|
|
1.04
|
%
|
|
339,731
|
|
|
2,041
|
|
|
0.60
|
%
|
|
29,802
|
|
|
99
|
|
|
0.33
|
%
|
||||||
Money market
|
692,464
|
|
|
2,788
|
|
|
0.40
|
%
|
|
371,058
|
|
|
1,901
|
|
|
0.51
|
%
|
|
67,569
|
|
|
271
|
|
|
0.40
|
%
|
||||||
Certificates of deposit
|
662,183
|
|
|
4,873
|
|
|
0.74
|
%
|
|
558,994
|
|
|
4,115
|
|
|
0.74
|
%
|
|
556,326
|
|
|
4,494
|
|
|
0.81
|
%
|
||||||
FHLB advances
|
267,816
|
|
|
527
|
|
|
0.20
|
%
|
|
74,712
|
|
|
269
|
|
|
0.36
|
%
|
|
54,030
|
|
|
348
|
|
|
0.64
|
%
|
||||||
Long-term debt and other interest-bearing liabilities
|
96,279
|
|
|
7,924
|
|
|
8.23
|
%
|
|
85,333
|
|
|
6,962
|
|
|
8.16
|
%
|
|
26,840
|
|
|
2,171
|
|
|
8.09
|
%
|
||||||
Total interest-bearing liabilities
|
3,421,701
|
|
|
32,862
|
|
|
0.96
|
%
|
|
2,186,453
|
|
|
23,282
|
|
|
1.06
|
%
|
|
996,234
|
|
|
8,479
|
|
|
0.85
|
%
|
||||||
Noninterest-bearing deposits
|
468,077
|
|
|
|
|
|
|
287,325
|
|
|
|
|
|
|
141,573
|
|
|
|
|
|
||||||||||||
Non-interest-bearing liabilities
|
45,394
|
|
|
|
|
|
|
34,680
|
|
|
|
|
|
|
15,626
|
|
|
|
|
|
||||||||||||
Total liabilities
|
3,935,172
|
|
|
|
|
|
|
2,508,458
|
|
|
|
|
|
|
1,153,433
|
|
|
|
|
|
||||||||||||
Total stockholders’ equity
|
413,454
|
|
|
|
|
|
|
264,818
|
|
|
|
|
|
|
189,411
|
|
|
|
|
|
||||||||||||
Total liabilities and stockholders’ equity
|
$
|
4,348,626
|
|
|
|
|
|
|
$
|
2,773,276
|
|
|
|
|
|
|
$
|
1,342,844
|
|
|
|
|
|
|||||||||
Net interest income/spread
|
|
|
$
|
155,277
|
|
|
3.54
|
%
|
|
|
|
$
|
97,229
|
|
|
3.49
|
%
|
|
|
|
$
|
46,552
|
|
|
3.49
|
%
|
||||||
Net interest margin
(4)
|
|
|
|
|
3.72
|
%
|
|
|
|
|
|
3.67
|
%
|
|
|
|
|
|
3.69
|
%
|
||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
122.06
|
%
|
|
|
|
|
|
121.07
|
%
|
|
|
|
|
|
127.14
|
%
|
|
|
|
|
(1)
|
Total loans and leases are net of deferred fees, related direct cost and discounts, but exclude the allowance for loan and lease losses. Non-accrual loans and leases are included in the average balance. Loan fees of
$71 thousand
,
$1.7 million
and
$615 thousand
and accretion of discount on purchased loans of
$34.8 million
,
$20.3 million
and
$2.2 million
for the years ended
December 31, 2014
,
2013
and
2012
, respectively, are included in the interest income.
|
(2)
|
Includes average balance of FHLB stock at cost and average time deposits with other financial institutions.
|
(3)
|
Includes average balance of bank-owned life insurance of
$19.0 million
,
$18.8 million
and
$18.6 million
for the years ended
December 31, 2014
,
2013
and
2012
, respectively.
|
(4)
|
Net interest income divided by average interest-earning assets.
|
|
Year Ended December 31,
2014 vs. 2013
|
|
Year Ended December 31,
2013 vs. 2012 |
||||||||||||||||||||
|
Increase (Decrease)
Due to
|
|
Net
Increase
|
|
Increase (Decrease)
Due to
|
|
Net
Increase
|
||||||||||||||||
|
Volume
|
|
Rate
|
|
(Decrease)
|
|
Volume
|
|
Rate
|
|
(Decrease)
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total loans and leases
|
$
|
76,396
|
|
|
$
|
(12,308
|
)
|
|
$
|
64,088
|
|
|
$
|
61,036
|
|
|
$
|
3,695
|
|
|
$
|
64,731
|
|
Securities
|
1,477
|
|
|
1,049
|
|
|
2,526
|
|
|
761
|
|
|
(865
|
)
|
|
(104
|
)
|
||||||
Other interest-earning assets
|
(794
|
)
|
|
1,808
|
|
|
1,014
|
|
|
765
|
|
|
88
|
|
|
853
|
|
||||||
Total interest-earning assets
|
77,079
|
|
|
(9,451
|
)
|
|
67,628
|
|
|
62,562
|
|
|
2,918
|
|
|
65,480
|
|
||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Savings
|
2,057
|
|
|
(930
|
)
|
|
1,127
|
|
|
3,822
|
|
|
3,076
|
|
|
6,898
|
|
||||||
Interest-bearing checking
|
3,439
|
|
|
2,149
|
|
|
5,588
|
|
|
1,802
|
|
|
140
|
|
|
1,942
|
|
||||||
Money market
|
1,364
|
|
|
(477
|
)
|
|
887
|
|
|
1,535
|
|
|
95
|
|
|
1,630
|
|
||||||
Certificates of deposit
|
759
|
|
|
(1
|
)
|
|
758
|
|
|
22
|
|
|
(401
|
)
|
|
(379
|
)
|
||||||
FHLB advances
|
427
|
|
|
(169
|
)
|
|
258
|
|
|
106
|
|
|
(185
|
)
|
|
(79
|
)
|
||||||
Long-term debt and other interest-bearing liabilities
|
900
|
|
|
62
|
|
|
962
|
|
|
4,772
|
|
|
19
|
|
|
4,791
|
|
||||||
Total interest-bearing liabilities
|
8,946
|
|
|
634
|
|
|
9,580
|
|
|
12,059
|
|
|
2,744
|
|
|
14,803
|
|
||||||
Net interest income
|
$
|
68,133
|
|
|
$
|
(10,085
|
)
|
|
$
|
58,048
|
|
|
$
|
50,503
|
|
|
$
|
174
|
|
|
$
|
50,677
|
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Customer service fees
|
$
|
1,490
|
|
|
$
|
1,942
|
|
|
$
|
1,883
|
|
Loan servicing income
|
4,199
|
|
|
2,049
|
|
|
92
|
|
|||
Income from bank owned life insurance
|
224
|
|
|
177
|
|
|
253
|
|
|||
Net gain (loss) on sale of securities available for sale
|
1,183
|
|
|
331
|
|
|
(83
|
)
|
|||
Net gain on sale of loans
|
19,828
|
|
|
8,700
|
|
|
1,106
|
|
|||
Net revenue on mortgage banking activities
|
95,430
|
|
|
67,890
|
|
|
21,310
|
|
|||
Advisory service fees
|
12,904
|
|
|
377
|
|
|
—
|
|
|||
Loan brokerage income
|
8,674
|
|
|
1,356
|
|
|
1
|
|
|||
Gain on sale of branches
|
456
|
|
|
12,104
|
|
|
—
|
|
|||
Bargain purchase gain
|
—
|
|
|
—
|
|
|
11,627
|
|
|||
Other income
|
1,249
|
|
|
1,817
|
|
|
430
|
|
|||
Total noninterest income
|
$
|
145,637
|
|
|
$
|
96,743
|
|
|
$
|
36,619
|
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Salaries and employee benefits, excluding commissions
|
$
|
127,223
|
|
|
$
|
87,239
|
|
|
$
|
36,446
|
|
Commissions for mortgage banking activities
|
35,656
|
|
|
23,448
|
|
|
5,445
|
|
|||
Salaries and employee benefits
|
162,879
|
|
|
110,687
|
|
|
41,891
|
|
|||
Occupancy and equipment
|
33,443
|
|
|
19,662
|
|
|
7,902
|
|
|||
Professional fees
|
19,247
|
|
|
13,864
|
|
|
7,888
|
|
|||
Data processing
|
5,231
|
|
|
4,710
|
|
|
3,011
|
|
|||
Advertising
|
5,016
|
|
|
4,361
|
|
|
1,046
|
|
|||
Regulatory assessments
|
4,182
|
|
|
2,535
|
|
|
1,519
|
|
|||
Loan servicing and foreclosure expense
|
1,066
|
|
|
905
|
|
|
980
|
|
|||
Operating loss on equity investment
|
689
|
|
|
569
|
|
|
364
|
|
|||
Valuation allowance for other real estate owned
|
32
|
|
|
97
|
|
|
703
|
|
|||
Net (gain) loss on sales of other real estate owned
|
(66
|
)
|
|
(464
|
)
|
|
(464
|
)
|
|||
Provision for loan repurchases
|
2,808
|
|
|
2,383
|
|
|
256
|
|
|||
Amortization of intangible assets
|
4,079
|
|
|
2,651
|
|
|
696
|
|
|||
Impairment on intangible assets
|
48
|
|
|
1,061
|
|
|
—
|
|
|||
All other expense
|
25,507
|
|
|
15,649
|
|
|
5,768
|
|
|||
Total noninterest expense
|
$
|
264,161
|
|
|
$
|
178,670
|
|
|
$
|
71,560
|
|
|
As of or For the Year Ended
|
||||||||||||||||||||||
|
Banking
|
|
Mortgage Banking
|
|
Financial Advisory and Asset Management
|
|
Corporate/ Other
|
|
Inter-segment Elimination
|
|
Consolidated
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net interest income
|
$
|
154,322
|
|
|
$
|
8,455
|
|
|
$
|
—
|
|
|
$
|
(7,500
|
)
|
|
$
|
—
|
|
|
$
|
155,277
|
|
Provision for loan and lease losses
|
10,976
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,976
|
|
||||||
Noninterest income
|
34,122
|
|
|
98,322
|
|
|
19,697
|
|
|
217
|
|
|
(6,721
|
)
|
|
145,637
|
|
||||||
Noninterest expense
|
151,228
|
|
|
96,103
|
|
|
11,071
|
|
|
12,480
|
|
|
(6,721
|
)
|
|
264,161
|
|
||||||
Income (loss) before income taxes
|
$
|
26,240
|
|
|
$
|
10,674
|
|
|
$
|
8,626
|
|
|
$
|
(19,763
|
)
|
|
$
|
—
|
|
|
$
|
25,777
|
|
Total assets
|
$
|
5,649,260
|
|
|
$
|
309,241
|
|
|
$
|
14,957
|
|
|
$
|
60,593
|
|
|
$
|
(62,480
|
)
|
|
$
|
5,971,571
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net interest income
|
$
|
96,222
|
|
|
$
|
7,792
|
|
|
$
|
—
|
|
|
$
|
(6,785
|
)
|
|
$
|
—
|
|
|
$
|
97,229
|
|
Provision for loan and lease losses
|
7,963
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,963
|
|
||||||
Noninterest income
|
26,740
|
|
|
69,687
|
|
|
2,832
|
|
|
5
|
|
|
(2,521
|
)
|
|
96,743
|
|
||||||
Noninterest expense
|
89,018
|
|
|
76,210
|
|
|
2,339
|
|
|
13,624
|
|
|
(2,521
|
)
|
|
178,670
|
|
||||||
Income (loss) before income taxes
|
$
|
25,981
|
|
|
$
|
1,269
|
|
|
$
|
493
|
|
|
$
|
(20,404
|
)
|
|
$
|
—
|
|
|
$
|
7,339
|
|
Total assets
|
$
|
3,395,954
|
|
|
$
|
222,269
|
|
|
$
|
2,876
|
|
|
$
|
33,974
|
|
|
$
|
(27,050
|
)
|
|
$
|
3,628,023
|
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net interest income
|
$
|
47,593
|
|
|
$
|
1,017
|
|
|
$
|
—
|
|
|
$
|
(2,058
|
)
|
|
$
|
—
|
|
|
$
|
46,552
|
|
Provision for loan and lease losses
|
5,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,500
|
|
||||||
Noninterest income
|
15,785
|
|
|
21,220
|
|
|
—
|
|
|
48
|
|
|
(434
|
)
|
|
36,619
|
|
||||||
Noninterest expense
|
48,215
|
|
|
15,291
|
|
|
—
|
|
|
8,488
|
|
|
(434
|
)
|
|
71,560
|
|
||||||
Income (loss) before income taxes
|
$
|
9,663
|
|
|
$
|
6,946
|
|
|
$
|
—
|
|
|
$
|
(10,498
|
)
|
|
$
|
—
|
|
|
$
|
6,111
|
|
Total assets
|
$
|
1,556,099
|
|
|
$
|
119,243
|
|
|
$
|
—
|
|
|
$
|
71,469
|
|
|
$
|
(64,109
|
)
|
|
$
|
1,682,702
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
|
(In thousands)
|
||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
||||||||
Available for sale
|
|
|
|
|
|
|
|
||||||||
SBA loan pool securities
|
$
|
1,697
|
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
1,715
|
|
U.S. government-sponsored entities and agency securities
|
1,940
|
|
|
42
|
|
|
—
|
|
|
1,982
|
|
||||
Private label residential mortgage-backed securities
|
3,169
|
|
|
12
|
|
|
(13
|
)
|
|
3,168
|
|
||||
Agency mortgage-backed securities
|
338,072
|
|
|
1,363
|
|
|
(605
|
)
|
|
338,830
|
|
||||
Total securities available for sale
|
$
|
344,878
|
|
|
$
|
1,435
|
|
|
$
|
(618
|
)
|
|
$
|
345,695
|
|
December 31, 2013
|
|
|
|
|
|
|
|
||||||||
Available for sale
|
|
|
|
|
|
|
|
||||||||
SBA loan pool securities
|
$
|
1,794
|
|
|
$
|
—
|
|
|
$
|
(58
|
)
|
|
$
|
1,736
|
|
U.S. government-sponsored entities and agency securities
|
1,928
|
|
|
—
|
|
|
(8
|
)
|
|
1,920
|
|
||||
Private label residential mortgage-backed securities
|
14,653
|
|
|
135
|
|
|
(36
|
)
|
|
14,752
|
|
||||
Agency mortgage-backed securities
|
153,134
|
|
|
299
|
|
|
(1,819
|
)
|
|
151,614
|
|
||||
Total securities available for sale
|
$
|
171,509
|
|
|
$
|
434
|
|
|
$
|
(1,921
|
)
|
|
$
|
170,022
|
|
December 31, 2012
|
|
|
|
|
|
|
|
||||||||
Available for sale
|
|
|
|
|
|
|
|
||||||||
SBA loan pool securities
|
$
|
2,706
|
|
|
$
|
4
|
|
|
$
|
—
|
|
|
$
|
2,710
|
|
U.S. government-sponsored entities and agency securities
|
9,660
|
|
|
284
|
|
|
—
|
|
|
9,944
|
|
||||
Private label residential mortgage-backed securities
|
41,499
|
|
|
475
|
|
|
(128
|
)
|
|
41,846
|
|
||||
Agency mortgage-backed securities
|
66,818
|
|
|
335
|
|
|
(234
|
)
|
|
66,919
|
|
||||
Total securities available for sale
|
$
|
120,683
|
|
|
$
|
1,098
|
|
|
$
|
(362
|
)
|
|
$
|
121,419
|
|
|
One year or less
|
|
More than One
Year through Five Years |
|
More than Five
Years through Ten Years |
|
More than Ten
Years |
|
Total
|
|||||||||||||||||||||||||||||
|
Amortized
Cost |
|
Weighted
Average Yield |
|
Amortized
Cost |
|
Weighted
Average Yield |
|
Amortized
Cost |
|
Weighted
Average Yield |
|
Amortized
Cost |
|
Weighted
Average Yield |
|
Amortized
Cost |
|
Fair
Value |
|
Weighted
Average Yield |
|||||||||||||||||
|
($ in thousands)
|
|||||||||||||||||||||||||||||||||||||
Available-for-sale
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
SBA loan pools securities
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
1,697
|
|
|
2.69
|
%
|
|
$
|
1,697
|
|
|
$
|
1,715
|
|
|
2.69
|
%
|
U.S. government-sponsored entities and agency securities
|
—
|
|
|
—
|
%
|
|
1,940
|
|
|
2.35
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
1,940
|
|
|
1,982
|
|
|
2.35
|
%
|
||||||
Private label residential mortgage-backed securities
|
671
|
|
|
1.11
|
%
|
|
1,371
|
|
|
3.81
|
%
|
|
—
|
|
|
—
|
%
|
|
1,127
|
|
|
4.94
|
%
|
|
3,169
|
|
|
3,168
|
|
|
3.64
|
%
|
||||||
Agency mortgage-backed securities
|
826
|
|
|
0.91
|
%
|
|
3
|
|
|
(0.83
|
)%
|
|
9,276
|
|
|
1.53
|
%
|
|
327,967
|
|
|
2.29
|
%
|
|
338,072
|
|
|
338,830
|
|
|
2.26
|
%
|
||||||
Total securities available for sale
|
$
|
1,497
|
|
|
1.00
|
%
|
|
$
|
3,314
|
|
|
2.95
|
%
|
|
$
|
9,276
|
|
|
1.53
|
%
|
|
$
|
330,791
|
|
|
2.30
|
%
|
|
$
|
344,878
|
|
|
$
|
345,695
|
|
|
2.28
|
%
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Gross realized gains on sales of securities available for sale
|
$
|
1,221
|
|
|
$
|
438
|
|
|
$
|
19
|
|
Gross realized losses on sales of securities available for sale
|
(38
|
)
|
|
(107
|
)
|
|
(102
|
)
|
|||
Net realized gains (losses) on sales of securities available for sale
|
$
|
1,183
|
|
|
$
|
331
|
|
|
$
|
(83
|
)
|
Proceeds from sales of securities available for sale
|
$
|
111,764
|
|
|
$
|
127,298
|
|
|
$
|
11,940
|
|
Tax expense on sales of securities available for sale
|
$
|
498
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
Fair Value
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
|
Gross
Unrealized
Losses
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Available for sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SBA loan pool securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
U.S. government-sponsored entities and agency securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Private label residential mortgage-backed securities
|
372
|
|
|
(9
|
)
|
|
1,355
|
|
|
(4
|
)
|
|
1,727
|
|
|
(13
|
)
|
||||||
Agency mortgage-backed securities
|
68,200
|
|
|
(332
|
)
|
|
22,212
|
|
|
(273
|
)
|
|
90,412
|
|
|
(605
|
)
|
||||||
Total securities available for sale
|
$
|
68,572
|
|
|
$
|
(341
|
)
|
|
$
|
23,567
|
|
|
$
|
(277
|
)
|
|
$
|
92,139
|
|
|
$
|
(618
|
)
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Available for sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SBA loan pool securities
|
$
|
1,736
|
|
|
$
|
(58
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,736
|
|
|
$
|
(58
|
)
|
U.S. government-sponsored entities and agency securities
|
1,920
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
1,920
|
|
|
(8
|
)
|
||||||
Private label residential mortgage-backed securities
|
2,064
|
|
|
(11
|
)
|
|
3,913
|
|
|
(25
|
)
|
|
5,977
|
|
|
(36
|
)
|
||||||
Agency mortgage-backed securities
|
114,104
|
|
|
(1,790
|
)
|
|
1,821
|
|
|
(29
|
)
|
|
115,925
|
|
|
(1,819
|
)
|
||||||
Total securities available for sale
|
$
|
119,824
|
|
|
$
|
(1,867
|
)
|
|
$
|
5,734
|
|
|
$
|
(54
|
)
|
|
$
|
125,558
|
|
|
$
|
(1,921
|
)
|
|
December 31,
|
|||||||||||||||||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|||||||||||||||||||||||||
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|
Amount
|
|
Percent
|
|||||||||||||||
|
($ in thousands)
|
|||||||||||||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
$
|
490,900
|
|
|
12.4
|
%
|
|
$
|
287,771
|
|
|
11.8
|
%
|
|
$
|
80,387
|
|
|
6.4
|
%
|
|
$
|
9,019
|
|
|
1.1
|
%
|
|
$
|
6,743
|
|
|
1.0
|
%
|
Commercial real estate
|
999,857
|
|
|
25.3
|
%
|
|
529,883
|
|
|
21.7
|
%
|
|
338,900
|
|
|
27.1
|
%
|
|
125,830
|
|
|
16.0
|
%
|
|
61,314
|
|
|
8.9
|
%
|
|||||
Multi-family
|
955,683
|
|
|
24.2
|
%
|
|
141,580
|
|
|
5.8
|
%
|
|
115,082
|
|
|
9.2
|
%
|
|
87,196
|
|
|
11.1
|
%
|
|
32,911
|
|
|
4.8
|
%
|
|||||
SBA
|
36,155
|
|
|
0.9
|
%
|
|
27,428
|
|
|
1.1
|
%
|
|
36,076
|
|
|
2.9
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Construction
|
42,198
|
|
|
1.1
|
%
|
|
24,933
|
|
|
1.0
|
%
|
|
6,623
|
|
|
0.5
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Lease financing
|
85,749
|
|
|
2.2
|
%
|
|
31,949
|
|
|
1.3
|
%
|
|
11,203
|
|
|
0.9
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Single family residential mortgage
|
1,171,662
|
|
|
29.7
|
%
|
|
1,286,541
|
|
|
52.6
|
%
|
|
638,667
|
|
|
51.3
|
%
|
|
548,522
|
|
|
69.5
|
%
|
|
570,892
|
|
|
82.3
|
%
|
|||||
Other consumer
|
166,918
|
|
|
4.2
|
%
|
|
116,026
|
|
|
4.7
|
%
|
|
21,533
|
|
|
1.7
|
%
|
|
17,822
|
|
|
2.3
|
%
|
|
20,952
|
|
|
3.0
|
%
|
|||||
Total loans and leases
|
3,949,122
|
|
|
100.0
|
%
|
|
2,446,111
|
|
|
100.0
|
%
|
|
1,248,471
|
|
|
100.0
|
%
|
|
788,389
|
|
|
100.0
|
%
|
|
692,812
|
|
|
100.0
|
%
|
|||||
Allowance for loan and lease losses
|
(29,480
|
)
|
|
|
|
(18,805
|
)
|
|
|
|
(14,448
|
)
|
|
|
|
(12,780
|
)
|
|
|
|
(14,637
|
)
|
|
|
||||||||||
Total loans and leases receivable, net
|
$
|
3,919,642
|
|
|
|
|
$
|
2,427,306
|
|
|
|
|
$
|
1,234,023
|
|
|
|
|
$
|
775,609
|
|
|
|
|
$
|
678,175
|
|
|
|
|
One Year or Less
|
|
More Than One Year Through Five Years
|
|
More than Five
Years through Ten Years |
|
More than Ten
Years |
|
Total
|
|||||||||||||||||||||||||
|
Amount
|
|
Weighted
Average
Yield
|
|
Amount
|
|
Weighted
Average Yield |
|
Amount
|
|
Weighted
Average Yield |
|
Amount
|
|
Weighted
Average Yield |
|
Amount
|
|
Weighted
Average Yield |
|||||||||||||||
|
($ in thousands)
|
|||||||||||||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
$
|
364,908
|
|
|
3.7
|
%
|
|
$
|
101,390
|
|
|
3.9
|
%
|
|
$
|
20,120
|
|
|
4.6
|
%
|
|
$
|
4,482
|
|
|
4.3
|
%
|
|
$
|
490,900
|
|
|
3.8
|
%
|
Commercial real estate
|
145,095
|
|
|
4.5
|
%
|
|
564,286
|
|
|
4.8
|
%
|
|
266,016
|
|
|
4.7
|
%
|
|
24,460
|
|
|
5.0
|
%
|
|
999,857
|
|
|
4.8
|
%
|
|||||
Multi-family
|
141,381
|
|
|
4.5
|
%
|
|
548,854
|
|
|
4.0
|
%
|
|
257,532
|
|
|
4.4
|
%
|
|
7,916
|
|
|
4.6
|
%
|
|
955,683
|
|
|
4.2
|
%
|
|||||
SBA
|
21,275
|
|
|
5.4
|
%
|
|
7,494
|
|
|
4.6
|
%
|
|
4,506
|
|
|
5.5
|
%
|
|
2,880
|
|
|
6.0
|
%
|
|
36,155
|
|
|
5.3
|
%
|
|||||
Construction
|
40,101
|
|
|
4.6
|
%
|
|
1,427
|
|
|
6.2
|
%
|
|
—
|
|
|
—
|
%
|
|
670
|
|
|
3.6
|
%
|
|
42,198
|
|
|
4.6
|
%
|
|||||
Lease financing
|
2,426
|
|
|
8.7
|
%
|
|
72,396
|
|
|
7.4
|
%
|
|
10,927
|
|
|
5.9
|
%
|
|
—
|
|
|
—
|
%
|
|
85,749
|
|
|
7.3
|
%
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Single family residential mortgage
|
573,284
|
|
|
3.3
|
%
|
|
210,916
|
|
|
3.5
|
%
|
|
125,733
|
|
|
4.1
|
%
|
|
261,729
|
|
|
5.0
|
%
|
|
1,171,662
|
|
|
3.8
|
%
|
|||||
Other consumer
|
151,640
|
|
|
3.7
|
%
|
|
11,397
|
|
|
4.5
|
%
|
|
1,737
|
|
|
4.8
|
%
|
|
2,144
|
|
|
7.0
|
%
|
|
166,918
|
|
|
3.8
|
%
|
|||||
Total
|
$
|
1,440,110
|
|
|
3.7
|
%
|
|
$
|
1,518,160
|
|
|
4.4
|
%
|
|
$
|
686,571
|
|
|
4.5
|
%
|
|
$
|
304,281
|
|
|
5.0
|
%
|
|
$
|
3,949,122
|
|
|
4.2
|
%
|
|
Due After One Year
|
||||||||||
|
Fixed Rate
|
|
Floating Rate
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
Commercial:
|
|
|
|
|
|
||||||
Commercial and industrial
|
$
|
88,564
|
|
|
$
|
144,257
|
|
|
$
|
232,821
|
|
Commercial real estate
|
465,638
|
|
|
510,345
|
|
|
975,983
|
|
|||
Multi-family
|
101,537
|
|
|
841,423
|
|
|
942,960
|
|
|||
SBA
|
5,384
|
|
|
30,564
|
|
|
35,948
|
|
|||
Construction
|
2,097
|
|
|
6,563
|
|
|
8,660
|
|
|||
Lease financing
|
83,323
|
|
|
—
|
|
|
83,323
|
|
|||
Consumer:
|
|
|
|
|
|
||||||
Single family residential mortgage
|
270,595
|
|
|
892,879
|
|
|
1,163,474
|
|
|||
Other consumer
|
15,278
|
|
|
127,317
|
|
|
142,595
|
|
|||
Total
|
$
|
1,032,416
|
|
|
$
|
2,553,348
|
|
|
$
|
3,585,764
|
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Origination by rate type:
|
|
|
|
|
|
||||||
Floating rate:
|
|
|
|
|
|
||||||
Commercial and industrial
|
$
|
80,119
|
|
|
$
|
81,048
|
|
|
$
|
32,329
|
|
Commercial real estate and multi family
|
397,271
|
|
|
120,631
|
|
|
72,142
|
|
|||
SBA
|
12,223
|
|
|
1,474
|
|
|
5,216
|
|
|||
Construction
|
1,167
|
|
|
6,226
|
|
|
16,961
|
|
|||
Lease financing
|
1,091
|
|
|
—
|
|
|
—
|
|
|||
Single family residential mortgage
|
130,251
|
|
|
390,499
|
|
|
183,343
|
|
|||
Other consumer
|
46,407
|
|
|
21,282
|
|
|
5,268
|
|
|||
Total floating rate
|
668,529
|
|
|
621,160
|
|
|
315,259
|
|
|||
Fixed rate:
|
|
|
|
|
|
||||||
Commercial and industrial
|
51,949
|
|
|
10,962
|
|
|
2,103
|
|
|||
Commercial real estate and multi family
|
61,145
|
|
|
117,666
|
|
|
95,640
|
|
|||
SBA
|
3,691
|
|
|
772
|
|
|
2,970
|
|
|||
Construction
|
—
|
|
|
1,136
|
|
|
—
|
|
|||
Lease financing
|
44,590
|
|
|
16,952
|
|
|
—
|
|
|||
Single family residential mortgage
|
—
|
|
|
3,464
|
|
|
2,382
|
|
|||
Other consumer
|
8,414
|
|
|
307
|
|
|
150
|
|
|||
Total fixed rate
|
169,789
|
|
|
151,259
|
|
|
103,245
|
|
|||
Total loans and leases originated
|
838,318
|
|
|
772,419
|
|
|
418,504
|
|
|||
Purchases:
|
|
|
|
|
|
||||||
Single family residential mortgage
|
—
|
|
|
849,883
|
|
|
66,718
|
|
|||
Commercial real estate and multi-family
|
—
|
|
|
—
|
|
|
18,674
|
|
|||
Lease financing
|
38,572
|
|
|
7,850
|
|
|
14,487
|
|
|||
Total loans and leases purchased
|
38,572
|
|
|
857,733
|
|
|
99,879
|
|
|||
Acquired in business combinations
|
1,072,449
|
|
|
385,256
|
|
|
361,044
|
|
|||
Transferred to loans held for sale
|
(66,334
|
)
|
|
(182,803
|
)
|
|
—
|
|
|||
Repayments:
|
|
|
|
|
|
||||||
Principal repayments
|
(1,885,128
|
)
|
|
(461,223
|
)
|
|
(349,158
|
)
|
|||
Sales
|
(90,390
|
)
|
|
(263,554
|
)
|
|
(70,438
|
)
|
|||
Increase (decrease) in other items, net
|
1,595,524
|
|
|
89,812
|
|
|
(1,417
|
)
|
|||
Net increase (decrease)
|
$
|
1,503,011
|
|
|
$
|
1,197,640
|
|
|
$
|
458,414
|
|
|
December 31,
|
||||||||||||||
|
2014
|
|
2013
|
||||||||||||
|
Outstanding
Balance
|
|
Carrying
Amount
|
|
Outstanding
Balance
|
|
Carrying
Amount
|
||||||||
|
(In thousands)
|
||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
$
|
1,767
|
|
|
$
|
1,134
|
|
|
$
|
5,838
|
|
|
$
|
4,028
|
|
Commercial real estate
|
13,708
|
|
|
11,527
|
|
|
17,682
|
|
|
15,014
|
|
||||
SBA
|
4,220
|
|
|
3,157
|
|
|
4,940
|
|
|
3,688
|
|
||||
Consumer:
|
|
|
|
|
|
|
|
||||||||
Single family residential mortgage
|
283,067
|
|
|
231,079
|
|
|
414,341
|
|
|
314,820
|
|
||||
Other consumer
|
—
|
|
|
—
|
|
|
2,134
|
|
|
1,736
|
|
||||
Total
|
$
|
302,762
|
|
|
$
|
246,897
|
|
|
$
|
444,935
|
|
|
$
|
339,286
|
|
|
December 31,
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||||||||||||||||||||||||||||||
|
Count
|
|
Amount
|
|
Percent
|
|
Count
|
|
Amount
|
|
Percent
|
|
Count
|
|
Amount
|
|
Percent
|
|
Count
|
|
Amount
|
|
Percent
|
|
Count
|
|
Amount
|
|
Percent
|
||||||||||||||||||||
|
($ in thousands)
|
||||||||||||||||||||||||||||||||||||||||||||||||
Green Loans (HELOC) - first liens
|
148
|
|
|
$
|
123,177
|
|
|
35.1
|
%
|
|
173
|
|
|
$
|
147,705
|
|
|
47.7
|
%
|
|
212
|
|
|
$
|
198,720
|
|
|
53.9
|
%
|
|
245
|
|
|
$
|
219,502
|
|
|
58.9
|
%
|
|
253
|
|
|
$
|
215,395
|
|
|
53.4
|
%
|
Interest only - first liens
|
207
|
|
|
209,207
|
|
|
59.7
|
%
|
|
244
|
|
|
139,867
|
|
|
45.2
|
%
|
|
187
|
|
|
142,426
|
|
|
38.7
|
%
|
|
199
|
|
|
123,134
|
|
|
33.0
|
%
|
|
262
|
|
|
148,185
|
|
|
36.8
|
%
|
|||||
Negative amortization
|
32
|
|
|
13,099
|
|
|
3.7
|
%
|
|
37
|
|
|
16,623
|
|
|
5.4
|
%
|
|
40
|
|
|
19,341
|
|
|
5.3
|
%
|
|
45
|
|
|
21,525
|
|
|
5.8
|
%
|
|
52
|
|
|
30,142
|
|
|
7.5
|
%
|
|||||
Total NTM - first liens
|
387
|
|
|
345,483
|
|
|
98.5
|
%
|
|
454
|
|
|
304,195
|
|
|
98.3
|
%
|
|
439
|
|
|
360,487
|
|
|
97.9
|
%
|
|
489
|
|
|
364,161
|
|
|
97.7
|
%
|
|
567
|
|
|
393,722
|
|
|
97.7
|
%
|
|||||
Green Loans (HELOC) - second liens
|
19
|
|
|
4,979
|
|
|
1.4
|
%
|
|
23
|
|
|
5,289
|
|
|
1.7
|
%
|
|
27
|
|
|
7,659
|
|
|
2.1
|
%
|
|
32
|
|
|
8,703
|
|
|
2.3
|
%
|
|
35
|
|
|
9,260
|
|
|
2.3
|
%
|
|||||
Interest only - second liens
|
1
|
|
|
113
|
|
|
0.1
|
%
|
|
1
|
|
|
113
|
|
|
—
|
%
|
|
1
|
|
|
114
|
|
|
—
|
%
|
|
1
|
|
|
114
|
|
|
—
|
%
|
|
2
|
|
|
182
|
|
|
—
|
%
|
|||||
Total NTM - second liens
|
20
|
|
|
5,092
|
|
|
1.5
|
%
|
|
24
|
|
|
5,402
|
|
|
1.7
|
%
|
|
28
|
|
|
7,773
|
|
|
2.1
|
%
|
|
33
|
|
|
8,817
|
|
|
2.3
|
%
|
|
37
|
|
|
9,442
|
|
|
2.3
|
%
|
|||||
Total NTM loans
|
407
|
|
|
$
|
350,575
|
|
|
100.0
|
%
|
|
478
|
|
|
$
|
309,597
|
|
|
100.0
|
%
|
|
467
|
|
|
$
|
368,260
|
|
|
100.0
|
%
|
|
522
|
|
|
$
|
372,978
|
|
|
100.0
|
%
|
|
604
|
|
|
$
|
403,164
|
|
|
100.0
|
%
|
% of NTM to total gross loan portfolio
|
|
|
8.9
|
%
|
|
|
|
|
|
12.7
|
%
|
|
|
|
|
|
29.5
|
%
|
|
|
|
|
|
47.3
|
%
|
|
|
|
|
|
58.2
|
%
|
|
|
|
Green
|
|
Interest Only
|
|
Negative Amortization
|
|
Total
|
||||||||||||||||||||||||||||||||
|
Count
|
|
Amount
|
|
Percent
|
|
Count
|
|
Amount
|
|
Percent
|
|
Count
|
|
Amount
|
|
Percent
|
|
Count
|
|
Amount
|
|
Percent
|
||||||||||||||||
|
($ in thousands)
|
||||||||||||||||||||||||||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
< 61
|
77
|
|
|
$
|
58,856
|
|
|
47.8
|
%
|
|
60
|
|
|
$
|
93,254
|
|
|
44.7
|
%
|
|
15
|
|
|
$
|
6,023
|
|
|
46.0
|
%
|
|
152
|
|
|
$
|
158,133
|
|
|
45.8
|
%
|
61 – 80
|
45
|
|
|
46,177
|
|
|
37.5
|
%
|
|
54
|
|
|
81,472
|
|
|
38.9
|
%
|
|
12
|
|
|
5,901
|
|
|
45.0
|
%
|
|
111
|
|
|
133,550
|
|
|
38.6
|
%
|
||||
81 – 100
|
18
|
|
|
11,846
|
|
|
9.6
|
%
|
|
33
|
|
|
14,927
|
|
|
7.1
|
%
|
|
4
|
|
|
781
|
|
|
6.0
|
%
|
|
55
|
|
|
27,554
|
|
|
8.0
|
%
|
||||
> 100
|
8
|
|
|
6,298
|
|
|
5.1
|
%
|
|
60
|
|
|
19,554
|
|
|
9.3
|
%
|
|
1
|
|
|
394
|
|
|
3.0
|
%
|
|
69
|
|
|
26,246
|
|
|
7.6
|
%
|
||||
Total
|
148
|
|
|
$
|
123,177
|
|
|
100.0
|
%
|
|
207
|
|
|
$
|
209,207
|
|
|
100.0
|
%
|
|
32
|
|
|
$
|
13,099
|
|
|
100.0
|
%
|
|
387
|
|
|
$
|
345,483
|
|
|
100.0
|
%
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
< 61
|
90
|
|
|
$
|
78,807
|
|
|
53.3
|
%
|
|
80
|
|
|
$
|
65,181
|
|
|
46.6
|
%
|
|
13
|
|
|
$
|
4,930
|
|
|
29.7
|
%
|
|
183
|
|
|
$
|
148,918
|
|
|
49.0
|
%
|
61 – 80
|
38
|
|
|
33,604
|
|
|
22.8
|
%
|
|
51
|
|
|
28,999
|
|
|
20.7
|
%
|
|
13
|
|
|
7,643
|
|
|
45.9
|
%
|
|
102
|
|
|
70,246
|
|
|
23.1
|
%
|
||||
81 – 100
|
26
|
|
|
14,917
|
|
|
10.1
|
%
|
|
43
|
|
|
21,474
|
|
|
15.4
|
%
|
|
8
|
|
|
3,277
|
|
|
19.7
|
%
|
|
77
|
|
|
39,668
|
|
|
13.0
|
%
|
||||
> 100
|
19
|
|
|
20,377
|
|
|
13.8
|
%
|
|
70
|
|
|
24,213
|
|
|
17.3
|
%
|
|
3
|
|
|
773
|
|
|
4.7
|
%
|
|
92
|
|
|
45,363
|
|
|
14.9
|
%
|
||||
Total
|
173
|
|
|
$
|
147,705
|
|
|
100.0
|
%
|
|
244
|
|
|
$
|
139,867
|
|
|
100.0
|
%
|
|
37
|
|
|
$
|
16,623
|
|
|
100.0
|
%
|
|
454
|
|
|
$
|
304,195
|
|
|
100.0
|
%
|
|
One Year or Less
|
|
More Than One Year Through Five Years
|
|
More than Five
Years through Ten Years |
|
More than Ten
Years |
|
Total
|
||||||||||||||||||||
|
Amount
|
|
Count
|
|
Amount
|
|
Count
|
|
Amount
|
|
Count
|
|
Amount
|
|
Count
|
|
Amount
|
|
Count
|
||||||||||
|
($ in thousands)
|
||||||||||||||||||||||||||||
Green Loans (HELOC) - first liens
(1)
|
$
|
—
|
|
|
0
|
|
$
|
—
|
|
|
0
|
|
$
|
111,402
|
|
|
134
|
|
$
|
11,775
|
|
|
14
|
|
$
|
123,177
|
|
|
148
|
Interest only - first liens
(2)
|
—
|
|
|
0
|
|
—
|
|
|
0
|
|
991
|
|
|
5
|
|
208,216
|
|
|
202
|
|
209,207
|
|
|
207
|
|||||
Negative amortization
|
—
|
|
|
0
|
|
—
|
|
|
0
|
|
—
|
|
|
0
|
|
13,099
|
|
|
32
|
|
13,099
|
|
|
32
|
|||||
Total NTM - first liens
|
—
|
|
|
0
|
|
—
|
|
|
0
|
|
112,393
|
|
|
139
|
|
233,090
|
|
|
248
|
|
345,483
|
|
|
387
|
|||||
Green Loans (HELOC) - second liens
(1)
|
—
|
|
|
0
|
|
—
|
|
|
0
|
|
4,979
|
|
|
19
|
|
—
|
|
|
0
|
|
4,979
|
|
|
19
|
|||||
Interest only - second liens
(2)
|
—
|
|
|
0
|
|
—
|
|
|
0
|
|
113
|
|
|
1
|
|
—
|
|
|
0
|
|
113
|
|
|
1
|
|||||
Total NTM - second liens
|
—
|
|
|
0
|
|
—
|
|
|
0
|
|
5,092
|
|
|
20
|
|
—
|
|
|
0
|
|
5,092
|
|
|
20
|
|||||
Total NTM loans
|
$
|
—
|
|
|
0
|
|
$
|
—
|
|
|
0
|
|
$
|
117,485
|
|
|
159
|
|
$
|
233,090
|
|
|
248
|
|
$
|
350,575
|
|
|
407
|
(1)
|
Green Loans typically have a 15 year balloon maturity
|
(2)
|
Interest only loans typically switch to an amortizing basis after 3, 5, or 7 years
|
|
December 31, 2014
|
||||||||||||||||||||||||||||
|
By FICO Scores Obtained
During the Quarter Ended December 31, 2014 |
|
By FICO Scores Obtained
During the Quarter Ended December 31, 2013 |
|
Change
|
||||||||||||||||||||||||
|
Count
|
|
Amount
|
|
Percent
|
|
Count
|
|
Amount
|
|
Percent
|
|
Count
|
|
Amount
|
|
Percent
|
||||||||||||
|
($ in thousands)
|
||||||||||||||||||||||||||||
FICO Score
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
800+
|
28
|
|
|
$
|
20,248
|
|
|
16.4
|
%
|
|
13
|
|
|
$
|
8,263
|
|
|
6.7
|
%
|
|
15
|
|
|
$
|
11,985
|
|
|
9.7
|
%
|
700-799
|
72
|
|
|
52,532
|
|
|
42.7
|
%
|
|
87
|
|
|
66,493
|
|
|
53.9
|
%
|
|
(15
|
)
|
|
(13,961
|
)
|
|
(11.2
|
)%
|
|||
600-699
|
29
|
|
|
31,053
|
|
|
25.2
|
%
|
|
30
|
|
|
26,438
|
|
|
21.5
|
%
|
|
(1
|
)
|
|
4,615
|
|
|
3.7
|
%
|
|||
<600
|
8
|
|
|
11,893
|
|
|
9.7
|
%
|
|
8
|
|
|
7,001
|
|
|
5.7
|
%
|
|
—
|
|
|
4,892
|
|
|
4.0
|
%
|
|||
No FICO
|
11
|
|
|
7,451
|
|
|
6.0
|
%
|
|
10
|
|
|
14,982
|
|
|
12.2
|
%
|
|
1
|
|
|
(7,531
|
)
|
|
(6.2
|
)%
|
|||
Totals
|
148
|
|
|
$
|
123,177
|
|
|
100.0
|
%
|
|
148
|
|
|
$
|
123,177
|
|
|
100.0
|
%
|
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
December 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
116
|
|
|
$
|
287
|
|
|
$
|
255
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial real estate
|
2,237
|
|
|
5,748
|
|
|
775
|
|
|
291
|
|
|
3,901
|
|
|||||
Multi-family
|
1,280
|
|
|
602
|
|
|
—
|
|
|
—
|
|
|
540
|
|
|||||
SBA
|
82
|
|
|
62
|
|
|
136
|
|
|
—
|
|
|
—
|
|
|||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Lease financing
|
1,091
|
|
|
363
|
|
|
118
|
|
|
—
|
|
|
—
|
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
||||||||||
Single family residential mortgage
|
35,496
|
|
|
30,318
|
|
|
7,797
|
|
|
10,669
|
|
|
27,070
|
|
|||||
Other consumer
|
392
|
|
|
319
|
|
|
27
|
|
|
4
|
|
|
6
|
|
|||||
Total
|
$
|
40,694
|
|
|
$
|
37,699
|
|
|
$
|
9,108
|
|
|
$
|
10,964
|
|
|
$
|
31,517
|
|
|
December 31,
|
||||||||||||
|
2014
|
|
2013
|
||||||||||
|
Count
|
|
Amount
|
|
Count
|
|
Amount
|
||||||
|
($ in thousands)
|
||||||||||||
Green Loans (HELOC) - first liens
|
2
|
|
|
$
|
8,853
|
|
|
1
|
|
|
$
|
653
|
|
Interest only - first liens
|
8
|
|
|
1,580
|
|
|
6
|
|
|
1,723
|
|
||
Negative amortization
|
—
|
|
|
—
|
|
|
1
|
|
|
1,134
|
|
||
Total NTM - first liens
|
10
|
|
|
10,433
|
|
|
8
|
|
|
3,510
|
|
||
Green Loans (HELOC) - second liens
|
1
|
|
|
294
|
|
|
—
|
|
|
—
|
|
||
Interest only - second liens
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Total NTM - second liens
|
1
|
|
|
294
|
|
|
—
|
|
|
—
|
|
||
Total NTM loans
|
11
|
|
|
$
|
10,727
|
|
|
8
|
|
|
$
|
3,510
|
|
|
December 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial real estate
|
—
|
|
|
—
|
|
|
1,457
|
|
|
—
|
|
|
—
|
|
|||||
Multi-family
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
SBA
|
878
|
|
|
46
|
|
|
380
|
|
|
—
|
|
|
—
|
|
|||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Lease financing
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
||||||||||
Single family residential mortgage
|
16,763
|
|
|
30,468
|
|
|
2,090
|
|
|
—
|
|
|
—
|
|
|||||
Other consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total
|
$
|
17,641
|
|
|
$
|
30,514
|
|
|
$
|
3,927
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
December 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
7,143
|
|
|
$
|
33
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial real estate
|
1,017
|
|
|
3,868
|
|
|
2,906
|
|
|
1,887
|
|
|
9,715
|
|
|||||
Multi-family
|
1,834
|
|
|
1,972
|
|
|
5,442
|
|
|
3,090
|
|
|
8,502
|
|
|||||
SBA
|
285
|
|
|
10
|
|
|
141
|
|
|
—
|
|
|
—
|
|
|||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Lease financing
|
100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
||||||||||
Single family residential mortgage
|
27,753
|
|
|
25,514
|
|
|
14,503
|
|
|
14,272
|
|
|
20,611
|
|
|||||
Other consumer
|
249
|
|
|
251
|
|
|
1
|
|
|
5
|
|
|
2
|
|
|||||
Total non-accrual loans and leases
|
38,381
|
|
|
31,648
|
|
|
22,993
|
|
|
19,254
|
|
|
38,830
|
|
|||||
Loans past due over 90 days or more and still on accrual
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other real estate owned
|
423
|
|
|
—
|
|
|
4,527
|
|
|
14,692
|
|
|
6,562
|
|
|||||
Total non-performing assets
|
$
|
38,804
|
|
|
$
|
31,648
|
|
|
$
|
27,520
|
|
|
$
|
33,946
|
|
|
$
|
45,392
|
|
Performing troubled debt restructured loans
|
$
|
6,346
|
|
|
$
|
6,117
|
|
|
$
|
6,646
|
|
|
$
|
5,417
|
|
|
$
|
17,678
|
|
|
December 31,
|
||||||||||||
|
2014
|
|
2013
|
||||||||||
|
Count
|
|
Amount
|
|
Count
|
|
Amount
|
||||||
|
($ in thousands)
|
||||||||||||
Green Loans (HELOC) - first liens
|
5
|
|
|
$
|
12,334
|
|
|
4
|
|
|
$
|
5,482
|
|
Interest only - first liens
|
7
|
|
|
2,049
|
|
|
5
|
|
|
752
|
|
||
Negative amortization
|
—
|
|
|
—
|
|
|
2
|
|
|
1,248
|
|
||
Total NTM - first liens
|
12
|
|
|
14,383
|
|
|
11
|
|
|
7,482
|
|
||
Green Loans (HELOC) - second liens
|
1
|
|
|
209
|
|
|
2
|
|
|
216
|
|
||
Interest only - second liens
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||
Total NTM - second liens
|
1
|
|
|
209
|
|
|
2
|
|
|
216
|
|
||
Total NTM loans
|
13
|
|
|
$
|
14,592
|
|
|
13
|
|
|
$
|
7,698
|
|
|
December 31,
|
||||||||||||||||||||||
|
2014
|
|
2013
|
||||||||||||||||||||
|
NTM Loans
|
|
Traditional
Loans
|
|
Total
|
|
NTM Loans
|
|
Traditional
Loans
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
194
|
|
|
$
|
194
|
|
SBA
|
—
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
10
|
|
|
10
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
—
|
|
|
4,269
|
|
|
4,269
|
|
|
—
|
|
|
3,605
|
|
|
3,605
|
|
||||||
Green Loans (HELOC) - first liens
|
3,442
|
|
|
—
|
|
|
3,442
|
|
|
3,468
|
|
|
—
|
|
|
3,468
|
|
||||||
Green Loans (HELOC) - second liens
|
294
|
|
|
—
|
|
|
294
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
$
|
3,736
|
|
|
$
|
4,275
|
|
|
$
|
8,011
|
|
|
$
|
3,468
|
|
|
$
|
3,809
|
|
|
$
|
7,277
|
|
|
December 31, 2014
|
||||||||||||||||||||||
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Not-Rate
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
NTM loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
$
|
219,747
|
|
|
$
|
279
|
|
|
$
|
2,280
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
222,306
|
|
Green Loans (HELOC) - first liens
|
104,640
|
|
|
399
|
|
|
18,138
|
|
|
—
|
|
|
—
|
|
|
123,177
|
|
||||||
Green Loans (HELOC) - second liens
|
4,770
|
|
|
—
|
|
|
209
|
|
|
—
|
|
|
—
|
|
|
4,979
|
|
||||||
Other consumer
|
113
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
113
|
|
||||||
Total NTM loans
|
329,270
|
|
|
678
|
|
|
20,627
|
|
|
—
|
|
|
—
|
|
|
350,575
|
|
||||||
Traditional loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
477,319
|
|
|
117
|
|
|
12,330
|
|
|
—
|
|
|
—
|
|
|
489,766
|
|
||||||
Commercial real estate
|
943,645
|
|
|
14,281
|
|
|
30,404
|
|
|
—
|
|
|
—
|
|
|
988,330
|
|
||||||
Multi-family
|
932,438
|
|
|
6,684
|
|
|
16,561
|
|
|
—
|
|
|
—
|
|
|
955,683
|
|
||||||
SBA
|
32,171
|
|
|
—
|
|
|
827
|
|
|
—
|
|
|
—
|
|
|
32,998
|
|
||||||
Construction
|
42,198
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,198
|
|
||||||
Lease financing
|
85,613
|
|
|
36
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
85,749
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
569,871
|
|
|
10,395
|
|
|
14,834
|
|
|
—
|
|
|
—
|
|
|
595,100
|
|
||||||
Other consumer
|
161,701
|
|
|
85
|
|
|
40
|
|
|
—
|
|
|
—
|
|
|
161,826
|
|
||||||
Total traditional loans
|
3,244,956
|
|
|
31,598
|
|
|
75,096
|
|
|
—
|
|
|
—
|
|
|
3,351,650
|
|
||||||
PCI loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
104
|
|
|
—
|
|
|
1,030
|
|
|
—
|
|
|
—
|
|
|
1,134
|
|
||||||
Commercial real estate
|
6,676
|
|
|
985
|
|
|
3,866
|
|
|
—
|
|
|
—
|
|
|
11,527
|
|
||||||
SBA
|
677
|
|
|
351
|
|
|
2,129
|
|
|
—
|
|
|
—
|
|
|
3,157
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
—
|
|
|
—
|
|
|
268
|
|
|
—
|
|
|
230,811
|
|
|
231,079
|
|
||||||
Other consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total PCI loans
|
7,457
|
|
|
1,336
|
|
|
7,293
|
|
|
—
|
|
|
230,811
|
|
|
246,897
|
|
||||||
Total
|
$
|
3,581,683
|
|
|
$
|
33,612
|
|
|
$
|
103,016
|
|
|
$
|
—
|
|
|
$
|
230,811
|
|
|
$
|
3,949,122
|
|
|
December 31, 2013
|
||||||||||||||||||||||
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Not-Rate
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
NTM loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
$
|
151,728
|
|
|
$
|
2,321
|
|
|
$
|
2,441
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
156,490
|
|
Green Loans (HELOC) - first liens
|
129,679
|
|
|
11,470
|
|
|
6,556
|
|
|
—
|
|
|
—
|
|
|
147,705
|
|
||||||
Green Loans (HELOC) - second liens
|
5,073
|
|
|
—
|
|
|
216
|
|
|
—
|
|
|
—
|
|
|
5,289
|
|
||||||
Other consumer
|
113
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
113
|
|
||||||
Total NTM loans
|
286,593
|
|
|
13,791
|
|
|
9,213
|
|
|
—
|
|
|
—
|
|
|
309,597
|
|
||||||
Traditional loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
280,527
|
|
|
1
|
|
|
3,215
|
|
|
—
|
|
|
—
|
|
|
283,743
|
|
||||||
Commercial real estate
|
510,117
|
|
|
—
|
|
|
4,752
|
|
|
—
|
|
|
—
|
|
|
514,869
|
|
||||||
Multi-family
|
139,608
|
|
|
—
|
|
|
1,972
|
|
|
—
|
|
|
—
|
|
|
141,580
|
|
||||||
SBA
|
23,714
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
23,740
|
|
||||||
Construction
|
24,933
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,933
|
|
||||||
Lease financing
|
31,949
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,949
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
640,701
|
|
|
6,350
|
|
|
20,475
|
|
|
—
|
|
|
—
|
|
|
667,526
|
|
||||||
Other consumer
|
108,745
|
|
|
108
|
|
|
33
|
|
|
2
|
|
|
—
|
|
|
108,888
|
|
||||||
Total traditional loans
|
1,760,294
|
|
|
6,459
|
|
|
30,473
|
|
|
2
|
|
|
—
|
|
|
1,797,228
|
|
||||||
PCI loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
—
|
|
|
969
|
|
|
3,059
|
|
|
—
|
|
|
—
|
|
|
4,028
|
|
||||||
Commercial real estate
|
10,148
|
|
|
—
|
|
|
4,866
|
|
|
—
|
|
|
—
|
|
|
15,014
|
|
||||||
SBA
|
844
|
|
|
605
|
|
|
2,239
|
|
|
—
|
|
|
—
|
|
|
3,688
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
—
|
|
|
—
|
|
|
287
|
|
|
—
|
|
|
314,533
|
|
|
314,820
|
|
||||||
Other consumer
|
—
|
|
|
—
|
|
|
1,736
|
|
|
—
|
|
|
—
|
|
|
1,736
|
|
||||||
Total PCI loans
|
10,992
|
|
|
1,574
|
|
|
12,187
|
|
|
—
|
|
|
314,533
|
|
|
339,286
|
|
||||||
Total
|
$
|
2,057,879
|
|
|
$
|
21,824
|
|
|
$
|
51,873
|
|
|
$
|
2
|
|
|
$
|
314,533
|
|
|
$
|
2,446,111
|
|
|
December 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
($ in thousands)
|
||||||||||||||||||
Loans past due over 90 days or more still on accrual
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Non-accrual loans and leases
|
38,381
|
|
|
31,648
|
|
|
22,993
|
|
|
19,254
|
|
|
38,830
|
|
|||||
Total non-performing loans and leases
|
38,381
|
|
|
31,648
|
|
|
22,993
|
|
|
19,254
|
|
|
38,830
|
|
|||||
Other real estate owned
|
423
|
|
|
—
|
|
|
4,527
|
|
|
14,692
|
|
|
6,562
|
|
|||||
Total non-performing loans and leases
|
$
|
38,804
|
|
|
$
|
31,648
|
|
|
$
|
27,520
|
|
|
$
|
33,946
|
|
|
$
|
45,392
|
|
Allowance for loan and lease losses (ALLL)
|
|
|
|
|
|
|
|
|
|
||||||||||
Balance at beginning of year
|
$
|
18,805
|
|
|
$
|
14,448
|
|
|
$
|
12,780
|
|
|
$
|
14,637
|
|
|
$
|
13,079
|
|
Charge-offs
|
(923
|
)
|
|
(3,013
|
)
|
|
(4,071
|
)
|
|
(7,512
|
)
|
|
(7,531
|
)
|
|||||
Recoveries
|
1,235
|
|
|
850
|
|
|
239
|
|
|
267
|
|
|
132
|
|
|||||
Transfer of loans to held-for-sale
|
(613
|
)
|
|
(1,443
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Provision for loan and lease losses
|
10,976
|
|
|
7,963
|
|
|
5,500
|
|
|
5,388
|
|
|
8,957
|
|
|||||
Balance at end of year
|
$
|
29,480
|
|
|
$
|
18,805
|
|
|
$
|
14,448
|
|
|
$
|
12,780
|
|
|
$
|
14,637
|
|
Non-performing loans and leases to total loans and leases
|
0.97
|
%
|
|
1.29
|
%
|
|
1.84
|
%
|
|
2.44
|
%
|
|
5.60
|
%
|
|||||
Non-performing assets to total assets
|
0.65
|
%
|
|
0.87
|
%
|
|
1.64
|
%
|
|
3.40
|
%
|
|
5.27
|
%
|
|||||
Non-performing loans and leases to ALLL
|
130.19
|
%
|
|
168.30
|
%
|
|
159.14
|
%
|
|
150.66
|
%
|
|
265.29
|
%
|
|||||
ALLL to non-performing loans and leases
|
76.81
|
%
|
|
59.42
|
%
|
|
62.84
|
%
|
|
66.38
|
%
|
|
37.70
|
%
|
|||||
ALLL to total loans and leases
|
0.75
|
%
|
|
0.77
|
%
|
|
1.16
|
%
|
|
1.62
|
%
|
|
2.11
|
%
|
|||||
Net charge-offs to total loans and leases
|
(0.01
|
)%
|
|
0.09
|
%
|
|
0.31
|
%
|
|
0.92
|
%
|
|
1.07
|
%
|
|
December 31,
|
|||||||||||||||||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
|||||||||||||||||||||||||
|
ALLL Amount
|
|
% of Loans to Total Loans
|
|
ALLL Amount
|
|
% of Loans to Total Loans
|
|
ALLL Amount
|
|
% of Loans to Total Loans
|
|
ALLL Amount
|
|
% of Loans to Total Loans
|
|
ALLL Amount
|
|
% of Loans to Total Loans
|
|||||||||||||||
|
($ in thousands)
|
|||||||||||||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial and industrial
|
$
|
6,910
|
|
|
12.4
|
%
|
|
$
|
1,822
|
|
|
11.8
|
%
|
|
$
|
263
|
|
|
6.4
|
%
|
|
$
|
128
|
|
|
1.1
|
%
|
|
$
|
50
|
|
|
1.0
|
%
|
Commercial real estate
|
3,840
|
|
|
25.3
|
%
|
|
5,484
|
|
|
21.7
|
%
|
|
3,178
|
|
|
27.1
|
%
|
|
2,234
|
|
|
16.0
|
%
|
|
1,399
|
|
|
8.9
|
%
|
|||||
Multi-family
|
7,179
|
|
|
24.2
|
%
|
|
2,566
|
|
|
5.8
|
%
|
|
1,478
|
|
|
9.2
|
%
|
|
1,541
|
|
|
11.1
|
%
|
|
2,389
|
|
|
4.8
|
%
|
|||||
SBA
|
335
|
|
|
0.9
|
%
|
|
235
|
|
|
1.1
|
%
|
|
118
|
|
|
2.9
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Construction
|
846
|
|
|
1.1
|
%
|
|
244
|
|
|
1.0
|
%
|
|
21
|
|
|
0.5
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Lease financing
|
873
|
|
|
2.2
|
%
|
|
428
|
|
|
1.3
|
%
|
|
261
|
|
|
0.9
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Single family residential mortgage
|
7,192
|
|
|
29.7
|
%
|
|
7,044
|
|
|
52.6
|
%
|
|
8,855
|
|
|
51.3
|
%
|
|
8,635
|
|
|
69.5
|
%
|
|
10,191
|
|
|
82.3
|
%
|
|||||
Other consumer
|
2,305
|
|
|
4.2
|
%
|
|
532
|
|
|
4.7
|
%
|
|
274
|
|
|
1.7
|
%
|
|
242
|
|
|
2.3
|
%
|
|
608
|
|
|
3.0
|
%
|
|||||
Unallocated
|
—
|
|
|
|
|
450
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
||||||||||
Total
|
$
|
29,480
|
|
|
100.0
|
%
|
|
$
|
18,805
|
|
|
100.0
|
%
|
|
$
|
14,448
|
|
|
100.0
|
%
|
|
$
|
12,780
|
|
|
100.0
|
%
|
|
$
|
14,637
|
|
|
100.0
|
%
|
|
December 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||
|
($ in thousands)
|
||||||||||||||||||
Loan breakdown by ALLL evaluation type:
|
|
|
|
|
|
|
|
|
|
||||||||||
Originated loans
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
$
|
29,287
|
|
|
$
|
16,704
|
|
|
$
|
28,859
|
|
|
$
|
27,538
|
|
|
$
|
49,915
|
|
Collectively evaluated for impairment
|
1,892,240
|
|
|
1,168,195
|
|
|
894,952
|
|
|
760,851
|
|
|
642,897
|
|
|||||
Acquired loans through business acquisitions - non-impaired
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
4,191
|
|
|
2,243
|
|
|
4,669
|
|
|
—
|
|
|
—
|
|
|||||
Collectively evaluated for impairment
|
1,411,927
|
|
|
469,916
|
|
|
219,771
|
|
|
—
|
|
|
—
|
|
|||||
Seasoned SFR mortgage loan pools - non-impaired
|
364,580
|
|
|
449,767
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Acquired with deteriorated credit quality
|
246,897
|
|
|
339,286
|
|
|
100,220
|
|
|
—
|
|
|
—
|
|
|||||
Total loans
|
$
|
3,949,122
|
|
|
$
|
2,446,111
|
|
|
$
|
1,248,471
|
|
|
$
|
788,389
|
|
|
$
|
692,812
|
|
ALLL breakdown:
|
|
|
|
|
|
|
|
|
|
||||||||||
Originated loans
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
$
|
1,288
|
|
|
$
|
96
|
|
|
$
|
1,187
|
|
|
$
|
3,714
|
|
|
$
|
4,363
|
|
Collectively evaluated for impairment
|
25,263
|
|
|
17,103
|
|
|
13,208
|
|
|
9,066
|
|
|
10,274
|
|
|||||
Acquired loans through business acquisitions - non-impaired
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
—
|
|
|
—
|
|
|
53
|
|
|
—
|
|
|
—
|
|
|||||
Collectively evaluated for impairment
|
2,906
|
|
|
1,410
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Seasoned SFR mortgage loan pools - non-impaired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Acquired with deteriorated credit quality
|
23
|
|
|
196
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Total ALLL
|
$
|
29,480
|
|
|
$
|
18,805
|
|
|
$
|
14,448
|
|
|
$
|
12,780
|
|
|
$
|
14,637
|
|
Discount on purchased/acquired Loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Acquired loans through business acquisitions - non-impaired
|
$
|
16,441
|
|
|
$
|
8,354
|
|
|
$
|
3,019
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Seasoned SFR mortgage loan pools - non-impaired
|
29,955
|
|
|
38,240
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Acquired with deteriorated credit quality
|
55,865
|
|
|
105,650
|
|
|
51,572
|
|
|
—
|
|
|
—
|
|
|||||
Total discount
|
$
|
102,261
|
|
|
$
|
152,244
|
|
|
$
|
54,591
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Ratios:
|
|
|
|
|
|
|
|
|
|
||||||||||
To originated loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
4.40
|
%
|
|
0.57
|
%
|
|
4.11
|
%
|
|
13.49
|
%
|
|
8.74
|
%
|
|||||
Collectively evaluated for impairment
|
1.34
|
%
|
|
1.46
|
%
|
|
1.48
|
%
|
|
1.19
|
%
|
|
1.60
|
%
|
|||||
Total ALLL
|
1.38
|
%
|
|
1.45
|
%
|
|
1.56
|
%
|
|
1.62
|
%
|
|
2.11
|
%
|
|||||
To originated and acquired non-impaired loans:
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
3.85
|
%
|
|
0.51
|
%
|
|
3.70
|
%
|
|
13.49
|
%
|
|
8.74
|
%
|
|||||
Collectively evaluated for impairment
|
0.85
|
%
|
|
1.13
|
%
|
|
1.18
|
%
|
|
1.19
|
%
|
|
1.60
|
%
|
|||||
Total ALLL
|
0.88
|
%
|
|
1.12
|
%
|
|
1.26
|
%
|
|
1.62
|
%
|
|
2.11
|
%
|
|||||
Total ALLL and discount
(1)
|
1.38
|
%
|
|
1.63
|
%
|
|
1.52
|
%
|
|
1.62
|
%
|
|
2.11
|
%
|
|||||
To total loans and leases:
|
|
|
|
|
|
|
|
|
|
||||||||||
Individually evaluated for impairment
|
3.85
|
%
|
|
0.51
|
%
|
|
3.70
|
%
|
|
13.49
|
%
|
|
8.74
|
%
|
|||||
Collectively evaluated for impairment
|
0.77
|
%
|
|
0.89
|
%
|
|
1.18
|
%
|
|
1.19
|
%
|
|
1.60
|
%
|
|||||
Total ALLL
|
0.75
|
%
|
|
0.77
|
%
|
|
1.16
|
%
|
|
1.62
|
%
|
|
2.11
|
%
|
|||||
Total ALLL and discount
(1)
|
3.34
|
%
|
|
6.99
|
%
|
|
5.53
|
%
|
|
1.62
|
%
|
|
2.11
|
%
|
|
December 31,
|
|
Change
|
|||||||||||
|
2014
|
|
2013
|
|
Amount
|
|
Percentage
|
|||||||
|
(In thousands)
|
|||||||||||||
Noninterest-bearing deposits
|
$
|
662,295
|
|
|
$
|
429,158
|
|
|
$
|
233,137
|
|
|
54.3
|
%
|
Interest-bearing demand deposits
|
1,054,828
|
|
|
539,098
|
|
|
515,730
|
|
|
95.7
|
%
|
|||
Money market accounts
|
1,074,432
|
|
|
518,696
|
|
|
555,736
|
|
|
107.1
|
%
|
|||
Savings accounts
|
985,646
|
|
|
963,536
|
|
|
22,110
|
|
|
2.3
|
%
|
|||
Certificates of deposit under $100,000
|
449,580
|
|
|
27,921
|
|
|
421,659
|
|
|
1,510.2
|
%
|
|||
Certificates of deposit of $100,000 or more
|
445,050
|
|
|
440,235
|
|
|
4,815
|
|
|
1.1
|
%
|
|||
Total deposits
|
$
|
4,671,831
|
|
|
$
|
2,918,644
|
|
|
$
|
1,753,187
|
|
|
60.1
|
%
|
|
Three Months
or Less
|
|
Over Three
Months
Through
Six Months
|
|
Over Six
Months
Through
Twelve
Months
|
|
Over
One Year
|
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Certificates of deposit under $100,000
|
$
|
270,896
|
|
|
$
|
85,446
|
|
|
$
|
37,361
|
|
|
$
|
55,877
|
|
|
$
|
449,580
|
|
Certificates of deposit of $100,000 or more
|
113,325
|
|
|
64,933
|
|
|
70,433
|
|
|
196,359
|
|
|
445,050
|
|
|||||
Total certificates of deposit
|
$
|
384,221
|
|
|
$
|
150,379
|
|
|
$
|
107,794
|
|
|
$
|
252,236
|
|
|
$
|
894,630
|
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019 and After
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Fixed rate
|
$
|
400,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
400,000
|
|
Variable rate
|
233,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
233,000
|
|
||||||
Total FHLB advances
|
$
|
633,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
633,000
|
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
($ in thousands)
|
||||||||||
Weighted-average interest rate at end of year
|
0.29
|
%
|
|
0.13
|
%
|
|
0.44
|
%
|
|||
Average interest rate during the year
|
0.20
|
%
|
|
0.36
|
%
|
|
0.64
|
%
|
|||
Average balance
|
$
|
267,816
|
|
|
$
|
74,712
|
|
|
$
|
54,030
|
|
Maximum amount outstanding at any month-end
|
$
|
633,000
|
|
|
$
|
250,000
|
|
|
$
|
100,000
|
|
Balance at end of the year
|
$
|
633,000
|
|
|
$
|
250,000
|
|
|
$
|
75,000
|
|
|
Year Ended December 31,
|
||||||||||
2014
|
|
2013
|
|
2012
|
|||||||
|
(In thousands)
|
||||||||||
Balance at beginning of year
|
$
|
5,427
|
|
|
$
|
3,485
|
|
|
$
|
—
|
|
Acquired in business combination
|
—
|
|
|
314
|
|
|
3,254
|
|
|||
Provision for loan repurchases
|
4,243
|
|
|
2,383
|
|
|
256
|
|
|||
Payments made for loss reimbursement on sold loans
|
(1,367
|
)
|
|
(755
|
)
|
|
(25
|
)
|
|||
Balance at end of year
|
$
|
8,303
|
|
|
$
|
5,427
|
|
|
$
|
3,485
|
|
|
Commitments and Contractual Obligations
|
||||||||||||||||||
|
Total
Amount
Committed
|
|
Less Than
One Year
|
|
More Than
One Year
Through
Three Years
|
|
More Than
Three Year
Through
Five Years
|
|
Over Five
Years
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Commitments to extend credit
|
$
|
170,335
|
|
|
$
|
125,387
|
|
|
$
|
21,656
|
|
|
$
|
8,935
|
|
|
$
|
14,357
|
|
Unused lines of credit
|
316,257
|
|
|
175,587
|
|
|
23,473
|
|
|
38,911
|
|
|
78,286
|
|
|||||
Standby letters of credit
|
11,236
|
|
|
8,133
|
|
|
1,500
|
|
|
750
|
|
|
853
|
|
|||||
Total commitments
|
$
|
497,828
|
|
|
$
|
309,107
|
|
|
$
|
46,629
|
|
|
$
|
48,596
|
|
|
$
|
93,496
|
|
FHLB advances
|
$
|
633,000
|
|
|
$
|
633,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-term debt
|
134,853
|
|
|
14,544
|
|
|
20,993
|
|
|
12,713
|
|
|
86,603
|
|
|||||
Operating and capital lease obligations
|
48,376
|
|
|
13,744
|
|
|
19,080
|
|
|
8,491
|
|
|
7,061
|
|
|||||
Certificates of deposit
|
894,630
|
|
|
642,394
|
|
|
198,905
|
|
|
52,580
|
|
|
751
|
|
|||||
Total contractual obligations
|
$
|
1,710,859
|
|
|
$
|
1,303,682
|
|
|
$
|
238,978
|
|
|
$
|
73,784
|
|
|
$
|
94,415
|
|
|
Amount
|
|
Ratio
|
|
Minimum
Capital
Requirement
|
|
Ratio
|
|
Minimum
Required
to Be Well
Capitalized Under
Prompt Corrective
Action Provisions
|
|
Ratio
|
|||||||||
|
($ in thousands)
|
|||||||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Banc of California, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total risk-based capital ratio
|
$
|
473,656
|
|
|
11.28
|
%
|
|
$
|
335,829
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Tier 1 risk-based capital ratio
|
442,307
|
|
|
10.54
|
%
|
|
167,914
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Tier 1 leverage ratio
|
442,307
|
|
|
8.57
|
%
|
|
206,502
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Banc of California, NA
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total risk-based capital ratio
|
$
|
503,727
|
|
|
12.04
|
%
|
|
$
|
334,834
|
|
|
8.00
|
%
|
|
$
|
418,543
|
|
|
10.00
|
%
|
Tier 1 risk-based capital ratio
|
472,378
|
|
|
11.29
|
%
|
|
167,417
|
|
|
4.00
|
%
|
|
251,126
|
|
|
6.00
|
%
|
|||
Tier 1 leverage ratio
|
472,378
|
|
|
9.17
|
%
|
|
206,095
|
|
|
4.00
|
%
|
|
257,619
|
|
|
5.00
|
%
|
|||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Banc of California, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total risk-based capital ratio
|
$
|
307,457
|
|
|
12.45
|
%
|
|
$
|
197,503
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Tier 1 risk-based capital ratio
|
281,786
|
|
|
11.41
|
%
|
|
98,752
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Tier 1 leverage ratio
|
281,786
|
|
|
8.02
|
%
|
|
140,463
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Banc of California, NA
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total risk-based capital ratio
|
$
|
360,634
|
|
|
14.65
|
%
|
|
$
|
196,998
|
|
|
8.00
|
%
|
|
$
|
246,247
|
|
|
10.00
|
%
|
Tier 1 risk-based capital ratio
|
334,963
|
|
|
13.60
|
%
|
|
98,499
|
|
|
4.00
|
%
|
|
147,748
|
|
|
6.00
|
%
|
|||
Tier 1 leverage ratio
|
334,963
|
|
|
9.58
|
%
|
|
139,874
|
|
|
4.00
|
%
|
|
174,842
|
|
|
5.00
|
%
|
•
|
Originating and purchasing adjustable-rate mortgage loans,
|
•
|
Originating shorter-term consumer loans,
|
•
|
Acquiring short duration securities for the investment portfolio,
|
•
|
Managing our deposits to establish stable deposit relationships,
|
•
|
Using FHLB advances and/or certain derivatives such as swaps to align maturities and repricing terms, and
|
•
|
Attempting to limit the percentage of fixed-rate loans in our portfolio.
|
|
December 31, 2014
|
||||||||||||||||||||
Change in
Interest Rates in
Basis Points (bp) (1)
|
Economic Value of Equity
|
|
Net Interest Income
|
||||||||||||||||||
Amount
|
|
Amount
Change
|
|
Percentage
Change
|
|
Amount
|
|
Amount
Change
|
|
Percentage
Change
|
|||||||||||
|
($ in thousands)
|
||||||||||||||||||||
+100 bp
|
$
|
681,021
|
|
|
$
|
(32,267
|
)
|
|
(4.5
|
)%
|
|
$
|
198,432
|
|
|
$
|
(3,353
|
)
|
|
(1.7
|
)%
|
0 bp
|
713,288
|
|
|
|
|
|
|
201,785
|
|
|
|
|
|
||||||||
-100 bp
|
726,223
|
|
|
12,935
|
|
|
1.8
|
%
|
|
200,835
|
|
|
(950
|
)
|
|
(0.5
|
)%
|
(1)
|
Assumes an instantaneous uniform change in interest rates at all maturities
|
|
|
|
|
|
|
CONSOLIDATED FINANCIAL STATEMENTS
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
/s/ Steven A. Sugarman
|
|
/s/ Ronald J. Nicolas, Jr.
|
Steven A. Sugarman
Chairman, President and
Chief Executive Officer
|
|
Ronald J. Nicolas, Jr.
Executive Vice President and
Chief Financial Officer
|
|
/s/ KPMG LLP
KPMG LLP
|
|
As of December 31,
|
||||||
|
2014
|
|
2013
|
||||
ASSETS
|
|
|
|
||||
Cash and due from banks
|
$
|
14,364
|
|
|
$
|
4,937
|
|
Interest-bearing deposits
|
216,835
|
|
|
105,181
|
|
||
Total cash and cash equivalents
|
231,199
|
|
|
110,118
|
|
||
Time deposits in financial institutions
|
1,900
|
|
|
1,846
|
|
||
Securities available for sale, carried at fair value
|
345,695
|
|
|
170,022
|
|
||
Loans held for sale, carried at fair value
|
278,749
|
|
|
192,613
|
|
||
Loans held for sale, carried at lower of cost or fair value
|
908,341
|
|
|
524,120
|
|
||
Loans and leases receivable, net of allowance of $29,480 and $18,805 at December 31, 2014 and 2013, respectively
|
3,919,642
|
|
|
2,427,306
|
|
||
Federal Home Loan Bank and other bank stock, at cost
|
42,241
|
|
|
22,600
|
|
||
Servicing rights, net ($13,135 and $13,535 measured at fair value at December 31, 2014 and 2013, respectively)
|
13,619
|
|
|
13,883
|
|
||
Servicing rights held for sale, carried at fair value
|
5,947
|
|
|
—
|
|
||
Accrued interest receivable
|
15,113
|
|
|
10,866
|
|
||
Other real estate owned, net
|
423
|
|
|
—
|
|
||
Premises, equipment, and capital leases, net
|
78,685
|
|
|
66,260
|
|
||
Bank-owned life insurance
|
19,095
|
|
|
18,881
|
|
||
Goodwill
|
31,591
|
|
|
30,143
|
|
||
Affordable housing fund investment
|
4,939
|
|
|
5,628
|
|
||
Deferred income tax
|
16,445
|
|
|
—
|
|
||
Income tax receivable
|
—
|
|
|
2,995
|
|
||
Other intangible assets, net
|
25,252
|
|
|
12,152
|
|
||
Other assets
|
32,695
|
|
|
18,590
|
|
||
Total Assets
|
$
|
5,971,571
|
|
|
$
|
3,628,023
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Noninterest-bearing deposits
|
$
|
662,295
|
|
|
$
|
429,158
|
|
Interest-bearing deposits
|
4,009,536
|
|
|
2,489,486
|
|
||
Total deposits
|
4,671,831
|
|
|
2,918,644
|
|
||
Advances from Federal Home Loan Bank
|
633,000
|
|
|
250,000
|
|
||
Notes payable, net
|
93,569
|
|
|
82,320
|
|
||
Reserve for loss on repurchased loans
|
8,303
|
|
|
5,427
|
|
||
Income taxes payable
|
56
|
|
|
—
|
|
||
Accrued expenses and other liabilities
|
61,223
|
|
|
46,763
|
|
||
Total liabilities
|
5,467,982
|
|
|
3,303,154
|
|
||
Commitments and contingent liabilities
|
|
|
|
||||
Preferred stock, $0.01 par value per share, 50,000,000 shares authorized:
|
|
|
|
||||
Series A, non-cumulative perpetual preferred stock, $1,000 per share liquidation preference, 32,000 shares authorized, 32,000 shares issued and outstanding at December 31, 2014 and 2013
|
31,934
|
|
|
31,934
|
|
||
Series B, non-cumulative perpetual preferred stock, $1,000 per share liquidation preference, 10,000 shares authorized, 10,000 shares issued and outstanding at December 31,2014 and 2013
|
10,000
|
|
|
10,000
|
|
||
Series C, 8.00% non-cumulative perpetual preferred stock, $1,000 per share liquidation preference, 40,250 shares authorized, 40,250 shares issued and outstanding at December 31, 2014 and 2013
|
37,943
|
|
|
37,943
|
|
||
Common stock, $0.01 par value per share, 446,863,844 shares authorized; 35,829,763 shares issued and 34,190,740 shares outstanding at December 31, 2014; 20,959,286 shares issued and 19,561,469 shares outstanding at December 31, 2013
|
358
|
|
|
210
|
|
||
Class B non-voting non-convertible Common stock, $0.01 par value per share, 3,136,156 shares authorized; 609,195 shares issued and outstanding at December 31, 2014 and 584,674 shares issued and outstanding at December 31, 2013
|
6
|
|
|
6
|
|
||
Additional paid-in capital
|
422,910
|
|
|
256,306
|
|
||
Retained earnings
|
29,863
|
|
|
16,981
|
|
||
Treasury stock, at cost (1,639,023 shares and 1,397,817 shares at December 31, 2014 and 2013, respectively)
|
(29,798
|
)
|
|
(27,911
|
)
|
||
Accumulated other comprehensive income (loss), net
|
373
|
|
|
(600
|
)
|
||
Total stockholders’ equity
|
503,589
|
|
|
324,869
|
|
||
Total liabilities and stockholders’ equity
|
$
|
5,971,571
|
|
|
$
|
3,628,023
|
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
Interest and dividend income
|
|
|
|
|
|
||||||
Loans, including fees
|
$
|
180,761
|
|
|
$
|
116,673
|
|
|
$
|
51,942
|
|
Securities
|
5,158
|
|
|
2,632
|
|
|
2,736
|
|
|||
Dividends and other interest-earning assets
|
2,220
|
|
|
1,206
|
|
|
353
|
|
|||
Total interest and dividend income
|
188,139
|
|
|
120,511
|
|
|
55,031
|
|
|||
Interest expense
|
|
|
|
|
|
||||||
Deposits
|
24,411
|
|
|
16,051
|
|
|
5,960
|
|
|||
Federal Home Loan Bank advances
|
527
|
|
|
269
|
|
|
348
|
|
|||
Notes payable and other interest-bearing liabilities
|
7,924
|
|
|
6,962
|
|
|
2,171
|
|
|||
Total interest expense
|
32,862
|
|
|
23,282
|
|
|
8,479
|
|
|||
Net interest income
|
155,277
|
|
|
97,229
|
|
|
46,552
|
|
|||
Provision for loan and lease losses
|
10,976
|
|
|
7,963
|
|
|
5,500
|
|
|||
Net interest income after provision for loan and lease losses
|
144,301
|
|
|
89,266
|
|
|
41,052
|
|
|||
Noninterest income
|
|
|
|
|
|
||||||
Customer service fees
|
1,490
|
|
|
1,942
|
|
|
1,883
|
|
|||
Loan servicing income
|
4,199
|
|
|
2,049
|
|
|
92
|
|
|||
Income from bank owned life insurance
|
224
|
|
|
177
|
|
|
253
|
|
|||
Net gain (loss) on sale of securities available for sale
|
1,183
|
|
|
331
|
|
|
(83
|
)
|
|||
Net gain on sale of loans
|
19,828
|
|
|
8,700
|
|
|
1,106
|
|
|||
Net revenue on mortgage banking activities
|
95,430
|
|
|
67,890
|
|
|
21,310
|
|
|||
Advisory service fees
|
12,904
|
|
|
377
|
|
|
—
|
|
|||
Loan brokerage income
|
8,674
|
|
|
1,356
|
|
|
1
|
|
|||
Gain on sale of branches
|
456
|
|
|
12,104
|
|
|
—
|
|
|||
Bargain purchase gain
|
—
|
|
|
—
|
|
|
11,627
|
|
|||
Other income
|
1,249
|
|
|
1,817
|
|
|
430
|
|
|||
Total noninterest income
|
145,637
|
|
|
96,743
|
|
|
36,619
|
|
|||
Noninterest expense
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
162,879
|
|
|
110,687
|
|
|
41,891
|
|
|||
Occupancy and equipment
|
33,443
|
|
|
19,662
|
|
|
7,902
|
|
|||
Professional fees
|
19,247
|
|
|
13,864
|
|
|
7,888
|
|
|||
Data processing
|
5,231
|
|
|
4,710
|
|
|
3,011
|
|
|||
Advertising
|
5,016
|
|
|
4,361
|
|
|
1,046
|
|
|||
Regulatory assessments
|
4,182
|
|
|
2,535
|
|
|
1,519
|
|
|||
Loan servicing and foreclosure expense
|
1,066
|
|
|
905
|
|
|
980
|
|
|||
Operating loss on equity investment
|
689
|
|
|
569
|
|
|
364
|
|
|||
Valuation allowance for other real estate owned
|
32
|
|
|
97
|
|
|
703
|
|
|||
Net gain on sales of other real estate owned
|
(66
|
)
|
|
(464
|
)
|
|
(464
|
)
|
|||
Provision for loan repurchases
|
2,808
|
|
|
2,383
|
|
|
256
|
|
|||
Amortization of intangible assets
|
4,079
|
|
|
2,651
|
|
|
696
|
|
|||
Impairment on intangible assets
|
48
|
|
|
1,061
|
|
|
—
|
|
|||
All other expense
|
25,507
|
|
|
15,649
|
|
|
5,768
|
|
|||
Total noninterest expense
|
264,161
|
|
|
178,670
|
|
|
71,560
|
|
|||
Income before income taxes
|
25,777
|
|
|
7,339
|
|
|
6,111
|
|
|||
Income tax (benefit) expense
|
(4,541
|
)
|
|
7,260
|
|
|
115
|
|
|||
Net income
|
30,318
|
|
|
79
|
|
|
5,996
|
|
|||
Preferred stock dividends
|
3,640
|
|
|
2,185
|
|
|
1,359
|
|
|||
Net income (loss) available to common stockholders
|
$
|
26,678
|
|
|
$
|
(2,106
|
)
|
|
$
|
4,637
|
|
Basic earnings (loss) per common share
|
$
|
0.91
|
|
|
$
|
(0.14
|
)
|
|
$
|
0.40
|
|
Diluted earnings (loss) per common share
|
$
|
0.91
|
|
|
$
|
(0.14
|
)
|
|
$
|
0.40
|
|
Basic earnings (loss) per class B common share
|
$
|
0.91
|
|
|
$
|
(0.14
|
)
|
|
$
|
0.40
|
|
Diluted earnings (loss) per class B common share
|
$
|
0.91
|
|
|
$
|
(0.14
|
)
|
|
$
|
0.40
|
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
Net income
|
$
|
30,318
|
|
|
$
|
79
|
|
|
$
|
5,996
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Unrealized gain (loss) on available-for-sale securities:
|
|
|
|
|
|
||||||
Unrealized gain (loss) arising during the period
|
2,020
|
|
|
(1,892
|
)
|
|
2,253
|
|
|||
Reclassification adjustment for gain included in net income
|
(685
|
)
|
|
(331
|
)
|
|
83
|
|
|||
Total change in unrealized loss (gain) on available-for-sale securities
|
1,335
|
|
|
(2,223
|
)
|
|
2,336
|
|
|||
Unrealized gain (loss) on cash flow hedge:
|
|
|
|
|
|
||||||
Unrealized gain (loss) arising during the period
|
(362
|
)
|
|
226
|
|
|
—
|
|
|||
Total change in unrealized gain (loss) on cash flow hedge
|
(362
|
)
|
|
226
|
|
|
—
|
|
|||
Total other comprehensive income (loss)
|
973
|
|
|
(1,997
|
)
|
|
2,336
|
|
|||
Comprehensive income (loss)
|
$
|
31,291
|
|
|
$
|
(1,918
|
)
|
|
$
|
8,332
|
|
|
Preferred Stock
|
|
Common Stock
|
|
Additional
Paid-
|
|
Retained
|
|
Treasury
|
|
Accumulated
Other
Comprehensive
|
|
|
||||||||||||||||||||||||||
|
Series A
|
|
Series B
|
|
Series C
|
|
Class A
|
|
Class B
|
|
in Capital
|
|
Earnings
|
|
Stock
|
|
Income (Loss)
|
|
Total
|
||||||||||||||||||||
Balance at December 31, 2011
|
$
|
31,934
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
117
|
|
|
$
|
11
|
|
|
$
|
150,786
|
|
|
$
|
27,623
|
|
|
$
|
(25,037
|
)
|
|
$
|
(939
|
)
|
|
$
|
184,495
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,996
|
|
|
—
|
|
|
—
|
|
|
5,996
|
|
||||||||||
Other comprehensive income, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,336
|
|
|
2,336
|
|
||||||||||
Forfeiture and retirement of shares of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
187
|
|
|
—
|
|
|
(216
|
)
|
|
—
|
|
|
(29
|
)
|
||||||||||
Stock option compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
495
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
495
|
|
||||||||||
Stock awards earned
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,180
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,180
|
|
||||||||||
Severance payment
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(129
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(129
|
)
|
||||||||||
Purchase of 42,895 shares of treasury stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(565
|
)
|
|
—
|
|
|
(565
|
)
|
||||||||||
Dividends declared ($0.48 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
1,052
|
|
|
(5,710
|
)
|
|
—
|
|
|
—
|
|
|
(4,655
|
)
|
||||||||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,359
|
)
|
|
—
|
|
|
—
|
|
|
(1,359
|
)
|
||||||||||
Tax loss of restricted share awards vesting
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(17
|
)
|
||||||||||
Warrants issued with Beach Business Bank purchase
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,009
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,009
|
|
||||||||||
Balance at December 31, 2012
|
$
|
31,934
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
120
|
|
|
$
|
11
|
|
|
$
|
154,563
|
|
|
$
|
26,550
|
|
|
$
|
(25,818
|
)
|
|
$
|
1,397
|
|
|
$
|
188,757
|
|
Comprehensive income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
79
|
|
|
—
|
|
|
—
|
|
|
79
|
|
||||||||||
Other comprehensive loss, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,997
|
)
|
|
(1,997
|
)
|
||||||||||
Issuance of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
90
|
|
|
(5
|
)
|
|
99,261
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
99,346
|
|
||||||||||
Issuance of preferred stock
|
—
|
|
|
—
|
|
|
37,943
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
37,943
|
|
||||||||||
Preferred stock assumed through business acquisition
|
—
|
|
|
10,000
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,000
|
|
|||||||||||
Stock options converted through business acquisition
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
||||||||||
Exercise of stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
540
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
540
|
|
||||||||||
Forfeiture and retirement of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
311
|
|
|
—
|
|
|
(270
|
)
|
|
—
|
|
|
41
|
|
||||||||||
Purchase of 377,517 shares of treasury stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,046
|
)
|
|
—
|
|
|
(5,046
|
)
|
||||||||||
Issuance of stock awards from treasury stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,223
|
)
|
|
—
|
|
|
3,223
|
|
|
—
|
|
|
—
|
|
||||||||||
Shares purchased under the Dividend Reinvestment Plan
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
519
|
|
|
(727
|
)
|
|
—
|
|
|
—
|
|
|
(208
|
)
|
||||||||||
Stock option compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
582
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
582
|
|
||||||||||
Restricted stock compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,311
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,311
|
|
||||||||||
Conversion of stock appreciation rights to stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,433
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,433
|
|
||||||||||
Dividends declared ($0.48 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(6,736
|
)
|
|
—
|
|
|
—
|
|
|
(6,736
|
)
|
||||||||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,185
|
)
|
|
—
|
|
|
—
|
|
|
(2,185
|
)
|
||||||||||
Balance at December 31, 2013
|
$
|
31,934
|
|
|
$
|
10,000
|
|
|
$
|
37,943
|
|
|
$
|
210
|
|
|
$
|
6
|
|
|
$
|
256,306
|
|
|
$
|
16,981
|
|
|
$
|
(27,911
|
)
|
|
$
|
(600
|
)
|
|
$
|
324,869
|
|
Comprehensive income:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30,318
|
|
|
—
|
|
|
—
|
|
|
30,318
|
|
||||||||||
Other comprehensive income, net
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
973
|
|
|
973
|
|
||||||||||
Issuance of common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
148
|
|
|
—
|
|
|
104,508
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
104,656
|
|
||||||||||
Issuance of tangible equity units
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,182
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
51,182
|
|
Purchase of 23,502 shares of treasury stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(280
|
)
|
|
—
|
|
|
(280
|
)
|
||||||||||
Reclassification adjustment for awards issued from treasury stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,926
|
|
|
—
|
|
|
(1,926
|
)
|
|
—
|
|
|
—
|
|
||||||||||
Exercise of stock options
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
993
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
993
|
|
||||||||||
Stock option compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
480
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
480
|
|
||||||||||
Restricted stock compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,838
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,838
|
|
||||||||||
Stock appreciation right expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,889
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,889
|
|
||||||||||
Issuance of stock awards from treasury stock
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(319
|
)
|
|
—
|
|
|
319
|
|
|
—
|
|
|
—
|
|
||||||||||
Tax effect from stock compensation plan
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
85
|
|
||||||||||
Shares purchased under the Dividend Reinvestment Plan
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
624
|
|
|
(848
|
)
|
|
—
|
|
|
—
|
|
|
(224
|
)
|
||||||||||
Restricted stock surrendered due to employee tax liability
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(602
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(602
|
)
|
||||||||||
Stock appreciation right dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(543
|
)
|
|
—
|
|
|
—
|
|
|
(543
|
)
|
||||||||||
Dividends declared ($0.48 per common share)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(12,405
|
)
|
|
—
|
|
|
—
|
|
|
(12,405
|
)
|
||||||||||
Preferred stock dividends
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,640
|
)
|
|
—
|
|
|
—
|
|
|
(3,640
|
)
|
||||||||||
Balance at December 31, 2014
|
$
|
31,934
|
|
|
$
|
10,000
|
|
|
$
|
37,943
|
|
|
$
|
358
|
|
|
$
|
6
|
|
|
$
|
422,910
|
|
|
$
|
29,863
|
|
|
$
|
(29,798
|
)
|
|
$
|
373
|
|
|
$
|
503,589
|
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
30,318
|
|
|
$
|
79
|
|
|
$
|
5,996
|
|
Adjustments to reconcile net income to net cash used in operating activities
|
|
|
|
|
|
||||||
Provision for loan and lease losses
|
10,976
|
|
|
7,963
|
|
|
5,500
|
|
|||
Provision for loan repurchases
|
2,808
|
|
|
2,383
|
|
|
256
|
|
|||
Net revenue on mortgage banking activities
|
(95,430
|
)
|
|
(67,890
|
)
|
|
(21,310
|
)
|
|||
Net gain on sale of loans
|
(19,828
|
)
|
|
(8,700
|
)
|
|
(1,106
|
)
|
|||
Net amortization of securities
|
746
|
|
|
1,742
|
|
|
1,430
|
|
|||
Depreciation on premises and equipment
|
6,834
|
|
|
4,283
|
|
|
1,714
|
|
|||
Amortization of intangibles
|
4,079
|
|
|
2,651
|
|
|
696
|
|
|||
Amortization of debt issuance cost
|
686
|
|
|
385
|
|
|
135
|
|
|||
Stock option compensation expense
|
480
|
|
|
582
|
|
|
495
|
|
|||
Stock award compensation expense
|
5,838
|
|
|
2,311
|
|
|
1,188
|
|
|||
Change in fair value of converted stock options related to business acquisition
|
—
|
|
|
9
|
|
|
—
|
|
|||
Stock appreciation right expense
|
1,889
|
|
|
1,072
|
|
|
—
|
|
|||
Bank owned life insurance income
|
(224
|
)
|
|
(177
|
)
|
|
(253
|
)
|
|||
Operating loss on equity investment
|
689
|
|
|
569
|
|
|
364
|
|
|||
Impairment on intangible assets
|
48
|
|
|
1,061
|
|
|
—
|
|
|||
Net (gain) loss on sale of securities available for sale
|
(1,183
|
)
|
|
(331
|
)
|
|
83
|
|
|||
Gain on sale of mortgage servicing rights
|
(2,318
|
)
|
|
—
|
|
|
—
|
|
|||
Gain on sale of other real estate owned
|
(66
|
)
|
|
(464
|
)
|
|
(464
|
)
|
|||
Gain on sale of branches
|
(456
|
)
|
|
(12,104
|
)
|
|
—
|
|
|||
Bargain purchase gain
|
—
|
|
|
—
|
|
|
(11,627
|
)
|
|||
Loss (gain) on sale or disposal of property and equipment
|
942
|
|
|
—
|
|
|
(412
|
)
|
|||
Loss (gain) from change of fair value on mortgage servicing rights
|
1,564
|
|
|
(298
|
)
|
|
238
|
|
|||
Deferred income tax (benefit) expense
|
(17,229
|
)
|
|
7,573
|
|
|
100
|
|
|||
Increase in valuation allowances on other real estate owned
|
32
|
|
|
97
|
|
|
703
|
|
|||
Repurchase of mortgage loans
|
(3,343
|
)
|
|
—
|
|
|
—
|
|
|||
Originations of loans held for sale from mortgage banking
|
(2,822,406
|
)
|
|
(1,942,622
|
)
|
|
(515,327
|
)
|
|||
Originations of other loans held for sale
|
(1,439,700
|
)
|
|
(441,969
|
)
|
|
—
|
|
|||
Proceeds from sales of and principal collected on loans held for sale from mortgage banking
|
2,838,771
|
|
|
1,916,746
|
|
|
495,796
|
|
|||
Proceeds from sales of and principal collected on other loans held for sale
|
923,494
|
|
|
107,222
|
|
|
—
|
|
|||
Change in deferred loan (costs) fees
|
(1,296
|
)
|
|
(248
|
)
|
|
662
|
|
|||
Amortization of premiums and discounts on purchased loans
|
(34,776
|
)
|
|
(20,304
|
)
|
|
(2,218
|
)
|
|||
Change in accrued interest receivable
|
(4,247
|
)
|
|
(5,865
|
)
|
|
(322
|
)
|
|||
Change in other assets
|
(6,605
|
)
|
|
3,408
|
|
|
4,372
|
|
|||
Change in accrued interest payable and other liabilities
|
(8,603
|
)
|
|
5,347
|
|
|
346
|
|
|||
Net cash used in operating activities
|
(627,516
|
)
|
|
(435,489
|
)
|
|
(32,965
|
)
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Proceeds from sales of securities available-for-sale
|
111,764
|
|
|
127,298
|
|
|
11,940
|
|
|||
Proceeds from maturities and calls of securities available-for-sale
|
1,231
|
|
|
12,606
|
|
|
52,287
|
|
|||
Proceeds from principal repayments of securities available-for-sale
|
41,142
|
|
|
98,287
|
|
|
—
|
|
|||
Purchases of securities available-for-sale
|
(327,069
|
)
|
|
(71,129
|
)
|
|
(77,697
|
)
|
|||
Net cash (used) acquired in acquisitions
|
(23,409
|
)
|
|
5,644
|
|
|
43,671
|
|
|||
Net cash used in branch sale
|
—
|
|
|
(448,891
|
)
|
|
—
|
|
|||
Loan originations and principal collections, net
|
(376,771
|
)
|
|
(385,272
|
)
|
|
(159,105
|
)
|
|||
Purchase of loans
|
(38,572
|
)
|
|
(857,733
|
)
|
|
(96,917
|
)
|
|||
Redemption of Federal Home Loan Bank stocks
|
559
|
|
|
25
|
|
|
702
|
|
|||
Purchase of Federal Home Loan Bank and other bank stocks
|
(20,200
|
)
|
|
(13,783
|
)
|
|
—
|
|
|||
Proceeds from sale of loans held for investment
|
161,638
|
|
|
276,516
|
|
|
79,307
|
|
|||
Net change in time deposits in financial institutions
|
(54
|
)
|
|
3,181
|
|
|
—
|
|
|||
Proceeds from sale of other real estate owned
|
264
|
|
|
5,123
|
|
|
13,789
|
|
|||
Proceeds from sale of mortgage servicing rights
|
18,808
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from sale of premises and equipment
|
79
|
|
|
—
|
|
|
1,324
|
|
|||
Additions to premises and equipment
|
(11,663
|
)
|
|
(54,965
|
)
|
|
(6,151
|
)
|
|||
Funding of equity investment
|
—
|
|
|
—
|
|
|
(624
|
)
|
|||
Purchase of interest bearing deposits
|
—
|
|
|
—
|
|
|
(353
|
)
|
|||
Payments of capital lease obligations
|
(901
|
)
|
|
(389
|
)
|
|
(54
|
)
|
|||
Net cash used in investing activities
|
(463,154
|
)
|
|
(1,303,482
|
)
|
|
(137,881
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Net increase in deposits
|
676,372
|
|
|
1,514,930
|
|
|
105,692
|
|
|||
Net increase in Federal Home Loan Bank advances
|
383,000
|
|
|
133,167
|
|
|
55,000
|
|
|||
Net proceeds from issuance of common stock
|
103,656
|
|
|
67,792
|
|
|
—
|
|
|||
Net proceeds from issuance of preferred stock
|
—
|
|
|
37,943
|
|
|
(7
|
)
|
|||
Net proceeds from issuance of long term debt
|
—
|
|
|
—
|
|
|
80,283
|
|
|||
Net proceeds from other borrowings
|
—
|
|
|
—
|
|
|
642
|
|
|||
Net proceeds from issuance of tangible equity units
|
64,959
|
|
|
—
|
|
|
—
|
|
|||
Payment of Amortizing Debt
|
(2,157
|
)
|
|
—
|
|
|
—
|
|
|||
Purchase of treasury stock
|
(280
|
)
|
|
(5,005
|
)
|
|
(565
|
)
|
|||
Proceeds from exercise of stock options
|
993
|
|
|
540
|
|
|
—
|
|
|||
Tax expense from restricted stock vesting
|
—
|
|
|
—
|
|
|
(17
|
)
|
|||
Dividends paid on stock appreciation rights
|
(471
|
)
|
|
—
|
|
|
—
|
|
|||
Dividends paid on preferred stock
|
(3,652
|
)
|
|
(2,185
|
)
|
|
(1,359
|
)
|
|||
Dividends paid on common stock
|
(10,669
|
)
|
|
(6,736
|
)
|
|
(4,655
|
)
|
|||
Net cash provided by financing activities
|
1,211,751
|
|
|
1,740,446
|
|
|
235,014
|
|
|||
Net change in cash and cash equivalents
|
121,081
|
|
|
1,475
|
|
|
64,168
|
|
|||
Cash and cash equivalents at beginning of year
|
110,118
|
|
|
108,643
|
|
|
44,475
|
|
|||
Cash and cash equivalents at end of year
|
$
|
231,199
|
|
|
$
|
110,118
|
|
|
$
|
108,643
|
|
Supplemental cash flow information
|
|
|
|
|
|
||||||
Interest paid on deposits and borrowed funds
|
$
|
32,592
|
|
|
$
|
23,277
|
|
|
$
|
7,606
|
|
Income taxes paid
|
9,855
|
|
|
—
|
|
|
—
|
|
|||
Income taxes refunds received
|
263
|
|
|
—
|
|
|
—
|
|
|||
Supplemental disclosure of noncash activities
|
|
|
|
|
|
||||||
Transfer from loans to other real estate owned, net
|
653
|
|
|
—
|
|
|
3,863
|
|
|||
Transfer of loans receivable to loans held for sale, net of transfer of $613, $1,443 and $0 from allowance for loan and lease losses for the years ended December 31, 2014, 2013 and 2012, respectively
|
66,334
|
|
|
181,360
|
|
|
—
|
|
|||
Transfer of loans held for sale to loans receivable
|
117,116
|
|
|
—
|
|
|
—
|
|
|||
Equipment acquired under capital leases
|
1,313
|
|
|
2,675
|
|
|
532
|
|
|||
Conversion of stock appreciation rights to stock options
|
—
|
|
|
1,433
|
|
|
—
|
|
•
|
Expand the look-back period to
28
rolling quarters to capture a full economic cycle.
|
•
|
Utilize net historical losses versus gross historical losses.
|
•
|
Expand the peer group used to determine industry average loss history to include
three
industry groups; 1) all U.S. financial and bank holding companies, 2) all California financial and bank holding companies, 3) the peer group average from the Uniform Bank Performance Report.
|
•
|
Apply a segment specific loss emergence period to each segment's loss rate.
|
•
|
Determine qualitative reserves is at each loan segment level based on a baseline risk weighting adjusted for current risks, trends and business conditions.
|
•
|
Disaggregate certain qualitative factors to be determined on the portfolio segment level.
|
|
|
|
Acquisition and Date Acquired
|
||||||||||||||||||||||||
|
Banco Popular Branches
|
|
Renovation
Ready
|
|
CS Financial
|
|
The Palisades
Group
|
|
Private Bank
of California
|
|
Gateway Bancorp
|
|
Beach Business Bank
|
||||||||||||||
|
November 8, 2014
|
|
January 31,
2014
|
|
October 31,
2013
|
|
September 10,
2013
|
|
July 1,
2013
|
|
August 18, 2012
|
|
July 1,
2012
|
||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||
Assets acquired
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cash and due from banks
|
$
|
5,532
|
|
|
$
|
—
|
|
|
$
|
482
|
|
|
$
|
900
|
|
|
$
|
33,752
|
|
|
$
|
1,783
|
|
|
$
|
5,867
|
|
Interest-bearing deposits
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
4,674
|
|
|||||||
Federal funds sold
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
35,090
|
|
|
55,478
|
|
|||||||
Securities available for sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
219,298
|
|
|
76
|
|
|
5,661
|
|
|||||||
Loans held for sale
|
—
|
|
|
—
|
|
|
4,982
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Loans and leases receivable
|
1,072,449
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
385,256
|
|
|
131,322
|
|
|
229,722
|
|
|||||||
Federal Home Loan Bank and other bank stock, at cost
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
940
|
|
|
1,554
|
|
|||||||
Servicing rights
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,636
|
|
|
—
|
|
|||||||
Premises, equipment, and capital leases
|
9,002
|
|
|
—
|
|
|
704
|
|
|
—
|
|
|
1,501
|
|
|
741
|
|
|
709
|
|
|||||||
Income tax receivable
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
682
|
|
|
—
|
|
|
—
|
|
|||||||
Goodwill
|
—
|
|
|
2,239
|
|
|
7,178
|
|
|
—
|
|
|
15,126
|
|
|
—
|
|
|
7,048
|
|
|||||||
Other intangible assets
|
15,777
|
|
|
761
|
|
|
690
|
|
|
—
|
|
|
10,400
|
|
|
1,675
|
|
|
4,495
|
|
|||||||
Other assets
|
2,301
|
|
|
—
|
|
|
608
|
|
|
364
|
|
|
6,578
|
|
|
4,702
|
|
|
3,831
|
|
|||||||
Total assets acquired
|
$
|
1,105,061
|
|
|
$
|
3,000
|
|
|
$
|
14,644
|
|
|
$
|
1,269
|
|
|
$
|
672,593
|
|
|
$
|
177,965
|
|
|
$
|
319,039
|
|
Liabilities assumed
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Deposits
|
$
|
1,076,614
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
561,890
|
|
|
$
|
142,995
|
|
|
$
|
271,320
|
|
Advances from Federal Home Loan Bank
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
41,833
|
|
|
—
|
|
|
—
|
|
|||||||
Other liabilities
|
506
|
|
|
1,000
|
|
|
6,722
|
|
|
1,219
|
|
|
2,481
|
|
|
7,940
|
|
|
7,565
|
|
|||||||
Total liabilities assumed
|
1,077,120
|
|
|
1,000
|
|
|
6,722
|
|
|
1,219
|
|
|
606,204
|
|
|
150,935
|
|
|
278,885
|
|
|||||||
SBLF preferred stock assumed
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,000
|
|
|
—
|
|
|
—
|
|
|||||||
Total consideration paid
|
$
|
27,941
|
|
|
$
|
2,000
|
|
|
$
|
7,922
|
|
|
$
|
50
|
|
|
$
|
56,389
|
|
|
$
|
15,403
|
|
|
$
|
40,154
|
|
Summary of consideration
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Cash paid
|
$
|
27,941
|
|
|
$
|
1,000
|
|
|
$
|
1,500
|
|
|
$
|
50
|
|
|
$
|
28,077
|
|
|
$
|
15,403
|
|
|
$
|
39,145
|
|
Common stock issued
|
—
|
|
|
1,000
|
|
|
1,964
|
|
|
—
|
|
|
28,282
|
|
|
—
|
|
|
—
|
|
|||||||
Replacement awards
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
30
|
|
|
—
|
|
|
—
|
|
|||||||
Stock warrants issued
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,009
|
|
|||||||
Noninterest-bearing note
|
—
|
|
|
—
|
|
|
3,150
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Performance based equity
|
—
|
|
|
—
|
|
|
1,308
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Earn-out liabilities
|
—
|
|
|
1,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
November 8, 2014
|
||||||
|
(In thousands)
|
||||||
Total Consideration
|
|
|
$
|
27,941
|
|
||
Net assets pre-acquisition
|
|
|
24,027
|
|
|||
Fair value adjustments
|
|
|
|
||||
Loans receivable
|
$
|
(12,165
|
)
|
|
|
||
Core Deposit Intangibles
|
15,777
|
|
|
|
|||
Certificates of deposit purchase premium
|
(916
|
)
|
|
|
|||
Premises and equipment
|
1,218
|
|
|
|
|||
Total fair value adjustments
|
|
|
3,914
|
|
|||
Fair value of net assets acquired
|
|
|
27,941
|
|
|||
Net fair value in excess of consideration
|
|
|
$
|
—
|
|
|
Year Ended December 31,
|
||||||
|
2013
|
|
2012
|
||||
|
(In thousands, except per share data)
|
||||||
Net interest income
|
$
|
107,607
|
|
|
$
|
67,249
|
|
Provision for loan and lease losses
|
8,822
|
|
|
7,013
|
|
||
Noninterest income
|
118,459
|
|
|
64,701
|
|
||
Noninterest expense
|
208,082
|
|
|
113,091
|
|
||
Income before income taxes
|
9,162
|
|
|
11,846
|
|
||
Income tax expense
|
8,252
|
|
|
2,522
|
|
||
Net income
|
910
|
|
|
9,324
|
|
||
Preferred stock dividends
|
2,185
|
|
|
1,359
|
|
||
Net income (loss) available to common stockholders
|
$
|
(1,275
|
)
|
|
$
|
7,965
|
|
Basic earnings (loss) per total common share
|
$
|
(0.08
|
)
|
|
$
|
0.56
|
|
Diluted earnings (loss) per total common share
|
$
|
(0.08
|
)
|
|
$
|
0.56
|
|
|
Year Ended December 31,
|
||||||
|
2012
|
|
2011
|
||||
|
(In thousands, except per share data)
|
||||||
Net interest income
|
$
|
57,921
|
|
|
$
|
49,534
|
|
Provision for loan and lease losses
|
6,350
|
|
|
6,062
|
|
||
Noninterest income
|
54,918
|
|
|
34,465
|
|
||
Noninterest expense
|
106,260
|
|
|
83,043
|
|
||
Income before income taxes
|
229
|
|
|
(5,106
|
)
|
||
Income tax expense
|
2,529
|
|
|
(1,172
|
)
|
||
Net income
|
(2,300
|
)
|
|
(3,934
|
)
|
||
Preferred stock dividends
|
1,359
|
|
|
534
|
|
||
Net income (loss) available to common stockholders
|
$
|
(3,659
|
)
|
|
$
|
(4,468
|
)
|
Basic earnings (loss) per total common share
|
$
|
(0.33
|
)
|
|
$
|
(0.45
|
)
|
Diluted earnings (loss) per total common share
|
$
|
(0.33
|
)
|
|
$
|
(0.45
|
)
|
•
|
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 observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
|
•
|
Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
|
|
|
|
Fair Value Measurement Level
|
||||||||||||
|
Carrying
Value
|
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
|
(In thousands)
|
||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
||||||||
SBA loan pools securities
|
$
|
1,715
|
|
|
$
|
—
|
|
|
$
|
1,715
|
|
|
$
|
—
|
|
U.S. government-sponsored entities and agency securities
|
1,982
|
|
|
—
|
|
|
1,982
|
|
|
—
|
|
||||
Private label residential mortgage-backed securities
|
3,168
|
|
|
—
|
|
|
3,168
|
|
|
—
|
|
||||
Agency mortgage-backed securities
|
338,830
|
|
|
—
|
|
|
338,830
|
|
|
—
|
|
||||
Loans held for sale, carried at fair value
|
278,749
|
|
|
—
|
|
|
278,749
|
|
|
—
|
|
||||
Derivative assets
(1)
|
6,379
|
|
|
—
|
|
|
6,379
|
|
|
—
|
|
||||
Mortgage servicing rights
(2)
|
19,082
|
|
|
—
|
|
|
—
|
|
|
19,082
|
|
||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative liabilities
(3)
|
3,235
|
|
|
—
|
|
|
3,235
|
|
|
—
|
|
||||
December 31, 2013
|
|
|
|
|
|
|
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Available-for-sale securities:
|
|
|
|
|
|
|
|
||||||||
SBA loan pools securities
|
$
|
1,736
|
|
|
$
|
—
|
|
|
$
|
1,736
|
|
|
$
|
—
|
|
U.S. government-sponsored entities and agency securities
|
1,920
|
|
|
—
|
|
|
1,920
|
|
|
—
|
|
||||
Private label residential mortgage-backed securities
|
14,752
|
|
|
—
|
|
|
14,752
|
|
|
—
|
|
||||
Agency mortgage-backed securities
|
151,614
|
|
|
—
|
|
|
151,614
|
|
|
—
|
|
||||
Loans held for sale, carried at fair value
|
192,613
|
|
|
—
|
|
|
192,613
|
|
|
—
|
|
||||
Derivative assets
(1)
|
5,493
|
|
|
—
|
|
|
5,493
|
|
|
—
|
|
||||
Mortgage servicing rights
(2)
|
13,535
|
|
|
—
|
|
|
—
|
|
|
13,535
|
|
||||
Liabilities
|
|
|
|
|
|
|
|
||||||||
Derivative liabilities
(3)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
(1)
|
Included in Other Assets on the Consolidated Statements of Financial Condition
|
(2)
|
Included in Servicing Rights, Net and Servicing Rights Held For Sale on the Consolidated Statements of Financial Condition
|
(3)
|
Included in Accrued Expenses and Other Liabilities on the Consolidated Statements of Financial Condition
|
|
Private
Label
Residential
Mortgage
Backed
Securities
|
|
Mortgage
Servicing
Rights
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
Balance at December 31, 2011
|
$
|
76,203
|
|
|
$
|
—
|
|
|
$
|
76,203
|
|
Transfers out of Level 3
(1)
|
(56,767
|
)
|
|
—
|
|
|
(56,767
|
)
|
|||
Total gains or losses (realized/unrealized):
|
|
|
|
|
|
||||||
Included in earnings-realized
|
(83
|
)
|
|
—
|
|
|
(83
|
)
|
|||
Included in earnings-fair value adjustment
|
—
|
|
|
(42
|
)
|
|
(42
|
)
|
|||
Included in other comprehensive income
|
(2,173
|
)
|
|
—
|
|
|
(2,173
|
)
|
|||
Amortization of premium (discount)
|
(196
|
)
|
|
—
|
|
|
(196
|
)
|
|||
Additions
|
—
|
|
|
1,975
|
|
|
1,975
|
|
|||
Sales and settlements
|
(14,770
|
)
|
|
(194
|
)
|
|
(14,964
|
)
|
|||
Balance at December 31, 2012
|
$
|
2,214
|
|
|
$
|
1,739
|
|
|
$
|
3,953
|
|
Transfers out of Level 3
(1)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total gains or losses (realized/unrealized):
|
|
|
|
|
|
||||||
Included in earnings-realized
|
—
|
|
|
—
|
|
|
—
|
|
|||
Included in earnings-fair value adjustment
|
—
|
|
|
1,360
|
|
|
1,360
|
|
|||
Included in other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|||
Amortization of premium (discount)
|
—
|
|
|
—
|
|
|
—
|
|
|||
Additions
|
—
|
|
|
11,463
|
|
|
11,463
|
|
|||
Sales and settlements
|
(2,214
|
)
|
|
(1,027
|
)
|
|
(3,241
|
)
|
|||
Balance at December 31, 2013
|
$
|
—
|
|
|
$
|
13,535
|
|
|
$
|
13,535
|
|
Transfers out of Level 3
(1)
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Total gains or losses (realized/unrealized):
|
|
|
|
|
|
||||||
Included in earnings-realized
|
—
|
|
|
—
|
|
|
—
|
|
|||
Included in earnings-fair value adjustment
|
—
|
|
|
(233
|
)
|
|
(233
|
)
|
|||
Included in other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|||
Amortization of premium (discount)
|
—
|
|
|
—
|
|
|
—
|
|
|||
Additions
|
—
|
|
|
26,399
|
|
|
26,399
|
|
|||
Sales and settlements
|
—
|
|
|
(20,619
|
)
|
|
(20,619
|
)
|
|||
Balance at December 31, 2014
|
$
|
—
|
|
|
$
|
19,082
|
|
|
$
|
19,082
|
|
(1)
|
The Company’s policy is to recognize transfers in and transfers out as of the actual date of the event or change in circumstances that cause the transfer.
|
|
Fair Value
(In thousands)
|
|
Valuation Technique(s)
|
|
Unobservable Input(s)
|
|
Range (Weighted Average)
|
||
December 31, 2014
|
|
|
|
|
|
|
|
||
Mortgage servicing rights
|
$
|
13,135
|
|
|
Discounted cash flow
|
|
Discount rate
|
|
9.00% to 19.50% (10.09%)
|
|
|
|
|
|
Prepayment rate
|
|
4.59% to 31.02% (13.22%)
|
||
December 31, 2013
|
|
|
|
|
|
|
|
||
Mortgage servicing rights
|
$
|
13,535
|
|
|
Discounted cash flow
|
|
Discount rate
|
|
10.00% to 17.94% (10.26%)
|
|
|
|
|
|
Prepayment rate
|
|
4.19% to 34.54% (9.85%)
|
||
December 31, 2012
|
|
|
|
|
|
|
|
||
Mortgage servicing rights
|
$
|
1,739
|
|
|
Discounted cash flow
|
|
Discount rate
|
|
10.5% to 11.5% (10.5%)
|
|
|
|
|
|
Prepayment rate
|
|
4.3% to 35.3% (13.8%)
|
||
Private label residential
|
$
|
2,214
|
|
|
Discounted cash flow
|
|
Voluntary prepayment rate
|
|
3.15% to 8.00% (5.80%)
|
mortgage-backed securities
|
|
|
|
|
Collateral default rate
|
|
8.46% to 8.56% (8.5%)
|
||
|
|
|
|
|
Loss severity at default
|
|
55%
|
|
|
|
Fair Value Measurement Level
|
||||||||||||
|
Carrying
Value |
|
Quoted Prices
in Active Markets for Identical Assets (Level 1) |
|
Significant
Other Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
||||||||
|
(In thousands)
|
||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Impaired loans:
|
|
|
|
|
|
|
|
||||||||
Single family residential mortgage
|
$
|
6,206
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6,206
|
|
Commercial and industrial
|
4,313
|
|
|
—
|
|
|
—
|
|
|
4,313
|
|
||||
SBA servicing assets
|
484
|
|
|
—
|
|
|
—
|
|
|
484
|
|
||||
Other real estate owned:
|
|
|
|
|
|
|
|
||||||||
Single family residential
|
423
|
|
|
—
|
|
|
—
|
|
|
423
|
|
||||
December 31, 2013
|
|
|
|
|
|
|
|
||||||||
Assets
|
|
|
|
|
|
|
|
||||||||
Impaired loans:
|
|
|
|
|
|
|
|
||||||||
Single family residential mortgage
|
$
|
12,814
|
|
|
$
|
—
|
|
|
$
|
8,769
|
|
|
$
|
4,045
|
|
Commercial real estate
|
3,868
|
|
|
—
|
|
|
105
|
|
|
3,763
|
|
||||
Multi-family
|
1,972
|
|
|
—
|
|
|
—
|
|
|
1,972
|
|
||||
Other consumer
|
249
|
|
|
—
|
|
|
216
|
|
|
33
|
|
||||
Commercial and industrial
|
33
|
|
|
—
|
|
|
—
|
|
|
33
|
|
||||
SBA
|
10
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Impaired loans:
|
|
|
|
|
|
||||||
Single family residential mortgage
|
$
|
(375
|
)
|
|
$
|
(1,143
|
)
|
|
$
|
(1,890
|
)
|
Commercial real estate
|
88
|
|
|
—
|
|
|
(987
|
)
|
|||
Multi-family
|
—
|
|
|
(465
|
)
|
|
—
|
|
|||
SBA
|
—
|
|
|
—
|
|
|
—
|
|
|||
Other consumer
|
(2
|
)
|
|
(2
|
)
|
|
—
|
|
|||
SBA servicing assets
|
(42
|
)
|
|
—
|
|
|
—
|
|
|||
Other real estate owned
|
34
|
|
|
367
|
|
|
(239
|
)
|
|
Carrying
|
|
Fair Value Measurement Level
|
||||||||||||||||
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Total
|
|||||||||||
|
(In thousands)
|
||||||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
231,199
|
|
|
$
|
231,199
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
231,199
|
|
Time deposits in financial institutions
|
1,900
|
|
|
1,900
|
|
|
—
|
|
|
—
|
|
|
1,900
|
|
|||||
Securities available for sale
|
345,695
|
|
|
—
|
|
|
345,695
|
|
|
—
|
|
|
345,695
|
|
|||||
FHLB and other bank stock
|
42,241
|
|
|
—
|
|
|
42,241
|
|
|
—
|
|
|
42,241
|
|
|||||
Loans held for sale
|
1,187,090
|
|
|
—
|
|
|
1,195,834
|
|
|
—
|
|
|
1,195,834
|
|
|||||
Loans and leases receivable, net of allowance
|
3,919,642
|
|
|
—
|
|
|
—
|
|
|
4,045,465
|
|
|
4,045,465
|
|
|||||
Accrued interest receivable
|
15,113
|
|
|
15,113
|
|
|
—
|
|
|
—
|
|
|
15,113
|
|
|||||
Derivative assets
|
6,379
|
|
|
—
|
|
|
6,379
|
|
|
—
|
|
|
6,379
|
|
|||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
4,671,831
|
|
|
—
|
|
|
—
|
|
|
4,575,264
|
|
|
4,575,264
|
|
|||||
Advances from Federal Home Loan Bank
|
633,000
|
|
|
—
|
|
|
633,083
|
|
|
—
|
|
|
633,083
|
|
|||||
Notes payable
|
93,569
|
|
|
87,428
|
|
|
13,360
|
|
|
—
|
|
|
100,788
|
|
|||||
Derivative liabilities
|
3,235
|
|
|
—
|
|
|
3,235
|
|
|
—
|
|
|
3,235
|
|
|||||
Accrued interest payable
|
2,044
|
|
|
2,044
|
|
|
—
|
|
|
—
|
|
|
2,044
|
|
|||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
||||||||||
Financial assets
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and cash equivalents
|
$
|
110,118
|
|
|
$
|
110,118
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
110,118
|
|
Time deposits in financial institutions
|
1,846
|
|
|
1,846
|
|
|
—
|
|
|
—
|
|
|
1,846
|
|
|||||
Securities available for sale
|
170,022
|
|
|
—
|
|
|
170,022
|
|
|
—
|
|
|
170,022
|
|
|||||
FHLB and other bank stock
|
22,600
|
|
|
—
|
|
|
22,600
|
|
|
—
|
|
|
22,600
|
|
|||||
Loans held for sale
|
716,733
|
|
|
—
|
|
|
719,496
|
|
|
—
|
|
|
719,496
|
|
|||||
Loans and leases receivable, net of allowance
|
2,427,306
|
|
|
—
|
|
|
—
|
|
|
2,460,953
|
|
|
2,460,953
|
|
|||||
Accrued interest receivable
|
10,866
|
|
|
10,866
|
|
|
—
|
|
|
—
|
|
|
10,866
|
|
|||||
Derivative assets
|
5,493
|
|
|
—
|
|
|
5,493
|
|
|
—
|
|
|
5,493
|
|
|||||
Financial liabilities
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits
|
2,918,644
|
|
|
—
|
|
|
2,877,650
|
|
|
—
|
|
|
2,877,650
|
|
|||||
Advances from Federal Home Loan Bank
|
250,000
|
|
|
—
|
|
|
250,090
|
|
|
—
|
|
|
250,090
|
|
|||||
Notes payable
|
82,320
|
|
|
85,564
|
|
|
—
|
|
|
—
|
|
|
85,564
|
|
|||||
Derivative liabilities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Accrued interest payable
|
1,646
|
|
|
1,646
|
|
|
—
|
|
|
—
|
|
|
1,646
|
|
|
Amortized
Cost
|
|
Gross
Unrealized
Gains
|
|
Gross
Unrealized
Losses
|
|
Fair Value
|
||||||||
|
(In thousands)
|
||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
||||||||
Available for sale
|
|
|
|
|
|
|
|
||||||||
SBA loan pool securities
|
$
|
1,697
|
|
|
$
|
18
|
|
|
$
|
—
|
|
|
$
|
1,715
|
|
U.S. government-sponsored entities and agency securities
|
1,940
|
|
|
42
|
|
|
—
|
|
|
1,982
|
|
||||
Private label residential mortgage-backed securities
|
3,169
|
|
|
12
|
|
|
(13
|
)
|
|
3,168
|
|
||||
Agency mortgage-backed securities
|
338,072
|
|
|
1,363
|
|
|
(605
|
)
|
|
338,830
|
|
||||
Total securities available for sale
|
$
|
344,878
|
|
|
$
|
1,435
|
|
|
$
|
(618
|
)
|
|
$
|
345,695
|
|
December 31, 2013
|
|
|
|
|
|
|
|
||||||||
Available for sale
|
|
|
|
|
|
|
|
||||||||
SBA loan pool securities
|
$
|
1,794
|
|
|
$
|
—
|
|
|
$
|
(58
|
)
|
|
$
|
1,736
|
|
U.S. government-sponsored entities and agency securities
|
1,928
|
|
|
—
|
|
|
(8
|
)
|
|
1,920
|
|
||||
Private label residential mortgage-backed securities
|
14,653
|
|
|
135
|
|
|
(36
|
)
|
|
14,752
|
|
||||
Agency mortgage-backed securities
|
153,134
|
|
|
299
|
|
|
(1,819
|
)
|
|
151,614
|
|
||||
Total securities available for sale
|
$
|
171,509
|
|
|
$
|
434
|
|
|
$
|
(1,921
|
)
|
|
$
|
170,022
|
|
|
December 31, 2014
|
||||||
Amortized
Cost
|
|
Fair Value
|
|||||
|
(In thousands)
|
||||||
Maturity:
|
|
|
|
||||
Available for sale
|
|
|
|
||||
Within one year
|
$
|
—
|
|
|
$
|
—
|
|
One to five years
|
1,940
|
|
|
1,982
|
|
||
Five to ten years
|
—
|
|
|
—
|
|
||
Greater than ten years
|
—
|
|
|
—
|
|
||
SBA loan pool, private label residential mortgage backed and agency mortgage-backed securities
|
342,938
|
|
|
343,713
|
|
||
Total
|
$
|
344,878
|
|
|
$
|
345,695
|
|
|
Year Ended December 31,
|
||||||||||
2014
|
|
2013
|
|
2012
|
|||||||
|
(In thousands)
|
||||||||||
Gross realized gains on sales of securities available for sale
|
$
|
1,221
|
|
|
$
|
438
|
|
|
$
|
19
|
|
Gross realized losses on sales of securities available for sale
|
(38
|
)
|
|
(107
|
)
|
|
(102
|
)
|
|||
Net realized gains (losses) on sales of securities available for sale
|
$
|
1,183
|
|
|
$
|
331
|
|
|
$
|
(83
|
)
|
Proceeds from sales of securities available for sale
|
$
|
111,764
|
|
|
$
|
127,298
|
|
|
$
|
11,940
|
|
Tax expense on sales of securities available for sale
|
$
|
498
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Less Than 12 Months
|
|
12 Months or Longer
|
|
Total
|
||||||||||||||||||
|
Fair Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
|
Fair
Value
|
|
Gross
Unrealized
Losses
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Available for sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SBA loan pool securities
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
U.S. government-sponsored entities and agency securities
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Private label residential mortgage-backed securities
|
372
|
|
|
(9
|
)
|
|
1,355
|
|
|
(4
|
)
|
|
1,727
|
|
|
(13
|
)
|
||||||
Agency mortgage-backed securities
|
68,200
|
|
|
(332
|
)
|
|
22,212
|
|
|
(273
|
)
|
|
90,412
|
|
|
(605
|
)
|
||||||
Total securities available for sale
|
$
|
68,572
|
|
|
$
|
(341
|
)
|
|
$
|
23,567
|
|
|
$
|
(277
|
)
|
|
$
|
92,139
|
|
|
$
|
(618
|
)
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Available for sale
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
SBA loan pool securities
|
$
|
1,736
|
|
|
$
|
(58
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,736
|
|
|
$
|
(58
|
)
|
U.S. government-sponsored entities and agency securities
|
1,920
|
|
|
(8
|
)
|
|
—
|
|
|
—
|
|
|
1,920
|
|
|
(8
|
)
|
||||||
Private label residential mortgage-backed securities
|
2,064
|
|
|
(11
|
)
|
|
3,913
|
|
|
(25
|
)
|
|
5,977
|
|
|
(36
|
)
|
||||||
Agency mortgage-backed securities
|
114,104
|
|
|
(1,790
|
)
|
|
1,821
|
|
|
(29
|
)
|
|
115,925
|
|
|
(1,819
|
)
|
||||||
Total securities available for sale
|
$
|
119,824
|
|
|
$
|
(1,867
|
)
|
|
$
|
5,734
|
|
|
$
|
(54
|
)
|
|
$
|
125,558
|
|
|
$
|
(1,921
|
)
|
|
Non-Traditional
Mortgages
(NTM)
|
|
Traditional
Loans
|
|
Total NTM
and
Traditional
Loans
|
|
Purchased
Credit Impaired
|
|
Total Loans
and Leases
Receivable
|
||||||||||
|
($ in thousands)
|
||||||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
—
|
|
|
$
|
489,766
|
|
|
$
|
489,766
|
|
|
$
|
1,134
|
|
|
$
|
490,900
|
|
Commercial real estate
|
—
|
|
|
988,330
|
|
|
988,330
|
|
|
11,527
|
|
|
999,857
|
|
|||||
Multi-family
|
—
|
|
|
955,683
|
|
|
955,683
|
|
|
—
|
|
|
955,683
|
|
|||||
SBA
|
—
|
|
|
32,998
|
|
|
32,998
|
|
|
3,157
|
|
|
36,155
|
|
|||||
Construction
|
—
|
|
|
42,198
|
|
|
42,198
|
|
|
—
|
|
|
42,198
|
|
|||||
Lease financing
|
—
|
|
|
85,749
|
|
|
85,749
|
|
|
—
|
|
|
85,749
|
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
||||||||||
Single family residential mortgage
|
222,306
|
|
|
595,100
|
|
|
817,406
|
|
|
231,079
|
|
|
1,048,485
|
|
|||||
Green Loans (HELOC) - first liens
|
123,177
|
|
|
—
|
|
|
123,177
|
|
|
—
|
|
|
123,177
|
|
|||||
Green Loans (HELOC) - second liens
|
4,979
|
|
|
—
|
|
|
4,979
|
|
|
—
|
|
|
4,979
|
|
|||||
Other consumer
|
113
|
|
|
161,826
|
|
|
161,939
|
|
|
—
|
|
|
161,939
|
|
|||||
Total loans and leases
|
$
|
350,575
|
|
|
$
|
3,351,650
|
|
|
$
|
3,702,225
|
|
|
$
|
246,897
|
|
|
$
|
3,949,122
|
|
Percentage to total loans and leases
|
8.9
|
%
|
|
84.8
|
%
|
|
93.7
|
%
|
|
6.3
|
%
|
|
100.0
|
%
|
|||||
Allowance for loan and lease losses
|
|
|
|
|
|
|
|
|
(29,480
|
)
|
|||||||||
Loans and leases receivable, net
|
|
|
|
|
|
|
|
|
$
|
3,919,642
|
|
||||||||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
||||||||||
Commercial and industrial
|
$
|
—
|
|
|
$
|
283,743
|
|
|
$
|
283,743
|
|
|
$
|
4,028
|
|
|
$
|
287,771
|
|
Commercial real estate
|
—
|
|
|
514,869
|
|
|
514,869
|
|
|
15,014
|
|
|
529,883
|
|
|||||
Multi-family
|
—
|
|
|
141,580
|
|
|
141,580
|
|
|
—
|
|
|
141,580
|
|
|||||
SBA
|
—
|
|
|
23,740
|
|
|
23,740
|
|
|
3,688
|
|
|
27,428
|
|
|||||
Construction
|
—
|
|
|
24,933
|
|
|
24,933
|
|
|
—
|
|
|
24,933
|
|
|||||
Lease financing
|
—
|
|
|
31,949
|
|
|
31,949
|
|
|
—
|
|
|
31,949
|
|
|||||
Consumer:
|
|
|
|
|
|
|
|
|
|
||||||||||
Single family residential mortgage
|
156,490
|
|
|
667,526
|
|
|
824,016
|
|
|
314,820
|
|
|
1,138,836
|
|
|||||
Green Loans (HELOC) - first liens
|
147,705
|
|
|
—
|
|
|
147,705
|
|
|
—
|
|
|
147,705
|
|
|||||
Green Loans (HELOC) - second liens
|
5,289
|
|
|
—
|
|
|
5,289
|
|
|
—
|
|
|
5,289
|
|
|||||
Other consumer
|
113
|
|
|
108,888
|
|
|
109,001
|
|
|
1,736
|
|
|
110,737
|
|
|||||
Total loans and leases
|
$
|
309,597
|
|
|
$
|
1,797,228
|
|
|
$
|
2,106,825
|
|
|
$
|
339,286
|
|
|
$
|
2,446,111
|
|
Percentage to total loans and leases
|
12.7
|
%
|
|
73.4
|
%
|
|
86.1
|
%
|
|
13.9
|
%
|
|
100.0
|
%
|
|||||
Allowance for loan and lease losses
|
|
|
|
|
|
|
|
|
(18,805
|
)
|
|||||||||
Loans and leases receivable, net
|
|
|
|
|
|
|
|
|
$
|
2,427,306
|
|
|
December 31,
|
||||||||||||||||||
|
2014
|
|
2013
|
||||||||||||||||
|
Count
|
|
Amount
|
|
Percent
|
|
Count
|
|
Amount
|
|
Percent
|
||||||||
|
($ in thousands)
|
||||||||||||||||||
Green Loans (HELOC) - first liens
|
148
|
|
|
$
|
123,177
|
|
|
35.1
|
%
|
|
173
|
|
|
$
|
147,705
|
|
|
47.7
|
%
|
Interest only - first liens
|
207
|
|
|
209,207
|
|
|
59.7
|
%
|
|
244
|
|
|
139,867
|
|
|
45.2
|
%
|
||
Negative amortization
|
32
|
|
|
13,099
|
|
|
3.7
|
%
|
|
37
|
|
|
16,623
|
|
|
5.4
|
%
|
||
Total NTM - first liens
|
387
|
|
|
345,483
|
|
|
98.5
|
%
|
|
454
|
|
|
304,195
|
|
|
98.3
|
%
|
||
Green Loans (HELOC) - second liens
|
19
|
|
|
4,979
|
|
|
1.4
|
%
|
|
23
|
|
|
5,289
|
|
|
1.7
|
%
|
||
Interest only - second liens
|
1
|
|
|
113
|
|
|
0.1
|
%
|
|
1
|
|
|
113
|
|
|
—
|
%
|
||
Total NTM - second liens
|
20
|
|
|
5,092
|
|
|
1.5
|
%
|
|
24
|
|
|
5,402
|
|
|
1.7
|
%
|
||
Total NTM loans
|
407
|
|
|
350,575
|
|
|
100.0
|
%
|
|
478
|
|
|
309,597
|
|
|
100.0
|
%
|
||
Total loans and leases
|
|
|
$
|
3,949,122
|
|
|
|
|
|
|
$
|
2,446,111
|
|
|
|
||||
% of NTM to total loans and leases
|
|
|
8.9
|
%
|
|
|
|
|
|
12.7
|
%
|
|
|
|
December 31, 2014
|
||||||||||||||||||||||||||||
|
By FICO Scores Obtained
During the Quarter Ended
December 31, 2014
|
|
By FICO Scores Obtained
During the Quarter Ended December 31, 2013 |
|
Change
|
||||||||||||||||||||||||
|
Count
|
|
Amount
|
|
Percent
|
|
Count
|
|
Amount
|
|
Percent
|
|
Count
|
|
Amount
|
|
Percent
|
||||||||||||
|
($ in thousands)
|
||||||||||||||||||||||||||||
FICO Score
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
800+
|
28
|
|
|
$
|
20,248
|
|
|
16.4
|
%
|
|
13
|
|
|
$
|
8,263
|
|
|
6.7
|
%
|
|
15
|
|
|
$
|
11,985
|
|
|
9.7
|
%
|
700-799
|
72
|
|
|
52,532
|
|
|
42.7
|
%
|
|
87
|
|
|
66,493
|
|
|
53.9
|
%
|
|
(15
|
)
|
|
(13,961
|
)
|
|
(11.2
|
)%
|
|||
600-699
|
29
|
|
|
31,053
|
|
|
25.2
|
%
|
|
30
|
|
|
26,438
|
|
|
21.5
|
%
|
|
(1
|
)
|
|
4,615
|
|
|
3.7
|
%
|
|||
<600
|
8
|
|
|
11,893
|
|
|
9.7
|
%
|
|
8
|
|
|
7,001
|
|
|
5.7
|
%
|
|
—
|
|
|
4,892
|
|
|
4.0
|
%
|
|||
No FICO
|
11
|
|
|
7,451
|
|
|
6.0
|
%
|
|
10
|
|
|
14,982
|
|
|
12.2
|
%
|
|
1
|
|
|
(7,531
|
)
|
|
(6.2
|
)%
|
|||
Totals
|
148
|
|
|
$
|
123,177
|
|
|
100.0
|
%
|
|
148
|
|
|
$
|
123,177
|
|
|
100.0
|
%
|
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
Green
|
|
Interest Only
|
|
Negative Amortization
|
|
Total
|
||||||||||||||||||||||||||||||||
|
Count
|
|
Amount
|
|
Percent
|
|
Count
|
|
Amount
|
|
Percent
|
|
Count
|
|
Amount
|
|
Percent
|
|
Count
|
|
Amount
|
|
Percent
|
||||||||||||||||
|
($ in thousands)
|
||||||||||||||||||||||||||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
< 61
|
77
|
|
|
$
|
58,856
|
|
|
47.8
|
%
|
|
60
|
|
|
$
|
93,254
|
|
|
44.7
|
%
|
|
15
|
|
|
$
|
6,023
|
|
|
46.0
|
%
|
|
152
|
|
|
$
|
158,133
|
|
|
45.8
|
%
|
61-80
|
45
|
|
|
46,177
|
|
|
37.5
|
%
|
|
54
|
|
|
81,472
|
|
|
38.9
|
%
|
|
12
|
|
|
5,901
|
|
|
45.0
|
%
|
|
111
|
|
|
133,550
|
|
|
38.6
|
%
|
||||
81-100
|
18
|
|
|
11,846
|
|
|
9.6
|
%
|
|
33
|
|
|
14,927
|
|
|
7.1
|
%
|
|
4
|
|
|
781
|
|
|
6.0
|
%
|
|
55
|
|
|
27,554
|
|
|
8.0
|
%
|
||||
> 100
|
8
|
|
|
6,298
|
|
|
5.1
|
%
|
|
60
|
|
|
19,554
|
|
|
9.3
|
%
|
|
1
|
|
|
394
|
|
|
3.0
|
%
|
|
69
|
|
|
26,246
|
|
|
7.6
|
%
|
||||
Total
|
148
|
|
|
$
|
123,177
|
|
|
100.0
|
%
|
|
207
|
|
|
$
|
209,207
|
|
|
100.0
|
%
|
|
32
|
|
|
$
|
13,099
|
|
|
100.0
|
%
|
|
387
|
|
|
$
|
345,483
|
|
|
100.0
|
%
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
< 61
|
90
|
|
|
$
|
78,807
|
|
|
53.3
|
%
|
|
80
|
|
|
$
|
65,181
|
|
|
46.6
|
%
|
|
13
|
|
|
$
|
4,930
|
|
|
29.7
|
%
|
|
183
|
|
|
$
|
148,918
|
|
|
49.0
|
%
|
61-80
|
38
|
|
|
33,604
|
|
|
22.8
|
%
|
|
51
|
|
|
28,999
|
|
|
20.7
|
%
|
|
13
|
|
|
7,643
|
|
|
45.9
|
%
|
|
102
|
|
|
70,246
|
|
|
23.1
|
%
|
||||
81-100
|
26
|
|
|
14,917
|
|
|
10.1
|
%
|
|
43
|
|
|
21,474
|
|
|
15.4
|
%
|
|
8
|
|
|
3,277
|
|
|
19.7
|
%
|
|
77
|
|
|
39,668
|
|
|
13.0
|
%
|
||||
> 100
|
19
|
|
|
20,377
|
|
|
13.8
|
%
|
|
70
|
|
|
24,213
|
|
|
17.3
|
%
|
|
3
|
|
|
773
|
|
|
4.7
|
%
|
|
92
|
|
|
45,363
|
|
|
14.9
|
%
|
||||
Total
|
173
|
|
|
$
|
147,705
|
|
|
100.0
|
%
|
|
244
|
|
|
$
|
139,867
|
|
|
100.0
|
%
|
|
37
|
|
|
$
|
16,623
|
|
|
100.0
|
%
|
|
454
|
|
|
$
|
304,195
|
|
|
100.0
|
%
|
|
Year Ended December 31,
|
||||||||||
2014
|
|
2013
|
|
2012
|
|||||||
|
(In thousands)
|
||||||||||
Balance at beginning of year
|
$
|
18,805
|
|
|
$
|
14,448
|
|
|
$
|
12,780
|
|
Loans and leases charged off
|
(923
|
)
|
|
(3,013
|
)
|
|
(4,071
|
)
|
|||
Recoveries of loans and leases previously charged off
|
1,235
|
|
|
850
|
|
|
239
|
|
|||
Transfer of loans to held-for-sale
|
(613
|
)
|
|
(1,443
|
)
|
|
—
|
|
|||
Provision for loan and lease losses
|
10,976
|
|
|
7,963
|
|
|
5,500
|
|
|||
Balance at end of year
|
$
|
29,480
|
|
|
$
|
18,805
|
|
|
$
|
14,448
|
|
|
Commercial
and
Industrial
|
|
Commercial
Real Estate
|
|
Multi-
family
|
|
SBA
|
|
Construction
|
|
Lease
Financing
|
|
Single
Family
Residential
Mortgage
|
|
Other
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Balance at December 31, 2013
|
$
|
1,822
|
|
|
$
|
5,484
|
|
|
$
|
2,566
|
|
|
$
|
235
|
|
|
$
|
244
|
|
|
$
|
428
|
|
|
$
|
7,044
|
|
|
$
|
532
|
|
|
$
|
450
|
|
|
$
|
18,805
|
|
Charge-offs
|
—
|
|
|
(65
|
)
|
|
(3
|
)
|
|
(17
|
)
|
|
—
|
|
|
(244
|
)
|
|
(374
|
)
|
|
(220
|
)
|
|
—
|
|
|
(923
|
)
|
||||||||||
Recoveries
|
56
|
|
|
842
|
|
|
—
|
|
|
314
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
1,235
|
|
||||||||||
Transfer of loans to held-for-sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(613
|
)
|
|
—
|
|
|
—
|
|
|
(613
|
)
|
||||||||||
Provision
|
5,032
|
|
|
(2,421
|
)
|
|
4,616
|
|
|
(197
|
)
|
|
602
|
|
|
669
|
|
|
1,135
|
|
|
1,990
|
|
|
(450
|
)
|
|
10,976
|
|
||||||||||
Balance at December 31, 2014
|
$
|
6,910
|
|
|
$
|
3,840
|
|
|
$
|
7,179
|
|
|
$
|
335
|
|
|
$
|
846
|
|
|
$
|
873
|
|
|
$
|
7,192
|
|
|
$
|
2,305
|
|
|
$
|
—
|
|
|
$
|
29,480
|
|
Individually evaluated for impairment
|
$
|
788
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,288
|
|
Collectively evaluated for impairment
|
6,122
|
|
|
3,834
|
|
|
7,179
|
|
|
335
|
|
|
846
|
|
|
873
|
|
|
6,675
|
|
|
2,305
|
|
|
—
|
|
|
28,169
|
|
||||||||||
Acquired with deteriorated credit quality
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
23
|
|
||||||||||
Total ending allowance balance
|
$
|
6,910
|
|
|
$
|
3,840
|
|
|
$
|
7,179
|
|
|
$
|
335
|
|
|
$
|
846
|
|
|
$
|
873
|
|
|
$
|
7,192
|
|
|
$
|
2,305
|
|
|
$
|
—
|
|
|
$
|
29,480
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Individually evaluated for impairment
|
$
|
9,021
|
|
|
$
|
1,017
|
|
|
$
|
1,594
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21,337
|
|
|
$
|
503
|
|
|
$
|
—
|
|
|
$
|
33,478
|
|
Collectively evaluated for impairment
|
480,745
|
|
|
987,313
|
|
|
954,089
|
|
|
32,992
|
|
|
42,198
|
|
|
85,749
|
|
|
919,246
|
|
|
166,415
|
|
|
—
|
|
|
3,668,747
|
|
||||||||||
Acquired with deteriorated credit quality
|
1,134
|
|
|
11,527
|
|
|
—
|
|
|
3,157
|
|
|
—
|
|
|
—
|
|
|
231,079
|
|
|
—
|
|
|
—
|
|
|
246,897
|
|
||||||||||
Total ending loan balances
|
$
|
490,900
|
|
|
$
|
999,857
|
|
|
$
|
955,683
|
|
|
$
|
36,155
|
|
|
$
|
42,198
|
|
|
$
|
85,749
|
|
|
$
|
1,171,662
|
|
|
$
|
166,918
|
|
|
$
|
—
|
|
|
$
|
3,949,122
|
|
|
Commercial
and
Industrial
|
|
Commercial
Real Estate
|
|
Multi-
family
|
|
SBA
|
|
Construction
|
|
Lease
Financing
|
|
Single
Family
Residential
Mortgage
|
|
Other
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||||||
Allowance for loan and lease losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Balance at December 31, 2012
|
$
|
263
|
|
|
$
|
3,178
|
|
|
$
|
1,478
|
|
|
$
|
118
|
|
|
$
|
21
|
|
|
$
|
261
|
|
|
$
|
8,855
|
|
|
$
|
274
|
|
|
$
|
—
|
|
|
$
|
14,448
|
|
Charge-offs
|
—
|
|
|
(472
|
)
|
|
(553
|
)
|
|
(648
|
)
|
|
—
|
|
|
(23
|
)
|
|
(1,302
|
)
|
|
(15
|
)
|
|
—
|
|
|
(3,013
|
)
|
||||||||||
Recoveries
|
98
|
|
|
268
|
|
|
88
|
|
|
285
|
|
|
—
|
|
|
11
|
|
|
92
|
|
|
8
|
|
|
—
|
|
|
850
|
|
||||||||||
Transfer of loans to held-for-sale
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,443
|
)
|
|
—
|
|
|
—
|
|
|
(1,443
|
)
|
||||||||||
Provision
|
1,461
|
|
|
2,510
|
|
|
1,553
|
|
|
480
|
|
|
223
|
|
|
179
|
|
|
842
|
|
|
265
|
|
|
450
|
|
|
7,963
|
|
||||||||||
Balance at December 31, 2013
|
$
|
1,822
|
|
|
$
|
5,484
|
|
|
$
|
2,566
|
|
|
$
|
235
|
|
|
$
|
244
|
|
|
$
|
428
|
|
|
$
|
7,044
|
|
|
$
|
532
|
|
|
$
|
450
|
|
|
$
|
18,805
|
|
Individually evaluated for impairment
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
60
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
34
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
96
|
|
Collectively evaluated for impairment
|
1,822
|
|
|
5,484
|
|
|
2,506
|
|
|
235
|
|
|
244
|
|
|
428
|
|
|
6,814
|
|
|
530
|
|
|
450
|
|
|
18,513
|
|
||||||||||
Acquired with deteriorated credit quality
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
196
|
|
|
—
|
|
|
—
|
|
|
196
|
|
||||||||||
Total ending allowance balance
|
$
|
1,822
|
|
|
$
|
5,484
|
|
|
$
|
2,566
|
|
|
$
|
235
|
|
|
$
|
244
|
|
|
$
|
428
|
|
|
$
|
7,044
|
|
|
$
|
532
|
|
|
$
|
450
|
|
|
$
|
18,805
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Individually evaluated for impairment
|
$
|
33
|
|
|
$
|
3,868
|
|
|
$
|
1,972
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12,814
|
|
|
$
|
249
|
|
|
$
|
—
|
|
|
$
|
18,946
|
|
Collectively evaluated for impairment
|
283,710
|
|
|
511,001
|
|
|
139,608
|
|
|
23,730
|
|
|
24,933
|
|
|
31,949
|
|
|
958,907
|
|
|
114,041
|
|
|
—
|
|
|
2,087,879
|
|
||||||||||
Acquired with deteriorated credit quality
|
4,028
|
|
|
15,014
|
|
|
—
|
|
|
3,688
|
|
|
—
|
|
|
—
|
|
|
314,820
|
|
|
1,736
|
|
|
—
|
|
|
339,286
|
|
||||||||||
Total ending loan balances
|
$
|
287,771
|
|
|
$
|
529,883
|
|
|
$
|
141,580
|
|
|
$
|
27,428
|
|
|
$
|
24,933
|
|
|
$
|
31,949
|
|
|
$
|
1,286,541
|
|
|
$
|
116,026
|
|
|
$
|
—
|
|
|
$
|
2,446,111
|
|
|
December 31,
|
||||||||||||||||||||||
|
2014
|
|
2013
|
||||||||||||||||||||
|
Unpaid
Principal
Balance
|
|
Recorded
Investment
|
|
Allowance
for Loan and
Lease Losses
|
|
Unpaid
Principal
Balance
|
|
Recorded
Investment
|
|
Allowance
for Loan and
Lease Losses
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
With no related allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
4,803
|
|
|
$
|
4,708
|
|
|
$
|
—
|
|
|
$
|
50
|
|
|
$
|
33
|
|
|
$
|
—
|
|
Commercial real estate
|
1,910
|
|
|
1,017
|
|
|
—
|
|
|
4,951
|
|
|
3,868
|
|
|
—
|
|
||||||
Multi-family
|
1,747
|
|
|
1,594
|
|
|
—
|
|
|
487
|
|
|
270
|
|
|
—
|
|
||||||
SBA
|
24
|
|
|
6
|
|
|
—
|
|
|
26
|
|
|
10
|
|
|
—
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
15,729
|
|
|
15,131
|
|
|
—
|
|
|
10,765
|
|
|
9,487
|
|
|
—
|
|
||||||
Other consumer
|
507
|
|
|
503
|
|
|
—
|
|
|
248
|
|
|
247
|
|
|
—
|
|
||||||
With an allowance recorded:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
4,310
|
|
|
4,313
|
|
|
788
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Multi-family
|
—
|
|
|
—
|
|
|
—
|
|
|
1,797
|
|
|
1,702
|
|
|
60
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
6,422
|
|
|
6,206
|
|
|
500
|
|
|
3,378
|
|
|
3,327
|
|
|
34
|
|
||||||
Other consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
2
|
|
||||||
Total
|
$
|
35,452
|
|
|
$
|
33,478
|
|
|
$
|
1,288
|
|
|
$
|
21,704
|
|
|
$
|
18,946
|
|
|
$
|
96
|
|
|
Year Ended December 31,
|
||||||||||||||||||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||||||||||||||||||||||||||
|
Average
Recorded
Investment
|
|
Interest
Income
Recognized
|
|
Cash Basis
Interest
Recognized
|
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
Cash Basis
Interest Recognized |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
|
Cash Basis
Interest Recognized |
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Commercial and industrial
|
$
|
4,166
|
|
|
$
|
92
|
|
|
$
|
133
|
|
|
$
|
67
|
|
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
1,879
|
|
|
$
|
21
|
|
|
$
|
60
|
|
Commercial real estate
|
2,865
|
|
|
110
|
|
|
125
|
|
|
3,554
|
|
|
163
|
|
|
171
|
|
|
4,743
|
|
|
170
|
|
|
217
|
|
|||||||||
Multi-family
|
1,653
|
|
|
43
|
|
|
43
|
|
|
1,345
|
|
|
35
|
|
|
37
|
|
|
5,468
|
|
|
256
|
|
|
266
|
|
|||||||||
SBA
|
3
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
1
|
|
|
1
|
|
|
438
|
|
|
10
|
|
|
16
|
|
|||||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Single family residential mortgage
|
16,285
|
|
|
390
|
|
|
405
|
|
|
12,562
|
|
|
304
|
|
|
308
|
|
|
21,912
|
|
|
299
|
|
|
599
|
|
|||||||||
Other consumer
|
580
|
|
|
25
|
|
|
24
|
|
|
693
|
|
|
2
|
|
|
2
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|||||||||
Total
|
$
|
25,552
|
|
|
$
|
660
|
|
|
$
|
730
|
|
|
$
|
18,233
|
|
|
$
|
515
|
|
|
$
|
529
|
|
|
$
|
34,443
|
|
|
$
|
756
|
|
|
$
|
1,158
|
|
|
December 31,
|
||||||||||||||||||||||
|
2014
|
|
2013
|
||||||||||||||||||||
|
NTM Loans
|
|
Traditional
Loans
|
|
Total
|
|
NTM Loans
|
|
Traditional
Loans
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Loans past due 90 days or more and still accruing
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Nonaccrual loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
The Company maintains specific allowances for these loans of $478 in 2014 and $95 in 2013
|
14,592
|
|
|
23,789
|
|
|
38,381
|
|
|
7,698
|
|
|
23,950
|
|
|
31,648
|
|
|
December 31,
|
||||||||||||||||||||||
|
2014
|
|
2013
|
||||||||||||||||||||
|
NTM Loans
|
|
Traditional
Loans
|
|
Total
|
|
NTM Loans
|
|
Traditional
Loans
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
—
|
|
|
$
|
7,143
|
|
|
$
|
7,143
|
|
|
$
|
—
|
|
|
$
|
33
|
|
|
$
|
33
|
|
Commercial real estate
|
—
|
|
|
1,017
|
|
|
1,017
|
|
|
—
|
|
|
3,868
|
|
|
3,868
|
|
||||||
Multi-family
|
—
|
|
|
1,834
|
|
|
1,834
|
|
|
—
|
|
|
1,972
|
|
|
1,972
|
|
||||||
SBA
|
—
|
|
|
285
|
|
|
285
|
|
|
—
|
|
|
10
|
|
|
10
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Lease financing
|
—
|
|
|
100
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
2,049
|
|
|
13,370
|
|
|
15,419
|
|
|
2,000
|
|
|
18,032
|
|
|
20,032
|
|
||||||
Green Loans (HELOC) - first liens
|
12,334
|
|
|
—
|
|
|
12,334
|
|
|
5,482
|
|
|
—
|
|
|
5,482
|
|
||||||
Green Loans (HELOC) - second liens
|
209
|
|
|
—
|
|
|
209
|
|
|
216
|
|
|
—
|
|
|
216
|
|
||||||
Other consumer
|
—
|
|
|
40
|
|
|
40
|
|
|
—
|
|
|
35
|
|
|
35
|
|
||||||
Total nonaccrual loans and leases
|
$
|
14,592
|
|
|
$
|
23,789
|
|
|
$
|
38,381
|
|
|
$
|
7,698
|
|
|
$
|
23,950
|
|
|
$
|
31,648
|
|
|
December 31, 2014
|
||||||||||||||||||||||
|
30 - 59 Days
Past Due
|
|
60 - 89 Days
Past Due
|
|
Greater
than
89 Days
Past due
|
|
Total
Past Due
|
|
Current
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
NTM loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
$
|
1,415
|
|
|
$
|
165
|
|
|
$
|
2,049
|
|
|
$
|
3,629
|
|
|
$
|
218,677
|
|
|
$
|
222,306
|
|
Green Loans (HELOC) - first liens
|
8,853
|
|
|
—
|
|
|
437
|
|
|
9,290
|
|
|
113,887
|
|
|
123,177
|
|
||||||
Green Loans (HELOC) - second liens
|
294
|
|
|
—
|
|
|
209
|
|
|
503
|
|
|
4,476
|
|
|
4,979
|
|
||||||
Other consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
113
|
|
|
113
|
|
||||||
Total NTM loans
|
10,562
|
|
|
165
|
|
|
2,695
|
|
|
13,422
|
|
|
337,153
|
|
|
350,575
|
|
||||||
Traditional loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
79
|
|
|
37
|
|
|
3,370
|
|
|
3,486
|
|
|
486,280
|
|
|
489,766
|
|
||||||
Commercial real estate
|
2,237
|
|
|
—
|
|
|
—
|
|
|
2,237
|
|
|
986,093
|
|
|
988,330
|
|
||||||
Multi-family
|
1,072
|
|
|
208
|
|
|
—
|
|
|
1,280
|
|
|
954,403
|
|
|
955,683
|
|
||||||
SBA
|
82
|
|
|
—
|
|
|
254
|
|
|
336
|
|
|
32,662
|
|
|
32,998
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,198
|
|
|
42,198
|
|
||||||
Lease financing
|
1,055
|
|
|
36
|
|
|
100
|
|
|
1,191
|
|
|
84,558
|
|
|
85,749
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
17,185
|
|
|
7,878
|
|
|
10,411
|
|
|
35,474
|
|
|
559,626
|
|
|
595,100
|
|
||||||
Other consumer
|
9
|
|
|
89
|
|
|
5
|
|
|
103
|
|
|
161,723
|
|
|
161,826
|
|
||||||
Total traditional loans
|
21,719
|
|
|
8,248
|
|
|
14,140
|
|
|
44,107
|
|
|
3,307,543
|
|
|
3,351,650
|
|
||||||
Purchased Credit Impaired (PCI) loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,134
|
|
|
1,134
|
|
||||||
Commercial real estate
|
—
|
|
|
—
|
|
|
951
|
|
|
951
|
|
|
10,576
|
|
|
11,527
|
|
||||||
SBA
|
878
|
|
|
—
|
|
|
300
|
|
|
1,178
|
|
|
1,979
|
|
|
3,157
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
13,262
|
|
|
3,501
|
|
|
4,510
|
|
|
21,273
|
|
|
209,806
|
|
|
231,079
|
|
||||||
Other consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total PCI loans
|
14,140
|
|
|
3,501
|
|
|
5,761
|
|
|
23,402
|
|
|
223,495
|
|
|
246,897
|
|
||||||
Total
|
$
|
46,421
|
|
|
$
|
11,914
|
|
|
$
|
22,596
|
|
|
$
|
80,931
|
|
|
$
|
3,868,191
|
|
|
$
|
3,949,122
|
|
|
December 31, 2013
|
||||||||||||||||||||||
|
30 - 59 Days
Past Due
|
|
60 - 89 Days
Past Due
|
|
Greater
than
89 Days
Past due
|
|
Total
Past Due
|
|
Current
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
NTM loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
$
|
1,003
|
|
|
$
|
1,854
|
|
|
$
|
769
|
|
|
$
|
3,626
|
|
|
$
|
152,864
|
|
|
$
|
156,490
|
|
Green Loans (HELOC) - first liens
|
653
|
|
|
—
|
|
|
437
|
|
|
1,090
|
|
|
146,615
|
|
|
147,705
|
|
||||||
Green Loans (HELOC) - second liens
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,289
|
|
|
5,289
|
|
||||||
Other consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
113
|
|
|
113
|
|
||||||
Total NTM loans
|
1,656
|
|
|
1,854
|
|
|
1,206
|
|
|
4,716
|
|
|
304,881
|
|
|
309,597
|
|
||||||
Traditional loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
52
|
|
|
235
|
|
|
—
|
|
|
287
|
|
|
283,456
|
|
|
283,743
|
|
||||||
Commercial real estate
|
5,554
|
|
|
194
|
|
|
—
|
|
|
5,748
|
|
|
509,121
|
|
|
514,869
|
|
||||||
Multi-family
|
602
|
|
|
—
|
|
|
—
|
|
|
602
|
|
|
140,978
|
|
|
141,580
|
|
||||||
SBA
|
14
|
|
|
48
|
|
|
—
|
|
|
62
|
|
|
23,678
|
|
|
23,740
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,933
|
|
|
24,933
|
|
||||||
Lease financing
|
271
|
|
|
92
|
|
|
19
|
|
|
382
|
|
|
31,567
|
|
|
31,949
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
20,684
|
|
|
6,124
|
|
|
12,181
|
|
|
38,989
|
|
|
628,537
|
|
|
667,526
|
|
||||||
Other consumer
|
209
|
|
|
110
|
|
|
35
|
|
|
354
|
|
|
108,534
|
|
|
108,888
|
|
||||||
Total traditional loans
|
27,386
|
|
|
6,803
|
|
|
12,235
|
|
|
46,424
|
|
|
1,750,804
|
|
|
1,797,228
|
|
||||||
PCI Loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4,028
|
|
|
4,028
|
|
||||||
Commercial real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
15,014
|
|
|
15,014
|
|
||||||
SBA
|
45
|
|
|
1
|
|
|
106
|
|
|
152
|
|
|
3,536
|
|
|
3,688
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
21,888
|
|
|
8,580
|
|
|
12,099
|
|
|
42,567
|
|
|
272,253
|
|
|
314,820
|
|
||||||
Other consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,736
|
|
|
1,736
|
|
||||||
Total PCI loans
|
21,933
|
|
|
8,581
|
|
|
12,205
|
|
|
42,719
|
|
|
296,567
|
|
|
339,286
|
|
||||||
Total
|
$
|
50,975
|
|
|
$
|
17,238
|
|
|
$
|
25,646
|
|
|
$
|
93,859
|
|
|
$
|
2,352,252
|
|
|
$
|
2,446,111
|
|
|
Year Ended December 31,
|
|||||||||||||||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||||||||||||||
|
Number of
Loans
|
|
Pre-
Modification
Outstanding
Recorded
Investment
|
|
Post-Modification
Outstanding
Recorded
Investment
|
|
Number of
Loans |
|
Pre-
Modification Outstanding Recorded Investment |
|
Post-Modification
Outstanding Recorded Investment |
|
Number of
Loans |
|
Pre-
Modification Outstanding Recorded Investment |
|
Post-Modification
Outstanding Recorded Investment |
|||||||||||||||
|
($ in thousands)
|
|||||||||||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial real estate
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
288
|
|
|
$
|
288
|
|
SBA
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
420
|
|
|
420
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Single family residential mortgage
|
5
|
|
|
1,245
|
|
|
1,229
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other consumer
|
1
|
|
|
294
|
|
|
294
|
|
|
2
|
|
|
435
|
|
|
435
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
6
|
|
|
$
|
1,539
|
|
|
$
|
1,523
|
|
|
2
|
|
|
$
|
435
|
|
|
$
|
435
|
|
|
4
|
|
|
$
|
708
|
|
|
$
|
708
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
|
Number of Loans
|
|
Recorded Investment
|
|
Number of Loans
|
|
Recorded Investment
|
|
Number of Loans
|
|
Recorded Investment
|
|||||||||
|
($ in thousands)
|
|||||||||||||||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Single family residential mortgage
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
4
|
|
Total
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
4
|
|
|
December 31,
|
||||||||||||||||||||||
|
2014
|
|
2013
|
||||||||||||||||||||
|
NTM Loans
|
|
Traditional
Loans
|
|
Total
|
|
NTM Loans
|
|
Traditional
Loans
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial real estate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
194
|
|
|
$
|
194
|
|
SBA
|
—
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
10
|
|
|
10
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
—
|
|
|
4,269
|
|
|
4,269
|
|
|
—
|
|
|
3,605
|
|
|
3,605
|
|
||||||
Green Loans (HELOC) - first liens
|
3,442
|
|
|
—
|
|
|
3,442
|
|
|
3,468
|
|
|
—
|
|
|
3,468
|
|
||||||
Green Loans (HELOC) - second liens
|
294
|
|
|
—
|
|
|
294
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
$
|
3,736
|
|
|
$
|
4,275
|
|
|
$
|
8,011
|
|
|
$
|
3,468
|
|
|
$
|
3,809
|
|
|
$
|
7,277
|
|
|
December 31, 2014
|
||||||||||||||||||||||
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Not-Rated
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
NTM loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
$
|
219,747
|
|
|
$
|
279
|
|
|
$
|
2,280
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
222,306
|
|
Green Loans (HELOC) - first liens
|
104,640
|
|
|
399
|
|
|
18,138
|
|
|
—
|
|
|
—
|
|
|
123,177
|
|
||||||
Green Loans (HELOC) - second liens
|
4,770
|
|
|
—
|
|
|
209
|
|
|
—
|
|
|
—
|
|
|
4,979
|
|
||||||
Other consumer
|
113
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
113
|
|
||||||
Total NTM loans
|
329,270
|
|
|
678
|
|
|
20,627
|
|
|
—
|
|
|
—
|
|
|
350,575
|
|
||||||
Traditional loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
477,319
|
|
|
117
|
|
|
12,330
|
|
|
—
|
|
|
—
|
|
|
489,766
|
|
||||||
Commercial real estate
|
943,645
|
|
|
14,281
|
|
|
30,404
|
|
|
—
|
|
|
—
|
|
|
988,330
|
|
||||||
Multi-family
|
932,438
|
|
|
6,684
|
|
|
16,561
|
|
|
—
|
|
|
—
|
|
|
955,683
|
|
||||||
SBA
|
32,171
|
|
|
—
|
|
|
827
|
|
|
—
|
|
|
—
|
|
|
32,998
|
|
||||||
Construction
|
42,198
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
42,198
|
|
||||||
Lease financing
|
85,613
|
|
|
36
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
85,749
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
569,871
|
|
|
10,395
|
|
|
14,834
|
|
|
—
|
|
|
—
|
|
|
595,100
|
|
||||||
Other consumer
|
161,701
|
|
|
85
|
|
|
40
|
|
|
—
|
|
|
—
|
|
|
161,826
|
|
||||||
Total traditional loans
|
3,244,956
|
|
|
31,598
|
|
|
75,096
|
|
|
—
|
|
|
—
|
|
|
3,351,650
|
|
||||||
PCI loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
104
|
|
|
—
|
|
|
1,030
|
|
|
—
|
|
|
—
|
|
|
1,134
|
|
||||||
Commercial real estate
|
6,676
|
|
|
985
|
|
|
3,866
|
|
|
—
|
|
|
—
|
|
|
11,527
|
|
||||||
SBA
|
677
|
|
|
351
|
|
|
2,129
|
|
|
—
|
|
|
—
|
|
|
3,157
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
—
|
|
|
—
|
|
|
268
|
|
|
—
|
|
|
230,811
|
|
|
231,079
|
|
||||||
Other consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total PCI loans
|
7,457
|
|
|
1,336
|
|
|
7,293
|
|
|
—
|
|
|
230,811
|
|
|
246,897
|
|
||||||
Total
|
$
|
3,581,683
|
|
|
$
|
33,612
|
|
|
$
|
103,016
|
|
|
$
|
—
|
|
|
$
|
230,811
|
|
|
$
|
3,949,122
|
|
|
December 31, 2013
|
||||||||||||||||||||||
|
Pass
|
|
Special
Mention
|
|
Substandard
|
|
Doubtful
|
|
Not-Rated
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
NTM loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
$
|
151,728
|
|
|
$
|
2,321
|
|
|
$
|
2,441
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
156,490
|
|
Green Loans (HELOC) - first liens
|
129,679
|
|
|
11,470
|
|
|
6,556
|
|
|
—
|
|
|
—
|
|
|
147,705
|
|
||||||
Green Loans (HELOC) - second liens
|
5,073
|
|
|
—
|
|
|
216
|
|
|
—
|
|
|
—
|
|
|
5,289
|
|
||||||
Other consumer
|
113
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
113
|
|
||||||
Total NTM loans
|
286,593
|
|
|
13,791
|
|
|
9,213
|
|
|
—
|
|
|
—
|
|
|
309,597
|
|
||||||
Traditional loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
280,527
|
|
|
1
|
|
|
3,215
|
|
|
—
|
|
|
—
|
|
|
283,743
|
|
||||||
Commercial real estate
|
510,117
|
|
|
—
|
|
|
4,752
|
|
|
—
|
|
|
—
|
|
|
514,869
|
|
||||||
Multi-family
|
139,608
|
|
|
—
|
|
|
1,972
|
|
|
—
|
|
|
—
|
|
|
141,580
|
|
||||||
SBA
|
23,714
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
23,740
|
|
||||||
Construction
|
24,933
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
24,933
|
|
||||||
Lease financing
|
31,949
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
31,949
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
640,701
|
|
|
6,350
|
|
|
20,475
|
|
|
—
|
|
|
—
|
|
|
667,526
|
|
||||||
Other consumer
|
108,745
|
|
|
108
|
|
|
33
|
|
|
2
|
|
|
—
|
|
|
108,888
|
|
||||||
Total traditional loans
|
1,760,294
|
|
|
6,459
|
|
|
30,473
|
|
|
2
|
|
|
—
|
|
|
1,797,228
|
|
||||||
PCI loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
—
|
|
|
969
|
|
|
3,059
|
|
|
—
|
|
|
—
|
|
|
4,028
|
|
||||||
Commercial real estate
|
10,148
|
|
|
—
|
|
|
4,866
|
|
|
—
|
|
|
—
|
|
|
15,014
|
|
||||||
SBA
|
844
|
|
|
605
|
|
|
2,239
|
|
|
—
|
|
|
—
|
|
|
3,688
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
—
|
|
|
—
|
|
|
287
|
|
|
—
|
|
|
314,533
|
|
|
314,820
|
|
||||||
Other consumer
|
—
|
|
|
—
|
|
|
1,736
|
|
|
—
|
|
|
—
|
|
|
1,736
|
|
||||||
Total PCI loans
|
10,992
|
|
|
1,574
|
|
|
12,187
|
|
|
—
|
|
|
314,533
|
|
|
339,286
|
|
||||||
Total
|
$
|
2,057,879
|
|
|
$
|
21,824
|
|
|
$
|
51,873
|
|
|
$
|
2
|
|
|
$
|
314,533
|
|
|
$
|
2,446,111
|
|
|
December 31,
|
||||||||||||||
|
2014
|
|
2013
|
||||||||||||
Outstanding
Balance
|
|
Carrying
Amount
|
|
Outstanding
Balance
|
|
Carrying
Amount
|
|||||||||
|
(In thousands)
|
||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
||||||||
Commercial and industrial
|
$
|
1,767
|
|
|
$
|
1,134
|
|
|
$
|
5,838
|
|
|
$
|
4,028
|
|
Commercial real estate
|
13,708
|
|
|
11,527
|
|
|
17,682
|
|
|
15,014
|
|
||||
SBA
|
4,220
|
|
|
3,157
|
|
|
4,940
|
|
|
3,688
|
|
||||
Consumer:
|
|
|
|
|
|
|
|
||||||||
Single family residential mortgage
|
283,067
|
|
|
231,079
|
|
|
414,341
|
|
|
314,820
|
|
||||
Other consumer
|
—
|
|
|
—
|
|
|
2,134
|
|
|
1,736
|
|
||||
Total
|
$
|
302,762
|
|
|
$
|
246,897
|
|
|
$
|
444,935
|
|
|
$
|
339,286
|
|
|
Year Ended December 31,
|
||||||||||
2014
|
|
2013
|
|
2012
|
|||||||
|
(In thousands)
|
||||||||||
Balance at beginning of year
|
$
|
126,336
|
|
|
$
|
32,206
|
|
|
$
|
—
|
|
New loans or leases purchased
|
—
|
|
|
155,416
|
|
|
36,000
|
|
|||
Accretion of income
|
(25,335
|
)
|
|
(19,177
|
)
|
|
(3,633
|
)
|
|||
Increase (decrease) in expected cash flows
|
29,267
|
|
|
(17,358
|
)
|
|
—
|
|
|||
Disposals
|
(37,967
|
)
|
|
(24,751
|
)
|
|
(161
|
)
|
|||
Balance at end of year
|
$
|
92,301
|
|
|
$
|
126,336
|
|
|
$
|
32,206
|
|
|
Year Ended December 31,
|
||||||||||
2014
|
|
2013
|
|
2012
|
|||||||
|
(In thousands)
|
||||||||||
Commercial:
|
|
|
|
|
|
||||||
Commercial and industrial
|
$
|
—
|
|
|
$
|
2,721
|
|
|
$
|
12,542
|
|
Commercial real estate
|
—
|
|
|
3,226
|
|
|
24,164
|
|
|||
Multi-family
|
—
|
|
|
—
|
|
|
1,222
|
|
|||
SBA
|
—
|
|
|
—
|
|
|
8,684
|
|
|||
Construction
|
—
|
|
|
4,333
|
|
|
—
|
|
|||
Consumer:
|
|
|
|
|
|
||||||
Single family residential mortgage
|
—
|
|
|
473,942
|
|
|
115,207
|
|
|||
Other consumer
|
—
|
|
|
844
|
|
|
—
|
|
|||
Outstanding balance
|
$
|
—
|
|
|
$
|
485,066
|
|
|
$
|
161,819
|
|
Cash flows expected to be collected at acquisitions
|
$
|
—
|
|
|
$
|
504,197
|
|
|
$
|
141,302
|
|
Fair value of acquired loans at acquisition
|
—
|
|
|
348,569
|
|
|
105,302
|
|
|
Year Ended December 31,
|
||||||||||||||||||||||
2014
|
|
2013
|
|
2012
|
|||||||||||||||||||
Purchases
|
|
Sales
|
|
Purchases
|
|
Sales
|
|
Purchases
|
|
Sales
|
|||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Commercial:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial and industrial
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial real estate
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,400
|
|
|
—
|
|
||||||
Multi-family
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,274
|
|
|
—
|
|
||||||
SBA
|
—
|
|
|
7,838
|
|
|
—
|
|
|
2,507
|
|
|
—
|
|
|
7,116
|
|
||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Lease financing
|
38,572
|
|
|
—
|
|
|
7,850
|
|
|
—
|
|
|
11,772
|
|
|
—
|
|
||||||
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Single family residential mortgage
|
—
|
|
|
82,552
|
|
|
507,736
|
|
|
186,140
|
|
|
—
|
|
|
70,438
|
|
||||||
Other consumer
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Total
|
$
|
38,572
|
|
|
$
|
90,390
|
|
|
$
|
515,586
|
|
|
$
|
188,647
|
|
|
$
|
30,446
|
|
|
$
|
77,554
|
|
|
December 31,
|
||||||||||||||
|
2014
|
|
2013
|
||||||||||||
|
Total Premises
and Equipment
|
|
Capital Leases
|
|
Total Premises
and Equipment
|
|
Capital Leases
|
||||||||
|
(In thousands)
|
||||||||||||||
Land
|
$
|
22,330
|
|
|
$
|
—
|
|
|
$
|
18,000
|
|
|
$
|
—
|
|
Building and improvement
|
31,403
|
|
|
—
|
|
|
26,995
|
|
|
—
|
|
||||
Furniture, fixtures, and equipment
|
30,469
|
|
|
4,520
|
|
|
22,583
|
|
|
3,207
|
|
||||
Leasehold improvements
|
8,764
|
|
|
—
|
|
|
7,001
|
|
|
—
|
|
||||
Construction in process
|
3,176
|
|
|
—
|
|
|
2,341
|
|
|
—
|
|
||||
Total
|
96,142
|
|
|
4,520
|
|
|
76,920
|
|
|
3,207
|
|
||||
Less accumulated depreciation
|
(17,457
|
)
|
|
(1,361
|
)
|
|
(10,660
|
)
|
|
(498
|
)
|
||||
Premises and equipment, net
|
$
|
78,685
|
|
|
$
|
3,159
|
|
|
$
|
66,260
|
|
|
$
|
2,709
|
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019 and After
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Commitments under operating leases
|
$
|
12,785
|
|
|
$
|
9,885
|
|
|
$
|
7,341
|
|
|
$
|
4,900
|
|
|
$
|
10,278
|
|
|
$
|
45,189
|
|
Commitments under capital lease
|
959
|
|
|
959
|
|
|
895
|
|
|
332
|
|
|
42
|
|
|
3,187
|
|
||||||
Total
|
$
|
13,744
|
|
|
$
|
10,844
|
|
|
$
|
8,236
|
|
|
$
|
5,232
|
|
|
$
|
10,320
|
|
|
$
|
48,376
|
|
|
December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In thousands)
|
||||||
Mortgage servicing rights, at fair value
|
$
|
19,082
|
|
|
$
|
13,535
|
|
SBA servicing rights, at cost
|
484
|
|
|
348
|
|
||
Total
|
$
|
19,566
|
|
|
$
|
13,883
|
|
|
December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
($ in thousands)
|
||||||
Fair value of retained MSRs
|
$
|
13,135
|
|
|
$
|
13,535
|
|
Discount rate
|
10.09
|
%
|
|
10.39
|
%
|
||
Constant prepayment rate
|
13.22
|
%
|
|
10.28
|
%
|
||
Weighted-average life (in years)
|
5.80
|
|
|
7.37
|
|
|
Year Ended December 31,
|
||||||||||
2014
|
|
2013
|
|
2012
|
|||||||
|
(In thousands)
|
||||||||||
Balance at beginning of year
|
$
|
13,535
|
|
|
$
|
1,739
|
|
|
$
|
—
|
|
Acquired in business combinations
|
—
|
|
|
—
|
|
|
1,534
|
|
|||
Additions
|
26,399
|
|
|
11,463
|
|
|
441
|
|
|||
Prepayments
|
(1,155
|
)
|
|
(480
|
)
|
|
(69
|
)
|
|||
Changes in fair value resulting from valuation inputs or assumptions
|
(233
|
)
|
|
1,360
|
|
|
(42
|
)
|
|||
Sales of servicing rights
|
(17,773
|
)
|
|
—
|
|
|
—
|
|
|||
Other—loans paid off
|
(1,691
|
)
|
|
(547
|
)
|
|
(125
|
)
|
|||
Balance at end of year
|
$
|
19,082
|
|
|
$
|
13,535
|
|
|
$
|
1,739
|
|
|
Year Ended December 31,
|
||||||||||
2014
|
|
2013
|
|
2012
|
|||||||
|
(In thousands)
|
||||||||||
Balance at beginning of year
|
$
|
348
|
|
|
$
|
539
|
|
|
$
|
—
|
|
Acquired in business combinations
|
—
|
|
|
—
|
|
|
557
|
|
|||
Additions
|
261
|
|
|
32
|
|
|
171
|
|
|||
Amortization, including prepayments
|
(83
|
)
|
|
(223
|
)
|
|
(189
|
)
|
|||
Impairment
|
(42
|
)
|
|
—
|
|
|
—
|
|
|||
Balance at end of year
|
$
|
484
|
|
|
$
|
348
|
|
|
$
|
539
|
|
|
Year Ended December 31,
|
||||||||||
2014
|
|
2013
|
|
2012
|
|||||||
|
(In thousands)
|
||||||||||
Balance at beginning of year
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Acquired in business combinations
|
—
|
|
|
—
|
|
|
30
|
|
|||
Additions
|
—
|
|
|
—
|
|
|
—
|
|
|||
Disposals
|
—
|
|
|
—
|
|
|
(29
|
)
|
|||
Amortization, including prepayments
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||
Balance at end of year
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Year Ended December 31,
|
||||||||||
2014
|
|
2013
|
|
2012
|
|||||||
|
(In thousands)
|
||||||||||
Balance at beginning of year
|
$
|
—
|
|
|
$
|
4,527
|
|
|
$
|
14,692
|
|
Additions
|
653
|
|
|
229
|
|
|
3,863
|
|
|||
Sales and net direct write-downs
|
(198
|
)
|
|
(6,825
|
)
|
|
(16,040
|
)
|
|||
Net change in valuation allowance
|
(32
|
)
|
|
2,069
|
|
|
2,012
|
|
|||
Balance at end of year
|
$
|
423
|
|
|
$
|
—
|
|
|
$
|
4,527
|
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Balance at beginning of year
|
$
|
—
|
|
|
$
|
2,069
|
|
|
$
|
4,081
|
|
Additions
|
32
|
|
|
97
|
|
|
703
|
|
|||
Net direct write-downs and removals from sale
|
—
|
|
|
(2,166
|
)
|
|
(2,715
|
)
|
|||
Balance at end of year
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
2,069
|
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Net gain (loss) on sales
|
$
|
66
|
|
|
$
|
464
|
|
|
$
|
464
|
|
Operating expenses, net of rental income
|
—
|
|
|
(362
|
)
|
|
(676
|
)
|
|||
Total
|
$
|
66
|
|
|
$
|
102
|
|
|
$
|
(212
|
)
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Loans provided for sales of other real estate owned sold on contract
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
914
|
|
Deferred gain on other real estate sold on contract
|
—
|
|
|
—
|
|
|
10
|
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Goodwill balance at beginning of the year
|
$
|
30,143
|
|
|
$
|
7,048
|
|
|
$
|
—
|
|
Goodwill acquired during the year
|
2,239
|
|
|
23,095
|
|
|
7,048
|
|
|||
Goodwill adjustments for purchase accounting
|
(791
|
)
|
|
—
|
|
|
—
|
|
|||
Impairment losses
|
—
|
|
|
—
|
|
|
—
|
|
|||
Goodwill balance at end of year
|
$
|
31,591
|
|
|
$
|
30,143
|
|
|
$
|
7,048
|
|
Accumulated impairment losses at end of year
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Gross
Carrying
Value
|
|
Accumulated
Amortization
|
|
Net
Carrying
Value
|
||||||
|
(In thousands)
|
||||||||||
December 31, 2014
|
|
|
|
|
|
||||||
Core deposit intangibles
|
$
|
31,162
|
|
|
$
|
7,237
|
|
|
$
|
23,925
|
|
Customer relationship intangible
|
670
|
|
|
123
|
|
|
547
|
|
|||
Trade name intangibles
|
780
|
|
|
—
|
|
|
780
|
|
|||
December 31, 2013
|
|
|
|
|
|
||||||
Core deposit intangibles
|
$
|
15,433
|
|
|
$
|
3,281
|
|
|
$
|
12,152
|
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019 and After
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Estimated future amortization expense
|
$
|
5,836
|
|
|
$
|
4,946
|
|
|
$
|
4,066
|
|
|
$
|
3,205
|
|
|
$
|
6,419
|
|
|
$
|
24,472
|
|
|
December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In thousands)
|
||||||
Interest-bearing demand deposits
|
$
|
1,054,828
|
|
|
$
|
539,098
|
|
Money market accounts
|
1,074,432
|
|
|
518,696
|
|
||
Savings accounts
|
985,646
|
|
|
963,536
|
|
||
Certificates of deposit under $100,000
|
449,580
|
|
|
27,921
|
|
||
Certificates of deposit of $100,000 or more
|
445,050
|
|
|
440,235
|
|
||
Total interest-bearing deposits
|
$
|
4,009,536
|
|
|
$
|
2,489,486
|
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019 and After
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Certificates of deposit under $100,000
|
$
|
393,703
|
|
|
$
|
23,389
|
|
|
$
|
9,916
|
|
|
$
|
18,778
|
|
|
$
|
3,794
|
|
|
$
|
449,580
|
|
Certificates of deposit of $100,000 or more
|
248,691
|
|
|
95,531
|
|
|
70,069
|
|
|
24,261
|
|
|
6,498
|
|
|
445,050
|
|
||||||
Total certificates of deposit
|
$
|
642,394
|
|
|
$
|
118,920
|
|
|
$
|
79,985
|
|
|
$
|
43,039
|
|
|
$
|
10,292
|
|
|
$
|
894,630
|
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|
2019 and After
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Fixed rate
|
$
|
400,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
400,000
|
|
Variable rate
|
233,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
233,000
|
|
||||||
Total
|
$
|
633,000
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
633,000
|
|
|
As of or For the Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
($ in thousands)
|
||||||||||
Weighted-average interest rate at end of year
|
0.29
|
%
|
|
0.13
|
%
|
|
0.44
|
%
|
|||
Average interest rate during the year
|
0.20
|
%
|
|
0.36
|
%
|
|
0.64
|
%
|
|||
Average balance
|
$
|
267,816
|
|
|
$
|
74,712
|
|
|
$
|
54,030
|
|
Maximum amount outstanding at any month-end
|
$
|
633,000
|
|
|
$
|
250,000
|
|
|
$
|
100,000
|
|
Balance at end of year
|
$
|
633,000
|
|
|
$
|
250,000
|
|
|
$
|
75,000
|
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Current income taxes:
|
|
|
|
|
|
||||||
Federal
|
$
|
10,340
|
|
|
$
|
(332
|
)
|
|
$
|
34
|
|
State
|
2,348
|
|
|
19
|
|
|
—
|
|
|||
Total current income tax expense (benefit)
|
12,688
|
|
|
(313
|
)
|
|
34
|
|
|||
Deferred income taxes:
|
|
|
|
|
|
||||||
Federal
|
(307
|
)
|
|
2,646
|
|
|
(1,252
|
)
|
|||
State
|
762
|
|
|
858
|
|
|
(356
|
)
|
|||
Total deferred income tax (benefit) expense
|
455
|
|
|
3,504
|
|
|
(1,608
|
)
|
|||
Change in valuation allowance
|
(17,684
|
)
|
|
4,069
|
|
|
1,689
|
|
|||
Income tax (benefit) expense
|
$
|
(4,541
|
)
|
|
$
|
7,260
|
|
|
$
|
115
|
|
|
Year Ended December 31,
|
|||||||
|
2014
|
|
2013
|
|
2012
|
|||
Computed expected income tax expense (benefit) at Federal statutory rate
|
35.0
|
%
|
|
34.0
|
%
|
|
34.0
|
%
|
Increase (decrease) resulting from:
|
|
|
|
|
|
|||
Book bargain purchase gain
|
—
|
%
|
|
—
|
%
|
|
(68.4
|
)%
|
Other permanent book-tax differences
|
0.3
|
%
|
|
3.6
|
%
|
|
9.1
|
%
|
State tax expense, net of federal benefit
|
8.3
|
%
|
|
7.8
|
%
|
|
(3.8
|
)%
|
Change in valuation allowance
|
(68.6
|
)%
|
|
55.4
|
%
|
|
30.4
|
%
|
Federal effect of state tax deferred due to the change in valuation allowance
|
7.4
|
%
|
|
—
|
%
|
|
—
|
%
|
Other, net
|
—
|
%
|
|
(1.9
|
)%
|
|
0.8
|
%
|
Effective tax rates
|
(17.6
|
)%
|
|
98.9
|
%
|
|
2.1
|
%
|
|
December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Deferred tax assets:
|
|
|
|
|
|
||||||
Allowance for loan and lease losses
|
$
|
17,923
|
|
|
$
|
15,138
|
|
|
$
|
9,537
|
|
Investment in partnership
|
72
|
|
|
316
|
|
|
—
|
|
|||
Stock options and awards
|
3,991
|
|
|
2,212
|
|
|
1,336
|
|
|||
Accrued expenses
|
2,898
|
|
|
2,112
|
|
|
1,515
|
|
|||
Valuation allowance on other real estate owned
|
13
|
|
|
—
|
|
|
852
|
|
|||
Reserve for loss on repurchased loans
|
3,491
|
|
|
2,433
|
|
|
1,421
|
|
|||
Federal net operating losses
|
1,494
|
|
|
3,988
|
|
|
2,357
|
|
|||
State net operating losses
|
973
|
|
|
4,235
|
|
|
2,314
|
|
|||
Federal credits
|
10
|
|
|
1,764
|
|
|
1,749
|
|
|||
Unrealized loss on securities available for sale
|
—
|
|
|
662
|
|
|
—
|
|
|||
Other deferred tax assets
|
2,374
|
|
|
1,509
|
|
|
1,453
|
|
|||
Total deferred tax assets
|
33,239
|
|
|
34,369
|
|
|
22,534
|
|
|||
Deferred tax liabilities:
|
|
|
|
|
|
||||||
Unrealized gain on securities available for sale
|
(307
|
)
|
|
—
|
|
|
(1,219
|
)
|
|||
Derivative instruments adjustment
|
(1,421
|
)
|
|
(2,362
|
)
|
|
(736
|
)
|
|||
Investment in partnership
|
—
|
|
|
—
|
|
|
(6
|
)
|
|||
Mortgage servicing rights
|
(8,023
|
)
|
|
(6,070
|
)
|
|
(716
|
)
|
|||
FHLB stock dividends
|
(571
|
)
|
|
(609
|
)
|
|
(618
|
)
|
|||
Intangible amortization
|
(3,595
|
)
|
|
(5,460
|
)
|
|
(2,451
|
)
|
|||
Other deferred tax liabilities
|
(2,877
|
)
|
|
(2,525
|
)
|
|
(800
|
)
|
|||
Total deferred tax liabilities
|
(16,794
|
)
|
|
(17,026
|
)
|
|
(6,546
|
)
|
|||
Valuation allowance
|
—
|
|
|
(17,343
|
)
|
|
(8,416
|
)
|
|||
Net deferred tax assets
|
$
|
16,445
|
|
|
$
|
—
|
|
|
$
|
7,572
|
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Beginning balance
|
$
|
2,203
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Increase related to prior year tax positions
|
369
|
|
|
345
|
|
|
—
|
|
|||
Increase in current year tax positions
|
2,849
|
|
|
1,858
|
|
|
—
|
|
|||
Ending balance
|
$
|
5,421
|
|
|
$
|
2,203
|
|
|
$
|
—
|
|
|
Year Ended December 31,
|
||||||||||
2014
|
|
2013
|
|
2012
|
|||||||
|
(In thousands)
|
||||||||||
Balance at beginning of year
|
$
|
5,427
|
|
|
$
|
3,485
|
|
|
$
|
—
|
|
Acquired in business combinations
|
—
|
|
|
314
|
|
|
3,254
|
|
|||
Provision for loan repurchases
|
4,243
|
|
|
2,383
|
|
|
256
|
|
|||
Payments made for loss reimbursement on sold loans
|
(1,367
|
)
|
|
(755
|
)
|
|
(25
|
)
|
|||
Balance at end of year
|
$
|
8,303
|
|
|
$
|
5,427
|
|
|
$
|
3,485
|
|
|
December 31,
|
||||||||||||||
|
2014
|
|
2013
|
||||||||||||
Notional
Amount
|
|
Fair Value
|
|
Notional
Amount
|
|
Fair Value
|
|||||||||
|
(In thousands)
|
||||||||||||||
Included in assets:
|
|
|
|
|
|
|
|
||||||||
Interest rate lock commitments
|
$
|
179,923
|
|
|
$
|
5,750
|
|
|
$
|
129,010
|
|
|
$
|
3,962
|
|
Mandatory forward commitments
|
25,735
|
|
|
629
|
|
|
242,337
|
|
|
1,305
|
|
||||
Interest rate swap
|
—
|
|
|
—
|
|
|
50,000
|
|
|
226
|
|
||||
Total included in assets
|
$
|
205,658
|
|
|
$
|
6,379
|
|
|
$
|
421,347
|
|
|
$
|
5,493
|
|
Included in liabilities:
|
|
|
|
|
|
|
|
||||||||
Interest rate lock commitments
|
$
|
10,075
|
|
|
$
|
197
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Mandatory forward commitments
|
364,829
|
|
|
2,803
|
|
|
—
|
|
|
—
|
|
||||
Interest rate swap
|
50,000
|
|
|
235
|
|
|
—
|
|
|
—
|
|
||||
Total included in liabilities
|
$
|
424,904
|
|
|
$
|
3,235
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Unrecognized
Expense
|
|
Average
Expected
Recognition
Period
|
||
|
($ in thousands)
|
||||
Stock option awards
|
$
|
1,096
|
|
|
3.1 years
|
Restricted stock awards and restricted stock units
|
10,380
|
|
|
3.6 years
|
|
Total
|
$
|
11,476
|
|
|
3.5 years
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
($ in thousands, except per share data)
|
||||||||||
Granted date fair value of options granted
|
$
|
781
|
|
|
$
|
1,399
|
|
|
$
|
634
|
|
Fair value of options vested
|
$
|
346
|
|
|
$
|
1,090
|
|
|
$
|
—
|
|
Total intrinsic value of options exercised
|
$
|
110
|
|
|
$
|
104
|
|
|
$
|
—
|
|
Cash received from options exercised
|
$
|
993
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Weighted-average estimated fair value per share of options granted
|
$
|
3.38
|
|
|
$
|
3.52
|
|
|
$
|
3.84
|
|
|
Year Ended December 31,
|
|||||||
|
2014
|
|
2013
|
|
2012
|
|||
Weighted-average assumptions
|
|
|||||||
Dividend yield
|
3.69
|
%
|
|
3.87
|
%
|
|
4.07
|
%
|
Expected volatility
|
40.26
|
%
|
|
41.06
|
%
|
|
47.18
|
%
|
Expected term
|
6.0 years
|
|
|
5.0 years
|
|
|
10.0 years
|
|
Risk-free interest rate
|
1.99
|
%
|
|
1.21
|
%
|
|
1.67
|
%
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
|
Number of
Shares
|
|
Weighted-
Average
Exercise
Price per
Share
|
|
Number of
Shares |
|
Weighted-
Average Exercise Price per Share |
|
Number of
Shares |
|
Weighted-
Average Exercise Price per Share |
|||||||||
Outstanding at beginning of year
|
734,721
|
|
|
$
|
12.73
|
|
|
525,799
|
|
|
$
|
12.16
|
|
|
918,569
|
|
|
$
|
12.01
|
|
Granted
|
231,016
|
|
|
$
|
12.05
|
|
|
389,569
|
|
|
$
|
13.72
|
|
|
165,000
|
|
|
$
|
11.54
|
|
Replacement awards issued
|
—
|
|
|
$
|
—
|
|
|
22,581
|
|
|
$
|
12.65
|
|
|
—
|
|
|
$
|
—
|
|
Exercised
|
(86,667
|
)
|
|
$
|
11.46
|
|
|
(44,988
|
)
|
|
$
|
12.00
|
|
|
—
|
|
|
$
|
—
|
|
Forfeited
|
—
|
|
|
$
|
—
|
|
|
(158,240
|
)
|
|
$
|
13.41
|
|
|
(557,770
|
)
|
|
$
|
11.80
|
|
Outstanding at end of year
|
879,070
|
|
|
$
|
12.67
|
|
|
734,721
|
|
|
$
|
12.73
|
|
|
525,799
|
|
|
$
|
12.16
|
|
Exercisable at end of year
|
166,016
|
|
|
$
|
11.28
|
|
|
526,667
|
|
|
$
|
12.00
|
|
|
259,131
|
|
|
$
|
12.46
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
Number
of Shares
|
|
Weighted-
Average
Exercise
Price per
Share
|
|
Number
of Shares |
|
Weighted-
Average Exercise Price per Share |
|
Number
of Shares |
|
Weighted-
Average Exercise Price per Share |
||||||||||
Outstanding at beginning of year
|
419,569
|
|
|
$
|
13.16
|
|
|
266,668
|
|
|
$
|
11.70
|
|
|
723,904
|
|
|
$
|
12.17
|
|
Granted
|
231,016
|
|
|
$
|
12.05
|
|
|
389,569
|
|
|
$
|
13.72
|
|
|
165,000
|
|
|
$
|
11.80
|
|
Vested
|
(97,913
|
)
|
|
$
|
12.94
|
|
|
(93,334
|
)
|
|
$
|
11.68
|
|
|
(170,236
|
)
|
|
$
|
13.26
|
|
Forfeited
|
—
|
|
|
$
|
—
|
|
|
(143,334
|
)
|
|
$
|
12.95
|
|
|
(452,000
|
)
|
|
$
|
11.90
|
|
Outstanding at end of year
|
552,672
|
|
|
$
|
12.74
|
|
|
419,569
|
|
|
$
|
13.16
|
|
|
266,668
|
|
|
$
|
11.70
|
|
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||||||||||||||
|
Number
of Shares |
|
Intrinsic Value
|
|
Weighted-
Average Exercise Price per Share |
|
Weighted-
Average Remaining
Contractual
Life
|
|
Number
of Shares |
|
Intrinsic Value
|
|
Weighted-
Average Exercise Price per Share |
|
Weighted-
Average Remaining Contractual Life |
||||||||||
$10.89 to $11.47
|
166,016
|
|
|
$
|
31,529
|
|
|
$
|
11.28
|
|
|
7.5 years
|
|
166,016
|
|
|
$
|
31,529
|
|
|
$
|
11.28
|
|
|
7.5 years
|
$12.50 to $13.50
|
380,000
|
|
|
—
|
|
|
$
|
12.10
|
|
|
8.1 years
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
0.0 years
|
||
$13.50 to $14.50
|
125,000
|
|
|
—
|
|
|
$
|
13.13
|
|
|
8.5 years
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
0.0 years
|
||
$13.50 to $14.50
|
167,162
|
|
|
—
|
|
|
$
|
14.25
|
|
|
4.5 years
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
0.0 years
|
||
$14.50 to $15.81
|
40,892
|
|
|
—
|
|
|
$
|
15.81
|
|
|
6.5 years
|
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
0.0 years
|
||
Total
|
879,070
|
|
|
$
|
31,529
|
|
|
$
|
12.67
|
|
|
7.3 years
|
|
166,016
|
|
|
$
|
31,529
|
|
|
$
|
11.28
|
|
|
7.5 years
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
|||||||||||||||
Number of
Shares
|
|
Weighted-
Average
Price per
Share
|
|
Number of
Shares
|
|
Weighted-
Average
Price per
Share
|
|
Number of
Shares |
|
Weighted-
Average Price per Share |
||||||||||
Outstanding at beginning of year
|
893,886
|
|
|
$
|
13.78
|
|
|
163,682
|
|
|
$
|
11.43
|
|
|
58,716
|
|
|
$
|
13.28
|
|
Granted
|
915,077
|
|
|
$
|
11.77
|
|
|
936,542
|
|
|
$
|
13.82
|
|
|
224,943
|
|
|
$
|
11.72
|
|
Vested
|
(261,952
|
)
|
|
$
|
13.51
|
|
|
(88,169
|
)
|
|
$
|
11.98
|
|
|
(104,414
|
)
|
|
$
|
12.45
|
|
Forfeited
|
(259,709
|
)
|
|
$
|
13.21
|
|
|
(118,169
|
)
|
|
$
|
12.70
|
|
|
(15,563
|
)
|
|
$
|
15.81
|
|
Outstanding at end of year
|
1,287,302
|
|
|
$
|
12.53
|
|
|
893,886
|
|
|
$
|
13.78
|
|
|
163,682
|
|
|
$
|
11.43
|
|
|
Initial SAR
|
|
Additional
SAR I
(1)
|
|
Additional
SAR II (2) |
|
Additional
SAR III (3) |
|
Additional
SAR IV (4) |
|
Additional
SAR V (5) |
|
Additional
SAR VI (6) |
|
Additional
SAR VII (7) |
|||||||||||||||
Grant Date
|
8/21/2012
|
|
|
6/21/2013
|
|
|
7/1/2013
|
|
|
7/2/2013
|
|
|
12/10/2013
|
|
|
5/21/2014
|
|
|
5/21/2014
|
|
|
11/7/2014
|
|
|||||||
Number of shares
|
500,000
|
|
|
150,933
|
|
|
88,366
|
|
|
15,275
|
|
|
70,877
|
|
|
252,023
|
|
|
281,586
|
|
|
216,334
|
|
|||||||
Base price per share
|
$
|
12.12
|
|
|
$
|
13.06
|
|
|
$
|
13.60
|
|
|
$
|
13.55
|
|
|
$
|
12.83
|
|
|
$
|
10.09
|
|
|
$
|
10.09
|
|
|
11.62
|
|
Fair value per share
|
$
|
2.77
|
|
|
$
|
2.38
|
|
|
$
|
2.17
|
|
|
$
|
2.19
|
|
|
$
|
2.47
|
|
|
$
|
1.65
|
|
|
$
|
2.22
|
|
|
1.84
|
|
Risk-free interest rate
|
0.36
|
%
|
|
0.36
|
%
|
|
0.36
|
%
|
|
0.36
|
%
|
|
0.36
|
%
|
|
0.42
|
%
|
|
0.79
|
%
|
|
0.91
|
%
|
|||||||
Expected term
|
2.55
|
|
|
2.55
|
|
|
2.55
|
|
|
2.55
|
|
|
2.55
|
|
|
2.11
|
|
|
3.00
|
|
|
2.92
|
|
|||||||
Expected stock price volatility
|
30.54
|
%
|
|
30.54
|
%
|
|
30.54
|
%
|
|
30.54
|
%
|
|
30.54
|
%
|
|
27.82
|
%
|
|
30.85
|
%
|
|
21.68
|
%
|
|||||||
Dividend yield
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
|
—
|
%
|
(1)
|
Issued due to the Company’s common stock issuance for an underwritten public offering completed on June 21, 2013.
|
(2)
|
Issued due to the Company’s common stock issuance in connection with the PBOC acquisition completed on July 1, 2013.
|
(3)
|
Issued due to the Company’s common stock issuance for the exercise of over-allotment option granted to the underwriters of the Company’s public common stock offering initially completed on June 21, 2013.
|
(4)
|
Issued due to the Company’s common stock issuance in a private placement completed on December 10, 2013.
|
(5)
|
Issued due to the Company’s common stock issuance for an underwritten public offering completed on May 21, 2014.
|
(6)
|
The Additional SAR VI originally related to
300,219
shares of common stock with a scheduled vesting of
May 21, 2017
, as described above. As a result of the settlements of portions of the Purchase Contacts, the Additional SAR VI accelerated in vesting with respect to
133,997
shares and
18,633
shares were forfeited as of December 31, 2014. The portion of Additional SAR VI that has accelerated in vesting has the same terms and conditions as the Initial SAR.
|
(7)
|
Issued due to the Company's common stock issuance for a private placement completed on November 7, 2014.
|
|
Unrealized
Gain (Loss)
on AFS
Securities
|
|
Cash Flow
Hedge
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
Balance at December 31, 2011
|
$
|
(939
|
)
|
|
$
|
—
|
|
|
$
|
(939
|
)
|
Unrealized gain(loss) arising during the period
|
2,253
|
|
|
—
|
|
|
2,253
|
|
|||
Reclassification adjustment from other comprehensive income
|
83
|
|
|
—
|
|
|
83
|
|
|||
Tax effect of current period changes
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total changes, net of taxes
|
2,336
|
|
|
—
|
|
|
2,336
|
|
|||
Balance at December 31, 2012
|
$
|
1,397
|
|
|
$
|
—
|
|
|
$
|
1,397
|
|
Unrealized gain(loss) arising during the period
|
$
|
(1,892
|
)
|
|
$
|
226
|
|
|
$
|
(1,666
|
)
|
Reclassification adjustment from other comprehensive income
|
(331
|
)
|
|
—
|
|
|
(331
|
)
|
|||
Tax effect of current period changes
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total changes, net of taxes
|
(2,223
|
)
|
|
226
|
|
|
(1,997
|
)
|
|||
Balance at December 31, 2013
|
$
|
(826
|
)
|
|
$
|
226
|
|
|
$
|
(600
|
)
|
Unrealized gain(loss) arising during the period
|
$
|
3,487
|
|
|
$
|
(461
|
)
|
|
$
|
3,026
|
|
Reclassification adjustment from other comprehensive income
|
(1,183
|
)
|
|
—
|
|
|
(1,183
|
)
|
|||
Tax effect of current period changes
|
(969
|
)
|
|
99
|
|
|
(870
|
)
|
|||
Total changes, net of taxes
|
1,335
|
|
|
(362
|
)
|
|
973
|
|
|||
Balance at December 31, 2014
|
$
|
509
|
|
|
$
|
(136
|
)
|
|
$
|
373
|
|
|
Amount
|
|
Minimum Capital
Requirements
|
|
Minimum Required
to Be Well
Capitalized Under
Prompt Corrective
Action Provisions
|
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
|
($ in thousands)
|
|||||||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Banc of California, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total risk-based capital ratio
|
$
|
473,656
|
|
|
11.28
|
%
|
|
$
|
335,829
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Tier 1 risk-based capital ratio
|
442,307
|
|
|
10.54
|
%
|
|
167,914
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Tier 1 leverage ratio
|
442,307
|
|
|
8.57
|
%
|
|
206,502
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Banc of California, NA
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total risk-based capital ratio
|
$
|
503,727
|
|
|
12.04
|
%
|
|
$
|
334,834
|
|
|
8.00
|
%
|
|
$
|
418,543
|
|
|
10.00
|
%
|
Tier 1 risk-based capital ratio
|
472,378
|
|
|
11.29
|
%
|
|
167,417
|
|
|
4.00
|
%
|
|
$
|
251,126
|
|
|
6.00
|
%
|
||
Tier 1 leverage ratio
|
472,378
|
|
|
9.17
|
%
|
|
206,095
|
|
|
4.00
|
%
|
|
$
|
257,619
|
|
|
5.00
|
%
|
||
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Banc of California, Inc.
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total risk-based capital ratio
|
$
|
307,457
|
|
|
12.45
|
%
|
|
$
|
197,503
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Tier 1 risk-based capital ratio
|
281,786
|
|
|
11.41
|
%
|
|
98,752
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Tier 1 leverage ratio
|
281,786
|
|
|
8.02
|
%
|
|
140,463
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|||
Banc of California, NA
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total risk-based capital ratio
|
$
|
360,634
|
|
|
14.65
|
%
|
|
$
|
196,998
|
|
|
8.00
|
%
|
|
$
|
246,247
|
|
|
10.00
|
%
|
Tier 1 risk-based capital ratio
|
334,963
|
|
|
13.60
|
%
|
|
98,499
|
|
|
4.00
|
%
|
|
147,748
|
|
|
6.00
|
%
|
|||
Tier 1 leverage ratio
|
334,963
|
|
|
9.58
|
%
|
|
139,874
|
|
|
4.00
|
%
|
|
174,842
|
|
|
5.00
|
%
|
•
|
Permits banking organizations that had less than $15 billion in total consolidated assets as of December 31, 2009, to include in Tier 1 capital trust preferred securities and cumulative perpetual preferred stock that were issued and included in Tier 1 capital prior to May 19, 2010, subject to a limit of 25 percent of Tier 1 capital elements, excluding any non-qualifying capital instruments and after all regulatory capital deductions and adjustments have been applied to Tier 1 capital.
|
•
|
Establishes new qualifying criteria for regulatory capital, including new limitations on the inclusion of deferred tax assets and mortgage servicing rights.
|
•
|
Requires a minimum ratio of common equity Tier 1 capital to risk-weighted assets of 4.5 percent.
|
•
|
Increases the minimum Tier 1 capital to risk-weighted assets ratio requirement from 4 percent to 6 percent.
|
•
|
Retains the minimum total capital to risk-weighted assets ratio requirement of 8 percent.
|
•
|
Establishes a minimum leverage ratio requirement of 4 percent.
|
•
|
Changes the prompt corrective action standards so that in order to be considered well-capitalized, a depository institution must have a ratio of common equity Tier 1 capital to risk-weighted assets of 6.5 percent (new), a ratio of Tier 1 capital to risk-weighted assets of 8 percent (increased from 6 percent), a ratio of total capital to risk-weighted assets of 10 percent (unchanged), and a leverage ratio of 5 percent (unchanged).
|
•
|
Retains the existing regulatory capital framework for one-to-four family residential mortgage exposures.
|
•
|
Permits banking organizations that are not subject to the advanced approaches rule, such as the Company and the Bank, to retain, through a one-time election, the existing treatment for most accumulated other comprehensive income, such that unrealized gains and losses on securities available for sale will not affect regulatory capital amounts and ratios.
|
•
|
Implements a new capital conservation buffer requirement for a banking organization to maintain a common equity capital ratio more than 2.5 percent above the minimum common equity Tier 1 capital, Tier 1 capital and total risk-based capital ratios in order to avoid limitations on capital distributions, including dividend payments, and certain discretionary bonus payments. The capital conservation buffer requirement will be phased in beginning on January 1, 2016 at 0.625 percent and will be fully phased in at 2.50 percent by January 1, 2019. A banking organization with a buffer of less than the required amount would be subject to increasingly stringent limitations on such distributions and payments as the buffer approaches zero. The new rule also generally prohibits a banking organization from making such distributions or payments during any quarter if its eligible retained income is negative and its capital conservation buffer ratio was 2.5 percent or less at the end of the previous quarter. The eligible retained income of a banking organization is defined as its net income for the four calendar quarters preceding the current calendar quarter, based on the organization’s quarterly regulatory reports, net of any distributions and associated tax effects not already reflected in net income.
|
•
|
Increases capital requirements for past-due loans, high volatility commercial real estate exposures, and certain short-term commitments and securitization exposures.
|
•
|
Expands the recognition of collateral and guarantors in determining risk-weighted assets.
|
•
|
Removes references to credit ratings consistent with the Dodd Frank Act and establishes due diligence requirements for securitization exposures.
|
|
Year Ended December 31,
|
||||||||||||||||||||||||||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||||||||||||||||||||||||||
|
Common
Stock
|
|
Class B
Common
Stock
|
|
Total
|
|
Common
Stock |
|
Class B
Common Stock |
|
Total
|
|
Common
Stock |
|
Class B
Common Stock |
|
Total
|
||||||||||||||||||
|
($ in thousands, except per share data)
|
||||||||||||||||||||||||||||||||||
Basic:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net income
|
$
|
29,670
|
|
|
$
|
648
|
|
|
$
|
30,318
|
|
|
$
|
75
|
|
|
$
|
4
|
|
|
$
|
79
|
|
|
$
|
5,442
|
|
|
$
|
554
|
|
|
$
|
5,996
|
|
Less: income allocated to participating securities
|
(497
|
)
|
|
(11
|
)
|
|
(508
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Less: participating securities dividends
|
(531
|
)
|
|
(12
|
)
|
|
(543
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Less: preferred stock dividends
|
(3,562
|
)
|
|
(78
|
)
|
|
(3,640
|
)
|
|
(2,070
|
)
|
|
(115
|
)
|
|
(2,185
|
)
|
|
(1,234
|
)
|
|
(125
|
)
|
|
(1,359
|
)
|
|||||||||
Net income (loss) allocated to common stockholders
|
$
|
25,080
|
|
|
$
|
547
|
|
|
$
|
25,627
|
|
|
$
|
(1,995
|
)
|
|
$
|
(111
|
)
|
|
$
|
(2,106
|
)
|
|
$
|
4,208
|
|
|
$
|
429
|
|
|
$
|
4,637
|
|
Weighted average common shares outstanding
|
27,444,878
|
|
|
599,563
|
|
|
28,044,441
|
|
|
14,481,060
|
|
|
805,774
|
|
|
15,286,834
|
|
|
10,622,577
|
|
|
1,080,754
|
|
|
11,703,331
|
|
|||||||||
Basic earnings (loss) per common share
|
$
|
0.91
|
|
|
$
|
0.91
|
|
|
$
|
0.91
|
|
|
$
|
(0.14
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
Diluted:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net income (loss) allocated to common stockholders
|
$
|
25,080
|
|
|
$
|
547
|
|
|
$
|
25,627
|
|
|
$
|
(1,995
|
)
|
|
$
|
(111
|
)
|
|
$
|
(2,106
|
)
|
|
$
|
4,208
|
|
|
$
|
429
|
|
|
$
|
4,637
|
|
Additional income allocation for class B dilutive shares
|
(106
|
)
|
|
106
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Adjusted net income (loss) allocated to common stockholders
|
$
|
24,974
|
|
|
$
|
653
|
|
|
$
|
25,627
|
|
|
$
|
(1,995
|
)
|
|
$
|
(111
|
)
|
|
$
|
(2,106
|
)
|
|
$
|
4,208
|
|
|
$
|
429
|
|
|
$
|
4,637
|
|
Weighted average common shares outstanding
|
27,444,878
|
|
|
599,563
|
|
|
28,044,441
|
|
|
14,481,060
|
|
|
805,774
|
|
|
15,286,834
|
|
|
10,622,577
|
|
|
1,080,754
|
|
|
11,703,331
|
|
|||||||||
Add: Dilutive effects of restricted stock units
|
52,286
|
|
|
—
|
|
|
52,286
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9,176
|
|
|
—
|
|
|
9,176
|
|
|||||||||
Add: Dilutive effects of purchase contracts
|
26,807
|
|
|
—
|
|
|
26,807
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Add: Dilutive effects of stock options
|
8,692
|
|
|
—
|
|
|
8,692
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Add: Dilutive effects of warrants
|
—
|
|
|
115,997
|
|
|
115,997
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Average shares and dilutive common shares
|
27,532,663
|
|
|
715,560
|
|
|
28,248,223
|
|
|
14,481,060
|
|
|
805,774
|
|
|
15,286,834
|
|
|
10,631,753
|
|
|
1,080,754
|
|
|
11,712,507
|
|
|||||||||
Diluted earnings (loss) per common share
|
$
|
0.91
|
|
|
$
|
0.91
|
|
|
$
|
0.91
|
|
|
$
|
(0.14
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
(0.14
|
)
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
As of December 31,
|
||||||||||||||
|
2014
|
|
2013
|
||||||||||||
Fixed
Rate
|
|
Variable
Rate
|
|
Fixed
Rate
|
|
Variable
Rate
|
|||||||||
|
(In thousands)
|
||||||||||||||
Commitments to extend credit
|
$
|
87,517
|
|
|
$
|
82,818
|
|
|
$
|
35,425
|
|
|
$
|
61,613
|
|
Unused lines of credit
|
20,631
|
|
|
295,626
|
|
|
3,403
|
|
|
268,669
|
|
||||
Letters of credit
|
825
|
|
|
10,411
|
|
|
10
|
|
|
6,289
|
|
|
As of or For the Year Ended
|
||||||||||||||||||||||
|
Banking
|
|
Mortgage Banking
|
|
Financial Advisory and Asset Management
|
|
Corporate/ Other
|
|
Inter-segment Elimination
|
|
Consolidated
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
December 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net interest income
|
$
|
154,322
|
|
|
$
|
8,455
|
|
|
$
|
—
|
|
|
$
|
(7,500
|
)
|
|
$
|
—
|
|
|
$
|
155,277
|
|
Provision for loan and lease losses
|
10,976
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,976
|
|
||||||
Noninterest income
|
34,122
|
|
|
98,322
|
|
|
19,697
|
|
|
217
|
|
|
(6,721
|
)
|
|
145,637
|
|
||||||
Noninterest expense
|
151,228
|
|
|
96,103
|
|
|
11,071
|
|
|
12,480
|
|
|
(6,721
|
)
|
|
264,161
|
|
||||||
Income (loss) before income taxes
|
$
|
26,240
|
|
|
$
|
10,674
|
|
|
$
|
8,626
|
|
|
$
|
(19,763
|
)
|
|
$
|
—
|
|
|
$
|
25,777
|
|
Total assets
|
$
|
5,649,260
|
|
|
$
|
309,241
|
|
|
$
|
14,957
|
|
|
$
|
60,593
|
|
|
$
|
(62,480
|
)
|
|
$
|
5,971,571
|
|
December 31, 2013
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net interest income
|
$
|
96,222
|
|
|
$
|
7,792
|
|
|
$
|
—
|
|
|
$
|
(6,785
|
)
|
|
$
|
—
|
|
|
$
|
97,229
|
|
Provision for loan and lease losses
|
7,963
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
7,963
|
|
||||||
Noninterest income
|
26,740
|
|
|
69,687
|
|
|
2,832
|
|
|
5
|
|
|
(2,521
|
)
|
|
96,743
|
|
||||||
Noninterest expense
|
89,018
|
|
|
76,210
|
|
|
2,339
|
|
|
13,624
|
|
|
(2,521
|
)
|
|
178,670
|
|
||||||
Income (loss) before income taxes
|
$
|
25,981
|
|
|
$
|
1,269
|
|
|
$
|
493
|
|
|
$
|
(20,404
|
)
|
|
$
|
—
|
|
|
$
|
7,339
|
|
Total assets
|
$
|
3,395,954
|
|
|
$
|
222,269
|
|
|
$
|
2,876
|
|
|
$
|
33,974
|
|
|
$
|
(27,050
|
)
|
|
$
|
3,628,023
|
|
December 31, 2012
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Net interest income
|
$
|
47,593
|
|
|
$
|
1,017
|
|
|
$
|
—
|
|
|
$
|
(2,058
|
)
|
|
$
|
—
|
|
|
$
|
46,552
|
|
Provision for loan and lease losses
|
5,500
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5,500
|
|
||||||
Noninterest income
|
15,785
|
|
|
21,220
|
|
|
—
|
|
|
48
|
|
|
(434
|
)
|
|
36,619
|
|
||||||
Noninterest expense
|
48,215
|
|
|
15,291
|
|
|
—
|
|
|
8,488
|
|
|
(434
|
)
|
|
71,560
|
|
||||||
Income (loss) before income taxes
|
$
|
9,663
|
|
|
$
|
6,946
|
|
|
$
|
—
|
|
|
$
|
(10,498
|
)
|
|
$
|
—
|
|
|
$
|
6,111
|
|
Total assets
|
$
|
1,556,099
|
|
|
$
|
119,243
|
|
|
$
|
—
|
|
|
$
|
71,469
|
|
|
$
|
(64,109
|
)
|
|
$
|
1,682,702
|
|
|
December 31,
|
||||||
|
2014
|
|
2013
|
||||
|
(In thousands)
|
||||||
ASSETS
|
|
|
|
||||
Cash and cash equivalents
|
$
|
31,362
|
|
|
$
|
25,220
|
|
FHLB and other bank stock
|
78
|
|
|
78
|
|
||
Loans and leases receivable
|
635
|
|
|
6,043
|
|
||
Other assets
|
42,892
|
|
|
7,385
|
|
||
Investment in bank subsidiaries
|
533,654
|
|
|
378,005
|
|
||
Total assets
|
$
|
608,621
|
|
|
$
|
416,731
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
||||
Notes payable, net
|
93,569
|
|
|
82,320
|
|
||
Accrued expenses and other liabilities
|
11,463
|
|
|
9,542
|
|
||
Stockholders’ equity
|
503,589
|
|
|
324,869
|
|
||
Total liabilities and stockholders’ equity
|
$
|
608,621
|
|
|
$
|
416,731
|
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Income
|
|
|
|
|
|
||||||
Dividends from subsidiary
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest income on loans
|
361
|
|
|
159
|
|
|
—
|
|
|||
Interest income on deposits in other financial institutions
|
—
|
|
|
—
|
|
|
104
|
|
|||
Gain on sale of loans
|
209
|
|
|
—
|
|
|
—
|
|
|||
Other operating income
|
8
|
|
|
5
|
|
|
—
|
|
|||
Total income
|
578
|
|
|
164
|
|
|
104
|
|
|||
Expenses
|
|
|
|
|
|
||||||
Interest expense for notes payable
|
7,861
|
|
|
6,941
|
|
|
2,162
|
|
|||
Other operating expense
|
12,478
|
|
|
14,015
|
|
|
8,010
|
|
|||
Total expenses
|
20,339
|
|
|
20,956
|
|
|
10,172
|
|
|||
Income (loss) before income taxes and equity in undistributed earnings of bank subsidiary
|
(19,761
|
)
|
|
(20,792
|
)
|
|
(10,068
|
)
|
|||
Income tax expense (benefit)
|
(18,226
|
)
|
|
20
|
|
|
(458
|
)
|
|||
Income (loss) before equity in undistributed earnings of bank subsidiary
|
(1,535
|
)
|
|
(20,812
|
)
|
|
(9,610
|
)
|
|||
Equity in undistributed earnings of bank subsidiary
|
31,853
|
|
|
20,891
|
|
|
15,606
|
|
|||
Net income
|
$
|
30,318
|
|
|
$
|
79
|
|
|
$
|
5,996
|
|
|
Year Ended December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2012
|
||||||
|
(In thousands)
|
||||||||||
Cash flows from operating activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
30,318
|
|
|
$
|
79
|
|
|
$
|
5,996
|
|
Adjustments to reconcile net income to net cash used in operating activities
|
|
|
|
|
|
||||||
Equity in undistributed earnings of bank subsidiary
|
(31,853
|
)
|
|
(20,891
|
)
|
|
(15,606
|
)
|
|||
Stock option compensation expense
|
260
|
|
|
121
|
|
|
148
|
|
|||
Stock award compensation expense
|
1,824
|
|
|
806
|
|
|
75
|
|
|||
Stock appreciation right expense
|
1,889
|
|
|
1,072
|
|
|
1,039
|
|
|||
Amortization of debt
|
686
|
|
|
385
|
|
|
135
|
|
|||
Net gain on sale of loans
|
(209
|
)
|
|
—
|
|
|
—
|
|
|||
Amortization of premiums and discounts on purchased loans
|
(298
|
)
|
|
—
|
|
|
—
|
|
|||
Deferred income tax (benefit) expense
|
(1,298
|
)
|
|
—
|
|
|
—
|
|
|||
Net change in other assets and liabilities
|
(26,471
|
)
|
|
8,601
|
|
|
3,725
|
|
|||
Net cash used in operating activities
|
(25,152
|
)
|
|
(9,827
|
)
|
|
(4,488
|
)
|
|||
Cash flows from investing activities:
|
|
|
|
|
|
||||||
Loan purchases from bank and principal collections, net
|
568
|
|
|
(6,043
|
)
|
|
—
|
|
|||
Proceeds from principal repayments of securities available-for-sale
|
—
|
|
|
—
|
|
|
1,813
|
|
|||
Proceeds from sale of loans held for investment
|
5,347
|
|
|
—
|
|
|
—
|
|
|||
Capital contribution to bank subsidiary
|
(127,000
|
)
|
|
(81,000
|
)
|
|
(4,750
|
)
|
|||
Capital contribution to non-bank subsidiary
|
—
|
|
|
(100
|
)
|
|
—
|
|
|||
Investment in acquired business
|
—
|
|
|
(29,465
|
)
|
|
(53,182
|
)
|
|||
Net cash used in investing activities
|
(121,085
|
)
|
|
(116,608
|
)
|
|
(56,119
|
)
|
|||
Cash flows from financing activities:
|
|
|
|
|
|
||||||
Net proceeds from debt issuance
|
—
|
|
|
—
|
|
|
81,800
|
|
|||
Net proceeds from issuance of tangible equity units
|
64,959
|
|
|
—
|
|
|
—
|
|
|||
Net proceeds from issuance of common stock
|
103,656
|
|
|
67,792
|
|
|
—
|
|
|||
Net proceeds from issuance of preferred stock
|
—
|
|
|
37,943
|
|
|
(7
|
)
|
|||
Payment of Amortizing Debt
|
(2,157
|
)
|
|
—
|
|
|
—
|
|
|||
Purchase of treasury stock
|
(280
|
)
|
|
(5,005
|
)
|
|
(565
|
)
|
|||
Proceeds from exercise of stock options
|
993
|
|
|
540
|
|
|
—
|
|
|||
Tax expense from restricted stock vesting
|
—
|
|
|
—
|
|
|
(17
|
)
|
|||
Dividends paid on stock appreciation rights
|
(471
|
)
|
|
—
|
|
|
—
|
|
|||
Dividends paid on common stock
|
(10,669
|
)
|
|
(6,736
|
)
|
|
(4,656
|
)
|
|||
Dividends paid on preferred stock
|
(3,652
|
)
|
|
(2,185
|
)
|
|
(1,359
|
)
|
|||
Net cash provided by financing activities
|
152,379
|
|
|
92,349
|
|
|
75,196
|
|
|||
Net change in cash and cash equivalents
|
6,142
|
|
|
(34,086
|
)
|
|
14,589
|
|
|||
Cash and cash equivalents at beginning of year
|
25,220
|
|
|
59,306
|
|
|
44,717
|
|
|||
Cash and cash equivalents at end of year
|
$
|
31,362
|
|
|
$
|
25,220
|
|
|
$
|
59,306
|
|
|
Three Months Ended,
|
||||||||||||||
|
March 31,
|
|
June 30,
|
|
September 30,
|
|
December 31,
|
||||||||
|
($ in thousands, except per share data)
|
||||||||||||||
2014
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
42,776
|
|
|
$
|
43,634
|
|
|
$
|
46,649
|
|
|
$
|
55,080
|
|
Interest expense
|
7,591
|
|
|
8,059
|
|
|
8,463
|
|
|
8,749
|
|
||||
Net interest income
|
35,185
|
|
|
35,575
|
|
|
38,186
|
|
|
46,331
|
|
||||
Provision for loan losses
|
1,929
|
|
|
2,108
|
|
|
2,780
|
|
|
4,159
|
|
||||
Noninterest income
|
25,278
|
|
|
35,372
|
|
|
44,098
|
|
|
40,889
|
|
||||
Noninterest expense
|
57,768
|
|
|
60,465
|
|
|
67,557
|
|
|
78,371
|
|
||||
Income before income tax
|
766
|
|
|
8,374
|
|
|
11,947
|
|
|
4,690
|
|
||||
Income tax expense (benefit)
|
9
|
|
|
253
|
|
|
721
|
|
|
(5,524
|
)
|
||||
Net income
|
757
|
|
|
8,121
|
|
|
11,226
|
|
|
10,214
|
|
||||
Dividends on preferred stock
|
910
|
|
|
910
|
|
|
910
|
|
|
910
|
|
||||
Net income (loss) available to common stockholders
|
$
|
(153
|
)
|
|
$
|
7,211
|
|
|
$
|
10,316
|
|
|
$
|
9,304
|
|
Basic earnings (loss) per common share
|
$
|
(0.01
|
)
|
|
$
|
0.27
|
|
|
$
|
0.31
|
|
|
$
|
0.25
|
|
Diluted earnings (loss) per common share
|
$
|
(0.01
|
)
|
|
$
|
0.27
|
|
|
$
|
0.30
|
|
|
$
|
0.25
|
|
Basic earnings (loss) per class B common share
|
$
|
(0.01
|
)
|
|
$
|
0.27
|
|
|
$
|
0.31
|
|
|
$
|
0.25
|
|
Diluted earnings (loss) per class B common share
|
$
|
(0.01
|
)
|
|
$
|
0.25
|
|
|
$
|
0.31
|
|
|
$
|
0.25
|
|
2013
|
|
|
|
|
|
|
|
||||||||
Interest income
|
$
|
19,168
|
|
|
$
|
26,741
|
|
|
$
|
33,846
|
|
|
$
|
40,756
|
|
Interest expense
|
3,809
|
|
|
5,116
|
|
|
6,903
|
|
|
7,454
|
|
||||
Net interest income
|
15,359
|
|
|
21,625
|
|
|
26,943
|
|
|
33,302
|
|
||||
Provision for loan losses
|
2,168
|
|
|
1,918
|
|
|
2,109
|
|
|
1,768
|
|
||||
Noninterest income
|
17,928
|
|
|
26,072
|
|
|
18,226
|
|
|
34,517
|
|
||||
Noninterest expense
|
29,558
|
|
|
39,594
|
|
|
52,304
|
|
|
57,214
|
|
||||
Income (loss) before income tax
|
1,561
|
|
|
6,185
|
|
|
(9,244
|
)
|
|
8,837
|
|
||||
Income tax expense (benefit)
|
632
|
|
|
1,822
|
|
|
(710
|
)
|
|
5,516
|
|
||||
Net income (loss)
|
929
|
|
|
4,363
|
|
|
(8,534
|
)
|
|
3,321
|
|
||||
Dividends on preferred stock
|
288
|
|
|
—
|
|
|
946
|
|
|
951
|
|
||||
Net income (loss) available to common stockholders
|
$
|
641
|
|
|
$
|
4,363
|
|
|
$
|
(9,480
|
)
|
|
$
|
2,370
|
|
Basic earnings (loss) per common share
|
$
|
0.05
|
|
|
$
|
0.36
|
|
|
$
|
(0.53
|
)
|
|
$
|
0.13
|
|
Diluted earnings (loss) per common share
|
$
|
0.05
|
|
|
$
|
0.36
|
|
|
$
|
(0.53
|
)
|
|
$
|
0.12
|
|
Basic earnings (loss) per class B common share
|
$
|
0.05
|
|
|
$
|
0.36
|
|
|
$
|
(0.53
|
)
|
|
$
|
0.13
|
|
Diluted earnings (loss) per class B common share
|
$
|
0.05
|
|
|
$
|
0.36
|
|
|
$
|
(0.53
|
)
|
|
$
|
0.13
|
|
•
|
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company;
|
•
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles generally accepted in the United States of America, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and
|
•
|
provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company’s assets that could have a material effect on the financial statements.
|
•
|
Appointing Robert Sznewajs as the new Audit Committee chairman and Ronald Nicolas as the Chief Financial Officer of the Bank, as well as hiring additional accounting and finance resources and professionals, including a new Chief Accounting Officer in March 2014, a new Controller in March 2014, and a Director of Accounting Policy in May 2014, together with other new hires in the accounting and finance departments;
|
•
|
Designing new controls around the review and analysis of the allowance for loan and lease losses (ALLL) including the addition of a new Credit Risk Analytics team to oversee the ALLL process;
|
•
|
Implementing a new automated accounting software platform for stock-based compensation that eliminates the reliance on manual review of significant spreadsheets;
|
•
|
Establishing a Sarbanes-Oxley Act steering committee that meets bi-weekly with the participation of the Chief Executive Officer, the Chief Financial Officer, and the Chief Accounting Officer;
|
•
|
Enhancing the review and controls around the development and analysis of the repurchase reserve including the hiring of new staff and the cross-department review and coordination of key inputs and data gathering; and
|
|
/s/ KPMG LLP
KPMG LLP
|
Plan Category
|
Number of Securities to
be issued upon exercise
of outstanding options,
warrants and rights
|
|
Weighted-average
exercise price of
outstanding options,
warrants and rights
(2)
|
|
Number of Securities
remaining available for
future issuance under
equity compensation
plans
|
|
||||
Equity compensation plans approved by security holders
|
3,849,464
|
|
|
$
|
11.62
|
|
|
540,606
|
|
(1)
|
Equity compensation plans not approved by security holders
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
(1)
|
The 2013 Omnibus Stock Incentive Plan provides that the aggregate number of shares of Company common stock that may be subject to awards under the 2013 Omnibus Stock Incentive Plan will be 20 percent of the then outstanding shares of Company common stock (the Share Limit), provided that in no event will the Share Limit be less than the greater of 2,384,711 shares of Company common stock and the aggregate number of shares of Company common stock with respect to which awards have been properly granted under the 2013 Omnibus Plan up to that point in time. As of December 31, 2014, based on the number of shares then-registered for issuance under the 2013 Omnibus Plan, 540,606 shares were available for future awards under the 2013 Omnibus Plan.
|
(2)
|
The exercise price of included warrants to purchase 1,395,000 shares of non-voting common stock is subject to certain adjustments.
|
(a)(2)
|
Financial Statement Schedule: All financial statement schedules have been omitted as the information is not required under the related instructions or is not applicable.
|
(a)(3)
|
Exhibits
|
2.1
|
Stock Purchase Agreement, dated as of June 3, 2011, by and among Banc of California, Inc., (f/k/a First PacTrust Bancorp, Inc.) (sometimes referred to below as the “Registrant” or the “Company”), Gateway Bancorp, Inc. (“Gateway”), each of the stockholders of Gateway and the D & E Tarbell Trust, u/d/t dated February 19, 2002 (in its capacity as the Sellers’ Representative)
|
(a)
|
|
|
|
2.1A
|
Amendment No. 1, dated as of November 28, 2011, to Stock Purchase Agreement, dated as of June 3, 2011, by and among The Registrant, Gateway Bancorp, the Sellers named therein and the D & E Tarbell Trust, u/d/t dated February 19, 2002 (in its capacity as the Sellers’ Representative)
|
(a)(1)
|
|
|
|
2.2B
|
Amendment No. 2, dated as of February 24, 2012, to Stock Purchase Agreement, dated as of June 3, 2011, by and among the Registrant, Gateway Bancorp, the Sellers named therein and the D & E Tarbell Trust, u/d/t dated February 19, 2002 (in its capacity as the Sellers’ Representative)
|
(a)(2)
|
|
|
|
2.2C
|
Amendment No. 3, dated as of June 30, 2012, to Stock Purchase Agreement, dated as of June 3, 2011, by and among the Registrant, Gateway Bancorp, the Sellers named therein and the D & E Tarbell Trust, u/d/t dated February 19, 2002 (in its capacity as the Sellers’ Representative)
|
(a)(3)
|
|
|
|
2.2D
|
Amendment No. 4, dated as of July 31, 2012, to Stock Purchase Agreement, dated as of June 3, 2011, by and among the Registrant, Gateway Bancorp, the Sellers named therein and the D & E Tarbell Trust, u/d/t dated February 19, 2002 (in its capacity as the Sellers’ Representative)
|
(a)(4)
|
|
|
|
2.3
|
Agreement and Plan of Merger, dated as of August 30, 2011, by and between the Registrant and Beach Business Bank, as amended by Amendment No. 1thereto dated as of October 31, 2011
|
(b)
|
|
|
|
2.4
|
Agreement and Plan of Merger, dated as of August 21, 2012, by and among First
PacTrust Bancorp, Inc., Beach Business Bank and The Private Bank of California
|
(c)
|
|
|
|
2.5
|
Amendment No. 1, dated as of May 5, 2013, to Agreement and Plan of Merger, dated as of August 21, 2012, by and among the Registrant, Beach Business Bank and The Private Bank of California
|
(x)
|
|
|
|
2.6
|
Agreement and Plan of Merger, dated as of October 25, 2013, by and among the Registrant, Banc of California, National Association, CS Financial, Inc., the Sellers named therein and the Sellers’ Representative named therein
|
(y)
|
|
|
|
2.7
|
Purchase and Assumption Agreement, dated as of April 22, 2014, by and between Banco Popular North America and Banc of California, National Association
|
(aa)
|
|
|
|
3.1
|
Articles of Incorporation of the Registrant
|
(d)
|
|
|
|
3.2
|
Articles of Amendment to the Charter of the Registrant increasing the authorized capital stock of the Registrant
|
(e)
|
|
|
|
3.3
|
Articles supplementary to the Charter of the Registrant containing the terms of the Registrant’s Senior Non-Cumulative Perpetual Preferred Stock, Series A
|
(f)
|
|
|
|
3.4
|
Articles supplementary to the Charter of the Registrant containing the terms of the Registrant’s Class B Non-Voting Common Stock
|
(g)
|
|
|
|
3.5
|
Articles of Amendment to Articles Supplementary to the Charter of the Registrant containing the terms of the Registrant’s Class B Non-Voting Common Stock
|
(h)
|
|
|
|
3.6
|
Articles supplementary to the Charter of the Registrant containing the terms of the Registrant’s 8.00% Non-Cumulative Perpetual Preferred Stock, Series C
|
(o)
|
|
|
|
3.7
|
Articles supplementary to the Charter of the Registrant containing the terms of the Registrant’s Non-Cumulative Perpetual Preferred Stock, Series B
|
(p)
|
|
|
|
3.8
|
Articles of Amendment to the Charter of the Registrant changing the Registrant’s name
|
(q)
|
|
|
|
3.9
|
Articles of Amendment to the Charter of the Registrant increasing the authorized capital stock of the Registrant
|
(bb)
|
|
|
|
3.10
|
Bylaws of the Registrant
|
(ii)
|
|
|
|
4.1
|
Warrant to purchase up to 240,000 shares of the Registrant common stock originally issued on November 1, 2010
|
(g)
|
|
|
|
4.2
|
Warrant to purchase up to 1,395,000 shares of the Registrant common stock originally issued on November 1, 2010
|
(g)
|
|
|
|
4.3
|
Senior Debt Securities Indenture, dated as of April 23, 2012, between the Registrant and U.S. Bank National Association, as Trustee
|
(l)
|
|
|
|
4.4
|
Supplemental Indenture, dated as of April 23, 2012, between the Registrant and U.S. Bank National Association, as Trustee, relating to the Registrant’s 7.50% Senior Notes due April 15, 2020 and form of 7.50% Senior Notes due April 15, 2020
|
(l)
|
|
|
|
4.5
|
Deposit Agreement, dated as of June 12, 2013, among the Registrant, Registrar and Transfer Company, as Depositary and the holders from time to time of the depositary receipts described therein
|
(o)
|
|
|
|
4.6
|
Purchase Contract Agreement, dated May 21, 2014, between the Company and U.S. Bank National Association
|
(ee)
|
|
|
|
4.7
|
Indenture, dated May 21, 2014, between the Company and U.S. Bank National Association
|
(ee)
|
|
|
|
4.8
|
First Supplemental Indenture, dated May 21, 2014, between the Company and U.S. Bank National Association
|
(ee)
|
|
|
|
10.1
|
Employment Agreement, dated as of August 21, 2012, by and between the Registrant and Steven Sugarman
|
(i)
|
|
|
|
10.1A
|
Stock Appreciation Right Grant Agreement between the Registrant and Steven Sugarman dated August 21, 2012
|
(i)
|
|
|
|
10.1B
|
Amendment dated December 13, 2013 to Stock Appreciation Right Grant Agreement between the Registrant and Steven Sugarman dated August 21, 2012
|
(ff)
|
|
|
|
10.1C
|
Letter Agreement, dated as of May 23, 2014, by and between the Registrant and Steven Sugarman, relating to Stock Appreciation Rights issued with respect to Tangible Equity Units
|
(gg)
|
|
|
|
10.2
|
Employment Agreement, dated as of September 25, 2012, by and among the Registrant, Pacific Trust Bank and Beach Business Bank and Robert M. Franko
|
(i)
|
|
|
|
10.2A
|
Mutual Termination and Release Letter Agreement, dated September 25, 2012, relating to Executive Employment Agreement, dated June 1, 2003, between Doctors’ Bancorp, predecessor-in-interest to Beach Business Bank, and Robert M. Franko
|
(i)
|
|
|
|
10.3
|
Employment Agreement, dated as of August 22, 2012, by and among the Registrant and John C. Grosvenor
|
(i)
|
|
|
|
10.4
|
Employment Agreement, dated as of November 5, 2012, by and among the Registrant and Ronald J. Nicolas, Jr.
|
(i)
|
|
|
|
10.5
|
Employment Agreement, dated as of September 17, 2013, by and among the Registrant and Hugh F. Boyle
|
(cc)
|
|
|
|
10.6
|
Registrant’s 2011 Omnibus Incentive Plan
|
(j)
|
|
|
|
10.7A
|
Form of Incentive Stock Option Agreement under 2011 Omnibus Incentive Plan
|
(m)
|
|
|
|
10.7B
|
Form of Non-Qualified Stock Option Agreement under 2011 Omnibus Incentive Plan
|
(m)
|
|
|
|
10.7C
|
Form of Restricted Stock Agreement Under 2011 Omnibus Incentive Plan
|
(m)
|
|
|
|
10.8
|
Registrant’s 2003 Stock Option and Incentive Plan
|
(k)
|
|
|
|
10.9
|
Registrant’s 2003 Recognition and Retention Plan
|
(k)
|
|
|
|
10.10
|
Small Business Lending Fund-Securities Purchase Agreement, dated August 30, 2011, between the Registrant and the Secretary of the United States Treasury
|
(f)
|
|
|
|
10.11
|
Management Services Agreement, dated as of December 27, 2012, by and between CS Financial, Inc. and Pacific Trust Bank
|
(n)
|
|
|
|
10.12
|
Employment Agreement, dated as of May 13, 2013, by and among Pacific Trust Bank and Jeffrey Seabold
|
(z)
|
|
|
|
10.13
|
Registrant’s 2013 Omnibus Stock Incentive Plan
|
(r)
|
|
|
|
10.13A
|
Form of Incentive Stock Option Agreement under 2013 Omnibus Stock Incentive Plan
|
(s)
|
|
|
|
10.13B
|
Form of Non-Qualified Stock Option Agreement under 2013 Omnibus Stock Incentive Plan
|
(s)
|
|
|
|
10.13C
|
Form of Restricted Stock Agreement under 2013 Omnibus Stock Incentive Plan
|
(s)
|
|
|
|
10.13D
|
Form of Restricted Stock Unit Agreement under 2013 Omnibus Stock Incentive Plan
|
(dd)
|
|
|
|
10.13E
|
Form of Restricted Stock Unit Agreement for Employee Equity Ownership Program under 2013 Omnibus Stock Incentive Plan
|
(dd)
|
|
|
|
10.13F
|
Form of Non-Qualified Stock Option Agreement for Non-Employee Directors under 2013 Omnibus Stock Incentive Plan
|
(gg)
|
|
|
|
10.13G
|
Form of Restricted Stock Agreement for Non-Employee Directors under 2013 Omnibus Stock Incentive Plan
|
(gg)
|
|
|
|
10.14
|
Agreement to Assume Liabilities and to Acquire Assets of Branch Banking Offices, dated as of May 31, 2013, between Pacific Trust Bank and AmericanWest Bank
|
(t)
|
|
|
|
10.15
|
Common Stock Share Exchange Agreement, dated as of May 29, 2013, by and between the Registrant and TCW Shared Opportunity Fund V, L.P.
|
(u)
|
|
|
|
10.15A
|
Assignment and Assumption Agreement, dated as of December 10, 2014, by and among Crescent Special Situations Fund (Investor Group), L.P., Crescent Special Situations Fund (Legacy V), L.P., TCW Shared Opportunity Fund V, L.P. and the Registrant.
|
10.15A
|
|
|
|
10.16
|
Purchase and Sale Agreement and Escrow Instructions, dated as of July 24, 2013, by and between the Registrant and Memorial Health Services
|
(v)
|
|
|
|
10.17
|
Assumption Agreement, dated as of July 1, 2013, by and between the Registrant and The Private Bank of California
|
(w)
|
|
|
|
10.18
|
Securities Purchase Agreement, dated as of April 22, 2014, by and between the Registrant and OCM BOCA Investor, LLC
|
(aa)
|
|
|
|
10.18A
|
Acknowledgment and Amendment to Securities Purchase Agreement, dated as of October 28, 2014 by and between Banc of California, Inc. and OCM BOCA Investor, LLC.
|
(hh)
|
|
|
|
10.19
|
Securities Purchase Agreement, dated as of October 30, 2014, by and among the Registrant, Patriot Financial Partners, L.P. and Patriot Financial Partners Parallel L.P., Patriot Financial Partners II, L.P., and Patriot Financial Partners Parallel II, L.P.
|
(hh)
|
|
|
|
11.0
|
Statement regarding computation of per share earnings
|
(jj)
|
|
|
|
12.0
|
Statement regarding ratio of earnings to combined fixed charges
|
12.0
|
|
|
|
18.0
|
Letter regarding change in accounting principles
|
None
|
|
|
|
21.0
|
Subsidiaries of the Registrant
|
21.0
|
|
|
|
22.0
|
Published report regarding matters submitted to vote of security holders
|
None
|
|
|
|
23.0
|
Consent of KPMG LLP
|
23.0
|
|
|
|
24.0
|
Power of Attorney
|
(kk)
|
|
|
|
31.1
|
Rule 13a-14(a) Certification (Chief Executive Officer)
|
31.1
|
|
|
|
31.2
|
Rule 13a-14(a) Certification (Chief Financial Officer)
|
31.2
|
|
|
|
31.3
|
Rule 13a-14(a) Certification (Chief Accounting Officer)
|
31.3
|
|
|
|
32.0
|
Rule 13a-14(b) and 18 U.S.C. 1350 Certification
|
32.0
|
|
|
|
101.0
|
The following financial statements and footnotes from the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2014 formatted in Extensible Business Reporting Language (XBRL): (i) Consolidated Statements of Financial Condition; (ii) Consolidated Statements of Operations; (iii) Consolidated Statements of Comprehensive Income (Loss); (iv) Consolidated Statements of Stockholders’ Equity; (v) Consolidated Statements of Cash Flows; and (vi) the Notes to Consolidated Financial Statements.
|
101.0
|
|
|
|
(a)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on June 9, 2011 and incorporated herein by reference.
|
(a)(1)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on December 1, 2011 and incorporated herein by reference.
|
(a)(2)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on February 28, 2012 and incorporated herein by reference.
|
(a)(3)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on July 2, 2012 and incorporated herein by reference.
|
(a)(4)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on August 2, 2012 and incorporated herein by reference.
|
(b)
|
Filed as Appendix A to the proxy statement/prospectus included in the Registrant’s Registration Statement on Form S-4 filed on November 1, 2011 and incorporated herein by reference.
|
(c)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on August 27, 2012 and incorporated herein by reference.
|
(d)
|
Filed as an exhibit to the Registrant’s Registration Statement on Form S-1 filed on March 28, 2002 and incorporated herein by reference.
|
(e)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on March 4, 2011 and incorporated herein by reference.
|
(f)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on August 30, 2011 and incorporated herein by reference.
|
(g)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K/A filed on November 16, 2010 and incorporated herein by reference.
|
(h)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on May 12, 2011 and incorporated herein by reference.
|
(i)
|
Filed as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 and incorporated herein by reference.
|
(j)
|
Filed as an appendix to the Registrant’s definitive proxy statement filed on April 25, 2011 and incorporated herein by reference.
|
(k)
|
Filed as an appendix to the Registrant’s definitive proxy statement filed on March 21, 2003 and incorporated herein by reference.
|
(l)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on April 23, 2012 and incorporated herein by reference.
|
(m)
|
Filed as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2011 and incorporated herein by reference.
|
(n)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on January 3, 2013 and incorporated herein by reference.
|
(o)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on June 12, 2013 and incorporated herein by reference.
|
(p)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on July 3, 2013 and incorporated herein by reference.
|
(q)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on July 17, 2013 and incorporated herein by reference.
|
(r)
|
Filed as an appendix to the Registrant’s definitive proxy statement filed on June 11, 2013 and incorporated herein by reference.
|
(s)
|
Filed as an exhibit to the Registrant’s Registration Statement on Form S-8 filed on July 31, 2013 and incorporated herein by reference.
|
(t)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on June 3, 2013 and incorporated herein by reference.
|
(u)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on June 4, 2013 and incorporated herein by reference.
|
(v)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on July 30, 2013 and incorporated herein by reference.
|
(w)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on July 3, 2013 and incorporated herein by reference.
|
(x)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on May 6, 2013 and incorporated herein by reference.
|
(y)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on October 31, 2013 and incorporated herein by reference.
|
(z)
|
Field as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2013 and incorporated herein by reference.
|
(aa)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on April 25, 2014 and incorporated herein by reference.
|
(bb)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on November 22, 2013 and incorporated herein by reference.
|
(cc)
|
Field as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2013 and incorporated herein by reference.
|
(dd)
|
Filed as an exhibit to the Registrant’s Annual Report on Form 10-K for the year ended December 31, 2013 and incorporated herein by reference.
|
(ee)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on May 21, 2014 and incorporated herein by reference.
|
(ff)
|
Filed as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2014 and incorporated herein by reference.
|
(gg)
|
Filed as an exhibit to the Registrant’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2014 and incorporated herein by reference.
|
(hh)
|
Filed as an exhibit to the Registrant’s Current Report on Form 8-K filed on October 30, 2014 and incorporated herein by reference.
|
(ii)
|
Filed as an exhibit to the Registrant's Current Report on Form 8-K filed on March 2, 2015 and incorporated herein by reference.
|
(jj)
|
Refer to Note 20 of the Notes to Consolidated Financial Statements contained in Item 8 of this report.
|
(kk)
|
Included on signatory pages of this report.
|
|
|
BANC OF CALIFORNIA, INC.
|
|
|
|
Date: March 16, 2015
|
|
/s/ Steven A. Sugarman
|
|
|
Steven A. Sugarman
|
|
|
Chairman/President/Chief Executive Officer
|
|
|
(Duly Authorized Representative and Principal Executive Officer)
|
Date: March 16, 2015
|
|
/s/ Steven A. Sugarman
|
|
|
Steven A. Sugarman
|
|
|
Chairman/President/Chief Executive Officer
|
|
|
|
Date: March 16, 2015
|
|
/s/ Ronald J. Nicolas, Jr.
|
|
|
Ronald J. Nicolas, Jr.
|
|
|
Executive Vice President/Chief Financial Officer
|
|
|
|
Date: March 16, 2015
|
|
/s/ Nathan Duda
|
|
|
Nathan Duda
|
|
|
Senior Vice President/Chief Accounting Officer
|
|
|
|
Date: March 16, 2015
|
|
|
|
|
Chad T. Brownstein, Director
|
|
|
|
Date: March 16, 2015
|
|
/s/ Robert Sznewajs
|
|
|
Robert Sznewajs, Director
|
|
|
|
Date: March 16, 2015
|
|
/s/ Eric Holoman
|
|
|
Eric Holoman, Director
|
|
|
|
Date: March 16, 2015
|
|
/s/ Jeffrey Karish
|
|
|
Jeffrey Karish, Director
|
|
|
|
Date: March 16, 2015
|
|
/s/ Jonah Schnel
|
|
|
Jonah Schnel, Director
|
|
|
|
Date: March 16, 2015
|
|
/s/ Halle Benett
|
|
|
Halle Benett, Director
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||
|
December 31,
|
|
December 31,
|
||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
Ratio of earnings to fixed charges:
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding interest on deposits
|
1.98x
|
|
3.86x
|
|
2.68x
|
|
1.49x
|
|
2.44x
|
|
(1.58x)
|
|
2.25x
|
Including interest on deposits
|
1.35x
|
|
1.94x
|
|
1.58x
|
|
1.19x
|
|
1.54x
|
|
0.48x
|
|
1.34x
|
Ratio of earnings to combined fixed charges and preferred stock dividends:
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluding interest on deposits
|
1.37x
|
|
2.42x
|
|
1.80x
|
|
1.08x
|
|
1.47x
|
|
(0.91x)
|
|
1.45x
|
Including interest on deposits
|
1.16x
|
|
1.62x
|
|
1.35x
|
|
1.04x
|
|
1.23x
|
|
0.42x
|
|
1.17x
|
(1)
|
The ratios of earnings to fixed charges for both excluding and including interest on deposits were less than one-to-one for the year ended December 31, 2011. Earnings were insufficient to cover fixed charges by $3.2 million for the period.
|
(2)
|
The ratios of earnings to fixed charges and preferred stock dividends both excluding and including interest on deposits were less than one-to-one for the he year ended December 31, 2011. Earnings were insufficient to cover fixed charges by $4.1 million for the period.
|
|
Three Months Ended
|
|
Year Ended
|
||||||||||||||||||||||||
|
December 31,
|
|
December 31,
|
||||||||||||||||||||||||
|
2014
|
|
2013
|
|
2014
|
|
2013
|
|
2012
|
|
2011
|
|
2010
|
||||||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
1. Income (loss) before income tax
|
$
|
4,690
|
|
|
$
|
8,837
|
|
|
$
|
25,777
|
|
|
$
|
7,339
|
|
|
$
|
6,111
|
|
|
$
|
(3,024
|
)
|
|
$
|
3,861
|
|
2. Add: Interest expense
|
8,749
|
|
|
7,454
|
|
|
32,862
|
|
|
23,282
|
|
|
8,479
|
|
|
6,037
|
|
|
10,788
|
|
|||||||
3. Earnings including interest on deposits
|
13,439
|
|
|
16,291
|
|
|
58,639
|
|
|
30,621
|
|
|
14,590
|
|
|
3,013
|
|
|
14,649
|
|
|||||||
4. Less: Interest expense on deposits
|
6,440
|
|
|
5,665
|
|
|
24,411
|
|
|
16,051
|
|
|
5,960
|
|
|
4,989
|
|
|
7,933
|
|
|||||||
5. Earnings excluding interest on deposits
|
$
|
6,999
|
|
|
$
|
10,626
|
|
|
$
|
34,228
|
|
|
$
|
14,570
|
|
|
$
|
8,630
|
|
|
$
|
(1,976
|
)
|
|
$
|
6,716
|
|
Fixed charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
6. Interest expense (Line 2)
|
$
|
8,749
|
|
|
$
|
7,454
|
|
|
$
|
32,862
|
|
|
$
|
23,282
|
|
|
$
|
8,479
|
|
|
$
|
6,037
|
|
|
$
|
10,788
|
|
7. Interest portion on rental expense
|
1,221
|
|
|
963
|
|
|
4,331
|
|
|
2,532
|
|
|
1,025
|
|
|
202
|
|
|
124
|
|
|||||||
8. Including interest on deposits and capitalized interest
|
9,970
|
|
|
8,417
|
|
|
37,193
|
|
|
25,814
|
|
|
9,504
|
|
|
6,239
|
|
|
10,912
|
|
|||||||
9. Less interest expense on deposits (Line 4)
|
6,440
|
|
|
5,665
|
|
|
24,411
|
|
|
16,051
|
|
|
5,960
|
|
|
4,989
|
|
|
7,933
|
|
|||||||
10. Total fixed charges, excluding interest on deposits
|
$
|
3,530
|
|
|
$
|
2,752
|
|
|
$
|
12,782
|
|
|
$
|
9,763
|
|
|
$
|
3,544
|
|
|
$
|
1,250
|
|
|
$
|
2,979
|
|
Fixed charges and preferred stock dividends:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
11. Interest expense (Line 2)
|
$
|
8,749
|
|
|
$
|
7,454
|
|
|
$
|
32,862
|
|
|
$
|
23,282
|
|
|
$
|
8,479
|
|
|
$
|
6,037
|
|
|
$
|
10,788
|
|
12. Interest portion on rental expense
|
1,221
|
|
|
963
|
|
|
4,331
|
|
|
2,532
|
|
|
1,025
|
|
|
202
|
|
|
124
|
|
|||||||
13. Preferred stock dividends
|
1,569
|
|
|
1,640
|
|
|
6,276
|
|
|
3,767
|
|
|
2,343
|
|
|
921
|
|
|
1,655
|
|
|||||||
14. Including interest on deposits, capitalized interest and preferred stock dividends
|
11,539
|
|
|
10,057
|
|
|
43,469
|
|
|
29,581
|
|
|
11,847
|
|
|
7,160
|
|
|
12,567
|
|
|||||||
15. Less interest expense on deposits (Line 4)
|
6,440
|
|
|
5,665
|
|
|
24,411
|
|
|
16,051
|
|
|
5,960
|
|
|
4,989
|
|
|
7,933
|
|
|||||||
16. Total fixed charges and preferred stock dividends, excluding interest on deposits
|
$
|
5,099
|
|
|
$
|
4,392
|
|
|
$
|
19,058
|
|
|
$
|
13,530
|
|
|
$
|
5,887
|
|
|
$
|
2,171
|
|
|
$
|
4,634
|
|
Ratio of earnings to fixed charges:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Excluding interest on deposits (Line 5 divided by Line 10)
|
1.98
|
|
3.86
|
|
2.68
|
|
1.49
|
|
2.44
|
|
(1.58)
|
|
2.25
|
||||||||||||||
Including interest on deposits (Line 3 divided by Line 8)
|
1.35
|
|
1.94
|
|
1.58
|
|
1.19
|
|
1.54
|
|
0.48
|
|
1.34
|
||||||||||||||
Deficiency
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,226
|
|
|
$
|
—
|
|
Ratio of earnings to fixed charges and preferred stock dividends:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Excluding interest on deposits (Line 5 divided by Line 16)
|
1.37
|
|
2.42
|
|
1.80
|
|
1.08
|
|
1.47
|
|
(0.91)
|
|
1.45
|
||||||||||||||
Including interest on deposits (Line 3 divided by Line 14)
|
1.16
|
|
1.62
|
|
1.35
|
|
1.04
|
|
1.23
|
|
0.42
|
|
1.17
|
||||||||||||||
Deficiency
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,147
|
|
|
$
|
—
|
|
|
/s/ KPMG LLP
KPMG LLP
|
1.
|
I have reviewed this annual report on Form 10-K of Banc of California, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: March 16, 2015
|
|
/s/ Steven A. Sugarman
|
|
|
Steven A. Sugarman
|
|
|
Chairman/President/Chief Executive Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Banc of California, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: March 16, 2015
|
|
/s/ Ronald J. Nicolas, Jr.
|
|
|
Ronald J. Nicolas, Jr.
|
|
|
Executive Vice President/Chief Financial Officer
|
1.
|
I have reviewed this annual report on Form 10-K of Banc of California, Inc.;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
|
5.
|
The registrant’s other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
|
a.
|
all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
|
b.
|
any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
|
Date: March 16, 2015
|
|
/s/ Nathan Duda
|
|
|
Nathan Duda
|
|
|
Senior Vice President/Chief Accounting Officer
|
Date: March 16, 2015
|
|
/
S
/ S
TEVEN
A. S
UGARMAN
|
|
|
Steven A. Sugarman
|
|
|
Chairman/President/Chief Executive Officer
|
|
|
|
Date: March 16, 2015
|
|
/s/ Ronald J. Nicolas, Jr.
|
|
|
Ronald J. Nicolas, Jr.
|
|
|
Executive Vice President/Chief Financial Officer
|
|
|
|
Date: March 16, 2015
|
|
/s/ Nathan Duda
|
|
|
Nathan Duda
|
|
|
Senior Vice President/Chief Accounting Officer
|