|
x
|
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
|
95-4788120
|
(State or Other Jurisdiction of
Incorporation or Organization)
|
|
(I.R.S. Employer
Identification No.)
|
|
|
|
3660 Wilshire Boulevard, Penthouse Suite A
Los Angeles, California
|
|
90010
|
(Address of Principal Executive Offices)
|
|
(Zip Code)
|
Title of Each Class
|
|
Name of Each Exchange on Which Registered
|
Common Stock, $0.001 Par Value
|
|
Nasdaq Global Select Market
|
Large Accelerated Filer
|
|
x
|
Accelerated Filer
|
¨
|
Non-Accelerated Filer
|
|
¨
(Do Not Check if a Smaller Reporting Company)
|
Smaller Reporting Company
|
¨
|
Emerging Growth Company
|
|
¨
|
|
|
|
|
||
Part I
|
||
|
|
|
Item 1.
|
||
Item 1A.
|
||
Item 1B.
|
||
Item 2.
|
||
Item 3.
|
||
Item 4.
|
||
|
||
Part II
|
||
|
|
|
Item 5.
|
||
Item 6.
|
||
Item 7.
|
||
Item 7A.
|
||
Item 8.
|
||
Item 9.
|
||
Item 9A.
|
||
Item 9B.
|
||
|
||
Part III
|
||
|
|
|
Item 10.
|
||
Item 11.
|
||
Item 12.
|
||
Item 13.
|
||
Item 14.
|
||
|
||
Part IV
|
||
|
|
|
Item 15.
|
||
|
||
|
||
|
||
|
||
|
||
|
||
|
||
Item 16.
|
|
|
|
|
|
|
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
(In thousands)
|
|||||||||||||||||||
Interest and fees on loans and leases
|
$
|
195,790
|
|
|
80.7
|
%
|
|
$
|
164,642
|
|
|
77.9
|
%
|
|
$
|
148,797
|
|
|
70.3
|
%
|
Interest and dividends on securities
|
13,082
|
|
|
5.4
|
%
|
|
13,621
|
|
|
6.4
|
%
|
|
15,208
|
|
|
7.2
|
%
|
|||
Other interest income
|
449
|
|
|
0.2
|
%
|
|
208
|
|
|
0.1
|
%
|
|
221
|
|
|
0.1
|
%
|
|||
Service charges, fees and other income
|
21,141
|
|
|
8.7
|
%
|
|
22,025
|
|
|
10.4
|
%
|
|
22,075
|
|
|
10.4
|
%
|
|||
Gain on sale of SBA loans
|
8,734
|
|
|
3.6
|
%
|
|
6,034
|
|
|
2.9
|
%
|
|
8,749
|
|
|
4.1
|
%
|
|||
Subtotal
|
239,196
|
|
|
98.6
|
%
|
|
206,530
|
|
|
97.7
|
%
|
|
195,050
|
|
|
92.1
|
%
|
|||
Disposition gain on PCI loans
|
1,792
|
|
|
0.7
|
%
|
|
4,970
|
|
|
2.3
|
%
|
|
10,167
|
|
|
4.8
|
%
|
|||
Net gain on sale of securities
|
1,748
|
|
|
0.7
|
%
|
|
46
|
|
|
—
|
%
|
|
6,611
|
|
|
3.1
|
%
|
|||
Total revenues
|
$
|
242,736
|
|
|
100.0
|
%
|
|
$
|
211,546
|
|
|
100.0
|
%
|
|
$
|
211,828
|
|
|
100.0
|
%
|
•
|
maturities of two years or less;
|
•
|
a floating rate of interest based on the Bank Prime Rate or the WSJ Prime Rate;
|
•
|
minimum cash equity consistent with high volatility commerical real estate guidelines;
|
•
|
a reserve of anticipated interest costs during construction or an advance of fees;
|
•
|
a first lien position on the underlying real estate;
|
•
|
loan-to-value ratios at time of origination that do not exceed 75 percent; and
|
•
|
recourse against the borrower or a guarantor in the event of default.
|
•
|
the uncertain value of the project prior to completion;
|
•
|
the inherent uncertainty in estimating construction costs, which are often beyond the borrower’s control;
|
•
|
construction delays and cost overruns;
|
•
|
possible difficulties encountered in connection with municipal, state or other governmental ordinances or regulations during construction; and
|
•
|
the difficulty in accurately evaluating the market value of the completed project.
|
•
|
Require periodic reports and such additional reports of information as the Federal Reserve may require;
|
•
|
Limit the scope of bank holding companies' activities and investments;
|
•
|
Require bank holding companies to meet or exceed certain levels of capital (See “Capital Adequacy Requirements” above);
|
•
|
Require that bank holding companies serve as a source of financial and managerial strength to subsidiary banks and commit resources as necessary to support each subsidiary bank.
|
•
|
Limit dividends payable to shareholders and restricts the ability of bank holding companies to obtain dividends or other distributions from their subsidiary banks. The Company’s ability to pay dividends on both its common and preferred stock is subject to legal and regulatory restrictions. Substantially all of the Company’s funds to pay dividends or to pay principal and interest on our debt obligations are derived from dividends paid by the Bank;
|
•
|
Require a bank holding company to terminate an activity or terminate control of or liquidate or divest certain subsidiaries, affiliates or investments if the Federal Reserve believes the activity or the control of the subsidiary or affiliate constitutes a significant risk to the financial safety, soundness or stability of any bank subsidiary;
|
•
|
Require the prior approval of senior executive officer or director changes and prohibit golden parachute payments, including change in control agreements, or new employment agreements with such payment terms, which are contingent upon termination if an institution is in “troubled condition”;
|
•
|
Regulate provisions of certain bank holding company debt, including the authority to impose interest ceilings and reserve requirements on such debt and require prior approval to purchase or redeem securities in certain situations; and
|
•
|
Require prior Federal Reserve approval to acquire substantially all the assets of a bank, to acquire more than 5% of a class of voting shares of a bank, or to merge with another bank holding company and consider certain competitive, management, financial, anti-money-laundering compliance, potential impact on U.S. financial stability or other factors in granting these approvals, in addition to similar California or other state banking agency approvals which may also be required.
|
•
|
Require affirmative action to correct any conditions resulting from any violation or practice;
|
•
|
Direct an increase in capital and the maintenance of higher specific minimum capital ratios, which could preclude the Bank from being deemed well capitalized and restrict its ability to accept certain brokered deposits;
|
•
|
Restrict the Bank’s growth geographically, by products and services, or by mergers and acquisitions, including bidding in FDIC receiverships for failed banks;
|
•
|
Enter into or issue informal or formal enforcement actions, including required Board resolutions, Matters Requiring Board Attention, written agreements and consent or cease and desist orders or prompt corrective action orders to take corrective action and cease unsafe and unsound practices;
|
•
|
Require the sale of subsidiaries or assets;
|
•
|
Limit dividend and distributions;
|
•
|
Require prior approval of senior executive officer or director changes; remove officers and directors and assess civil monetary penalties; and
|
•
|
Terminate FDIC insurance, revoke the charter and/or take possession of and close and liquidate the Bank or appoint the FDIC as receiver.
|
•
|
We face increased regulation of our industry, including changes by Congress or federal regulatory agencies to the banking and financial institutions regulatory regime and heightened legal standards and regulatory requirements that may be adopted in the future. Compliance with such regulation may increase our costs and limit our ability to pursue business opportunities.
|
•
|
The process we use to estimate losses inherent in our credit exposure requires difficult, subjective, and complex judgments, including forecasts of economic conditions and how these economic conditions might impair the ability of our borrowers to repay their loans and leases. The level of uncertainty concerning economic conditions may adversely affect the accuracy of our estimates which may, in turn, impact the reliability of the process.
|
•
|
If economic conditions deteriorate, it may exacerbate the following consequences:
|
◦
|
problem assets and foreclosures may increase;
|
◦
|
demand for our products and services may decline;
|
◦
|
low cost or noninterest-bearing deposits may decrease; and
|
◦
|
collateral for loans and leases made by us, especially real estate, may decline in value.
|
•
|
actual or anticipated quarterly fluctuations in our operating results and financial condition;
|
•
|
changes in revenue or earnings estimates or publication of research reports and recommendations by financial analysts;
|
•
|
failure to meet analysts’ revenue or earnings estimates;
|
•
|
speculation in the press or investment community;
|
•
|
strategic actions by us or our competitors, such as acquisitions or restructurings;
|
•
|
actions by institutional stockholders;
|
•
|
fluctuations in the stock price and operating results of our competitors;
|
•
|
general market conditions and, in particular, developments related to market conditions for the financial services industry;
|
•
|
proposed or adopted legislative or regulatory changes or developments;
|
•
|
anticipated or pending investigations, proceedings or litigation that involve or affect us; or
|
•
|
domestic and international economic factors unrelated to our performance.
|
•
|
the risk of failure to adequately evaluate the asset quality of the acquired company;
|
•
|
difficulty in assimilating and integrating the operations, technology and personnel of the acquired company;
|
•
|
diversion of management’s attention from other important business activities;
|
•
|
difficulty in maintaining good relations with the loan and deposit customers of the acquired company;
|
•
|
inability to maintain uniform standards, controls, procedures and policies, especially considering geographic diversification;
|
•
|
potentially dilutive issuances of equity securities or the incurrence of debt and contingent liabilities; and
|
•
|
amortization of expenses related to acquired intangible assets that have finite lives.
|
|
High
|
|
Low
|
|
Cash Dividend
|
||||||
2017
|
|
|
|
|
|
||||||
Fourth quarter
|
$
|
32.55
|
|
|
$
|
28.90
|
|
|
$
|
0.21
|
|
Third quarter
|
$
|
30.95
|
|
|
$
|
25.90
|
|
|
$
|
0.21
|
|
Second quarter
|
$
|
30.30
|
|
|
$
|
26.60
|
|
|
$
|
0.19
|
|
First quarter
|
$
|
35.85
|
|
|
$
|
28.90
|
|
|
$
|
0.19
|
|
2016
|
|
|
|
|
|
||||||
Fourth quarter
|
$
|
35.35
|
|
|
$
|
23.10
|
|
|
$
|
0.19
|
|
Third quarter
|
$
|
26.82
|
|
|
$
|
22.56
|
|
|
$
|
0.19
|
|
Second quarter
|
$
|
24.34
|
|
|
$
|
20.80
|
|
|
$
|
0.14
|
|
First quarter
|
$
|
23.29
|
|
|
$
|
19.06
|
|
|
$
|
0.14
|
|
|
December 31,
|
||||||||||||||||||||||
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
||||||||||||
Hanmi Financial Corporation
|
$
|
100.00
|
|
|
$
|
162.32
|
|
|
$
|
163.82
|
|
|
$
|
181.71
|
|
|
$
|
274.94
|
|
|
$
|
245.43
|
|
Nasdaq Composite
|
100.00
|
|
|
140.12
|
|
|
160.78
|
|
|
171.97
|
|
|
187.22
|
|
|
242.71
|
|
||||||
S&P 500 Financials
|
100.00
|
|
|
135.63
|
|
|
156.25
|
|
|
153.86
|
|
|
188.94
|
|
|
230.85
|
|
||||||
SNL Bank $1B-$5B
|
100.00
|
|
|
145.41
|
|
|
152.04
|
|
|
170.20
|
|
|
244.85
|
|
|
261.04
|
|
|
As of and for the Year Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
(In thousands, except share and per share data)
|
||||||||||||||||||
Summary Statements of Operations:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest and dividend income
|
$
|
209,321
|
|
|
$
|
178,471
|
|
|
$
|
164,226
|
|
|
$
|
136,734
|
|
|
$
|
119,140
|
|
Interest expense
|
32,519
|
|
|
18,274
|
|
|
16,109
|
|
|
14,033
|
|
|
13,507
|
|
|||||
Net interest income
|
176,802
|
|
|
160,197
|
|
|
148,117
|
|
|
122,701
|
|
|
105,633
|
|
|||||
Loan and lease loss provision (income)
|
831
|
|
|
(4,339
|
)
|
|
(11,614
|
)
|
|
(6,258
|
)
|
|
576
|
|
|||||
Noninterest income
|
33,415
|
|
|
33,075
|
|
|
47,602
|
|
|
42,296
|
|
|
27,900
|
|
|||||
Noninterest expense
|
114,102
|
|
|
108,223
|
|
|
115,328
|
|
|
98,671
|
|
|
70,441
|
|
|||||
Income before provision for income taxes
|
95,284
|
|
|
89,388
|
|
|
92,005
|
|
|
72,584
|
|
|
62,516
|
|
|||||
Provision for income taxes
|
40,624
|
|
|
32,899
|
|
|
38,182
|
|
|
22,379
|
|
|
22,732
|
|
|||||
Net income from continuing operations
|
54,660
|
|
|
56,489
|
|
|
53,823
|
|
|
50,205
|
|
|
39,784
|
|
|||||
(Loss) income from discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
(444
|
)
|
|
73
|
|
|||||
Net income
|
$
|
54,660
|
|
|
$
|
56,489
|
|
|
$
|
53,823
|
|
|
$
|
49,761
|
|
|
$
|
39,857
|
|
Summary Balance Sheets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks
|
$
|
153,826
|
|
|
$
|
147,235
|
|
|
$
|
164,364
|
|
|
$
|
158,320
|
|
|
$
|
179,357
|
|
Securities
|
578,804
|
|
|
516,964
|
|
|
698,296
|
|
|
1,060,717
|
|
|
530,926
|
|
|||||
Loans and leases receivable
(1)
|
4,273,415
|
|
|
3,812,340
|
|
|
3,140,381
|
|
|
2,735,832
|
|
|
2,177,498
|
|
|||||
Assets
|
5,210,485
|
|
|
4,701,346
|
|
|
4,234,521
|
|
|
4,232,443
|
|
|
3,054,379
|
|
|||||
Deposits
|
4,348,654
|
|
|
3,809,737
|
|
|
3,509,976
|
|
|
3,556,746
|
|
|
2,512,325
|
|
|||||
Liabilities
|
4,648,008
|
|
|
4,170,321
|
|
|
3,740,603
|
|
|
3,779,056
|
|
|
2,654,302
|
|
|||||
Stockholders’ equity
|
562,477
|
|
|
531,025
|
|
|
493,918
|
|
|
453,387
|
|
|
400,077
|
|
|||||
Tangible equity
|
549,933
|
|
|
518,136
|
|
|
492,217
|
|
|
451,307
|
|
|
398,906
|
|
|||||
Average loans and leases
(2)
|
4,039,346
|
|
|
3,423,292
|
|
|
2,901,698
|
|
|
2,440,682
|
|
|
2,156,626
|
|
|||||
Average securities
|
583,971
|
|
|
614,749
|
|
|
788,156
|
|
|
648,937
|
|
|
418,273
|
|
|||||
Average interest-earning assets
|
4,680,035
|
|
|
4,103,960
|
|
|
3,805,877
|
|
|
3,163,141
|
|
|
2,687,799
|
|
|||||
Average assets
|
4,952,466
|
|
|
4,372,698
|
|
|
4,076,669
|
|
|
3,410,751
|
|
|
2,827,508
|
|
|||||
Average deposits
|
4,160,072
|
|
|
3,607,585
|
|
|
3,502,886
|
|
|
2,872,029
|
|
|
2,391,248
|
|
|||||
Average interest-bearing liabilities
|
3,125,766
|
|
|
2,640,953
|
|
|
2,493,513
|
|
|
2,054,680
|
|
|
1,678,618
|
|
|||||
Average stockholders’ equity
|
548,135
|
|
|
518,867
|
|
|
476,401
|
|
|
425,913
|
|
|
392,601
|
|
|||||
Average tangible equity
|
535,416
|
|
|
516,238
|
|
|
474,498
|
|
|
425,018
|
|
|
391,342
|
|
|||||
Per Share Data:
|
|
|
|
|
|
|
|
|
|
||||||||||
Earnings per share – basic
|
$
|
1.70
|
|
|
$
|
1.76
|
|
|
$
|
1.69
|
|
|
$
|
1.57
|
|
|
$
|
1.26
|
|
Earnings per share – diluted
|
$
|
1.69
|
|
|
$
|
1.75
|
|
|
$
|
1.68
|
|
|
$
|
1.56
|
|
|
$
|
1.26
|
|
Book value per share
(3)
|
$
|
17.34
|
|
|
$
|
16.42
|
|
|
$
|
15.45
|
|
|
$
|
14.21
|
|
|
$
|
12.60
|
|
Tangible book value per share
(4)
|
$
|
16.96
|
|
|
$
|
16.03
|
|
|
$
|
15.39
|
|
|
$
|
14.14
|
|
|
$
|
12.56
|
|
Cash dividends declared per share
|
$
|
0.80
|
|
|
$
|
0.66
|
|
|
$
|
0.47
|
|
|
$
|
0.28
|
|
|
$
|
0.14
|
|
Common shares outstanding
|
32,431,627
|
|
|
32,330,747
|
|
|
31,974,359
|
|
|
31,910,203
|
|
|
31,761,550
|
|
|
As of and for the Year Ended December 31,
|
|||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|||||
Selected Performance Ratios:
|
|
|
|
|
|
|
|
|
|
|||||
Return on average assets
(5) (13)
|
1.10
|
%
|
|
1.29
|
%
|
|
1.32
|
%
|
|
1.47
|
%
|
|
1.41
|
%
|
Return on average stockholders’ equity
(6) (13)
|
9.97
|
%
|
|
10.89
|
%
|
|
11.30
|
%
|
|
11.79
|
%
|
|
10.13
|
%
|
Return on average tangible equity
(7) (13)
|
10.21
|
%
|
|
10.94
|
%
|
|
11.34
|
%
|
|
11.81
|
%
|
|
10.18
|
%
|
Net interest margin
(8)
|
3.82
|
%
|
|
3.95
|
%
|
|
3.90
|
%
|
|
3.88
|
%
|
|
3.94
|
%
|
Efficiency ratio
(9)
|
54.28
|
%
|
|
56.00
|
%
|
|
58.93
|
%
|
|
59.80
|
%
|
|
52.75
|
%
|
Dividend payout ratio
(10)
|
47.06
|
%
|
|
37.57
|
%
|
|
27.81
|
%
|
|
17.83
|
%
|
|
11.11
|
%
|
Average stockholders’ equity to average assets
|
11.07
|
%
|
|
11.87
|
%
|
|
11.69
|
%
|
|
12.49
|
%
|
|
13.89
|
%
|
Selected Capital Ratios:
|
|
|
|
|
|
|
|
|
|
|||||
Total risk-based capital ratio:
|
|
|
|
|
|
|
|
|
|
|||||
Hanmi Financial
|
15.50
|
%
|
|
13.86
|
%
|
|
14.91
|
%
|
|
15.89
|
%
|
|
17.48
|
%
|
Hanmi Bank
|
15.20
|
%
|
|
13.64
|
%
|
|
14.86
|
%
|
|
15.18
|
%
|
|
16.79
|
%
|
Tier 1 risk-based capital ratio:
|
|
|
|
|
|
|
|
|
|
|||||
Hanmi Financial
|
12.55
|
%
|
|
13.02
|
%
|
|
13.65
|
%
|
|
14.63
|
%
|
|
16.26
|
%
|
Hanmi Bank
|
14.47
|
%
|
|
12.80
|
%
|
|
13.60
|
%
|
|
13.93
|
%
|
|
15.53
|
%
|
Common equity tier 1 capital ratio:
|
|
|
|
|
|
|
|
|
|
|||||
Hanmi Financial
|
12.19
|
%
|
|
12.73
|
%
|
|
13.65
|
%
|
|
—
|
%
|
|
—
|
%
|
Hanmi Bank
|
14.47
|
%
|
|
12.80
|
%
|
|
13.60
|
%
|
|
—
|
%
|
|
—
|
%
|
Tier 1 leverage ratio:
|
|
|
|
|
|
|
|
|
|
|||||
Hanmi Financial
|
10.79
|
%
|
|
11.53
|
%
|
|
11.31
|
%
|
|
10.91
|
%
|
|
13.62
|
%
|
Hanmi Bank
|
12.44
|
%
|
|
11.33
|
%
|
|
11.27
|
%
|
|
10.39
|
%
|
|
13.05
|
%
|
Selected Asset Quality Ratios:
|
|
|
|
|
|
|
|
|
|
|||||
Non-performing loans and leases to loans and leases
(11) (14)
|
0.37
|
%
|
|
0.30
|
%
|
|
0.60
|
%
|
|
0.92
|
%
|
|
1.16
|
%
|
Non-performing assets to assets
(12)
|
0.34
|
%
|
|
0.40
|
%
|
|
0.65
|
%
|
|
0.97
|
%
|
|
0.87
|
%
|
Net loan and lease charge-offs (recoveries) to average loans and leases
(14)
|
0.05
|
%
|
|
0.18
|
%
|
|
(0.06
|
)%
|
|
(0.06
|
)%
|
|
0.29
|
%
|
Allowance for loan and lease losses to loans and leases
(14) (15)
|
0.72
|
%
|
|
0.84
|
%
|
|
1.35
|
%
|
|
1.88
|
%
|
|
2.58
|
%
|
Allowance for loan and lease losses to non-performing loans and leases
(15)
|
194.39
|
%
|
|
275.80
|
%
|
|
196.12
|
%
|
|
204.26
|
%
|
|
222.42
|
%
|
(1)
|
Excludes loans held for sale.
|
(2)
|
Includes loans held for sale.
|
(3)
|
Stockholders’ equity divided by shares of common stock outstanding.
|
(4)
|
Tangible equity divided by common shares outstanding. Tangible equity is a "Non-GAAP" financial measure, as discussed in the following section.
|
(5)
|
Net income divided by average assets.
|
(6)
|
Net income divided by average stockholders’ equity.
|
(7)
|
Net income divided by average tangible equity. Average tangible equity is a "Non-GAAP" financial measure, as discussed in the following section.
|
(8)
|
Net interest income divided by average interest-earning assets. Computed on a tax-equivalent basis using the 35% statutory federal tax rate.
|
(9)
|
Noninterest expense divided by the sum of net interest income and noninterest income.
|
(10)
|
Dividends declared per share divided by basic earnings per share.
|
(11)
|
Nonperforming loans and leases, excluding loans held for sale, consist of nonaccrual loans and leases, and loans and leases past due 90 days or more still accruing interest.
|
(12)
|
Nonperforming assets consist of nonperforming loans and leases and other real estate owned.
|
(13)
|
Amounts calculated on net income from continuing operations.
|
(14)
|
Excludes PCI loans.
|
(15)
|
Excludes allowance for loan losses on PCI loans.
|
|
As of and for the Year Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Average stockholders’ equity
|
$
|
548,135
|
|
|
$
|
518,867
|
|
|
$
|
476,401
|
|
|
$
|
425,913
|
|
|
$
|
392,601
|
|
Less average goodwill
|
(11,031
|
)
|
|
(1,078
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Less average other intangible assets
|
(1,688
|
)
|
|
(1,551
|
)
|
|
(1,903
|
)
|
|
(895
|
)
|
|
(1,259
|
)
|
|||||
Average tangible equity
|
$
|
535,416
|
|
|
$
|
516,238
|
|
|
$
|
474,498
|
|
|
$
|
425,018
|
|
|
$
|
391,342
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Return on average stockholders’ equity
|
9.97
|
%
|
|
10.89
|
%
|
|
11.30
|
%
|
|
11.79
|
%
|
|
10.13
|
%
|
|||||
Effect of average intangible assets
|
0.24
|
%
|
|
0.05
|
%
|
|
0.04
|
%
|
|
0.02
|
%
|
|
0.05
|
%
|
|||||
Return on average tangible equity
|
10.21
|
%
|
|
10.94
|
%
|
|
11.34
|
%
|
|
11.81
|
%
|
|
10.18
|
%
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
||||||||||
|
(In thousands, except per share data)
|
||||||||||||||||||
Stockholders’ equity
|
$
|
562,477
|
|
|
$
|
531,025
|
|
|
$
|
493,918
|
|
|
$
|
453,387
|
|
|
$
|
400,077
|
|
Less goodwill
|
(11,031
|
)
|
|
(11,031
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Less other intangible assets
|
(1,513
|
)
|
|
(1,858
|
)
|
|
(1,701
|
)
|
|
(2,080
|
)
|
|
(1,171
|
)
|
|||||
Tangible stockholders' equity
|
$
|
549,933
|
|
|
$
|
518,136
|
|
|
$
|
492,217
|
|
|
$
|
451,307
|
|
|
$
|
398,906
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Book value per share
|
17.34
|
|
|
16.42
|
|
|
15.45
|
|
|
14.21
|
|
|
12.60
|
|
|||||
Effect of intangible assets
|
(0.38
|
)
|
|
(0.39
|
)
|
|
(0.06
|
)
|
|
(0.07
|
)
|
|
(0.04
|
)
|
|||||
Tangible book value per share
|
$
|
16.96
|
|
|
$
|
16.03
|
|
|
$
|
15.39
|
|
|
$
|
14.14
|
|
|
$
|
12.56
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
Amount
|
|
Impact
|
|
Amount
|
|
Impact
|
|
Amount
|
|
Impact
|
|||||||||
|
(In thousands)
|
|||||||||||||||||||
Core loan and lease interest income and yield
|
$
|
194,025
|
|
|
4.81
|
%
|
|
$
|
159,987
|
|
|
4.67
|
%
|
|
$
|
137,765
|
|
|
4.75
|
%
|
Accretion of discount on purchased loans and leases
|
1,765
|
|
|
0.04
|
%
|
|
4,655
|
|
|
0.14
|
%
|
|
11,032
|
|
|
0.38
|
%
|
|||
As reported
|
$
|
195,790
|
|
|
4.85
|
%
|
|
$
|
164,642
|
|
|
4.81
|
%
|
|
$
|
148,797
|
|
|
5.13
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Net interest income and net interest margin excluding acquisition accounting
(1)
|
$
|
176,814
|
|
|
3.78
|
%
|
|
$
|
155,199
|
|
|
3.79
|
%
|
|
$
|
131,996
|
|
|
3.47
|
%
|
Accretion of discount on Non-PCI loans and leases
|
1,630
|
|
|
0.04
|
%
|
|
4,177
|
|
|
0.10
|
%
|
|
9,416
|
|
|
0.25
|
%
|
|||
Accretion of discount on PCI loans
|
135
|
|
|
—
|
%
|
|
478
|
|
|
0.01
|
%
|
|
1,616
|
|
|
0.04
|
%
|
|||
Accretion of time deposits premium
|
473
|
|
|
0.01
|
%
|
|
2,658
|
|
|
0.06
|
%
|
|
5,634
|
|
|
0.15
|
%
|
|||
Amortization of subordinated debentures discount
|
(329
|
)
|
|
(0.01
|
)%
|
|
(275
|
)
|
|
(0.01
|
)%
|
|
(176
|
)
|
|
(0.01
|
)%
|
|||
Net impact
|
1,909
|
|
|
0.04
|
%
|
|
7,038
|
|
|
0.16
|
%
|
|
16,490
|
|
|
0.43
|
%
|
|||
As reported on a fully taxable equivalent basis
(1)
|
$
|
178,723
|
|
|
3.82
|
%
|
|
$
|
162,237
|
|
|
3.95
|
%
|
|
$
|
148,486
|
|
|
3.90
|
%
|
(1)
|
Amounts calculated on a fully taxable equivalent basis using the 35% statutory federal tax rate.
|
•
|
Loans and leases receivable increased by $460 million, or 12.0 percent, to $4.30 billion as of December 31, 2017, compared to $3.84 billion as of December 31, 2016.
|
•
|
Deposits were $4.35 billion at December 31, 2017 compared to $3.81 billion at December 31, 2016 as noninterest-bearing demand deposits increased $109.0 million, or 9.1 percent, interest-bearing money market and savings accounts increased $197.8 million or 14.9 percent and time deposits increased $236.0 million, or 20 percent.
|
•
|
Cash dividends of $0.80 per share of common stock were declared for the year ended December 31, 2017, compared to $0.66 and $0.47 per share of common stock for the year ended December 31, 2016 and 2015, respectively.
|
|
For the Year Ended
|
|||||||||||||||||||||||||||||||
|
December 31, 2017
|
|
December 31, 2016
|
|
December 31, 2015
|
|||||||||||||||||||||||||||
|
Average
Balance |
|
Interest
Income / Expense |
|
Average
Yield / Rate |
|
Average
Balance |
|
Interest
Income / Expense |
|
Average
Yield / Rate |
|
Average
Balance |
|
Interest
Income / Expense |
|
Average
Yield / Rate |
|||||||||||||||
|
(dollars in thousands)
|
|||||||||||||||||||||||||||||||
Assets
|
|
|||||||||||||||||||||||||||||||
Interest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Loans and leases
(1)
|
$
|
4,039,346
|
|
|
$
|
195,790
|
|
|
4.85
|
%
|
|
$
|
3,423,292
|
|
|
$
|
164,642
|
|
|
4.81
|
%
|
|
$
|
2,901,698
|
|
|
$
|
148,797
|
|
|
5.13
|
%
|
Securities
(2)
|
583,971
|
|
|
13,771
|
|
|
2.36
|
%
|
|
614,749
|
|
|
13,194
|
|
|
2.15
|
%
|
|
788,156
|
|
|
12,791
|
|
|
1.62
|
%
|
||||||
FRB and FHLB stock
(3)
|
16,385
|
|
|
1,232
|
|
|
7.52
|
%
|
|
24,189
|
|
|
2,467
|
|
|
10.20
|
%
|
|
30,049
|
|
|
2,786
|
|
|
9.27
|
%
|
||||||
Interest-bearing deposits in other banks
|
40,333
|
|
|
449
|
|
|
1.11
|
%
|
|
41,730
|
|
|
208
|
|
|
0.50
|
%
|
|
85,974
|
|
|
221
|
|
|
0.26
|
%
|
||||||
Total interest-earning assets
|
4,680,035
|
|
|
211,242
|
|
|
4.51
|
%
|
|
4,103,960
|
|
|
180,511
|
|
|
4.40
|
%
|
|
3,805,877
|
|
|
164,595
|
|
|
4.32
|
%
|
||||||
Noninterest-earning assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Cash and due from banks
|
116,716
|
|
|
|
|
|
|
115,229
|
|
|
|
|
|
|
89,368
|
|
|
|
|
|
||||||||||||
Allowance for loan and lease losses
|
(33,277
|
)
|
|
|
|
|
|
(40,856
|
)
|
|
|
|
|
|
(50,862
|
)
|
|
|
|
|
||||||||||||
Other assets
|
188,992
|
|
|
|
|
|
|
194,365
|
|
|
|
|
|
|
232,286
|
|
|
|
|
|
||||||||||||
Total noninterest-earning assets
|
272,431
|
|
|
|
|
|
|
268,738
|
|
|
|
|
|
|
270,792
|
|
|
|
|
|
||||||||||||
Total assets
|
$
|
4,952,466
|
|
|
|
|
|
|
$
|
4,372,698
|
|
|
|
|
|
|
$
|
4,076,669
|
|
|
|
|
|
|||||||||
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Interest-bearing liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Demand: interest-bearing
|
$
|
93,184
|
|
|
$
|
74
|
|
|
0.08
|
%
|
|
$
|
95,298
|
|
|
$
|
75
|
|
|
0.08
|
%
|
|
$
|
89,747
|
|
|
$
|
114
|
|
|
0.13
|
%
|
Money market and savings
|
1,495,378
|
|
|
12,515
|
|
|
0.84
|
%
|
|
1,074,247
|
|
|
6,470
|
|
|
0.60
|
%
|
|
846,254
|
|
|
4,194
|
|
|
0.50
|
%
|
||||||
Time deposits
|
1,322,352
|
|
|
13,500
|
|
|
1.02
|
%
|
|
1,255,883
|
|
|
10,025
|
|
|
0.80
|
%
|
|
1,500,634
|
|
|
11,102
|
|
|
0.74
|
%
|
||||||
Total interest-bearing deposits
|
2,910,914
|
|
|
26,089
|
|
|
0.90
|
%
|
|
2,425,428
|
|
|
16,570
|
|
|
0.68
|
%
|
|
2,436,635
|
|
|
15,410
|
|
|
0.63
|
%
|
||||||
Borrowings
(4)
|
119,041
|
|
|
1,077
|
|
|
0.90
|
%
|
|
196,708
|
|
|
879
|
|
|
0.45
|
%
|
|
38,259
|
|
|
76
|
|
|
0.20
|
%
|
||||||
Subordinated debentures
|
95,811
|
|
|
5,353
|
|
|
5.57
|
%
|
|
18,817
|
|
|
825
|
|
|
4.38
|
%
|
|
18,619
|
|
|
623
|
|
|
3.35
|
%
|
||||||
Total interest-bearing liabilities
|
3,125,766
|
|
|
32,519
|
|
|
1.04
|
%
|
|
2,640,953
|
|
|
18,274
|
|
|
0.69
|
%
|
|
2,493,513
|
|
|
16,109
|
|
|
0.65
|
%
|
||||||
Noninterest-bearing liabilities and equity:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Demand deposits: noninterest-bearing
|
1,249,158
|
|
|
|
|
|
|
1,182,157
|
|
|
|
|
|
|
1,066,251
|
|
|
|
|
|
||||||||||||
Other liabilities
|
29,407
|
|
|
|
|
|
|
30,721
|
|
|
|
|
|
|
40,504
|
|
|
|
|
|
||||||||||||
Stockholders’ equity
|
548,135
|
|
|
|
|
|
|
518,867
|
|
|
|
|
|
|
476,401
|
|
|
|
|
|
||||||||||||
Total liabilities and stockholders’ equity
|
$
|
4,952,466
|
|
|
|
|
|
|
$
|
4,372,698
|
|
|
|
|
|
|
$
|
4,076,669
|
|
|
|
|
|
|||||||||
Net interest income
|
|
|
$
|
178,723
|
|
|
|
|
|
|
$
|
162,237
|
|
|
|
|
|
|
$
|
148,486
|
|
|
|
|||||||||
Cost of deposits
(5)
|
|
|
|
|
0.63
|
%
|
|
|
|
|
|
0.46
|
%
|
|
|
|
|
|
0.44
|
%
|
||||||||||||
Net interest spread
(taxable equivalent basis)
(6)
|
|
|
|
|
3.47
|
%
|
|
|
|
|
|
3.71
|
%
|
|
|
|
|
|
3.67
|
%
|
||||||||||||
Net interest margin (taxable equivalent basis)
(7)
|
|
|
|
|
3.82
|
%
|
|
|
|
|
|
3.95
|
%
|
|
|
|
|
|
3.90
|
%
|
(1)
|
Loans and leases include loans held for sale and exclude the allowance for loan and lease losses. Nonaccrual loans and leases are included in the average loan and lease balance.
|
(2)
|
Amounts calculated on a fully equivalent basis using the then current statutory federal tax rate.
|
(3)
|
2016 and 2015 income include special dividend of $559,000 and $605,000 from FHLB of San Francisco, respectively.
|
(4)
|
Includes rescinded stock obligation of $149,000 for the year ended December 31, 2015.
|
(5)
|
Represents interest expense on deposits as a percentage of all interest-bearing and noninterest-bearing deposits.
|
(6)
|
Represents the average yield earned on interest-earning assets less the average rate paid on interest-bearing liabilities.
|
(7)
|
Represents net interest income as a percentage of average interest-earning assets.
|
|
Year Ended December 31,
|
||||||||||||||||||||||
|
2017 vs 2016
|
|
2016 vs 2015
|
||||||||||||||||||||
|
Increases (Decreases) Due to Change In
|
|
Increases (Decreases) Due to Change In
|
||||||||||||||||||||
|
Volume
|
|
Rate
|
|
Total
|
|
Volume
|
|
Rate
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Interest and dividend income:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Loans and leases
(1)
|
$
|
29,772
|
|
|
$
|
1,376
|
|
|
$
|
31,148
|
|
|
$
|
25,587
|
|
|
$
|
(9,742
|
)
|
|
$
|
15,845
|
|
Securities
(2)
|
(682
|
)
|
|
1,259
|
|
|
577
|
|
|
(3,207
|
)
|
|
3,610
|
|
|
403
|
|
||||||
FRB and FHLB stock
|
(681
|
)
|
|
(554
|
)
|
|
(1,235
|
)
|
|
(581
|
)
|
|
262
|
|
|
(319
|
)
|
||||||
Interest-bearing deposits in other banks
|
(7
|
)
|
|
248
|
|
|
241
|
|
|
(152
|
)
|
|
139
|
|
|
(13
|
)
|
||||||
Total interest and dividend income
(2)
|
$
|
28,402
|
|
|
$
|
2,329
|
|
|
$
|
30,731
|
|
|
$
|
21,647
|
|
|
$
|
(5,731
|
)
|
|
$
|
15,916
|
|
Interest expense:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Demand: interest-bearing
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
(1
|
)
|
|
$
|
(2
|
)
|
|
$
|
(37
|
)
|
|
$
|
(39
|
)
|
Money market and savings
|
2,992
|
|
|
3,053
|
|
|
6,045
|
|
|
1,306
|
|
|
970
|
|
|
2,276
|
|
||||||
Time deposits
|
561
|
|
|
2,914
|
|
|
3,475
|
|
|
(1,023
|
)
|
|
(54
|
)
|
|
(1,077
|
)
|
||||||
Borrowings
|
(70
|
)
|
|
268
|
|
|
198
|
|
|
618
|
|
|
185
|
|
|
803
|
|
||||||
Subordinated debentures
|
4,245
|
|
|
283
|
|
|
4,528
|
|
|
8
|
|
|
194
|
|
|
202
|
|
||||||
Total interest expense
|
$
|
7,727
|
|
|
$
|
6,518
|
|
|
$
|
14,245
|
|
|
$
|
907
|
|
|
$
|
1,258
|
|
|
$
|
2,165
|
|
Change in net interest income
(2)
|
$
|
20,675
|
|
|
$
|
(4,189
|
)
|
|
$
|
16,486
|
|
|
$
|
20,740
|
|
|
$
|
(6,989
|
)
|
|
$
|
13,751
|
|
(1)
|
Loans and leases include loans held for sale and exclude the allowance for loan and lease losses. Nonaccrual loans and leases are included in the average loan and lease balance.
|
(2)
|
Amounts calculated on a fully equivalent basis using the then current statutory federal tax rate.
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Service charges on deposit accounts
|
$
|
10,396
|
|
|
$
|
11,380
|
|
|
$
|
12,900
|
|
Trade finance and other service charges and fees
|
4,495
|
|
|
4,232
|
|
|
4,623
|
|
|||
Other operating income
|
6,250
|
|
|
6,413
|
|
|
4,552
|
|
|||
Subtotal service charges, fees and other income
|
21,141
|
|
|
22,025
|
|
|
22,075
|
|
|||
Gain on sale of SBA loans
|
8,734
|
|
|
6,034
|
|
|
8,749
|
|
|||
Disposition gains on PCI loans
|
1,792
|
|
|
4,970
|
|
|
10,167
|
|
|||
Net gain on sales of securities
|
1,748
|
|
|
46
|
|
|
6,611
|
|
|||
Total noninterest income
|
$
|
33,415
|
|
|
$
|
33,075
|
|
|
$
|
47,602
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Salaries and employee benefits
|
$
|
67,944
|
|
|
$
|
63,956
|
|
|
$
|
62,864
|
|
Occupancy and equipment
|
15,740
|
|
|
14,992
|
|
|
17,371
|
|
|||
Data processing
|
6,960
|
|
|
5,674
|
|
|
6,321
|
|
|||
Professional fees
|
5,464
|
|
|
5,374
|
|
|
7,905
|
|
|||
Supplies and communications
|
2,912
|
|
|
2,949
|
|
|
3,582
|
|
|||
Advertising and promotion
|
3,952
|
|
|
3,910
|
|
|
4,201
|
|
|||
Merger and integration costs (income)
|
(40
|
)
|
|
312
|
|
|
1,971
|
|
|||
OREO expense
|
302
|
|
|
63
|
|
|
307
|
|
|||
Other operating expenses
|
10,868
|
|
|
10,993
|
|
|
10,806
|
|
|||
Total noninterest expense
|
$
|
114,102
|
|
|
$
|
108,223
|
|
|
$
|
115,328
|
|
|
December 31, 2017
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||||||||||||
|
Amortized
Cost |
|
Estimated
Fair Value |
|
Unrealized
Gain (Loss) |
|
Amortized
Cost |
|
Estimated
Fair Value |
|
Unrealized
Gain (Loss) |
|
Amortized
Cost |
|
Estimated
Fair Value |
|
Unrealized
Gain (Loss) |
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Mortgage-backed securities
(1)
|
$
|
306,166
|
|
|
$
|
303,609
|
|
|
$
|
(2,557
|
)
|
|
$
|
230,489
|
|
|
$
|
229,630
|
|
|
$
|
(859
|
)
|
|
$
|
286,450
|
|
|
$
|
284,381
|
|
|
$
|
(2,069
|
)
|
Collateralized mortgage obligations
(1)
|
119,658
|
|
|
117,768
|
|
|
(1,890
|
)
|
|
77,447
|
|
|
76,451
|
|
|
(996
|
)
|
|
97,904
|
|
|
96,986
|
|
|
(918
|
)
|
|||||||||
U.S. government agency securities
|
7,499
|
|
|
7,414
|
|
|
(85
|
)
|
|
7,499
|
|
|
7,441
|
|
|
(58
|
)
|
|
48,478
|
|
|
47,822
|
|
|
(656
|
)
|
|||||||||
SBA loan pool securities
|
—
|
|
|
—
|
|
|
—
|
|
|
4,356
|
|
|
4,146
|
|
|
(210
|
)
|
|
63,670
|
|
|
63,266
|
|
|
(404
|
)
|
|||||||||
Municipal bonds-tax exempt
|
125,601
|
|
|
127,475
|
|
|
1,874
|
|
|
159,789
|
|
|
158,030
|
|
|
(1,759
|
)
|
|
162,101
|
|
|
163,902
|
|
|
1,801
|
|
|||||||||
Municipal bonds-taxable
|
—
|
|
|
—
|
|
|
—
|
|
|
13,391
|
|
|
13,701
|
|
|
310
|
|
|
13,932
|
|
|
14,033
|
|
|
101
|
|
|||||||||
Corporate bonds
|
—
|
|
|
—
|
|
|
—
|
|
|
5,010
|
|
|
5,015
|
|
|
5
|
|
|
5,017
|
|
|
4,993
|
|
|
(24
|
)
|
|||||||||
U.S. treasury securities
|
152
|
|
|
152
|
|
|
—
|
|
|
156
|
|
|
156
|
|
|
—
|
|
|
159
|
|
|
160
|
|
|
1
|
|
|||||||||
Mutual funds
|
22,916
|
|
|
22,386
|
|
|
(530
|
)
|
|
22,916
|
|
|
22,394
|
|
|
(522
|
)
|
|
22,916
|
|
|
22,753
|
|
|
(163
|
)
|
|||||||||
Total securities available for sale:
|
$
|
581,992
|
|
|
$
|
578,804
|
|
|
$
|
(3,188
|
)
|
|
$
|
521,053
|
|
|
$
|
516,964
|
|
|
$
|
(4,089
|
)
|
|
$
|
700,627
|
|
|
$
|
698,296
|
|
|
$
|
(2,331
|
)
|
(1)
|
Collateralized by residential mortgages and guaranteed by U.S. government sponsored entities.
|
|
|
|
|
|
After One Year But
|
|
After Five Years But
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Within One Year
|
|
Within Five Years
|
|
Within Ten Years
|
|
After Ten Years
|
|
Total
|
|||||||||||||||||||||||||
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|
Amount
|
|
Yield
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mortgage-backed securities
|
$
|
16,138
|
|
|
1.54
|
%
|
|
$
|
45,168
|
|
|
1.61
|
%
|
|
$
|
88,350
|
|
|
2.18
|
%
|
|
$
|
156,510
|
|
|
2.31
|
%
|
|
$
|
306,166
|
|
|
2.13
|
%
|
Collateralized mortgage obligations
|
65
|
|
|
1.22
|
%
|
|
1,997
|
|
|
1.57
|
%
|
|
19,981
|
|
|
1.46
|
%
|
|
97,615
|
|
|
1.98
|
%
|
|
119,658
|
|
|
1.89
|
%
|
|||||
U.S. government agency securities
|
—
|
|
|
—
|
%
|
|
7,499
|
|
|
1.52
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
7,499
|
|
|
1.52
|
%
|
|||||
Municipal bonds-tax exempt
(1)
|
—
|
|
|
—
|
%
|
|
4,547
|
|
|
2.57
|
%
|
|
76,859
|
|
|
3.18
|
%
|
|
44,195
|
|
|
4.15
|
%
|
|
125,601
|
|
|
3.50
|
%
|
|||||
U.S. treasury securities
|
152
|
|
|
1.20
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
152
|
|
|
1.20
|
%
|
|||||
Mutual funds
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
22,916
|
|
|
2.06
|
%
|
|
22,916
|
|
|
2.06
|
%
|
|||||
Total securities available for sale
|
$
|
16,355
|
|
|
1.54
|
%
|
|
$
|
59,211
|
|
|
1.67
|
%
|
|
$
|
185,190
|
|
|
2.52
|
%
|
|
$
|
321,236
|
|
|
2.45
|
%
|
|
$
|
581,992
|
|
|
2.37
|
%
|
(1)
|
The yield on municipal bonds has been computed on a federal tax-equivalent basis of 35% .
|
|
As of December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Real estate loans:
|
|
|
|
|
|
||||||
Commercial property
|
|
|
|
|
|
||||||
Retail
|
$
|
915,273
|
|
|
$
|
859,953
|
|
|
$
|
740,350
|
|
Hotel/motel
|
681,325
|
|
|
651,158
|
|
|
543,425
|
|
|||
Other
(1)
|
1,417,273
|
|
|
1,372,535
|
|
|
1,302,316
|
|
|||
Total commercial property loans
|
3,013,871
|
|
|
2,883,646
|
|
|
2,586,091
|
|
|||
Construction
|
55,190
|
|
|
55,962
|
|
|
23,387
|
|
|||
Residential property
|
521,853
|
|
|
338,767
|
|
|
236,036
|
|
|||
Total real estate loans
|
3,590,914
|
|
|
3,278,375
|
|
|
2,845,514
|
|
|||
Commercial and industrial loans:
|
|
|
|
|
|
||||||
Commercial term
|
182,685
|
|
|
138,168
|
|
|
152,773
|
|
|||
Commercial lines of credit
|
181,894
|
|
|
136,231
|
|
|
128,224
|
|
|||
International loans
|
34,622
|
|
|
25,821
|
|
|
31,879
|
|
|||
Total commercial and industrial loans
|
399,201
|
|
|
300,220
|
|
|
312,876
|
|
|||
Leases receivable
|
297,284
|
|
|
243,294
|
|
|
—
|
|
|||
Consumer loans
(2)
|
17,059
|
|
|
22,880
|
|
|
24,926
|
|
|||
Loans and leases receivable
|
4,304,458
|
|
|
3,844,769
|
|
|
3,183,316
|
|
|||
Allowance for loans and lease losses
|
(31,043
|
)
|
|
(32,429
|
)
|
|
(42,935
|
)
|
|||
Loans and leases receivable, net
|
$
|
4,273,415
|
|
|
$
|
3,812,340
|
|
|
$
|
3,140,381
|
|
(1)
|
Includes, among other property types, mixed-use, gas station, apartment, office, industrial, faith-based facilities and warehouse; the remaining real estate categories represents less than one percent of the Bank's total loans and leases.
|
(2)
|
Consumer loans include home equity lines of credit.
|
|
As of December 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Real estate loans:
|
|
|
|
|
|
|||
Commercial property
|
|
|
|
|
|
|||
Retail
|
21.3
|
%
|
|
22.4
|
%
|
|
23.3
|
%
|
Hotel/motel
|
15.8
|
%
|
|
16.9
|
%
|
|
17.1
|
%
|
Other
|
33.0
|
%
|
|
35.7
|
%
|
|
40.9
|
%
|
Total commercial property loans
|
70.1
|
%
|
|
75.0
|
%
|
|
81.2
|
%
|
Construction
|
1.3
|
%
|
|
1.5
|
%
|
|
0.7
|
%
|
Residential property
|
12.1
|
%
|
|
8.8
|
%
|
|
7.4
|
%
|
Total real estate loans
|
83.5
|
%
|
|
85.3
|
%
|
|
89.4
|
%
|
Commercial and industrial loans:
|
|
|
|
|
|
|||
Commercial term
|
4.2
|
%
|
|
3.6
|
%
|
|
4.8
|
%
|
Commercial lines of credit
|
4.2
|
%
|
|
3.5
|
%
|
|
4.0
|
%
|
International loans
|
0.8
|
%
|
|
0.7
|
%
|
|
1.0
|
%
|
Total commercial and industrial loans
|
9.2
|
%
|
|
7.8
|
%
|
|
9.8
|
%
|
Leases receivable
|
6.9
|
%
|
|
6.3
|
%
|
|
—
|
%
|
Consumer loans
|
0.4
|
%
|
|
0.6
|
%
|
|
0.8
|
%
|
Loans and leases receivable
|
100.0
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
Within One
Year |
|
After One Year
but Within Five Years |
|
After Five Years
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
Commercial property
|
|
|
|
|
|
|
|
||||||||
Retail
|
$
|
56,707
|
|
|
$
|
623,910
|
|
|
$
|
234,656
|
|
|
$
|
915,273
|
|
Hotel/motel
|
18,918
|
|
|
451,161
|
|
|
211,246
|
|
|
681,325
|
|
||||
Other
|
95,555
|
|
|
930,340
|
|
|
391,378
|
|
|
1,417,273
|
|
||||
Total commercial property loans
|
171,180
|
|
|
2,005,411
|
|
|
837,280
|
|
|
3,013,871
|
|
||||
Construction
|
38,834
|
|
|
16,356
|
|
|
—
|
|
|
55,190
|
|
||||
Residential property
|
321
|
|
|
2,126
|
|
|
519,406
|
|
|
521,853
|
|
||||
Total real estate loans
|
210,335
|
|
|
2,023,893
|
|
|
1,356,686
|
|
|
3,590,914
|
|
||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
||||||||
Commercial term
|
11,894
|
|
|
108,843
|
|
|
61,948
|
|
|
182,685
|
|
||||
Commercial lines of credit
|
122,899
|
|
|
58,995
|
|
|
—
|
|
|
181,894
|
|
||||
International loans
|
34,622
|
|
|
—
|
|
|
—
|
|
|
34,622
|
|
||||
Total commercial and industrial loans
|
169,415
|
|
|
167,838
|
|
|
61,948
|
|
|
399,201
|
|
||||
Leases receivable
|
10,844
|
|
|
268,305
|
|
|
18,135
|
|
|
297,284
|
|
||||
Consumer loans
|
2,250
|
|
|
595
|
|
|
14,214
|
|
|
17,059
|
|
||||
Loans and leases receivable
|
$
|
392,844
|
|
|
$
|
2,460,631
|
|
|
$
|
1,450,983
|
|
|
$
|
4,304,458
|
|
Loans and leases with predetermined interest rates
|
$
|
138,642
|
|
|
$
|
1,313,141
|
|
|
$
|
247,998
|
|
|
$
|
1,699,781
|
|
Loans and leases with variable interest rates
|
$
|
254,202
|
|
|
$
|
1,147,490
|
|
|
$
|
1,202,985
|
|
|
$
|
2,604,677
|
|
Industry
|
Balance as of
December 31, 2017 |
|
Percentage of
Gross Loans Outstanding |
|||
|
(In thousands)
|
|||||
Lessor of nonresidential buildings
|
$
|
1,303,506
|
|
|
30.3
|
%
|
Hospitality
|
$
|
692,345
|
|
|
16.1
|
%
|
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Nonperforming loans and leases:
|
|
|
|
|
|
||||||
Real estate loans:
|
|
|
|
|
|
||||||
Commercial property
|
|
|
|
|
|
||||||
Retail
|
$
|
224
|
|
|
$
|
404
|
|
|
$
|
946
|
|
Hotel/motel
|
5,263
|
|
|
5,266
|
|
|
5,790
|
|
|||
Other
|
2,462
|
|
|
3,058
|
|
|
6,842
|
|
|||
Total commercial property loans
|
7,949
|
|
|
8,728
|
|
|
13,578
|
|
|||
Residential property
|
591
|
|
|
564
|
|
|
1,386
|
|
|||
Total real estate loans
|
8,540
|
|
|
9,292
|
|
|
14,964
|
|
|||
Commercial and industrial loans
|
1,892
|
|
|
824
|
|
|
2,643
|
|
|||
Leases receivable
|
4,452
|
|
|
901
|
|
|
—
|
|
|||
Consumer loans
|
921
|
|
|
389
|
|
|
1,511
|
|
|||
Total nonaccrual loans
|
15,805
|
|
|
11,406
|
|
|
19,118
|
|
|||
Loans and leases 90 days or more past due and still accruing
|
—
|
|
|
—
|
|
|
—
|
|
|||
Total nonperforming loans and leases
(1)
|
15,805
|
|
|
11,406
|
|
|
19,118
|
|
|||
Other real estate owned
|
1,946
|
|
|
7,484
|
|
|
8,511
|
|
|||
Total nonperforming assets
|
$
|
17,751
|
|
|
$
|
18,890
|
|
|
$
|
27,629
|
|
Nonperforming loans and leases as a percentage of loans and leases receivable
|
0.37
|
%
|
|
0.30
|
%
|
|
0.60
|
%
|
|||
Nonperforming assets as a percentage of assets
|
0.34
|
%
|
|
0.40
|
%
|
|
0.65
|
%
|
|||
Troubled debt restructured performing loans
|
$
|
7,259
|
|
|
$
|
11,146
|
|
|
$
|
3,061
|
|
(1)
|
Include troubled debt restructured nonperforming loans of $8.1 million, $6.9 million and $6.9 million as of
December 31, 2017
, 2016 and 2015, respectively.
|
|
As of December 31,
|
|||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
Recorded
Investment |
|
Percentage
|
|
Recorded
Investment |
|
Percentage
|
|
Recorded
Investment |
|
Percentage
|
|||||||||
|
(In thousands)
|
|||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Retail
|
$
|
1,403
|
|
|
5.2
|
%
|
|
$
|
1,678
|
|
|
6.4
|
%
|
|
$
|
2,597
|
|
|
7.2
|
%
|
Hotel/motel
|
6,184
|
|
|
22.7
|
%
|
|
6,227
|
|
|
23.6
|
%
|
|
7,168
|
|
|
20.0
|
%
|
|||
Other
|
8,513
|
|
|
31.3
|
%
|
|
11,054
|
|
|
42.0
|
%
|
|
14,681
|
|
|
40.9
|
%
|
|||
Total commercial property loans
|
16,100
|
|
|
59.2
|
%
|
|
18,959
|
|
|
72.0
|
%
|
|
24,446
|
|
|
68.2
|
%
|
|||
Residential property
|
2,563
|
|
|
9.4
|
%
|
|
2,798
|
|
|
10.6
|
%
|
|
2,895
|
|
|
8.1
|
%
|
|||
Total real estate loans
|
18,663
|
|
|
68.6
|
%
|
|
21,757
|
|
|
82.6
|
%
|
|
27,341
|
|
|
76.3
|
%
|
|||
Commercial and industrial loans
|
3,039
|
|
|
11.2
|
%
|
|
4,174
|
|
|
15.8
|
%
|
|
6,853
|
|
|
19.1
|
%
|
|||
Leases receivable
|
4,452
|
|
|
16.4
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|||
Consumer loans
|
1,029
|
|
|
3.8
|
%
|
|
419
|
|
|
1.6
|
%
|
|
1,665
|
|
|
4.6
|
%
|
|||
Total
|
$
|
27,183
|
|
|
100.0
|
%
|
|
$
|
26,350
|
|
|
100.0
|
%
|
|
$
|
35,859
|
|
|
100.0
|
%
|
|
As of December 31,
|
||||||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||||||||||||||
|
Nonaccrual
TDRs |
|
Accrual
TDRs |
|
Total
|
|
Nonaccrual
TDRs |
|
Accrual
TDRs |
|
Total
|
|
Nonaccrual
TDRs |
|
Accrual
TDRs |
|
Total
|
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
Real estate loans
|
$
|
5,760
|
|
|
$
|
6,033
|
|
|
$
|
11,793
|
|
|
$
|
6,195
|
|
|
$
|
7,942
|
|
|
$
|
14,137
|
|
|
$
|
4,761
|
|
|
$
|
7,177
|
|
|
$
|
11,938
|
|
Commercial and industrial loans
|
1,529
|
|
|
1,118
|
|
|
2,647
|
|
|
708
|
|
|
3,085
|
|
|
3,793
|
|
|
2,001
|
|
|
2,872
|
|
|
4,873
|
|
|||||||||
Consumer loans
|
811
|
|
|
108
|
|
|
919
|
|
|
—
|
|
|
119
|
|
|
119
|
|
|
116
|
|
|
250
|
|
|
366
|
|
|||||||||
Total
|
$
|
8,100
|
|
|
$
|
7,259
|
|
|
$
|
15,359
|
|
|
$
|
6,903
|
|
|
$
|
11,146
|
|
|
$
|
18,049
|
|
|
$
|
6,878
|
|
|
$
|
10,299
|
|
|
$
|
17,177
|
|
|
As of December 31,
|
|||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||||||||||||||
|
Allowance
Amount |
|
Percentage
|
|
Non-PCI
Loans and Leases |
|
Allowance
Amount |
|
Percentage
|
|
Non-PCI
Loans and Leases |
|
Allowance
Amount |
|
Percentage
|
|
Non-PCI
Loans and Leases |
|||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Retail
|
$
|
2,698
|
|
|
8.8
|
%
|
|
$
|
913,628
|
|
|
$
|
4,172
|
|
|
13.3
|
%
|
|
$
|
857,629
|
|
|
$
|
5,164
|
|
|
13.8
|
%
|
|
$
|
735,501
|
|
Hotel/motel
|
5,793
|
|
|
19.0
|
%
|
|
679,683
|
|
|
9,171
|
|
|
29.2
|
%
|
|
649,540
|
|
|
8,175
|
|
|
21.8
|
%
|
|
539,345
|
|
||||||
Other
|
5,706
|
|
|
18.6
|
%
|
|
1,413,852
|
|
|
8,886
|
|
|
28.3
|
%
|
|
1,367,776
|
|
|
12,608
|
|
|
33.6
|
%
|
|
1,292,606
|
|
||||||
Total commercial property loans
|
14,197
|
|
|
46.4
|
%
|
|
3,007,163
|
|
|
22,229
|
|
|
70.8
|
%
|
|
2,874,945
|
|
|
25,947
|
|
|
69.2
|
%
|
|
2,567,452
|
|
||||||
Construction
|
796
|
|
|
2.6
|
%
|
|
55,190
|
|
|
1,916
|
|
|
6.1
|
%
|
|
55,962
|
|
|
1,732
|
|
|
4.6
|
%
|
|
23,387
|
|
||||||
Residential property
|
1,760
|
|
|
5.7
|
%
|
|
520,902
|
|
|
1,067
|
|
|
3.4
|
%
|
|
337,791
|
|
|
2,121
|
|
|
5.7
|
%
|
|
234,879
|
|
||||||
Total real estate loans
|
16,753
|
|
|
54.7
|
%
|
|
3,583,255
|
|
|
25,212
|
|
|
80.3
|
%
|
|
3,268,698
|
|
|
29,800
|
|
|
79.5
|
%
|
|
2,825,718
|
|
||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial term
|
4,960
|
|
|
16.1
|
%
|
|
182,636
|
|
|
3,961
|
|
|
12.6
|
%
|
|
138,032
|
|
|
4,734
|
|
|
12.6
|
%
|
|
152,602
|
|
||||||
Commercial lines of credit
|
2,070
|
|
|
6.7
|
%
|
|
181,894
|
|
|
1,297
|
|
|
4.1
|
%
|
|
136,231
|
|
|
1,954
|
|
|
5.2
|
%
|
|
128,224
|
|
||||||
International loans
|
329
|
|
|
1.1
|
%
|
|
34,622
|
|
|
324
|
|
|
1.0
|
%
|
|
25,821
|
|
|
393
|
|
|
1.0
|
%
|
|
31,879
|
|
||||||
Total commercial and industrial loans
|
7,359
|
|
|
23.9
|
%
|
|
399,152
|
|
|
5,582
|
|
|
17.7
|
%
|
|
300,084
|
|
|
7,081
|
|
|
18.8
|
%
|
|
312,705
|
|
||||||
Leases receivable
|
6,279
|
|
|
20.4
|
%
|
|
297,284
|
|
|
307
|
|
|
1.0
|
%
|
|
243,294
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
||||||
Consumer loans
|
102
|
|
|
0.3
|
%
|
|
17,019
|
|
|
191
|
|
|
0.6
|
%
|
|
22,830
|
|
|
242
|
|
|
0.6
|
%
|
|
24,879
|
|
||||||
Unallocated
|
230
|
|
|
0.7
|
%
|
|
—
|
|
|
166
|
|
|
0.4
|
%
|
|
—
|
|
|
371
|
|
|
1.1
|
%
|
|
—
|
|
||||||
Total
|
$
|
30,723
|
|
|
100.0
|
%
|
|
$
|
4,296,710
|
|
|
$
|
31,458
|
|
|
100.0
|
%
|
|
$
|
3,834,906
|
|
|
$
|
37,494
|
|
|
100.0
|
%
|
|
$
|
3,163,302
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
As of December 31,
|
|||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||||||||||||||
|
Allowance
Amount |
|
Percentage
|
|
PCI
Loans |
|
Allowance
Amount |
|
Percentage
|
|
PCI
Loans |
|
Allowance
Amount |
|
Percentage
|
|
PCI
Loans |
|||||||||||||||
|
(In thousands)
|
|||||||||||||||||||||||||||||||
Real estate loans:
|
|
|||||||||||||||||||||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Retail
|
$
|
31
|
|
|
9.7
|
%
|
|
$
|
1,645
|
|
|
$
|
122
|
|
|
12.6
|
%
|
|
$
|
2,324
|
|
|
$
|
269
|
|
|
4.9
|
%
|
|
$
|
4,849
|
|
Hotel/motel
|
129
|
|
|
40.3
|
%
|
|
1,642
|
|
|
138
|
|
|
14.2
|
%
|
|
1,618
|
|
|
88
|
|
|
1.6
|
%
|
|
4,080
|
|
||||||
Other
|
16
|
|
|
5.0
|
%
|
|
3,421
|
|
|
590
|
|
|
60.8
|
%
|
|
4,759
|
|
|
4,889
|
|
|
89.9
|
%
|
|
9,711
|
|
||||||
Total commercial property loans
|
176
|
|
|
55.0
|
%
|
|
6,708
|
|
|
850
|
|
|
87.6
|
%
|
|
8,701
|
|
|
5,246
|
|
|
96.4
|
%
|
|
18,640
|
|
||||||
Residential property
|
83
|
|
|
25.9
|
%
|
|
951
|
|
|
72
|
|
|
7.4
|
%
|
|
976
|
|
|
151
|
|
|
2.8
|
%
|
|
1,156
|
|
||||||
Total real estate loans
|
259
|
|
|
80.9
|
%
|
|
7,659
|
|
|
922
|
|
|
95.0
|
%
|
|
9,677
|
|
|
5,397
|
|
|
99.2
|
%
|
|
19,796
|
|
||||||
Commercial and industrial loans
|
41
|
|
|
12.8
|
%
|
|
49
|
|
|
41
|
|
|
4.2
|
%
|
|
136
|
|
|
42
|
|
|
0.8
|
%
|
|
171
|
|
||||||
Consumer loans
|
20
|
|
|
6.3
|
%
|
|
40
|
|
|
8
|
|
|
0.8
|
%
|
|
50
|
|
|
2
|
|
|
—
|
%
|
|
47
|
|
||||||
Total
|
$
|
320
|
|
|
100.0
|
%
|
|
$
|
7,748
|
|
|
$
|
971
|
|
|
100.0
|
%
|
|
$
|
9,863
|
|
|
$
|
5,441
|
|
|
100.0
|
%
|
|
$
|
20,014
|
|
|
As of and for the Year Ended December 31,
|
||||||||||||||||||||||||||||||||||
|
2017
|
|
2016
|
2015
|
|||||||||||||||||||||||||||||||
|
Non-PCI
Loans |
|
PCI
Loans |
|
Total
|
|
Non-PCI
Loans
|
|
PCI
Loans
|
|
Total
|
|
Non-PCI
Loans
|
|
PCI
Loans |
|
Total
|
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance at beginning of period
|
$
|
31,458
|
|
|
$
|
971
|
|
|
$
|
32,429
|
|
|
$
|
37,494
|
|
|
$
|
5,441
|
|
|
$
|
42,935
|
|
|
$
|
51,640
|
|
|
$
|
1,026
|
|
|
$
|
52,666
|
|
Charge-offs
|
(5,899
|
)
|
|
—
|
|
|
$
|
(5,899
|
)
|
|
(3,736
|
)
|
|
(5,133
|
)
|
|
(8,869
|
)
|
|
(3,531
|
)
|
|
—
|
|
|
(3,531
|
)
|
||||||||
Recoveries on loans previously charged off
|
3,682
|
|
|
—
|
|
|
$
|
3,682
|
|
|
2,702
|
|
|
—
|
|
|
2,702
|
|
|
5,423
|
|
|
—
|
|
|
5,423
|
|
||||||||
Net (charge-offs) recoveries
|
(2,217
|
)
|
|
—
|
|
|
(2,217
|
)
|
|
(1,034
|
)
|
|
(5,133
|
)
|
|
(6,167
|
)
|
|
1,892
|
|
|
—
|
|
|
1,892
|
|
|||||||||
Loan and lease loss provision (income)
|
1,482
|
|
|
(651
|
)
|
|
831
|
|
|
(5,002
|
)
|
|
663
|
|
|
(4,339
|
)
|
|
(16,038
|
)
|
|
4,415
|
|
|
(11,623
|
)
|
|||||||||
Balance at end of period
|
$
|
30,723
|
|
|
$
|
320
|
|
|
$
|
31,043
|
|
|
$
|
31,458
|
|
|
$
|
971
|
|
|
$
|
32,429
|
|
|
$
|
37,494
|
|
|
$
|
5,441
|
|
|
$
|
42,935
|
|
Allowance for off-balance sheet items:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Balance at beginning of period
|
$
|
1,184
|
|
|
$
|
—
|
|
|
$
|
1,184
|
|
|
$
|
986
|
|
|
$
|
—
|
|
|
$
|
986
|
|
|
$
|
1,366
|
|
|
$
|
—
|
|
|
$
|
1,366
|
|
Provision (income) charged (credited) to operating expense
|
112
|
|
|
—
|
|
|
$
|
112
|
|
|
198
|
|
|
—
|
|
|
198
|
|
|
(380
|
)
|
|
—
|
|
|
(380
|
)
|
||||||||
Balance at end of period
|
$
|
1,296
|
|
|
$
|
—
|
|
|
$
|
1,296
|
|
|
$
|
1,184
|
|
|
$
|
—
|
|
|
$
|
1,184
|
|
|
$
|
986
|
|
|
$
|
—
|
|
|
$
|
986
|
|
Ratios:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Net charge-offs (recoveries) to average loans and leases
|
0.05
|
%
|
|
—
|
%
|
|
0.05
|
%
|
|
0.03
|
%
|
|
34.36
|
%
|
|
0.18
|
%
|
|
(0.06
|
)%
|
|
—
|
%
|
|
(0.07
|
)%
|
|||||||||
Net charge-offs (recoveries) to loans and leases
|
0.05
|
%
|
|
—
|
%
|
|
0.05
|
%
|
|
0.03
|
%
|
|
52.04
|
%
|
|
0.16
|
%
|
|
(0.06
|
)%
|
|
—
|
%
|
|
(0.06
|
)%
|
|||||||||
Allowance for loan losses to average loans and leases
|
0.76
|
%
|
|
3.64
|
%
|
|
0.77
|
%
|
|
0.90
|
%
|
|
6.50
|
%
|
|
0.95
|
%
|
|
1.27
|
%
|
|
18.14
|
%
|
|
1.48
|
%
|
|||||||||
Allowance for loan losses to loans and leases
|
0.72
|
%
|
|
4.14
|
%
|
|
0.72
|
%
|
|
0.82
|
%
|
|
9.84
|
%
|
|
0.84
|
%
|
|
1.19
|
%
|
|
27.19
|
%
|
|
1.35
|
%
|
|||||||||
Net loan charge-offs (recoveries) to allowance for loan losses
|
7.22
|
%
|
|
—
|
%
|
|
7.14
|
%
|
|
3.29
|
%
|
|
528.63
|
%
|
|
19.02
|
%
|
|
(5.05
|
)%
|
|
—
|
%
|
|
(4.41
|
)%
|
|||||||||
Allowance for loan losses to nonperforming loans
|
194.39
|
%
|
|
—
|
%
|
|
196.42
|
%
|
|
275.80
|
%
|
|
—
|
%
|
|
284.32
|
%
|
|
196.12
|
%
|
|
—
|
%
|
|
224.58
|
%
|
|||||||||
Balance:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Average loans and leases during period
|
$
|
4,065,808
|
|
|
$
|
8,806
|
|
|
$
|
4,039,346
|
|
|
$
|
3,499,104
|
|
|
$
|
14,939
|
|
|
$
|
3,423,292
|
|
|
$
|
2,951,329
|
|
|
$
|
30,002
|
|
|
$
|
2,901,698
|
|
Loans and leases at end of period
|
$
|
4,296,710
|
|
|
$
|
7,748
|
|
|
$
|
4,304,458
|
|
|
$
|
3,834,906
|
|
|
$
|
9,863
|
|
|
$
|
3,844,769
|
|
|
$
|
3,163,302
|
|
|
$
|
20,014
|
|
|
$
|
3,183,316
|
|
Nonperforming loans and leases at end of period
|
$
|
15,805
|
|
|
$
|
—
|
|
|
$
|
15,805
|
|
|
$
|
11,406
|
|
|
$
|
—
|
|
|
$
|
11,406
|
|
|
$
|
19,118
|
|
|
$
|
—
|
|
|
$
|
19,118
|
|
|
2017
|
|
2016
|
|
2015
|
||||||||||||||||||||||||||||||
|
Charge-offs
|
|
Recoveries
|
|
Net Charge-offs (Recoveries)
|
|
Charge-offs
|
|
Recoveries
|
|
Net Charge-offs (Recoveries)
|
|
Charge-offs
|
|
Recoveries
|
|
Net Charge-offs (Recoveries)
|
||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||
Real estate loans
|
$
|
2,150
|
|
|
$
|
1,527
|
|
|
$
|
623
|
|
|
$
|
3,022
|
|
|
$
|
667
|
|
|
$
|
2,355
|
|
|
$
|
565
|
|
|
$
|
2,081
|
|
|
$
|
(1,516
|
)
|
Commercial and industrial loans
|
2,516
|
|
|
1,901
|
|
|
615
|
|
|
706
|
|
|
1,978
|
|
|
(1,272
|
)
|
|
2,966
|
|
|
3,339
|
|
|
(373
|
)
|
|||||||||
Leases receivable
|
1,233
|
|
|
239
|
|
|
994
|
|
|
6
|
|
|
1
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Consumer loans
|
—
|
|
|
15
|
|
|
(15
|
)
|
|
2
|
|
|
56
|
|
|
(54
|
)
|
|
—
|
|
|
3
|
|
|
(3
|
)
|
|||||||||
Total
|
$
|
5,899
|
|
|
$
|
3,682
|
|
|
$
|
2,217
|
|
|
$
|
3,736
|
|
|
$
|
2,702
|
|
|
$
|
1,034
|
|
|
$
|
3,531
|
|
|
$
|
5,423
|
|
|
$
|
(1,892
|
)
|
|
As of December 31,
|
|||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|
Balance
|
|
Percent
|
|||||||||
|
(In thousands)
|
|||||||||||||||||||
Demand – noninterest-bearing
|
$
|
1,312,274
|
|
|
30.2
|
%
|
|
$
|
1,203,240
|
|
|
31.6
|
%
|
|
$
|
1,155,518
|
|
|
32.9
|
%
|
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Demand
|
92,948
|
|
|
2.1
|
%
|
|
96,856
|
|
|
2.5
|
%
|
|
126,059
|
|
|
3.6
|
%
|
|||
Money market and savings
|
1,527,100
|
|
|
35.1
|
%
|
|
1,329,324
|
|
|
34.9
|
%
|
|
840,386
|
|
|
23.9
|
%
|
|||
Time deposits of $100,000 or more
|
1,131,789
|
|
|
26.0
|
%
|
|
844,386
|
|
|
22.2
|
%
|
|
881,082
|
|
|
25.1
|
%
|
|||
Other time deposits
|
284,543
|
|
|
6.6
|
%
|
|
335,931
|
|
|
8.8
|
%
|
|
506,931
|
|
|
14.5
|
%
|
|||
Total deposits
|
$
|
4,348,654
|
|
|
100.0
|
%
|
|
$
|
3,809,737
|
|
|
100.0
|
%
|
|
$
|
3,509,976
|
|
|
100.0
|
%
|
|
December 31,
|
|||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
Average
Balance |
|
Average
Rate |
|
Average
Balance |
|
Average
Rate |
|
Average
Balance |
|
Average
Rate |
|||||||||
|
(In thousands)
|
|||||||||||||||||||
Demand – noninterest-bearing
|
$
|
1,249,158
|
|
|
—
|
%
|
|
$
|
1,182,157
|
|
|
—
|
%
|
|
$
|
1,066,251
|
|
|
—
|
%
|
Interest-bearing:
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Demand
|
93,184
|
|
|
0.08
|
%
|
|
95,298
|
|
|
0.08
|
%
|
|
89,747
|
|
|
0.13
|
%
|
|||
Money market and savings
|
1,495,378
|
|
|
0.84
|
%
|
|
1,074,247
|
|
|
0.60
|
%
|
|
846,254
|
|
|
0.50
|
%
|
|||
Time deposits of $100,000 or more
|
1,012,099
|
|
|
1.03
|
%
|
|
836,323
|
|
|
0.79
|
%
|
|
889,235
|
|
|
0.75
|
%
|
|||
Other time deposits
|
310,253
|
|
|
0.98
|
%
|
|
419,560
|
|
|
0.82
|
%
|
|
611,399
|
|
|
0.73
|
%
|
|||
Total deposits
|
$
|
4,160,072
|
|
|
0.63
|
%
|
|
$
|
3,607,585
|
|
|
0.46
|
%
|
|
$
|
3,502,886
|
|
|
0.47
|
%
|
|
As of December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Three months or less
|
$
|
237,683
|
|
|
$
|
181,038
|
|
|
$
|
202,740
|
|
Over three months through six months
|
402,535
|
|
|
217,567
|
|
|
163,894
|
|
|||
Over six months through twelve months
|
359,314
|
|
|
331,338
|
|
|
381,275
|
|
|||
Over twelve months
|
132,257
|
|
|
114,443
|
|
|
133,173
|
|
|||
|
$
|
1,131,789
|
|
|
$
|
844,386
|
|
|
$
|
881,082
|
|
|
Less Than
One Year |
|
More Than
One Year and Less Than Three Years |
|
More Than
Three Years and Less Than Five Years |
|
More Than
Five Years |
|
Total
|
||||||||||
|
(In thousands)
|
||||||||||||||||||
Time deposits
|
$
|
1,236,380
|
|
|
$
|
163,722
|
|
|
$
|
16,230
|
|
|
$
|
—
|
|
|
$
|
1,416,332
|
|
Federal Home Loan Bank advances
|
150,000
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
150,000
|
|
|||||
Commitments to extend credit
|
244,863
|
|
|
49,525
|
|
|
7,604
|
|
|
16,642
|
|
|
318,634
|
|
|||||
Standby letter of credit
|
18,178
|
|
|
1,116
|
|
|
—
|
|
|
—
|
|
|
19,294
|
|
|||||
Operating lease obligations
|
5,621
|
|
|
9,003
|
|
|
4,884
|
|
|
7,743
|
|
|
27,251
|
|
|||||
Total
|
$
|
1,655,042
|
|
|
$
|
223,366
|
|
|
$
|
28,718
|
|
|
$
|
24,385
|
|
|
$
|
1,931,511
|
|
•
|
pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the Company’s assets;
|
•
|
provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with U.S. generally accepted accounting principles;
|
•
|
provide reasonable assurance 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 Consolidated Financial Statements.
|
Plan Category
|
|
Number of securities to be issued upon exercise of outstanding options, warrants and rights
(a)
|
|
Weighted-average exercise price of outstanding options, warrants and rights
(b)
|
|
Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)
(c)
|
||||
|
|
|
||||||||
Equity compensation plans approved by security holders
|
|
364,088
|
|
|
$
|
17.86
|
|
|
533,541
|
|
Equity compensation plans not approved by security holders
|
|
—
|
|
|
|
|
|
|||
Total equity compensation plans
|
|
364,088
|
|
|
$
|
17.86
|
|
|
533,541
|
|
(1)
|
The financial statements are listed in the Index to consolidated financial statements on page 57 of this Report.
|
(2)
|
All financial statement schedules have been omitted, as the required information is not applicable, not material or has been included in the notes to consolidated financial statements.
|
(3)
|
The exhibits required to be filed with this Report are listed in the exhibit index included herein at pages 118 – 119.
|
|
Page
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
Assets
|
|
|
|
||||
Cash and due from banks
|
$
|
153,826
|
|
|
$
|
147,235
|
|
Securities available for sale, at fair value (amortized cost of $581,992 as of December 31, 2017 and $521,053 as of December 31, 2016)
|
578,804
|
|
|
516,964
|
|
||
Loans held for sale, at the lower of cost or fair value
|
6,394
|
|
|
9,316
|
|
||
Loans and leases receivable, net of allowance for loan and lease losses of $31,043 as of December 31, 2017 and $32,429 as of December 31, 2016
|
4,273,415
|
|
|
3,812,340
|
|
||
Accrued interest receivable
|
12,770
|
|
|
10,987
|
|
||
Premises and equipment, net
|
26,655
|
|
|
28,698
|
|
||
Other real estate owned (“OREO”), net
|
1,946
|
|
|
7,484
|
|
||
Customers’ liability on acceptances
|
803
|
|
|
978
|
|
||
Servicing assets
|
10,218
|
|
|
10,564
|
|
||
Goodwill and other intangibles, net
|
12,544
|
|
|
12,889
|
|
||
Federal Home Loan Bank stock (“FHLB”), at cost
|
16,385
|
|
|
16,385
|
|
||
Deferred tax assets
|
32,455
|
|
|
46,332
|
|
||
Current tax assets
|
5,824
|
|
|
1,715
|
|
||
Bank-owned life insurance
|
50,554
|
|
|
49,440
|
|
||
Prepaid expenses and other assets
|
27,892
|
|
|
30,019
|
|
||
Total assets
|
$
|
5,210,485
|
|
|
$
|
4,701,346
|
|
Liabilities and stockholders’ equity
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Deposits:
|
|
|
|
||||
Noninterest-bearing
|
$
|
1,312,274
|
|
|
$
|
1,203,240
|
|
Interest-bearing
|
3,036,380
|
|
|
2,606,497
|
|
||
Total deposits
|
4,348,654
|
|
|
3,809,737
|
|
||
Accrued interest payable
|
5,309
|
|
|
2,567
|
|
||
Bank’s liability on acceptances
|
803
|
|
|
978
|
|
||
Borrowings
|
150,000
|
|
|
315,000
|
|
||
Subordinated debentures
|
117,270
|
|
|
18,978
|
|
||
Accrued expenses and other liabilities
|
25,972
|
|
|
23,061
|
|
||
Total liabilities
|
4,648,008
|
|
|
4,170,321
|
|
||
Stockholders’ equity:
|
|
|
|
||||
Common stock, $0.001 par value; authorized 62,500,000 shares; issued 33,083,133 shares (32,431,627 shares outstanding) as of December 31, 2017 and issued 32,946,197 shares (32,330,747 shares outstanding) as of December 31, 2016
|
33
|
|
|
33
|
|
||
Additional paid-in capital
|
565,627
|
|
|
562,446
|
|
||
Accumulated other comprehensive loss, net of tax benefit of $1,319 as of December 31, 2017 and $1,695 as of December 31, 2016
|
(1,869
|
)
|
|
(2,394
|
)
|
||
Retained earnings
|
70,575
|
|
|
41,726
|
|
||
Less: treasury stock, at cost; 651,506 shares as of December 31, 2017 and 615,450 shares as of December 31, 2016
|
(71,889
|
)
|
|
(70,786
|
)
|
||
Total stockholders’ equity
|
562,477
|
|
|
531,025
|
|
||
Total liabilities and stockholders’ equity
|
$
|
5,210,485
|
|
|
$
|
4,701,346
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Interest and dividend income:
|
|
|
|
|
|
||||||
Interest and fees on loans and leases
|
$
|
195,790
|
|
|
$
|
164,642
|
|
|
$
|
148,797
|
|
Interest on securities
|
11,850
|
|
|
11,154
|
|
|
12,422
|
|
|||
Dividends on FRB and FHLB stock
|
1,232
|
|
|
2,467
|
|
|
2,786
|
|
|||
Interest on deposits in other banks
|
449
|
|
|
208
|
|
|
221
|
|
|||
Total interest and dividend income
|
209,321
|
|
|
178,471
|
|
|
164,226
|
|
|||
Interest expense:
|
|
|
|
|
|
||||||
Interest on deposits
|
26,089
|
|
|
16,570
|
|
|
15,410
|
|
|||
Interest on borrowings
|
1,077
|
|
|
879
|
|
|
76
|
|
|||
Interest on subordinated debentures
|
5,353
|
|
|
825
|
|
|
623
|
|
|||
Total interest expense
|
32,519
|
|
|
18,274
|
|
|
16,109
|
|
|||
Net interest income before provision for loan and lease losses
|
176,802
|
|
|
160,197
|
|
|
148,117
|
|
|||
Loan and lease loss provision (income)
|
831
|
|
|
(4,339
|
)
|
|
(11,614
|
)
|
|||
Net interest income after provision for loan and lease losses
|
175,971
|
|
|
164,536
|
|
|
159,731
|
|
|||
Noninterest income:
|
|
|
|
|
|
||||||
Service charges on deposit accounts
|
10,396
|
|
|
11,380
|
|
|
12,900
|
|
|||
Trade finance and other service charges and fees
|
4,495
|
|
|
4,232
|
|
|
4,623
|
|
|||
Gain on sales of Small Business Administration ("SBA") loans
|
8,734
|
|
|
6,034
|
|
|
8,749
|
|
|||
Disposition gains on Purchased Credit Impaired ("PCI") loans
|
1,792
|
|
|
4,970
|
|
|
10,167
|
|
|||
Net gain on sales of securities
|
1,748
|
|
|
46
|
|
|
6,611
|
|
|||
Other operating income
|
6,250
|
|
|
6,413
|
|
|
4,552
|
|
|||
Total noninterest income
|
33,415
|
|
|
33,075
|
|
|
47,602
|
|
|||
Noninterest expense:
|
|
|
|
|
|
||||||
Salaries and employee benefits
|
67,944
|
|
|
63,956
|
|
|
62,864
|
|
|||
Occupancy and equipment
|
15,740
|
|
|
14,992
|
|
|
17,371
|
|
|||
Data processing
|
6,960
|
|
|
5,674
|
|
|
6,321
|
|
|||
Professional fees
|
5,464
|
|
|
5,374
|
|
|
7,905
|
|
|||
Supplies and communications
|
2,912
|
|
|
2,949
|
|
|
3,582
|
|
|||
Advertising and promotion
|
3,952
|
|
|
3,910
|
|
|
4,201
|
|
|||
Merger and integration costs (income)
|
(40
|
)
|
|
312
|
|
|
1,971
|
|
|||
OREO expense
|
302
|
|
|
63
|
|
|
307
|
|
|||
Other operating expenses
|
10,868
|
|
|
10,993
|
|
|
10,806
|
|
|||
Total noninterest expense
|
114,102
|
|
|
108,223
|
|
|
115,328
|
|
|||
Income from continuing operations before provision for income taxes
|
95,284
|
|
|
89,388
|
|
|
92,005
|
|
|||
Provision for income taxes
|
40,624
|
|
|
32,899
|
|
|
38,182
|
|
|||
Net income
|
$
|
54,660
|
|
|
$
|
56,489
|
|
|
$
|
53,823
|
|
Basic earnings per share
|
$
|
1.70
|
|
|
$
|
1.76
|
|
|
$
|
1.69
|
|
Diluted earnings per share
|
$
|
1.69
|
|
|
$
|
1.75
|
|
|
$
|
1.68
|
|
Weighted-average shares outstanding:
|
|
|
|
|
|
||||||
Basic
|
32,071,585
|
|
|
31,899,582
|
|
|
31,788,215
|
|
|||
Diluted
|
32,249,918
|
|
|
32,048,704
|
|
|
31,876,820
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
Net income
|
$
|
54,660
|
|
|
$
|
56,489
|
|
|
$
|
53,823
|
|
|
|
|
|
|
|
||||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Unrealized gain (loss) on securities
|
|
|
|
|
|
||||||
Unrealized holding gain (loss) arising during period
|
2,649
|
|
|
(1,712
|
)
|
|
5,265
|
|
|||
Less: reclassification adjustment for net gain included in net income
|
(1,748
|
)
|
|
(46
|
)
|
|
(6,611
|
)
|
|||
Unrealized loss on interest-only strip of servicing assets
|
—
|
|
|
(9
|
)
|
|
(7
|
)
|
|||
Income tax (expense) benefit related to items of other comprehensive income
|
(376
|
)
|
|
(312
|
)
|
|
575
|
|
|||
Other comprehensive income (loss)
|
525
|
|
|
(2,079
|
)
|
|
(778
|
)
|
|||
|
|
|
|
|
|
||||||
Comprehensive income
|
$
|
55,185
|
|
|
$
|
54,410
|
|
|
$
|
53,045
|
|
|
Common Stock - Number of Shares
|
|
Stockholders’ Equity
|
|||||||||||||||||||||||||||||
|
Shares
Issued |
|
Treasury
Shares |
|
Shares
Outstanding |
|
Common
Stock |
|
Additional
Paid-in Capital |
|
Accumulated
Other Comprehensive Income (Loss) |
|
Accumulated (Deficit) Retained
Earnings |
|
Treasury
Stock, at Cost |
|
Total
Stockholders’ Equity |
|||||||||||||||
Balance at January 1, 2015
|
32,488,097
|
|
|
(577,894
|
)
|
|
31,910,203
|
|
|
$
|
257
|
|
|
$
|
554,904
|
|
|
$
|
463
|
|
|
$
|
(32,379
|
)
|
|
$
|
(69,858
|
)
|
|
$
|
453,387
|
|
Stock options exercised
|
46,516
|
|
|
—
|
|
|
46,516
|
|
|
—
|
|
|
616
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
616
|
|
||||||
Restricted stock awards, net of forfeitures
|
31,909
|
|
|
—
|
|
|
31,909
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,241
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,241
|
|
||||||
Restricted stock surrendered due to employee tax liability
|
—
|
|
|
(14,269
|
)
|
|
(14,269
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(349
|
)
|
|
(349
|
)
|
||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(15,022
|
)
|
|
—
|
|
|
(15,022
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
53,823
|
|
|
—
|
|
|
53,823
|
|
||||||
Change in unrealized gain (loss) on securities available for sale and interest-only strips, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(778
|
)
|
|
—
|
|
|
—
|
|
|
(778
|
)
|
||||||
Balance at December 31, 2015
|
32,566,522
|
|
|
(592,163
|
)
|
|
31,974,359
|
|
|
$
|
257
|
|
|
$
|
557,761
|
|
|
$
|
(315
|
)
|
|
$
|
6,422
|
|
|
$
|
(70,207
|
)
|
|
$
|
493,918
|
|
Correction of accounting for the 2011 1-for-8 stock split
|
—
|
|
|
—
|
|
|
—
|
|
|
(224
|
)
|
|
224
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Stock options exercised
|
94,997
|
|
|
—
|
|
|
94,997
|
|
|
—
|
|
|
1,453
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,453
|
|
||||||
Restricted stock awards, net of forfeitures
|
284,678
|
|
|
—
|
|
|
284,678
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,008
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,008
|
|
||||||
Restricted stock surrendered due to employee tax liability
|
—
|
|
|
(23,287
|
)
|
|
(23,287
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(579
|
)
|
|
(579
|
)
|
||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(21,185
|
)
|
|
—
|
|
|
(21,185
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
56,489
|
|
|
—
|
|
|
56,489
|
|
||||||
Change in unrealized gain (loss) on securities available for sale and interest-only strips, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(2,079
|
)
|
|
—
|
|
|
—
|
|
|
(2,079
|
)
|
||||||
Balance at December 31, 2016
|
32,946,197
|
|
|
(615,450
|
)
|
|
32,330,747
|
|
|
$
|
33
|
|
|
$
|
562,446
|
|
|
$
|
(2,394
|
)
|
|
$
|
41,726
|
|
|
$
|
(70,786
|
)
|
|
$
|
531,025
|
|
Stock options exercised
|
23,813
|
|
|
—
|
|
|
23,813
|
|
|
—
|
|
|
288
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
288
|
|
||||||
Restricted stock awards, net of forfeitures
|
113,123
|
|
|
—
|
|
|
113,123
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Share-based compensation expense
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,893
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,893
|
|
||||||
Restricted stock surrendered due to employee tax liability
|
—
|
|
|
(36,056
|
)
|
|
(36,056
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1,103
|
)
|
|
(1,103
|
)
|
||||||
Cash dividends declared
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(25,811
|
)
|
|
—
|
|
|
(25,811
|
)
|
||||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
54,660
|
|
|
—
|
|
|
54,660
|
|
||||||
Change in unrealized gain (loss) on securities available for sale, net of income taxes
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
525
|
|
|
—
|
|
|
—
|
|
|
525
|
|
||||||
Balance at December 31, 2017
|
33,083,133
|
|
|
(651,506
|
)
|
|
32,431,627
|
|
|
$
|
33
|
|
|
$
|
565,627
|
|
|
$
|
(1,869
|
)
|
|
$
|
70,575
|
|
|
$
|
(71,889
|
)
|
|
$
|
562,477
|
|
(i)
|
Securities that we have the positive intent and ability to hold to maturity are classified as “held to maturity” and reported at amortized cost;
|
(ii)
|
Securities that are bought and held principally for the purpose of selling them in the near future are classified as “trading securities” and reported at fair value. Unrealized gains and losses are recognized in earnings; and
|
(iii)
|
Securities not classified as held to maturity or trading securities are classified as “available for sale” and reported at fair value. Unrealized gains and losses are reported as a separate component of stockholders’ equity as accumulated other comprehensive income, net of income taxes.
|
Buildings and improvements
|
|
10 to 30 years
|
Furniture and equipment
|
|
3 to 10 years
|
Leasehold improvements
|
|
Term of lease or useful life, whichever is shorter
|
Software
|
|
3 years
|
|
Amortized
Cost |
|
Gross
Unrealized Gain |
|
Gross
Unrealized Loss |
|
Estimated
Fair Value |
||||||||
|
(In thousands)
|
||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
(1)
|
$
|
306,166
|
|
|
$
|
145
|
|
|
$
|
2,702
|
|
|
$
|
303,609
|
|
Collateralized mortgage obligations
(1)
|
119,658
|
|
|
8
|
|
|
1,898
|
|
|
117,768
|
|
||||
U.S. government agency securities
|
7,499
|
|
|
—
|
|
|
85
|
|
|
7,414
|
|
||||
Municipal bonds-tax exempt
|
125,601
|
|
|
1,943
|
|
|
69
|
|
|
127,475
|
|
||||
U.S. treasury securities
|
152
|
|
|
—
|
|
|
—
|
|
|
152
|
|
||||
Mutual funds
|
22,916
|
|
|
—
|
|
|
530
|
|
|
22,386
|
|
||||
Total securities available for sale
|
$
|
581,992
|
|
|
$
|
2,096
|
|
|
$
|
5,284
|
|
|
$
|
578,804
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
(1) (2)
|
$
|
230,489
|
|
|
$
|
598
|
|
|
$
|
1,457
|
|
|
$
|
229,630
|
|
Collateralized mortgage obligations
(1)
|
77,447
|
|
|
6
|
|
|
1,002
|
|
|
76,451
|
|
||||
U.S. government agency securities
|
7,499
|
|
|
—
|
|
|
58
|
|
|
7,441
|
|
||||
SBA loan pool securities
|
4,356
|
|
|
—
|
|
|
210
|
|
|
4,146
|
|
||||
Municipal bonds-tax exempt
|
159,789
|
|
|
236
|
|
|
1,995
|
|
|
158,030
|
|
||||
Municipal bonds-taxable
|
13,391
|
|
|
319
|
|
|
9
|
|
|
13,701
|
|
||||
Corporate bonds
|
5,010
|
|
|
5
|
|
|
—
|
|
|
5,015
|
|
||||
U.S. treasury securities
|
156
|
|
|
—
|
|
|
—
|
|
|
156
|
|
||||
Mutual funds
|
22,916
|
|
|
—
|
|
|
522
|
|
|
22,394
|
|
||||
Total securities available for sale
|
$
|
521,053
|
|
|
$
|
1,164
|
|
|
$
|
5,253
|
|
|
$
|
516,964
|
|
|
Available for Sale
|
||||||
|
Amortized
Cost |
|
Estimated
Fair Value |
||||
|
(In thousands)
|
||||||
Within one year
|
$
|
16,951
|
|
|
$
|
16,897
|
|
Over one year through five years
|
73,659
|
|
|
72,898
|
|
||
Over five years through ten years
|
252,829
|
|
|
251,681
|
|
||
Over ten years
|
238,553
|
|
|
237,328
|
|
||
Total
|
$
|
581,992
|
|
|
$
|
578,804
|
|
|
Holding Period
|
|||||||||||||||||||||||||||||||
|
Less Than 12 Months
|
|
12 Months or More
|
|
Total
|
|||||||||||||||||||||||||||
|
Gross
Unrealized Loss |
|
Estimated
Fair Value |
|
Number of
Securities |
|
Gross
Unrealized Loss |
|
Estimated
Fair Value |
|
Number of
Securities |
|
Gross
Unrealized Loss |
|
Estimated
Fair Value |
|
Number of
Securities |
|||||||||||||||
|
(In thousands, except number of securities)
|
|||||||||||||||||||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mortgage-backed securities
|
$
|
1,855
|
|
|
$
|
197,621
|
|
|
66
|
|
|
$
|
847
|
|
|
$
|
56,998
|
|
|
25
|
|
|
$
|
2,702
|
|
|
$
|
254,619
|
|
|
91
|
|
Collateralized mortgage obligations
|
773
|
|
|
65,726
|
|
|
20
|
|
|
1,125
|
|
|
49,986
|
|
|
32
|
|
|
1,898
|
|
|
115,712
|
|
|
52
|
|
||||||
U.S. government agency securities
|
15
|
|
|
1,484
|
|
|
1
|
|
|
70
|
|
|
5,930
|
|
|
2
|
|
|
85
|
|
|
7,414
|
|
|
3
|
|
||||||
Municipal bonds-tax exempt
|
48
|
|
|
11,541
|
|
|
6
|
|
|
21
|
|
|
2,737
|
|
|
2
|
|
|
69
|
|
|
14,278
|
|
|
8
|
|
||||||
Mutual funds
|
—
|
|
|
—
|
|
|
—
|
|
|
530
|
|
|
22,382
|
|
|
6
|
|
|
530
|
|
|
22,382
|
|
|
6
|
|
||||||
Total
|
$
|
2,691
|
|
|
$
|
276,372
|
|
|
93
|
|
|
$
|
2,593
|
|
|
$
|
138,033
|
|
|
67
|
|
|
$
|
5,284
|
|
|
$
|
414,405
|
|
|
160
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Mortgage-backed securities
|
$
|
1,345
|
|
|
$
|
102,647
|
|
|
38
|
|
|
$
|
112
|
|
|
$
|
11,350
|
|
|
3
|
|
|
$
|
1,457
|
|
|
$
|
113,997
|
|
|
41
|
|
Collateralized mortgage obligations
|
676
|
|
|
60,786
|
|
|
27
|
|
|
326
|
|
|
10,579
|
|
|
7
|
|
|
1,002
|
|
|
71,365
|
|
|
34
|
|
||||||
U.S. government agency securities
|
58
|
|
|
7,441
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
58
|
|
|
7,441
|
|
|
3
|
|
||||||
SBA loan pool securities
|
—
|
|
|
—
|
|
|
—
|
|
|
210
|
|
|
4,146
|
|
|
2
|
|
|
210
|
|
|
4,146
|
|
|
2
|
|
||||||
Municipal bonds-tax exempt
|
1,995
|
|
|
125,004
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,995
|
|
|
125,004
|
|
|
54
|
|
||||||
Municipal bonds-taxable
|
9
|
|
|
2,904
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
2,904
|
|
|
2
|
|
||||||
Mutual funds
|
413
|
|
|
21,478
|
|
|
4
|
|
|
109
|
|
|
916
|
|
|
3
|
|
|
522
|
|
|
22,394
|
|
|
7
|
|
||||||
Total
|
$
|
4,496
|
|
|
$
|
320,260
|
|
|
128
|
|
|
$
|
757
|
|
|
$
|
26,991
|
|
|
15
|
|
|
$
|
5,253
|
|
|
$
|
347,251
|
|
|
143
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Gross realized gains on sales of securities
|
$
|
1,891
|
|
|
$
|
396
|
|
|
$
|
6,776
|
|
Gross realized losses on sales of securities
|
(143
|
)
|
|
(350
|
)
|
|
(165
|
)
|
|||
Net realized gains on sales of securities
|
$
|
1,748
|
|
|
$
|
46
|
|
|
$
|
6,611
|
|
Proceeds from sales of securities
|
$
|
97,271
|
|
|
$
|
78,282
|
|
|
$
|
456,098
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Non-PCI Loans and Leases
|
|
PCI Loans
|
|
Total
|
|
Non-PCI Loans and Leases
|
|
PCI Loans
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
$
|
913,628
|
|
|
$
|
1,645
|
|
|
$
|
915,273
|
|
|
$
|
857,629
|
|
|
$
|
2,324
|
|
|
$
|
859,953
|
|
Hotel/motel
|
679,683
|
|
|
1,642
|
|
|
681,325
|
|
|
649,540
|
|
|
1,618
|
|
|
651,158
|
|
||||||
Other
(1)
|
1,413,852
|
|
|
3,421
|
|
|
1,417,273
|
|
|
1,367,776
|
|
|
4,759
|
|
|
1,372,535
|
|
||||||
Total commercial property loans
|
3,007,163
|
|
|
6,708
|
|
|
3,013,871
|
|
|
2,874,945
|
|
|
8,701
|
|
|
2,883,646
|
|
||||||
Construction
|
55,190
|
|
|
—
|
|
|
55,190
|
|
|
55,962
|
|
|
—
|
|
|
55,962
|
|
||||||
Residential property
|
520,902
|
|
|
951
|
|
|
521,853
|
|
|
337,791
|
|
|
976
|
|
|
338,767
|
|
||||||
Total real estate loans
|
3,583,255
|
|
|
7,659
|
|
|
3,590,914
|
|
|
3,268,698
|
|
|
9,677
|
|
|
3,278,375
|
|
||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial term
|
182,636
|
|
|
49
|
|
|
182,685
|
|
|
138,032
|
|
|
136
|
|
|
138,168
|
|
||||||
Commercial lines of credit
|
181,894
|
|
|
—
|
|
|
181,894
|
|
|
136,231
|
|
|
—
|
|
|
136,231
|
|
||||||
International loans
|
34,622
|
|
|
—
|
|
|
34,622
|
|
|
25,821
|
|
|
—
|
|
|
25,821
|
|
||||||
Total commercial and industrial loans
|
399,152
|
|
|
49
|
|
|
399,201
|
|
|
300,084
|
|
|
136
|
|
|
300,220
|
|
||||||
Leases receivable
|
297,284
|
|
|
—
|
|
|
297,284
|
|
|
243,294
|
|
|
—
|
|
|
243,294
|
|
||||||
Consumer loans
(2)
|
17,019
|
|
|
40
|
|
|
17,059
|
|
|
22,830
|
|
|
50
|
|
|
22,880
|
|
||||||
Total loans and leases
|
4,296,710
|
|
|
7,748
|
|
|
4,304,458
|
|
|
3,834,906
|
|
|
9,863
|
|
|
3,844,769
|
|
||||||
Allowance for loan and lease losses
|
(30,723
|
)
|
|
(320
|
)
|
|
(31,043
|
)
|
|
(31,458
|
)
|
|
(971
|
)
|
|
(32,429
|
)
|
||||||
Loans and leases receivable, net
|
$
|
4,265,987
|
|
|
$
|
7,428
|
|
|
$
|
4,273,415
|
|
|
$
|
3,803,448
|
|
|
$
|
8,892
|
|
|
$
|
3,812,340
|
|
(1)
|
Includes, among other property types, mixed-use, gas station, apartment, office, industrial, faith-based facilities and warehouse; the remaining real estate categories represents less than one percent of the Bank's total loans and leases.
|
(2)
|
Consumer loans include home equity lines of credit of
$14.2 million
and
$17.7 million
as of
December 31, 2017
and
2016
, respectively.
|
|
Real Estate
|
|
Commercial and
Industrial |
|
Total
SBA Loans |
||||||
|
(In thousands)
|
||||||||||
December 31, 2017
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
7,410
|
|
|
$
|
1,906
|
|
|
$
|
9,316
|
|
Origination of loans held for sale
|
70,710
|
|
|
38,401
|
|
|
109,111
|
|
|||
Sales of loans held for sale
|
(74,344
|
)
|
|
(37,633
|
)
|
|
(111,977
|
)
|
|||
Principal payoffs and amortization
|
(30
|
)
|
|
(26
|
)
|
|
(56
|
)
|
|||
Balance at end of period
|
$
|
3,746
|
|
|
$
|
2,648
|
|
|
$
|
6,394
|
|
|
|
|
|
|
|
||||||
December 31, 2016
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
840
|
|
|
$
|
2,034
|
|
|
$
|
2,874
|
|
Origination of loans held for sale
|
65,416
|
|
|
25,951
|
|
|
91,367
|
|
|||
Sales of loans held for sale
|
(58,836
|
)
|
|
(26,065
|
)
|
|
(84,901
|
)
|
|||
Principal payoffs and amortization
|
(10
|
)
|
|
(14
|
)
|
|
(24
|
)
|
|||
Balance at end of period
|
$
|
7,410
|
|
|
$
|
1,906
|
|
|
$
|
9,316
|
|
|
Non-PCI Loans and Leases
|
|
PCI Loans
|
|
Total
|
||||||
As of and for the Year Ended December 31, 2017
|
(In thousands)
|
||||||||||
Balance at beginning of period
|
$
|
31,458
|
|
|
$
|
971
|
|
|
$
|
32,429
|
|
Charge-offs
|
(5,899
|
)
|
|
—
|
|
|
(5,899
|
)
|
|||
Recoveries on loans and leases previously charged off
|
3,682
|
|
|
—
|
|
|
3,682
|
|
|||
Net loan and lease charge-offs
|
(2,217
|
)
|
|
—
|
|
|
(2,217
|
)
|
|||
Loan and lease loss provision (income)
|
1,482
|
|
|
(651
|
)
|
|
831
|
|
|||
Balance at end of period
|
$
|
30,723
|
|
|
$
|
320
|
|
|
$
|
31,043
|
|
|
|
|
|
|
|
||||||
As of and for the Year Ended December 31, 2016
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
37,494
|
|
|
$
|
5,441
|
|
|
$
|
42,935
|
|
Charge-offs
|
(3,736
|
)
|
|
(5,133
|
)
|
|
(8,869
|
)
|
|||
Recoveries on loans and leases previously charged off
|
2,702
|
|
|
—
|
|
|
2,702
|
|
|||
Net loan and lease charge-offs
|
(1,034
|
)
|
|
(5,133
|
)
|
|
(6,167
|
)
|
|||
Loan and lease loss provision (income)
|
(5,002
|
)
|
|
663
|
|
|
(4,339
|
)
|
|||
Balance at end of period
|
$
|
31,458
|
|
|
$
|
971
|
|
|
$
|
32,429
|
|
|
|
|
|
|
|
||||||
As of and for the Year Ended December 31, 2015
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
51,640
|
|
|
$
|
1,026
|
|
|
$
|
52,666
|
|
Charge-offs
|
(3,531
|
)
|
|
—
|
|
|
(3,531
|
)
|
|||
Recoveries on loans and leases previously charged off
|
5,423
|
|
|
—
|
|
|
5,423
|
|
|||
Net loan and lease recoveries
|
1,892
|
|
|
—
|
|
|
1,892
|
|
|||
Loan and lease loss provision (income)
|
(16,038
|
)
|
|
4,415
|
|
|
(11,623
|
)
|
|||
Balance at end of period
|
$
|
37,494
|
|
|
$
|
5,441
|
|
|
$
|
42,935
|
|
|
Real Estate
|
|
Commercial
and Industrial |
|
Leases
Receivable
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses on non-PCI loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
25,212
|
|
|
$
|
5,582
|
|
|
307
|
|
|
$
|
191
|
|
|
$
|
166
|
|
|
$
|
31,458
|
|
|
Charge-offs
|
(2,150
|
)
|
|
(2,516
|
)
|
|
(1,233
|
)
|
|
—
|
|
|
—
|
|
|
(5,899
|
)
|
||||||
Recoveries on loans and leases previously charged off
|
1,527
|
|
|
1,901
|
|
|
239
|
|
|
15
|
|
|
—
|
|
|
3,682
|
|
||||||
Loan and lease loss provision (income)
|
(7,836
|
)
|
|
2,392
|
|
|
6,966
|
|
|
(104
|
)
|
|
64
|
|
|
1,482
|
|
||||||
Ending balance
|
$
|
16,753
|
|
|
$
|
7,359
|
|
|
$
|
6,279
|
|
|
$
|
102
|
|
|
$
|
230
|
|
|
$
|
30,723
|
|
Ending balance: individually evaluated for impairment
|
$
|
2,093
|
|
|
$
|
441
|
|
|
$
|
3,334
|
|
|
$
|
10
|
|
|
$
|
—
|
|
|
$
|
5,878
|
|
Ending balance: collectively evaluated for impairment
|
$
|
14,660
|
|
|
$
|
6,918
|
|
|
$
|
2,945
|
|
|
$
|
92
|
|
|
$
|
230
|
|
|
$
|
24,845
|
|
Non-PCI loans and leases receivable:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Ending balance
|
$
|
3,583,255
|
|
|
$
|
399,152
|
|
|
$
|
297,284
|
|
|
$
|
17,019
|
|
|
$
|
—
|
|
|
$
|
4,296,710
|
|
Ending balance: individually evaluated for impairment
|
$
|
18,663
|
|
|
$
|
3,040
|
|
|
$
|
4,452
|
|
|
$
|
1,029
|
|
|
$
|
—
|
|
|
$
|
27,184
|
|
Ending balance: collectively evaluated for impairment
|
$
|
3,564,592
|
|
|
$
|
396,112
|
|
|
$
|
292,832
|
|
|
$
|
15,990
|
|
|
$
|
—
|
|
|
$
|
4,269,526
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses on PCI loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
922
|
|
|
$
|
41
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
971
|
|
Provision
|
(663
|
)
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
(651
|
)
|
||||||
Ending balance
|
$
|
259
|
|
|
$
|
41
|
|
|
$
|
—
|
|
|
$
|
20
|
|
|
$
|
—
|
|
|
$
|
320
|
|
PCI loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Ending balance: acquired with deteriorated credit quality
|
$
|
7,659
|
|
|
$
|
49
|
|
|
$
|
—
|
|
|
$
|
40
|
|
|
$
|
—
|
|
|
$
|
7,748
|
|
|
Real Estate
|
|
Commercial
and Industrial
|
|
Leases
Receivable
|
|
Consumer
|
|
Unallocated
|
|
Total
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses on non-PCI loans and leases:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Beginning balance
|
$
|
29,800
|
|
|
$
|
7,081
|
|
|
—
|
|
|
$
|
242
|
|
|
$
|
371
|
|
|
$
|
37,494
|
|
|
Charge-offs
|
(3,022
|
)
|
|
(706
|
)
|
|
(6
|
)
|
|
(2
|
)
|
|
—
|
|
|
(3,736
|
)
|
||||||
Recoveries on loans and leases previously charged off
|
667
|
|
|
1,978
|
|
|
1
|
|
|
56
|
|
|
—
|
|
|
2,702
|
|
||||||
Loan and lease loss provision (income)
|
(2,233
|
)
|
|
(2,771
|
)
|
|
312
|
|
|
(105
|
)
|
|
(205
|
)
|
|
(5,002
|
)
|
||||||
Ending balance
|
$
|
25,212
|
|
|
$
|
5,582
|
|
|
$
|
307
|
|
|
$
|
191
|
|
|
$
|
166
|
|
|
$
|
31,458
|
|
Ending balance: individually evaluated for impairment
|
$
|
3,980
|
|
|
$
|
347
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
4,327
|
|
Ending balance: collectively evaluated for impairment
|
$
|
21,232
|
|
|
$
|
5,235
|
|
|
$
|
307
|
|
|
$
|
191
|
|
|
$
|
166
|
|
|
$
|
27,131
|
|
Non-PCI loans and leases receivable:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Ending balance
|
$
|
3,268,698
|
|
|
$
|
300,084
|
|
|
$
|
243,294
|
|
|
$
|
22,830
|
|
|
$
|
—
|
|
|
$
|
3,834,906
|
|
Ending balance: individually evaluated for impairment
|
$
|
21,757
|
|
|
$
|
4,174
|
|
|
$
|
—
|
|
|
$
|
419
|
|
|
$
|
—
|
|
|
$
|
26,350
|
|
Ending balance: collectively evaluated for impairment
|
$
|
3,246,941
|
|
|
$
|
295,910
|
|
|
$
|
243,294
|
|
|
$
|
22,411
|
|
|
$
|
—
|
|
|
$
|
3,808,556
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for loan losses on PCI loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Beginning balance
|
$
|
5,397
|
|
|
$
|
42
|
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
5,441
|
|
Charge-offs
|
(5,133
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,133
|
)
|
||||||
Provision
|
658
|
|
|
(1
|
)
|
|
—
|
|
|
6
|
|
|
—
|
|
|
663
|
|
||||||
Ending balance
|
$
|
922
|
|
|
$
|
41
|
|
|
$
|
—
|
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
971
|
|
PCI loans receivable:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Ending balance: acquired with deteriorated credit quality
|
$
|
9,677
|
|
|
$
|
136
|
|
|
$
|
—
|
|
|
$
|
50
|
|
|
$
|
—
|
|
|
$
|
9,863
|
|
|
Pass/Pass-Watch
|
|
Special Mention
|
|
Classified
|
|
Total
|
||||||||
|
(In thousands)
|
||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
Commercial property
|
|
|
|
|
|
|
|
||||||||
Retail
|
$
|
909,462
|
|
|
$
|
454
|
|
|
$
|
3,712
|
|
|
$
|
913,628
|
|
Hotel/motel
|
667,085
|
|
|
4,880
|
|
|
7,718
|
|
|
679,683
|
|
||||
Other
|
1,397,657
|
|
|
10,813
|
|
|
5,382
|
|
|
1,413,852
|
|
||||
Construction
|
55,190
|
|
|
—
|
|
|
—
|
|
|
55,190
|
|
||||
Residential property
|
520,310
|
|
|
305
|
|
|
287
|
|
|
520,902
|
|
||||
Total real estate loans
|
3,549,704
|
|
|
16,452
|
|
|
17,099
|
|
|
3,583,255
|
|
||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
||||||||
Commercial term
|
179,835
|
|
|
439
|
|
|
2,362
|
|
|
182,636
|
|
||||
Commercial lines of credit
|
181,462
|
|
|
250
|
|
|
182
|
|
|
181,894
|
|
||||
International loans
|
34,622
|
|
|
—
|
|
|
—
|
|
|
34,622
|
|
||||
Leases receivable
|
292,832
|
|
|
—
|
|
|
4,452
|
|
|
297,284
|
|
||||
Consumer loans
|
15,995
|
|
|
—
|
|
|
1,024
|
|
|
17,019
|
|
||||
Total
|
$
|
4,254,450
|
|
|
$
|
17,141
|
|
|
$
|
25,119
|
|
|
$
|
4,296,710
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||||
Commercial property
|
|
|
|
|
|
|
|
||||||||
Retail
|
$
|
851,147
|
|
|
$
|
2,275
|
|
|
$
|
4,207
|
|
|
$
|
857,629
|
|
Hotel/motel
|
634,397
|
|
|
5,497
|
|
|
9,646
|
|
|
649,540
|
|
||||
Other
|
1,352,193
|
|
|
3,556
|
|
|
12,027
|
|
|
1,367,776
|
|
||||
Construction
|
55,962
|
|
|
—
|
|
|
—
|
|
|
55,962
|
|
||||
Residential property
|
337,227
|
|
|
—
|
|
|
564
|
|
|
337,791
|
|
||||
Total real estate loans
|
3,230,926
|
|
|
11,328
|
|
|
26,444
|
|
|
3,268,698
|
|
||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
||||||||
Commercial term
|
133,811
|
|
|
2,060
|
|
|
2,161
|
|
|
138,032
|
|
||||
Commercial lines of credit
|
135,699
|
|
|
464
|
|
|
68
|
|
|
136,231
|
|
||||
International loans
|
23,406
|
|
|
2,415
|
|
|
—
|
|
|
25,821
|
|
||||
Leases receivable
|
242,393
|
|
|
—
|
|
|
901
|
|
|
243,294
|
|
||||
Consumer loans
|
22,139
|
|
|
—
|
|
|
691
|
|
|
22,830
|
|
||||
Total
|
$
|
3,788,374
|
|
|
$
|
16,267
|
|
|
$
|
30,265
|
|
|
$
|
3,834,906
|
|
|
30-59 Days Past
Due
|
|
60-89 Days Past
Due
|
|
90 Days or
More Past Due
|
|
Total Past Due
|
|
Current
|
|
Total
|
|
Accruing 90
Days or More
Past Due
|
||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Retail
|
$
|
96
|
|
|
$
|
15
|
|
|
$
|
196
|
|
|
$
|
307
|
|
|
$
|
913,321
|
|
|
$
|
913,628
|
|
|
$
|
—
|
|
Hotel/motel
|
3,421
|
|
|
—
|
|
|
398
|
|
|
3,819
|
|
|
675,864
|
|
|
679,683
|
|
|
—
|
|
|||||||
Other
|
1,245
|
|
|
1,333
|
|
|
467
|
|
|
3,045
|
|
|
1,410,807
|
|
|
1,413,852
|
|
|
—
|
|
|||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55,190
|
|
|
55,190
|
|
|
—
|
|
|||||||
Residential property
|
609
|
|
|
—
|
|
|
—
|
|
|
609
|
|
|
520,293
|
|
|
520,902
|
|
|
—
|
|
|||||||
Total real estate loans
|
5,371
|
|
|
1,348
|
|
|
1,061
|
|
|
7,780
|
|
|
3,575,475
|
|
|
3,583,255
|
|
|
—
|
|
|||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial term
|
425
|
|
|
567
|
|
|
829
|
|
|
1,821
|
|
|
180,815
|
|
|
182,636
|
|
|
—
|
|
|||||||
Commercial lines of credit
|
250
|
|
|
—
|
|
|
182
|
|
|
432
|
|
|
181,462
|
|
|
181,894
|
|
|
—
|
|
|||||||
International loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
34,622
|
|
|
34,622
|
|
|
—
|
|
|||||||
Leases receivable
|
2,295
|
|
|
944
|
|
|
3,554
|
|
|
6,793
|
|
|
290,491
|
|
|
297,284
|
|
|
|
||||||||
Consumer loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
17,019
|
|
|
17,019
|
|
|
—
|
|
|||||||
Total
|
$
|
8,341
|
|
|
$
|
2,859
|
|
|
$
|
5,626
|
|
|
$
|
16,826
|
|
|
$
|
4,279,884
|
|
|
$
|
4,296,710
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Retail
|
$
|
9
|
|
|
$
|
137
|
|
|
$
|
234
|
|
|
$
|
380
|
|
|
$
|
857,249
|
|
|
$
|
857,629
|
|
|
$
|
—
|
|
Hotel/motel
|
1,037
|
|
|
46
|
|
|
600
|
|
|
1,683
|
|
|
647,857
|
|
|
649,540
|
|
|
—
|
|
|||||||
Other
|
677
|
|
|
722
|
|
|
1,237
|
|
|
2,636
|
|
|
1,365,140
|
|
|
1,367,776
|
|
|
—
|
|
|||||||
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
55,962
|
|
|
55,962
|
|
|
—
|
|
|||||||
Residential property
|
730
|
|
|
89
|
|
|
423
|
|
|
1,242
|
|
|
336,549
|
|
|
337,791
|
|
|
—
|
|
|||||||
Total real estate loans
|
2,453
|
|
|
994
|
|
|
2,494
|
|
|
5,941
|
|
|
3,262,757
|
|
|
3,268,698
|
|
|
—
|
|
|||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial term
|
484
|
|
|
42
|
|
|
111
|
|
|
637
|
|
|
137,395
|
|
|
138,032
|
|
|
—
|
|
|||||||
Commercial lines of credit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
136,231
|
|
|
136,231
|
|
|
—
|
|
|||||||
International loans
|
80
|
|
|
—
|
|
|
—
|
|
|
80
|
|
|
25,741
|
|
|
25,821
|
|
|
—
|
|
|||||||
Leases receivable
|
2,090
|
|
|
1,043
|
|
|
385
|
|
|
3,518
|
|
|
239,776
|
|
|
243,294
|
|
|
|
||||||||
Consumer loans
|
170
|
|
|
—
|
|
|
—
|
|
|
170
|
|
|
22,660
|
|
|
22,830
|
|
|
—
|
|
|||||||
Total
|
$
|
5,277
|
|
|
$
|
2,079
|
|
|
$
|
2,990
|
|
|
$
|
10,346
|
|
|
$
|
3,824,560
|
|
|
$
|
3,834,906
|
|
|
$
|
—
|
|
|
Recorded
Investment |
|
Unpaid Principal
Balance |
|
With No
Related Allowance Recorded |
|
With an
Allowance Recorded |
|
Related
Allowance |
|
Average
Recorded Investment |
|
Interest
Income Recognized |
||||||||||||||
|
|
|
|
|
(In thousands)
|
|
|
|
|
|
|
||||||||||||||||
As of or for The Year Ended December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Retail
|
$
|
1,403
|
|
|
$
|
1,423
|
|
|
$
|
1,246
|
|
|
$
|
157
|
|
|
$
|
1
|
|
|
$
|
1,528
|
|
|
$
|
106
|
|
Hotel/motel
|
6,184
|
|
|
7,220
|
|
|
2,144
|
|
|
4,040
|
|
|
1,677
|
|
|
6,080
|
|
|
431
|
|
|||||||
Other
|
8,513
|
|
|
9,330
|
|
|
7,569
|
|
|
944
|
|
|
394
|
|
|
9,551
|
|
|
842
|
|
|||||||
Residential property
|
2,563
|
|
|
2,728
|
|
|
824
|
|
|
1,739
|
|
|
21
|
|
|
2,771
|
|
|
122
|
|
|||||||
Total real estate loans
|
18,663
|
|
|
20,701
|
|
|
11,783
|
|
|
6,880
|
|
|
2,093
|
|
|
19,930
|
|
|
1,501
|
|
|||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial term
|
2,857
|
|
|
2,899
|
|
|
886
|
|
|
1,971
|
|
|
441
|
|
|
3,529
|
|
|
192
|
|
|||||||
Commercial lines of credit
|
182
|
|
|
182
|
|
|
182
|
|
|
—
|
|
|
—
|
|
|
685
|
|
|
16
|
|
|||||||
International loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||
Leases receivable
|
4,452
|
|
|
4,626
|
|
|
455
|
|
|
3,997
|
|
|
3,334
|
|
|
4,464
|
|
|
47
|
|
|||||||
Consumer loans
|
1,029
|
|
|
1,215
|
|
|
919
|
|
|
110
|
|
|
10
|
|
|
982
|
|
|
33
|
|
|||||||
Total
|
$
|
27,183
|
|
|
$
|
29,623
|
|
|
$
|
14,225
|
|
|
$
|
12,958
|
|
|
$
|
5,878
|
|
|
$
|
29,590
|
|
|
$
|
1,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
As of or for The Year Ended December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Retail
|
$
|
1,678
|
|
|
$
|
1,684
|
|
|
$
|
151
|
|
|
$
|
1,527
|
|
|
$
|
120
|
|
|
$
|
2,243
|
|
|
$
|
141
|
|
Hotel/motel
|
6,227
|
|
|
6,823
|
|
|
2,243
|
|
|
3,984
|
|
|
3,078
|
|
|
4,887
|
|
|
454
|
|
|||||||
Other
|
11,054
|
|
|
11,900
|
|
|
8,111
|
|
|
2,943
|
|
|
782
|
|
|
11,935
|
|
|
1,326
|
|
|||||||
Residential property
|
2,798
|
|
|
2,851
|
|
|
2,798
|
|
|
—
|
|
|
—
|
|
|
2,656
|
|
|
112
|
|
|||||||
Total real estate loans
|
21,757
|
|
|
23,258
|
|
|
13,303
|
|
|
8,454
|
|
|
3,980
|
|
|
21,721
|
|
|
2,033
|
|
|||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial term
|
4,106
|
|
|
4,171
|
|
|
1,229
|
|
|
2,877
|
|
|
347
|
|
|
4,815
|
|
|
307
|
|
|||||||
Commercial lines of credit
|
68
|
|
|
68
|
|
|
68
|
|
|
—
|
|
|
—
|
|
|
45
|
|
|
14
|
|
|||||||
International loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
315
|
|
|
—
|
|
|||||||
Consumer loans
|
419
|
|
|
489
|
|
|
419
|
|
|
—
|
|
|
—
|
|
|
622
|
|
|
29
|
|
|||||||
Total
|
$
|
26,350
|
|
|
$
|
27,986
|
|
|
$
|
15,019
|
|
|
$
|
11,331
|
|
|
$
|
4,327
|
|
|
$
|
27,518
|
|
|
$
|
2,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
As of or for The Year Ended December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Retail
|
$
|
2,597
|
|
|
$
|
2,892
|
|
|
$
|
2,435
|
|
|
$
|
162
|
|
|
$
|
27
|
|
|
$
|
3,878
|
|
|
$
|
277
|
|
Hotel/motel
|
7,168
|
|
|
7,538
|
|
|
2,873
|
|
|
4,295
|
|
|
3,068
|
|
|
6,628
|
|
|
572
|
|
|||||||
Other
|
14,681
|
|
|
16,625
|
|
|
11,619
|
|
|
3,062
|
|
|
759
|
|
|
17,334
|
|
|
1,231
|
|
|||||||
Residential property
|
2,895
|
|
|
3,081
|
|
|
2,608
|
|
|
287
|
|
|
4
|
|
|
2,839
|
|
|
120
|
|
|||||||
Total real estate loans
|
27,341
|
|
|
30,136
|
|
|
19,535
|
|
|
7,806
|
|
|
3,858
|
|
|
30,679
|
|
|
2,200
|
|
|||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Commercial term
|
5,257
|
|
|
5,621
|
|
|
1,858
|
|
|
3,399
|
|
|
457
|
|
|
6,637
|
|
|
368
|
|
|||||||
Commercial lines of credit
|
381
|
|
|
493
|
|
|
280
|
|
|
101
|
|
|
100
|
|
|
1,515
|
|
|
42
|
|
|||||||
International loans
|
1,215
|
|
|
1,215
|
|
|
647
|
|
|
568
|
|
|
30
|
|
|
1,257
|
|
|
—
|
|
|||||||
Consumer loans
|
1,665
|
|
|
1,898
|
|
|
1,665
|
|
|
—
|
|
|
—
|
|
|
1,753
|
|
|
73
|
|
|||||||
Total
|
$
|
35,859
|
|
|
$
|
39,363
|
|
|
$
|
23,985
|
|
|
$
|
11,874
|
|
|
$
|
4,445
|
|
|
$
|
41,841
|
|
|
$
|
2,683
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Interest income that would have been recognized had impaired loans performed in accordance with their original terms
|
$
|
2,575
|
|
|
$
|
3,053
|
|
|
$
|
4,168
|
|
Less: Interest income recognized on impaired loans
|
(1,790
|
)
|
|
(2,383
|
)
|
|
(2,683
|
)
|
|||
Interest foregone on impaired loans
|
$
|
785
|
|
|
$
|
670
|
|
|
$
|
1,485
|
|
|
As of December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Real estate loans:
|
|
|
|
||||
Commercial property
|
|
|
|
||||
Retail
|
$
|
224
|
|
|
$
|
404
|
|
Hotel/motel
|
5,263
|
|
|
5,266
|
|
||
Other
|
2,462
|
|
|
3,058
|
|
||
Residential property
|
591
|
|
|
564
|
|
||
Total real estate loans
|
8,540
|
|
|
9,292
|
|
||
Commercial and industrial loans:
|
|
|
|
||||
Commercial term
|
1,710
|
|
|
824
|
|
||
Commercial lines of credit
|
182
|
|
|
—
|
|
||
Leases receivable
|
4,452
|
|
|
901
|
|
||
Consumer loans
|
921
|
|
|
389
|
|
||
Total nonaccrual loans and leases
|
$
|
15,805
|
|
|
$
|
11,406
|
|
|
As of December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Nonaccrual loans and leases
|
$
|
15,805
|
|
|
$
|
11,406
|
|
Loans and leases 90 days or more past due and still accruing
|
—
|
|
|
—
|
|
||
Total nonperforming loans and leases
|
15,805
|
|
|
11,406
|
|
||
Other real estate owned
|
1,946
|
|
|
7,484
|
|
||
Total nonperforming assets
|
$
|
17,751
|
|
|
$
|
18,890
|
|
|
Nonaccrual TDRs
|
|
Accrual TDRs
|
||||||||||||||||||||||||||||||||||||
|
Deferral of
Principal |
|
Deferral of
Principal and Interest |
|
Reduction of
Principal and Interest |
|
Extension of
Maturity |
|
Total
|
|
Deferral of
Principal |
|
Deferral of
Principal and Interest |
|
Reduction of
Principal and Interest |
|
Extension of
Maturity |
|
Total
|
||||||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Retail
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,188
|
|
|
$
|
—
|
|
|
$
|
1,188
|
|
Hotel/motel
|
1,156
|
|
|
3,495
|
|
|
—
|
|
|
—
|
|
|
4,651
|
|
|
—
|
|
|
—
|
|
|
169
|
|
|
—
|
|
|
169
|
|
||||||||||
Other
|
779
|
|
|
266
|
|
|
64
|
|
|
—
|
|
|
1,109
|
|
|
2,777
|
|
|
—
|
|
|
30
|
|
|
959
|
|
|
3,766
|
|
||||||||||
Residential property
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
632
|
|
|
—
|
|
|
—
|
|
|
278
|
|
|
910
|
|
||||||||||
Total real estate loans
|
1,935
|
|
|
3,761
|
|
|
64
|
|
|
—
|
|
|
5,760
|
|
|
3,409
|
|
|
—
|
|
|
1,387
|
|
|
1,237
|
|
|
6,033
|
|
||||||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Commercial term
|
131
|
|
|
123
|
|
|
1,173
|
|
|
102
|
|
|
1,529
|
|
|
6
|
|
|
182
|
|
|
503
|
|
|
427
|
|
|
1,118
|
|
||||||||||
Consumer loans
|
811
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
811
|
|
|
—
|
|
|
—
|
|
|
108
|
|
|
—
|
|
|
108
|
|
||||||||||
Total
|
$
|
2,877
|
|
|
$
|
3,884
|
|
|
$
|
1,237
|
|
|
$
|
102
|
|
|
$
|
8,100
|
|
|
$
|
3,415
|
|
|
$
|
182
|
|
|
$
|
1,998
|
|
|
$
|
1,664
|
|
|
$
|
7,259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Retail
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,228
|
|
|
|
|
|
$
|
1,228
|
|
|
Hotel/motel
|
1,292
|
|
|
3,722
|
|
|
—
|
|
|
—
|
|
|
5,014
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
—
|
|
||||||||||
Other
|
387
|
|
|
651
|
|
|
143
|
|
|
—
|
|
|
1,181
|
|
|
4,012
|
|
|
|
|
|
286
|
|
|
1,344
|
|
|
5,642
|
|
||||||||||
Residential property
|
—
|
|
|
|
|
|
|
|
|
|
|
|
—
|
|
|
783
|
|
|
|
|
|
—
|
|
|
289
|
|
|
1,072
|
|
||||||||||
Total real estate loans
|
1,679
|
|
|
4,373
|
|
|
143
|
|
|
—
|
|
|
6,195
|
|
|
4,795
|
|
|
—
|
|
|
1,514
|
|
|
1,633
|
|
|
7,942
|
|
||||||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Commercial term
|
149
|
|
|
71
|
|
|
69
|
|
|
419
|
|
|
708
|
|
|
22
|
|
|
198
|
|
|
2,135
|
|
|
662
|
|
|
3,017
|
|
||||||||||
Commercial lines of credit
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
|
|
|
68
|
|
|
68
|
|
||||||||||
Consumer loans
|
|
|
|
|
|
|
—
|
|
|
|
|
|
—
|
|
|
—
|
|
|
|
|
|
119
|
|
|
|
|
|
119
|
|
||||||||||
Total
|
$
|
1,828
|
|
|
$
|
4,444
|
|
|
$
|
212
|
|
|
$
|
419
|
|
|
$
|
6,903
|
|
|
$
|
4,817
|
|
|
$
|
198
|
|
|
$
|
3,768
|
|
|
$
|
2,363
|
|
|
$
|
11,146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
December 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Retail
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
344
|
|
|
$
|
344
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1,227
|
|
|
$
|
—
|
|
|
$
|
1,227
|
|
Hotel/motel
|
1,216
|
|
|
28
|
|
|
—
|
|
|
—
|
|
|
1,244
|
|
|
414
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
414
|
|
||||||||||
Other
|
959
|
|
|
1,301
|
|
|
216
|
|
|
8
|
|
|
2,484
|
|
|
3,537
|
|
|
—
|
|
|
322
|
|
|
1,378
|
|
|
5,237
|
|
||||||||||
Residential property
|
689
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
689
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
299
|
|
|
299
|
|
||||||||||
Total real estate loans
|
2,864
|
|
|
1,329
|
|
|
216
|
|
|
352
|
|
|
4,761
|
|
|
3,951
|
|
|
—
|
|
|
1,549
|
|
|
1,677
|
|
|
7,177
|
|
||||||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Commercial term
|
45
|
|
|
—
|
|
|
997
|
|
|
679
|
|
|
1,721
|
|
|
40
|
|
|
214
|
|
|
1,673
|
|
|
945
|
|
|
2,872
|
|
||||||||||
Commercial lines of credit
|
222
|
|
|
—
|
|
|
—
|
|
|
58
|
|
|
280
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||
Consumer loans
|
—
|
|
|
—
|
|
|
116
|
|
|
—
|
|
|
116
|
|
|
250
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
250
|
|
||||||||||
Total
|
$
|
3,131
|
|
|
$
|
1,329
|
|
|
$
|
1,329
|
|
|
$
|
1,089
|
|
|
$
|
6,878
|
|
|
$
|
4,241
|
|
|
$
|
214
|
|
|
$
|
3,222
|
|
|
$
|
2,622
|
|
|
$
|
10,299
|
|
|
December 31, 2017
|
|
December 31, 2016
|
|
December 31, 2015
|
|||||||||||||||||||||||||||
|
Number of
Loans |
|
Pre-
Modification Outstanding Recorded Investment |
|
Post-
Modification Outstanding Recorded Investment |
|
Number of
Loans |
|
Pre-
Modification Outstanding Recorded Investment |
|
Post-
Modification Outstanding Recorded Investment |
|
Number of
Loans |
|
Pre-
Modification Outstanding Recorded Investment |
|
Post-
Modification Outstanding Recorded Investment |
|||||||||||||||
|
|
|
|
|
|
|
(In thousands, except number of loans)
|
|
|
|
|
|
|
|||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Retail
(1)
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
1
|
|
|
$
|
21
|
|
|
$
|
23
|
|
|
1
|
|
|
$
|
1,230
|
|
|
$
|
1,227
|
|
Hotel/motel
(2)
|
1
|
|
|
167
|
|
|
169
|
|
|
1
|
|
|
3,764
|
|
|
3,722
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Other
(3)
|
1
|
|
|
15
|
|
|
15
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
725
|
|
|
724
|
|
||||||
Total real estate loans
|
2
|
|
|
182
|
|
|
184
|
|
|
2
|
|
|
3,785
|
|
|
3,745
|
|
|
3
|
|
|
1,955
|
|
|
1,951
|
|
||||||
Commercial and Industrial Loans: Commercial term
(4)
|
1
|
|
|
123
|
|
|
123
|
|
|
5
|
|
|
403
|
|
|
331
|
|
|
10
|
|
|
973
|
|
|
801
|
|
||||||
Consumer loans
(5)
|
1
|
|
|
820
|
|
|
811
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
250
|
|
|
250
|
|
||||||
Total TDRs
|
4
|
|
|
$
|
1,125
|
|
|
$
|
1,118
|
|
|
7
|
|
|
$
|
4,188
|
|
|
$
|
4,076
|
|
|
14
|
|
|
$
|
3,178
|
|
|
$
|
3,002
|
|
(1)
|
Includes a modification of
$23,000
through a reduction of principal or interest for the year ended
December 31, 2016
, and a modification of
$1.2 million
through payment deferrals for the year ended
December 31, 2015
.
|
(2)
|
Includes a modification of
$169,000
through a reduction of principal or interest for the year ended
December 31, 2017
, and a modification of
$3.7 million
through a payment deferral for the year ended
December 31, 2016
.
|
(3)
|
Includes a modification of
$15,000
through a payment deferral for the year ended
December 31, 2017
, and modifications of
$724,000
through payment deferrals for the year ended
December 31, 2015
.
|
(4)
|
Includes a modification of
$123,000
through a payment deferral for the year ended
December 31, 2017
, and three modifications of
$216,000
through payment deferrals, a modification of
$65,000
through a reduction of principal or interest and a modification of
$50,000
through an extension of maturity for the year ended
December 31, 2016
. Includes modifications of
$34,000
through payment deferrals,
$60,000
through reductions of principal or interest and
$707,000
through extensions of maturity for the year ended
December 31, 2015
.
|
(5)
|
Includes a modification of
$811,000
through a payment deferral for the year ended
December 31, 2017
, and a modification of
$250,000
through a payment deferral for the year ended
December 31, 2015
.
|
|
For the Year Ended
|
||||||||||||
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||
|
Number of
Loans |
|
Recorded
Investment |
|
Number of
Loans |
|
Recorded
Investment |
||||||
|
(In thousands, except number of loans)
|
||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
||||||
Commercial property
|
—
|
|
|
—
|
|
|
1
|
|
|
412
|
|
||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
||||||
Commercial term
|
1
|
|
|
50
|
|
|
1
|
|
|
178
|
|
||
Total TDRs
|
1
|
|
|
$
|
50
|
|
|
2
|
|
|
$
|
590
|
|
|
For the Year Ended
|
||||||||||||||||||||||
|
December 31, 2017
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||
|
Carrying
Amount
|
|
Accretable
Yield
|
|
Carrying
Amount
|
|
Accretable
Yield
|
|
Carrying
Amount |
|
Accretable
Yield |
||||||||||||
|
(In thousands)
|
|
(In thousands)
|
|
(In thousands)
|
||||||||||||||||||
Beginning Balance
|
$
|
8,892
|
|
|
$
|
(5,677
|
)
|
|
$
|
14,573
|
|
|
$
|
(5,944
|
)
|
|
$
|
43,475
|
|
|
$
|
(11,025
|
)
|
Accretion
|
602
|
|
|
602
|
|
|
1,144
|
|
|
1,144
|
|
|
2,956
|
|
|
2,956
|
|
||||||
Payments received
|
(2,827
|
)
|
|
—
|
|
|
(7,138
|
)
|
|
—
|
|
|
(31,215
|
)
|
|
—
|
|
||||||
Disposal/transfers to OREO
|
110
|
|
|
—
|
|
|
977
|
|
|
—
|
|
|
3,772
|
|
|
—
|
|
||||||
Change in expected cash flows, net
|
—
|
|
|
(410
|
)
|
|
—
|
|
|
(877
|
)
|
|
—
|
|
|
2,125
|
|
||||||
Provision for credit losses
|
651
|
|
|
—
|
|
|
(664
|
)
|
|
—
|
|
|
(4,415
|
)
|
|
—
|
|
||||||
Ending Balance
|
$
|
7,428
|
|
|
$
|
(5,485
|
)
|
|
$
|
8,892
|
|
|
$
|
(5,677
|
)
|
|
$
|
14,573
|
|
|
$
|
(5,944
|
)
|
|
December 31, 2017
|
||||||||||||||||||||||
|
Pass/Pass-Watch
|
|
Special Mention
|
|
Classified
|
|
Total
|
|
Allowance
Amount |
|
Total
PCI Loans |
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
$
|
220
|
|
|
$
|
—
|
|
|
$
|
1,425
|
|
|
$
|
1,645
|
|
|
$
|
31
|
|
|
$
|
1,614
|
|
Hotel/motel
|
169
|
|
|
96
|
|
|
1,377
|
|
|
$
|
1,642
|
|
|
129
|
|
|
1,513
|
|
|||||
Other
|
1
|
|
|
232
|
|
|
3,188
|
|
|
$
|
3,421
|
|
|
16
|
|
|
3,405
|
|
|||||
Residential property
|
951
|
|
|
—
|
|
|
—
|
|
|
$
|
951
|
|
|
83
|
|
|
868
|
|
|||||
Total real estate loans
|
1,341
|
|
|
328
|
|
|
5,990
|
|
|
7,659
|
|
|
259
|
|
|
7,400
|
|
||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial term
|
—
|
|
|
—
|
|
|
49
|
|
|
$
|
49
|
|
|
41
|
|
|
8
|
|
|||||
Consumer loans
|
—
|
|
|
—
|
|
|
40
|
|
|
$
|
40
|
|
|
20
|
|
|
20
|
|
|||||
Total PCI loans
|
$
|
1,341
|
|
|
$
|
328
|
|
|
$
|
6,079
|
|
|
$
|
7,748
|
|
|
$
|
320
|
|
|
$
|
7,428
|
|
|
December 31, 2016
|
||||||||||||||||||||||
|
Pass/Pass-Watch
|
|
Special Mention
|
|
Classified
|
|
Total
|
|
Allowance
Amount
|
|
Total
PCI Loans
|
||||||||||||
|
(In thousands)
|
||||||||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Retail
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,324
|
|
|
$
|
2,324
|
|
|
$
|
122
|
|
|
$
|
2,202
|
|
Hotel/motel
|
177
|
|
|
—
|
|
|
1,441
|
|
|
$
|
1,618
|
|
|
138
|
|
|
1,480
|
|
|||||
Other
|
—
|
|
|
1,180
|
|
|
3,579
|
|
|
$
|
4,759
|
|
|
590
|
|
|
4,169
|
|
|||||
Residential property
|
976
|
|
|
—
|
|
|
—
|
|
|
$
|
976
|
|
|
72
|
|
|
904
|
|
|||||
Total real estate loans
|
1,153
|
|
|
1,180
|
|
|
7,344
|
|
|
9,677
|
|
|
922
|
|
|
8,755
|
|
||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial term
|
—
|
|
|
—
|
|
|
136
|
|
|
136
|
|
|
41
|
|
|
95
|
|
||||||
Consumer loans
|
—
|
|
|
—
|
|
|
50
|
|
|
50
|
|
|
8
|
|
|
42
|
|
||||||
Total PCI loans
|
$
|
1,153
|
|
|
$
|
1,180
|
|
|
$
|
7,530
|
|
|
$
|
9,863
|
|
|
$
|
971
|
|
|
$
|
8,892
|
|
As of December 31, 2017
|
Pooled PCI Loans
|
|
Non-pooled PCI Loans
|
|
|
|||||||||||||||||||||
|
#Loans
|
|
#Pools
|
|
Carrying Amount
(In thousands)
|
|
% of total
|
|
#Loans
|
|
Carrying Amount
(In thousands)
|
|
% of total
|
|
Total PCI Loans
(In thousands)
|
|||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial property
|
40
|
|
|
7
|
|
|
$
|
6,708
|
|
|
100
|
%
|
|
—
|
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
6,708
|
|
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|||
Residential property
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
1
|
|
|
951
|
|
|
100
|
%
|
|
951
|
|
|||
Total real estate loans
|
40
|
|
|
7
|
|
|
6,708
|
|
|
87.6
|
%
|
|
1
|
|
|
951
|
|
|
12.4
|
%
|
|
7,659
|
|
|||
Commercial and industrial loans
|
3
|
|
|
3
|
|
|
49
|
|
|
100
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
49
|
|
|||
Consumer loans
|
1
|
|
|
1
|
|
|
3
|
|
|
7.5
|
%
|
|
1
|
|
|
37
|
|
|
92.5
|
%
|
|
40
|
|
|||
Total acquired loans
|
44
|
|
|
11
|
|
|
$
|
6,760
|
|
|
87.2
|
%
|
|
2
|
|
|
$
|
988
|
|
|
12.8
|
%
|
|
$
|
7,748
|
|
Allowance for loan losses
|
|
|
|
|
$
|
(218
|
)
|
|
|
|
|
|
$
|
(102
|
)
|
|
|
|
$
|
(320
|
)
|
|||||
Total carrying amount
|
|
|
|
|
$
|
6,542
|
|
|
|
|
|
|
$
|
886
|
|
|
|
|
$
|
7,428
|
|
As of December 31, 2016
|
Pooled PCI Loans
|
|
Non-pooled PCI Loans
|
|
|
|||||||||||||||||||||
|
#Loans
|
|
#Pools
|
|
Carrying Amount
(In thousands)
|
|
% of total
|
|
#Loans
|
|
Carrying Amount
(In thousands)
|
|
% of total
|
|
Total PCI Loans
(In thousands)
|
|||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Commercial property
|
45
|
|
|
6
|
|
|
$
|
7,780
|
|
|
89
|
%
|
|
1
|
|
|
$
|
921
|
|
|
11
|
%
|
|
$
|
8,701
|
|
Construction
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
—
|
|
|||
Residential property
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
2
|
|
|
976
|
|
|
100
|
%
|
|
976
|
|
|||
Total real estate loans
|
45
|
|
|
6
|
|
|
7,780
|
|
|
80
|
%
|
|
3
|
|
|
1,897
|
|
|
20
|
%
|
|
9,677
|
|
|||
Commercial and industrial loans
|
6
|
|
|
3
|
|
|
136
|
|
|
100
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
136
|
|
|||
Consumer loans
|
1
|
|
|
1
|
|
|
50
|
|
|
100
|
%
|
|
—
|
|
|
—
|
|
|
—
|
%
|
|
50
|
|
|||
Total acquired loans
|
52
|
|
|
10
|
|
|
$
|
7,966
|
|
|
81
|
%
|
|
3
|
|
|
$
|
1,897
|
|
|
19
|
%
|
|
$
|
9,863
|
|
Allowance for loan losses
|
|
|
|
|
$
|
(617
|
)
|
|
|
|
|
|
$
|
(354
|
)
|
|
|
|
$
|
(971
|
)
|
|||||
Total carrying amount
|
|
|
|
|
$
|
7,349
|
|
|
|
|
|
|
$
|
1,543
|
|
|
|
|
$
|
8,892
|
|
|
30-59 Days Past Due
|
|
60-89 Days Past Due
|
|
90 Days or
More Past Due |
|
Total Past Due
|
|
Current
|
|
Total
|
|
Allowance
Amount |
|
Total
PCI Loans |
||||||||||||||||
|
(In thousands)
|
||||||||||||||||||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Retail
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
434
|
|
|
$
|
434
|
|
|
$
|
1,211
|
|
|
$
|
1,645
|
|
|
$
|
31
|
|
|
$
|
1,614
|
|
Hotel/motel
|
—
|
|
|
168
|
|
|
—
|
|
|
168
|
|
|
1,474
|
|
|
1,642
|
|
|
129
|
|
|
1,513
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
96
|
|
|
96
|
|
|
3,325
|
|
|
3,421
|
|
|
16
|
|
|
3,405
|
|
||||||||
Residential property
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
951
|
|
|
951
|
|
|
83
|
|
|
868
|
|
||||||||
Total real estate loans
|
—
|
|
|
168
|
|
|
530
|
|
|
698
|
|
|
6,961
|
|
|
7,659
|
|
|
259
|
|
|
7,400
|
|
||||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Commercial term
|
5
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
44
|
|
|
49
|
|
|
41
|
|
|
8
|
|
||||||||
Consumer loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
40
|
|
|
40
|
|
|
20
|
|
|
20
|
|
||||||||
Total PCI loans
|
$
|
5
|
|
|
$
|
168
|
|
|
$
|
530
|
|
|
$
|
703
|
|
|
$
|
7,045
|
|
|
$
|
7,748
|
|
|
$
|
320
|
|
|
$
|
7,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Real estate loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial property
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Retail
|
$
|
797
|
|
|
$
|
—
|
|
|
$
|
238
|
|
|
$
|
1,035
|
|
|
$
|
1,289
|
|
|
$
|
2,324
|
|
|
$
|
122
|
|
|
$
|
2,202
|
|
Hotel/motel
|
178
|
|
|
—
|
|
|
—
|
|
|
178
|
|
|
1,440
|
|
|
1,618
|
|
|
138
|
|
|
1,480
|
|
||||||||
Other
|
—
|
|
|
—
|
|
|
123
|
|
|
123
|
|
|
4,636
|
|
|
4,759
|
|
|
590
|
|
|
4,169
|
|
||||||||
Residential property
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
976
|
|
|
976
|
|
|
72
|
|
|
904
|
|
||||||||
Total real estate loans
|
975
|
|
|
—
|
|
|
361
|
|
|
1,336
|
|
|
8,341
|
|
|
9,677
|
|
|
922
|
|
|
8,755
|
|
||||||||
Commercial and industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Commercial term
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
130
|
|
|
136
|
|
|
41
|
|
|
95
|
|
||||||||
Consumer loans
|
—
|
|
|
—
|
|
|
50
|
|
|
50
|
|
|
—
|
|
|
50
|
|
|
8
|
|
|
42
|
|
||||||||
Total PCI loans
|
$
|
975
|
|
|
$
|
—
|
|
|
$
|
417
|
|
|
$
|
1,392
|
|
|
$
|
8,471
|
|
|
$
|
9,863
|
|
|
$
|
971
|
|
|
$
|
8,892
|
|
|
As of December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Servicing assets:
|
|
|
|
||||
Balance at beginning of period
|
$
|
10,564
|
|
|
$
|
11,744
|
|
Addition related to sale of SBA loans
|
2,590
|
|
|
2,184
|
|
||
Amortization
|
(3,266
|
)
|
|
(3,364
|
)
|
||
Reversal of allowance
|
330
|
|
|
—
|
|
||
Balance at end of period
|
$
|
10,218
|
|
|
$
|
10,564
|
|
|
|
|
|
||||
Servicing liabilities:
|
|
|
|
||||
Balance at beginning of period
|
$
|
3,143
|
|
|
$
|
4,784
|
|
Amortization
|
(859
|
)
|
|
(1,641
|
)
|
||
Reversal of allowance
|
(67
|
)
|
|
—
|
|
||
Balance at end of period
|
$
|
2,217
|
|
|
$
|
3,143
|
|
|
As of December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Land
|
$
|
8,470
|
|
|
$
|
8,750
|
|
Building and improvements
|
17,261
|
|
|
18,313
|
|
||
Furniture and equipment
|
21,271
|
|
|
20,668
|
|
||
Leasehold improvements
|
11,571
|
|
|
11,833
|
|
||
Leased equipment
|
879
|
|
|
880
|
|
||
|
59,452
|
|
|
60,444
|
|
||
Accumulated depreciation and amortization
|
(32,797
|
)
|
|
(31,383
|
)
|
||
Impairment reserve
|
—
|
|
|
(363
|
)
|
||
Total premises and equipment, net
|
$
|
26,655
|
|
|
$
|
28,698
|
|
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||||||||||||||||||
|
Amortization
Period |
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net
Carrying Amount |
|
Gross
Carrying Amount |
|
Accumulated
Amortization |
|
Net
Carrying Amount |
||||||||||||
|
|
|
(In thousands)
|
||||||||||||||||||||||
Core deposit intangible
|
10 years
|
|
$
|
2,213
|
|
|
$
|
(1,119
|
)
|
|
$
|
1,094
|
|
|
$
|
2,213
|
|
|
$
|
(838
|
)
|
|
$
|
1,375
|
|
Third-party originators intangible
|
7 years
|
|
$
|
483
|
|
|
$
|
(64
|
)
|
|
$
|
419
|
|
|
$
|
483
|
|
|
$
|
—
|
|
|
$
|
483
|
|
Goodwill
|
N/A
|
|
$
|
11,031
|
|
|
$
|
—
|
|
|
$
|
11,031
|
|
|
$
|
11,031
|
|
|
$
|
—
|
|
|
$
|
11,031
|
|
Total intangible assets
|
|
|
$
|
13,727
|
|
|
$
|
(1,183
|
)
|
|
$
|
12,544
|
|
|
$
|
13,727
|
|
|
$
|
(838
|
)
|
|
$
|
12,889
|
|
Year Ending December 31,
|
Amount
|
||
|
(In thousands)
|
||
2018
|
$
|
362
|
|
2019
|
309
|
|
|
2020
|
261
|
|
|
2021
|
216
|
|
|
2022
|
171
|
|
|
Thereafter
|
194
|
|
Year Ending
December 31,
|
Time
Deposits of
$250,000
or More
|
|
Other
Time
Deposits
|
|
Total
|
||||||
|
(In thousands)
|
||||||||||
2018
|
$
|
364,225
|
|
|
$
|
872,155
|
|
|
$
|
1,236,380
|
|
2019
|
94,735
|
|
|
45,792
|
|
|
140,527
|
|
|||
2020
|
1,619
|
|
|
21,576
|
|
|
23,195
|
|
|||
2021
|
1,650
|
|
|
12,935
|
|
|
14,585
|
|
|||
2022
|
—
|
|
|
1,645
|
|
|
1,645
|
|
|||
Total
|
$
|
462,229
|
|
|
$
|
954,103
|
|
|
$
|
1,416,332
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Demand – interest-bearing
|
$
|
74
|
|
|
$
|
75
|
|
|
$
|
114
|
|
Money market and savings
|
12,515
|
|
|
6,470
|
|
|
4,195
|
|
|||
Time deposits of $100,000 or more
|
10,471
|
|
|
6,605
|
|
|
6,639
|
|
|||
Other time deposits
|
3,029
|
|
|
3,420
|
|
|
4,462
|
|
|||
Total interest expense on deposits
|
$
|
26,089
|
|
|
$
|
16,570
|
|
|
$
|
15,410
|
|
Year of Maturity
|
Amount
|
|
Weighted-
Average Interest Rate |
|||
|
(In thousands)
|
|||||
2018
|
$
|
150,000
|
|
|
1.41
|
%
|
Total
|
$
|
150,000
|
|
|
1.41
|
%
|
|
As of December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Weighted-average interest rate at end of year
|
1.41
|
%
|
|
0.55
|
%
|
|
0.27
|
%
|
|||
Weighted-average interest rate during the year
|
0.90
|
%
|
|
0.45
|
%
|
|
0.20
|
%
|
|||
Average balance of FHLB advances
|
$
|
119,041
|
|
|
$
|
196,708
|
|
|
$
|
38,110
|
|
Maximum amount outstanding at any month-end
|
$
|
330,000
|
|
|
$
|
320,000
|
|
|
$
|
180,000
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Unrecognized tax benefits at beginning of year
|
$
|
1,039
|
|
|
$
|
934
|
|
|
$
|
1,765
|
|
Gross increases for tax positions of prior years
|
—
|
|
|
105
|
|
|
—
|
|
|||
Lapse of statute of limitations
|
—
|
|
|
—
|
|
|
(831
|
)
|
|||
Unrecognized tax benefits at end of year
|
$
|
1,039
|
|
|
$
|
1,039
|
|
|
$
|
934
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Current expense:
|
|
|
|
|
|
||||||
Federal
|
$
|
20,924
|
|
|
$
|
19,802
|
|
|
$
|
14,755
|
|
State
|
6,804
|
|
|
6,503
|
|
|
5,084
|
|
|||
Total current expense
|
27,728
|
|
|
26,305
|
|
|
19,839
|
|
|||
Deferred expense (benefit):
|
|
|
|
|
|
||||||
Federal
|
14,623
|
|
|
4,410
|
|
|
13,663
|
|
|||
State
|
(1,727
|
)
|
|
2,184
|
|
|
4,680
|
|
|||
Total deferred expense
|
12,896
|
|
|
6,594
|
|
|
18,343
|
|
|||
Provision for income taxes
|
$
|
40,624
|
|
|
$
|
32,899
|
|
|
$
|
38,182
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Deferred tax assets:
|
|
|
|
|
|
||||||
Allowance for loan and lease losses
|
$
|
9,282
|
|
|
$
|
13,932
|
|
|
$
|
18,205
|
|
Depreciation
|
192
|
|
|
—
|
|
|
—
|
|
|||
Purchase accounting
|
4,685
|
|
|
7,492
|
|
|
13,156
|
|
|||
Net operating loss carryforward
|
18,648
|
|
|
16,876
|
|
|
21,511
|
|
|||
Unrealized loss on securities available for sale
|
919
|
|
|
1,695
|
|
|
859
|
|
|||
Indemnified assets
|
701
|
|
|
1,441
|
|
|
152
|
|
|||
Tax credit
|
1,241
|
|
|
3,516
|
|
|
3,939
|
|
|||
State taxes
|
1,489
|
|
|
2,231
|
|
|
1,539
|
|
|||
Other
|
3,724
|
|
|
5,726
|
|
|
5,040
|
|
|||
Total deferred tax assets
|
40,881
|
|
|
52,909
|
|
|
64,401
|
|
|||
Deferred tax liabilities:
|
|
|
|
|
|
||||||
Mark to market
|
(4,879
|
)
|
|
(3,960
|
)
|
|
(10,469
|
)
|
|||
Depreciation
|
—
|
|
|
(396
|
)
|
|
(705
|
)
|
|||
Other
|
(797
|
)
|
|
(1,190
|
)
|
|
(1,132
|
)
|
|||
Total deferred tax liabilities
|
(5,676
|
)
|
|
(5,546
|
)
|
|
(12,306
|
)
|
|||
Valuation Allowance
|
(2,750
|
)
|
|
(1,031
|
)
|
|
—
|
|
|||
Net deferred tax assets
|
$
|
32,455
|
|
|
$
|
46,332
|
|
|
$
|
52,095
|
|
|
Year Ended December 31,
|
|||||||
|
2017
|
|
2016
|
|
2015
|
|||
Federal statutory income tax rate
|
35.00
|
%
|
|
35.00
|
%
|
|
35.00
|
%
|
State taxes, net of federal tax benefits
|
6.64
|
%
|
|
7.04
|
%
|
|
8.32
|
%
|
Tax-exempt municipal securities
|
(0.24
|
)%
|
|
(0.26
|
)%
|
|
(0.26
|
)%
|
Tax credit - federal
|
(2.37
|
)%
|
|
(2.50
|
)%
|
|
(2.51
|
)%
|
Federal rate adjustment, net of federal benefit of state
|
4.18
|
%
|
|
—
|
%
|
|
—
|
%
|
Other
|
(0.58
|
)%
|
|
(2.48
|
)%
|
|
0.95
|
%
|
Effective tax rate
|
42.63
|
%
|
|
36.80
|
%
|
|
41.50
|
%
|
|
Unrealized Gains
and Losses on Available-for-Sale Securities |
|
Unrealized Gains
and Losses on Interest-Only Strip |
|
Tax Benefit
(Expense) |
|
Total
|
||||||||
|
|
|
(In thousands)
|
|
|
||||||||||
For the year ended December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
(4,089
|
)
|
|
$
|
—
|
|
|
$
|
1,695
|
|
|
$
|
(2,394
|
)
|
Other comprehensive loss before reclassification
|
2,649
|
|
|
—
|
|
|
(376
|
)
|
|
$
|
2,273
|
|
|||
Reclassification from accumulated other comprehensive loss
|
(1,748
|
)
|
|
—
|
|
|
—
|
|
|
$
|
(1,748
|
)
|
|||
Period change
|
901
|
|
|
—
|
|
|
(376
|
)
|
|
$
|
525
|
|
|||
Balance at end of period
|
$
|
(3,188
|
)
|
|
$
|
—
|
|
|
$
|
1,319
|
|
|
$
|
(1,869
|
)
|
|
|
|
|
|
|
|
|
||||||||
For the year ended December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
(2,331
|
)
|
|
$
|
9
|
|
|
$
|
2,007
|
|
|
$
|
(315
|
)
|
Other comprehensive loss before reclassification
|
(1,712
|
)
|
|
(9
|
)
|
|
(312
|
)
|
|
$
|
(2,033
|
)
|
|||
Reclassification from accumulated other comprehensive income
|
(46
|
)
|
|
—
|
|
|
—
|
|
|
$
|
(46
|
)
|
|||
Period change
|
(1,758
|
)
|
|
(9
|
)
|
|
(312
|
)
|
|
(2,079
|
)
|
||||
Balance at end of period
|
$
|
(4,089
|
)
|
|
$
|
—
|
|
|
$
|
1,695
|
|
|
$
|
(2,394
|
)
|
|
|
|
|
|
|
|
|
||||||||
For the year ended December 31, 2015
|
|
|
|
|
|
|
|
||||||||
Balance at beginning of period
|
$
|
(985
|
)
|
|
$
|
16
|
|
|
$
|
1,432
|
|
|
$
|
463
|
|
Other comprehensive (loss) income before reclassification
|
5,265
|
|
|
(7
|
)
|
|
575
|
|
|
$
|
5,833
|
|
|||
Reclassification from accumulated other comprehensive loss
|
(6,611
|
)
|
|
|
|
|
—
|
|
|
$
|
(6,611
|
)
|
|||
Period change
|
(1,346
|
)
|
|
(7
|
)
|
|
575
|
|
|
(778
|
)
|
||||
Balance at end of period
|
$
|
(2,331
|
)
|
|
$
|
9
|
|
|
$
|
2,007
|
|
|
$
|
(315
|
)
|
|
Actual
|
|
Minimum
Regulatory Requirement |
|
Minimum to Be
Categorized as “Well Capitalized” |
|||||||||||||||
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|
Amount
|
|
Ratio
|
|||||||||
|
(In thousands)
|
|||||||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
684,272
|
|
|
15.50
|
%
|
|
$
|
353,171
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
670,896
|
|
|
15.20
|
%
|
|
$
|
353,091
|
|
|
8.00
|
%
|
|
$
|
441,364
|
|
|
10.00
|
%
|
Tier 1 capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
553,970
|
|
|
12.55
|
%
|
|
$
|
264,878
|
|
|
6.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
638,557
|
|
|
14.47
|
%
|
|
$
|
264,818
|
|
|
6.00
|
%
|
|
$
|
353,091
|
|
|
8.00
|
%
|
Common equity Tier 1 capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
537,950
|
|
|
12.19
|
%
|
|
$
|
198,658
|
|
|
4.50
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
638,557
|
|
|
14.47
|
%
|
|
$
|
198,614
|
|
|
4.50
|
%
|
|
$
|
286,886
|
|
|
6.50
|
%
|
Tier 1 capital (to average assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
553,970
|
|
|
10.79
|
%
|
|
$
|
205,344
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
638,557
|
|
|
12.44
|
%
|
|
$
|
205,385
|
|
|
4.00
|
%
|
|
$
|
256,731
|
|
|
5.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Total capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
554,089
|
|
|
13.86
|
%
|
|
$
|
319,901
|
|
|
8.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
544,759
|
|
|
13.64
|
%
|
|
$
|
319,520
|
|
|
8.00
|
%
|
|
$
|
399,399
|
|
|
10.00
|
%
|
Tier 1 capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
520,477
|
|
|
13.02
|
%
|
|
$
|
239,926
|
|
|
6.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
511,146
|
|
|
12.80
|
%
|
|
$
|
239,640
|
|
|
6.00
|
%
|
|
$
|
319,520
|
|
|
8.00
|
%
|
Common equity Tier 1 capital (to risk-weighted assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
509,239
|
|
|
12.73
|
%
|
|
$
|
179,944
|
|
|
4.50
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
511,146
|
|
|
12.80
|
%
|
|
$
|
179,730
|
|
|
4.50
|
%
|
|
$
|
259,610
|
|
|
6.50
|
%
|
Tier 1 capital (to average assets):
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Hanmi Financial
|
$
|
520,477
|
|
|
11.53
|
%
|
|
$
|
180,581
|
|
|
4.00
|
%
|
|
N/A
|
|
|
N/A
|
|
|
Hanmi Bank
|
$
|
511,146
|
|
|
11.33
|
%
|
|
$
|
180,411
|
|
|
4.00
|
%
|
|
$
|
225,514
|
|
|
5.00
|
%
|
•
|
Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
|
•
|
Level 2 - Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data.
|
•
|
Level 3 - Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
||||||||
|
Quoted Prices in
Active Markets for Identical Assets |
|
Significant
Observable Inputs with No Active Market with Identical Characteristics |
|
Significant
Unobservable Inputs |
|
Balance
|
||||||||
|
(In thousands)
|
||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
303,609
|
|
|
$
|
—
|
|
|
$
|
303,609
|
|
Collateralized mortgage obligations
|
—
|
|
|
117,768
|
|
|
—
|
|
|
117,768
|
|
||||
U.S. government agency securities
|
—
|
|
|
7,414
|
|
|
—
|
|
|
7,414
|
|
||||
Municipal bonds-tax exempt
|
—
|
|
|
127,475
|
|
|
—
|
|
|
127,475
|
|
||||
U.S. treasury securities
|
152
|
|
|
—
|
|
|
—
|
|
|
152
|
|
||||
Mutual funds
|
22,386
|
|
|
—
|
|
|
—
|
|
|
22,386
|
|
||||
Total securities available for sale
|
$
|
22,538
|
|
|
$
|
556,266
|
|
|
$
|
—
|
|
|
$
|
578,804
|
|
December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Securities available for sale:
|
|
|
|
|
|
|
|
||||||||
Mortgage-backed securities
|
$
|
—
|
|
|
$
|
229,630
|
|
|
$
|
—
|
|
|
$
|
229,630
|
|
Collateralized mortgage obligations
|
—
|
|
|
76,451
|
|
|
—
|
|
|
76,451
|
|
||||
U.S. government agency securities
|
—
|
|
|
7,441
|
|
|
—
|
|
|
7,441
|
|
||||
SBA loan pools securities
|
—
|
|
|
4,146
|
|
|
—
|
|
|
4,146
|
|
||||
Municipal bonds-tax exempt
|
—
|
|
|
158,030
|
|
|
—
|
|
|
158,030
|
|
||||
Municipal bonds-taxable
|
—
|
|
|
13,701
|
|
|
—
|
|
|
13,701
|
|
||||
Corporate bonds
|
—
|
|
|
5,015
|
|
|
—
|
|
|
5,015
|
|
||||
U.S. treasury securities
|
156
|
|
|
—
|
|
|
—
|
|
|
156
|
|
||||
Mutual funds
|
22,394
|
|
|
—
|
|
|
—
|
|
|
22,394
|
|
||||
Total securities available for sale
|
$
|
22,550
|
|
|
$
|
494,414
|
|
|
$
|
—
|
|
|
$
|
516,964
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
|
||||||||
|
Quoted Prices in
Active Markets for Identical Assets |
|
Significant
Observable Inputs With No Active Market With Identical Characteristics |
|
Significant
Unobservable Inputs |
|
Loss During the
Years Ended |
||||||||
|
(In thousands)
|
||||||||||||||
December 31, 2017
|
|
|
|
|
|
|
|
||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Impaired loans (excluding PCI loans)
(1)
|
$
|
—
|
|
|
$
|
6,121
|
|
|
$
|
2,436
|
|
|
$
|
2,730
|
|
OREO
(2)
|
—
|
|
|
1,946
|
|
|
—
|
|
|
—
|
|
||||
December 31, 2016
|
|
|
|
||||||||||||
Assets:
|
|
|
|
|
|
|
|
||||||||
Impaired loans
(3)
|
$
|
—
|
|
|
$
|
15,257
|
|
|
$
|
6,767
|
|
|
$
|
868
|
|
OREO
(4)
|
—
|
|
|
7,484
|
|
|
—
|
|
|
—
|
|
(1)
|
Includes real estate loans of
$6.7 million
, and commercial and industrial loans of
$1.7 million
.
|
(2)
|
Includes properties from the foreclosure of commercial property loans of
$237 thousand
and residential property loans of
$1.7 million
.
|
(3)
|
Includes real estate loans of
$17.8 million
, commercial and industrial loans of
$3.8 million
, and consumer loans of
$419 thousand
.
|
(4)
|
Includes properties from the foreclosure of commercial property loans of
$5.4 million
and residential property loans of
$2.1 million
.
|
|
December 31, 2017
|
||||||||||||||
|
Carrying
Amount |
|
Fair Value
|
||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
(In thousands)
|
||||||||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks
|
$
|
153,826
|
|
|
$
|
153,826
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities available for sale
|
578,804
|
|
|
22,538
|
|
|
556,266
|
|
|
—
|
|
||||
Loans and leases receivable, net of allowance for loan and lease losses
|
4,273,415
|
|
|
—
|
|
|
—
|
|
|
4,213,689
|
|
||||
Loans held for sale
|
6,394
|
|
|
—
|
|
|
6,394
|
|
|
—
|
|
||||
Accrued interest receivable
|
12,770
|
|
|
12,770
|
|
|
—
|
|
|
—
|
|
||||
FHLB stock
|
16,385
|
|
|
—
|
|
|
16,385
|
|
|
—
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Noninterest-bearing deposits
|
1,312,274
|
|
|
—
|
|
|
1,312,274
|
|
|
—
|
|
||||
Interest-bearing deposits
|
3,036,380
|
|
|
—
|
|
|
—
|
|
|
2,973,139
|
|
||||
Borrowings
|
267,270
|
|
|
—
|
|
|
—
|
|
|
267,270
|
|
||||
Accrued interest payable
|
5,309
|
|
|
5,309
|
|
|
—
|
|
|
—
|
|
||||
Off-balance sheet items:
|
|
|
|
|
|
|
|
||||||||
Commitments to extend credit
|
318,634
|
|
|
—
|
|
|
—
|
|
|
318,634
|
|
||||
Standby letters of credit
|
19,294
|
|
|
—
|
|
|
—
|
|
|
19,294
|
|
||||
Commercial letters of credit
|
9,308
|
|
|
—
|
|
|
—
|
|
|
9,308
|
|
|
December 31, 2016
|
||||||||||||||
|
Carrying
Amount |
|
Fair Value
|
||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||
|
(In thousands)
|
||||||||||||||
Financial assets:
|
|
|
|
|
|
|
|
||||||||
Cash and due from banks
|
$
|
147,235
|
|
|
$
|
147,235
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Securities available for sale
|
516,964
|
|
|
22,550
|
|
|
494,414
|
|
|
—
|
|
||||
Loans receivable, net of allowance for loan losses
|
3,812,340
|
|
|
—
|
|
|
—
|
|
|
3,789,579
|
|
||||
Loans held for sale
|
9,316
|
|
|
—
|
|
|
9,316
|
|
|
—
|
|
||||
Accrued interest receivable
|
10,987
|
|
|
10,987
|
|
|
—
|
|
|
—
|
|
||||
FHLB stock
|
16,385
|
|
|
—
|
|
|
16,385
|
|
|
—
|
|
||||
Financial liabilities:
|
|
|
|
|
|
|
|
||||||||
Noninterest-bearing deposits
|
1,203,240
|
|
|
—
|
|
|
1,203,240
|
|
|
—
|
|
||||
Interest-bearing deposits
|
2,606,497
|
|
|
—
|
|
|
—
|
|
|
2,541,929
|
|
||||
Borrowings
|
333,978
|
|
|
—
|
|
|
—
|
|
|
333,978
|
|
||||
Accrued interest payable
|
2,567
|
|
|
2,567
|
|
|
—
|
|
|
—
|
|
||||
Off-balance sheet items:
|
|
|
|
|
|
|
|
||||||||
Commitments to extend credit
|
310,987
|
|
|
—
|
|
|
—
|
|
|
310,987
|
|
||||
Standby letters of credit
|
15,669
|
|
|
—
|
|
|
—
|
|
|
15,669
|
|
||||
Commercial letters of credit
|
4,215
|
|
|
—
|
|
|
—
|
|
|
4,215
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Share-based compensation expense
|
$
|
2,893
|
|
|
$
|
3,008
|
|
|
$
|
2,241
|
|
Related tax benefits
|
$
|
1,179
|
|
|
$
|
1,191
|
|
|
$
|
755
|
|
|
Unrecognized
Expense |
|
Average Expected
Recognition Period |
||
|
(In thousands)
|
||||
Stock option awards
|
$
|
11
|
|
|
0.4 years
|
Restricted stock awards
|
4,648
|
|
|
1.7 years
|
|
Total unrecognized share-based compensation expense
|
$
|
4,659
|
|
|
1.7 years
|
|
Year Ended December 31, 2015
|
|
Weighted-average assumption
|
|
|
Dividend yield
|
1.80
|
%
|
Expected volatility
|
25.00
|
%
|
Expected term
|
3 years
|
|
Risk-free interest rate
|
1.11
|
%
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands, except per share data)
|
||||||||||
Grant date fair value of options granted
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
78
|
|
Fair value of options vested
|
$
|
820
|
|
|
$
|
2,322
|
|
|
$
|
2,668
|
|
Total intrinsic value of options exercised
(1)
|
$
|
432
|
|
|
$
|
1,862
|
|
|
$
|
488
|
|
Cash received from options exercised
|
$
|
288
|
|
|
$
|
1,453
|
|
|
$
|
616
|
|
Weighted-average estimated fair value per share of options granted
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3.62
|
|
(1)
|
Intrinsic value represents the difference between the closing stock price on the exercise date and the exercise price, multiplied by the number of options.
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
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
|
|||||||||
Options outstanding at beginning of period
|
387,901
|
|
|
$
|
17.49
|
|
|
510,148
|
|
|
$
|
24.38
|
|
|
603,872
|
|
|
$
|
23.78
|
|
Options granted
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
28,000
|
|
|
$
|
23.47
|
|
Options exercised
|
(23,813
|
)
|
|
$
|
12.21
|
|
|
(94,997
|
)
|
|
$
|
15.29
|
|
|
(46,516
|
)
|
|
$
|
13.24
|
|
Options forfeited
|
—
|
|
|
$
|
—
|
|
|
(125
|
)
|
|
$
|
144.00
|
|
|
(71,608
|
)
|
|
$
|
20.59
|
|
Options expired
|
—
|
|
|
$
|
—
|
|
|
(27,125
|
)
|
|
$
|
154.09
|
|
|
(3,600
|
)
|
|
$
|
136.79
|
|
Options outstanding at end of period
|
364,088
|
|
|
$
|
17.86
|
|
|
387,901
|
|
|
$
|
17.49
|
|
|
510,148
|
|
|
$
|
24.38
|
|
Options exercisable at end of period
|
354,753
|
|
|
$
|
17.71
|
|
|
341,561
|
|
|
$
|
16.85
|
|
|
333,460
|
|
|
$
|
27.16
|
|
|
Year Ended December 31,
|
|||||||||||||||||||
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
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 |
|||||||||
Non-vested options outstanding at beginning of period
|
46,340
|
|
|
$
|
22.42
|
|
|
176,688
|
|
|
$
|
19.13
|
|
|
379,106
|
|
|
$
|
18.11
|
|
Options granted
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
$
|
—
|
|
|
28,000
|
|
|
$
|
23.47
|
|
Options vested
|
(37,005
|
)
|
|
$
|
22.16
|
|
|
(130,223
|
)
|
|
$
|
17.83
|
|
|
(158,810
|
)
|
|
$
|
16.80
|
|
Options forfeited
|
—
|
|
|
$
|
—
|
|
|
(125
|
)
|
|
$
|
144.00
|
|
|
(71,608
|
)
|
|
$
|
20.59
|
|
Non-vested options outstanding at end of period
|
9,335
|
|
|
$
|
23.47
|
|
|
46,340
|
|
|
$
|
22.42
|
|
|
176,688
|
|
|
$
|
19.13
|
|
|
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||||||||||||||
Range of Exercise Prices
|
|
Number of
Shares |
|
Intrinsic
Value (1) |
|
Weighted-
Average Exercise Price Per Share |
|
Weighted-
Average Remaining Contractual Life |
|
Number of
Shares |
|
Intrinsic
Value (1) |
|
Weighted-
Average Exercise Price Per Share |
|
Weighted-
Average Remaining Contractual Life |
||||||||||
|
|
|
|
|
|
(In thousands except share and per share data)
|
|
|
||||||||||||||||||
$10.80 to $14.99
|
|
13,088
|
|
|
$
|
235
|
|
|
$
|
12.37
|
|
|
4.6 years
|
|
13,088
|
|
|
$
|
235
|
|
|
$
|
12.37
|
|
|
4.6 years
|
$15.00 to $19.99
|
|
255,000
|
|
|
3,550
|
|
|
16.43
|
|
|
5.7 years
|
|
255,000
|
|
|
3,550
|
|
|
16.43
|
|
|
5.7 years
|
||||
$20.00 to $24.83
|
|
96,000
|
|
|
763
|
|
|
22.41
|
|
|
6.7 years
|
|
86,665
|
|
|
698
|
|
|
22.29
|
|
|
6.6 years
|
||||
|
|
364,088
|
|
|
$
|
4,548
|
|
|
$
|
17.86
|
|
|
|
|
354,753
|
|
|
$
|
4,483
|
|
|
$
|
17.71
|
|
|
|
|
(1)
|
Intrinsic value represents the difference between the closing stock price on the last trading day of the period, which was
$30.35
as of
December 31, 2017
, and the exercise price, multiplied by the number of options.
|
|
2017
|
|
2016
|
|
2015
|
|||||||||||||||
|
Number of
Shares |
|
Weighted-
Average Grant Date Fair Value Per Share |
|
Number of
Shares |
|
Weighted-
Average Grant Date Fair Value Per Share |
|
Number of
Shares |
|
Weighted-
Average Grant Date Fair Value Per Share |
|||||||||
Restricted stock at beginning of period
|
343,958
|
|
|
$
|
16.60
|
|
|
137,114
|
|
|
$
|
20.74
|
|
|
173,222
|
|
|
$
|
19.58
|
|
Restricted stock granted
|
127,239
|
|
|
$
|
31.06
|
|
|
287,179
|
|
|
$
|
15.52
|
|
|
58,092
|
|
|
22.53
|
|
|
Restricted stock vested
|
(139,298
|
)
|
|
$
|
18.73
|
|
|
(77,515
|
)
|
|
$
|
19.75
|
|
|
(68,017
|
)
|
|
$
|
19.16
|
|
Restricted stock forfeited
|
(14,116
|
)
|
|
$
|
24.73
|
|
|
(2,820
|
)
|
|
$
|
21.58
|
|
|
(26,183
|
)
|
|
$
|
21.16
|
|
Restricted stock at end of period
|
317,783
|
|
|
$
|
21.09
|
|
|
343,958
|
|
|
$
|
16.60
|
|
|
137,114
|
|
|
$
|
20.74
|
|
|
Net Income
(Numerator)
|
|
Weighted-
Average
Shares
(Denominator)
|
|
Per
Share
Amount
(1)
|
|||||
|
(In thousands, except share and per share data)
|
|||||||||
Year Ended December 31, 2017
|
|
|
|
|
|
|||||
Basic EPS
|
|
|
|
|
|
|||||
Net income
|
$
|
54,660
|
|
|
32,071,585
|
|
|
$
|
1.71
|
|
Less: Income allocated to unvested restricted stock
|
339
|
|
|
32,071,585
|
|
|
0.01
|
|
||
Basic EPS
|
$
|
54,321
|
|
|
32,071,585
|
|
|
$
|
1.70
|
|
Effect of dilutive securities - options, warrants and unvested restricted stock
|
|
|
178,333
|
|
|
|
||||
Diluted EPS
|
|
|
|
|
|
|||||
Net income
|
$
|
54,660
|
|
|
32,249,918
|
|
|
$
|
1.70
|
|
Less: Income allocated to unvested restricted stock
|
339
|
|
|
32,249,918
|
|
|
0.01
|
|
||
Diluted EPS
|
$
|
54,321
|
|
|
32,249,918
|
|
|
$
|
1.69
|
|
|
|
|
|
|
|
|||||
Year Ended December 31, 2016
|
|
|
|
|
|
|||||
Basic EPS
|
|
|
|
|
|
|||||
Net income
|
$
|
56,489
|
|
|
31,899,582
|
|
|
$
|
1.77
|
|
Less: Income allocated to unvested restricted stock
|
457
|
|
|
31,899,582
|
|
|
0.01
|
|
||
Basic EPS
|
$
|
56,032
|
|
|
31,899,582
|
|
|
$
|
1.76
|
|
Effect of dilutive securities - options, warrants and unvested restricted stock
|
|
|
|
149,122
|
|
|
|
|
||
Diluted EPS
|
|
|
|
|
|
|||||
Net income
|
$
|
56,489
|
|
|
32,048,704
|
|
|
$
|
1.76
|
|
Less: Income allocated to unvested restricted stock
|
457
|
|
|
32,048,704
|
|
|
0.01
|
|
||
Diluted EPS
|
$
|
56,032
|
|
|
32,048,704
|
|
|
$
|
1.75
|
|
|
|
|
|
|
|
|||||
Year Ended December 31, 2015
|
|
|
|
|
|
|||||
Basic EPS
|
|
|
|
|
|
|||||
Income from continuing operations, net of taxes
|
$
|
53,823
|
|
|
31,788,215
|
|
|
$
|
1.69
|
|
Loss from discontinued operations, net of taxes
|
145
|
|
|
31,788,215
|
|
|
—
|
|
||
Basic EPS
|
$
|
53,678
|
|
|
31,788,215
|
|
|
$
|
1.69
|
|
Effect of dilutive securities - options, warrants and unvested restricted stock
|
|
|
|
88,605
|
|
|
|
|
||
Diluted EPS
|
|
|
|
|
|
|||||
Income from continuing operations, net of taxes
|
$
|
53,823
|
|
|
31,876,820
|
|
|
$
|
1.68
|
|
Loss from discontinued operations, net of taxes
|
145
|
|
|
31,876,820
|
|
|
—
|
|
||
Diluted EPS
|
$
|
53,678
|
|
|
31,876,820
|
|
|
$
|
1.68
|
|
Year Ended December 31,
|
Amount
|
||
|
(In thousands)
|
||
2018
|
$
|
5,621
|
|
2019
|
4,759
|
|
|
2020
|
4,244
|
|
|
2021
|
2,746
|
|
|
2022
|
2,138
|
|
|
Thereafter
|
7,743
|
|
|
Total
|
$
|
27,251
|
|
|
December 31, 2017
|
|
December 31, 2016
|
||||
|
(In thousands)
|
||||||
Commitments to extend credit
|
$
|
318,634
|
|
|
$
|
310,987
|
|
Standby letters of credit
|
19,294
|
|
|
15,669
|
|
||
Commercial letters of credit
|
9,308
|
|
|
4,215
|
|
||
Total undisbursed loan commitments
|
$
|
347,236
|
|
|
$
|
330,871
|
|
|
As of and for the
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Allowance for off-balance sheet items:
|
|
|
|
|
|
||||||
Balance at beginning of period
|
$
|
1,184
|
|
|
$
|
986
|
|
|
$
|
1,366
|
|
Provision (income)
|
112
|
|
|
198
|
|
|
(380
|
)
|
|||
Balance at end of period
|
$
|
1,296
|
|
|
$
|
1,184
|
|
|
$
|
986
|
|
|
Year Ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
|
(In thousands)
|
||||||
Assets
|
|
|
|
||||
Cash
|
$
|
13,087
|
|
|
$
|
3,885
|
|
Investment in consolidated subsidiaries
|
666,371
|
|
|
540,672
|
|
||
Other assets
|
831
|
|
|
5,572
|
|
||
Total assets
|
$
|
680,289
|
|
|
$
|
550,129
|
|
Liabilities and Stockholders’ Equity
|
|
|
|
||||
Liabilities:
|
|
|
|
||||
Subordinated debentures
|
$
|
117,270
|
|
|
$
|
18,978
|
|
Other liabilities
|
542
|
|
|
126
|
|
||
Total liabilities
|
117,812
|
|
|
19,104
|
|
||
Stockholders’ equity
|
562,477
|
|
|
531,025
|
|
||
Total liabilities and stockholders’ equity
|
$
|
680,289
|
|
|
$
|
550,129
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Dividends from bank subsidiary
|
$
|
22,619
|
|
|
$
|
8,978
|
|
|
$
|
15,129
|
|
Interest expense
|
(5,353
|
)
|
|
(825
|
)
|
|
(623
|
)
|
|||
Other expense
|
(5,291
|
)
|
|
(5,188
|
)
|
|
(4,639
|
)
|
|||
Income before taxes and undistributed income
|
11,975
|
|
|
2,965
|
|
|
9,867
|
|
|||
Income tax benefit
|
7,513
|
|
|
2,382
|
|
|
2,140
|
|
|||
Income before undistributed income of subsidiary
|
19,488
|
|
|
5,347
|
|
|
12,007
|
|
|||
Equity in undistributed earnings of subsidiary
|
35,172
|
|
|
51,142
|
|
|
41,816
|
|
|||
Net income
|
$
|
54,660
|
|
|
$
|
56,489
|
|
|
$
|
53,823
|
|
|
Year Ended December 31,
|
||||||||||
|
2017
|
|
2016
|
|
2015
|
||||||
|
(In thousands)
|
||||||||||
Cash Flows from Operating Activities:
|
|
|
|
|
|
||||||
Net income
|
$
|
54,660
|
|
|
$
|
56,489
|
|
|
$
|
53,823
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
|
|
||||||
Income from subsidiary
|
(35,172
|
)
|
|
(51,141
|
)
|
|
(56,840
|
)
|
|||
Amortization of subordinated debentures
|
463
|
|
|
275
|
|
|
159
|
|
|||
Share-based compensation expense
|
2,893
|
|
|
3,008
|
|
|
2,241
|
|
|||
Change in other assets and liabilities
|
5,156
|
|
|
(95
|
)
|
|
(2,680
|
)
|
|||
Net cash provided by (used in) operating activities
|
28,000
|
|
|
8,536
|
|
|
(3,297
|
)
|
|||
Cash Flows from Investing Activities:
|
|
|
|
|
|
||||||
Cash paid for repurchases of vested shares due to employee tax liability
|
—
|
|
|
—
|
|
|
—
|
|
|||
Cash acquired in acquisition, net of cash consideration paid
|
—
|
|
|
—
|
|
|
—
|
|
|||
Proceeds from Hanmi Bank
|
—
|
|
|
—
|
|
|
12,782
|
|
|||
Payments to Hanmi Bank
|
(90,000
|
)
|
|
—
|
|
|
—
|
|
|||
Net cash (used in) provided by investing activities
|
(90,000
|
)
|
|
—
|
|
|
12,782
|
|
|||
Cash Flows from Financing Activities:
|
|
|
|
|
|
||||||
Proceeds from exercise of stock options and stock warrants
|
288
|
|
|
1,453
|
|
|
616
|
|
|||
Proceeds from issuance of long-term debt
|
97,828
|
|
|
—
|
|
|
—
|
|
|||
Cash paid for repurchases of vested shares due to employee tax liability
|
(1,103
|
)
|
|
(579
|
)
|
|
(349
|
)
|
|||
Cash dividend paid
|
(25,811
|
)
|
|
(21,185
|
)
|
|
(12,780
|
)
|
|||
Net cash provided (used in) by financing activities
|
71,202
|
|
|
(20,311
|
)
|
|
(12,513
|
)
|
|||
Net increase (decrease) in cash
|
9,202
|
|
|
(11,775
|
)
|
|
(3,028
|
)
|
|||
Cash at beginning of year
|
3,885
|
|
|
15,660
|
|
|
18,688
|
|
|||
Cash at end of year
|
$
|
13,087
|
|
|
$
|
3,885
|
|
|
$
|
15,660
|
|
|
Quarter Ended
|
||||||||||||||
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
|
(In thousands, except per share data)
|
||||||||||||||
2017:
|
|
|
|
|
|
|
|
||||||||
Interest and dividend income
|
$
|
48,349
|
|
|
$
|
51,326
|
|
|
$
|
53,862
|
|
|
$
|
55,784
|
|
Interest expense
|
5,995
|
|
|
8,148
|
|
|
8,936
|
|
|
9,440
|
|
||||
Net interest income before provision for loan and lease losses
|
42,354
|
|
|
43,178
|
|
|
44,926
|
|
|
46,344
|
|
||||
Loan and lease loss provision (income)
|
(80
|
)
|
|
422
|
|
|
269
|
|
|
220
|
|
||||
Non-interest income
|
7,217
|
|
|
9,702
|
|
|
8,816
|
|
|
7,680
|
|
||||
Non-interest expense
|
27,240
|
|
|
28,944
|
|
|
28,660
|
|
|
29,258
|
|
||||
Income before provision for income taxes
|
22,411
|
|
|
23,514
|
|
|
24,813
|
|
|
24,546
|
|
||||
Provision for income taxes
|
8,628
|
|
|
9,057
|
|
|
9,890
|
|
|
13,049
|
|
||||
Net income
|
$
|
13,783
|
|
|
$
|
14,457
|
|
|
$
|
14,923
|
|
|
$
|
11,497
|
|
Basic earnings per share
|
$
|
0.43
|
|
|
$
|
0.45
|
|
|
$
|
0.46
|
|
|
$
|
0.36
|
|
Diluted earnings per share
|
$
|
0.43
|
|
|
$
|
0.45
|
|
|
$
|
0.46
|
|
|
$
|
0.36
|
|
|
|
|
|
|
|
|
|
||||||||
2016:
|
|
|
|
|
|
|
|
||||||||
Interest and dividend income
|
$
|
42,674
|
|
|
$
|
44,159
|
|
|
$
|
44,325
|
|
|
$
|
47,313
|
|
Interest expense
|
4,105
|
|
|
4,179
|
|
|
4,743
|
|
|
5,247
|
|
||||
Net interest income before provision for loan and lease losses
|
38,569
|
|
|
39,980
|
|
|
39,582
|
|
|
42,066
|
|
||||
Loan and lease loss provision (income)
|
(1,525
|
)
|
|
(1,515
|
)
|
|
(1,450
|
)
|
|
151
|
|
||||
Non-interest income
|
6,961
|
|
|
9,373
|
|
|
8,674
|
|
|
8,067
|
|
||||
Non-interest expense
|
26,068
|
|
|
27,863
|
|
|
28,337
|
|
|
25,955
|
|
||||
Income before provision for income taxes
|
20,987
|
|
|
23,005
|
|
|
21,369
|
|
|
24,027
|
|
||||
Provision for income taxes
|
6,183
|
|
|
8,857
|
|
|
8,248
|
|
|
9,611
|
|
||||
Net income
|
$
|
14,804
|
|
|
$
|
14,148
|
|
|
$
|
13,121
|
|
|
$
|
14,416
|
|
Basic earnings per share
|
$
|
0.46
|
|
|
$
|
0.44
|
|
|
$
|
0.41
|
|
|
$
|
0.45
|
|
Diluted earnings per share
|
$
|
0.46
|
|
|
$
|
0.44
|
|
|
$
|
0.41
|
|
|
$
|
0.45
|
|
Date: March 1, 2018
|
|
Hanmi Financial Corporation
|
|
|
|
|
|
|
|
By:
|
/s/ C. G. Kum
|
|
|
|
C. G. Kum
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
|
|
/s/ C. G. Kum
|
|
/s/ Romolo C. Santarosa
|
C. G. Kum
|
|
Romolo C. Santanrosa
|
President and Chief Executive Officer; Director
|
|
Senior Executive Vice President and Chief Financial Officer
|
(Principal Executive Officer)
|
|
(Principal Financial and Accounting Officer)
|
|
|
|
/s/ Joseph K. Rho
|
|
/s/ John J. Ahn
|
Joseph K. Rho
|
|
John J. Ahn
|
Chairman of the Board
|
|
Director
|
|
|
|
/s/ Christie K. Chu
|
|
/s/ Harry H. Chung
|
Christie K. Chu
|
|
Harry H. Chung
|
Director
|
|
Director
|
|
|
|
/s/ David L. Rosenblum
|
|
/s/ Thomas J. Williams
|
David L. Rosenblum
|
|
Thomas J. Williams
|
Director
|
|
Director
|
|
|
|
/s/ Michael M. Yang
|
|
|
Michael M. Yang
|
|
|
Director
|
|
|
Exhibit
Number
|
|
Document
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
3.3
|
|
|
|
|
|
3.4
|
|
|
|
|
|
4.1
|
|
|
|
|
|
4.2
|
|
|
|
|
|
4.3
|
|
|
|
|
|
4.4
|
|
|
|
|
|
4.5
|
|
|
|
|
|
4.6
|
|
|
|
|
|
10.1
|
|
|
|
|
|
10.2
|
|
|
|
|
|
10.3
|
|
|
|
|
|
10.4
|
|
|
|
|
|
10.5
|
|
|
|
|
|
Name of Subsidiary
|
|
Jurisdiction of Incorporation or Organization
|
Hanmi Bank
|
|
California
|
Central Bancorp Statutory Trust
|
|
Texas
|
|
|
|
1.
|
I have reviewed this Annual Report on Form 10-K of Hanmi Financial Corporation;
|
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 officer(s) 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 officer(s) 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 1, 2018
|
|
/s/ C. G. Kum
|
|
|
|
|
C. G. Kum
|
|
|
|
|
President and Chief Executive Officer
|
|
|
|
|
(Principal Executive Officer)
|
1.
|
I have reviewed this Annual Report on Form 10-K of Hanmi Financial Corporation;
|
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 officer(s) 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 officer(s) 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 1, 2018
|
|
/s/ Romolo C. Santarosa
|
|
|
|
|
Romolo C. Santarosa
|
|
|
|
|
Senior Executive Vice President and Chief Financial Officer
|
|
|
|
|
(Principal Financial and Accounting Officer)
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
|
March 1, 2018
|
|
/s/ C. G. Kum
|
|
|
|
|
C. G. Kum
|
|
|
|
|
President and Chief Executive Officer
|
(1)
|
The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
|
March 1, 2018
|
|
/s/ Romolo C. Santarosa
|
|
|
|
|
Romolo C. Santarosa
|
|
|
|
|
Senior Executive Vice President and Chief Financial Officer
|