BBCN Bancorp Reports 2013 Fourth Quarter and Full-Year Financial Results

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| Source: BBCN Bancorp, Inc.

Q4 2013 Summary:

  • Net income totals $19.8 million, or $0.25 per diluted common share
  • New loan production for the quarter amounts to $323 million
  • Loans receivable increase to $5.07 billion, reflecting a 4% increase over September 30, 2013
  • Total deposits increase to $5.15 billion, reflecting a 3% increase during the quarter
  • Total assets increase to $6.47 billion, reflecting a 2% increase over the preceding quarter

LOS ANGELES, Jan. 27, 2014 (GLOBE NEWSWIRE) -- BBCN Bancorp, Inc. (the "Company") (Nasdaq:BBCN), the holding company of BBCN Bank (the "Bank"), today reported net income available to common stockholders of $19.8 million, or $0.25 per diluted common share, for the 2013 fourth quarter. This compares with net income available to common stockholders of $23.6 million, or $0.30 per diluted common share, for the 2013 third quarter and $21.5 million, or $0.28 per diluted common share, for the 2012 fourth quarter.

For 2013, net income available to common stockholders totaled $83.5 million, or $1.05 per diluted common share, compared with $77.6 million, or $0.99 per diluted common share, for 2012.

"New loan originations continued to be robust in the 2013 fourth quarter, totaling $323 million, and contributed to an 18% increase in loans for the full year," said Kevin S. Kim, Chairman and Chief Executive Officer of BBCN Bancorp, Inc. "Together with steady deposit growth of 17% over the course of the year, total assets increased 15% to close the year at $6.5 billion. Our fourth quarter results, however, were adversely affected by one large charge off amounting to $7.2 million, which resulted in elevated provisioning for loan losses relative to recent periods. While this impacted certain performance ratios for the quarter, our net interest margin increased 3 basis points from the preceding quarter, and our annualized pre-tax, pre-provision earnings remained steady at 2.52% of average assets.

"Throughout 2013, we continued making progress as the largest Korean-American bank in the country. We completed two acquisitions fortifying our national footprint, making BBCN the dominant Korean-American bank in all five of our core geographic markets. While the banking industry remains challenged in a low interest rate and heightened regulatory environment, we believe BBCN has the strongest executive management team in place in our niche market and is well positioned to gain traction in our journey to become a more diversified financial services company," said Kim.

Financial Highlights

(Dollars in thousands, except per share data) At or for the Three Months Ended
  12/31/2013 9/30/2013 12/31/2012
Net income $ 19,799 $ 23,552 $ 21,527
Diluted earnings per share $ 0.25 $ 0.30 $ 0.28
Net interest income before provision for loan losses $ 66,876 $ 64,360 $ 59,646
Net interest margin 4.45% 4.42% 4.61%
Noninterest income $ 11,238 $ 10,799 $ 9,859
Noninterest expense $ 37,785 $ 35,746 $ 30,609
Net loans receivable $ 5,009,356 $ 4,833,224 $ 4,229,311
Deposits $ 5,148,057 $ 5,021,102 $ 4,384,035
Nonaccrual loans (1) $ 39,154 $ 36,129 $ 29,653
ALLL to gross loans 1.28% 1.34% 1.56%
ALLL to nonaccrual loans (1) 165.55% 181.89% 225.75%
ALLL to nonperforming assets (1) (2) 66.58% 65.27% 107.62%
Provision for loan losses $ 8,450 $ 744 $ 2,422
Net charge offs $ 9,345 $ 6,704 $ 1,433
ROA (3) 1.24% 1.53% 1.57%
ROE (3) 9.77% 11.85% 11.55%
Efficiency ratio 48.37% 47.56% 44.04%

(1) Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling $27.5 million, $25.2 million and $17.6 million at the close of the 2013 fourth quarter, 2013 third quarter and 2012 fourth quarter, respectively.

(2) Nonperforming assets exclude acquired credit impaired loans totaling $43.8 million, $38.6 million and $17.7 million at December 31, 2013, September 30, 2013 and December 31, 2012, respectively.

(3) Based on net income before effects of dividends and discount accretion on preferred stock.

Operating Results for the Fourth Quarter of 2013

The comparability of BBCN's operating results with past performance is impacted by acquisition accounting adjustments related to the acquisitions of Center Financial Corporation on November 30, 2011, Pacific International Bancorp on February 15, 2013 and Foster Bankshares on August 13, 2013. The Company believes the following supplemental information will be helpful in understanding past financial performance. Operating results for the three months ended December 31, 2013, September 30, 2013 and December 31, 2012 include the following pre-tax acquisition accounting adjustments related to mergers.

The impact of major acquisition accounting adjustments to pre-tax income is summarized below. The effects of these adjustments on certain yields and costs are described in subsequent sections of this release.

  Three Months Ended
  December 31, September 30, December 31,
  2013 2013 2012
Accretion of discount on acquired performing loans $ 4,873 $ 4,074 $ 4,697
Accretion of discount on acquired credit impaired loans 2,480 2,806 1,174
Amortization of premium on acquired FHLB borrowings 94 94 92
Accretion of discount on acquired subordinated debt (107) (81) (37)
Amortization of premium on acquired time deposits 369 308 375
Increase to pre-tax income $ 7,709 $ 7,201 $ 6,301

In addition to the items listed above, acquisition accounting adjustments had the effect of reducing the yield on acquired securities portfolios.

Net Interest Income and Net Interest Margin. The following table summarizes the reported net interest income before provision for loan losses.

  Three Months Ended
      %   %
  12/31/2013 9/30/2013 change 12/31/2012 change
Net interest income before provision for loan losses $ 66,876 $ 64,360 4% $ 59,646 12%

Fourth quarter 2013 net interest income before provision for loan losses increased 4% over the preceding third quarter and rose 12% over the prior-year fourth quarter. The Company attributed the increases in net interest income before provision for loan losses to higher levels of interest income on loans as a result of organic and strategic loan growth.

The net interest margin (net interest income divided by average interest-earning assets) and the impact of acquisition accounting adjustments are summarized in the following table:

  Three Months Ended
  12/31/2013 9/30/2013 change 12/31/2012 change
Net interest margin, excluding the effect of acquisition accounting adjustments 3.87% 3.86% 0.01% 4.06% (0.19)%
Acquisition accounting adjustments 0.58 0.56 0.02 0.55 0.03
Net interest margin 4.45% 4.42% 0.03% 4.61% (0.16)%

The net interest margin for the 2013 fourth quarter increased 3 basis points over the preceding third quarter to 4.45%. On a core basis, excluding the effect of acquisition accounting adjustments, the net interest margin for the 2013 fourth quarter increased 1 basis point over the preceding third quarter.

Compared with the prior-year period, net interest margin for the 2013 fourth quarter declined 16 basis points. Excluding the effect of acquisition accounting adjustments, the core net interest margin for the fourth quarter of 2013 declined 19 basis points from the year-ago period. The declines largely reflect decreases in the weighted average yield on loans.

The weighted average yield on loans and the impact of acquisition accounting adjustments are summarized in the following table:

  Three Months Ended
  12/31/2013 9/30/2013 change 12/31/2012 change
Weighted average yield on loans, excluding the effect of acquisition accounting adjustments 4.90% 4.96% (0.06)% 5.24% (0.34)%
Acquisition accounting adjustments 0.69 0.67 0.02 0.65 0.04
Weighted average yield on loans 5.59% 5.63% (0.04)% 5.89% (0.30)%

The weighted average yield on loans for the 2013 fourth quarter decreased 4 basis points from the preceding third quarter, and decreased 6 basis points on a core basis, excluding the effect of acquisition accounting adjustments. The weighted average yield on new loans originated during the 2013 fourth quarter was 4.50%, up 6 basis points when compared with 4.44% for the preceding third quarter. Compared with the prior-year period, the weighted average yield on loans for the 2013 fourth quarter decreased 30 basis points and 34 basis points on a core basis, excluding the effect of acquisition accounting adjustments.

The composition of fixed and variable rate loans and the associated weighted average contractual rates are summarized in the following table:

  12/31/2013 9/30/2013 change 12/31/2012 change
Fixed rate loans          
As a percentage of total loans 48% 45% 3% 40% 8%
Weighted average contractual rate 4.99% 5.16% (0.17)% 5.63% (0.64)%
Variable rate loans          
As a percentage of total loans 52% 55% (3)% 62% (10)%
Weighted average contractual rate 4.37% 4.43% (0.06)% 4.57% (0.20)%

The decrease in the weighted average contractual rate for fixed rate loans for the 2013 fourth quarter reflects the highly competitive rate environment for fixed rate commercial real estate loans in the current interest rate environment.

The weighted average yield on securities available for sale is summarized in the following table:

  Three Months Ended
  12/31/2013 9/30/2013 change 12/31/2012 change
Weighted average yield on securities available for sale 2.26% 2.13% 0.13% 2.08% 0.18%

The weighted average yield on securities available for sale for the 2013 fourth quarter increased 13 basis points from the preceding third quarter and 18 basis points from the year-ago fourth quarter. 

The weighted average duration and average life of the securities available-for-sale are summarized in the following table:

  Three Months Ended
      %   %
   12/31/2013  9/30/2013 change  12/31/2012 change
Weighted average duration of securities available for sale in years 4.42 4.81 (8.11)% 3.26 35.58%
Weighted average life of securities available for sale in years 5.08 5.5 (7.64)% 3.5 45.14%

 The weighted average cost of deposits and the impact of acquisition accounting adjustments are summarized in the following table: 

  Three Months Ended
  12/31/2013 9/30/2013 change 12/31/2012 change
Weighted average cost of deposits, excluding the effect of acquisition accounting adjustments 0.52% 0.51% 0.01% 0.55% (0.03)%
Acquisition accounting adjustments (0.02) (0.02) (0.03) 0.01
Weighted average cost of deposits 0.50% 0.49% 0.01% 0.52% (0.02)%

 The weighted average cost of deposits for the 2013 fourth quarter was relatively stable with the preceding third quarter, increasing by just 1 basis point, both on a reported and on a core basis, excluding the effect of amortization of premium on time deposits assumed in mergers.

Compared with the prior-year period, the weighted average cost of deposits for the 2013 fourth quarter improved 2 basis points, and improved 3 basis points on a core basis, excluding the effect of premium amortization on time deposits assumed in mergers. 

The weighted average cost of FHLB advances and the impact of acquisition accounting adjustments are summarized in the following table: 

  Three Months Ended
  12/31/2013 9/30/2013 change 12/31/2012 change
Weighted average cost of FHLB advances, excluding the effect of acquisition accounting adjustments 1.23% 1.27% (0.04)% 1.40% (0.17)%
Acquisition accounting adjustments (0.09) (0.09) (0.09)
Weighted average cost of FHLB advances 1.14% 1.18% (0.04)% 1.31% (0.17)%

For the fourth quarter of 2013, the weighted average cost of FHLB advances decreased 4 basis points over the preceding third quarter, both on a reported and on a core basis, excluding the effect of acquisition accounting adjustments. During the 2013 fourth quarter, the Company added $25.0 million in new FHLB borrowings at a weighted average rate of 1.78%, and the weighted average maturity of these new borrowings was 5.00 years. These new borrowings replaced $25.0 million of FHLB borrowings with a weighted average rate of 0.68%, which matured during the fourth quarter 2013.

Compared with the prior-year period, the weighted average cost of FHLB advances decreased 17 basis points, both on a reported basis and on a core basis, excluding the effect of acquisition accounting adjustments. The decreases reflect the addition of $180.0 million in new FHLB borrowings of a weighted average rate of 0.89%, which rate was lower than the weighted average rate of the remaining borrowings. The weighted average original maturity of the new borrowings was 2.47 years. In addition, a total of $179.0 million of FHLB borrowings, with a weighted average rate of 1.08%, matured over the past twelve months.

Noninterest Income Total noninterest income for the 2013 fourth quarter amounted to $11.2 million, reflecting a 4% increase over the preceding third quarter and a 14% increase over the prior-year fourth quarter.  

The various noninterest income items are summarized in the following table: 

           
(In thousands) Three Months Ended
      %   %
  12/31/2013 9/30/2013 change 12/31/2012 change
Service fees on deposit accounts  $ 3,720  $ 3,321 12%  $ 2,916 28%
Net gains on sales of SBA loans 2,699 2,827 (5)% 2,754 (2)%
Net gains on sale of other loans —% 6 (100)%
Net valuation gains on interest swaps and caps —% 11 (100)%
Net losses on sales of OREO (45) (48) (6)% (292) (85)%
Other income and fees 4,864 4,699 4% 4,464 9%
Total noninterest income  $ 11,238  $ 10,799 4%  $ 9,859 14%

The 4% increase in noninterest income over the preceding third quarter largely reflects a full quarter's impact from the completion of the Foster Bankshares transaction on August 13, 2013, offset by a modest decline in net gains on sale of SBA loans. The 14% increase in total noninterest income for the 2013 fourth quarter over the prior-year period predominantly reflects the Foster and Pacific International acquisitions. 

Noninterest Expense.  Total noninterest expense for the fourth quarter of 2013 amounted to $37.8 million, reflecting a 6% increase over the preceding third quarter and a 23% increase over the prior-year fourth quarter. 

The various noninterest expense items are summarized in the following table:

           
(In thousands) Three Months Ended
      %   %
  12/31/2013  9/30/2013  change 12/31/2012  change
Salaries and employee benefits  $ 17,719  $ 16,535 7%  $ 14,143 25%
Occupancy 4,470 4,360 3% 3,843 16%
Furniture and equipment 1,895 1,728 10% 1,482 28%
Advertising and marketing 1,328 1,393 (5)% 934 42%
Data processing and communications 2,107 1,983 6% 1,521 39%
Professional fees 1,010 1,440 (30)% 1,324 (24)%
FDIC assessment 939 818 15% 710 32%
Merger and integration expenses 2,244 931 141% 505 344%
Other 6,073 6,558 (7)% 6,147 (1)%
Total noninterest expense  $ 37,785  $ 35,746 6%  $ 30,609 23%

The Company noted that salaries and benefits expense for the 2013 fourth quarter reflects a full quarter's impact from the Foster Bankshares transaction completed on August 13, 2013, as well as acquisition-related severance and holiday bonus payouts. Compared with the prior-year fourth quarter, the increase in salaries and benefits expense reflects the addition of FTEs related to Foster, as well as the acquisition of Pacific International Bancorp completed February 15, 2013. The number of FTEs was 835 as of December 31, 2013, 831 as of September 30, 2013, and 704 as of December 31, 2012.  

In addition, operating results were impacted by merger and integration related expenses, which totaled $2.2 million $931,000 and $505,000 for the 2013 fourth quarter, 2013 third quarter and 2012 fourth quarter, respectively. Merger and integration related expenses for the 2013 fourth quarter included expenses associated with the integration of Foster Bankshares.

Income Tax Provision. The effective tax rate for the 2013 fourth quarter was 37.9%, compared with 39.1% for the preceding third quarter and 40.1% for the 2012 fourth quarter. 

Balance Sheet Summary

Loans receivable totaled $5.07 billion at December 31, 2013, reflecting a 4% increase over $4.90 billion at September 30, 2013 and an increase of 18% over $4.30 billion a year earlier at December 31, 2012. 

Total new loan originations during the fourth quarter of 2013 amounted to $322.9 million, including SBA loan originations of $66.8 million. Sales of SBA loans to the secondary market and gains derived from those sales are based substantially on the production of SBA 7(a) loans. Production of SBA 7(a) loans amounted to $35.5 million for the fourth quarter of 2013, compared with $52.7 million for the preceding third quarter. During the 2013 fourth quarter, the Company sold $31.8 million of its SBA loans held for sale.

For the full year, total new loan origination amounted to $1.14 billion, including SBA loan originations of $231.7 million. 

Aggregate pay offs and pay downs during the 2013 fourth quarter amounted to $209.7 million, compared with $266.1 million for the preceding third quarter and $185.9 million for the year-ago fourth quarter. 

Total deposits amounted to $5.15 billion at December 31, 2013, compared with $5.02 billion at September 30, 2013 and $4.38 billion a year earlier at December 31, 2012. The increase over the preceding third quarter is largely attributed to a 9% increase in money market accounts, as well as higher balances in noninterest bearing demand deposits and jumbo time deposits. Noninterest bearing deposits at December 31, 2013 totaled $1.40 billion and accounted for 27% of total deposits.  

Credit Quality

The provision for loan losses for the 2013 fourth quarter was $8.5 million, compared with $744,000 for the preceding third quarter and $2.4 million for prior-year fourth quarter.

For a more detailed understanding of the changes in the Allowance for Loan and Lease Losses ("ALLL"), the composition of the ALLL has been segmented for disclosure purposes between loans accounted for under the amortized cost method (referred to as "Legacy Loans") and loans acquired through the Center Financial, Pacific International and Foster transactions (referred to as "Acquired Loans"). The Acquired Loans are further segregated between performing and credit impaired loans. 

The composition of the ALLL as of December 31, 2013, September 30, 2013 and December 31, 2012 is as follows: 

       
(dollars in thousands) 12/31/2013 9/30/2013 12/31/2012
Legacy Loans (1)  $ 57,478  $ 59,773  $ 61,003
Acquired Loans - Performing (2) 2,564 1,964 1,404
Acquired Loans - Credit Impaired (2) 4,778 3,978 4,534
Total ALLL  $ 64,820  $ 65,715  $ 66,941
       
Loans receivable  $ 5,074,176  $ 4,898,939  $ 4,296,252
ALLL coverage ratio 1.28% 1.34% 1.56%

(1)  Legacy Loans include loans originated by the Bank's predecessor bank, loans originated by BBCN, and loans that were acquired and that have been refinanced as new loans.

(2) Acquired Loans were marked to fair value at acquisition date, and the allowance for loan losses reflect provisions for credit deterioration since the acquisition date.

Following are the components of criticized loan balances as of December 31, 2013, September 30, 2013 and December 31, 2012:  

       
(dollars in thousands) 12/31/2013 9/30/2013 12/31/2012
Special Mention (1)  $ 89,489  $ 111,631  $ 79,589
Classified (1)  $ 266,361  $ 246,743  $ 209,079
 Criticized  $ 355,850  $ 358,374  $ 288,668

(1) Balances include Acquired Loans which were marked to fair value on the date of acquisition.

The Company defines nonperforming loans to include delinquent loans past due 90 days or more on nonaccrual status, plus delinquent loans past due 90 days or more on accrual status (excluding acquired credit impaired loan balances) and accruing restructured loans. Nonperforming loans at December 31, 2013 held steady at $73.1 million, compared with September 30, 2013.  As a percentage of loans receivable, nonperforming loans at December 31, 2013 was 1.44%, compared with 1.49% at September 30, 2013. 

Nonperforming assets, including other real estate owned, amounted to $97.4 million at December 31, 2013, or 1.50% of total assets, down modestly when compared with $100.7 million, or 1.59% of total assets, at September 30, 2013. 

Net loan charge offs for the 2013 fourth quarter totaled $9.3 million, or 0.75% of average loans on an annualized basis, compared with net loan charge offs of $6.7 million, or 0.56% of average loans on an annualized basis, for the preceding third quarter. Charge offs for the three months ended December 31, 2013 included a $7.2 million charge off related to one trade finance commercial credit. During the fourth quarter, the borrower informed the Company that a major disruption to its cash flows had occurred and, as a result, the borrower would be unable to meet its contractual loan obligations. Given this new information, the Company revised its impairment analysis and recognized the additional impairment through the provision for loan losses and partially charged off the loan.

The allowance for loan losses at December 31, 2013 was $64.8 million, or 1.28% of gross loans receivable (excluding loans held for sale), compared with $65.7 million, or 1.34%, at September 30, 2013.   The coverage ratio of the allowance for loan losses to nonperforming loans (excluding acquired loans past due 90 days or more on accrual status) was 88.72% at December 31, 2013, compared with 91.08% at September 30, 2013.

Impaired loans (defined as loans for which it is probable that not all principal and interest payments due will be collected in accordance with the contractual terms) rose to $116.3 million at December 31, 2013 from $99.2 million at September 30, 2013. 

Specific reserves for impaired loans at December 31, 2013 totaled $10.2 million, or 8.7% of the aggregate impaired loan amount, compared with $11.0 million, or 11.1% of the aggregate impaired loan amount, at September 30, 2013. Excluding specific reserves for impaired loans, the allowance coverage on the remaining loan portfolio was 1.10% at December 31, 2013, compared with 1.14% at September 30, 2013.

Capital

At December 31, 2013, the Company continued to exceed all regulatory capital requirements to be classified as a "well-capitalized" institution, as summarized in the following table.   

  12/31/2013 9/30/2013 12/31/2012
Leverage Ratio 11.89% 12.06% 12.76%
Tier 1 Risk-based Ratio 13.58% 13.64% 14.91%
Total Risk-based Ratio 14.78% 14.89% 16.16%

Tangible common equity per share and as a percentage of tangible assets are summarized in the following table:   

  12/31/2013 9/30/2013 12/31/2012
Tangible common equity per share (1) $8.79 $8.52 $8.43
Tangible common equity to tangible assets (1) 10.98% 10.87% 11.86%

(1)  Tangible common equity to tangible assets is a non-GAAP financial measure that represents common equity less goodwill and net other intangible assets divided by total assets less goodwill and net other intangible assets. Management reviews tangible common equity to tangible assets in evaluating the Company's capital levels and has included this ratio in response to market participant interest in tangible common equity as a measure of capital. The accompanying financial information includes a reconciliation of the ratio of tangible common equity to tangible assets with stockholders' equity and total assets. 

Investor Conference Call 

The Company will host an investor conference call on Tuesday, January 28, 2014 at 9:30 a.m. Pacific Time / 12:30 p.m. Eastern Time to review financial results for the fourth quarter of 2013. Investors and analysts may access the conference call by dialing 877-474-9506 (domestic) or 857-244-7559 (international), passcode 67400854 or "BBCN Bancorp."  Other interested parties are invited to listen to a live webcast of the call available at the Investor Relations section of BBCN Bancorp's website at BBCNbank.com. After the live webcast, a replay will remain available in the Investor Relations section of BBCN Bancorp's website for one year. A replay of the call will be available at 888-286-8010 (domestic) or 617-801-6888 (international) through February 4, 2014, passcode 28254331.

About BBCN Bancorp, Inc.

BBCN Bancorp, Inc. is the holding company of BBCN Bank, the largest Korean-American bank in the nation with $6.5 billion in assets as of December 31, 2013. Headquartered in Los Angeles and serving a diverse mix of customers mirroring its communities, BBCN operates 49 branches in California, New York, New Jersey, Illinois, Washington and Virginia, along with six loan production offices in Seattle, Denver, Dallas, Atlanta, Northern California and Annandale, Virginia.  BBCN specializes in core business banking products for small and medium-sized businesses, with an emphasis in commercial real estate and business lending, SBA lending and international trade financing. BBCN Bank is a California-chartered bank and its deposits are insured by the FDIC to the extent provided by law. BBCN is an Equal Opportunity Lender.

Forward-Looking Statements

This press release contains forward-looking statements, including statements about future operations and projected full-year financial results that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include but are not limited to economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services, and pricing. Readers should carefully review the risk factors and the information that could materially affect the Company's financial results and business, described in documents the Company files from time to time with the Securities and Exchange Commission, including its quarterly reports on Form 10-Q and Annual Reports on Form 10-K, and particularly the discussions of business considerations and certain factors that may affect results of operations and stock price set forth therein. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements.

(tables follow)

BBCN Bancorp, Inc.
Consolidated Financial Statements and Selected Financial Data
Unaudited (Dollars in Thousands, Except per Share Data) 
           
           
Assets 12/31/2013 9/30/2013 % change 12/31/2012 % change
           
Cash and due from banks  $ 316,705  $ 345,352 -8%  $ 312,916 1%
Securities available for sale, at fair value  705,751  708,566 0%  704,403 0%
Federal Home Loan Bank and Federal Reserve Bank stock  27,941  27,958 0%  22,495 24%
Loans held for sale, at the lower of cost or fair value  44,115  49,480 -11%  51,635 -15%
Loans receivable  5,074,176  4,898,939 4%  4,296,252 18%
Allowance for loan losses  (64,820)  (65,715) 1%  (66,941) 3%
Net loans receivable  5,009,356  4,833,224 4%  4,229,311 18%
Accrued interest receivable  13,403  13,108 2%  12,117 11%
Premises and equipment, net  30,894  29,747 4%  22,609 37%
Bank owned life insurance  44,770  44,593 0%  43,767 2%
Goodwill  107,320  119,881 -10%  89,878 19%
Other intangible assets, net  5,184  5,563 -7%  3,033 71%
Other assets  168,092  163,515 3%  148,497 13%
Total assets  $ 6,473,531  $ 6,340,987 2%  $ 5,640,661 15%
           
Liabilities          
           
Deposits  $ 5,148,057  $ 5,021,102 3%  $ 4,384,035 17%
Borrowings from Federal Home Loan Bank  421,352  421,446 0%  420,722 0%
Subordinated debentures  57,410  57,303 0%  41,846 37%
Accrued interest payable  4,821  4,827 0%  4,355 11%
Other liabilities  30,789  35,079 -12%  38,599 -20%
Total liabilities  5,662,429  5,539,757 2%  4,889,557 16%
           
Stockholders' Equity          
           
Common stock, $0.001 par value; authorized, 150,000,000 shares at December 31, 2013, September 30, 2013 and December 31, 2012; issued and outstanding, 79,441,525, 79,253,235, and 78,041,511 at December 31, 2013, September 30, 2013, and December 31, 2012, respectively  79  79 0%  78 1%
Capital surplus  540,876  538,062 1%  525,354 3%
Retained earnings  280,332  266,478 5%  216,590 29%
Accumulated other comprehensive income, net  (10,185)  (3,389) 201%  9,082 -212%
Total stockholders' equity  811,102  801,230 1%  751,104 8%
           
 Total liabilities and stockholders' equity  $ 6,473,531  $ 6,340,987 2%  $ 5,640,661 15%
       
  Three Months Ended Twelve Months Ended  
  12/31/2013 9/30/2013 % change 12/31/2012 % change 12/31/2013 12/31/2012 % change  
                   
Interest income:                  
Interest and fees on loans  $ 70,435  $ 67,747 4%  $ 63,107 12%  $ 266,684  $ 250,583 6%  
Interest on securities  3,971  3,802 4%  3,540 12%  14,726  16,480 -11%  
Interest on federal funds sold and other investments  510  486 5%  285 79%  1,663  822 102%  
Total interest income  74,916  72,035 4%  66,932 12%  283,073  267,885 6%  
                   
Interest expense:                  
Interest on deposits  6,307  5,959 6%  5,492 15%  23,321  21,534 8%  
Interest on other borrowings  1,733  1,716 1%  1,794 -3%  6,697  8,293 -19%  
Total interest expense  8,040  7,675 5%  7,286 10%  30,018  29,647 1%  
                   
Net interest income before provision for loan losses  66,876  64,360 4%  59,646 12%  253,055  238,238 6%  
Provision for loan losses  8,450  744 1036%  2,422 249%  17,500  19,104 -8%  
Net interest income after provision for loan losses  58,426  63,616 -8%  57,224 2%  235,555  219,134 7%  
                   
Noninterest income:                  
Service fees on deposit accounts  3,720  3,321 12%  2,916 28%  12,838  12,466 3%  
Net gains on sales of SBA loans  2,699  2,827 -5%  2,754 -2%  11,515  8,180 41%  
Net gains on sales of other loans  --   --  0%  6 -100%  62  152 -59%  
Net gains on sales of securities available-for-sale  --   --  0%  --  0%  54  949 -94%  
Net valuation gains on interest swaps and caps  --   --  0%  11 -100%  --   35 -100%  
Net loss on sales of OREO  (45)  (48) -6%  (292) -85%  (102)  (251) -59%  
Other income and fees  4,864  4,699 4%  4,464 9%  18,228  17,859 2%  
Total noninterest income  11,238  10,799 4%  9,859 14%  42,595  39,390 8%  
                   
Noninterest expense:                  
Salaries and employee benefits  17,719  16,535 7%  14,143 25%  66,805  56,491 18%  
Occupancy  4,470  4,360 3%  3,843 16%  17,676  15,631 13%  
Furniture and equipment  1,895  1,728 10%  1,482 28%  6,809  5,663 20%  
Advertising and marketing  1,328  1,393 -5%  934 42%  5,184  5,076 2%  
Data processing and communications  2,107  1,983 6%  1,521 39%  7,595  6,364 19%  
Professional fees  1,010  1,440 -30%  1,324 -24%  5,194  3,882 34%  
FDIC assessment  939  818 15%  710 32%  3,309  2,442 36%  
Merger and integration expenses  2,244  931 141%  505 344%  4,865  3,809 28%  
Other  6,073  6,558 -7%  6,147 -1%  23,798  21,533 11%  
   37,785  35,746 6%  30,609 23%  141,235  120,891 17%  
Income before income taxes  31,879  38,669 -18%  36,474 -13%  136,915  137,633 -1%  
Income tax provision  12,080  15,117 -20%  14,947 -19%  53,432  54,410 -2%  
Net income   $ 19,799  $ 23,552 -16%  $ 21,527 -8%  $ 83,483  $ 83,223 0%  
Dividends and discount accretion on preferred stock  $ --   $ --  0%  $ --  0%  $ --   $ (5,640) -100%  
Net income available to common stockholders  $ 19,799  $ 23,552 -16%  $ 21,527 -8%  $ 83,483  $ 77,583 8%  
                   
Earnings Per Common Share:                  
Basic  $ 0.25  $ 0.30    $ 0.28    $ 1.06  $ 0.99    
Diluted  $ 0.25  $ 0.30    $ 0.28    $ 1.05  $ 0.99    
                   
Average Shares Outstanding:                  
Basic  79,350,797  79,223,636    78,033,439    79,036,729  78,012,253    
Diluted  79,520,193  79,334,865    78,113,083    79,260,703  78,091,116    
                   
                   
  Three months ended Twelve Months Ended    
  12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012 12/31/2013 12/31/2012    
                   
Net Income  $ 19,799  $ 23,552  $ 22,671  $ 17,461  $ 21,527  $ 83,483  $ 83,223    
Add back: Income tax  12,080  15,117  14,821  11,414  14,947  53,432  54,410    
Add back: Provision for loan losses  8,450  744  800  7,506  2,422  17,500  19,104    
Pre-tax, pre-provision income (PTPP) 1  $ 40,329  $ 39,413  $ 38,292  $ 36,381  $ 38,896  $ 154,415  $ 156,737    
PTPP to average assets (annualized) 2.52% 2.56% 2.60% 2.54% 2.83% 2.56% 3.00%    
                   
1 While pre-tax, pre-provision income is a non-GAAP performance measure, we believe it is a useful measure in analyzing underlying performance trends, particularly in times of economic stress. It is the level of earnings adjusted to exclude the impact of income tax and provision expense.
                   
  At or for the Three Months Ended (Annualized)     At of for the Twelve Months Ended    
Profitability measures: 12/31/2013 9/30/2013 12/31/2012     12/31/2013 12/31/2012    
 ROA 2 1.24% 1.53% 1.57%     1.38% 1.59%    
 ROE 2 9.77% 11.85% 11.55%     10.59% 10.73%    
 Return on average tangible equity 2,3 11.52% 13.90% 13.20%     12.27% 12.20%    
 Net interest margin 4.45% 4.42% 4.61%     4.46% 4.88%    
 Efficiency ratio 48.37% 47.56% 44.04%     47.77% 43.54%    
                   
2 Based on net income before effect of dividends and discount accretion on preferred stock
3 Average tangible equity is calculated by subtracting average goodwill and average other intangibles from average stockholders' equity. This is non-GAAP measure that we believe provides investors wth information that is useful in understanding our financial performance and position.
                   
  Three Months Ended Three Months Ended Three Months Ended
  12/31/2013 9/30/2013 12/31/2012
                   
    Interest Annualized   Interest Annualized   Interest  Annualized 
  Average Income/ Average Average Income/ Average Average Income/  Average 
  Balance Expense Yield/Cost Balance Expense Yield/Cost Balance Expense  Yield/Cost 
INTEREST EARNING ASSETS:                  
                   
Gross loans, includes loans held for sale   $ 4,999,586  $ 70,435 5.59%  $ 4,771,022  $ 67,747 5.63%  $ 4,262,167  $ 63,107 5.89%
Securities available for sale   702,886  3,971 2.26%  714,660  3,802 2.13%  681,296  3,540 2.08%
FRB and FHLB stock and other investments   258,270  510 0.77%  291,672  486 0.65%  206,348  285 0.54%
Federal funds sold   --   --  NA  --   --  0.00%  43  --  0.30%
Total interest earning assets  $ 5,960,742  $ 74,916 4.99%  $ 5,777,353  $ 72,035 4.95%  $ 5,149,854  $ 66,932 5.17%
                   
INTEREST BEARING LIABILITIES:                  
Deposits:                  
Demand, interest-bearing   $ 1,327,322  $ 2,082 0.62%  $ 1,276,732  $ 1,927 0.60%  $ 1,192,546  $ 1,818 0.61%
Savings   226,638  657 1.15%  204,050  669 1.30%  181,283  793 1.74%
Time deposits:                  
$100,000 or more  1,468,459  2,413 0.65%  1,380,962  2,361 0.68%  988,157  1,635 0.66%
Other  662,029  1,155 0.69%  677,352  1,003 0.59%  717,419  1,246 0.69%
Total time deposits  2,130,488  3,568 0.66%  2,058,314  3,364 0.65%  1,705,576  2,881 0.67%
Total interest bearing deposits  3,684,448  6,307 0.68%  3,539,095  5,959 0.67%  3,079,405  5,492 0.71%
FHLB advances  420,319  1,204 1.14%  422,084  1,251 1.18%  422,518  1,397 1.31%
Other borrowings  56,453  529 3.67%  48,273  465 3.77%  40,231  397 3.86%
Total interest bearing liabilities  4,161,220  $ 8,040 0.77%  4,009,452  $ 7,675 0.76%  3,542,154  $ 7,286 0.82%
Noninterest bearing demand deposits  1,379,230      1,306,307      1,155,905    
Total funding liabilities/cost of funds  $ 5,540,450   0.58%  $ 5,315,760   0.57%  $ 4,698,059   0.62%
Net interest income/net interest spread    $ 66,876 4.22%    $ 64,360 4.19%    $ 59,646 4.35%
Net interest margin     4.45%     4.42%     4.61%
Net interest margin, excluding effect of nonaccrual loan income (expense)     4.47%     4.42%     4.63%
Net interest margin, excluding effect of nonaccrual loan income (expense) and prepayment fee income   4.44%     4.37%     4.60%
                   
Nonaccrual loan income (reversed) recognized    $ (280)      $ (153)      $ (205)  
Prepayment fee income received    537      580      313  
Net    $ 257      $ 427      $ 108  
                   
Cost of deposits:                  
Noninterest bearing demand deposits  $ 1,379,230  $ --     $ 1,306,307  $ --     $ 1,155,905  $ --   
Interest bearing deposits  3,684,448  6,307 0.68%  3,539,095  5,959 0.67%  3,079,405  5,492 0.73%
Total deposits  $ 5,063,678  $ 6,307 0.50%  $ 4,845,402  $ 5,959 0.49%  $ 4,235,310  5,492 0.52%
     
  Twelve Months Ended  Twelve Months Ended 
  12/31/2013 12/31/2012
             
    Interest Annualized    Interest  Annualized
  Average Income/ Average Average  Income/  Average
  Balance Expense Yield/Cost Balance  Expense  Yield/Cost
INTEREST EARNING ASSETS:            
             
Gross loans, includes loans held for sale   $ 4,692,089  $ 266,684 5.68%  $ 3,974,626  $ 250,583 6.30%
Securities available for sale   703,812  14,726 2.09%  694,719  16,480 2.37%
FRB and FHLB stock and other investments   276,109  1,663 0.59%  205,743  744 0.36%
Federal funds sold   --   --  NA  11,342  78 0.68%
Total interest earning assets  $ 5,672,010  $ 283,073 4.99%  $ 4,886,430  $ 267,885 5.48%
             
INTEREST BEARING LIABILITIES:            
Deposits:            
Demand, interest-bearing   $ 1,289,082  $ 7,818 0.61%  $ 1,191,548  $ 7,566 0.63%
Savings   200,735  2,800 1.39%  187,301  3,364 1.80%
Time deposits:            
$100,000 or more  1,317,178  8,254 0.63%  851,971  6,064 0.71%
Other  671,670  4,449 0.66%  691,579  4,361 0.63%
Total time deposits  1,988,848  12,703 0.64%  1,543,550  10,425 0.68%
Total interest bearing deposits  3,478,665  23,321 0.67%  2,922,399  21,355 0.73%
FHLB advances  421,729  4,899 1.16%  374,938  6,229 1.66%
Other borrowings  47,678  1,798 3.72%  44,535  2,064 4.56%
Total interest bearing liabilities  3,948,072  $ 30,018 0.76%  3,341,872  $ 29,648 0.89%
Non-interest bearing demand deposits  1,260,596      1,067,002    
Total funding liabilities / cost of funds  $ 5,208,668   0.58%  $ 4,408,874   0.67%
Net interest income / net interest spread    $ 253,055 4.23%    $ 238,237 4.59%
Net interest margin     4.46%     4.88%
Net interest margin, excluding effect of nonaccrual loan income(expense)     4.47%     4.90%
Net interest margin, excluding effect of nonaccrual loan income(expense) and prepayment fee income   4.44%     4.88%
             
Nonaccrual loan income (reversed) recognized    $ (274)      $ (998)  
Prepayment fee income received    1,485      746  
Net    $ 1,211      $ (252)  
             
Cost of deposits:            
Non-interest bearing demand deposits  $ 1,260,596  $ --     $ 1,067,002  $ --   
Interest bearing deposits  3,478,665  23,321 0.67%  2,922,399  21,355 0.73%
Total deposits  $ 4,739,261  $ 23,321 0.49%  $ 3,989,401  $ 21,355 0.54%
       
   Three Months Ended   Twelve Months Ended   
  12/31/2013 9/30/2013 % change 12/31/2012 % change 12/31/2013 12/31/2012 % change  
AVERAGE BALANCES                  
Gross loans, includes loans held for sale  $ 4,999,586  $ 4,771,022 5%  $ 4,262,167 17% $4,692,089  3,974,626 18%  
Investments  961,156  1,006,332 -4%  887,687 8%  979,921  911,804 7%  
Interest earning assets  5,960,742  5,777,353 3%  5,149,854 16%  5,672,010  4,886,430 16%  
Total assets  6,393,658  6,160,132 4%  5,490,540 16%  6,042,677  5,228,557 16%  
                   
Interest bearing deposits  3,684,448  3,539,095 4%  3,079,405 20%  3,478,665  2,922,399 19%  
Interest bearing liabilities  4,161,220  4,009,452 4%  3,542,154 17%  3,948,072  3,341,872 18%  
Noninterest bearing demand deposits  1,379,230  1,306,307 6%  1,155,905 19%  1,260,596  1,067,002 18%  
Stockholders' equity  810,581  794,737 2%  745,468 9%  788,575  775,718 2%  
Net interest earning assets  1,799,522  1,767,901 2%  1,607,700 12%  1,723,938  1,544,558 12%  
                   
  12/31/2013 9/30/2013 % change 12/31/2012 % change        
LOAN PORTFOLIO COMPOSITION:                   
Commercial loans  $ 1,073,778  $ 1,068,844 0%  $ 1,073,625 0%        
Real estate loans  3,904,059  3,736,225 4%  3,174,759 23%        
Consumer and other loans  98,507  95,693 3%  49,954 97%        
Loans outstanding  5,076,344  4,900,762 4%  4,298,338 18%        
Unamortized deferred loan fees - net of costs  (2,168)  (1,823) 19%  (2,086) 4%        
Loans, net of deferred loan fees and costs  5,074,176  4,898,939 4%  4,296,252 18%        
Allowance for loan losses  (64,820)  (65,715) 1%  (66,941) 3%        
Loan receivable, net  $ 5,009,356  $ 4,833,224 4%  $ 4,229,311 18%        
                   
REAL ESTATE LOANS BY PROPERTY TYPE: 12/31/2013 9/30/2013 % change 12/31/2012 % change        
Retail buildings  $ 1,140,103  $ 1,089,898 5%  $ 868,567 31%        
Hotels/motels  720,175  667,206 8%  609,076 18%        
Gas stations/car washes  522,198  523,368 0%  428,997 22%        
Mixed-use facilities  312,156  297,506 5%  340,433 -8%        
Warehouses  383,979  362,700 6%  294,421 30%        
Multifamily  181,503  171,489 6%  142,610 27%        
Other  643,945  624,058 3%  490,655 31%        
Total  $ 3,904,059  $ 3,736,225 4%  $ 3,174,759 23%        
                   
DEPOSIT COMPOSITION 12/31/2013 9/30/2013 % change 12/31/2012 % change        
Noninterest bearing demand deposits  $ 1,399,454  $ 1,362,675 3%  $ 1,184,285 18%        
Money market and other  1,376,068  1,267,113 9%  1,248,304 10%        
Saving deposits  222,446  228,073 -2%  180,686 23%        
Time deposits of $100,000 or more  1,499,248  1,475,321 2%  1,088,611 38%        
Other time deposits  650,841  687,920 -5%  682,149 -5%        
Total deposit balances  $ 5,148,057  $ 5,021,102 3%  $ 4,384,035 17%        
                   
DEPOSIT COMPOSITION (%) 12/31/2013 9/30/2013 12/31/2012            
Noninterest bearing demand deposits 27.2% 27.2% 27.0%            
Money market and other 26.7% 25.2% 28.5%            
Saving deposits 4.3% 4.5% 4.1%            
Time deposits of $100,000 or more 29.1% 29.4% 24.8%            
Other time deposits 12.6% 13.7% 15.6%            
Total deposit balances 100.0% 100.0% 100.0%            
                   
                   
CAPITAL RATIOS 12/31/2013 9/30/2013 12/31/2012            
Total stockholders' equity  $ 811,102  $ 801,230  $ 751,104            
Tier 1 risk-based capital ratio  13.58% 13.64% 14.91%            
Total risk-based capital ratio  14.78% 14.89% 16.16%            
Tier 1 leverage ratio  11.89% 12.06% 12.76%            
Book value per common share  $ 10.21  $ 10.10  $ 9.62            
Tangible common equity per share4  $ 8.79  $ 8.52  $ 8.43            
Tangible common equity to tangible assets4 10.98% 10.87% 11.86%            
                   
4 Tangible common equity to tangible assets is a non-GAAP financial measure that represents common equity less goodwill and other intangible assets, net divided by total assets less goodwill and other intangible assets, net. Management reviews tangible common equity to tangible assets in evaluating the Company's capital levels and has included this ratio in response to market participant interest in tangible common equity as a measure of capital. 
 
                   
Reonciliation of GAAP financial measures to non-GAAP financial measures:                
                   
  12/31/2013 9/30/2013 12/31/2012            
Total stockholders' equity  $ 811,102  $ 801,230  $ 751,104            
Less: Common stock warrant  (378)  (378)  (378)            
Goodwill and other intangible assets, net  (112,504)  (125,444)  (92,911)            
Tangible common equity  $ 698,220  $ 675,408  $ 657,815            
                   
Total assets  $ 6,473,531  $ 6,340,987  $ 5,640,661            
Less: Goodwill and other intangible assets, net  (112,504)  (125,444)  (92,911)            
Tangible assets  $ 6,361,027  $ 6,215,543  $ 5,547,750            
                   
Common shares outstanding  79,441,525  79,247,719  78,041,511            
                   
Tangible common equity to tangible assets 10.98% 10.87% 11.86%            
Tangible common equity per share  $ 8.79  $ 8.52  $ 8.43            
                   
                   
   Three Months Ended   Twelve Months Ended     
ALLOWANCE FOR LOAN LOSSES: 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012 12/31/2013 12/31/2012    
Balance at beginning of period  $ 65,715  $ 71,675  $ 73,268  $ 66,941  $ 65,952  $ 66,941  $ 61,952    
Provision for loan losses  8,450  744  800  7,506  2,422  17,500  19,104    
Recoveries  605  1,086  507  250  587  2,448  4,665    
Charge offs   (9,950)  (7,790)  (2,900)  (1,429)  (2,020)  (22,069)  (18,780)    
Balance at end of period  $ 64,820  $ 65,715  $ 71,675  $ 73,268  $ 66,941  $ 64,820  $ 66,941    
Net charge offs/average gross loans (annualized) 0.75% 0.56% 0.21% 0.11% 0.13% 0.56% 0.36%    
                   
  Three Months Ended Twelve Months Ended    
NET CHARGED OFF LOANS BY TYPE 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012 12/31/2013 12/31/2012    
                   
Real estate loans  $ 288  $ 6,129  $ 744  $ 1,014  $ 651  $ 8,175  $ 4,740    
Commercial loans  9,139  119  1,684  150  627  11,092  8,819    
Consumer loans  (82)  (44)  (35)  15  155  (146)  556    
Charge offs excluding Acquired Credit Impaired Loans  9,345  6,204  2,393  1,179  $ 1,433  19,121  $ 14,115    
Charge offs on Acquired Credit Impaired Loans  --   500  --   --   --   500  --     
Total net charge offs  $ 9,345  $ 6,704  $ 2,393  $ 1,179  $ 1,433  $ 19,621  $ 14,115    
           
NONPERFORMING ASSETS 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012
Delinquent loans 90 days or more on nonaccrual status5  $ 39,154  $ 36,129  $ 44,987  $ 42,269  $ 29,653
Delinquent loans 90 days or more on accrual status6  5  948  252  --   -- 
Accruing restructured loans  33,903  36,018  36,225  32,249  29,849
Total nonperforming loans  73,062  73,095  81,464  74,518  59,502
Other real estate owned  24,288  27,582  9,596  8,419  2,698
Total nonperforming assets  $ 97,350  $ 100,677  $ 91,060  $ 82,937  $ 62,200
Nonperforming assets/total assets 1.50% 1.59% 1.55% 1.42% 1.10%
Nonperforming assets/loans receivable & OREO 1.91% 2.04% 2.01% 1.84% 1.45%
Nonperforming assets/total capital 12.00% 12.57% 11.66% 10.74% 8.28%
Nonperforming loans/loans receivable 1.44% 1.49% 1.80% 1.66% 1.38%
Nonaccrual loans/loans receivable 0.77% 0.74% 1.00% 0.94% 0.69%
Allowance for loan losses/loans receivable 1.28% 1.34% 1.59% 1.63% 1.56%
Allowance for loan losses/nonaccrual loans 165.55% 181.89% 159.32% 173.34% 225.75%
Allowance for loan losses/nonperforming loans 88.72% 89.90% 87.98% 98.32% 112.50%
Allowance for loan losses/nonperforming assets 66.58% 65.27% 78.71% 88.34% 107.62%
           
5 Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling $27.5 million, $25.2 million, $21.0 million, $18.6 million and $17.6 million at December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013, and December 31, 2012, respectively. 
6 Excludes Acquired Credit Impaired Loans totaling $43.8 million, $38.6 million, $18.5 million, $21.6 million, and $17.7 million at December 31, 2013, September 30, 2013, June 30, 2013, March 31, 2013, and December 31, 2012, respectively. 
           
           
BREAKDOWN OF ACCRUING RESTRUCTURED LOANS BY TYPE: 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012
Retail buildings  $ 5,576  $ 6,777  $ 6,812  $ 2,556  $ 3,301
Hotels/motels  8,477  8,550  8,623  8,701  8,774
Gas stations/car washes  --   --   --   --   -- 
Mixed-use facilities  802  807  811  816  -- 
Warehouses  482  485  489  492  494
Multifamily  --   --   --   3,247  3,247
Other7  18,566  19,399  19,490  16,437  14,023
Total  $ 33,903  $ 36,018  $ 36,225  $ 32,249  $ 29,839
           
7 Includes commercial business and other loans          
           
           
DELINQUENT LOANS LESS THAN 90 DAYS PAST DUE 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012
           
Legacy          
30 - 59 days  $ 2,209  $ 1,705  $ 2,056  $ 1,174  $ 968
60 - 89 days  266  732  85  2,411  349
Total delinquent loans less than 90 days past due - legacy  $ 2,475  $ 2,437  $ 2,141  $ 3,585  $ 1,317
           
Acquired          
30 - 59 days  $ 14,791  $ 22,304  $ 8,590  $ 22,552  $ 7,411
60 - 89 days  4,969  7,366  5,574  3,848  16,835
Total delinquent loans less than 90 days past due - acquired  $ 19,760  $ 29,670  $ 14,164  $ 26,400  $ 24,246
           
Total delinquent loans less than 90 days past due  $ 22,235  $ 32,107  $ 16,305  $ 29,985  $ 25,563
           
DELINQUENT LOANS LESS THAN 90 DAYS PAST DUE BY TYPE 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012
           
Legacy          
Real estate loans  $ 1,375  $ 1,664  $ 853  $ 2,870  $ 595
Commercial loans  1,024  744  1,267  692  532
Consumer loans  76  29  21  23  190
Total delinquent loans less than 90 days past due - legacy  $ 2,475  $ 2,437  $ 2,141  $ 3,585  $ 1,317
           
Acquired          
Real estate loans  $ 14,005  $ 18,280  $ 11,433  $ 14,437  $ 21,598
Commercial loans  3,936  10,679  2,461  11,294  2,533
Consumer loans  1,819  711  270  669  115
Total delinquent loans less than 90 days past due - acquired  $ 19,760  $ 29,670  $ 14,164  $ 26,400  $ 24,246
           
Total delinquent loans less than 90 days past due  $ 22,235  $ 32,107  $ 16,305  $ 29,985  $ 25,563
           
NONACCRUAL LOANS BY TYPE 12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012
           
Real estate loans  $ 28,083  $ 26,616  $ 34,577  $ 33,751  $ 20,430
Commercial loans  10,141  8,743  9,629  7,591  8,253
Consumer loans  930  770  781  927  970
Total nonaccrual loans  $ 39,154  $ 36,129  $ 44,987  $ 42,269  $ 29,653
           
CRITICIZED LOANS  12/31/2013 9/30/2013 6/30/2013 3/31/2013 12/31/2012
Legacy          
Special mention  $ 46,480  $ 61,804  $ 66,774  $ 59,681  $ 25,279
Substandard  120,163  100,551  97,692  94,303  94,335
Doubtful  359  8  152  455  474
Loss  --   --   --   22  -- 
Total criticized loans - legacy  $ 167,002  $ 162,363  $ 164,618  $ 154,461  $ 120,088
           
Acquired          
Special mention  $ 43,009  $ 49,827  $ 42,014  $ 52,722  $ 54,310
Substandard  138,337  143,149  121,758  133,398  113,610
Doubtful  6,100  2,045  368  327  415
Loss  1,402  990  707  849  245
Total criticized loans - acquired  $ 188,848  $ 196,011  $ 164,847  $ 187,296  $ 168,580
           
Total criticized loans  $ 355,850  $ 358,374  $ 329,465  $ 341,757  $ 288,668
Angie Yang
SVP, Investor Relations
213-251-2219