BBCN Bancorp Reports 2014 Second Quarter Financial Results

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| Source: BBCN Bancorp, Inc.

Q2 2014 Summary:

  • Net income totals $22.3 million, or $0.28 per diluted common share
  • New loan production for the quarter amounts to $344 million
  • Loans receivable increase to $5.35 billion, reflecting a 5% increase year-to-date
  • Total deposits increase to $5.47 billion, reflecting a 6% increase for the first six months of 2014
  • Total assets increase to $6.87 billion, reflecting a 6% increase from December 31, 2013

LOS ANGELES, July 21, 2014 (GLOBE NEWSWIRE) -- BBCN Bancorp, Inc. (the "Company") (Nasdaq:BBCN), the holding company of BBCN Bank (the "Bank"), today reported net income of $22.3 million, or $0.28 per diluted common share, for the three months ended June 30, 2014. This compares with net income of $22.2 million, or $0.28 per diluted common share, for the preceding 2014 first quarter and $22.7 million, or $0.29 per diluted common share, for the year-ago second quarter.

"BBCN's 2014 second quarter represents another quarter of all-around solid performance, marked by organic loan and deposit growth, improving asset quality trends and strong profitability levels," said Kevin S. Kim, Chairman and Chief Executive Officer of BBCN Bancorp, Inc. "Loan growth was solid at 12% on an annualized basis, with loan originations accelerating to $344 million for the quarter and representing a 15% increase over new loan volumes in the preceding first quarter and a 65% increase over production in the year-ago second quarter. Total deposits grew 10% on a quarterly annualized basis, and core deposits accounted for 92% of the growth during the quarter. Asset quality trends were favorable, with lower end-of-period balances in nonaccrual and criticized loans, when compared with the preceding first quarter, and we continued to maintain higher-than-industry levels of profitability, with annualized pre-tax, pre-provision earnings representing 2.36% of our average assets.

"The overall consistency of our financial performance quarter after quarter exemplifies the strong execution of our management team and the dedication of our business development teams. With the progress we are making on our strategic goals and the investments we are making in our organization, we believe BBCN is well positioned to enhance its value offering to its customers, employees and shareholders as the preeminent Korean-American bank in the United States," said Kim.

       
Financial Highlights      
       
(Dollars in thousands, except per share data) At or for the Three Months Ended
  6/30/2014 3/31/2014 6/30/2013
Net income  $ 22,312  $ 22,196  $ 22,671
Diluted earnings per share  $ 0.28  $ 0.28  $ 0.29
Net interest income before provision for loan losses  $ 67,490  $ 64,966  $ 62,103
Net interest margin 4.20% 4.29% 4.49%
Noninterest income  $ 10,492  $ 11,095  $ 10,618
Noninterest expense  $ 37,739  $ 36,275  $ 34,429
Net loans receivable  $ 5,280,187  $ 5,125,095  $ 4,446,447
Deposits  $ 5,470,388  $ 5,334,560  $ 4,576,799
Nonaccrual loans (1)  $ 42,651  $ 47,314  $ 44,987
ALLL to loans receivable 1.25% 1.27% 1.59%
ALLL to nonaccrual loans (1) 156.78% 138.86% 159.32%
ALLL to nonperforming assets (1) (2) 62.40% 62.66% 78.71%
Provision for loan losses  $ 2,996  $ 3,026  $ 800
Net charge offs  $ 1,825  $ 4,647  $ 2,393
ROA 1.31% 1.36% 1.54%
ROE 10.59% 10.84% 11.58%
Efficiency ratio 48.39% 47.69% 47.34%
       
(1) Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling $30.0 million, $31.2 million and $21.0 million at June 30, 2014, March 31, 2014 and June 30, 2013, respectively. 
(2) Nonperforming assets exclude acquired credit impaired loans totaling $43.7 million, $46.0 million and $18.5 million at June 30, 2014, March 31, 2014 and June 30, 2013, respectively. 

Operating Results for the Second Quarter of 2014

The comparability of BBCN's operating results with past performance is impacted by acquisition accounting adjustments related to past acquisitions. The Company provides the following supplemental information to facilitate a better understanding of past financial performance. Operating results for the three months ended June 30, 2014, March 31, 2014, and June 30, 2013 include the following pre-tax acquisition accounting adjustments related to mergers:

       
  Three Months Ended
  June 30, March 31, June 30,
  2014 2014 2013
Accretion of discount on acquired performing loans  $ 4,575  $ 3,202  $ 6,637
Accretion of discount on acquired credit impaired loans 2,096 2,645 1,032
Amortization of premium on acquired FHLB borrowings 94 92 92
Accretion of discount on acquired subordinated debt (40) (91) (48)
Amortization of premium on acquired time deposits 231 314 247
Increase to pre-tax income  $ 6,956  $ 6,162  $ 7,960

Net Interest Income and Net Interest Margin. Net interest income before provision for loan losses totaled $67.5 million for the 2014 second quarter, reflecting a 4% increase over $65.0 million in the preceding first quarter of 2014 and a 9% increase over $62.1 million in the prior-year second quarter. The Company attributed the increases largely to the growth in its loans receivable over prior periods, reflecting robust levels of organic loan originations, as well as strategic acquisitions made during 2013 and the reduction in the level of nonaccrual loans. Overall, average interest earning assets for the 2014 second quarter rose 5% over than the preceding first quarter and increased 16% over the year-ago second quarter. 

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
  6/30/2014 3/31/2014 change 6/30/2013 change
Net interest margin, excluding the effect of acquisition accounting adjustments 3.72% 3.82% (0.10)% 3.86% (0.14)%
Acquisition accounting adjustments 0.48 0.47 0.01 0.63 (0.15)
Net interest margin 4.20% 4.29% (0.09)% 4.49% (0.29)%

The net interest margin for the 2014 second quarter decreased 9 basis points from the preceding first quarter to 4.20%, and 10 basis points on a core basis, excluding the effect of acquisition accounting adjustments, reflecting a less favorable mix of earning assets versus comparable periods.   

Compared with the prior-year second quarter, net interest margin for the 2014 second quarter declined 29 basis points, largely due to a decrease in the weighted average yield on loans. Excluding the effect of acquisition accounting adjustments, the core net interest margin for the current second quarter declined 14 basis points from the year-ago period. 

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

           
  Three Months Ended
  6/30/2014 3/31/2014 change 6/30/2013 change
Weighted average yield on loans, excluding the effect of acquisition accounting adjustments 4.86% 4.83% 0.03% 5.02% (0.16)%
Acquisition accounting adjustments 0.58 0.54 0.04 0.76 (0.18)
Weighted average yield on loans 5.44% 5.37% 0.07% 5.78% (0.34)%

The weighted average yield on loans for the 2014 second quarter rose 7 basis points to 5.44% from the preceding first quarter. On a core basis when excluding the effect of acquisition accounting adjustments, the weighted average yield on loans increased 3 basis points. The weighted average yield on new loans originated during the 2014 second quarter was 4.52%, relatively flat with 4.53% in the preceding first quarter. Compared with the prior-year period, the weighted average yield on loans for the 2014 second quarter decreased 34 basis points and 16 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:

           
  6/30/2014 3/31/2014 change 6/30/2013 change
Fixed rate loans          
As a percentage of total loans 50% 49% 1% 40% 10%
Weighted average contractual rate 4.85% 4.90% (0.05)% 5.31%  %
Variable rate loans          
As a percentage of total loans 50% 51% (1)% 60% (10)%
Weighted average contractual rate 4.29% 4.33% (0.04)% 4.50% (0.21)%

The declines in the weighted average contractual rate for fixed rate loans for the 2014 first quarter versus prior periods reflect what continues to be a highly competitive rate environment for fixed rate commercial real estate loans in the current interest rate environment. 

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

           
  Three Months Ended
  6/30/2014 3/31/2014 change 6/30/2013 change
Weighted average cost of deposits, excluding the effect of acquisition accounting adjustments 0.55% 0.55% −% 0.51% 0.04%
Acquisition accounting adjustments (0.01) (0.03) 0.02 (0.02) 0.01
Weighted average cost of deposits 0.54% 0.52% 0.02% 0.49% 0.05%

The weighted average cost of deposits for the 2014 second quarter was relatively stable with the preceding first quarter, up only 2 basis points on a reported basis and flat 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 2014 second quarter increased 5 basis points and increased 4 basis points on a core basis, excluding the effect of premium amortization on time deposits assumed in mergers. 

Noninterest Income Total noninterest income was relatively stable at $10.5 million for the 2014 second quarter, compared with $11.1 million in the preceding 2014 first quarter and $10.6 million in the prior-year second quarter. The Company noted that the 2014 first quarter included a gain on sales of other real estate owned of $406,000, compared with a gain of $31,000 in the current second quarter and a loss of $11,000 in the 2013 second quarter.   

Noninterest Expense.  Total noninterest expense for the second quarter of 2014 amounted to $37.7 million, reflecting a 4% increase from $36.3 million in the preceding 2014 first quarter, which is largely attributed to an increase in credit related expenses, partially offset by a decrease in salaries and employee benefits. Compared with the prior-year second quarter, total noninterest expense increased 10% from $34.4 million, reflecting the combination of Foster Bankshares in the third quarter of 2013, as well as higher credit related expenses.

Salaries and employee benefits expense for the 2014 second quarter declined 4% from the preceding first quarter, which included separation payments related to the retirement of the Bank's former chief executive officer.  Compared with the prior-year second quarter, the increase in salaries and benefits expense reflects the growth in FTEs related to the Foster acquisition, which was completed on August 13, 2013. The total number of FTEs was 875 as of June 30, 2014, 860 as of March 31, 2014, and 749 as of June 30, 2013.  

Credit related expenses, which previously were included in other expenses, amounted to $3.0 million for the 2014 second quarter, compared with $1.4 million in the preceding first quarter and $2.2 million in the year-ago second quarter.  The Company attributed the increase in credit related expenses versus prior periods to property tax and insurance related payments made to protect BBCN's interest in the underlying collateral of loans. 

Income Tax Provision. The effective tax rate for the 2014 second quarter was 40.1%, compared with 39.6% for the preceding 2014 first quarter and 39.5% for the 2013 second quarter. 

Balance Sheet Summary

Loans receivable totaled $5.35 billion at June 30, 2014, reflecting a 3% increase over $5.19 billion at March 31, 2014, and a 5% increase year-to-date over $5.07 billion at December 31, 2013. 

Total new loan originations during the second quarter of 2014 amounted to $343.7 million, including SBA loan originations of $85.0 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 $62.2 million for the second quarter of 2014, compared with $38.1 million for the preceding 2014 first quarter. During the 2014 second quarter, the Company sold $31.3 million of its SBA loans held for sale.

Aggregate pay offs and pay downs during the 2014 second quarter amounted to $231.2 million, compared with $197.9 million for the preceding first quarter and $222.8 million for the year-ago second quarter. 

Total deposits amounted to $5.47 billion at June 30, 2014, compared with $5.33 billion at March 31, 2014 and $5.15 billion at year-end 2013. The increase in total deposits from March 31, 2014 is predominantly due to higher balances in noninterest bearing demand deposits and money market accounts, which grew 5% and 4%, respectively. Noninterest bearing deposits at June 30, 2014 totaled $1.51 billion and accounted for 28% of total deposits.  

Credit Quality

The provision for loan losses for the 2014 second quarter was $3.0 million, compared with $3.0 million for the preceding 2014 first quarter and $800,000 for the prior-year second 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 June 30, 2014, March 31, 2014, and June 30, 2013 is as follows:

       
(dollars in thousands) 6/30/2014 3/31/2014 6/30/2013
Legacy Loans (1)  $ 58,877  $ 58,203  $ 61,316
Acquired Performing Loans (2) 2,113 1,936 5,825
Acquired Credit Impaired Loans (2) 5,880 5,560 4,534
Total ALLL  $ 66,870  $ 65,699  $ 71,675
       
Loans receivable  $ 5,347,057  $ 5,190,794  $ 4,518,122
ALLL coverage ratio 1.25% 1.27% 1.59%
       
(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 June 30, 2014, March 31, 2014, and June 30, 2013: 

       
(dollars in thousands) 6/30/2014 3/31/2014 6/30/2013
Special Mention (1)  $ 92,470  $ 93,554  $ 108,788
Classified (1)  $ 242,258  $ 253,342  $ 220,677
 Criticized  $ 334,728  $ 346,896  $ 329,465
       
(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 loans) and accruing restructured loans. 

Nonperforming loans at June 30, 2014 totaled $86.6 million, or 1.62% of loans receivable, compared with $84.8 million, or 1.63% of loans receivable, at March 31, 2014 and $81.5 million, or 1.80% of loans receivable, at June 30, 2013. Nonaccrual loans at June 30, 2014 declined to $42.7 million, or 0.80% of loans receivable, compared with $47.3 million, or 0.91% of loans receivable, at March 31, 2014 and $45.0 million, or 1.00% at June 30, 2013. The Company noted that a restructured nonaccrual loan with an outstanding balance of $5.1 million moved to accrual status during the quarter as an accruing restructured loan. This migration contributed to a decrease in nonaccrual loan balances at the end of the 2014 second quarter from the preceding first quarter, and conversely resulted in an increase in accruing restructured loans as of June 30, 2014.

Nonperforming assets, including other real estate owned, amounted to $107.2 million at June 30, 2014, or 1.56% of total assets, compared with $104.8 million, or 1.57% of total assets, at March 31, 2014, and $91.1 million, or 1.55% of total assets, at June 30, 2013. 

Net loan charge-offs for the 2014 second quarter totaled $1.8 million and equaled 0.14% of average loans receivable on an annualized basis. This compares with net loan charge offs of $4.6 million, or 0.36% of average loans receivable on an annualized basis, for the preceding 2014 first quarter and $2.4 million, or 0.21% of average loans receivable on an annualized basis, for the year-ago second quarter. 

The allowance for loan losses at June 30, 2014 was $66.9 million, or 1.25% of loans receivable (excluding loans held for sale), compared with $65.7 million, or 1.27%, at March 31, 2014 and $71.7 million, or 1.59%, at June 30, 2013.   The coverage ratio of the allowance for loan losses to nonperforming loans (excluding acquired credit impaired loans) was 77.26% at June 30, 2014, compared with 77.44% at March 31, 2014 and 87.98% at June 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 and restructured loans) totaled $124.2 million at June 20, 2014, compared with $121.8 million at March 31, 2014 and $98.2 million at June 30, 2013. 

Capital

At June 30, 2014, the Company continued to exceed all regulatory capital requirements to be classified as a "well-capitalized" institution, as summarized in the following table. 

       
  6/30/2014 3/31/2014 6/30/2013
Leverage Ratio 11.66% 11.88% 12.60%
Tier 1 Risk-based Ratio 13.71% 13.70% 14.87%
Total Risk-based Ratio 14.90% 14.89% 16.12%

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

       
  6/30/2014 3/31/2014 6/30/2013
Tangible common equity per share (1) $9.34 $9.08 $8.65
Tangible common equity to tangible assets (1) 10.99% 11.00% 11.88%
       
(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, July 22, 2014 at 9:30 a.m. Pacific Time / 12:30 p.m. Eastern Time to review financial results for the first quarter of 2014. Investors and analysts may access the conference call by dialing 888-317-6016 (domestic) or 412-317-6016 (international), and asking for the "BBCN Bancorp Conference Call."  Other interested parties are invited to listen to a live webcast of the call available in the Investor Relations section under About Us at BBCN Bancorp's website 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 877-344-7529 (domestic) or 412-317-0088 (international) through July 30, 2014, passcode 10048989.  

About BBCN Bancorp, Inc.

BBCN Bancorp, Inc. is the holding company of BBCN Bank, the largest Korean-American bank in the nation with $6.9 billion in assets as of June 30, 2014. 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.

                   
BBCN Bancorp, Inc.
Consolidated Financial Statements and Selected Financial Data
Unaudited (Dollars in Thousands, Except per Share Data) 
                   
                   
Assets 6/30/2014 3/31/2014 % change 12/31/2013 % change 6/30/2013 % change    
                   
Cash and due from banks  $ 414,919  $ 403,111 3%  $ 316,705 31%  $ 296,330 40%    
Securities available for sale, at fair value  746,683  725,229 3%  705,751 6%  725,239 3%    
Federal Home Loan Bank and Federal Reserve Bank stock  28,399  27,902 2%  27,941 2%  26,261 8%    
Loans held for sale, at the lower of cost or fair value  53,324  38,157 40%  44,115 21%  43,111 24%    
Loans receivable  5,347,057  5,190,794 3%  5,074,176 5%  4,518,122 18%    
Allowance for loan losses  (66,870)  (65,699) -2%  (67,320) 1%  (71,675) 7%    
 Net loans receivable  5,280,187  5,125,095 3%  5,006,856 5%  4,446,447 19%    
Accrued interest receivable  13,133  13,410 -2%  13,403 -2%  13,054 1%    
Premises and equipment, net  30,699  31,290 -2%  30,894 -1%  23,226 32%    
Bank owned life insurance  45,354  45,062 1%  44,770 1%  44,400 2%    
Goodwill  105,401  105,401 0%  105,401 0%  92,288 14%    
Other intangible assets, net  4,535  4,859 -7%  5,184 -13%  3,125 45%    
Other assets  143,657  148,035 -3%  174,179 -18%  149,533 -4%    
 Total assets  $ 6,866,291  $ 6,667,551 3%  $ 6,475,199 6%  $ 5,863,014 17%    
                   
Liabilities                  
                   
Deposits  $ 5,470,388  $ 5,334,560 3%  $ 5,148,057 6%  $ 4,576,799 20%    
Borrowings from Federal Home Loan Bank  461,166  421,260 9%  421,352 9%  421,539 9%    
Subordinated debentures  42,076  42,037 0%  57,410 -27%  41,920 0%    
Accrued interest payable  6,087  5,740 6%  4,821 26%  4,499 35%    
Other liabilities  33,965  31,795 7%  34,185 -1%  37,232 -9%    
 Total liabilities  6,013,682  5,835,392 3%  5,665,825 6%  5,081,989 18%    
                   
Stockholders' Equity                  
Common stock, $0.001 par value; authorized, 150,000,000 shares at June 30, 2014, March 31, 2014, December 31, 2013 and June 30, 2013; issued and outstanding, 79,493,732, 79,488,899, 79,441,525 and 79,205,840 shares and at June 30, 2014, March 31, 2014, December 31, 2013 and June 30, 2013, respectively  79  79 0%  79 0%  79 0%    
Capital surplus  541,173  540,979 0%  540,876 0%  537,085 1%    
Retained earnings  311,195  294,842 6%  278,604 12%  248,866 25%    
Accumulated other comprehensive income, net  162  (3,741) 104%  (10,185) 102%  (5,005) 103%    
 Total stockholders' equity  852,609  832,159 2%  809,374 5%  781,025 9%    
                   
 Total liabilities and stockholders' equity  $ 6,866,291  $ 6,667,551 3%  $ 6,475,199 6%  $ 5,863,014 17%    
                   
                   
  Three Months Ended Six Months Ended  
  6/30/2014 3/31/2014 % change 6/30/2013 % change 6/30/2014 6/30/2013 % change  
                   
Interest income:                  
 Interest and fees on loans  $ 71,687  $ 68,694 4%  $ 65,473 9%  $ 140,381  $ 128,502 9%  
 Interest on securities  4,078  4,095 0%  3,526 16%  8,172  6,953 18%  
 Interest on federal funds sold and other investments  688  565 22%  380 81%  1,253  667 88%  
 Total interest income  76,453  73,354 4%  69,379 10%  149,806  136,122 10%  
                   
Interest expense:                  
 Interest on deposits  7,272  6,690 9%  5,647 29%  13,962  11,055 26%  
 Interest on other borrowings  1,691  1,698 0%  1,629 4%  3,389  3,248 4%  
 Total interest expense  8,963  8,388 7%  7,276 23%  17,351  14,303 21%  
                   
Net interest income before provision for loan losses  67,490  64,966 4%  62,103 9%  132,455  121,819 9%  
Provision for loan losses  2,996  3,026 -1%  800 275%  6,022  8,306 -27%  
Net interest income after provision for loan losses  64,494  61,940 4%  61,303 5%  126,433  113,513 11%  
                   
Noninterest income:                  
 Service fees on deposit accounts  3,360  3,472 -3%  2,922 15%  6,832  5,797 18%  
 Net gains on sales of SBA loans  2,811  2,722 3%  3,295 -15%  5,533  5,989 -8%  
 Net gains on sales of other loans  --   --  0%  19 -100%  --   62 -100%  
 Net gains on sales of securities available-for-sale  --   --  0%  --  0%  --   54 -100%  
 Net gains (loss) on sales of OREO  31  406 -92%  (11) 382%  437  (9) 4956%  
 Other income and fees  4,290  4,495 -5%  4,393 -2%  8,785  8,665 1%  
 Total noninterest income  10,492  11,095 -5%  10,618 -1%  21,587  20,558 5%  
                   
Noninterest expense:                  
 Salaries and employee benefits  18,143  18,938 -4%  16,219 12%  37,082  32,551 14%  
 Occupancy  4,715  4,623 2%  4,835 -2%  9,339  8,846 6%  
 Furniture and equipment  2,012  2,014 0%  1,613 25%  4,026  3,186 26%  
 Advertising and marketing  1,508  1,088 39%  1,190 27%  2,596  2,463 5%  
 Data processing and communications  2,299  2,122 8%  1,861 24%  4,420  3,505 26%  
 Professional fees  1,315  1,313 0%  1,443 -9%  2,628  2,744 -4%  
 FDIC assessment  1,080  1,023 6%  858 26%  2,103  1,552 36%  
 Merger and integration expenses  50  173 -71%  385 -87%  224  1,690 -87%  
 Credit related expenses  3,016  1,421 112%  2,203 37%  4,437  3,918 13%  
 Other  3,601  3,560 1%  3,822 -6%  7,158  7,249 -1%  
 Total noninterest expense  37,739  36,275 4%  34,429 10%  74,013  67,704 9%  
Income before income taxes  37,247  36,760 1%  37,492 -1%  74,007  66,367 12%  
Income tax provision  14,935  14,564 3%  14,821 1%  29,499  26,235 12%  
Net income   $ 22,312  $ 22,196 1%  $ 22,671 -2%  $ 44,508  $ 40,132 11%  
                   
Earnings Per Common Share:                  
 Basic  $ 0.28  $ 0.28    $ 0.29    $ 0.56  $ 0.51    
 Diluted  $ 0.28  $ 0.28    $ 0.29    $ 0.56  $ 0.51    
                   
Average Shares Outstanding:                  
 Basic  79,490,767  79,489,579    79,062,233    79,481,359  78,746,444    
 Diluted  79,614,046  79,639,839    79,236,732    79,618,446  79,000,811    
                   
  Three months ended Six Months Ended    
  6/30/2014 3/31/2014 12/31/2013 9/30/2013 6/30/2013 6/30/2014 6/30/2013    
                   
Net Income  $ 22,312  $ 22,196  $ 18,071  $ 23,552  $ 22,671  $ 44,508  $ 40,132    
Add back: Income tax  14,935  14,564  11,047  15,117  14,821  29,499  26,235    
Add back: Provision for loan losses  2,996  3,026  10,950  744  800  6,022  8,306    
Pre-tax, pre-provision income (PTPP) 1  $ 40,243  $ 39,786  $ 40,068  $ 39,413  $ 38,292  $ 80,029  $ 74,673    
PTPP to average assets (annualized) 2.36% 2.44% 2.51% 2.56% 2.60% 2.40% 2.57%    
                   
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 or for the Six Months Ended (Annualized)    
Profitability measures: 6/30/2014 3/31/2014 6/30/2013     6/30/2014 6/30/2013    
 ROA  1.31% 1.36% 1.54%     1.33% 1.38%    
 ROE  10.59% 10.84% 11.58%     10.71% 10.37%    
 Return on average tangible equity 2 12.18% 12.52% 13.21%     12.35% 11.83%    
 Net interest margin 4.20% 4.29% 4.49%     4.24% 4.49%    
 Efficiency ratio 48.39% 47.69% 47.34%     48.05% 47.55%    
                   
2 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
  6/30/2014 3/31/2014 6/30/2013
                   
    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:                  
                   
 Loans receivable, including loans held for sale   $ 5,289,059  $ 71,687 5.44%  $ 5,183,801  $ 68,694 5.37%  $ 4,546,461  $ 65,473 5.78%
 Securities available for sale   721,270  4,078 2.26%  698,931  4,095 2.34%  705,479  3,526 2.00%
 FRB and FHLB stock and other investments   426,924  668 0.63%  259,107  565 0.87%  296,788  380 0.51%
 Term Federal funds sold   13,407  20 0.61%  --   --  NA  --   --  0.00%
Total interest earning assets  $ 6,450,661  $ 76,453 4.75%  $ 6,141,839  $ 73,354 4.84%  $ 5,548,728  $ 69,379 5.01%
                   
INTEREST BEARING LIABILITIES:                  
 Deposits:                  
 Demand, interest-bearing   $ 1,483,473  $ 2,499 0.68%  $ 1,392,300  $ 2,277 0.66%  $ 1,285,768  $ 1,937 0.60%
 Savings   207,312  539 1.04%  217,426  600 1.12%  185,584  721 1.56%
 Time deposits:                  
 $100,000 or more  1,626,200  2,984 0.74%  1,561,170  2,679 0.70%  1,252,934  1,975 0.63%
 Other  695,740  1,250 0.72%  663,978  1,134 0.69%  652,766  1,013 0.62%
 Total time deposits  2,321,940  4,234 0.73%  2,225,148  3,813 0.69%  1,905,700  2,988 0.63%
 Total interest bearing deposits  4,012,725  7,272 0.73%  3,834,874  6,690 0.71%  3,377,052  5,646 0.67%
 FHLB advances  445,835  1,311 1.18%  421,318  1,211 1.17%  421,595  1,218 1.16%
 Other borrowings  40,490  380 3.71%  52,400  487 3.72%  43,559  411 3.73%
Total interest bearing liabilities  4,499,050  $ 8,963 0.80%  4,308,592  $ 8,388 0.79%  3,842,206  $ 7,275 0.75%
Noninterest bearing demand deposits  1,437,860      1,353,719      1,214,984    
Total funding liabilities/cost of funds  $ 5,936,910   0.61%  $ 5,662,311   0.60%  $ 5,057,190   0.58%
Net interest income/net interest spread    $ 67,490 3.95%    $ 64,966 4.05%    $ 62,104 4.25%
Net interest margin     4.20%     4.29%     4.49%
Net interest margin, excluding effect of                  
 nonaccrual loan income (expense)     4.18%     4.30%     4.49%
Net interest margin, excluding effect of                  
nonaccrual loan income (expense) and prepayment fee income     4.16%     4.26%     4.47%
                   
Nonaccrual loan income (reversed) recognized    $ 211      $ (197)      $ (77)  
Prepayment fee income received    302      309      306  
 Net    $ 513      $ 112      $ 229  
                   
Cost of deposits:                  
 Noninterest bearing demand deposits  $ 1,437,860  $ --     $ 1,353,897  $ --     $ 1,214,984  $ --   
 Interest bearing deposits  4,012,725  7,272 0.73%  3,834,874  6,690 0.71%  3,377,052  5,646 0.67%
Total deposits  $ 5,450,585  $ 7,272 0.54%  $ 5,188,771  $ 6,690 0.52%  $ 4,592,036  $ 5,646 0.49%
                  .
                   
  Six Months Ended  Six Months Ended       
  6/30/2014 6/30/2013      
                   
    Interest Annualized    Interest  Annualized      
  Average Income/ Average Average  Income/  Average      
  Balance Expense Yield/Cost Balance  Expense  Yield/Cost      
INTEREST EARNING ASSETS:                  
                   
 Loans receivable, including loans held for sale   $ 5,236,721  $ 140,381 5.41%  $ 4,495,673  $ 128,502 5.76%      
 Securities available for sale   710,163  8,172 2.30%  698,769  6,953 1.99%      
 FRB and FHLB stock and other investments   343,479  1,233 0.72%  277,266  667 0.48%      
 Federal funds sold   6,740  20 0.61%  --   --  N/A      
Total interest earning assets  $ 6,297,103  $ 149,806 4.80%  $ 5,471,708  $ 136,122 5.01%      
                   
INTEREST BEARING LIABILITIES:                  
 Deposits:                  
 Demand, interest-bearing   $ 1,438,138  $ 4,776 0.67%  $ 1,275,922  $ 3,809 0.60%      
 Savings   212,341  1,139 1.08%  185,885  1,475 1.60%      
 Time deposits:                  
 $100,000 or more  1,593,865  5,663 0.72%  1,207,381  3,705 0.62%      
 Other  679,947  2,384 0.71%  674,165  2,065 0.62%      
 Total time deposits  2,273,812  8,047 0.71%  1,881,546  5,770 0.62%      
 Total interest bearing deposits  3,924,291  13,962 0.72%  3,343,353  11,054 0.67%      
 FHLB advances  433,644  2,522 1.17%  422,266  2,442 1.17%      
 Other borrowings  46,412  867 3.71%  42,915  806 3.74%      
Total interest bearing liabilities  4,404,347  $ 17,350 0.79%  3,808,534  $ 14,302 0.76%      
Non-interest bearing demand deposits  1,396,111      1,177,048          
Total funding liabilities / cost of funds  $ 5,800,458   0.60%  $ 4,985,582   0.58%      
Net interest income / net interest spread    $ 132,456 4.00%    $ 121,820 4.25%      
Net interest margin     4.24%     4.49%      
Net interest margin, excluding effect of                  
 nonaccrual loan income(expense)     4.24%     4.48%      
Net interest margin, excluding effect of                  
nonaccrual loan income(expense) and prepayment fee income     4.21%     4.47%      
                   
Nonaccrual loan income (reversed) recognized    $ 75      $ 160        
Prepayment fee income received    914      369        
 Net    $ 989      $ 529        
                   
Cost of deposits:                  
 Non-interest bearing demand deposits  $ 1,396,111  $ --     $ 1,177,048  $ --         
 Interest bearing deposits  3,924,291  13,962 0.72%  3,343,353  11,054 0.67%      
Total deposits  $ 5,320,402  $ 13,962 0.53%  $ 4,520,401  $ 11,054 0.49%      
                   
   Three Months Ended   Six Months Ended   
  6/30/2014 3/31/2014 % change 6/30/2013 % change 6/30/2014 6/30/2013 % change  
AVERAGE BALANCES                  
Loans receivable, including loans held for sale   $ 5,289,059  $ 5,183,801 2%  $ 4,546,461 16% $5,236,721  $ 4,495,673 16%  
Investments  1,161,601  958,038 21%  1,002,267 16%  1,060,382  976,035 9%  
Interest earning assets  6,450,661  6,141,839 5%  5,548,728 16%  6,297,103  5,471,708 15%  
Total assets  6,821,827  6,525,548 5%  5,880,737 16%  6,674,506  5,804,577 15%  
                   
Interest bearing deposits  4,012,725  3,834,874 5%  3,377,052 19%  3,924,291  3,343,353 17%  
Interest bearing liabilities  4,499,050  4,308,592 4%  3,842,206 17%  4,404,347  3,808,534 16%  
Noninterest bearing demand deposits  1,437,860  1,353,719 6%  1,214,984 18%  1,396,111  1,177,048 19%  
Stockholders' equity  842,837  819,344 3%  783,181 8%  831,155  774,257 7%  
Net interest earning assets  1,951,611  1,833,247 6%  1,706,522 14%  1,892,756  1,663,174 14%  
                   
  6/30/2014 3/31/2014 % change 12/31/2013 % change 6/30/2013 % change    
LOAN PORTFOLIO COMPOSITION:                   
Commercial loans  $ 1,070,196  $ 1,058,665 1%  $ 1,073,778 0%  $ 1,060,196 1%    
Real estate loans  4,184,297  4,034,998 4%  3,904,059 7%  3,412,620 23%    
Consumer and other loans  93,823  98,895 -5%  98,507 -5%  47,088 99%    
 Loans outstanding  5,348,316  5,192,558 3%  5,076,344 5%  4,519,904 18%    
Unamortized deferred loan fees - net of costs  (1,259)  (1,763) 29%  (2,168) 42%  (1,782) 29%    
 Loans, net of deferred loan fees and costs  5,347,057  5,190,795 3%  5,074,176 5%  4,518,122 18%    
Allowance for loan losses  (66,870)  (65,699) -2%  (67,320) 1%  (71,675) 7%    
 Loan receivable, net  $ 5,280,187  $ 5,125,096 3%  $ 5,006,856 5%  $ 4,446,447 19%    
                   
REAL ESTATE LOANS BY PROPERTY TYPE: 6/30/2014 3/31/2014 % change 12/31/2013 % change 6/30/2013 % change    
Retail buildings  $ 1,229,485  $ 1,166,573 5%  $ 1,140,103 8%  $ 939,442 31%    
Hotels/motels  810,442  734,141 10%  720,175 13%  662,011 22%    
Gas stations/car washes  546,659  534,078 2%  522,198 5%  486,282 12%    
Mixed-use facilities  320,117  331,571 -3%  312,156 3%  284,328 13%    
Warehouses  421,266  415,635 1%  383,979 10%  352,693 19%    
Multifamily  194,592  193,503 1%  181,503 7%  150,360 29%    
Other  661,736  659,497 0%  643,945 3%  537,504 23%    
Total  $ 4,184,297  $ 4,034,998 4%  $ 3,904,059 7%  $ 3,412,620 23%    
                   
DEPOSIT COMPOSITION 6/30/2014 3/31/2014 % change 12/31/2013 % change 6/30/2013 % change    
 Noninterest bearing demand deposits  $ 1,512,423  $ 1,442,348 5%  $ 1,399,454 8%  $ 1,210,563 25%    
 Money market and other  1,449,771  1,391,541 4%  1,376,068 5%  1,261,905 15%    
 Saving deposits  203,790  210,973 -3%  222,446 -8%  181,672 12%    
 Time deposits of $100,000 or more  1,624,340  1,589,751 2%  1,499,248 8%  1,276,147 27%    
 Other time deposits  680,064  699,947 -3%  650,841 4%  646,512 5%    
 Total deposit balances  $ 5,470,388  $ 5,334,560 3%  $ 5,148,057 6%  $ 4,576,799 20%    
                   
DEPOSIT COMPOSITION (%) 6/30/2014 3/31/2014 12/31/2013 6/30/2013          
 Noninterest bearing demand deposits 27.7% 27.0% 27.2% 26.4%          
 Money market and other 26.5% 26.1% 26.7% 27.6%          
 Saving deposits 3.7% 4.0% 4.3% 4.0%          
 Time deposits of $100,000 or more 29.7% 29.8% 29.1% 27.9%          
 Other time deposits 12.4% 13.1% 12.7% 14.1%          
 Total deposit balances 100.0% 100.0% 100.0% 100.0%          
                   
                   
CAPITAL RATIOS  6/30/2014 3/31/2014 12/31/2013 6/30/2013          
 Total stockholders' equity  $ 852,609  $ 832,159  $ 809,374  $ 781,025          
 Tier 1 risk-based capital ratio  13.71% 13.70% 13.66% 14.87%          
 Total risk-based capital ratio  14.90% 14.89% 14.90% 16.12%          
 Tier 1 leverage ratio  11.66% 11.88% 11.97% 12.60%          
 Total risk weighted assets  $ 5,713,242  $ 5,579,047  5,498,694  4,900,260          
 Book value per common share  $ 10.72  $ 10.46  $ 10.18  $ 9.86          
 Tangible common equity to tangible assets3 10.99% 11.00% 10.97% 11.88%          
 Tangible common equity per share3  $ 9.34  $ 9.08  $ 8.79  $ 8.65          
                   
                   
3 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:                  
                   
  6/30/2014 3/31/2014 12/31/2013 6/30/2013          
Total stockholders' equity  $ 852,609  $ 832,159  $ 809,374  $ 781,025          
Less: Common stock warrant  (378)  (378)  (378)  (378)          
 Goodwill and other intangible assets, net  (109,936)  (110,260)  (110,585)  (95,413)          
Tangible common equity  $ 742,295  $ 721,521  $ 698,411  $ 685,234          
                   
Total assets  $ 6,866,291  $ 6,667,551  $ 6,475,199  $ 5,863,014          
Less: Goodwill and other intangible assets, net  (109,936)  (110,260)  (110,585)  (95,413)          
Tangible assets  $ 6,756,355  $ 6,557,291  $ 6,364,614  $ 5,767,601          
                   
Common shares outstanding 79,493,732  79,488,899  79,441,525  79,205,840          
                   
 Tangible common equity to tangible assets 10.99% 11.00% 10.97% 11.88%          
 Tangible common equity per share  $ 9.34  $ 9.08  $ 8.79  $ 8.65          
                   
                   
   Three Months Ended   Six Months Ended     
ALLOWANCE FOR LOAN LOSSES: 6/30/2014 3/31/2014 12/31/2013 9/30/2013 6/30/2013 6/30/2014 6/30/2013    
Balance at beginning of period  $ 65,699  $ 67,320  $ 65,715  $ 71,675  $ 73,268  $ 67,320  $ 66,941    
Provision for loan losses  2,996  3,026  10,950  744  800  6,022  8,306    
Recoveries 946  616  605  1,086  507 1,562  757    
Charge offs  (2,771)  (5,263)  (9,950)  (7,790)  (2,900) (8,034)  (4,329)    
Balance at end of period $ 66,870  $ 65,699  $ 67,320  $ 65,715  $ 71,675 $ 66,870  $ 71,675    
Net charge offs/average gross loans (annualized) 0.14% 0.36% 0.75% 0.56% 0.21% 0.25% 0.16%    
                   
  Three Months Ended Six Months Ended    
NET CHARGED OFF LOANS BY TYPE 6/30/2014 3/31/2014 12/31/2013 9/30/2013 6/30/2013 6/30/2014 6/30/2013    
                   
Real estate loans  $ 765  $ 154  $ 288  $ 6,129  $ 744  $ 919  $ 1,758    
Commercial loans  1,255  4,414  9,139  119  1,684  $ 5,669  1,834    
Consumer loans  (195)  79  (82)  (44)  (35)  $ (116)  (20)    
 Charge offs excluding Acquired Credit Impaired Loans  1,825  4,647  9,345  6,204  2,393  6,472  3,572    
Charge offs on Acquired Credit Impaired Loans  --   --   --   500  --   --   --     
 Total net charge offs  $ 1,825  $ 4,647  $ 9,345  $ 6,704  $ 2,393  $ 6,472  $ 3,572    
                   
                   
                   
NONPERFORMING ASSETS 6/30/2014 3/31/2014 12/31/2013 9/30/2013 6/30/2013        
Delinquent loans on nonaccrual status4  $ 42,651  $ 47,314  $ 39,154  $ 36,129  $ 44,987        
Delinquent loans 90 days or more on accrual status5  --   --   5  948  252        
Accruing restructured loans  43,906  37,527  33,903  36,018  36,225        
Total nonperforming loans  86,557  84,841  73,062  73,095  81,464        
Other real estate owned  20,610  20,001  24,288  27,582  9,596        
Total nonperforming assets  $ 107,167  $ 104,842  $ 97,350  $ 100,677  $ 91,060        
Nonperforming assets/total assets 1.56% 1.57% 1.50% 1.59% 1.55%        -- 
Nonperforming assets/loans receivable & OREO 2.00% 2.01% 1.91% 2.04% 2.01%        
Nonperforming assets/total capital 12.57% 12.60% 12.03% 12.57% 11.66%        
Nonperforming loans/loans receivable 1.62% 1.63% 1.44% 1.49% 1.80%        
Nonaccrual loans/loans receivable 0.80% 0.91% 0.77% 0.74% 1.00%        
Allowance for loan losses/loans receivable 1.25% 1.27% 1.33% 1.34% 1.59%        
Allowance for loan losses/nonaccrual loans 156.78% 138.86% 171.94% 181.89% 159.32%        
Allowance for loan losses/nonperforming loans 77.26% 77.44% 92.14% 89.90% 87.98%        
Allowance for loan losses/nonperforming assets 62.40% 62.66% 69.15% 65.27% 78.71%        
4 Excludes delinquent SBA loans that are guaranteed and currently in liquidation totaling $30.0 million, $31.2 million, $27.5 million, $25.2 million and $21.0 million at June 30, 2014, March 31, 2014, December 31, 2013, September 30, 2013 and June 30, 2013, respectively.
5 Excludes Acquired Credit Impaired Loans totaling $43.7 million, $46.0 million, $43.8 million, $38.6 million and $18.5 million at June 30, 2014, March 31, 2014, December 31, 2013, September 30, 2013 and June 30, 2013, respectively.
                   
BREAKDOWN OF ACCRUING RESTRUCTURED LOANS BY TYPE: 6/30/2014 3/31/2014 12/31/2013 9/30/2013 6/30/2013        
Retail buildings  $ 6,021  $ 5,542  $ 5,576  $ 6,777  $ 6,812        
Hotels/motels  8,323  8,401  8,477  8,550  8,623        
Gas stations/car washes  --   --   --   --   --         
Mixed-use facilities  797  796  802  807  811        
Warehouses  5,922  812  482  485  489        
Multifamily  --   --   --   --   --         
Other6  22,843  21,976  18,566  19,399  19,490        
Total  $ 43,906  $ 37,527  $ 33,903  $ 36,018  $ 36,225        
6 Includes commercial business and other loans                  
                   
                   
DELINQUENT LOANS LESS THAN 90 DAYS PAST DUE 6/30/2014 3/31/2014 12/31/2013 9/30/2013 6/30/2013        
                   
Legacy                  
30 - 59 days  $ 3,170  $ 1,700  $ 2,209  $ 1,705  $ 2,056        
60 - 89 days  210  445  266  732  85        
 Total delinquent loans less than 90 days past due - legacy  $ 3,380  $ 2,145  $ 2,475  $ 2,437  $ 2,141        
                   
Acquired                  
30 - 59 days  $ 6,403  $ 4,916  $ 5,113  $ 4,013  $ 1,768        
60 - 89 days  640  3  2,506  1,663  2,121        
 Total delinquent loans less than 90 days past due - acquired  $ 7,043  $ 4,919  $ 7,619  $ 5,676  $ 3,889        
                   
 Total delinquent loans less than 90 days past due  $ 10,423  $ 7,064  $ 10,094  $ 8,113  $ 6,030        
                   
DELINQUENT LOANS LESS THAN 90 DAYS PAST DUE BY TYPE 6/30/2014 3/31/2014 12/31/2013 9/30/2013 6/30/2013        
                   
Legacy                  
Real estate loans  $ 1,675  $ 760  $ 1,375  $ 1,664  $ 853        
Commercial loans  1,640  1,338  1,024  744  1,267        
Consumer loans  65  47  76  29  21        
 Total delinquent loans less than 90 days past due - legacy  $ 3,380  $ 2,145  $ 2,475  $ 2,437  $ 2,141        
                   
Acquired                  
Real estate loans  $ 6,051  $ 4,036  $ 6,034  $ 4,616  $ 2,695        
Commercial loans  860  598  1,228  833  1,167        
Consumer loans  132  285  357  227  27        
 Total delinquent loans less than 90 days past due - acquired  $ 7,043  $ 4,919  $ 7,619  $ 5,676  $ 3,889        
                   
 Total delinquent loans less than 90 days past due  $ 10,423  $ 7,064  $ 10,094  $ 8,113  $ 6,030        
                   
                   
NONACCRUAL LOANS BY TYPE 6/30/2014 3/31/2014 12/31/2013 9/30/2013 6/30/2013        
                   
Real estate loans  $ 27,815  $ 34,070  $ 28,083  $ 26,616  $ 34,577        
Commercial loans  13,553  12,216  10,141  8,743  9,629        
Consumer loans  1,283  1,028  930  770  781        
 Total non-accrual loans  $ 42,651  $ 47,314  $ 39,154  $ 36,129  $ 44,987        
                   
CRITICIZED LOANS  6/30/2014 3/31/2014 12/31/2013 9/30/2013 6/30/2013        
Legacy                  
Special mention  $ 55,659  $ 52,159  $ 46,480  $ 61,804  $ 66,774        
Substandard  112,357  111,529  120,163  100,551  97,692        
Doubtful  1,227  3,332  359  8  152        
Loss  --   --   --   --   --         
 Total criticized loans - legacy  $ 169,243  $ 167,020  $ 167,002  $ 162,363  $ 164,618        
                   
Acquired                  
Special mention  $ 36,811  $ 41,395  $ 43,009  $ 49,827  $ 42,014        
Substandard  124,618  134,660  138,337  143,149  121,758        
Doubtful  3,980  2,376  6,100  2,045  368        
Loss  76  1,445  1,402  990  707        
 Total criticized loans - acquired  $ 165,485  $ 179,876  $ 188,848  $ 196,011  $ 164,847        
                   
 Total criticized loans  $ 334,728  $ 346,896  $ 355,850  $ 358,374  $ 329,465        
Angie Yang
SVP, Investor Relations
213-251-2219