Florida | 65-0032379 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
220 Alhambra Circle | ||||||||
Coral Gables, | Florida | 33134 | ||||||
(Address | (Zip Code) | |||||||
(305) | 460-4038 | |||||||
(Registrant’s telephone number, including area code) | ||||||||
(Former name, former address and former fiscal year, if changed since last report: N/A) |
Title of each class | Trading Symbols | Name of exchange on which registered | ||||||
Class A Common Stock | AMTB | NASDAQ | ||||||
Class B Common Stock | AMTBB | NASDAQ |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No ¨ | ||||||||||||||
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ¨ No ý |
Large accelerated filer ¨ | Accelerated filer | ☒ | |||||||||||||||
Non-accelerated filer ¨ | Smaller reporting company | ☐ | |||||||||||||||
Emerging growth company | |||||||||||||||||
Class | Outstanding as of | |||||||
Class A Common Stock, $0.10 par value per share | ||||||||
Class B Common Stock, $0.10 par value per share |
Page | ||||||||
(in thousands, except share data) | (Unaudited) March 31, 2021 | December 31, 2020 | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | 37,744 | $ | 30,179 | |||||||
Interest earning deposits with banks | 195,755 | 184,207 | |||||||||
Cash and cash equivalents | 233,499 | 214,386 | |||||||||
Securities | |||||||||||
Debt securities available for sale | 1,190,201 | 1,225,083 | |||||||||
Debt securities held to maturity | 104,657 | 58,127 | |||||||||
Equity securities with readily determinable fair value not held for trading | 23,965 | 24,342 | |||||||||
Federal Reserve Bank and Federal Home Loan Bank stock | 56,469 | 65,015 | |||||||||
Securities | 1,375,292 | 1,372,567 | |||||||||
Loans held for sale | 1,044 | 0 | |||||||||
Loans held for investment, gross | 5,753,794 | 5,842,337 | |||||||||
Less: Allowance for loan losses | 110,940 | 110,902 | |||||||||
Loans held for investment, net | 5,642,854 | 5,731,435 | |||||||||
Bank owned life insurance | 218,903 | 217,547 | |||||||||
Premises and equipment, net | 109,071 | 109,990 | |||||||||
Deferred tax assets, net | 15,607 | 11,691 | |||||||||
Goodwill | 19,506 | 19,506 | |||||||||
Accrued interest receivable and other assets | 135,322 | 93,771 | |||||||||
Total assets | $ | 7,751,098 | $ | 7,770,893 | |||||||
Liabilities and Stockholders' Equity | |||||||||||
Deposits | |||||||||||
Demand | |||||||||||
Noninterest bearing | $ | 977,595 | $ | 872,151 | |||||||
Interest bearing | 1,324,127 | 1,230,054 | |||||||||
Savings and money market | 1,494,227 | 1,587,876 | |||||||||
Time | 1,882,130 | 2,041,562 | |||||||||
Total deposits | 5,678,079 | 5,731,643 | |||||||||
Advances from the Federal Home Loan Bank | 1,050,000 | 1,050,000 | |||||||||
Senior notes | 58,656 | 58,577 | |||||||||
Junior subordinated debentures held by trust subsidiaries | 64,178 | 64,178 | |||||||||
Accounts payable, accrued liabilities and other liabilities | 115,171 | 83,074 | |||||||||
Total liabilities | 6,966,084 | 6,987,472 | |||||||||
Contigencies (Note 16) | 0 | 0 | |||||||||
Stockholders’ equity | |||||||||||
Class A common stock, $0.10 par value, 400 million shares authorized; 29,001,646 shares issued and outstanding (2020 - 28,806,344 shares issued and outstanding) | 2,904 | 2,882 | |||||||||
Class B common stock, $0.10 par value, 100 million shares authorized; 8,920,315 shares issued and outstanding (2020: 9,036,352 shares issued and outstanding) | 892 | 904 | |||||||||
Additional paid in capital | 304,448 | 305,569 | |||||||||
Retained earnings | 456,861 | 442,402 | |||||||||
Accumulated other comprehensive income | 19,909 | 31,664 | |||||||||
Total stockholders' equity | 785,014 | 783,421 | |||||||||
Total liabilities and stockholders' equity | $ | 7,751,098 | $ | 7,770,893 |
(in thousands, except per share data) | June 30, 2018 | December 31, 2017 | |||||
Assets | |||||||
Cash and due from banks | $ | 27,125 | $ | 44,531 | |||
Interest earning deposits with banks | 90,105 | 108,914 | |||||
Cash and cash equivalents | 117,230 | 153,445 | |||||
Securities | |||||||
Available for sale | 1,649,665 | 1,687,157 | |||||
Held to maturity | 88,440 | 89,860 | |||||
Federal Reserve Bank and Federal Home Loan Bank stock | 74,014 | 69,934 | |||||
Loans held for sale | — | 5,611 | |||||
Loans, gross | 6,219,549 | 6,066,225 | |||||
Less: Allowance for loan losses | 69,931 | 72,000 | |||||
Loans, net | 6,149,618 | 5,994,225 | |||||
Bank owned life insurance | 203,236 | 200,318 | |||||
Premises and equipment, net | 121,683 | 129,357 | |||||
Deferred tax assets, net | 23,219 | 14,583 | |||||
Goodwill | 19,193 | 19,193 | |||||
Accrued interest receivable and other assets | 84,166 | 73,084 | |||||
Total assets | $ | 8,530,464 | $ | 8,436,767 | |||
Liabilities and Stockholders' Equity | |||||||
Deposits | |||||||
Demand | |||||||
Noninterest bearing | $ | 860,745 | $ | 895,710 | |||
Interest bearing | 1,403,657 | 1,496,749 | |||||
Savings and money market | 1,646,392 | 1,684,080 | |||||
Time | 2,452,344 | 2,246,434 | |||||
Total deposits | 6,363,138 | 6,322,973 | |||||
Advances from the Federal Home Loan Bank and other borrowings | 1,258,000 | 1,173,000 | |||||
Junior subordinated debentures held by trust subsidiaries | 118,110 | 118,110 | |||||
Accounts payable, accrued liabilities and other liabilities | 71,834 | 69,234 | |||||
Total liabilities | 7,811,082 | 7,683,317 | |||||
Commitments and contingencies (Note 11) | |||||||
Stockholders’ equity (Note 1) | |||||||
Class A common stock, $0.10 par value, 400,000,000 shares authorized; 74,212,408 shares issued and outstanding | 7,421 | 7,421 | |||||
Class B common stock, $0.10 par value, 100,000,000 shares authorized; 53,253,157 shares issued and outstanding | 5,325 | 5,325 | |||||
Additional paid in capital | 359,008 | 359,008 | |||||
Retained earnings | 367,681 | 387,829 | |||||
Accumulated other comprehensive loss | (20,053 | ) | (6,133 | ) | |||
Total stockholders’ equity | 719,382 | 753,450 | |||||
Total liabilities and stockholders’ equity | $ | 8,530,464 | $ | 8,436,767 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands) | 2021 | 2020 | |||||||||||||||||||||
Interest income | |||||||||||||||||||||||
Loans | $ | 52,771 | $ | 59,788 | |||||||||||||||||||
Investment securities | 7,507 | 11,065 | |||||||||||||||||||||
Interest earning deposits with banks | 51 | 462 | |||||||||||||||||||||
Total interest income | 60,329 | 71,315 | |||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Interest bearing demand deposits | 113 | 135 | |||||||||||||||||||||
Savings and money market deposits | 980 | 3,266 | |||||||||||||||||||||
Time deposits | 7,360 | 13,484 | |||||||||||||||||||||
Advances from the Federal Home Loan Bank | 2,758 | 4,412 | |||||||||||||||||||||
Senior notes | 942 | 0 | |||||||||||||||||||||
Junior subordinated debentures | 607 | 789 | |||||||||||||||||||||
Total interest expense | 12,760 | 22,086 | |||||||||||||||||||||
Net interest income | 47,569 | 49,229 | |||||||||||||||||||||
Provision for loan losses | 0 | 22,000 | |||||||||||||||||||||
Net interest income after provision for loan losses | 47,569 | 27,229 | |||||||||||||||||||||
Noninterest income | |||||||||||||||||||||||
Deposits and service fees | 4,106 | 4,290 | |||||||||||||||||||||
Brokerage, advisory and fiduciary activities | 4,603 | 4,133 | |||||||||||||||||||||
Change in cash surrender value of bank owned life insurance | 1,356 | 1,414 | |||||||||||||||||||||
Securities gains, net | 2,582 | 9,620 | |||||||||||||||||||||
Cards and trade finance servicing fees | 339 | 395 | |||||||||||||||||||||
Loss on early extinguishment of advances from the Federal Home Loan Bank, net | 0 | (7) | |||||||||||||||||||||
Other noninterest income | 1,177 | 2,065 | |||||||||||||||||||||
Total noninterest income | 14,163 | 21,910 | |||||||||||||||||||||
Noninterest expense | |||||||||||||||||||||||
Salaries and employee benefits | 26,427 | 29,326 | |||||||||||||||||||||
Occupancy and equipment | 4,488 | 3,803 | |||||||||||||||||||||
Telecommunication and data processing | 3,727 | 3,464 | |||||||||||||||||||||
Professional and other services fees | 3,784 | 2,954 | |||||||||||||||||||||
Depreciation and amortization | 1,786 | 1,959 | |||||||||||||||||||||
FDIC assessments and insurance | 1,755 | 1,118 | |||||||||||||||||||||
Other operating expenses | 1,658 | 2,243 | |||||||||||||||||||||
Total noninterest expenses | 43,625 | 44,867 | |||||||||||||||||||||
Income before income tax expense | 18,107 | 4,272 | |||||||||||||||||||||
Income tax expense | (3,648) | (890) | |||||||||||||||||||||
Net income | $ | 14,459 | $ | 3,382 | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands, except per share data) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Interest income | |||||||||||||||
Loans | $ | 62,448 | $ | 53,790 | $ | 122,118 | $ | 103,870 | |||||||
Investment securities | 12,709 | 12,515 | 24,450 | 25,081 | |||||||||||
Interest earning deposits with banks | 759 | 364 | 1,279 | 737 | |||||||||||
Total interest income | 75,916 | 66,669 | 147,847 | 129,688 | |||||||||||
Interest expense | |||||||||||||||
Interest bearing demand deposits | 113 | 84 | 202 | 184 | |||||||||||
Savings and money market deposits | 3,104 | 2,187 | 5,688 | 4,381 | |||||||||||
Time deposits | 10,172 | 6,193 | 18,872 | 11,853 | |||||||||||
Advances from the Federal Home Loan Bank | 6,511 | 4,345 | 12,501 | 8,594 | |||||||||||
Junior subordinated debentures | 2,025 | 1,855 | 3,960 | 3,679 | |||||||||||
Securities sold under agreements to repurchase | 2 | 564 | 2 | 1,205 | |||||||||||
Total interest expense | 21,927 | 15,228 | 41,225 | 29,896 | |||||||||||
Net interest income | 53,989 | 51,441 | 106,622 | 99,792 | |||||||||||
Provision for loan losses | 150 | 3,646 | 150 | 7,743 | |||||||||||
Net interest income after provision for loan losses | 53,839 | 47,795 | 106,472 | 92,049 | |||||||||||
Noninterest income | |||||||||||||||
Deposits and service fees | 4,471 | 4,868 | 9,053 | 9,774 | |||||||||||
Brokerage, advisory and fiduciary activities | 4,426 | 4,897 | 8,841 | 10,158 | |||||||||||
Change in cash surrender value of bank owned life insurance | 1,474 | 1,242 | 2,918 | 2,487 | |||||||||||
Cards and trade finance servicing fees | 1,173 | 1,114 | 2,235 | 2,185 | |||||||||||
Gain on early extinguishment of advances from the Federal Home Loan Bank | 882 | — | 882 | — | |||||||||||
Data processing, rental income and fees for other services to related parties | 613 | 969 | 1,494 | 1,552 | |||||||||||
Securities gains, net | 16 | 177 | 16 | 155 | |||||||||||
Other noninterest income | 1,931 | 4,492 | 3,492 | 5,665 | |||||||||||
Total noninterest income | 14,986 | 17,759 | 28,931 | 31,976 | |||||||||||
Noninterest expense | |||||||||||||||
Salaries and employee benefits | 34,932 | 31,666 | 68,973 | 63,974 | |||||||||||
Occupancy and equipment | 4,060 | 4,052 | 7,775 | 8,761 | |||||||||||
Professional and other services fees | 5,387 | 2,744 | 11,831 | 5,401 | |||||||||||
FDIC assessments and insurance | 1,468 | 2,180 | 2,915 | 4,143 | |||||||||||
Telecommunication and data processing | 3,011 | 2,417 | 6,095 | 4,169 | |||||||||||
Depreciation and amortization | 1,945 | 2,039 | 4,086 | 4,466 | |||||||||||
Other operating expenses | 1,835 | 5,567 | 6,608 | 8,899 | |||||||||||
Total noninterest expenses | 52,638 | 50,665 | 108,283 | 99,813 | |||||||||||
Net income before income tax | 16,187 | 14,889 | 27,120 | 24,212 | |||||||||||
Income tax expense | (5,764 | ) | (4,499 | ) | (7,268 | ) | (7,315 | ) | |||||||
Net income | $ | 10,423 | $ | 10,390 | $ | 19,852 | $ | 16,897 | |||||||
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | |||||||||||||||||||||
Other comprehensive (loss) income, net of tax | |||||||||||||||||||||||
Net unrealized holding (losses) gains on debt securities available for sale arising during the period | $ | (9,466) | $ | 26,702 | |||||||||||||||||||
Net unrealized holding gains (losses) on cash flow hedges arising during the period | 36 | (1,514) | |||||||||||||||||||||
Reclassification adjustment for items included in net income | (2,325) | (7,305) | |||||||||||||||||||||
Other comprehensive (loss) income | (11,755) | 17,883 | |||||||||||||||||||||
Comprehensive income | $ | 2,704 | $ | 21,265 | |||||||||||||||||||
Earnings Per Share (Note 18): | |||||||||||||||||||||||
Basic earnings per common share | $ | 0.38 | $ | 0.08 | |||||||||||||||||||
Diluted earnings per common share | $ | 0.38 | $ | 0.08 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
(in thousands, except per share data) | 2018 | 2017 | 2018 | 2017 | |||||||||||
Other comprehensive (loss) income, net of tax | |||||||||||||||
Net unrealized holding (losses) gains on securities available for sale arising during the period | $ | (5,454 | ) | $ | 5,980 | $ | (20,431 | ) | $ | 7,552 | |||||
Net unrealized holding gains (losses) on cash flow hedges arising during the period | 2,139 | (1,453 | ) | 6,352 | (1,295 | ) | |||||||||
Reclassification adjustment for net losses (gains) included in net income | 2 | (93 | ) | 159 | (47 | ) | |||||||||
Other comprehensive (loss) income | (3,313 | ) | 4,434 | (13,920 | ) | 6,210 | |||||||||
Comprehensive income | $ | 7,110 | $ | 14,824 | $ | 5,932 | $ | 23,107 | |||||||
Basic and diluted earnings per share: | |||||||||||||||
Net income available to common shareholders | $ | 10,423 | $ | 10,390 | $ | 19,852 | $ | 16,897 | |||||||
Basic and diluted weighted average shares outstanding | 127,466 | 127,466 | 127,466 | 127,466 | |||||||||||
Basic and diluted income per common share | $ | 0.08 | $ | 0.08 | $ | 0.16 | $ | 0.13 | |||||||
Cash dividends declared per common share (Note 1) | $ | — | $ | — | $ | 0.31 | $ | — |
Common Stock | Additional Paid in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except share data) | Shares Outstanding | Issued Shares - Par Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | 28,806,344 | 9,036,352 | $ | 2,882 | $ | 904 | $ | 305,569 | $ | 0 | $ | 442,402 | $ | 31,664 | $ | 783,421 | |||||||||||||||||||||||||||||||||||||
Repurchase of Class B common stock | — | (116,037) | — | — | — | (1,855) | — | — | (1,855) | ||||||||||||||||||||||||||||||||||||||||||||
Treasury stock retired | — | — | — | (12) | (1,843) | 1,855 | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued | 196,015 | — | 22 | — | (22) | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock surrendered | (713) | — | — | — | (13) | — | — | — | (13) | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 757 | — | — | — | 757 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 14,459 | — | 14,459 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | — | (11,755) | (11,755) | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2021 | 29,001,646 | 8,920,315 | $ | 2,904 | $ | 892 | $ | 304,448 | $ | 0 | $ | 456,861 | $ | 19,909 | $ | 785,014 | |||||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid in Capital | Retained Earnings | Accumulated Other Comprehensive Loss | Total Stockholders' Equity | |||||||||||||||||||||||||
Class A | Class B | ||||||||||||||||||||||||||||
(in thousands, except share data) | Shares Issued and Outstanding | Par value | Shares Issued and Outstanding | Par value | |||||||||||||||||||||||||
Balance at December 31, 2016 | 74,212,408 | $ | 7,421 | 53,253,157 | $ | 5,325 | $ | 359,008 | $ | 343,678 | $ | (10,695 | ) | $ | 704,737 | ||||||||||||||
Net income | — | — | — | — | — | 16,897 | — | 16,897 | |||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | 6,210 | 6,210 | |||||||||||||||||||||
Balance at June 30, 2017 | 74,212,408 | $ | 7,421 | 53,253,157 | $ | 5,325 | $ | 359,008 | $ | 360,575 | $ | (4,485 | ) | $ | 727,844 | ||||||||||||||
Balance at December 31, 2017 | 74,212,408 | $ | 7,421 | 53,253,157 | $ | 5,325 | $ | 359,008 | $ | 387,829 | $ | (6,133 | ) | $ | 753,450 | ||||||||||||||
Dividends (Note 1) | — | — | — | — | — | (40,000 | ) | — | (40,000 | ) | |||||||||||||||||||
Net income | — | — | — | — | — | 19,852 | — | 19,852 | |||||||||||||||||||||
Other comprehensive loss | — | — | — | — | — | — | (13,920 | ) | (13,920 | ) | |||||||||||||||||||
Balance at June 30, 2018 | 74,212,408 | $ | 7,421 | 53,253,157 | $ | 5,325 | $ | 359,008 | $ | 367,681 | $ | (20,053 | ) | $ | 719,382 |
Common Stock | Additional Paid in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income | Total Stockholders' Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except share data) | Shares Outstanding | Issued Shares - Par Value | |||||||||||||||||||||||||||||||||||||||||||||||||||
Class A | Class B | Class A | Class B | ||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | 28,927,576 | 14,218,596 | $ | 2,893 | $ | 1,775 | $ | 419,048 | $ | (46,373) | $ | 444,124 | $ | 13,234 | $ | 834,701 | |||||||||||||||||||||||||||||||||||||
Repurchase of Class B common stock | — | (932,459) | — | — | — | (15,239) | — | — | (15,239) | ||||||||||||||||||||||||||||||||||||||||||||
Treasury stock retired | — | — | — | (446) | (61,166) | 61,612 | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock issued | 6,591 | — | 1 | — | (1) | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock surrendered | (129) | — | — | — | (2) | — | — | — | (2) | ||||||||||||||||||||||||||||||||||||||||||||
Restricted stock forfeited | (54,462) | — | (6) | — | 6 | — | — | — | 0 | ||||||||||||||||||||||||||||||||||||||||||||
Stock-based compensation expense | — | — | — | — | 392 | — | — | — | 392 | ||||||||||||||||||||||||||||||||||||||||||||
Net income | — | — | — | — | — | — | 3,382 | — | 3,382 | ||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | — | — | — | 17,883 | 17,883 | ||||||||||||||||||||||||||||||||||||||||||||
Balance at March 31, 2020 | 28,879,576 | 13,286,137 | $ | 2,888 | $ | 1,329 | $ | 358,277 | $ | 0 | $ | 447,506 | $ | 31,117 | $ | 841,117 | |||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Cash flows from operating activities | |||||||||||
Net income | $ | 14,459 | $ | 3,382 | |||||||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||
Provision for loan losses | 0 | 22,000 | |||||||||
Net premium amortization on securities | 3,591 | 3,775 | |||||||||
Depreciation and amortization | 1,786 | 1,959 | |||||||||
Stock-based compensation expense | 757 | 392 | |||||||||
Change in cash surrender value of bank owned life insurance | (1,356) | (1,414) | |||||||||
Securities gains, net | (2,582) | (9,620) | |||||||||
Deferred taxes and others | (99) | (5,255) | |||||||||
Loss on early extinguishment of advances from the FHLB, net | 0 | 7 | |||||||||
Net changes in operating assets and liabilities: | |||||||||||
Accrued interest receivable and other assets | (3,229) | (1,539) | |||||||||
Accounts payable, accrued liabilities and other liabilities | (6,305) | (10,509) | |||||||||
Net cash provided by operating activities | 7,022 | 3,178 | |||||||||
Cash flows from investing activities | |||||||||||
Purchases of investment securities: | |||||||||||
Available for sale | (96,197) | (197,522) | |||||||||
Held to maturity securities | (50,274) | 0 | |||||||||
Federal Home Loan Bank stock | 0 | (8,538) | |||||||||
(146,471) | (206,060) | ||||||||||
Maturities, sales, calls and paydowns of investment securities: | |||||||||||
Available for sale | 115,125 | 196,698 | |||||||||
Held to maturity | 3,578 | 3,382 | |||||||||
Federal Home Loan Bank stock | 8,547 | 7,349 | |||||||||
127,250 | 207,429 | ||||||||||
Net decrease in loans | 86,376 | 61,641 | |||||||||
Proceeds from loan sales | 1,173 | 13,109 | |||||||||
Net purchases of premises and equipment and others | (805) | (1,321) | |||||||||
Net cash provided by investing activities | 67,523 | 74,798 | |||||||||
Cash flows from financing activities | |||||||||||
Net increase (decrease) in demand, savings and money market accounts | 105,868 | (36,038) | |||||||||
Net (decrease) increase in time deposits | (159,432) | 121,107 | |||||||||
Proceeds from Advances from the Federal Home Loan Bank | 0 | 280,000 | |||||||||
Repayments of Advances from the Federal Home Loan Bank | 0 | (250,007) | |||||||||
Redemption of junior subordinated debentures | 0 | (28,068) | |||||||||
Repurchase of common stock - Class B | (1,855) | (15,239) | |||||||||
Common stock retired to cover tax withholding | (13) | (2) | |||||||||
Net cash (used in) provided by financing activities | (55,432) | 71,753 | |||||||||
Net increase in cash and cash equivalents | 19,113 | 149,729 | |||||||||
Cash and cash equivalents | |||||||||||
Beginning of period | 214,386 | 121,324 | |||||||||
End of period | $ | 233,499 | $ | 271,053 | |||||||
Six Months Ended June 30, | |||||||
(in thousands) | 2018 | 2017 | |||||
Cash flows from operating activities | |||||||
Net income | $ | 19,852 | $ | 16,897 | |||
Adjustments to reconcile net income to net cash provided by operating activities | |||||||
Provision for loan losses | 150 | 7,743 | |||||
Net premium amortization on securities | 8,447 | 9,936 | |||||
Depreciation and amortization | 4,086 | 4,466 | |||||
Increase in cash surrender value of bank owned life insurance | (2,918 | ) | (2,487 | ) | |||
Deferred taxes, securities net gains or losses and others | (4,374 | ) | (184 | ) | |||
Net changes in operating assets and liabilities | |||||||
Accrued interest receivable and other assets | (2,075 | ) | 2,378 | ||||
Account payable, accrued liabilities and other liabilities | 3,071 | 6,078 | |||||
Net cash provided by operating activities | 26,239 | 44,827 | |||||
Cash flows from investing activities | |||||||
Purchases of investment securities: | |||||||
Available for sale | (121,245 | ) | (116,495 | ) | |||
Held to maturity securities | — | (12,586 | ) | ||||
Federal Reserve Bank and Federal Home Loan Bank stock | (13,642 | ) | (16,819 | ) | |||
Maturities, sales and calls of investment securities: | |||||||
Available for sale | 122,805 | 311,647 | |||||
Held to maturity | 1,338 | — | |||||
Federal Reserve Bank and Federal Home Loan Bank stock | 9,563 | 13,388 | |||||
Net increase in loans | (174,197 | ) | (382,566 | ) | |||
Proceeds from loan portfolio sales | 23,781 | 63,256 | |||||
Net purchases of bank premises and equipment | (3,522 | ) | (268 | ) | |||
Net proceeds from sale of subsidiary | 7,500 | — | |||||
Net cash used in investing activities | (147,619 | ) | (140,443 | ) | |||
Cash flows from financing activities | |||||||
Net decrease in demand, savings and money market accounts | (165,745 | ) | (148,347 | ) | |||
Net increase in time deposits | 205,910 | 170,922 | |||||
Net decrease in securities sold under agreements to repurchase | — | (15,000 | ) | ||||
Proceeds from Advances from the Federal Home Loan Bank and other banks | 656,000 | 690,500 | |||||
Repayments of Advances from the Federal Home Loan Bank and other banks | (571,000 | ) | (610,500 | ) | |||
Dividend paid | (40,000 | ) | — | ||||
Net cash provided by financing activities | 85,165 | 87,575 | |||||
Net decrease in cash and cash equivalents | (36,215 | ) | (8,041 | ) | |||
Cash and cash equivalents | |||||||
Beginning of period | 153,445 | 134,989 | |||||
End of period | $ | 117,230 | $ | 126,948 | |||
Supplemental disclosures of cash flow information | |||||||
Cash paid: | |||||||
Interest | $ | 40,491 | $ | 29,359 | |||
Income taxes | 15,203 | 7,931 |
Three Months Ended March 31, | |||||||||||
(in thousands) | 2021 | 2020 | |||||||||
Supplemental disclosures of cash flow information | |||||||||||
Cash paid: | |||||||||||
Interest | $ | 11,736 | $ | 21,890 | |||||||
Income taxes | 324 | 295 | |||||||||
Initial recognition of operating lease right-of-use assets | 55,670 | 0 | |||||||||
Initial recognition of operating lease liabilities | 56,024 | 0 | |||||||||
December 31, 2017 | |||||||||||
(in thousands) | As Reported | As Revised | Effect of change | ||||||||
Real estate loans | |||||||||||
Commercial real estate | |||||||||||
Non-owner occupied | $ | 1,745,839 | $ | 1,713,104 | $ | (32,735 | ) | ||||
Multi-family residential | 795,912 | 839,709 | 43,797 | ||||||||
Land development and construction loans | 421,285 | 406,940 | (14,345 | ) | |||||||
2,963,036 | 2,959,753 | (3,283 | ) | ||||||||
Single-family residential | 515,237 | 512,754 | (2,483 | ) | |||||||
Owner-occupied | 429,803 | 610,386 | 180,583 | ||||||||
3,908,076 | 4,082,893 | 174,817 | |||||||||
Commercial loans | 1,529,572 | 1,354,755 | (174,817 | ) | |||||||
Loans to financial institutions and acceptances | 497,626 | 497,626 | — | ||||||||
Consumer loans and overdrafts | 130,951 | 130,951 | — | ||||||||
$ | 6,066,225 | $ | 6,066,225 | $ | — |
December 31, 2017 | |||||||||||||||||||||||||||||||
Total Loans, Net of Unearned Income | Past Due | Total Loans in Nonaccrual Status | Total Loans 90 Days or More Past Due and Accruing | ||||||||||||||||||||||||||||
(in thousands) | Current | 30-59 Days | 60-89 Days | Greater than 90 Days | Total Past Due | ||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||
Non-owner occupied | $ | 1,745,839 | $ | 1,745,686 | $ | — | $ | — | $ | 153 | $ | 153 | $ | 162 | $ | — | |||||||||||||||
Multi-family residential | 795,912 | 795,912 | — | — | — | — | — | — | |||||||||||||||||||||||
Land development and construction loans | 421,285 | 421,285 | — | — | — | — | — | — | |||||||||||||||||||||||
2,963,036 | 2,962,883 | — | — | 153 | 153 | 162 | — | ||||||||||||||||||||||||
Single-family residential | 515,237 | 504,204 | 6,609 | 2,421 | 2,003 | 11,033 | 5,004 | 226 | |||||||||||||||||||||||
Owner-occupied | 429,803 | 423,560 | 1,571 | 503 | 4,169 | 6,243 | 10,398 | — | |||||||||||||||||||||||
3,908,076 | 3,890,647 | 8,180 | 2,924 | 6,325 | 17,429 | 15,564 | 226 | ||||||||||||||||||||||||
Commercial loans | 1,529,572 | 1,523,329 | 1,814 | 5 | 4,424 | 6,243 | 11,103 | — | |||||||||||||||||||||||
Loans to financial institutions and acceptances | 497,626 | 497,626 | — | — | — | — | — | — | |||||||||||||||||||||||
Consumer loans and overdrafts | 130,951 | 130,846 | 57 | 29 | 19 | 105 | 55 | — | |||||||||||||||||||||||
$ | 6,066,225 | $ | 6,042,448 | $ | 10,051 | $ | 2,958 | $ | 10,768 | $ | 23,777 | $ | 26,722 | $ | 226 |
December 31, 2017 | |||||||||||||||||||||||||||||||
Total Loans, Net of Unearned Income | Past Due | Total Loans in Nonaccrual Status | Total Loans 90 Days or More Past Due and Accruing | ||||||||||||||||||||||||||||
(in thousands) | Current | 30-59 Days | 60-89 Days | Greater than 90 Days | Total Past Due | ||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||
Non-owner occupied | $ | 1,713,104 | $ | 1,712,624 | $ | — | $ | — | $ | 480 | $ | 480 | $ | 489 | $ | — | |||||||||||||||
Multi-family residential | 839,709 | 839,709 | — | — | — | — | — | — | |||||||||||||||||||||||
Land development and construction loans | 406,940 | 406,940 | — | — | — | — | — | — | |||||||||||||||||||||||
2,959,753 | 2,959,273 | — | — | 480 | 480 | 489 | — | ||||||||||||||||||||||||
Single-family residential | 512,754 | 501,393 | 6,609 | 2,750 | 2,002 | 11,361 | 5,004 | 226 | |||||||||||||||||||||||
Owner-occupied | 610,386 | 602,643 | 3,000 | 174 | 4,569 | 7,743 | 12,227 | — | |||||||||||||||||||||||
4,082,893 | 4,063,309 | 9,609 | 2,924 | 7,051 | 19,584 | 17,720 | 226 | ||||||||||||||||||||||||
Commercial loans | 1,354,755 | 1,350,667 | 385 | 5 | 3,698 | 4,088 | 8,947 | — | |||||||||||||||||||||||
Loans to financial institutions and acceptances | 497,626 | 497,626 | — | — | — | — | — | — | |||||||||||||||||||||||
Consumer loans and overdrafts | 130,951 | 130,846 | 57 | 29 | 19 | 105 | 55 | — | |||||||||||||||||||||||
$ | 6,066,225 | $ | 6,042,448 | $ | 10,051 | $ | 2,958 | $ | 10,768 | $ | 23,777 | $ | 26,722 | $ | 226 |
December 31, 2017 | |||||||||||||||||||||||||||||||
Total Loans, Net of Unearned Income | Past Due | Total Loans in Nonaccrual Status | Total Loans 90 Days or More Past Due and Accruing | ||||||||||||||||||||||||||||
(in thousands) | Current | 30-59 Days | 60-89 Days | Greater than 90 Days | Total Past Due | ||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||
Non-owner occupied | $ | (32,735 | ) | $ | (33,062 | ) | $ | — | $ | — | $ | 327 | $ | 327 | $ | 327 | $ | — | |||||||||||||
Multi-family residential | 43,797 | 43,797 | — | — | — | — | — | — | |||||||||||||||||||||||
Land development and construction loans | (14,345 | ) | (14,345 | ) | — | — | — | — | — | — | |||||||||||||||||||||
(3,283 | ) | (3,610 | ) | — | — | 327 | 327 | 327 | — | ||||||||||||||||||||||
Single-family residential | (2,483 | ) | (2,811 | ) | — | 329 | (1 | ) | 328 | — | — | ||||||||||||||||||||
Owner-occupied | 180,583 | 179,083 | 1,429 | (329 | ) | 400 | 1,500 | 1,829 | — | ||||||||||||||||||||||
174,817 | 172,662 | 1,429 | — | 726 | 2,155 | 2,156 | — | ||||||||||||||||||||||||
Commercial loans | (174,817 | ) | (172,662 | ) | (1,429 | ) | — | (726 | ) | (2,155 | ) | (2,156 | ) | — | |||||||||||||||||
Loans to financial institutions and acceptances | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Consumer loans and overdrafts | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
December 31, 2017 | |||||||||||||||||||
Credit Risk Rating | |||||||||||||||||||
Classified | |||||||||||||||||||
(in thousands) | Nonclassified | Substandard | Doubtful | Loss | Total | ||||||||||||||
Real estate loans | |||||||||||||||||||
Commercial real estate | |||||||||||||||||||
Non-owner occupied | $ | 1,745,677 | $ | 162 | $ | — | $ | — | $ | 1,745,839 | |||||||||
Multi-family residential | 795,912 | — | — | — | 795,912 | ||||||||||||||
Land development and construction loans | 421,285 | — | — | — | 421,285 | ||||||||||||||
2,962,874 | 162 | — | — | 2,963,036 | |||||||||||||||
Single-family residential | 509,368 | 5,869 | — | — | 515,237 | ||||||||||||||
Owner-occupied | 417,694 | 12,109 | — | — | 429,803 | ||||||||||||||
3,889,936 | 18,140 | — | — | 3,908,076 | |||||||||||||||
Commercial loans | 1,513,375 | 16,197 | — | — | 1,529,572 | ||||||||||||||
Loans to financial institutions and acceptances | 497,626 | — | — | — | 497,626 | ||||||||||||||
Consumer loans and overdrafts | 125,762 | 5,189 | — | — | 130,951 | ||||||||||||||
$ | 6,026,699 | $ | 39,526 | $ | — | $ | — | $ | 6,066,225 |
December 31, 2017 | |||||||||||||||||||
Credit Risk Rating | |||||||||||||||||||
Classified | |||||||||||||||||||
(in thousands) | Nonclassified | Substandard | Doubtful | Loss | Total | ||||||||||||||
Real estate loans | |||||||||||||||||||
Commercial real estate | |||||||||||||||||||
Non-owner occupied | $ | 1,712,615 | $ | 489 | $ | — | $ | — | $ | 1,713,104 | |||||||||
Multi-family residential | 839,709 | — | — | — | 839,709 | ||||||||||||||
Land development and construction loans | 406,940 | — | — | — | 406,940 | ||||||||||||||
2,959,264 | 489 | — | — | 2,959,753 | |||||||||||||||
Single-family residential | 506,885 | 5,869 | — | — | 512,754 | ||||||||||||||
Owner-occupied | 596,519 | 13,867 | — | — | 610,386 | ||||||||||||||
4,062,668 | 20,225 | — | — | 4,082,893 | |||||||||||||||
Commercial loans | 1,340,643 | 14,112 | — | — | 1,354,755 | ||||||||||||||
Loans to financial institutions and acceptances | 497,626 | — | — | — | 497,626 | ||||||||||||||
Consumer loans and overdrafts | 126,838 | 4,113 | — | — | 130,951 | ||||||||||||||
$ | 6,027,775 | $ | 38,450 | $ | — | $ | — | $ | 6,066,225 |
December 31, 2017 | |||||||||||||||||||
Credit Risk Rating | |||||||||||||||||||
Classified | |||||||||||||||||||
(in thousands) | Nonclassified | Substandard | Doubtful | Loss | Total | ||||||||||||||
Real estate loans | |||||||||||||||||||
Commercial real estate | |||||||||||||||||||
Non-owner occupied | $ | (33,062 | ) | $ | 327 | $ | — | $ | — | $ | (32,735 | ) | |||||||
Multi-family residential | 43,797 | — | — | — | 43,797 | ||||||||||||||
Land development and construction loans | (14,345 | ) | — | — | — | (14,345 | ) | ||||||||||||
(3,610 | ) | 327 | — | — | (3,283 | ) | |||||||||||||
Single-family residential | (2,483 | ) | — | — | — | (2,483 | ) | ||||||||||||
Owner-occupied | 178,825 | 1,758 | — | — | 180,583 | ||||||||||||||
172,732 | 2,085 | — | — | 174,817 | |||||||||||||||
Commercial loans | (172,732 | ) | (2,085 | ) | — | — | (174,817 | ) | |||||||||||
Loans to financial institutions and acceptances | — | — | — | — | — | ||||||||||||||
Consumer loans and overdrafts | 1,076 | (1,076 | ) | — | — | — | |||||||||||||
$ | 1,076 | $ | (1,076 | ) | $ | — | $ | — | $ | — |
December 31, 2017 | December 31, 2016 | ||||||||||||||||||||||
(in thousands) | As Reported | As Revised | Effect of change | As Reported | As Revised | Effect of change | |||||||||||||||||
Real estate | $ | 30,246 | $ | 31,290 | $ | 1,044 | $ | 31,055 | $ | 30,713 | $ | (342 | ) | ||||||||||
Commercial | 33,731 | 32,687 | (1,044 | ) | 40,555 | 40,897 | 342 | ||||||||||||||||
Financial institutions | 4,362 | 4,362 | — | 5,304 | 5,304 | — | |||||||||||||||||
Consumer and others | 3,661 | 3,661 | — | 4,837 | 4,837 | — | |||||||||||||||||
$ | 72,000 | $ | 72,000 | $ | — | $ | 81,751 | $ | 81,751 | $ | — |
March 31, 2018 | March 31, 2017 | ||||||||||||||||||||||
(in thousands) | As Reported | As Revised | Effect of change | As Reported | As Revised | Effect of change | |||||||||||||||||
Real estate | $ | 29,416 | $ | 30,503 | $ | 1,087 | $ | 32,742 | $ | 32,471 | $ | (271 | ) | ||||||||||
Commercial | 34,759 | 33,672 | (1,087 | ) | 36,387 | 36,658 | 271 | ||||||||||||||||
Financial institutions | 3,671 | 3,671 | — | 5,615 | 5,615 | — | |||||||||||||||||
Consumer and others | 4,272 | 4,272 | — | 4,619 | 4,619 | — | |||||||||||||||||
$ | 72,118 | $ | 72,118 | $ | — | $ | 79,363 | $ | 79,363 | $ | — |
December 31, 2017 | |||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||
(in thousands) | With a Valuation Allowance | Without a Valuation Allowance | Total | Year Average | Total Unpaid Principal Balance | Valuation Allowance | |||||||||||||||||
Real estate loans | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Non-owner occupied | $ | — | $ | — | $ | — | $ | 143 | $ | — | $ | — | |||||||||||
Multi-family residential | — | 1,318 | 1,318 | 7,898 | 1,330 | — | |||||||||||||||||
Land development and construction loans | — | — | — | 1,359 | — | — | |||||||||||||||||
— | 1,318 | 1,318 | 9,400 | 1,330 | — | ||||||||||||||||||
Single-family residential | — | 877 | 877 | 3,100 | 871 | — | |||||||||||||||||
Owner-occupied | — | 9,488 | 9,488 | 13,080 | 10,494 | — | |||||||||||||||||
— | 11,683 | 11,683 | 25,580 | 12,695 | — | ||||||||||||||||||
Commercial loans | 7,173 | 3,743 | 10,916 | 18,653 | 16,940 | 2,866 | |||||||||||||||||
$ | 7,173 | $ | 15,426 | $ | 22,599 | $ | 44,233 | $ | 29,635 | $ | 2,866 |
December 31, 2017 | |||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||
(in thousands) | With a Valuation Allowance | Without a Valuation Allowance | Total | Year Average | Total Unpaid Principal Balance | Valuation Allowance | |||||||||||||||||
Real estate loans | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Non-owner occupied | $ | — | $ | 327 | $ | 327 | $ | 225 | $ | 327 | $ | — | |||||||||||
Multi-family residential | — | 1,318 | 1,318 | 7,898 | 1,330 | — | |||||||||||||||||
Land development and construction loans | — | — | — | 1,359 | — | — | |||||||||||||||||
— | 1,645 | 1,645 | 9,482 | 1,657 | — | ||||||||||||||||||
Single-family residential | — | 877 | 877 | 3,100 | 871 | — | |||||||||||||||||
Owner-occupied | — | 10,918 | 10,918 | 13,440 | 12,323 | — | |||||||||||||||||
— | 13,440 | 13,440 | 26,022 | 14,851 | — | ||||||||||||||||||
Commercial loans | 7,173 | 1,986 | 9,159 | 18,211 | 14,784 | 2,866 | |||||||||||||||||
$ | 7,173 | $ | 15,426 | $ | 22,599 | $ | 44,233 | $ | 29,635 | $ | 2,866 |
December 31, 2017 | |||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||
(in thousands) | With a Valuation Allowance | Without a Valuation Allowance | Total | Year Average | Total Unpaid Principal Balance | Valuation Allowance | |||||||||||||||||
Real estate loans | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Non-owner occupied | $ | — | $ | 327 | $ | 327 | $ | 82 | $ | 327 | $ | — | |||||||||||
Multi-family residential | — | — | — | — | — | — | |||||||||||||||||
Land development and construction loans | — | — | — | — | — | — | |||||||||||||||||
— | 327 | 327 | 82 | 327 | — | ||||||||||||||||||
Single-family residential | — | — | — | — | — | — | |||||||||||||||||
Owner-occupied | — | 1,430 | 1,430 | 360 | 1,829 | — | |||||||||||||||||
— | 1,757 | 1,757 | 442 | 2,156 | — | ||||||||||||||||||
Commercial loans | — | (1,757 | ) | (1,757 | ) | (442 | ) | (2,156 | ) | — | |||||||||||||
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — |
March 31, 2021 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair Value | |||||||||||||||||||||
(in thousands) | Gains | Losses | |||||||||||||||||||||
U.S. government-sponsored enterprise debt securities | $ | 598,250 | $ | 15,090 | $ | (2,637) | $ | 610,703 | |||||||||||||||
Corporate debt securities | 338,473 | 8,903 | (1,802) | 345,574 | |||||||||||||||||||
U.S. government agency debt securities | 214,901 | 3,810 | (2,636) | 216,075 | |||||||||||||||||||
U.S. treasury securities | 2,504 | 6 | 0 | 2,510 | |||||||||||||||||||
Municipal bonds | 14,243 | 1,096 | 0 | 15,339 | |||||||||||||||||||
Total debt securities available for sale (1) | $ | 1,168,371 | $ | 28,905 | $ | (7,075) | $ | 1,190,201 |
December 31, 2020 | |||||||||||||||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair Value | |||||||||||||||||||||
(in thousands) | Gains | Losses | |||||||||||||||||||||
U.S. government sponsored enterprise debt securities | $ | 640,796 | $ | 21,546 | $ | (1,007) | $ | 661,335 | |||||||||||||||
Corporate debt securities | 292,033 | 10,787 | (1,106) | 301,714 | |||||||||||||||||||
U.S. government agency debt securities | 202,135 | 4,458 | (2,015) | 204,578 | |||||||||||||||||||
U.S. treasury securities | 2,505 | 7 | 0 | 2,512 | |||||||||||||||||||
Municipal bonds | 50,309 | 4,635 | 0 | 54,944 | |||||||||||||||||||
Total debt securities available for sale (1) | $ | 1,187,778 | $ | 41,433 | $ | (4,128) | $ | 1,225,083 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands) | 2021 | 2020 | |||||||||||||||||||||
Proceeds from sales, redemptions and calls of debt securities available for sale | $ | 43,854 | $ | 139,072 | |||||||||||||||||||
Gross realized gains | $ | 2,947 | $ | 9,266 | |||||||||||||||||||
Gross realized losses | 0 | (23) | |||||||||||||||||||||
Realized gains, net on sales of debt investment securities | $ | 2,947 | $ | 9,243 |
June 30, 2018 | |||||||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair Value | |||||||||||||
(in thousands) | Gains | Losses | |||||||||||||
U.S. government sponsored enterprise debt securities | $ | 855,688 | $ | 1,110 | $ | (29,314 | ) | $ | 827,484 | ||||||
Corporate debt securities | 376,581 | 2,062 | (3,714 | ) | 374,929 | ||||||||||
U.S. government agency debt securities | 256,498 | 300 | (5,961 | ) | 250,837 | ||||||||||
Municipal bonds | 177,632 | 275 | (4,600 | ) | 173,307 | ||||||||||
Mutual funds | 24,263 | — | (1,155 | ) | 23,108 | ||||||||||
$ | 1,690,662 | $ | 3,747 | $ | (44,744 | ) | $ | 1,649,665 |
December 31, 2017 | |||||||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair Value | |||||||||||||
(in thousands) | Gains | Losses | |||||||||||||
U.S. government sponsored enterprise debt securities | $ | 889,396 | $ | 1,784 | $ | (15,514 | ) | $ | 875,666 | ||||||
Corporate debt securities | 310,781 | 3,446 | (835 | ) | 313,392 | ||||||||||
U.S. government agency debt securities | 293,908 | 870 | (3,393 | ) | 291,385 | ||||||||||
Municipal bonds | 179,524 | 2,343 | (1,471 | ) | 180,396 | ||||||||||
Mutual funds | 24,262 | — | (645 | ) | 23,617 | ||||||||||
U.S. treasury securities | 2,700 | 2 | (1 | ) | 2,701 | ||||||||||
$ | 1,700,571 | $ | 8,445 | $ | (21,859 | ) | $ | 1,687,157 |
March 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government-sponsored enterprise debt securities | U.S. government-sponsored enterprise debt securities | $ | 86,734 | $ | (2,413) | $ | 8,364 | $ | (224) | $ | 95,098 | $ | (2,637) | |||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 63,290 | (1,049) | 8,201 | (753) | 71,491 | (1,802) | |||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency debt securities | U.S. government agency debt securities | 36,577 | (792) | 80,582 | (1,844) | 117,159 | (2,636) | |||||||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | $ | 186,601 | $ | (4,254) | $ | 97,147 | $ | (2,821) | $ | 283,748 | $ | (7,075) | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | ||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprise debt securities | $ | 298,313 | $ | (6,389 | ) | $ | 482,682 | $ | (22,925 | ) | $ | 780,995 | $ | (29,314 | ) | |||||||||||||||||||||||||||||||||||||||||||
U.S. government agency debt securities | 101,040 | (1,949 | ) | 127,393 | (4,012 | ) | 228,433 | (5,961 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds | 59,772 | (1,152 | ) | 72,742 | (3,448 | ) | 132,514 | (4,600 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 219,052 | (3,537 | ) | 4,714 | (177 | ) | 223,766 | (3,714 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | — | — | 22,865 | (1,155 | ) | 22,865 | (1,155 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 678,177 | $ | (13,027 | ) | $ | 710,396 | $ | (31,717 | ) | $ | 1,388,573 | $ | (44,744 | ) |
December 31, 2017 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Less Than 12 Months | 12 Months or More | Total | Less Than 12 Months | 12 Months or More | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | (in thousands) | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | Estimated Fair Value | Unrealized Loss | |||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprise debt securities | $ | 333,232 | $ | (2,956 | ) | $ | 485,555 | $ | (12,558 | ) | $ | 818,787 | $ | (15,514 | ) | U.S. government sponsored enterprise debt securities | $ | 71,825 | $ | (661) | $ | 14,472 | $ | (346) | $ | 86,297 | $ | (1,007) | ||||||||||||||||||||||||||||||
Corporate debt securities | Corporate debt securities | 31,777 | (1,106) | 0 | 0 | 31,777 | (1,106) | |||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency debt securities | 92,138 | (728 | ) | 128,316 | (2,665 | ) | 220,454 | (3,393 | ) | U.S. government agency debt securities | 9,254 | (62) | 80,964 | (1,953) | 90,218 | (2,015) | ||||||||||||||||||||||||||||||||||||||||||
Municipal bonds | 4,895 | (8 | ) | 76,003 | (1,463 | ) | 80,898 | (1,471 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt securities | 94,486 | (751 | ) | 3,694 | (84 | ) | 98,180 | (835 | ) | |||||||||||||||||||||||||||||||||||||||||||||||||
Mutual funds | — | — | 23,375 | (645 | ) | 23,375 | (645 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury securities | — | — | 2,199 | (1 | ) | 2,199 | (1 | ) | ||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 524,751 | $ | (4,443 | ) | $ | 719,142 | $ | (17,416 | ) | $ | 1,243,893 | $ | (21,859 | ) | ||||||||||||||||||||||||||||||||||||||||||||
$ | 112,856 | $ | (1,829) | $ | 95,436 | $ | (2,299) | $ | 208,292 | $ | (4,128) |
June 30, 2018 | |||||||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair Value | |||||||||||||
(in thousands) | Gains | Losses | |||||||||||||
Securities Held to Maturity - | |||||||||||||||
U.S. government sponsored enterprise debt securities | $ | 85,497 | $ | — | $ | (3,486 | ) | $ | 82,011 | ||||||
U.S. Government agency debt securities | 2,943 | — | (83 | ) | 2,860 | ||||||||||
$ | 88,440 | $ | — | $ | (3,569 | ) | $ | 84,871 |
Available for Sale | Held to Maturity | ||||||||||||||||||||||
(in thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||||||||||
Within 1 year | $ | 16,480 | $ | 16,566 | $ | 0 | $ | 0 | |||||||||||||||
After 1 year through 5 years | 154,293 | 158,338 | 14,916 | 14,773 | |||||||||||||||||||
After 5 years through 10 years | 291,573 | 299,132 | 11,353 | 11,788 | |||||||||||||||||||
After 10 years | 706,025 | 716,165 | 78,388 | 77,530 | |||||||||||||||||||
$ | 1,168,371 | $ | 1,190,201 | $ | 104,657 | $ | 104,091 |
December 31, 2017 | |||||||||||||||
Amortized Cost | Gross Unrealized | Estimated Fair Value | |||||||||||||
(in thousands) | Gains | Losses | |||||||||||||
Securities Held to Maturity - | |||||||||||||||
U.S. government sponsored enterprise debt securities | $ | 86,826 | $ | 47 | $ | (441 | ) | $ | 86,432 | ||||||
U.S. Government agency debt securities | 3,034 | — | — | 3,034 | |||||||||||
$ | 89,860 | $ | 47 | $ | (441 | ) | $ | 89,466 |
Available for Sale | Held to Maturity | ||||||||||||||
(in thousands) | Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | |||||||||||
Within 1 year | $ | 2,816 | $ | 2,808 | $ | — | $ | — | |||||||
After 1 year through 5 years | 331,256 | 328,917 | — | — | |||||||||||
After 5 years through 10 years | 253,954 | 249,963 | — | — | |||||||||||
After 10 years | 1,078,373 | 1,044,869 | 88,440 | 84,871 | |||||||||||
No contractual maturities | 24,263 | 23,108 | — | — | |||||||||||
$ | 1,690,662 | $ | 1,649,665 | $ | 88,440 | $ | 84,871 |
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Real estate loans | |||||||||||
Commercial real estate | |||||||||||
Non-owner occupied | $ | 1,713,967 | $ | 1,749,839 | |||||||
Multi-family residential | 722,783 | 737,696 | |||||||||
Land development and construction loans | 351,502 | 349,800 | |||||||||
2,788,252 | 2,837,335 | ||||||||||
Single-family residential | 625,298 | 639,569 | |||||||||
Owner occupied | 940,126 | 947,127 | |||||||||
4,353,676 | 4,424,031 | ||||||||||
Commercial loans | 1,104,594 | 1,154,550 | |||||||||
Loans to financial institutions and acceptances | 16,658 | 16,636 | |||||||||
Consumer loans and overdrafts | 278,866 | 247,120 | |||||||||
$ | 5,753,794 | $ | 5,842,337 |
(in thousands) | June 30, 2018 | December 31, 2017 | |||||
Real estate loans | |||||||
Commercial real estate | |||||||
Non-owner occupied | $ | 1,864,645 | $ | 1,713,104 | |||
Multi-family residential | 858,453 | 839,709 | |||||
Land development and construction loans | 402,830 | 406,940 | |||||
3,125,928 | 2,959,753 | ||||||
Single-family residential | 514,912 | 512,754 | |||||
Owner-occupied | 653,902 | 610,386 | |||||
4,294,742 | 4,082,893 | ||||||
Commercial loans | 1,432,033 | 1,354,755 | |||||
Loans to financial institutions and acceptances | 368,864 | 497,626 | |||||
Consumer loans and overdrafts | 123,910 | 130,951 | |||||
$ | 6,219,549 | $ | 6,066,225 |
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Loans, Net of Unearned Income | Past Due | Total Loans in Nonaccrual Status | Total Loans 90 Days or More Past Due and Accruing | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Current | 30-59 Days | 60-89 Days | Greater than 90 Days | Total Past Due | ||||||||||||||||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | $ | 1,713,967 | $ | 1,706,681 | $ | 5,570 | $ | 973 | $ | 743 | $ | 7,286 | $ | 8,515 | $ | 743 | |||||||||||||||||||||||||||||||
Multi-family residential | 722,783 | 713,361 | 9,422 | 0 | 0 | 9,422 | 11,369 | 0 | |||||||||||||||||||||||||||||||||||||||
Land development and construction loans | 351,502 | 351,502 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
2,788,252 | 2,771,544 | 14,992 | 973 | 743 | 16,708 | 19,884 | 743 | ||||||||||||||||||||||||||||||||||||||||
Single-family residential | 625,298 | 612,490 | 8,793 | 611 | 3,404 | 12,808 | 10,814 | 0 | |||||||||||||||||||||||||||||||||||||||
Owner occupied | 940,126 | 930,918 | 435 | 5,068 | 3,705 | 9,208 | 12,527 | 0 | |||||||||||||||||||||||||||||||||||||||
4,353,676 | 4,314,952 | 24,220 | 6,652 | 7,852 | 38,724 | 43,225 | 743 | ||||||||||||||||||||||||||||||||||||||||
Commercial loans | 1,104,594 | 1,062,400 | 512 | 2,896 | 38,786 | 42,194 | 45,282 | 0 | |||||||||||||||||||||||||||||||||||||||
Loans to financial institutions and acceptances | 16,658 | 16,658 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Consumer loans and overdrafts | 278,866 | 278,603 | 216 | 20 | 27 | 263 | 270 | 3 | |||||||||||||||||||||||||||||||||||||||
$ | 5,753,794 | $ | 5,672,613 | $ | 24,948 | $ | 9,568 | $ | 46,665 | $ | 81,181 | $ | 88,777 | $ | 746 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Total Loans, Net of Unearned Income | Past Due | Total Loans in Nonaccrual Status | Total Loans 90 Days or More Past Due and Accruing | ||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Current | 30-59 Days | 60-89 Days | Greater than 90 Days | Total Past Due | ||||||||||||||||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | $ | 1,749,839 | $ | 1,741,862 | $ | 1,487 | $ | 0 | $ | 6,490 | $ | 7,977 | $ | 8,219 | $ | 0 | |||||||||||||||||||||||||||||||
Multi-family residential | 737,696 | 737,696 | 0 | 0 | 0 | 0 | 11,340 | 0 | |||||||||||||||||||||||||||||||||||||||
Land development and construction loans | 349,800 | 349,800 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
2,837,335 | 2,829,358 | 1,487 | 0 | 6,490 | 7,977 | 19,559 | 0 | ||||||||||||||||||||||||||||||||||||||||
Single-family residential | 639,569 | 631,801 | 3,143 | 671 | 3,954 | 7,768 | 10,667 | 0 | |||||||||||||||||||||||||||||||||||||||
Owner occupied | 947,127 | 941,566 | 439 | 0 | 5,122 | 5,561 | 12,815 | 220 | |||||||||||||||||||||||||||||||||||||||
4,424,031 | 4,402,725 | 5,069 | 671 | 15,566 | 21,306 | 43,041 | 220 | ||||||||||||||||||||||||||||||||||||||||
Commercial loans | 1,154,550 | 1,113,469 | 3,675 | 1,715 | 35,691 | 41,081 | 44,205 | 0 | |||||||||||||||||||||||||||||||||||||||
Loans to financial institutions and acceptances | 16,636 | 16,636 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Consumer loans and overdrafts | 247,120 | 246,997 | 85 | 6 | 32 | 123 | 233 | 1 | |||||||||||||||||||||||||||||||||||||||
$ | 5,842,337 | $ | 5,779,827 | $ | 8,829 | $ | 2,392 | $ | 51,289 | $ | 62,510 | $ | 87,479 | $ | 221 |
June 30, 2018 | |||||||||||||||
(in thousands) | Brazil | Venezuela | Others (1) | Total | |||||||||||
Real estate loans | |||||||||||||||
Single-family residential (2) | $ | 212 | $ | 136,681 | $ | 6,286 | $ | 143,179 | |||||||
Loans to financial institutions and acceptances | 130,866 | — | 221,498 | 352,364 | |||||||||||
Commercial loans | 5,974 | — | 98,003 | 103,977 | |||||||||||
Consumer loans and overdrafts (3) | 3,653 | 35,137 | 7,598 | 46,388 | |||||||||||
$ | 140,705 | $ | 171,818 | $ | 333,385 | $ | 645,908 |
December 31, 2017 | |||||||||||||||||||
(in thousands) | Brazil | Venezuela | Chile | Others (1) | Total | ||||||||||||||
Real estate loans | |||||||||||||||||||
Single-family residential (2) | $ | 219 | $ | 145,069 | $ | 179 | $ | 7,246 | $ | 152,713 | |||||||||
Loans to financial institutions and acceptances | 129,372 | — | 93,000 | 258,811 | 481,183 | ||||||||||||||
Commercial loans | 8,451 | — | — | 60,843 | 69,294 | ||||||||||||||
Consumer loans and overdrafts (3) | 3,046 | 37,609 | 1,364 | 10,060 | 52,079 | ||||||||||||||
$ | 141,088 | $ | 182,678 | $ | 94,543 | $ | 336,960 | $ | 755,269 |
June 30, 2018 | |||||||||||||||||||||||||||||||
Total Loans, Net of Unearned Income | Past Due | Total Loans in Nonaccrual Status | Total Loans 90 Days or More Past Due and Accruing | ||||||||||||||||||||||||||||
(in thousands) | Current | 30-59 Days | 60-89 Days | Greater than 90 Days | Total Past Due | ||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||
Non-owner occupied | $ | 1,864,645 | $ | 1,864,496 | $ | — | $ | — | $ | 149 | $ | 149 | $ | 10,510 | $ | — | |||||||||||||||
Multi-family residential | 858,453 | 858,453 | — | — | — | — | — | — | |||||||||||||||||||||||
Land development and construction loans | 402,830 | 402,830 | — | — | — | — | — | — | |||||||||||||||||||||||
3,125,928 | 3,125,779 | — | — | 149 | 149 | 10,510 | — | ||||||||||||||||||||||||
Single-family residential | 514,912 | 508,426 | 919 | 1,127 | 4,440 | 6,486 | 6,334 | — | |||||||||||||||||||||||
Owner-occupied | 653,902 | 650,586 | 1,711 | — | 1,605 | 3,316 | 7,186 | — | |||||||||||||||||||||||
4,294,742 | 4,284,791 | 2,630 | 1,127 | 6,194 | 9,951 | 24,030 | — | ||||||||||||||||||||||||
Commercial loans | 1,432,033 | 1,428,566 | 330 | 200 | 2,937 | 3,467 | 9,934 | 27 | |||||||||||||||||||||||
Loans to financial institutions and acceptances | 368,864 | 368,864 | — | — | — | — | — | — | |||||||||||||||||||||||
Consumer loans and overdrafts | 123,910 | 122,234 | 653 | 360 | 663 | 1,676 | 42 | 663 | |||||||||||||||||||||||
$ | 6,219,549 | $ | 6,204,455 | $ | 3,613 | $ | 1,687 | $ | 9,794 | $ | 15,094 | $ | 34,006 | $ | 690 |
December 31, 2017 | |||||||||||||||||||||||||||||||
Total Loans, Net of Unearned Income | Past Due | Total Loans in Nonaccrual Status | Total Loans 90 Days or More Past Due and Accruing | ||||||||||||||||||||||||||||
(in thousands) | Current | 30-59 Days | 60-89 Days | Greater than 90 Days | Total Past Due | ||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||
Non-owner occupied | $ | 1,713,104 | $ | 1,712,624 | $ | — | $ | — | $ | 480 | $ | 480 | $ | 489 | $ | — | |||||||||||||||
Multi-family residential | 839,709 | 839,709 | — | — | — | — | — | — | |||||||||||||||||||||||
Land development and construction loans | 406,940 | 406,940 | — | — | — | — | — | — | |||||||||||||||||||||||
2,959,753 | 2,959,273 | — | — | 480 | 480 | 489 | — | ||||||||||||||||||||||||
Single-family residential | 512,754 | 501,393 | 6,609 | 2,750 | 2,002 | 11,361 | 5,004 | 226 | |||||||||||||||||||||||
Owner-occupied | 610,386 | 602,643 | 3,000 | 174 | 4,569 | 7,743 | 12,227 | — | |||||||||||||||||||||||
4,082,893 | 4,063,309 | 9,609 | 2,924 | 7,051 | 19,584 | 17,720 | 226 | ||||||||||||||||||||||||
Commercial loans | 1,354,755 | 1,350,667 | 385 | 5 | 3,698 | 4,088 | 8,947 | — | |||||||||||||||||||||||
Loans to financial institutions and acceptances | 497,626 | 497,626 | — | — | — | — | — | — | |||||||||||||||||||||||
Consumer loans and overdrafts | 130,951 | 130,846 | 57 | 29 | 19 | 105 | 55 | — | |||||||||||||||||||||||
$ | 6,066,225 | $ | 6,042,448 | $ | 10,051 | $ | 2,958 | $ | 10,768 | $ | 23,777 | $ | 26,722 | $ | 226 |
Three Months Ended March 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Real Estate | Commercial | Financial Institutions | Consumer and Others | Total | ||||||||||||||||||||||||
Balances at beginning of the period | $ | 50,227 | $ | 48,130 | $ | 1 | $ | 12,544 | $ | 110,902 | |||||||||||||||||||
(Reversal of) provision for loan losses | (1,936) | 702 | 0 | 1,234 | 0 | ||||||||||||||||||||||||
Loans charged-off | |||||||||||||||||||||||||||||
Domestic | 0 | (235) | 0 | (431) | (666) | ||||||||||||||||||||||||
International | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Recoveries | 0 | 605 | 0 | 99 | 704 | ||||||||||||||||||||||||
Balances at end of the period | $ | 48,291 | $ | 49,202 | $ | 1 | $ | 13,446 | $ | 110,940 | |||||||||||||||||||
Allowance for loan losses by impairment methodology: | |||||||||||||||||||||||||||||
Individually evaluated | $ | 2,918 | $ | 26,665 | $ | 0 | $ | 1,077 | $ | 30,660 | |||||||||||||||||||
Collectively evaluated | 45,373 | 22,537 | 1 | 12,369 | 80,280 | ||||||||||||||||||||||||
$ | 48,291 | $ | 49,202 | $ | 1 | $ | 13,446 | $ | 110,940 | ||||||||||||||||||||
Investment in loans, net of unearned income: | |||||||||||||||||||||||||||||
Individually evaluated | $ | 19,892 | $ | 60,891 | $ | 0 | $ | 8,261 | $ | 89,044 | |||||||||||||||||||
Collectively evaluated | 2,742,923 | 2,154,463 | 18,073 | 749,291 | 5,664,750 | ||||||||||||||||||||||||
$ | 2,762,815 | $ | 2,215,354 | $ | 18,073 | $ | 757,552 | $ | 5,753,794 |
Three Months Ended June 30, 2018 | |||||||||||||||||||
(in thousands) | Real Estate | Commercial | Financial Institutions | Consumer and Others | Total | ||||||||||||||
Balances at beginning of the period | $ | 30,503 | $ | 33,672 | $ | 3,671 | $ | 4,272 | $ | 72,118 | |||||||||
(Reversal of) provision for loan losses | (1,814 | ) | (1,750 | ) | (354 | ) | 4,068 | 150 | |||||||||||
Loans charged-off | |||||||||||||||||||
Domestic | — | (2,355 | ) | — | (98 | ) | (2,453 | ) | |||||||||||
International | — | (52 | ) | — | (230 | ) | (282 | ) | |||||||||||
Recoveries | 4 | 269 | — | 125 | 398 | ||||||||||||||
Balances at end of the period | $ | 28,693 | $ | 29,784 | $ | 3,317 | $ | 8,137 | $ | 69,931 |
Six Months Ended June 30, 2018 | |||||||||||||||||||
(in thousands) | Real Estate | Commercial | Financial Institutions | Consumer and Others | Total | ||||||||||||||
Balances at beginning of the period | $ | 31,290 | $ | 32,687 | $ | 4,362 | $ | 3,661 | $ | 72,000 | |||||||||
(Reversal of) provision for loan losses | (2,635 | ) | (1,215 | ) | (1,045 | ) | 5,045 | 150 | |||||||||||
Loans charged-off | |||||||||||||||||||
Domestic | — | (2,737 | ) | — | (117 | ) | (2,854 | ) | |||||||||||
International | — | (52 | ) | — | (630 | ) | (682 | ) | |||||||||||
Recoveries | 38 | 1,101 | — | 178 | 1,317 | ||||||||||||||
Balances at end of the period | $ | 28,693 | $ | 29,784 | $ | 3,317 | $ | 8,137 | $ | 69,931 |
Three Months Ended March 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | Real Estate | Commercial | Financial Institutions | Consumer and Others | Total | ||||||||||||||||||||||||
Balances at beginning of the period | $ | 25,040 | $ | 22,482 | $ | 42 | $ | 4,659 | $ | 52,223 | |||||||||||||||||||
Provision for loan losses | 11,390 | 7,530 | 0 | 3,080 | 22,000 | ||||||||||||||||||||||||
Loans charged-off | |||||||||||||||||||||||||||||
Domestic | 0 | (1,101) | 0 | (222) | (1,323) | ||||||||||||||||||||||||
International | 0 | (34) | 0 | (251) | (285) | ||||||||||||||||||||||||
Recoveries | 0 | 185 | 0 | 148 | 333 | ||||||||||||||||||||||||
Balances at end of the period | $ | 36,430 | $ | 29,062 | $ | 42 | $ | 7,414 | $ | 72,948 | |||||||||||||||||||
Allowance for loan losses by impairment methodology: | |||||||||||||||||||||||||||||
Individually evaluated | $ | 1,157 | $ | 4,038 | $ | 0 | $ | 1,525 | $ | 6,720 | |||||||||||||||||||
Collectively evaluated | 35,273 | 25,024 | 42 | 5,889 | 66,228 | ||||||||||||||||||||||||
$ | 36,430 | $ | 29,062 | $ | 42 | $ | 7,414 | $ | 72,948 | ||||||||||||||||||||
Investment in loans, net of unearned income: | |||||||||||||||||||||||||||||
Individually evaluated | $ | 1,936 | $ | 24,232 | $ | 0 | $ | 7,521 | $ | 33,689 | |||||||||||||||||||
Collectively evaluated | 2,931,900 | 2,104,220 | 16,576 | 581,942 | 5,634,638 | ||||||||||||||||||||||||
$ | 2,933,836 | $ | 2,128,452 | $ | 16,576 | $ | 589,463 | $ | 5,668,327 |
June 30, 2018 | |||||||||||||||||||
(in thousands) | Real Estate | Commercial | Financial Institutions | Consumer and Others | Total | ||||||||||||||
Allowance for loan losses by impairment methodology | |||||||||||||||||||
Individually evaluated | $ | 4,055 | $ | 2,252 | $ | — | $ | — | $ | 6,307 | |||||||||
Collectively evaluated | 24,638 | 27,532 | 3,317 | 8,137 | 63,624 | ||||||||||||||
$ | 28,693 | $ | 29,784 | $ | 3,317 | $ | 8,137 | $ | 69,931 | ||||||||||
Investment in loans, net of unearned income | |||||||||||||||||||
Individually evaluated | $ | 11,078 | $ | 16,206 | $ | — | $ | 306 | $ | 27,590 | |||||||||
Collectively evaluated | 3,078,004 | 2,184,226 | 371,498 | 558,231 | 6,191,959 | ||||||||||||||
$ | 3,089,082 | $ | 2,200,432 | $ | 371,498 | $ | 558,537 | $ | 6,219,549 |
Three Months Ended June 30, 2017 | |||||||||||||||||||
(in thousands) | Real Estate | Commercial | Financial Institutions | Consumer and Others | Total | ||||||||||||||
Balances at beginning of the period | $ | 32,471 | $ | 36,658 | $ | 5,615 | $ | 4,619 | $ | 79,363 | |||||||||
Provision for (reversal of) loan losses | 2,262 | 4,760 | (1,639 | ) | (1,737 | ) | 3,646 | ||||||||||||
Loans charged-off | |||||||||||||||||||
Domestic | — | (1,097 | ) | — | (15 | ) | (1,112 | ) | |||||||||||
International | — | (143 | ) | — | (258 | ) | (401 | ) | |||||||||||
Recoveries | 107 | 23 | — | 1,080 | 1,210 | ||||||||||||||
Balances at end of the period | $ | 34,840 | $ | 40,201 | $ | 3,976 | $ | 3,689 | $ | 82,706 |
Six Months Ended June 30, 2017 | |||||||||||||||||||
(in thousands) | Real Estate | Commercial | Financial Institutions | Consumer and Others | Total | ||||||||||||||
Balances at beginning of the period | $ | 30,713 | $ | 40,897 | $ | 5,304 | $ | 4,837 | $ | 81,751 | |||||||||
Provision for (reversal of) loan losses | 4,056 | 6,695 | (1,328 | ) | (1,680 | ) | 7,743 | ||||||||||||
Loans charged-off | |||||||||||||||||||
Domestic | (97 | ) | (1,415 | ) | — | (128 | ) | (1,640 | ) | ||||||||||
International | — | (6,042 | ) | — | (477 | ) | (6,519 | ) | |||||||||||
Recoveries | 168 | 66 | — | 1,137 | 1,371 | ||||||||||||||
Balances at end of the period | $ | 34,840 | $ | 40,201 | $ | 3,976 | $ | 3,689 | $ | 82,706 | |||||||||
June 30, 2017 | |||||||||||||||||||
(in thousands) | Real Estate | Commercial | Financial Institutions | Consumer and Others | Total | ||||||||||||||
Allowance for loan losses by impairment methodology | |||||||||||||||||||
Individually evaluated | $ | — | $ | 3,407 | $ | — | $ | — | $ | 3,407 | |||||||||
Collectively evaluated | 34,840 | 36,794 | 3,976 | 3,689 | 79,299 | ||||||||||||||
$ | 34,840 | $ | 40,201 | $ | 3,976 | $ | 3,689 | $ | 82,706 | ||||||||||
Investment in loans, net of unearned income | |||||||||||||||||||
Individually evaluated | $ | 13,733 | $ | 36,855 | $ | — | $ | 2,277 | $ | 52,865 | |||||||||
Collectively evaluated | 2,708,546 | 2,351,544 | 424,434 | 539,976 | 6,024,500 | ||||||||||||||
$ | 2,722,279 | $ | 2,388,399 | $ | 424,434 | $ | 542,253 | $ | 6,077,365 |
Three Months Ended March 31, (in thousands) | Real Estate | Commercial | Financial Institutions | Consumer and others | Total | ||||||||||||||||||||||||
2021 | $ | 0 | $ | 0 | $ | 0 | $ | 1,173 | $ | 1,173 | |||||||||||||||||||
2020 | $ | 0 | $ | 11,901 | $ | 0 | $ | 1,208 | $ | 13,109 |
Three Months Ended June 30, (in thousands) | Real Estate | Commercial | Financial Institutions | Consumer and others | Total | ||||||||||||||
2018 | $ | 5,049 | $ | 5,774 | $ | — | $ | — | $ | 10,823 | |||||||||
2017 | $ | 2,045 | $ | 7,696 | $ | — | $ | — | $ | 9,741 |
Six Months Ended June 30, (in thousands) | Real Estate | Commercial | Financial Institutions | Consumer and others | Total | ||||||||||||||
2018 | $ | 8,007 | $ | 15,774 | $ | — | $ | — | $ | 23,781 | |||||||||
2017 | $ | 3,922 | $ | 35,057 | $ | 24,277 | $ | — | $ | 63,256 |
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | With a Valuation Allowance | Without a Valuation Allowance | Total | Year Average (1) | Total Unpaid Principal Balance | Valuation Allowance | |||||||||||||||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | $ | 8,523 | $ | 0 | $ | 8,523 | $ | 8,364 | $ | 8,513 | $ | 2,918 | |||||||||||||||||||||||||||||||||||
Multi-family residential | 0 | 11,369 | 11,369 | 6,048 | 11,291 | 0 | |||||||||||||||||||||||||||||||||||||||||
Land development and construction loans | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
8,523 | 11,369 | 19,892 | 14,412 | 19,804 | 2,918 | ||||||||||||||||||||||||||||||||||||||||||
Single-family residential | 5,421 | 5,648 | 11,069 | 10,392 | 11,132 | 907 | |||||||||||||||||||||||||||||||||||||||||
Owner occupied | 632 | 11,895 | 12,527 | 12,939 | 12,371 | 212 | |||||||||||||||||||||||||||||||||||||||||
14,576 | 28,912 | 43,488 | 37,743 | 43,307 | 4,037 | ||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 34,341 | 10,946 | 45,287 | 47,357 | 67,251 | 26,453 | |||||||||||||||||||||||||||||||||||||||||
Consumer loans and overdrafts | 269 | 0 | 269 | 169 | 267 | 170 | |||||||||||||||||||||||||||||||||||||||||
$ | 49,186 | $ | 39,858 | $ | 89,044 | $ | 85,269 | $ | 110,825 | $ | 30,660 |
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||||||||||||||
(in thousands) | With a Valuation Allowance | Without a Valuation Allowance | Total | Year Average (1) | Total Unpaid Principal Balance | Valuation Allowance | |||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Non-owner occupied | $ | 8,219 | $ | 0 | $ | 8,219 | $ | 6,718 | $ | 8,227 | $ | 3,175 | |||||||||||||||||||||||
Multi-family residential | 0 | 11,341 | 11,341 | 3,206 | 11,306 | 0 | |||||||||||||||||||||||||||||
Land development and construction loans | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||
8,219 | 11,341 | 19,560 | 9,924 | 19,533 | 3,175 | ||||||||||||||||||||||||||||||
Single-family residential | 5,675 | 5,250 | 10,925 | 9,457 | 10,990 | 1,232 | |||||||||||||||||||||||||||||
Owner occupied | 636 | 12,178 | 12,814 | 13,295 | 12,658 | 214 | |||||||||||||||||||||||||||||
14,530 | 28,769 | 43,299 | 32,676 | 43,181 | 4,621 | ||||||||||||||||||||||||||||||
Commercial loans | 33,110 | 11,100 | 44,210 | 38,534 | 66,010 | 25,180 | |||||||||||||||||||||||||||||
Consumer loans and overdrafts | 232 | 0 | 232 | 221 | 229 | 147 | |||||||||||||||||||||||||||||
$ | 47,872 | $ | 39,869 | $ | 87,741 | $ | 71,431 | $ | 109,420 | $ | 29,948 |
June 30, 2018 | |||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||
(in thousands) | With a Valuation Allowance | Without a Valuation Allowance | Total | Year-To-Date Average | Total Unpaid Principal Balance | Valuation Allowance | |||||||||||||||||
Real estate loans | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Non-owner occupied | $ | 10,352 | $ | — | $ | 10,352 | $ | 8,734 | $ | 10,402 | $ | 4,055 | |||||||||||
Multi-family residential | — | 726 | 726 | 927 | 731 | — | |||||||||||||||||
Land development and construction loans | — | — | — | — | — | — | |||||||||||||||||
10,352 | 726 | 11,078 | 9,661 | 11,133 | 4,055 | ||||||||||||||||||
Single-family residential | — | 306 | 306 | 746 | 297 | — | |||||||||||||||||
Owner-occupied | — | 6,303 | 6,303 | 6,918 | 6,222 | — | |||||||||||||||||
10,352 | 7,335 | 17,687 | 17,325 | 17,652 | 4,055 | ||||||||||||||||||
Commercial loans | 4,572 | 5,331 | 9,903 | 8,939 | 18,302 | 2,252 | |||||||||||||||||
$ | 14,924 | $ | 12,666 | $ | 27,590 | $ | 26,264 | $ | 35,954 | $ | 6,307 |
December 31, 2017 | |||||||||||||||||||||||
Recorded Investment | |||||||||||||||||||||||
(in thousands) | With a Valuation Allowance | Without a Valuation Allowance | Total | Year Average | Total Unpaid Principal Balance | Valuation Allowance | |||||||||||||||||
Real estate loans | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Non-owner occupied | $ | — | $ | 327 | $ | 327 | $ | 225 | $ | 327 | $ | — | |||||||||||
Multi-family residential | — | 1,318 | 1,318 | 7,898 | 1,330 | — | |||||||||||||||||
Land development and construction loans | — | — | — | 1,359 | — | — | |||||||||||||||||
— | 1,645 | 1,645 | 9,482 | 1,657 | — | ||||||||||||||||||
Single-family residential | — | 877 | 877 | 3,100 | 871 | — | |||||||||||||||||
Owner-occupied | — | 10,918 | 10,918 | 13,440 | 12,323 | — | |||||||||||||||||
— | 13,440 | 13,440 | 26,022 | 14,851 | — | ||||||||||||||||||
Commercial loans | 7,173 | 1,986 | 9,159 | 18,211 | 14,784 | 2,866 | |||||||||||||||||
$ | 7,173 | $ | 15,426 | $ | 22,599 | $ | 44,233 | $ | 29,635 | $ | 2,866 |
As of March 31, 2021 | As of December 31, 2020 | ||||||||||||||||||||||
(in thousands) | Number of Contracts | Recorded Investment | Number of Contracts | Recorded Investment | |||||||||||||||||||
Real estate loans | |||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||
Non-owner occupied | 1 | $ | 1,660 | 1 | $ | 1,729 | |||||||||||||||||
Single-family residential | 3 | 722 | 2 | 267 | |||||||||||||||||||
Owner occupied | 4 | 6,641 | 4 | 6,784 | |||||||||||||||||||
8 | 9,023 | 7 | 8,780 | ||||||||||||||||||||
Commercial loans | 10 | 3,419 | 11 | 3,851 | |||||||||||||||||||
Total (1) | 18 | $ | 12,442 | 18 | $ | 12,631 |
June 30, 2018 | |||||||||||||||||||
Credit Risk Rating | |||||||||||||||||||
Classified | |||||||||||||||||||
(in thousands) | Nonclassified | Substandard | Doubtful | Loss | Total | ||||||||||||||
Real estate loans | |||||||||||||||||||
Commercial real estate | |||||||||||||||||||
Non-owner occupied | $ | 1,854,135 | $ | 10,510 | $ | — | $ | — | $ | 1,864,645 | |||||||||
Multi-family residential | 858,453 | — | — | — | 858,453 | ||||||||||||||
Land development and construction loans | 402,830 | — | — | — | 402,830 | ||||||||||||||
3,115,418 | 10,510 | — | — | 3,125,928 | |||||||||||||||
Single-family residential | 508,578 | 6,334 | — | — | 514,912 | ||||||||||||||
Owner-occupied | 644,363 | 9,539 | — | — | 653,902 | ||||||||||||||
4,268,359 | 26,383 | — | — | 4,294,742 | |||||||||||||||
Commercial loans | 1,421,122 | 8,891 | 2,020 | — | 1,432,033 | ||||||||||||||
Loans to financial institutions and acceptances | 368,864 | — | — | — | 368,864 | ||||||||||||||
Consumer loans and overdrafts | 118,176 | 5,734 | — | — | 123,910 | ||||||||||||||
$ | 6,176,521 | $ | 41,008 | $ | 2,020 | $ | — | $ | 6,219,549 |
March 31, 2021 | |||||||||||||||||||||||||||||||||||
Credit Risk Rating | |||||||||||||||||||||||||||||||||||
Nonclassified | Classified | ||||||||||||||||||||||||||||||||||
(in thousands) | Pass | Special Mention | Substandard | Doubtful | Loss | Total | |||||||||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||||||||||||||
Commercial real estate | |||||||||||||||||||||||||||||||||||
Non-owner occupied | $ | 1,659,501 | $ | 45,206 | $ | 5,684 | $ | 3,576 | $ | 0 | $ | 1,713,967 | |||||||||||||||||||||||
Multi-family residential | 711,414 | 0 | 11,369 | 0 | 0 | 722,783 | |||||||||||||||||||||||||||||
Land development and construction loans | 351,502 | 0 | 0 | 0 | 0 | 351,502 | |||||||||||||||||||||||||||||
2,722,417 | 45,206 | 17,053 | 3,576 | 0 | 2,788,252 | ||||||||||||||||||||||||||||||
Single-family residential | 614,484 | 0 | 10,814 | 0 | 0 | 625,298 | |||||||||||||||||||||||||||||
Owner occupied | 906,454 | 21,045 | 12,627 | 0 | 0 | 940,126 | |||||||||||||||||||||||||||||
4,243,355 | 66,251 | 40,494 | 3,576 | 0 | 4,353,676 | ||||||||||||||||||||||||||||||
Commercial loans | 1,014,319 | 43,313 | 21,045 | 25,917 | 0 | 1,104,594 | |||||||||||||||||||||||||||||
Loans to financial institutions and acceptances | 16,658 | 0 | 0 | 0 | 0 | 16,658 | |||||||||||||||||||||||||||||
Consumer loans and overdrafts | 278,568 | 0 | 298 | 0 | 0 | 278,866 | |||||||||||||||||||||||||||||
$ | 5,552,900 | $ | 109,564 | $ | 61,837 | $ | 29,493 | $ | 0 | $ | 5,753,794 |
December 31, 2017 | December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Credit Risk Rating | Credit Risk Rating | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Classified | Nonclassified | Classified | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Nonclassified | Substandard | Doubtful | Loss | Total | (in thousands) | Pass | Special Mention | Substandard | Doubtful | Loss | Total | ||||||||||||||||||||||||||||||||||||||||||
Real estate loans | Real estate loans | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Commercial real estate | Commercial real estate | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | $ | 1,712,615 | $ | 489 | $ | — | $ | — | $ | 1,713,104 | Non-owner occupied | $ | 1,694,004 | $ | 46,872 | $ | 4,994 | $ | 3,969 | $ | 0 | $ | 1,749,839 | |||||||||||||||||||||||||||||||
Multi-family residential | 839,709 | — | — | — | 839,709 | Multi-family residential | 726,356 | 0 | 11,340 | 0 | 0 | 737,696 | ||||||||||||||||||||||||||||||||||||||||||
Land development and construction loans | 406,940 | — | — | — | 406,940 | Land development and construction loans | 342,636 | 7,164 | 0 | 0 | 0 | 349,800 | ||||||||||||||||||||||||||||||||||||||||||
2,959,264 | 489 | — | — | 2,959,753 | 2,762,996 | 54,036 | 16,334 | 3,969 | 0 | 2,837,335 | ||||||||||||||||||||||||||||||||||||||||||||
Single-family residential | 506,885 | 5,869 | — | — | 512,754 | Single-family residential | 628,902 | 0 | 10,667 | 0 | 0 | 639,569 | ||||||||||||||||||||||||||||||||||||||||||
Owner-occupied | 596,519 | 13,867 | — | — | 610,386 | |||||||||||||||||||||||||||||||||||||||||||||||||
Owner occupied | Owner occupied | 911,867 | 22,343 | 12,917 | 0 | 0 | 947,127 | |||||||||||||||||||||||||||||||||||||||||||||||
4,062,668 | 20,225 | — | — | 4,082,893 | 4,303,765 | 76,379 | 39,918 | 3,969 | 0 | 4,424,031 | ||||||||||||||||||||||||||||||||||||||||||||
Commercial loans | 1,340,643 | 14,112 | — | — | 1,354,755 | Commercial loans | 1,067,708 | 42,434 | 21,152 | 23,256 | 0 | 1,154,550 | ||||||||||||||||||||||||||||||||||||||||||
Loans to financial institutions and acceptances | 497,626 | — | — | — | 497,626 | Loans to financial institutions and acceptances | 16,636 | 0 | 0 | 0 | 0 | 16,636 | ||||||||||||||||||||||||||||||||||||||||||
Consumer loans and overdrafts | 126,838 | 4,113 | — | — | 130,951 | Consumer loans and overdrafts | 246,882 | 0 | 238 | 0 | 0 | 247,120 | ||||||||||||||||||||||||||||||||||||||||||
$ | 6,027,775 | $ | 38,450 | $ | — | $ | — | $ | 6,066,225 | $ | 5,634,991 | $ | 118,813 | $ | 61,308 | $ | 27,225 | $ | 0 | $ | 5,842,337 |
Year of Maturity | Interest Rate | June 30, 2018 | December 31, 2017 | ||||||
(in thousands, except percentages) | |||||||||
2018 | 0.90% to 2.38% | $ | 417,000 | $ | 567,000 | ||||
2019 | 1.00% to 3.86% | 225,000 | 155,000 | ||||||
2020 | 1.50% to 2.74% | 306,000 | 211,000 | ||||||
2021 | 1.93% to 2.50% | 190,000 | 240,000 | ||||||
2022 | 2.48% to 2.80% | 120,000 | — | ||||||
$ | 1,258,000 | $ | 1,173,000 |
Outstanding Balance | ||||||||||||||||||||||||||
Year of Maturity | Interest Rate | Interest Rate Type | At March 31, 2021 | At December 31, 2020 | ||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
2022 | 0.65% to 0.65% | Fixed | 50,000 | 50,000 | ||||||||||||||||||||||
2023 | 0.87% to 0.95% | Fixed | 70,000 | 70,000 | ||||||||||||||||||||||
2024 and after (1) | 0.62% to 2.42% | Fixed | 930,000 | 930,000 | ||||||||||||||||||||||
$ | 1,050,000 | $ | 1,050,000 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | Amount of Trust Preferred Securities Issued by Trust | Principal Amount of Debenture Issued to Trust | Amount of Trust Preferred Securities Issued by Trust | Principal Amount of Debenture Issued to Trust | Year of Issuance | Annual Rate of Trust Preferred Securities and Debentures | Year of Maturity | ||||||||||||||||||||||||||||||||||
Commercebank Capital Trust VI | 9,250 | 9,537 | 9,250 | 9,537 | 2002 | 3-M LIBOR + 3.35% | 2033 | ||||||||||||||||||||||||||||||||||
Commercebank Capital Trust VII | 8,000 | 8,248 | 8,000 | 8,248 | 2003 | 3-M LIBOR + 3.25% | 2033 | ||||||||||||||||||||||||||||||||||
Commercebank Capital Trust VIII | 5,000 | 5,155 | 5,000 | 5,155 | 2004 | 3-M LIBOR + 2.85% | 2034 | ||||||||||||||||||||||||||||||||||
Commercebank Capital Trust IX | 25,000 | 25,774 | 25,000 | 25,774 | 2006 | 3-M LIBOR + 1.75% | 2038 | ||||||||||||||||||||||||||||||||||
Commercebank Capital Trust X | 15,000 | 15,464 | 15,000 | 15,464 | 2006 | 3-M LIBOR + 1.78% | 2036 | ||||||||||||||||||||||||||||||||||
$ | 62,250 | $ | 64,178 | $ | 62,250 | $ | 64,178 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(in thousands) | Other Assets | Other Liabilities | Other Assets | Other Liabilities | |||||||||||||||||||
Interest rate swaps designated as cash flow hedges | $ | 0 | $ | 1,404 | $ | 0 | $ | 1,658 | |||||||||||||||
Interest rate swaps not designated as hedging instruments: | |||||||||||||||||||||||
Customers | 21,297 | 2,292 | 39,715 | 0 | |||||||||||||||||||
Third party broker | 2,292 | 21,297 | 0 | 39,715 | |||||||||||||||||||
23,589 | 23,589 | 39,715 | 39,715 | ||||||||||||||||||||
Interest rate caps not designated as hedging instruments: | |||||||||||||||||||||||
Customers | 0 | 125 | 0 | 58 | |||||||||||||||||||
Third party broker | 7 | 0 | 6 | 0 | |||||||||||||||||||
7 | 125 | 6 | 58 | ||||||||||||||||||||
$ | 23,596 | $ | 25,118 | $ | 39,721 | $ | 41,431 |
June 30, 2018 | December 31, 2017 | ||||||||||||||
(in thousands) | Other Assets | Other Liabilities | Other Assets | Other Liabilities | |||||||||||
Interest rate swaps designated as cash flow hedges | $ | 14,417 | $ | — | $ | 5,462 | $ | — | |||||||
Interest rate swaps not designated as hedging instruments: | |||||||||||||||
Customers | 304 | — | 1,375 | — | |||||||||||
Third party broker | — | 304 | — | 1,375 | |||||||||||
304 | 304 | 1,375 | 1,375 | ||||||||||||
Interest rate caps not designated as hedging instruments: | |||||||||||||||
Customers | — | 1,084 | — | 195 | |||||||||||
Third party broker | 1,084 | — | 195 | — | |||||||||||
1,084 | 1,084 | 195 | 195 | ||||||||||||
$ | 15,805 | $ | 1,388 | $ | 7,032 | $ | 1,570 |
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Fair value of derivative contracts | $ | 24,993 | $ | 41,373 | |||||||
Securities Pledged | 31,586 | 52,857 | |||||||||
Liquidity exposure | $ | (6,593) | $ | (11,484) |
March 31, 2021 | ||||||||
Lease cost | ||||||||
Operating lease cost | $ | 1,909 | ||||||
Short-term lease cost | 155 | |||||||
Variable lease cost | 333 | |||||||
Sublease income | (108) | |||||||
Total lease cost | $ | 2,289 |
(in thousands, except weighted average data) | ||||||||
Cash paid for amounts included in the measurement of operating lease liabilities | 1,765 | |||||||
Operating lease right-of-use asset obtained in exchange for operating lease liability | 1,044 | |||||||
Weighted average remaining lease term for operating leases | 21.0 years | |||||||
Weighted average discount rate for operating leases | 5.72 | % |
(in thousands) | ||||||||
Twelve Months Ended March 31, | ||||||||
2021 | $ | 7,113 | ||||||
2022 | 6,335 | |||||||
2023 | 4,504 | |||||||
2024 | 4,483 | |||||||
2025 | 4,145 | |||||||
Thereafter | 77,444 | |||||||
Total minimum payments required | 104,024 | |||||||
Less: implied interest | (49,020) | |||||||
Total lease obligations | $ | 55,004 |
Number of restricted shares | Weighted-average grant date fair value | |||||||
Non-vested shares, beginning of year | 210,423 | $ | 13.55 | |||||
Granted | 196,015 | 16.65 | ||||||
Vested | (2,630) | 14.91 | ||||||
Forfeited | 0 | 0 | ||||||
Non-vested shares at March 31, 2021 | 403,808 | $ | 15.05 |
Stock-settled RSUs | Cash-settled RSUs | Total RSUs | Stock-settled PSUs | ||||||||||||||||||||||||||||||||||||||||||||
Number of RSUs | Weighted-average grant date fair value | Number of RSUs | Weighted-average grant date fair value | Number of RSUs | Weighted-average grant date fair value | Number of PSUs | Weighted-average grant date fair value | ||||||||||||||||||||||||||||||||||||||||
Nonvested, beginning of year | 38,327 | $ | 13.45 | 20,766 | $ | 13.45 | 59,093 | $ | 13.72 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Granted | 120,513 | 16.65 | 0 | 0 | 120,513 | 16.65 | 120,513 | 13.82 | |||||||||||||||||||||||||||||||||||||||
Vested | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Forfeited | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||
Non-vested, end of year | 158,840 | $ | 15.88 | 20,766 | $ | 13.45 | 179,606 | $ | 15.69 | 120,513 | $ | 13.82 | |||||||||||||||||||||||||||||||||||
June 30, 2018 | December 31, 2017 | ||||||||||||||||||||||
(in thousands) | Before Tax Amount | Tax Effect | Net of Tax Amount | Before Tax Amount | Tax Effect | Net of Tax Amount | |||||||||||||||||
Unrealized losses on available for sale securities | $ | (40,997 | ) | $ | 10,023 | $ | (30,974 | ) | $ | (13,415 | ) | $ | 2,884 | $ | (10,531 | ) | |||||||
Unrealized gains on interest rate swaps designated as cash flow hedges | 14,417 | (3,496 | ) | $ | 10,921 | 5,602 | (1,204 | ) | $ | 4,398 | |||||||||||||
Total AOCL | $ | (26,580 | ) | $ | 6,527 | $ | (20,053 | ) | $ | (7,813 | ) | $ | 1,680 | $ | (6,133 | ) |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | Before Tax Amount | Tax Effect | Net of Tax Amount | Before Tax Amount | Tax Effect | Net of Tax Amount | |||||||||||||||||||||||||||||
Net unrealized holding gains on debt securities available for sale | $ | 21,830 | $ | (5,337) | $ | 16,493 | $ | 37,305 | $ | (9,120) | $ | 28,185 | |||||||||||||||||||||||
Net unrealized holding gains on interest rate swaps designated as cash flow hedges | 4,521 | (1,105) | 3,416 | 4,605 | (1,126) | $ | 3,479 | ||||||||||||||||||||||||||||
Total AOCI | $ | 26,351 | $ | (6,442) | $ | 19,909 | $ | 41,910 | $ | (10,246) | $ | 31,664 |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in thousands) | Before Tax Amount | Tax Effect | Net of Tax Amount | Before Tax Amount | Tax Effect | Net of Tax Amount | |||||||||||||||||||||||||||||
Net unrealized holding (losses) gains on debt securities available for sale: | |||||||||||||||||||||||||||||||||||
Change in fair value arising during the period | $ | (12,528) | $ | 3,062 | $ | (9,466) | $ | 35,342 | $ | (8,640) | $ | 26,702 | |||||||||||||||||||||||
Reclassification adjustment for net gains included in net income | (2,947) | 721 | (2,226) | (9,243) | 2,260 | (6,983) | |||||||||||||||||||||||||||||
(15,475) | 3,783 | (11,692) | 26,099 | (6,380) | 19,719 | ||||||||||||||||||||||||||||||
Net unrealized holding gains (losses) on interest rate swaps designated as cash flow hedges: | |||||||||||||||||||||||||||||||||||
Change in fair value arising during the period | 47 | (11) | 36 | (2,004) | 490 | (1,514) | |||||||||||||||||||||||||||||
Reclassification adjustment for net interest income included in net income | (131) | 32 | (99) | (426) | 104 | (322) | |||||||||||||||||||||||||||||
(84) | 21 | (63) | (2,430) | 594 | (1,836) | ||||||||||||||||||||||||||||||
Total other comprehensive (loss) income | $ | (15,559) | $ | 3,804 | $ | (11,755) | $ | 23,669 | $ | (5,786) | $ | 17,883 |
Three Months Ended June 30, | |||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||
(in thousands) | Before Tax Amount | Tax Effect | Net of Tax Amount | Before Tax Amount | Tax Effect | Net of Tax Amount | |||||||||||||||||
Unrealized (losses) gains on available for sale securities: | |||||||||||||||||||||||
Change in fair value arising during the period | $ | (6,716 | ) | $ | 1,262 | $ | (5,454 | ) | $ | 9,271 | $ | (3,291 | ) | $ | 5,980 | ||||||||
Reclassification adjustment for net gains included in net income | (16 | ) | 4 | (12 | ) | (177 | ) | 63 | (114 | ) | |||||||||||||
(6,732 | ) | 1,266 | (5,466 | ) | 9,094 | (3,228 | ) | 5,866 | |||||||||||||||
Unrealized gains (losses) on interest rate swaps designated as cash flow hedges: | |||||||||||||||||||||||
Change in fair value arising during the period | 2,574 | (435 | ) | 2,139 | (2,253 | ) | 800 | (1,453 | ) | ||||||||||||||
Reclassification adjustment for net interest expense included in net income | 19 | (5 | ) | 14 | 32 | (11 | ) | 21 | |||||||||||||||
2,593 | (440 | ) | 2,153 | (2,221 | ) | 789 | (1,432 | ) | |||||||||||||||
Total other comprehensive (loss) income | $ | (4,139 | ) | $ | 826 | $ | (3,313 | ) | $ | 6,873 | $ | (2,439 | ) | $ | 4,434 |
Six Months Ended June 30, | |||||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||||
(in thousands) | Before Tax Amount | Tax Effect | Net of Tax Amount | Before Tax Amount | Tax Effect | Net of Tax Amount | |||||||||||||||||
Unrealized (losses) gains on available for sale securities: | |||||||||||||||||||||||
Change in fair value arising during the period | $ | (27,566 | ) | $ | 7,135 | $ | (20,431 | ) | $ | 11,708 | $ | (4,156 | ) | $ | 7,552 | ||||||||
Reclassification adjustment for net gains included in net income | (16 | ) | 4 | (12 | ) | (155 | ) | 55 | (100 | ) | |||||||||||||
(27,582 | ) | 7,139 | (20,443 | ) | 11,553 | (4,101 | ) | 7,452 | |||||||||||||||
Unrealized gains (losses) on interest rate swaps designated as cash flow hedges: | |||||||||||||||||||||||
Change in fair value arising during the period | 8,608 | (2,256 | ) | 6,352 | (2,008 | ) | 713 | (1,295 | ) | ||||||||||||||
Reclassification adjustment for net interest expense included in net income | 207 | (36 | ) | 171 | 82 | (29 | ) | 53 | |||||||||||||||
8,815 | (2,292 | ) | 6,523 | (1,926 | ) | 684 | (1,242 | ) | |||||||||||||||
Total other comprehensive (loss) income | $ | (18,767 | ) | $ | 4,847 | $ | (13,920 | ) | $ | 9,627 | $ | (3,417 | ) | $ | 6,210 |
(in thousands) | Approximate Contract Amount | ||||
Commitments to extend credit | $ | 761,378 | |||
Standby letters of credit | 9,644 | ||||
Commercial letters of credit | 701 | ||||
$ | 771,723 |
(in thousands) | Approximate Contract Amount | ||
Commitments to extend credit | $ | 750,440 | |
Credit card facilities | 200,912 | ||
Standby letters of credit | 19,271 | ||
Commercial letters of credit | 4,718 | ||
$ | 975,341 |
March 31, 2021 | |||||||||||||||||||||||
(in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Third-Party Models with Observable Market Inputs (Level 2) | Internal Models with Unobservable Market Inputs (Level 3) | Total Carrying Value in the Consolidated Balance Sheet | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||
U.S. government-sponsored enterprise debt securities | $ | 0 | $ | 610,703 | $ | 0 | $ | 610,703 | |||||||||||||||
Corporate debt securities | 0 | 345,574 | 0 | 345,574 | |||||||||||||||||||
U.S. government agency debt securities | 0 | 216,075 | 0 | 216,075 | |||||||||||||||||||
Municipal bonds | 0 | 15,339 | 0 | 15,339 | |||||||||||||||||||
U.S treasury securities | 0 | 2,510 | 0 | 2,510 | |||||||||||||||||||
0 | 1,190,201 | 0 | 1,190,201 | ||||||||||||||||||||
Equity securities with readily determinable fair values not held for trading | 0 | 23,965 | 0 | 23,965 | |||||||||||||||||||
Bank owned life insurance | 0 | 218,903 | 0 | 218,903 | |||||||||||||||||||
Derivative instruments | 0 | 23,596 | 0 | 23,596 | |||||||||||||||||||
$ | 0 | $ | 1,456,665 | $ | 0 | $ | 1,456,665 | ||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative instruments | $ | 0 | $ | 25,118 | $ | 0 | $ | 25,118 |
June 30, 2018 | |||||||||||||||
(in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Third-Party Models with Observable Market Inputs (Level 2) | Internal Models with Unobservable Market Inputs (Level 3) | Total Carrying Value in the Consolidated Balance Sheet | |||||||||||
Assets | |||||||||||||||
Securities available for sale | |||||||||||||||
U.S. government sponsored enterprise debt securities | $ | — | $ | 827,484 | $ | — | $ | 827,484 | |||||||
Corporate debt securities | — | 374,929 | — | 374,929 | |||||||||||
U.S. government agency debt securities | — | 250,837 | — | 250,837 | |||||||||||
Municipal bonds | — | 173,307 | — | 173,307 | |||||||||||
Mutual funds | — | 23,108 | — | 23,108 | |||||||||||
— | 1,649,665 | — | 1,649,665 | ||||||||||||
Bank owned life insurance | — | 203,236 | — | 203,236 | |||||||||||
Derivative instruments | — | 15,805 | — | 15,805 | |||||||||||
$ | — | $ | 1,868,706 | $ | — | $ | 1,868,706 | ||||||||
Liabilities | |||||||||||||||
Derivative instruments | $ | — | $ | 1,388 | $ | — | $ | 1,388 |
December 31, 2020 | |||||||||||||||||||||||
(in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Third-Party Models with Observable Market Inputs (Level 2) | Internal Models with Unobservable Market Inputs (Level 3) | Total Carrying Value in the Consolidated Balance Sheet | |||||||||||||||||||
Assets | |||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||
U.S. government-sponsored enterprise debt securities | $ | 0 | $ | 661,335 | $ | 0 | $ | 661,335 | |||||||||||||||
Corporate debt securities | 0 | 301,714 | 0 | 301,714 | |||||||||||||||||||
U.S. government agency debt securities | 0 | 204,578 | 0 | 204,578 | |||||||||||||||||||
U.S treasury securities | 0 | 2,512 | 0 | 2,512 | |||||||||||||||||||
Municipal bonds | 0 | 54,944 | 0 | 54,944 | |||||||||||||||||||
0 | 1,225,083 | 0 | 1,225,083 | ||||||||||||||||||||
Equity securities with readily determinable fair values not held for trading | 0 | 24,342 | 0 | 24,342 | |||||||||||||||||||
Bank owned life insurance | 0 | 217,547 | 0 | 217,547 | |||||||||||||||||||
Derivative instruments | 0 | 39,721 | 0 | 39,721 | |||||||||||||||||||
$ | 0 | $ | 1,506,693 | $ | 0 | $ | 1,506,693 | ||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative instruments | $ | 0 | $ | 41,431 | $ | 0 | $ | 41,431 |
December 31, 2017 | |||||||||||||||
(in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Third-Party Models with Observable Market Inputs (Level 2) | Internal Models with Unobservable Market Inputs (Level 3) | Total Carrying Value in the Consolidated Balance Sheet | |||||||||||
Assets | |||||||||||||||
Securities available for sale | |||||||||||||||
U.S. government sponsored enterprise debt securities | $ | — | $ | 875,666 | $ | — | $ | 875,666 | |||||||
Corporate debt securities | — | 313,392 | — | 313,392 | |||||||||||
U.S. government agency debt securities | — | 291,385 | — | 291,385 | |||||||||||
Municipal bonds | — | 180,396 | — | 180,396 | |||||||||||
Mutual funds | — | 23,617 | — | 23,617 | |||||||||||
U.S. treasury securities | — | 2,701 | — | 2,701 | |||||||||||
— | 1,687,157 | — | 1,687,157 | ||||||||||||
Bank owned life insurance | — | 200,318 | — | 200,318 | |||||||||||
Derivative instruments | — | 7,032 | — | 7,032 | |||||||||||
$ | — | $ | 1,894,507 | $ | — | $ | 1,894,507 | ||||||||
Liabilities | |||||||||||||||
Derivative instruments | $ | — | $ | 1,570 | $ | — | $ | 1,570 |
March 31, 2021 | |||||||||||||||||||||||||||||
(in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Impairments | ||||||||||||||||||||||||
Description | |||||||||||||||||||||||||||||
Loans held for investment measured for impairments using the fair value of the collateral | $ | 45,956 | $ | 0 | $ | 0 | $ | 45,956 | $ | 19,838 | |||||||||||||||||||
Loans held for sale | 1,044 | 1,044 | 0 | 0 | 0 | ||||||||||||||||||||||||
47,000 | 1,044 | 0 | 45,956 | 19,838 |
December 31, 2020 | |||||||||||||||||||||||||||||
(in thousands) | Carrying Amount | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Impairments | ||||||||||||||||||||||||
Description | |||||||||||||||||||||||||||||
Loans held for investment measured for impairments using the fair value of the collateral | $ | 50,199 | $ | 0 | $ | 0 | $ | 50,199 | $ | 19,843 |
December 31, 2017 | |||||||||||||||
(in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Other Unobservable Inputs (Level 3) | Total Impairments | |||||||||||
Description | |||||||||||||||
Loans held for sale | $ | 5,611 | $ | — | $ | — | $ | — |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(in thousands) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||||||||||
Financial assets: | |||||||||||||||||||||||
Loans | $ | 2,804,208 | $ | 2,725,232 | $ | 2,884,550 | $ | 2,801,279 | |||||||||||||||
Financial liabilities: | |||||||||||||||||||||||
Time deposits | 1,387,791 | 1,405,972 | 1,547,396 | 1,569,897 | |||||||||||||||||||
Advances from the FHLB | 1,050,000 | 1,068,572 | 1,050,000 | 1,078,786 | |||||||||||||||||||
Senior notes | 58,656 | 61,606 | 58,577 | 61,528 | |||||||||||||||||||
Junior subordinated debentures | 64,178 | 52,590 | 64,178 | 55,912 |
June 30, 2018 | December 31, 2017 | ||||||||||||||
(in thousands) | Carrying Value | Estimated Fair Value | Carrying Value | Estimated Fair Value | |||||||||||
Financial assets | |||||||||||||||
Loans | $ | 2,754,445 | $ | 2,650,581 | $ | 2,682,790 | $ | 2,566,197 | |||||||
Financial liabilities | |||||||||||||||
Time deposits | 1,714,145 | 1,702,150 | 1,466,464 | 1,461,908 | |||||||||||
Advances from the Federal Home Loan Bank | 1,256,000 | 1,252,087 | 1,161,000 | 1,164,686 | |||||||||||
Junior subordinated debentures | 118,110 | 99,304 | 118,110 | 95,979 |
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands, except per share data) | 2021 | 2020 | |||||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income available to common stockholders | $ | 14,459 | $ | 3,382 | |||||||||||||||||||
Denominator: | ` | ||||||||||||||||||||||
Basic weighted average shares outstanding | 37,618 | 42,185 | |||||||||||||||||||||
Dilutive effect of share-based compensation awards | 228 | 348 | |||||||||||||||||||||
Diluted weighted average shares outstanding | 37,846 | 42,533 | |||||||||||||||||||||
Basic earnings per common share | $ | 0.38 | $ | 0.08 | |||||||||||||||||||
Diluted earnings per common share | $ | 0.38 | $ | 0.08 |
(in thousands) | Personal and Commercial Banking ("PAC") | Corporate LATAM | Treasury | Institutional | Total | ||||||||||||||
Three Months Ended June 30, 2018 | |||||||||||||||||||
Income Statement: | |||||||||||||||||||
Net interest income | $ | 47,105 | $ | 1,219 | $ | 1,942 | $ | 3,723 | $ | 53,989 | |||||||||
Provision for (reversal of) loan losses | 824 | 494 | (329 | ) | (839 | ) | 150 | ||||||||||||
Net interest income after provision for (reversal of) loan losses | 46,281 | 725 | 2,271 | 4,562 | 53,839 | ||||||||||||||
Noninterest income | 5,708 | 89 | 3,451 | 5,738 | 14,986 | ||||||||||||||
Noninterest expense | 39,329 | 1,468 | 2,832 | 9,009 | 52,638 | ||||||||||||||
Net income (loss) before income tax: | |||||||||||||||||||
Banking | 12,660 | (654 | ) | 2,890 | 1,291 | 16,187 | |||||||||||||
Non-banking contribution(1) | 1,197 | 11 | — | (1,208 | ) | — | |||||||||||||
13,857 | (643 | ) | 2,890 | 83 | 16,187 | ||||||||||||||
Income tax (expense) benefit | (4,486 | ) | 58 | 84 | (1,420 | ) | (5,764 | ) | |||||||||||
Net income (loss) | $ | 9,371 | $ | (585 | ) | $ | 2,974 | $ | (1,337 | ) | $ | 10,423 |
(in thousands) | Personal and Commercial Banking ("PAC") | Corporate LATAM | Treasury | Institutional | Total | ||||||||||||||
Six Months Ended June 30, 2018 | |||||||||||||||||||
Income Statement: | |||||||||||||||||||
Net interest income | $ | 93,786 | $ | 2,699 | $ | 2,898 | $ | 7,239 | $ | 106,622 | |||||||||
(Reversal of) provision for loan losses | (1,315 | ) | (225 | ) | (446 | ) | 2,136 | 150 | |||||||||||
Net interest income after (reversal of) provision for loan losses | 95,101 | 2,924 | 3,344 | 5,103 | 106,472 | ||||||||||||||
Noninterest income | 11,416 | 198 | 5,401 | 11,916 | 28,931 | ||||||||||||||
Noninterest expense | 79,343 | 2,643 | 5,794 | 20,503 | 108,283 | ||||||||||||||
Net income (loss) before income tax: | |||||||||||||||||||
Banking | 27,174 | 479 | 2,951 | (3,484 | ) | 27,120 | |||||||||||||
Non-banking contribution(1) | 1,247 | — | — | (1,247 | ) | — | |||||||||||||
28,421 | 479 | 2,951 | (4,731 | ) | 27,120 | ||||||||||||||
Income tax (expense) benefit | (6,707 | ) | (113 | ) | 396 | (844 | ) | (7,268 | ) | ||||||||||
Net income (loss) | $ | 21,714 | $ | 366 | $ | 3,347 | $ | (5,575 | ) | $ | 19,852 |
(in thousands) | Personal and Commercial Banking ("PAC") | Corporate LATAM | Treasury | Institutional | Total | ||||||||||||||
As of June 30, 2018 | |||||||||||||||||||
Loans, net(2) | $ | 5,826,731 | $ | 394,572 | $ | — | $ | (71,685 | ) | $ | 6,149,618 | ||||||||
Deposits | $ | 5,567,424 | $ | 20,134 | $ | 737,898 | $ | 37,682 | $ | 6,363,138 |
(in thousands) | Personal and Commercial Banking ("PAC") | Corporate LATAM | Treasury | Institutional | Total | ||||||||||||||
Three Months Ended June 30, 2017 | |||||||||||||||||||
Income Statement: | |||||||||||||||||||
Net interest income | $ | 43,776 | $ | 2,339 | $ | 2,268 | $ | 3,058 | $ | 51,441 | |||||||||
Provision for (reversal of) loan losses | 8,681 | (1,845 | ) | (819 | ) | (2,371 | ) | 3,646 | |||||||||||
Net interest income after provision for (reversal of) loan losses | 35,095 | 4,184 | 3,087 | 5,429 | 47,795 | ||||||||||||||
Noninterest income | 8,062 | 148 | 2,933 | 6,616 | 17,759 | ||||||||||||||
Noninterest expense | 38,618 | 1,135 | 2,445 | 8,467 | 50,665 | ||||||||||||||
Net income before income tax: | |||||||||||||||||||
Banking | 4,539 | 3,197 | 3,575 | 3,578 | 14,889 | ||||||||||||||
Non-banking contribution(1) | 1,263 | 24 | — | (1,287 | ) | — | |||||||||||||
5,802 | 3,221 | 3,575 | 2,291 | 14,889 | |||||||||||||||
Income tax expense | (2,001 | ) | (1,147 | ) | (446 | ) | (905 | ) | (4,499 | ) | |||||||||
Net income | $ | 3,801 | $ | 2,074 | $ | 3,129 | $ | 1,386 | $ | 10,390 |
(in thousands) | Personal and Commercial Banking ("PAC") | Corporate LATAM | Treasury | Institutional | Total | ||||||||||||||
Six Months Ended June 30, 2017 | |||||||||||||||||||
Income Statement: | |||||||||||||||||||
Net interest income | $ | 85,164 | $ | 4,903 | $ | 4,593 | $ | 5,132 | $ | 99,792 | |||||||||
Provision for (reversal of) loan losses | 9,812 | 358 | (894 | ) | (1,533 | ) | 7,743 | ||||||||||||
Net interest income after provision for (reversal of) loan losses | 75,352 | 4,545 | 5,487 | 6,665 | 92,049 | ||||||||||||||
Noninterest income | 14,145 | 275 | 4,113 | 13,443 | 31,976 | ||||||||||||||
Noninterest expense | 78,495 | 2,517 | 5,194 | 13,607 | 99,813 | ||||||||||||||
Net income before income tax: | |||||||||||||||||||
Banking | 11,002 | 2,303 | 4,406 | 6,501 | 24,212 | ||||||||||||||
Non-banking contribution(1) | 2,349 | 22 | — | (2,371 | ) | — | |||||||||||||
13,351 | 2,325 | 4,406 | 4,130 | 24,212 | |||||||||||||||
Income tax expense | (4,730 | ) | (823 | ) | (59 | ) | (1,703 | ) | (7,315 | ) | |||||||||
Net income | $ | 8,621 | $ | 1,502 | $ | 4,347 | $ | 2,427 | $ | 16,897 |
(in thousands) | Personal and Commercial Banking ("PAC") | Corporate LATAM | Treasury | Institutional | Total | ||||||||||||||
As of December 31, 2017 | |||||||||||||||||||
Loans, net(2)(3) | $ | 5,542,545 | $ | 521,616 | $ | — | $ | (64,325 | ) | $ | 5,999,836 | ||||||||
Deposits | $ | 5,454,216 | $ | 18,670 | $ | 779,969 | $ | 70,118 | $ | 6,322,973 |
March 31, 2021 | December 31, 2020 | |||||||||||||||||
June 30, 2018 | December 31, 2017 | |||||||||||||||||
(in thousands) | ||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||
Consolidated Balance Sheets | Consolidated Balance Sheets | |||||||||||||||||
Total assets | $ | 8,530,464 | $ | 8,436,767 | Total assets | $ | 7,751,098 | $ | 7,770,893 | |||||||||
Total investment securities | 1,812,119 | 1,846,951 | ||||||||||||||||
Total loan portfolio (1) | 6,219,549 | 6,066,225 | ||||||||||||||||
Total investments | Total investments | 1,375,292 | 1,372,567 | |||||||||||||||
Total gross loans (1) | Total gross loans (1) | 5,754,838 | 5,842,337 | |||||||||||||||
Allowance for loan losses | 69,931 | 72,000 | Allowance for loan losses | 110,940 | 110,902 | |||||||||||||
Total deposits | 6,363,138 | 6,322,973 | Total deposits | 5,678,079 | 5,731,643 | |||||||||||||
Advances from the FHLB and other borrowings | Advances from the FHLB and other borrowings | 1,050,000 | 1,050,000 | |||||||||||||||
Senior notes (2) | Senior notes (2) | 58,656 | 58,577 | |||||||||||||||
Junior subordinated debentures | 118,110 | 118,110 | Junior subordinated debentures | 64,178 | 64,178 | |||||||||||||
Advances from the FHLB and other borrowings | 1,258,000 | 1,173,000 | ||||||||||||||||
Stockholders' equity | 719,382 | 753,450 | ||||||||||||||||
Stockholders' equity (3) | Stockholders' equity (3) | 785,014 | 783,421 | |||||||||||||||
Assets under management and custody (4) | Assets under management and custody (4) | 2,018,870 | 1,972,321 |
Three Months Ended March 31, | |||||||||||
2021 | 2020 | ||||||||||
(in thousands, except percentages and per share amounts) | |||||||||||
Consolidated Results of Operations | |||||||||||
Net interest income | $ | 47,569 | $ | 49,229 | |||||||
Provision for loan losses | — | 22,000 | |||||||||
Noninterest income | 14,163 | 21,910 | |||||||||
Noninterest expense | 43,625 | 44,867 | |||||||||
Net income | 14,459 | 3,382 | |||||||||
Effective income tax rate | 20.15 | % | 20.83 | % | |||||||
Common Share Data | |||||||||||
Stockholders' book value per common share | $ | 20.70 | $ | 19.95 | |||||||
Tangible stockholders' equity (book value) per common share (Non-GAAP) (5) | $ | 20.13 | $ | 19.43 | |||||||
Basic earnings per common share | $ | 0.38 | $ | 0.08 | |||||||
Diluted earnings per common share (6) | $ | 0.38 | $ | 0.08 | |||||||
Basic weighted average shares outstanding | 37,618 | 42,185 | |||||||||
Diluted weighted average shares outstanding (6) | 37,846 | 42,533 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in thousands, except per share amounts) | |||||||||||||||
Consolidated Results of Operations | |||||||||||||||
Net interest income | $ | 53,989 | $ | 51,441 | $ | 106,622 | $ | 99,792 | |||||||
Provision for loan losses | 150 | 3,646 | 150 | 7,743 | |||||||||||
Noninterest income | 14,986 | 17,759 | 28,931 | 31,976 | |||||||||||
Noninterest expense | 52,638 | 50,665 | 108,283 | 99,813 | |||||||||||
Net income | 10,423 | 10,390 | 19,852 | 16,897 | |||||||||||
Basic and diluted income per common share(2) | 0.08 | 0.08 | 0.16 | 0.13 | |||||||||||
Cash dividend declared per common share (2) | — | — | 0.31 | — |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in thousands, except per share amounts and percentages) | |||||||||||||||||||||||
Other Financial and Operating Data (7) | |||||||||||||||||||||||
Profitability Indicators (%) | |||||||||||||||||||||||
Net interest income / Average total interest earning assets (NIM) (8) | 2.66 | % | 2.65 | % | |||||||||||||||||||
Net income / Average total assets (ROA) (9) | 0.76 | % | 0.17 | % | |||||||||||||||||||
Net income / Average stockholders' equity (ROE) (10) | 7.47 | % | 1.61 | % | |||||||||||||||||||
Noninterest income / Total revenue (11) | 22.94 | % | 30.80 | % | |||||||||||||||||||
Capital Indicators (%) | |||||||||||||||||||||||
Total capital ratio (12) | 14.12 | % | 14.54 | % | |||||||||||||||||||
Tier 1 capital ratio (13) | 12.87 | % | 13.38 | % | |||||||||||||||||||
Tier 1 leverage ratio (14) | 10.54 | % | 10.82 | % | |||||||||||||||||||
Common equity tier 1 capital ratio (CET1) (15) | 11.90 | % | 12.42 | % | |||||||||||||||||||
Tangible common equity ratio (16) | 9.88 | % | 10.14 | % | |||||||||||||||||||
Asset Quality Indicators (%) | |||||||||||||||||||||||
Non-performing assets / Total assets (17) | 1.16 | % | 0.41 | % | |||||||||||||||||||
Non-performing loans / Total loans (1) (18) | 1.56 | % | 0.59 | % | |||||||||||||||||||
Allowance for loan losses / Total non-performing loans | 123.92 | % | 218.49 | % | |||||||||||||||||||
Allowance for loan losses / Total loans (1) | 1.93 | % | 1.29 | % | |||||||||||||||||||
Net charge-offs / Average total loans (19) | — | % | 0.09 | % | |||||||||||||||||||
Efficiency Indicators (% except FTE) | |||||||||||||||||||||||
Noninterest expense / Average total assets | 2.28 | % | 2.27 | % | |||||||||||||||||||
Salaries and employee benefits / Average total assets | 1.38 | % | 1.48 | % | |||||||||||||||||||
Other operating expenses/ Average total assets (20) | 0.90 | % | 0.79 | % | |||||||||||||||||||
Efficiency ratio (21) | 70.67 | % | 63.07 | % | |||||||||||||||||||
Full-Time-Equivalent Employees (FTEs) | 731 | 825 | |||||||||||||||||||||
Adjusted Selected Consolidated Results of Operations and Other Data (Non-GAAP) (5) | |||||||||||||||||||||||
Pre-provision net revenue | $ | 18,107 | $ | 26,272 | |||||||||||||||||||
Adjusted noninterest expense | 43,385 | 44,513 | |||||||||||||||||||||
Adjusted net income | 14,651 | 3,662 | |||||||||||||||||||||
Adjusted basic earnings per common share | 0.39 | 0.09 | |||||||||||||||||||||
Adjusted earnings per diluted common share (6) | 0.39 | 0.09 | |||||||||||||||||||||
Adjusted net income / Average total assets (Adjusted ROA) (9) | 0.77 | % | 0.19 | % | |||||||||||||||||||
Adjusted net income / Average stockholders' equity (Adjusted ROE) (10) | 7.57 | % | 1.74 | % | |||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||
(in thousands, except per share amounts and percentages) | |||||||||||||
Other Financial and Operating Data(3) | |||||||||||||
Profitability Indicators (%) | |||||||||||||
Net interest income / Average total interest earning assets (NIM)(4) | 2.77 | % | 2.62 | % | 2.72 | % | 2.52 | % | |||||
Net income / Average total assets (ROA) (5) | 0.50 | % | 0.49 | % | 0.47 | % | 0.40 | % | |||||
Net income / Average stockholders' equity (ROE) (6) | 5.57 | % | 5.63 | % | 5.31 | % | 4.66 | % | |||||
Capital Adequacy Ratios (%) | |||||||||||||
Total capital ratio (7) | 12.61 | % | 12.67 | % | 12.61 | % | 12.67 | % | |||||
Tier I capital ratio (8) | 11.67 | % | 11.51 | % | 11.67 | % | 11.51 | % | |||||
Tier I leverage ratio (9) | 9.87 | % | 9.79 | % | 9.87 | % | 9.79 | % | |||||
Common equity tier I capital ratio (CET1)(10) | 10.13 | % | 9.98 | % | 10.13 | % | 9.98 | % | |||||
Asset Quality (%) | |||||||||||||
Non-performing assets / Total assets(11) | 0.41 | % | 0.65 | % | 0.41 | % | 0.65 | % | |||||
Non-performing loans / Total loan portfolio (1) (12) | 0.56 | % | 0.91 | % | 0.56 | % | 0.91 | % | |||||
Allowance for loan losses / Total non-performing loans (12) (13) | 201.55 | % | 149.91 | % | 201.55 | % | 149.91 | % | |||||
Allowance for loan losses / Total loan portfolio (1) (13) | 1.12 | % | 1.36 | % | 1.12 | % | 1.36 | % | |||||
Net charge-offs / Average total loan portfolio (14) | 0.04 | % | 0.01 | % | 0.04 | % | 0.12 | % | |||||
Efficiency Indicators | |||||||||||||
Noninterest expense / Average total assets (5) | 2.50 | % | 2.41 | % | 2.57 | % | 2.36 | % | |||||
Personnel expense / Average total assets (5) | 1.66 | % | 1.50 | % | 1.64 | % | 1.51 | % | |||||
Efficiency ratio (15) | 76.31 | % | 73.22 | % | 79.88 | % | 75.75 | % | |||||
Adjusted Selected Consolidated Results of Operations and Other Data (16) (17) | |||||||||||||
Adjusted noninterest expense | $ | 49,438 | $ | 102,245 | |||||||||
Adjusted net income before income tax | 19,387 | 33,158 | |||||||||||
Adjusted net income | 14,142 | 25,831 | |||||||||||
Adjusted basic and diluted earnings per share | $ | 0.11 | $ | 0.21 | |||||||||
Adjusted net income / Average total assets (ROA) (5) | 0.67 | % | 0.61 | % | |||||||||
Adjusted net income / Average stockholders' equity (ROE) (6) | 7.56 | % | 6.91 | % | |||||||||
Adjusted noninterest expense / Average total assets (5) | 2.35 | % | 2.43 | % | |||||||||
Adjusted efficiency ratio (18) | 71.68 | % | 75.43 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands) | 2021 | 2020 | |||||||||||||||||||||
Total noninterest expenses | $ | 43,625 | $ | 44,867 | |||||||||||||||||||
Less: restructuring costs (1): | |||||||||||||||||||||||
Staff reduction costs | 6 | 54 | |||||||||||||||||||||
Digital transformation expenses | 234 | 300 | |||||||||||||||||||||
Total restructuring costs | 240 | 354 | |||||||||||||||||||||
Adjusted noninterest expenses | $ | 43,385 | $ | 44,513 | |||||||||||||||||||
Net income | $ | 14,459 | $ | 3,382 | |||||||||||||||||||
Plus after-tax restructuring costs: | |||||||||||||||||||||||
Restructuring costs before income tax effect | 240 | 354 | |||||||||||||||||||||
Income tax effect | (48) | (74) | |||||||||||||||||||||
Total after-tax restructuring costs | 192 | 280 | |||||||||||||||||||||
Adjusted net income | $ | 14,651 | $ | 3,662 | |||||||||||||||||||
Net income | $ | 14,459 | $ | 3,382 | |||||||||||||||||||
Plus: provision for loan losses | — | 22,000 | |||||||||||||||||||||
Plus: income tax expense | 3,648 | 890 | |||||||||||||||||||||
Pre-provision net revenue | $ | 18,107 | $ | 26,272 | |||||||||||||||||||
Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | |||||||
(in thousands, except per share amounts and percentages) | ||||||||
Total noninterest expenses | $ | 52,638 | $ | 108,283 | ||||
Less Spin-off costs: | ||||||||
Legal fees | 2,000 | 3,000 | ||||||
Estimated compensation to non-qualified deferred compensation plan participants due to unexpected early distribution (19) | 1,200 | 1,200 | ||||||
Accounting and consulting fees | — | 1,294 | ||||||
Other expenses | — | 544 | ||||||
Total Spin-off costs | 3,200 | 6,038 | ||||||
Adjusted noninterest expenses | $ | 49,438 | $ | 102,245 | ||||
Three Months Ended March 31, | |||||||||||||||||||||||
(in thousands, except per share amounts and percentages) | 2021 | 2020 | |||||||||||||||||||||
Basic earnings per share | $ | 0.38 | $ | 0.08 | |||||||||||||||||||
Plus: after tax impact of restructuring costs | 0.01 | 0.01 | |||||||||||||||||||||
Total adjusted basic earnings per common share | $ | 0.39 | $ | 0.09 | |||||||||||||||||||
Diluted earnings per share (2) | $ | 0.38 | $ | 0.08 | |||||||||||||||||||
Plus: after tax impact of restructuring costs | 0.01 | 0.01 | |||||||||||||||||||||
Total adjusted diluted earnings per common share | $ | 0.39 | $ | 0.09 | |||||||||||||||||||
Net income / Average total assets (ROA) | 0.76 | % | 0.17 | % | |||||||||||||||||||
Plus: after tax impact of restructuring costs | 0.01 | % | 0.02 | % | |||||||||||||||||||
Adjusted net income / Average total assets (Adjusted ROA) | 0.77 | % | 0.19 | % | |||||||||||||||||||
Net income / Average stockholders' equity (ROE) | 7.47 | % | 1.61 | % | |||||||||||||||||||
Plus: after tax impact of restructuring costs | 0.10 | % | 0.13 | % | |||||||||||||||||||
Adjusted net income / Average stockholders' equity (Adjusted ROE) | 7.57 | % | 1.74 | % | |||||||||||||||||||
Stockholders' equity | $ | 785,014 | $ | 841,117 | |||||||||||||||||||
Less: goodwill and other intangibles | (21,515) | (21,698) | |||||||||||||||||||||
Tangible common stockholders' equity | $ | 763,499 | $ | 819,419 | |||||||||||||||||||
Total assets | $ | 7,751,098 | $ | 8,098,810 | |||||||||||||||||||
Less: goodwill and other intangibles | (21,515) | (21,698) | |||||||||||||||||||||
Tangible assets | $ | 7,729,583 | $ | 8,077,112 | |||||||||||||||||||
Common shares outstanding | 37,922 | 42,166 | |||||||||||||||||||||
Tangible common equity ratio | 9.88 | % | 10.14 | % | |||||||||||||||||||
Stockholders' book value per common share | $ | 20.70 | $ | 19.95 | |||||||||||||||||||
Tangible stockholders' book value per common share | $ | 20.13 | $ | 19.43 |
Three Months Ended June 30, 2018 | Six Months Ended June 30, 2018 | |||||||
(in thousands, except per share amounts and percentages) | ||||||||
Total net income before income tax | $ | 16,187 | $ | 27,120 | ||||
Plus: Total Spin-off costs | 3,200 | 6,038 | ||||||
Adjusted net income before income tax | $ | 19,387 | $ | 33,158 | ||||
Total net income | $ | 10,423 | $ | 19,852 | ||||
Plus after-tax total Spin-off costs: | ||||||||
Total Spin-off costs before income tax effect | 3,200 | 6,038 | ||||||
Income tax effect (20) | 519 | (59 | ) | |||||
Total after-tax Spin-off costs | 3,719 | 5,979 | ||||||
Adjusted net income | $ | 14,142 | $ | 25,831 | ||||
Basic and diluted income per common share | $ | 0.08 | $ | 0.16 | ||||
Plus: after tax impact of total Spin-off costs | 0.03 | 0.05 | ||||||
Total adjusted basic and diluted income per common share | $ | 0.11 | $ | 0.21 | ||||
Net income / Average total assets (ROA) (5) | 0.50% | 0.47% | ||||||
Plus: after tax impact of total Spin-off costs | 0.17% | 0.14% | ||||||
Adjusted net income / Average total assets (ROA) (5) | 0.67% | 0.61% | ||||||
Net income / Average stockholders' equity (ROE) (6) | 5.57% | 5.31% | ||||||
Plus: after tax impact of total Spin-off costs | 1.99% | 1.60% | ||||||
Adjusted net income / stockholders' equity (ROE) (6) | 7.56% | 6.91% | ||||||
Noninterest expense / Average total assets (5) | 2.50% | 2.57% | ||||||
Less: impact of total Spin-off costs | (0.15 | )% | (0.14 | )% | ||||
Adjusted Noninterest expense / Average total assets (5) | 2.35% | 2.43% | ||||||
Efficiency ratio (15) | 76.31% | 79.88% | ||||||
Less: impact of total Spin-off costs | (4.63 | )% | (4.45 | )% | ||||
Adjusted efficiency ratio (18) | 71.68% | 75.43% |
Three Months Ended March 31, | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended June 30, | Change | Six Months Ended June 30, | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | 2018 vs 2017 | 2018 | 2017 | 2018 vs 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share amounts and percentages) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except per share amounts and percentages) | (in thousands, except per share amounts and percentages) | 2021 | 2020 | 2021 vs 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 53,989 | $ | 51,441 | $ | 2,548 | 4.95 | % | $ | 106,622 | $ | 99,792 | $ | 6,830 | 6.84 | % | Net interest income | $ | 47,569 | $ | 49,229 | $ | (1,660) | (3.4) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Provision for loan losses | 150 | 3,646 | (3,496 | ) | (95.89 | )% | 150 | 7,743 | (7,593 | ) | (98.06 | )% | Provision for loan losses | — | 22,000 | (22,000) | N/M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income after provision for loan losses | 53,839 | 47,795 | 6,044 | 12.65 | % | 106,472 | 92,049 | 14,423 | 15.67 | % | Net interest income after provision for loan losses | 47,569 | 27,229 | 20,340 | 74.7 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest income | 14,986 | 17,759 | (2,773 | ) | (15.61 | )% | 28,931 | 31,976 | (3,045 | ) | (9.52 | )% | Noninterest income | 14,163 | 21,910 | (7,747) | (35.4) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noninterest expense | 52,638 | 50,665 | 1,973 | 3.89 | % | 108,283 | 99,813 | 8,470 | 8.49 | % | Noninterest expense | 43,625 | 44,867 | (1,242) | (2.8) | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income before income tax | 16,187 | 14,889 | 1,298 | 8.72 | % | 27,120 | 24,212 | 2,908 | 12.01 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax | (5,764 | ) | (4,499 | ) | (1,265 | ) | 28.12 | % | (7,268 | ) | (7,315 | ) | 47 | (0.64 | )% | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income before income tax expense | Income before income tax expense | 18,107 | 4,272 | 13,835 | 323.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | Income tax expense | (3,648) | (890) | (2,758) | 309.9 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income | $ | 10,423 | $ | 10,390 | $ | 33 | 0.32 | % | $ | 19,852 | $ | 16,897 | $ | 2,955 | 17.49 | % | Net income | $ | 14,459 | $ | 3,382 | $ | 11,077 | 327.5 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Basic and diluted earnings per share(1) | $ | 0.08 | $ | 0.08 | $ | — | $ | 0.16 | $ | 0.13 | $ | 0.03 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basic earnings per common share | Basic earnings per common share | $ | 0.38 | $ | 0.08 | $ | 0.30 | 375.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Diluted earnings per common share (1) | Diluted earnings per common share (1) | $ | 0.38 | $ | 0.08 | $ | 0.30 | 375.0 | % |
Three Months Ended March 31, | |||||||||||||||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | Average Balances | Income/ Expense | Yield/ Rates | Average Balances | Income/ Expense | Yield/ Rates | |||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||||
Loan portfolio, net (1) | $ | 5,678,547 | $ | 52,771 | 3.77 | % | $ | 5,573,627 | $ | 59,788 | 4.31 | % | |||||||||||||||||||||||
Debt securities available for sale (2) | 1,207,764 | 6,495 | 2.18 | % | 1,549,502 | 9,497 | 2.47 | % | |||||||||||||||||||||||||||
Debt securities held to maturity (3) | 67,729 | 302 | 1.81 | % | 72,472 | 400 | 2.22 | % | |||||||||||||||||||||||||||
Debt securities held for trading | 104 | 1 | 3.90 | % | — | — | — | % | |||||||||||||||||||||||||||
Equity securities with readily determinable fair value not held for trading | 24,225 | 84 | 1.41 | % | 24,052 | 131 | 2.19 | % | |||||||||||||||||||||||||||
Federal Reserve Bank and FHLB stock | 63,781 | 625 | 3.97 | % | 71,192 | 1,037 | 5.86 | % | |||||||||||||||||||||||||||
Deposits with banks | 205,355 | 51 | 0.10 | % | 171,848 | 462 | 1.08 | % | |||||||||||||||||||||||||||
Total interest-earning assets | 7,247,505 | 60,329 | 3.38 | % | 7,462,693 | 71,315 | 3.84 | % | |||||||||||||||||||||||||||
Total non-interest-earning assets less allowance for loan losses | 498,754 | 488,651 | |||||||||||||||||||||||||||||||||
Total assets | $ | 7,746,259 | $ | 7,951,344 | |||||||||||||||||||||||||||||||
Three Months Ended June 30, | |||||||||||||||||||||
2018 | 2017 | ||||||||||||||||||||
Average Balances | Income/ Expense | Yield/ Rates | Average Balances | Income/ Expense | Yield/ Rates | ||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||
Loan portfolio, net (1) | $ | 5,890,459 | $ | 62,448 | 4.31 | % | $ | 5,779,708 | $ | 53,790 | 3.77 | % | |||||||||
Securities available for sale (2) | 1,662,799 | 11,257 | 2.74 | % | 1,935,557 | 11,764 | 2.45 | % | |||||||||||||
Securities held to maturity (3) | 88,811 | 346 | 1.57 | % | 2,720 | 9 | 1.33 | % | |||||||||||||
Federal Reserve Bank and FHLB stock | 70,243 | 1,106 | 6.45 | % | 58,361 | 742 | 5.18 | % | |||||||||||||
Deposits with banks | 175,434 | 759 | 1.74 | % | 143,044 | 364 | 1.02 | % | |||||||||||||
Total interest-earning assets | 7,887,746 | 75,916 | 3.91 | % | 7,919,390 | 66,669 | 3.41 | % | |||||||||||||
Total non-interest-earning assets less allowance for loan losses | 531,294 | 500,212 | |||||||||||||||||||
Total assets | $ | 8,419,040 | $ | 8,419,602 | |||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||
Checking and saving accounts - | |||||||||||||||||||||
Interest bearing DDA | $ | 1,417,230 | $ | 113 | 0.03 | % | $ | 1,657,285 | $ | 84 | 0.02 | % | |||||||||
Money market | 1,225,452 | 3,086 | 1.01 | % | 1,352,299 | 2,168 | 0.64 | % | |||||||||||||
Savings | 431,686 | 18 | 0.02 | % | 479,613 | 19 | 0.02 | % | |||||||||||||
Total checking and saving accounts | 3,074,368 | 3,217 | 0.42 | % | 3,489,197 | 2,271 | 0.26 | % | |||||||||||||
Time deposits | 2,371,147 | 10,172 | 1.73 | % | 1,959,066 | 6,193 | 1.27 | % | |||||||||||||
Total deposits | 5,445,515 | 13,389 | 0.99 | % | 5,448,263 | 8,464 | 0.62 | % | |||||||||||||
Securities sold under agreements to repurchase | 423 | 2 | 1.90 | % | 43,845 | 564 | 5.25 | % | |||||||||||||
Advances from the FHLB and other borrowings(4) | 1,173,000 | 6,511 | 2.24 | % | 902,776 | 4,345 | 1.94 | % | |||||||||||||
Junior subordinated debentures | 118,110 | 2,025 | 7.04 | % | 118,110 | 1,855 | 6.43 | % | |||||||||||||
Total interest-bearing liabilities | 6,737,048 | 21,927 | 1.31 | % | 6,512,994 | 15,228 | 0.94 | % | |||||||||||||
Total non-interest-bearing liabilities | 933,968 | 1,168,207 | |||||||||||||||||||
Total liabilities | 7,671,016 | 7,681,201 | |||||||||||||||||||
Stockholders’ equity | 748,024 | 738,401 | |||||||||||||||||||
Total liabilities and stockholders' equity | $ | 8,419,040 | $ | 8,419,602 | |||||||||||||||||
Excess of average interest-earning assets over average interest-bearing liabilities | $ | 1,150,698 | $ | 1,406,396 | |||||||||||||||||
Net interest income | $ | 53,989 | $ | 51,441 | |||||||||||||||||
Net interest rate spread | 2.60 | % | 2.47 | % | |||||||||||||||||
Net interest margin (5) | 2.77 | % | 2.62 | % | |||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 117.08 | % | 121.59 | % |
Three Months Ended March 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six Months Ended June 30, | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
2018 | 2017 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balances | Income/ Expense | Yield/ Rates | Average Balances | Income/ Expense | Yield/ Rates | |||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loan portfolio, net (1) | $ | 5,902,893 | $ | 122,118 | 4.18 | % | $ | 5,749,193 | $ | 103,870 | 3.65 | % | ||||||||||||||||||||||||||||||||||||||||||||
Securities available for sale (2) | 1,669,607 | 21,549 | 2.60 | % | 1,990,378 | 23,580 | 2.38 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Securities held to maturity (3) | 89,165 | 856 | 1.93 | % | 1,367 | 9 | 1.32 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Federal Reserve Bank and FHLB stock | 70,304 | 2,045 | 5.90 | % | 58,814 | 1,492 | 5.14 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Deposits with banks | 157,391 | 1,279 | 1.63 | % | 161,417 | 737 | 0.92 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total interest-earning assets | 7,889,360 | 147,847 | 3.78 | % | 7,961,169 | 129,688 | 3.28 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Total non-interest-earning assets less allowance for loan losses | 524,074 | 496,791 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 8,413,434 | $ | 8,457,960 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands, except percentages) | Average Balances | Income/ Expense | Yield/ Rates | Average Balances | Income/ Expense | Yield/ Rates | |||||||||||||||||||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Checking and saving accounts - | Checking and saving accounts - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest bearing DDA | $ | 1,446,823 | $ | 202 | 0.03 | % | $ | 1,679,350 | $ | 184 | 0.02 | % | Interest bearing DDA | $ | 1,258,301 | $ | 113 | 0.04 | % | $ | 1,071,558 | $ | 135 | 0.05 | % | |||||||||||||||||||||||||||||||
Money market | 1,219,748 | 5,652 | 0.93 | % | 1,374,015 | 4,344 | 0.63 | % | Money market | 1,236,026 | 966 | 0.32 | % | 1,136,501 | 3,249 | 1.15 | % | |||||||||||||||||||||||||||||||||||||||
Savings | 438,668 | 36 | 0.02 | % | 483,502 | 37 | 0.02 | % | Savings | 318,800 | 14 | 0.02 | % | 322,682 | 17 | 0.02 | % | |||||||||||||||||||||||||||||||||||||||
Total checking and saving accounts | 3,105,239 | 5,890 | 0.38 | % | 3,536,867 | 4,565 | 0.26 | % | Total checking and saving accounts | 2,813,127 | 1,093 | 0.16 | % | 2,530,741 | 3,401 | 0.54 | % | |||||||||||||||||||||||||||||||||||||||
Time deposits | 2,323,746 | 18,872 | 1.63 | % | 1,939,414 | 11,853 | 1.23 | % | Time deposits | 1,956,559 | 7,360 | 1.53 | % | 2,461,073 | 13,484 | 2.20 | % | |||||||||||||||||||||||||||||||||||||||
Total deposits | 5,428,985 | 24,762 | 0.91 | % | 5,476,281 | 16,418 | 0.60 | % | Total deposits | 4,769,686 | 8,453 | 0.72 | % | 4,991,814 | 16,885 | 1.36 | % | |||||||||||||||||||||||||||||||||||||||
Securities sold under agreements to repurchase | 213 | 2 | 1.89 | % | 46,906 | 1,205 | 5.20 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Advances from the FHLB and other borrowings (4) | 1,179,934 | 12,501 | 2.13 | % | 914,572 | 8,594 | 1.89 | % | Advances from the FHLB and other borrowings (4) | 1,050,000 | 2,758 | 1.07 | % | 1,195,714 | 4,412 | 1.48 | % | |||||||||||||||||||||||||||||||||||||||
Senior notes | Senior notes | 58,618 | 942 | 6.52 | % | — | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||
Junior subordinated debentures | 118,110 | 3,960 | 6.82 | % | 118,110 | 3,679 | 6.33 | % | Junior subordinated debentures | 64,178 | 607 | 3.84 | % | 73,123 | 789 | 4.34 | % | |||||||||||||||||||||||||||||||||||||||
Total interest-bearing liabilities | 6,727,242 | 41,225 | 1.23 | % | 6,555,869 | 29,896 | 0.91 | % | Total interest-bearing liabilities | 5,942,482 | 12,760 | 0.87 | % | 6,260,651 | 22,086 | 1.42 | % | |||||||||||||||||||||||||||||||||||||||
Non-interest-bearing liabilities: | Non-interest-bearing liabilities: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-interest bearing demand deposits | Non-interest bearing demand deposits | 925,266 | 757,599 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounts payable, accrued liabilities and other liabilities | Accounts payable, accrued liabilities and other liabilities | 93,450 | 88,894 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total non-interest-bearing liabilities | 938,287 | 1,176,969 | Total non-interest-bearing liabilities | 1,018,716 | 846,493 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | 7,665,529 | 7,732,838 | Total liabilities | 6,961,198 | 7,107,144 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders' equity | 747,905 | 725,122 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | Stockholders’ equity | 785,061 | 844,200 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 8,413,434 | $ | 8,457,960 | Total liabilities and stockholders' equity | $ | 7,746,259 | $ | 7,951,344 | |||||||||||||||||||||||||||||||||||||||||||||||
Excess of average interest-earning assets over average interest-bearing liabilities | $ | 1,162,118 | $ | 1,405,300 | Excess of average interest-earning assets over average interest-bearing liabilities | $ | 1,305,023 | $ | 1,202,042 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 106,622 | $ | 99,792 | Net interest income | $ | 47,569 | $ | 49,229 | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest rate spread | 2.55 | % | 2.37 | % | Net interest rate spread | 2.51 | % | 2.42 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin (5) | 2.72 | % | 2.52 | % | Net interest margin (5) | 2.66 | % | 2.65 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Cost of total deposits (6) | Cost of total deposits (6) | 0.60 | % | 1.18 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||
Ratio of average interest-earning assets to average interest-bearing liabilities | 117.27 | % | 121.44 | % | Ratio of average interest-earning assets to average interest-bearing liabilities | 121.96 | % | 119.20 | % | |||||||||||||||||||||||||||||||||||||||||||||||
Average non-performing loans/ Average total loans | Average non-performing loans/ Average total loans | 1.54 | % | 0.58 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Balance at the beginning of the period | $ | 110,902 | $ | 52,223 | |||||||||||||||||||
Charge-offs | |||||||||||||||||||||||
Domestic Loans: | |||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||
Owner occupied | — | (27) | |||||||||||||||||||||
Commercial | (235) | (1,074) | |||||||||||||||||||||
Consumer and others | (431) | (222) | |||||||||||||||||||||
(666) | (1,323) | ||||||||||||||||||||||
International Loans (1): | |||||||||||||||||||||||
Commercial | — | (34) | |||||||||||||||||||||
Consumer and others | — | (251) | |||||||||||||||||||||
— | (285) | ||||||||||||||||||||||
Total Charge-offs | $ | (666) | $ | (1,608) | |||||||||||||||||||
Recoveries | |||||||||||||||||||||||
Domestic Loans: | |||||||||||||||||||||||
Real estate loans | |||||||||||||||||||||||
Single-family residential | 26 | 30 | |||||||||||||||||||||
Commercial | 447 | 61 | |||||||||||||||||||||
Consumer and others | 44 | 17 | |||||||||||||||||||||
517 | 108 | ||||||||||||||||||||||
International Loans (1): | |||||||||||||||||||||||
Commercial | 158 | 124 | |||||||||||||||||||||
Consumer and others | 29 | 101 | |||||||||||||||||||||
187 | 225 | ||||||||||||||||||||||
Total Recoveries | $ | 704 | $ | 333 | |||||||||||||||||||
Net recoveries (charge-offs) | 38 | (1,275) | |||||||||||||||||||||
Provision for loan losses | — | 22,000 | |||||||||||||||||||||
Balance at the end of the period | $ | 110,940 | $ | 72,948 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in thousands) | |||||||||||||||
Balance at the beginning of the period | $ | 72,118 | $ | 79,363 | $ | 72,000 | $ | 81,751 | |||||||
Charge-offs | |||||||||||||||
Domestic Loans: | |||||||||||||||
Real Estate | |||||||||||||||
Commercial Real Estate (CRE) | |||||||||||||||
Non-owner occupied | — | — | — | (97 | ) | ||||||||||
— | — | — | (97 | ) | |||||||||||
Single-family residential | (27 | ) | — | (27 | ) | (83 | ) | ||||||||
Owner occupied | — | — | — | (25 | ) | ||||||||||
(27 | ) | — | (27 | ) | (205 | ) | |||||||||
Commercial | (2,355 | ) | (1,097 | ) | (2,737 | ) | (1,390 | ) | |||||||
Consumer and others | (71 | ) | (15 | ) | (90 | ) | (45 | ) | |||||||
(2,453 | ) | (1,112 | ) | (2,854 | ) | (1,640 | ) | ||||||||
International Loans: | |||||||||||||||
Commercial | (52 | ) | (143 | ) | (52 | ) | (6,042 | ) | |||||||
Consumer and others | (230 | ) | (258 | ) | (630 | ) | (477 | ) | |||||||
(282 | ) | (401 | ) | (682 | ) | (6,519 | ) | ||||||||
Total Charge-offs | $ | (2,735 | ) | $ | (1,513 | ) | $ | (3,536 | ) | $ | (8,159 | ) | |||
Recoveries | |||||||||||||||
Domestic Loans: | |||||||||||||||
Real Estate Loans | |||||||||||||||
Commercial Real Estate (CRE) | |||||||||||||||
Non-Owner occupied | $ | 4 | $ | 15 | $ | 5 | $ | 67 | |||||||
Land development and construction loans | — | 92 | 33 | 99 | |||||||||||
4 | 107 | 38 | 166 | ||||||||||||
Single-family residential | 60 | 1,064 | 64 | 1,110 | |||||||||||
Owner occupied | 95 | 2 | 883 | 6 | |||||||||||
159 | 1,173 | 985 | 1,282 | ||||||||||||
Commercial | 174 | 21 | 218 | 60 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in thousands) | |||||||||||||||
Consumer and others | 26 | — | 32 | — | |||||||||||
359 | 1,194 | 1,235 | 1,342 | ||||||||||||
International Loans: | |||||||||||||||
Real Estate | |||||||||||||||
Commercial Real Estate (CRE) | |||||||||||||||
Non-owner occupied | — | — | — | 2 | |||||||||||
— | — | — | 2 | ||||||||||||
Single-family residential | — | 1 | — | 3 | |||||||||||
— | 1 | — | 5 | ||||||||||||
Consumer and others | 39 | 15 | 82 | 24 | |||||||||||
39 | 16 | 82 | 29 | ||||||||||||
Total Recoveries | $ | 398 | $ | 1,210 | $ | 1,317 | $ | 1,371 | |||||||
Net charge-offs | (2,337 | ) | (303 | ) | (2,219 | ) | (6,788 | ) | |||||||
Provision for loan losses | 150 | 3,646 | 150 | 7,743 | |||||||||||
Balance at the end of the period | $ | 69,931 | $ | 82,706 | $ | 69,931 | $ | 82,706 |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Venezuela | $ | — | $ | 231 | |||||||||||||||||||
Other countries | — | 20 | |||||||||||||||||||||
Total charge offs | $ | — | $ | 251 |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in thousands) | |||||||||||||||
Commercial loans: | |||||||||||||||
Brazil | $ | 52 | $ | 128 | $ | 52 | $ | 6,027 | |||||||
Others | — | 15 | — | 15 | |||||||||||
Consumer loans and overdrafts: | |||||||||||||||
Venezuela | 230 | 258 | 630 | 477 | |||||||||||
Total charge offs | $ | 282 | $ | 401 | $ | 682 | $ | 6,519 |
Three Months Ended June 30, | Change | |||||||||||||||||||
2018 | 2017 | 2018 over 2017 | ||||||||||||||||||
Amount | % of non-interest income | Amount | % of non-interest income | Amount | % | |||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||
Deposits and service fees | $ | 4,471 | 29.83 | % | $ | 4,868 | 27.41 | % | $ | (397 | ) | (8.16 | )% | |||||||
Brokerage, advisory and fiduciary activities | 4,426 | 29.53 | % | 4,897 | 27.57 | % | (471 | ) | (9.62 | )% | ||||||||||
Change in cash surrender value of bank owned life insurance(1) | 1,474 | 9.84 | % | 1,242 | 6.99 | % | 232 | 18.68 | % | |||||||||||
Cards and trade finance servicing fees | 1,173 | 7.83 | % | 1,114 | 6.27 | % | 59 | 5.30 | % | |||||||||||
Gain on early extinguishment of FHLB advances | 882 | 5.89 | % | — | —% | 882 | N/M | |||||||||||||
Data processing, rental income and fees for other services to related parties | 613 | 4.09 | % | $ | 969 | 5.46 | % | (356 | ) | (36.74 | )% | |||||||||
Securities gains, net | 16 | 0.11 | % | 177 | 1.00 | % | (161 | ) | (90.96 | )% | ||||||||||
Other noninterest income (2) | 1,931 | 12.88 | % | 4,492 | 25.30 | % | (2,561 | ) | (57.01 | )% | ||||||||||
$ | 14,986 | 100.00 | % | $ | 17,759 | 100.00 | % | $ | (2,773 | ) | (15.61 | )% |
Three Months Ended March 31, | Change | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | |||||||||||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Deposits and service fees | $ | 4,106 | 29.0 | % | $ | 4,290 | 19.6 | % | $ | (184) | (4.3) | % | |||||||||||||||||||||||
Brokerage, advisory and fiduciary activities | 4,603 | 32.5 | % | 4,133 | 18.9 | % | 470 | 11.4 | % | ||||||||||||||||||||||||||
Change in cash surrender value of bank owned life insurance (“BOLI”)(1) | 1,356 | 9.6 | % | 1,414 | 6.5 | % | (58) | (4.1) | % | ||||||||||||||||||||||||||
Securities gains, net (2) | 2,582 | 18.2 | % | 9,620 | 43.9 | % | (7,038) | (73.2) | % | ||||||||||||||||||||||||||
Cards and trade finance servicing fees | 339 | 2.4 | % | 395 | 1.8 | % | (56) | (14.2) | % | ||||||||||||||||||||||||||
Loss on early extinguishment of FHLB advances, net | — | — | % | (7) | — | % | 7 | N/M | |||||||||||||||||||||||||||
Other noninterest income (3) | 1,177 | 8.3 | % | 2,065 | 9.3 | % | (888) | (43.0) | % | ||||||||||||||||||||||||||
Total noninterest income | $ | 14,163 | 100.0 | % | $ | 21,910 | 100.0 | % | $ | (7,747) | (35.4) | % |
Six Months Ended June 30, | Change | |||||||||||||||||||
2018 | 2017 | 2018 over 2017 | ||||||||||||||||||
Amount | % of non-interest income | Amount | % of non-interest income | Amount | % | |||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||
Deposits and service fees | $ | 9,053 | 31.29 | % | $ | 9,774 | 30.57 | % | $ | (721 | ) | (7.38 | )% | |||||||
Brokerage, advisory and fiduciary activities | 8,841 | 30.56 | % | 10,158 | 31.77 | % | (1,317 | ) | (12.97 | )% | ||||||||||
Change in cash surrender value of bank owned life insurance(1) | 2,918 | 10.09 | % | 2,487 | 7.78 | % | 431 | 17.33 | % | |||||||||||
Cards and trade finance servicing fees | 2,235 | 7.73 | % | 2,185 | 6.83 | % | 50 | 2.29 | % | |||||||||||
Gain on early extinguishment of FHLB advances | 882 | 3.05 | % | — | —% | 882 | N/M | |||||||||||||
Data processing, rental income and fees for other services to related parties | 1,494 | 5.16 | % | 1,552 | 4.85 | % | (58 | ) | (3.74 | )% | ||||||||||
Securities gains, net | 16 | 0.06 | % | 155 | 0.48 | % | (139 | ) | (89.68 | )% | ||||||||||
Other noninterest income (2) | 3,492 | 12.06 | % | 5,665 | 17.72 | % | (2,173 | ) | (38.36 | )% | ||||||||||
$ | 28,931 | 100.00 | % | $ | 31,976 | 100.00 | % | $ | (3,045 | ) | (9.52 | )% |
Three Months Ended March 31, | Change | ||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | |||||||||||||||||||||||||||||||||
Amount | % | Amount | % | Amount | % | ||||||||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Salaries and employee benefits (1) | $ | 26,427 | 60.6 | % | $ | 29,326 | 65.4 | % | $ | (2,899) | (9.9) | % | |||||||||||||||||||||||
Occupancy and equipment | 4,488 | 10.3 | % | 3,803 | 8.5 | % | 685 | 18.0 | % | ||||||||||||||||||||||||||
Professional and other services fees (2) | 3,784 | 8.7 | % | 2,954 | 6.6 | % | 830 | 28.1 | % | ||||||||||||||||||||||||||
Telecommunications and data processing | 3,727 | 8.5 | % | 3,464 | 7.7 | % | 263 | 7.6 | % | ||||||||||||||||||||||||||
Depreciation and amortization | 1,786 | 4.1 | % | 1,959 | 4.4 | % | (173) | (8.8) | % | ||||||||||||||||||||||||||
FDIC assessments and insurance | 1,755 | 4.0 | % | 1,118 | 2.5 | % | 637 | 57.0 | % | ||||||||||||||||||||||||||
Other operating expenses (3) | 1,658 | 3.8 | % | 2,243 | 4.9 | % | (585) | (26.1) | % | ||||||||||||||||||||||||||
Total noninterest expenses | $ | 43,625 | 100.0 | % | $ | 44,867 | 100.0 | % | $ | (1,242) | (2.8) | % |
Three Months Ended June 30, | Change | |||||||||||||||||||
2018 | 2017 | 2018 vs 2017 | ||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | |||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||
Salaries and employee benefits | $ | 34,932 | 66.36 | % | $ | 31,666 | 62.50 | % | $ | 3,266 | 10.31 | % | ||||||||
Occupancy and equipment | 4,060 | 7.71 | % | 4,052 | 8.00 | % | 8 | 0.20 | % | |||||||||||
Professional and other services fees | 5,387 | 10.23 | % | 2,744 | 5.42 | % | 2,643 | 96.32 | % | |||||||||||
FDIC assessments and insurance | 1,468 | 2.79 | % | 2,180 | 4.30 | % | (712 | ) | (32.66 | )% | ||||||||||
Telecommunications and data processing | 3,011 | 5.72 | % | 2,417 | 4.77 | % | 594 | 24.58 | % | |||||||||||
Depreciation and amortization | 1,945 | 3.70 | % | 2,039 | 4.02 | % | (94 | ) | (4.61 | )% | ||||||||||
Other operating expenses (1) | 1,835 | 3.49 | % | 5,567 | 10.99 | % | (3,732 | ) | (67.04 | )% | ||||||||||
$ | 52,638 | 100.00 | % | $ | 50,665 | 100.00 | % | $ | 1,973 | 3.89 | % |
Six Months Ended June 30, | Change | |||||||||||||||||||
2018 | 2017 | 2018 vs 2017 | ||||||||||||||||||
Amount | % of Total | Amount | % of Total | Amount | % of Total | |||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||
Salaries and employee benefits | $ | 68,973 | 63.70 | % | $ | 63,974 | 64.09 | % | $ | 4,999 | 7.81 | % | ||||||||
Occupancy and equipment | 7,775 | 7.18 | % | 8,761 | 8.78 | % | (986 | ) | (11.25 | )% | ||||||||||
Professional and other services fees | 11,831 | 10.93 | % | 5,401 | 5.41 | % | 6,430 | 119.05 | % | |||||||||||
FDIC assessments and insurance | 2,915 | 2.69 | % | 4,143 | 4.15 | % | (1,228 | ) | (29.64 | )% | ||||||||||
Telecommunications and data processing | 6,095 | 5.63 | % | 4,169 | 4.18 | % | 1,926 | 46.20 | % | |||||||||||
Depreciation and amortization | 4,086 | 3.77 | % | 4,466 | 4.47 | % | (380 | ) | (8.51 | )% | ||||||||||
Other operating expenses (1) | 6,608 | 6.10 | % | 8,899 | 8.92 | % | (2,291 | ) | (25.74 | )% | ||||||||||
$ | 108,283 | 100.00 | % | $ | 99,813 | 100.00 | % | $ | 8,470 | 8.49 | % |
Three Months Ended March 31, | Change | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | 2021 vs 2020 | |||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except effective tax rates and percentages) | |||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | $ | 3,648 | $ | 890 | $2,758 | 309.89 | % | ||||||||||||||||||||||||||||||||||||||||
Effective income tax rate | 20.15 | % | 20.83 | % | (0.68) | % | (3.26) | % |
Three Months Ended June 30, | Change | Six Months Ended June 30, | Change | ||||||||||||||||||||||||||
2018 | 2017 | 2018 vs 2017 | 2018 | 2017 | 2018 vs 2017 | ||||||||||||||||||||||||
(in thousands, except effective tax rates and percentages) | |||||||||||||||||||||||||||||
Income tax expense | $ | 5,764 | $ | 4,499 | $ | 1,265 | 28.12 | % | $ | 7,268 | $ | 7,315 | $ | (47 | ) | (0.64 | )% | ||||||||||||
Effective income tax rate | 35.61 | % | 30.22 | % | 5.39 | % | 17.84 | % | 26.80 | % | 30.21 | % | (3.41 | )% | (11.29 | )% |
(in thousands) | Personal and Commercial Banking ("PAC") | Corporate LATAM | Treasury | Institutional | Total | ||||||||||||||
Three Months Ended June 30, 2018 | |||||||||||||||||||
Income Statement: | |||||||||||||||||||
Net interest income | $ | 47,105 | $ | 1,219 | $ | 1,942 | $ | 3,723 | $ | 53,989 | |||||||||
Provision for (reversal of) loan losses | 824 | 494 | (329 | ) | (839 | ) | 150 | ||||||||||||
Net interest income after provision for (reversal of) loan losses | 46,281 | 725 | 2,271 | 4,562 | 53,839 | ||||||||||||||
Noninterest income | 5,708 | 89 | 3,451 | 5,738 | 14,986 | ||||||||||||||
Noninterest expense (4) | 39,329 | 1,468 | 2,832 | 9,009 | 52,638 | ||||||||||||||
Net income (loss) before income tax: | |||||||||||||||||||
Banking | 12,660 | (654 | ) | 2,890 | 1,291 | 16,187 | |||||||||||||
Non-banking contribution(1) | 1,197 | 11 | — | (1,208 | ) | — | |||||||||||||
13,857 | (643 | ) | 2,890 | 83 | 16,187 | ||||||||||||||
Income tax (expense) benefit | (4,486 | ) | 58 | 84 | (1,420 | ) | (5,764 | ) | |||||||||||
Net income (loss) | $ | 9,371 | $ | (585 | ) | $ | 2,974 | $ | (1,337 | ) | $ | 10,423 |
(in thousands) | Personal and Commercial Banking ("PAC") | Corporate LATAM | Treasury | Institutional | Total | ||||||||||||||
Six Months Ended June 30, 2018 | |||||||||||||||||||
Income Statement: | |||||||||||||||||||
Net interest income | $ | 93,786 | $ | 2,699 | $ | 2,898 | $ | 7,239 | $ | 106,622 | |||||||||
(Reversal of) provision for loan losses | (1,315 | ) | (225 | ) | (446 | ) | 2,136 | 150 | |||||||||||
Net interest income after (reversal of) provision for loan losses | 95,101 | 2,924 | 3,344 | 5,103 | 106,472 | ||||||||||||||
Noninterest income | 11,416 | 198 | 5,401 | 11,916 | 28,931 | ||||||||||||||
Noninterest expense (4) | 79,343 | 2,643 | 5,794 | 20,503 | 108,283 | ||||||||||||||
Net income (loss) before income tax: | |||||||||||||||||||
Banking | 27,174 | 479 | 2,951 | (3,484 | ) | 27,120 | |||||||||||||
Non-banking contribution(1) | 1,247 | — | — | (1,247 | ) | — | |||||||||||||
28,421 | 479 | 2,951 | (4,731 | ) | 27,120 | ||||||||||||||
Income tax (expense) benefit | (6,707 | ) | (113 | ) | 396 | (844 | ) | (7,268 | ) | ||||||||||
Net income (loss) | $ | 21,714 | $ | 366 | $ | 3,347 | $ | (5,575 | ) | $ | 19,852 | ||||||||
As of June 30, 2018 | |||||||||||||||||||
Loans, net(2) | $ | 5,826,731 | $ | 394,572 | $ | — | $ | (71,685 | ) | $ | 6,149,618 | ||||||||
Deposits | $ | 5,567,424 | $ | 20,134 | $ | 737,898 | $ | 37,682 | $ | 6,363,138 |
(in thousands) | Personal and Commercial Banking ("PAC") | Corporate LATAM | Treasury | Institutional | Total | ||||||||||||||
Three Months Ended June 30, 2017 | |||||||||||||||||||
Income Statement: | |||||||||||||||||||
Net interest income | $ | 43,776 | $ | 2,339 | $ | 2,268 | $ | 3,058 | $ | 51,441 | |||||||||
Provision for (reversal of) loan losses | 8,681 | (1,845 | ) | (819 | ) | (2,371 | ) | 3,646 | |||||||||||
Net interest income after provision for (reversal of) loan losses | 35,095 | 4,184 | 3,087 | 5,429 | 47,795 | ||||||||||||||
Noninterest income | 8,062 | 148 | 2,933 | 6,616 | 17,759 | ||||||||||||||
Noninterest expense (4) | 38,618 | 1,135 | 2,445 | 8,467 | 50,665 | ||||||||||||||
Net income before income tax: | |||||||||||||||||||
Banking | 4,539 | 3,197 | 3,575 | 3,578 | 14,889 | ||||||||||||||
Non-banking contribution(1) | 1,263 | 24 | — | (1,287 | ) | — | |||||||||||||
5,802 | 3,221 | 3,575 | 2,291 | 14,889 | |||||||||||||||
Income tax expense | (2,001 | ) | (1,147 | ) | (446 | ) | (905 | ) | (4,499 | ) | |||||||||
Net income | $ | 3,801 | $ | 2,074 | $ | 3,129 | $ | 1,386 | $ | 10,390 |
(in thousands) | Personal and Commercial Banking ("PAC") | Corporate LATAM | Treasury | Institutional | Total | ||||||||||||||
Six Months Ended June 30, 2017 | |||||||||||||||||||
Income Statement: | |||||||||||||||||||
Net interest income | $ | 85,164 | $ | 4,903 | $ | 4,593 | $ | 5,132 | $ | 99,792 | |||||||||
Provision for (reversal of) loan losses | 9,812 | 358 | (894 | ) | (1,533 | ) | 7,743 | ||||||||||||
Net interest income after provision for (reversal of) loan losses | 75,352 | 4,545 | 5,487 | 6,665 | 92,049 | ||||||||||||||
Noninterest income | 14,145 | 275 | 4,113 | 13,443 | 31,976 | ||||||||||||||
Noninterest expense (4) | 78,495 | 2,517 | 5,194 | 13,607 | 99,813 | ||||||||||||||
Net income before income tax: | |||||||||||||||||||
Banking | 11,002 | 2,303 | 4,406 | 6,501 | 24,212 | ||||||||||||||
Non-banking contribution(1) | 2,349 | 22 | — | (2,371 | ) | — | |||||||||||||
13,351 | 2,325 | 4,406 | 4,130 | 24,212 | |||||||||||||||
Income tax expense | (4,730 | ) | (823 | ) | (59 | ) | (1,703 | ) | (7,315 | ) | |||||||||
Net income | $ | 8,621 | $ | 1,502 | $ | 4,347 | $ | 2,427 | $ | 16,897 |
As of December 31, 2017 | |||||||||||||||||||
Loans, net(2)(3) | $ | 5,542,545 | $ | 521,616 | $ | — | $ | (64,325 | ) | $ | 5,999,836 | ||||||||
Deposits | $ | 5,454,216 | $ | 18,670 | $ | 779,969 | $ | 70,118 | $ | 6,322,973 |
March 31, 2021 | December 31, 2020 | ||||||||||
(in thousands, except percentages) | |||||||||||
Total loans, gross (1) | $ | 5,753,794 | $ | 5,842,337 | |||||||
Total loans, gross / total assets | 74.2 | % | 75.2 | % | |||||||
Allowance for loan losses | $ | 110,940 | $ | 110,902 | |||||||
Allowance for loan losses / total loans, gross (1) (2) | 1.93 | % | 1.9 | % | |||||||
Total loans, net (3) | $ | 5,642,854 | $ | 5,731,435 | |||||||
Total loans, net / total assets | 72.8 | % | 73.8 | % |
June 30, 2018 | December 31, 2017 | ||||||
(in thousands, except percentages) | |||||||
Total loans, gross | $ | 6,219,549 | $ | 6,066,225 | |||
Total loans, gross / total assets | 72.91 | % | 71.90 | % | |||
Allowance for loan losses | $ | 69,931 | $ | 72,000 | |||
Allowance for loan losses / total loans, gross (1) (2) | 1.12 | % | 1.19 | % |
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Retail (1) | $ | 1,064,988 | $ | 1,097,329 | |||||||
Multifamily | 722,783 | 737,696 | |||||||||
Office space | 368,014 | 390,295 | |||||||||
Land and construction | 351,502 | 349,800 | |||||||||
Hospitality | 191,197 | 191,750 | |||||||||
Industrial and warehouse | 89,768 | 70,465 | |||||||||
$ | 2,788,252 | $ | 2,837,335 |
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Domestic Loans: | |||||||||||
Real Estate Loans | |||||||||||
Commercial real estate (CRE) | |||||||||||
Non-owner occupied | $ | 1,713,967 | $ | 1,749,839 | |||||||
Multi-family residential | 722,783 | 737,696 | |||||||||
Land development and construction loans | 351,502 | 349,800 | |||||||||
2,788,252 | 2,837,335 | ||||||||||
Single-family residential | 536,965 | 543,076 | |||||||||
Owner occupied | 940,126 | 947,127 | |||||||||
4,265,343 | 4,327,538 | ||||||||||
Commercial loans | 1,065,160 | 1,103,501 | |||||||||
Loans to depository institutions and acceptances (1) | 16,648 | 16,629 | |||||||||
Consumer loans and overdrafts (2) | 273,584 | 241,771 | |||||||||
Total Domestic Loans | 5,620,735 | 5,689,439 | |||||||||
International Loans: | |||||||||||
Real Estate Loans | |||||||||||
Single-family residential (3) | 88,333 | 96,493 | |||||||||
Commercial loans | 39,434 | 51,049 | |||||||||
Loans to depository institutions and acceptances | 10 | 7 | |||||||||
Consumer loans and overdrafts (4) | 5,282 | 5,349 | |||||||||
Total International Loans | 133,059 | 152,898 | |||||||||
Total Loan Portfolio | $ | 5,753,794 | $ | 5,842,337 |
June 30, 2018 | December 31, 2017 | ||||||
(in thousands) | |||||||
Domestic Loans: | |||||||
Real Estate Loans | |||||||
Commercial real estate (CRE) | |||||||
Non-owner occupied | $ | 1,864,645 | $ | 1,713,104 | |||
Multi-family residential | 858,453 | 839,709 | |||||
Land development and construction loans | 402,830 | 406,940 | |||||
3,125,928 | 2,959,753 | ||||||
Single-family residential | 371,733 | 360,041 | |||||
Owner occupied | 653,902 | 610,386 | |||||
4,151,563 | 3,930,180 | ||||||
Commercial loans | 1,328,056 | 1,285,461 | |||||
Loans to depository institutions and acceptances | 16,500 | 16,443 | |||||
Consumer loans and overdrafts | 77,522 | 78,872 | |||||
Total Domestic Loans | 5,573,641 | 5,310,956 | |||||
International Loans: | |||||||
Real Estate Loans | |||||||
Single-family residential (1) | 143,179 | 152,713 | |||||
143,179 | 152,713 | ||||||
Commercial loans | 103,977 | 69,294 | |||||
Loans to depository institutions and acceptances | 352,364 | 481,183 | |||||
Consumer loans and overdrafts | 46,388 | 52,079 | |||||
Total International Loans | 645,908 | 755,269 | |||||
Total Loan Portfolio | $ | 6,219,549 | $ | 6,066,225 |
June 30, 2018 | December 31, 2017 | ||||||||||||
Net Exposure(1) | % Total Assets | Net Exposure(1) | % Total Assets | ||||||||||
(in thousands, except percentages) | |||||||||||||
Brazil | $ | 140,705 | 1.65 | % | $ | 141,088 | 1.67 | % | |||||
Venezuela (2) | 171,818 | 2.01 | % | 182,678 | 2.17 | % | |||||||
Chile | 46,678 | 0.55 | % | 94,543 | 1.12 | % | |||||||
Colombia | 68,110 | 0.8 | % | 63,859 | 0.76 | % | |||||||
Panama | 31,139 | 0.36 | % | 51,557 | 0.61 | % | |||||||
Peru | 53,424 | 0.63 | % | 70,088 | 0.83 | % | |||||||
Mexico | 2,302 | 0.03 | % | 18,274 | 0.22 | % | |||||||
Costa Rica | 16,500 | 0.19 | % | 43,844 | 0.52 | % | |||||||
Other (3) | 115,232 | 1.35 | % | 89,338 | 1.06 | % | |||||||
Total | $ | 645,908 | 7.57 | % | $ | 755,269 | 8.95 | % |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Net Exposure (1) | % Total Assets | Net Exposure (1) | % Total Assets | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Venezuela (2) | $ | 77,600 | 1.0 | % | $ | 86,930 | 1.1 | % | |||||||||||||||
Other (3) | 55,459 | 0.7 | % | 65,968 | 0.9 | % | |||||||||||||||||
Total | $ | 133,059 | 1.7 | % | $ | 152,898 | 2.0 | % |
June 30, 2018 | December 31, 2017 | ||||||||||||||||||||||
Less than 1 year | 1-3 Years | More than 3 years | Less than 1 year | 1-3 Years | More than 3 years | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Brazil | $ | 134,877 | $ | 5,616 | $ | 212 | $ | 137,850 | $ | 3,019 | $ | 219 | |||||||||||
Venezuela(1) | 27,319 | 8,250 | 136,249 | 29,982 | 8,460 | 144,236 | |||||||||||||||||
Chile | 41,251 | 5,500 | 178 | 88,174 | 6,191 | 179 | |||||||||||||||||
Colombia | 66,330 | 87 | 2,023 | 60,000 | 1,801 | 2,057 | |||||||||||||||||
Panama | 10,218 | 20,970 | 171 | 24,967 | 26,590 | — | |||||||||||||||||
Peru | 53,542 | — | — | 70,088 | — | — | |||||||||||||||||
Mexico | 863 | 1,050 | 584 | 16,737 | 951 | 586 | |||||||||||||||||
Costa Rica | 16,573 | — | — | 43,844 | — | — | |||||||||||||||||
Other(2) | 66,972 | 582 | 46,491 | 83,990 | 1,192 | 4,156 | |||||||||||||||||
Total (3) | $ | 417,945 | $ | 42,055 | $ | 185,908 | $ | 555,632 | $ | 48,204 | $ | 151,433 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Less than 1 year | 1-3 Years | More than 3 years | Total | Less than 1 year | 1-3 Years | More than 3 years | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
Venezuela (1) | $ | 417 | $ | 6,799 | $ | 70,384 | $ | 77,600 | $ | 420 | $ | 7,199 | $ | 79,311 | $ | 86,930 | |||||||||||||||||||||||||||||||
Other (2) | 5,974 | 15,200 | 34,285 | 55,459 | 16,098 | 15,226 | 34,644 | 65,968 | |||||||||||||||||||||||||||||||||||||||
Total (3) | $ | 6,391 | $ | 21,999 | $ | 104,669 | $ | 133,059 | $ | 16,518 | $ | 22,425 | $ | 113,955 | $ | 152,898 |
(3) Consists of outstanding principal amounts, net of cash collateral, cash equivalents or other financial instruments totaling $13.1 million and $13.3 million as of March 31, 2021 and December 31, 2020, respectively. |
March 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||||
June 30, 2018 | December 31, 2017 | Allowance | % of Loans in Each Category to Total Loans | Allowance | % of Loans in Each Category to Total Loans | |||||||||||||||||||||||||||||||
Allowance | % of Loans in Each Category to Total Loans | Allowance | % of Loans in Each Category to Total Loans | |||||||||||||||||||||||||||||||||
(in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | (in thousands, except percentages) | |||||||||||||||||||||||||||||||||||
Domestic Loans | Domestic Loans | |||||||||||||||||||||||||||||||||||
Real estate | $ | 28,693 | 49.67 | % | $ | 31,290 | 48.04 | % | Real estate | $ | 48,291 | 48.0 | % | $ | 50,227 | 48.2 | % | |||||||||||||||||||
Commercial | 27,068 | 33.75 | % | 30,782 | 33.38 | % | Commercial | 49,084 | 37.8 | % | 48,035 | 38.0 | % | |||||||||||||||||||||||
Financial institutions | 31 | 0.27 | % | 31 | 0.27 | % | Financial institutions | — | 0.3 | % | — | 0.3 | % | |||||||||||||||||||||||
Consumer and others (1) | 2,015 | 5.92 | % | 60 | 5.86 | % | Consumer and others (1) | 11,812 | 11.6 | % | 10,729 | 6.9 | % | |||||||||||||||||||||||
57,807 | 89.61 | % | 62,163 | 87.55 | % | 109,187 | 97.7 | % | 108,991 | 97.4 | % | |||||||||||||||||||||||||
International Loans (2) | International Loans (2) | |||||||||||||||||||||||||||||||||||
Commercial | 2,716 | 1.63 | % | 1,905 | 1.14 | % | Commercial | 118 | 0.7 | % | 95 | 0.9 | % | |||||||||||||||||||||||
Financial institutions | 3,286 | 5.71 | % | 4,331 | 7.93 | % | Financial institutions | 1 | — | % | 1 | — | % | |||||||||||||||||||||||
Consumer and others (1) | 6,122 | 3.05 | % | 3,601 | 3.38 | % | Consumer and others (1) | 1,634 | 1.6 | % | 1,815 | 1.7 | % | |||||||||||||||||||||||
12,124 | 10.39 | % | 9,837 | 12.45 | % | 1,753 | 2.3 | % | 1,911 | 2.6 | % | |||||||||||||||||||||||||
Total Allowance for Loan Losses | $ | 69,931 | 100.00 | % | $ | 72,000 | 100.00 | % | Total Allowance for Loan Losses | $ | 110,940 | 100.0 | % | $ | 110,902 | 100.0 | % | |||||||||||||||||||
% Total Loans | 1.12 | % | 1.19 | % | ||||||||||||||||||||||||||||||||
% of Total Loans | % of Total Loans | 1.93 | % | 1.90 | % |
March 31, 2021 | December 31, 2020 | |||||||||||||||||
June 30, 2018 | December 31, 2017 | |||||||||||||||||
(in thousands) | ||||||||||||||||||
(in thousands) | (in thousands) | |||||||||||||||||
Non-Accrual Loans(1) | Non-Accrual Loans (1) | |||||||||||||||||
Domestic Loans: | Domestic Loans: | |||||||||||||||||
Real Estate Loans | Real Estate Loans | |||||||||||||||||
Commercial real estate (CRE) | Commercial real estate (CRE) | |||||||||||||||||
Non-owner occupied | $ | 10,510 | $ | 489 | Non-owner occupied | $ | 8,515 | $ | 8,219 | |||||||||
Multi-family residential | Multi-family residential | 11,369 | 11,340 | |||||||||||||||
10,510 | 489 | 19,884 | 19,559 | |||||||||||||||
Single-family residential | 5,069 | 4,277 | Single-family residential | 8,622 | 8,778 | |||||||||||||
Owner occupied | 7,186 | 12,227 | Owner occupied | 12,527 | 12,815 | |||||||||||||
22,765 | 16,993 | 41,033 | 41,152 | |||||||||||||||
Commercial loans | 5,960 | 2,500 | ||||||||||||||||
Commercial loans (2) | Commercial loans (2) | 45,282 | 44,205 | |||||||||||||||
Consumer loans and overdrafts | 19 | 9 | Consumer loans and overdrafts | 256 | 219 | |||||||||||||
Total Domestic | 28,744 | 19,502 | Total Domestic | 86,571 | 85,576 | |||||||||||||
International Loans: | ||||||||||||||||||
Real Estate Loans | Real Estate Loans | |||||||||||||||||
Single-family residential | 1,265 | 727 | Single-family residential | 2,192 | 1,889 | |||||||||||||
1,265 | 727 | |||||||||||||||||
Commercial loans | 3,974 | 6,447 | ||||||||||||||||
Consumer loans and overdrafts | 23 | 46 | Consumer loans and overdrafts | 14 | 14 | |||||||||||||
Total International | 5,262 | 7,220 | Total International | 2,206 | 1,903 | |||||||||||||
Total-Non-Accrual Loans | $ | 34,006 | $ | 26,722 | ||||||||||||||
Total Non-Accrual Loans | Total Non-Accrual Loans | $ | 88,777 | $ | 87,479 | |||||||||||||
Past Due Accruing Loans | ||||||||||||||||||
Domestic Loans: | Domestic Loans: | |||||||||||||||||
Real Estate Loans | Real Estate Loans | |||||||||||||||||
Single-family residential | $ | — | $ | 112 | ||||||||||||||
Commercial | 27 | — | ||||||||||||||||
Commercial real estate (CRE) | Commercial real estate (CRE) | |||||||||||||||||
Non-owner occupied | Non-owner occupied | $ | 743 | $ | — | |||||||||||||
Owner occupied | Owner occupied | — | 220 | |||||||||||||||
Consumer loans and overdrafts | Consumer loans and overdrafts | 3 | 1 | |||||||||||||||
Total Domestic | 27 | 112 | Total Domestic | 746 | 221 | |||||||||||||
International Loans: | International Loans: | |||||||||||||||||
Real Estate Loans | Real Estate Loans | |||||||||||||||||
Single-family residential | — | 114 | Single-family residential | — | — | |||||||||||||
Consumer loans and overdrafts | 663 | — | Consumer loans and overdrafts | — | — | |||||||||||||
Total International | 663 | 114 | Total International | — | — | |||||||||||||
Total Past Due Accruing Loans | $ | 690 | $ | 226 | Total Past Due Accruing Loans | $ | 746 | $ | 221 | |||||||||
Total Non-Performing Loans | 34,696 | 26,948 | Total Non-Performing Loans | $ | 89,523 | $ | 87,700 | |||||||||||
Other Real Estate Owned | 558 | 319 | Other Real Estate Owned | 400 | 427 | |||||||||||||
Total Non-Performing Assets | $ | 35,254 | $ | 27,267 | Total Non-Performing Assets | $ | 89,923 | $ | 88,127 |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | Special Mention | Substandard | Doubtful | Total (1) | Special Mention | Substandard | Doubtful | Total (1) | |||||||||||||||||||||||||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||||||||||||||||||||
Commercial Real Estate (CRE) | |||||||||||||||||||||||||||||||||||||||||||||||
Non-owner occupied | $ | 45,206 | $ | 5,684 | $ | 3,576 | $ | 54,466 | $ | 46,872 | $ | 4,994 | $ | 3,969 | $ | 55,835 | |||||||||||||||||||||||||||||||
Multi-family residential | — | 11,369 | — | 11,369 | — | 11,340 | — | 11,340 | |||||||||||||||||||||||||||||||||||||||
Land development and construction loans | — | — | — | — | 7,164 | — | — | 7,164 | |||||||||||||||||||||||||||||||||||||||
45,206 | 17,053 | 3,576 | 65,835 | 54,036 | 16,334 | 3,969 | 74,339 | ||||||||||||||||||||||||||||||||||||||||
Single-family residential | — | 10,814 | — | 10,814 | — | 10,667 | — | 10,667 | |||||||||||||||||||||||||||||||||||||||
Owner occupied | 21,045 | 12,627 | — | 33,672 | 22,343 | 12,917 | — | 35,260 | |||||||||||||||||||||||||||||||||||||||
66,251 | 40,494 | 3,576 | 110,321 | 76,379 | 39,918 | 3,969 | 120,266 | ||||||||||||||||||||||||||||||||||||||||
Commercial loans (2) | 43,313 | 21,045 | 25,917 | 90,275 | 42,434 | 21,152 | 23,256 | 86,842 | |||||||||||||||||||||||||||||||||||||||
Consumer loans and overdrafts | — | 298 | — | 298 | — | 238 | — | 238 | |||||||||||||||||||||||||||||||||||||||
$ | 109,564 | $ | 61,837 | $ | 29,493 | $ | 200,894 | $ | 118,813 | $ | 61,308 | $ | 27,225 | $ | 207,346 |
June 30, 2018 | December 31, 2017 | ||||||||||||||||||||||||||||||
(in thousands) | Special Mention | Substandard | Doubtful | Total (1) | Special Mention | Substandard | Doubtful | Total (1) | |||||||||||||||||||||||
Real Estate Loans | |||||||||||||||||||||||||||||||
Commercial real estate (CRE) | |||||||||||||||||||||||||||||||
Non-owner occupied | $ | 11,695 | $ | 10,510 | $ | — | $ | 22,205 | $ | 1,020 | $ | 489 | $ | — | $ | 1,509 | |||||||||||||||
Single-family residential | 42 | 6,334 | — | 6,376 | — | 5,869 | — | 5,869 | |||||||||||||||||||||||
Owner occupied | 10,987 | 9,539 | — | 20,526 | 4,051 | 13,867 | — | 17,918 | |||||||||||||||||||||||
22,724 | 26,383 | — | 49,107 | 5,071 | 20,225 | — | 25,296 | ||||||||||||||||||||||||
Commercial loans | 5,759 | 8,891 | 2,020 | 16,670 | 6,100 | 14,112 | — | 20,212 | |||||||||||||||||||||||
Consumer loans and overdrafts | — | 5,734 | — | 5,734 | — | 4,113 | — | 4,113 | |||||||||||||||||||||||
$ | 28,483 | $ | 41,008 | $ | 2,020 | $ | 71,511 | $ | 11,171 | $ | 38,450 | $ | — | $ | 49,621 |
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Real estate loans | |||||||||||
Commercial real estate (CRE) | |||||||||||
Non-owner occupied | $ | — | $ | 744 | |||||||
Owner occupied | 100 | 102 | |||||||||
100 | 846 | ||||||||||
Commercial loans | 1,676 | 198 | |||||||||
Consumer loans and overdrafts (1) | 29 | — | |||||||||
$ | 1,805 | $ | 1,044 |
June 30, 2018 | December 31, 2017 | ||||||||||||
Amount | % | Amount | % | ||||||||||
(in thousands, except percentages) | |||||||||||||
Securities held to maturity | |||||||||||||
U.S. Government agency debt | $ | 2,943 | 0.16 | % | $ | 3,034 | 0.16 | % | |||||
U.S. Government sponsored enterprise debt | 85,497 | 4.72 | % | 86,826 | 4.70 | % | |||||||
$ | 88,440 | 4.88 | % | $ | 89,860 | 4.86 | % | ||||||
Securities available for sale: | |||||||||||||
U.S. Government agency debt | $ | 250,837 | 13.84 | % | $ | 291,385 | 15.78 | % | |||||
U.S. Government sponsored enterprise debt | 827,484 | 45.66 | % | 875,666 | 47.41 | % | |||||||
Corporate debt (1) | 374,929 | 20.69 | % | 313,392 | 16.97 | % | |||||||
US Treasury debt | — | — | % | 2,701 | 0.15 | % | |||||||
Mutual funds | 23,108 | 1.28 | % | 23,617 | 1.28 | % | |||||||
Municipal bonds | 173,307 | 9.56 | % | 180,396 | 9.77 | % | |||||||
$ | 1,649,665 | 91.03 | % | $ | 1,687,157 | 91.36 | % | ||||||
Other securities (2): | |||||||||||||
Federal Reserve Bank stock | $ | 13,050 | 0.72 | % | $ | 13,010 | 0.70 | % | |||||
FHLB stock | 60,964 | 3.37 | % | 56,924 | 3.08 | % | |||||||
$ | 74,014 | 4.09 | % | $ | 69,934 | 3.78 | % | ||||||
$ | 1,812,119 | 100.00 | % | $ | 1,846,951 | 100.00 | % |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
Amount | % | Amount | % | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Debt securities available for sale: | |||||||||||||||||||||||
U.S. government agency debt | $ | 216,075 | 15.7 | % | $ | 204,578 | 14.9 | % | |||||||||||||||
U.S. government-sponsored enterprise debt | 610,703 | 44.5 | % | 661,335 | 48.1 | % | |||||||||||||||||
Corporate debt (1) (2) | 345,574 | 25.1 | % | 301,714 | 22.0 | % | |||||||||||||||||
U.S. Treasury debt | 2,510 | 0.2 | % | 2,512 | 0.2 | % | |||||||||||||||||
Municipal bonds | 15,339 | 1.1 | % | 54,944 | 4.0 | % | |||||||||||||||||
$ | 1,190,201 | 86.6 | % | $ | 1,225,083 | 89.2 | % | ||||||||||||||||
Debt securities held to maturity (3) | $ | 104,657 | 7.6 | % | $ | 58,127 | 4.2 | % | |||||||||||||||
Equity securities with readily determinable fair value not held for trading (4) | 23,965 | 1.7 | % | 24,342 | 1.8 | % | |||||||||||||||||
Other securities (5): | $ | 56,469 | 4.1 | % | $ | 65,015 | 4.8 | % | |||||||||||||||
$ | 1,375,292 | 100.0 | % | $ | 1,372,567 | 100.0 | % |
March 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | Total | Less than a year | One to five years | Five to ten years | Over ten years | No maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government sponsored enterprise debt | $ | 610,703 | 2.39 | % | $ | 2,484 | 2.21 | % | $ | 42,804 | 2.35 | % | $ | 62,511 | 2.92 | % | $ | 502,904 | 2.33 | % | $ | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt-domestic | 329,207 | 3.45 | % | 9,577 | 1.60 | % | 102,320 | 2.40 | % | 196,518 | 4.02 | % | 20,792 | 4.14 | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Government agency debt | 216,075 | 2.06 | % | 77 | 3.12 | % | 10,155 | 1.95 | % | 16,461 | 1.68 | % | 189,382 | 2.10 | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds | 15,339 | 2.83 | % | — | — | % | — | — | % | 12,252 | 2.84 | % | 3,087 | 2.79 | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt-foreign | 16,367 | 2.88 | % | 3,418 | 1.21 | % | 1,559 | 0.95 | % | 11,390 | 3.64 | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. treasury securities | 2,510 | 0.34 | % | 1,010 | 0.56 | % | 1,500 | 0.19 | % | — | — | % | — | — | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,190,201 | 2.63 | % | $ | 16,566 | 1.55 | % | $ | 158,338 | 2.32 | % | $ | 299,132 | 3.60 | % | $ | 716,165 | 2.32 | % | $ | — | — | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities held to maturity | $ | 104,657 | 2.30 | % | $ | — | — | % | $ | 14,916 | 2.50 | % | $ | 11,353 | 2.92 | % | $ | 78,388 | 2.17 | % | $ | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||
Equity securities with readily determinable fair value not held for trading | 23,965 | 1.26 | % | — | — | — | — | — | — | — | — | 23,965 | 1.26 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other securities | $ | 56,469 | 4.23 | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | — | — | % | $ | 56,469 | 4.23 | % | |||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,375,292 | 2.65 | % | $ | 16,566 | 1.55 | % | $ | 173,254 | 2.34 | % | $ | 310,485 | 3.57 | % | $ | 794,553 | 2.31 | % | $ | 80,434 | 3.34 | % |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentages) | Total | Less than a year | One to five years | Five to ten years | Over ten years | No maturity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | Amount | Yield | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities available for sale | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government sponsored enterprise debt | 661,335 | 2.41 | % | 2,512 | 0.53 | % | 19,859 | 2.23 | % | 92,259 | 2.77 | % | 546,705 | 2.37 | % | — | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt-domestic | 284,645 | 3.52 | 7,664 | 2.02 | 99,741 | 2.22 | 169,264 | 4.29 | 7,976 | 4.74 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. government agency debt | 204,578 | 2.03 | 153 | 2.11 | 11,581 | 1.92 | 15,967 | 1.76 | 176,877 | 2.06 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
U.S. Treasury debt securities | 2,512 | 0.34 | — | — | 2,512 | 0.34 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Municipal bonds | 54,944 | 2.86 | — | — | — | — | 35,840 | 3.02 | 19,104 | 2.55 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate debt-foreign | 17,069 | 0.55 | 2,665 | 1.26 | 2,562 | 1.03 | 11,842 | 0.28 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1,225,083 | 2.59 | 12,994 | 1.58 | 136,255 | 2.14 | 325,172 | 3.45 | 750,662 | 2.33 | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt securities held to maturity | 58,127 | 2.20 | — | — | — | — | 11,409 | 2.92 | 46,718 | 2.02 | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities with readily determinable fair value not held for trading | 24,342 | 1.52 | % | — | — | — | — | — | — | — | — | 24,342 | 1.52 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other securities | 65,015 | 4.39 | — | — | — | — | — | — | — | — | 65,015 | 4.39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | 1,372,567 | 2.64 | % | $ | 12,994 | 1.58 | % | $ | 136,255 | 2.14 | % | $ | 336,581 | 3.43 | % | $ | 797,380 | 2.31 | % | $ | 89,357 | 3.61 | % |
Change | |||||||||||||||||||||||
(in thousands, except percentages) | March 31, 2021 | December 31, 2020 | Amount | % | |||||||||||||||||||
Deposits | |||||||||||||||||||||||
Domestic (1) (2) | $ | 3,175,522 | $ | 3,202,936 | $ | (27,414) | (0.9) | % | |||||||||||||||
Foreign: | |||||||||||||||||||||||
Venezuela (3) | 2,088,519 | 2,119,412 | (30,893) | (1.5) | % | ||||||||||||||||||
Others (4) | 414,038 | 409,295 | 4,743 | 1.2 | % | ||||||||||||||||||
Total foreign | 2,502,557 | 2,528,707 | (26,150) | (1.0) | % | ||||||||||||||||||
Total deposits | $ | 5,678,079 | $ | 5,731,643 | $ | (53,564) | (0.9) | % |
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Less than 3 months | $ | 374,800 | 33.4 | % | $ | 433,918 | 34.6 | % | |||||||||||||||
3 to 6 months | 206,863 | 18.4 | % | 261,683 | 20.8 | % | |||||||||||||||||
6 to 12 months | 250,598 | 22.3 | % | 241,367 | 19.2 | % | |||||||||||||||||
1 to 3 years | 273,852 | 24.4 | % | 268,934 | 21.4 | % | |||||||||||||||||
Over 3 years | 15,654 | 1.5 | % | 49,948 | 4.0 | % | |||||||||||||||||
Total | $ | 1,121,767 | 100.0 | % | $ | 1,255,850 | 100.0 | % |
June 30, 2018 | ||||||
(in thousands, except percentages) | ||||||
Less than 3 months | $ | 242,399 | 17.55 | % | ||
3 to 6 months | 220,788 | 15.98 | % | |||
6 to 12 months | 508,117 | 36.78 | % | |||
1 to 3 years | 235,377 | 17.04 | % | |||
Over 3 years | 174,686 | 12.65 | % | |||
Total | $ | 1,381,367 | 100.00 | % |
March 31, 2021 | December 31, 2020 | ||||||||||
(in thousands, except percentages) | |||||||||||
Outstanding at period-end | $ | 50,000 | $ | — | |||||||
Average amount | 16,667 | 83,750 | |||||||||
Maximum amount outstanding at any month-end | 50,000 | 300,000 | |||||||||
Weighted average interest rate: | |||||||||||
During period | 0.65 | % | 1.45 | % | |||||||
End of period | 0.65 | % | — | % |
June 30, 2018 | December 31, 2017 | ||||||
(in thousands, except percentages) | |||||||
Outstanding at period-end | $ | 597,000 | $ | 567,000 | |||
Average amount | 485,333 | 460,708 | |||||
Maximum amount outstanding at any month-end | 597,000 | 567,000 | |||||
Weighted average interest rate: | |||||||
During period | 1.92 | % | 1.43 | % | |||
End of period | 2.16 | % | 1.43 | % |
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
(in thousands, except percentages and per share data) | |||||||||||||||
Net income | $ | 10,423 | $ | 10,390 | $ | 19,852 | $ | 16,897 | |||||||
Basic and diluted earnings per common share | 0.08 | 0.08 | 0.16 | 0.13 | |||||||||||
Average total assets | $ | 8,419,040 | $ | 8,419,602 | $ | 8,413,434 | $ | 8,457,960 | |||||||
Average stockholders' equity | 748,024 | 738,401 | 747,905 | 725,122 | |||||||||||
Net income / Average total assets (ROA) | 0.50 | % | 0.49 | % | 0.47 | % | 0.40 | % | |||||||
Net income / Average stockholders' equity (ROE) | 5.57 | % | 5.63 | % | 5.31 | % | 4.66 | % | |||||||
Average stockholders' equity / Average assets ratio | 8.88 | % | 8.77 | % | 8.89 | % | 8.57 | % | |||||||
Adjusted net income (1) | $ | 14,142 | $ | 10,390 | $ | 25,831 | $ | 16,897 | |||||||
Adjusted basic and diluted earnings per common share (1) | 0.11 | 0.08 | 0.21 | 0.13 | |||||||||||
Adjusted net income / Average total assets (ROA) (1) | 0.67 | % | 0.49 | % | 0.61 | % | 0.40 | % | |||||||
Adjusted net income / Average stockholders' equity (ROE) (1) | 7.56 | % | 5.63 | % | 6.91 | % | 4.66 | % |
Three Months Ended March 31, | |||||||||||||||||||||||
2021 | 2020 | ||||||||||||||||||||||
(in thousands, except percentages and per share data) | |||||||||||||||||||||||
Net income | $ | 14,459 | $ | 3,382 | |||||||||||||||||||
Basic earnings per common share | 0.38 | 0.08 | |||||||||||||||||||||
Diluted earnings per common share (1) | 0.38 | 0.08 | |||||||||||||||||||||
Average total assets | $ | 7,746,259 | $ | 7,951,344 | |||||||||||||||||||
Average stockholders' equity | 785,061 | 844,200 | |||||||||||||||||||||
Net income / Average total assets (ROA) | 0.76 % | 0.17 % | |||||||||||||||||||||
Net income / Average stockholders' equity (ROE) | 7.47 % | 1.61 % | |||||||||||||||||||||
Average stockholders' equity / Average total assets ratio | 10.13 % | 10.62 % | |||||||||||||||||||||
Adjusted net income (2) | $ | 14,651 | $ | 3,662 | |||||||||||||||||||
Adjusted earnings per common share (2) | 0.39 | 0.09 | |||||||||||||||||||||
Adjusted earnings per diluted common share (2) | 0.39 | 0.09 | |||||||||||||||||||||
Adjusted net income / Average total assets (Adjusted ROA) (2) | 0.77 | % | 0.19 % | ||||||||||||||||||||
Adjusted net income / Average stockholders' equity (Adjusted ROE) (2) | 7.57 | % | 1.74 % | ||||||||||||||||||||
June 30 2018 | December 31, 2017 | ||||||
(in thousands) | |||||||
Advances from the FHLB and other borrowings: | |||||||
Fixed rate ranging from 1.05% to 3.86% (December 31, 2017 - 0.90% to 3.86%) | $ | 978,000 | $ | 918,000 | |||
Floating rate based on 3-month LIBOR ranging from 2.26% to 2.38% (December 31, 2017 - 1.23% to 1.71%) (1) | 280,000 | 255,000 | |||||
$ | 1,258,000 | $ | 1,173,000 |
Actual | Required for Capital Adequacy Purposes | Regulatory Minimums To be Well Capitalized | ||||||||||||||||||
(in thousands, except percentages) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||
June 30, 2018 | ||||||||||||||||||||
Total capital ratio | $ | 899,709 | 12.61 | % | $ | 570,819 | 8.00 | % | $ | 713,524 | 10.00 | % | ||||||||
Tier I capital ratio | 832,765 | 11.67 | % | 428,114 | 6.00 | % | 570,819 | 8.00 | % | |||||||||||
Tier I leverage ratio | 832,765 | 9.87 | % | 337,598 | 4.00 | % | 421,998 | 5.00 | % | |||||||||||
Common Equity Tier I | 723,053 | 10.13 | % | 321,086 | 4.50 | % | 463,790 | 6.50 | % | |||||||||||
December 31, 2017 | ||||||||||||||||||||
Total capital ratio | $ | 926,049 | 13.30 | % | $ | 556,578 | 8.00 | % | $ | 695,722 | 10.00 | % | ||||||||
Tier I capital ratio | 852,825 | 12.30 | % | 417,433 | 6.00 | % | 556,578 | 8.00 | % | |||||||||||
Tier I leverage ratio | 852,825 | 10.20 | % | 335,647 | 4.00 | % | 419,559 | 5.00 | % | |||||||||||
Common Equity Tier I | 753,545 | 10.70 | % | 313,075 | 4.50 | % | 452,220 | 6.50 | % |
Actual | Required for Capital Adequacy Purposes | Regulatory Minimums To be Well Capitalized | |||||||||||||||||||||||||||||||||
(in thousands, except percentages) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||||||||
Total capital ratio | $ | 890,585 | 14.12 % | $ | 504,427 | 8.00 | % | $ | 630,534 | 10.00 | % | ||||||||||||||||||||||||
Tier 1 capital ratio | 811,348 | 12.87 % | 378,320 | 6.00 | % | 504,427 | 8.00 | % | |||||||||||||||||||||||||||
Tier 1 leverage ratio | 811,348 | 10.54 % | 307,925 | 4.00 | % | 384,906 | 5.00 | % | |||||||||||||||||||||||||||
Common Equity Tier 1 (CET1) | 750,257 | 11.90 % | 283,740 | 4.50 | % | 409,847 | 6.50 | % | |||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Total capital ratio | $ | 876,966 | 13.96 % | $ | 502,463 | 8.00 | % | $ | 628,078 | 10.00 | % | ||||||||||||||||||||||||
Tier 1 capital ratio | 798,033 | 12.71 % | 376,847 | 6.00 | % | 502,463 | 8.00 | % | |||||||||||||||||||||||||||
Tier 1 leverage ratio | 798,033 | 10.11 % | 315,770 | 4.00 | % | 394,713 | 5.00 | % | |||||||||||||||||||||||||||
Common Equity Tier 1 (CET1) | 736,930 | 11.73 % | 282,635 | 4.50 | % | 408,251 | 6.50 | % |
Actual | Required for Capital Adequacy Purposes | Regulatory Minimums to be Well Capitalized | ||||||||||||||||||
(in thousands, except percentages) | Amount | Ratio | Amount | Ratio | Amount | Ratio | ||||||||||||||
June 30, 2018 | ||||||||||||||||||||
Total capital ratio | $ | 868,917 | 12.18 | % | $ | 570,704 | 8.00 | % | $ | 713,380 | 10.00 | % | ||||||||
Tier I capital ratio | 801,973 | 11.24 | % | 428,028 | 6.00 | % | 570,704 | 8.00 | % | |||||||||||
Tier I leverage ratio | 801,973 | 9.55 | % | 335,941 | 4.00 | % | 419,926 | 5.00 | % | |||||||||||
Common Equity Tier I | 801,973 | 11.24 | % | 321,021 | 4.50 | % | 463,697 | 6.50 | % | |||||||||||
December 31, 2017 | ||||||||||||||||||||
Total capital ratio | $ | 885,855 | 12.70 | % | $ | 556,446 | 8.00 | % | $ | 695,557 | 10.00 | % | ||||||||
Tier I capital ratio | 812,631 | 11.70 | % | 417,334 | 6.00 | % | 556,446 | 8.00 | % | |||||||||||
Tier I leverage ratio | 812,631 | 9.70 | % | 335,600 | 4.00 | % | 419,500 | 5.00 | % | |||||||||||
Common Equity Tier I | 812,631 | 11.70 | % | 313,001 | 4.50 | % | 452,112 | 6.50 | % |
Actual | Required for Capital Adequacy Purposes | Regulatory Minimums to be Well Capitalized | |||||||||||||||||||||||||||||||||
(in thousands, except percentages) | Amount | Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||||||||||||
March 31, 2021 | |||||||||||||||||||||||||||||||||||
Total capital ratio | $ | 890,909 | 14.13 | % | $ | 504,267 | 8.00 | % | $ | 630,334 | 10.00 | % | |||||||||||||||||||||||
Tier 1 capital ratio | 811,696 | 12.88 | % | 378,200 | 6.00 | % | 504,267 | 8.00 | % | ||||||||||||||||||||||||||
Tier 1 leverage ratio | 811,696 | 10.55 | % | 307,785 | 4.00 | % | 384,731 | 5.00 | % | ||||||||||||||||||||||||||
Common Equity Tier 1 (CET1) | 811,696 | 12.88 | % | 283,650 | 4.50 | % | 409,717 | 6.50 | % | ||||||||||||||||||||||||||
December 31, 2020 | |||||||||||||||||||||||||||||||||||
Total capital ratio | $ | 873,152 | 13.91 | % | $ | 502,214 | 8.00 | % | $ | 627,768 | 10.00 | % | |||||||||||||||||||||||
Tier 1 capital ratio | 794,257 | 12.65 | % | 376,661 | 6.00 | % | 502,214 | 8.00 | % | ||||||||||||||||||||||||||
Tier 1 leverage ratio | 794,257 | 10.07 | % | 315,569 | 4.00 | % | 394,461 | 5.00 | % | ||||||||||||||||||||||||||
Common Equity Tier 1 (CET1) | 794,257 | 12.65 | % | 282,495 | 4.50 | % | 408,049 | 6.50 | % |
(in thousands) | March 31, 2021 | December 31, 2020 | |||||||||
Commitments to extend credit | $ | 761,378 | $ | 763,880 | |||||||
Letters of credit | 10,345 | 11,157 | |||||||||
$ | 771,723 | $ | 775,037 |
June 30, 2018 | December 31, 2017 | ||||||
(in thousands) | |||||||
Commitments to extend credit | $ | 750,440 | $ | 762,437 | |||
Credit card facilities | 200,912 | 200,229 | |||||
Letters of credit | 23,989 | 18,350 | |||||
$ | 975,341 | $ | 981,016 |
(a) | (b) | (c) | (d) | ||||||||||||||||||||
Period | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) | Maximum Dollar Value of Shares that May Yet Be Purchased Under the Current Program | |||||||||||||||||||
January 1 - January 31 | — | $ | — | — | $ | 40,000,000 | |||||||||||||||||
February 1 - February 28 | — | — | — | 40,000,000 | |||||||||||||||||||
March 1 - March 31 | 116,037 | 15.98 | 116,037 | 38,145,316 | |||||||||||||||||||
Total | 116,037 | $ | 15.98 | 116,037 | $ | 38,145,316 |
Exhibit Number | Description | ||||
10.4 | |||||
10.5 | Form of Restricted Stock Unit Agreement under the | ||||
31.1 | |||||
31.2 | |||||
32.1 | |||||
32.2 | |||||
101.INS | XBRL Instance Document | ||||
101.SCH | XBRL Taxonomy Extension Schema Document | ||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | ||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | ||||
104 | Cover Page Interactive Data (embedded within XBRL documents) |
AMERANT BANCORP INC. (Registrant) | ||||||||||||||
Date: | May 7, 2021 | By: | ||||||||||||
Gerald P. Plush | ||||||||||||||
(Principal Executive Officer) | ||||||||||||||
Date: | May 7, 2021 | By: | ||||||||||||
Carlos Iafigliola | ||||||||||||||
(Principal Financial Officer) | ||||||||||||||