Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Cover page. | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 000-24939 | |
Entity Registrant Name | EAST WEST BANCORP, INC. | |
Entity Central Index Key | 0001069157 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 95-4703316 | |
Entity Address, Address Line One | 135 North Los Robles Ave. | |
Entity Address, Address Line Two | 7th Floor | |
Entity Address, City or Town | Pasadena | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91101 | |
City Area Code | 626 | |
Local Phone Number | 768-6000 | |
Title of each class | Common Stock, $0.001 Par Value | |
Trading Symbol | EWBC | |
Name of each exchange on which registered | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 145,546,642 |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS | ||
Cash and due from banks | $ 425,949 | $ 516,291 |
Interest-bearing cash with banks | 3,195,665 | 2,485,086 |
Cash and cash equivalents | 3,621,614 | 3,001,377 |
Interest-bearing deposits with banks | 150,273 | 371,000 |
Securities purchased under resale agreements (“resale agreements”) | 1,010,000 | 1,035,000 |
Securities: | ||
Available-for-sale investment securities, at fair value (includes assets pledged as collateral of $493,693 in 2019 and $435,833 in 2018) | 2,592,913 | 2,741,847 |
Restricted equity securities, at cost | 78,093 | 74,069 |
Loans held-for-sale | 3,879 | 275 |
Loans held-for-investment (net of allowance for loan losses of $330,625 in 2019 and $311,322 in 2018; includes assets pledged as collateral of $21,056,804 in 2019 and $20,590,035 in 2018) | 33,399,752 | 32,073,867 |
Investments in qualified affordable housing partnerships, net | 198,466 | 184,873 |
Investments in tax credit and other investments, net | 210,387 | 231,635 |
Premises and equipment (net of accumulated depreciation of $125,887 in 2019 and $118,547 in 2018) | 121,498 | 119,180 |
Goodwill | 465,697 | 465,547 |
Operating lease right-of-use assets | 109,032 | |
Other assets | 930,754 | 743,686 |
TOTAL | 42,892,358 | 41,042,356 |
LIABILITIES | ||
Noninterest-bearing | 10,599,088 | 11,377,009 |
Interest-bearing | 25,878,454 | 24,062,619 |
Total deposits | 36,477,542 | 35,439,628 |
Short-term borrowings | 19,972 | 57,638 |
Federal Home Loan Bank (“FHLB”) advances | 745,074 | 326,172 |
Securities sold under repurchase agreements (“repurchase agreements”) | 50,000 | 50,000 |
Long-term debt and finance lease liabilities | 152,506 | |
Long-term debt | 146,835 | |
Operating lease liabilities | 117,448 | |
Accrued expenses and other liabilities | 595,223 | 598,109 |
Total liabilities | 38,157,765 | 36,618,382 |
COMMITMENTS AND CONTINGENCIES (Note 12) | ||
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.001 par value, 200,000,000 shares authorized; 166,532,188 and 165,867,587 shares issued in 2019 and 2018, respectively | 166 | 166 |
Additional paid-in capital | 1,808,896 | 1,789,811 |
Retained earnings | 3,414,901 | 3,160,132 |
Treasury stock, at cost — 20,985,619 shares in 2019 and 20,906,224 shares in 2018 | (479,398) | (467,961) |
Accumulated other comprehensive loss (“AOCI”), net of tax | (9,972) | (58,174) |
Total stockholders’ equity | 4,734,593 | 4,423,974 |
TOTAL | $ 42,892,358 | $ 41,042,356 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Available for sale debt investment securities Pledged as Collateral, at Fair Value | $ 493,693 | $ 435,833 |
ASSETS | ||
Allowance for loan losses | 330,625 | 311,322 |
Loans held-for-investment pledged as collateral | 21,056,804 | 20,590,035 |
Premises and equipment, accumulated depreciation | $ 125,887 | $ 118,547 |
STOCKHOLDERS’ EQUITY | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 166,532,188 | 165,867,587 |
Treasury stock, shares (in shares) | 20,985,619 | 20,906,224 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
INTEREST AND DIVIDEND INCOME | ||||
Loans receivable, including fees | $ 434,450 | $ 365,555 | $ 857,984 | $ 703,459 |
Available-for-sale investment securities | 15,685 | 15,059 | 31,433 | 30,515 |
Resale agreements | 7,343 | 7,182 | 15,189 | 14,116 |
Restricted equity securities | 505 | 800 | 1,218 | 1,434 |
Interest-bearing cash and deposits with banks | 16,861 | 11,715 | 32,331 | 22,660 |
Total interest and dividend income | 474,844 | 400,311 | 938,155 | 772,184 |
INTEREST EXPENSE | ||||
Deposits | 97,964 | 51,265 | 189,969 | 90,401 |
Federal funds purchased and other short-term borrowings | 361 | 124 | 977 | 131 |
FHLB advances | 4,011 | 2,552 | 6,990 | 4,812 |
Repurchase agreements | 3,469 | 3,042 | 6,961 | 5,348 |
Long-term debt and finance lease liabilities | 1,713 | 1,649 | 3,471 | 3,120 |
Total interest expense | 107,518 | 58,632 | 208,368 | 103,812 |
Net interest income before provision for credit losses | 367,326 | 341,679 | 729,787 | 668,372 |
Provision for credit losses | 19,245 | 15,536 | 41,824 | 35,754 |
Net interest income after provision for credit losses | 348,081 | 326,143 | 687,963 | 632,618 |
NONINTEREST INCOME | ||||
Lending fees | 16,242 | 14,692 | 31,038 | 28,705 |
Deposit account fees | 9,788 | 10,140 | 19,429 | 20,570 |
Foreign exchange income | 7,286 | 6,822 | 12,301 | 7,992 |
Wealth management fees | 3,800 | 4,501 | 7,612 | 7,454 |
Interest rate contracts and other derivative income | 10,398 | 6,570 | 13,614 | 13,260 |
Net gains on sales of loans | 15 | 2,354 | 930 | 3,936 |
Net gains on sales of available-for-sale investment securities | 1,447 | 210 | 3,008 | 2,339 |
Net gain on sale of business | 0 | 0 | 0 | 31,470 |
Other income | 3,783 | 2,979 | 6,958 | 6,986 |
Total noninterest income | 52,759 | 48,268 | 94,890 | 122,712 |
NONINTEREST EXPENSE | ||||
Compensation and employee benefits | 100,531 | 93,865 | 202,830 | 189,099 |
Occupancy and equipment expense | 17,362 | 16,707 | 34,680 | 33,587 |
Deposit insurance premiums and regulatory assessments | 2,919 | 5,832 | 6,007 | 12,105 |
Legal expense | 2,355 | 2,837 | 4,580 | 5,092 |
Data processing | 3,460 | 3,327 | 6,617 | 6,728 |
Consulting expense | 2,069 | 5,120 | 4,128 | 7,472 |
Deposit related expense | 3,338 | 2,922 | 6,842 | 5,601 |
Computer software expense | 6,211 | 5,549 | 12,289 | 10,603 |
Other operating expense | 22,679 | 20,779 | 44,968 | 38,386 |
Amortization of tax credit and other investments | 16,739 | 20,481 | 41,644 | 37,881 |
Total noninterest expense | 177,663 | 177,419 | 364,585 | 346,554 |
INCOME BEFORE INCOME TAXES | 223,177 | 196,992 | 418,268 | 408,776 |
INCOME TAX EXPENSE | 72,797 | 24,643 | 103,864 | 49,395 |
NET INCOME | $ 150,380 | $ 172,349 | $ 314,404 | $ 359,381 |
EARNINGS PER SHARE (“EPS”) | ||||
BASIC (in dollars per share) | $ 1.03 | $ 1.19 | $ 2.16 | $ 2.48 |
DILUTED (in dollars per share) | $ 1.03 | $ 1.18 | $ 2.15 | $ 2.46 |
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING | ||||
BASIC (in shares) | 145,546 | 144,899 | 145,402 | 144,782 |
DILUTED (in shares) | 146,052 | 146,091 | 146,016 | 146,046 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 150,380 | $ 172,349 | $ 314,404 | $ 359,381 |
Other comprehensive income (loss), net of tax: | ||||
Net changes in unrealized gains (losses) on available-for-sale investment securities | 29,027 | (8,841) | 51,038 | (27,653) |
Foreign currency translation adjustments | (6,016) | (6,822) | (2,836) | (24) |
Other comprehensive income (loss) | 23,011 | (15,663) | 48,202 | (27,677) |
COMPREHENSIVE INCOME | $ 173,391 | $ 156,686 | $ 362,606 | $ 331,704 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Common Stock and Additional Paid-In Capital | Retained Earnings | Treasury Stock | AOCI, Net of Tax | |
Beginning balance at Dec. 31, 2017 | $ 3,841,951 | $ 1,755,495 | $ 2,576,302 | $ (452,327) | $ (37,519) | ||
Beginning balance (in shares) at Dec. 31, 2017 | 144,543,060 | ||||||
Beginning balance at Dec. 31, 2017 | 3,841,951 | 1,755,495 | 2,576,302 | (452,327) | (37,519) | ||
Beginning balance (in shares) at Dec. 31, 2017 | 144,543,060 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Reclassification of tax effects in AOCI resulting from the new federal corporate income tax rate | [1] | 0 | 6,656 | (6,656) | |||
Net income | 359,381 | 359,381 | |||||
Other comprehensive income (loss) | (27,677) | (27,677) | |||||
Net activity of common stock pursuant to various stock compensation plans and agreements | (618) | 14,543 | (15,161) | ||||
Net activity of common stock pursuant to various stock compensation plans and agreements (in shares) | 361,569 | ||||||
Cash dividends on common stock | (58,593) | (58,593) | |||||
Ending balance at Jun. 30, 2018 | 4,114,284 | 1,770,038 | 2,883,201 | (467,488) | (71,467) | ||
Ending balance (in shares) at Jun. 30, 2018 | 144,904,629 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Cumulative effect of a change in accounting principle | [2] | (160) | (545) | 385 | |||
Beginning balance at Mar. 31, 2018 | 3,978,755 | 1,761,653 | 2,740,179 | (467,273) | (55,804) | ||
Beginning balance (in shares) at Mar. 31, 2018 | 144,872,525 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 172,349 | 172,349 | |||||
Other comprehensive income (loss) | (15,663) | (15,663) | |||||
Net activity of common stock pursuant to various stock compensation plans and agreements | 8,170 | 8,385 | (215) | ||||
Net activity of common stock pursuant to various stock compensation plans and agreements (in shares) | 32,104 | ||||||
Cash dividends on common stock | (29,327) | (29,327) | |||||
Ending balance at Jun. 30, 2018 | 4,114,284 | 1,770,038 | 2,883,201 | (467,488) | (71,467) | ||
Ending balance (in shares) at Jun. 30, 2018 | 144,904,629 | ||||||
Beginning balance at Dec. 31, 2018 | 4,423,974 | 1,789,977 | 3,160,132 | (467,961) | (58,174) | ||
Beginning balance (in shares) at Dec. 31, 2018 | 144,961,363 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 314,404 | 314,404 | |||||
Other comprehensive income (loss) | 48,202 | 48,202 | |||||
Warrants exercised | 4,443 | 1,711 | 2,732 | ||||
Warrants exercised (in shares) | 180,226 | ||||||
Net activity of common stock pursuant to various stock compensation plans and agreements | 3,205 | 17,374 | (14,169) | ||||
Net activity of common stock pursuant to various stock compensation plans and agreements (in shares) | 404,980 | ||||||
Cash dividends on common stock | (74,303) | (74,303) | |||||
Ending balance at Jun. 30, 2019 | 4,734,593 | 1,809,062 | 3,414,901 | (479,398) | (9,972) | ||
Ending balance (in shares) at Jun. 30, 2019 | 145,546,569 | ||||||
Beginning balance at Mar. 31, 2019 | 4,591,930 | 1,799,124 | 3,305,054 | (479,265) | (32,983) | ||
Beginning balance (in shares) at Mar. 31, 2019 | 145,501,301 | ||||||
Increase (Decrease) in Stockholders' Equity | |||||||
Net income | 150,380 | 150,380 | |||||
Other comprehensive income (loss) | 23,011 | 23,011 | |||||
Net activity of common stock pursuant to various stock compensation plans and agreements | 9,805 | 9,938 | (133) | ||||
Net activity of common stock pursuant to various stock compensation plans and agreements (in shares) | 45,268 | ||||||
Cash dividends on common stock | (40,533) | (40,533) | |||||
Ending balance at Jun. 30, 2019 | $ 4,734,593 | $ 1,809,062 | $ 3,414,901 | $ (479,398) | $ (9,972) | ||
Ending balance (in shares) at Jun. 30, 2019 | 145,546,569 | ||||||
[1] | Represents amounts reclassified from AOCI to retained earnings due to the early adoption of ASU 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220) : Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income in the first quarter of 2018. | ||||||
[2] | Common Stock and Retained Treasury AOCI, Total Shares Amount BALANCE, JANUARY 1, 2018 144,543,060 $ 1,755,495 $ 2,576,302 $ (452,327 ) $ (37,519 ) $ 3,841,951 Cumulative effect of change in accounting principle related to marketable equity securities (1) — — (545 ) — 385 (160 ) Reclassification of tax effects in AOCI resulting from the new federal corporate income tax rate (2) — — 6,656 — (6,656 ) — Net income — — 359,381 — — 359,381 Other comprehensive loss — — — — (27,677 ) (27,677 ) Net activity of common stock pursuant to various stock compensation plans and agreements 361,569 14,543 — (15,161 ) — (618 ) Cash dividends on common stock ($0.40 per share) — — (58,593 ) — — (58,593 ) BALANCE, JUNE 30, 2018 144,904,629 $ 1,770,038 $ 2,883,201 $ (467,488 ) $ (71,467 ) $ 4,114,284 BALANCE, JANUARY 1, 2019 144,961,363 $ 1,789,977 $ 3,160,132 $ (467,961 ) $ (58,174 ) $ 4,423,974 Cumulative effect of change in accounting principle related to leases (3) — — 14,668 — — 14,668 Net income — — 314,404 — — 314,404 Other comprehensive income — — — — 48,202 48,202 Warrants exercised 180,226 1,711 — 2,732 — 4,443 Net activity of common stock pursuant to various stock compensation plans and agreements 404,980 17,374 — (14,169 ) — 3,205 Cash dividends on common stock ($0.505 per share) — — (74,303 ) — — (74,303 ) BALANCE, JUNE 30, 2019 145,546,569 $ 1,809,062 $ 3,414,901 $ (479,398 ) $ (9,972 ) $ 4,734,593 |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared per common share (in dollars per share) | $ 0.275 | $ 0.20 | $ 0.505 | $ 0.40 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 314,404 | $ 359,381 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 72,113 | 62,329 |
Accretion of discount and amortization of premiums, net | (9,817) | (9,910) |
Stock compensation costs | 15,525 | 13,215 |
Deferred income tax (benefit) expense | (2,110) | 1,320 |
Provision for credit losses | 41,824 | 35,754 |
Net gains on sales of loans | (930) | (3,936) |
Net gains on sales of available-for-sale investment securities | (3,008) | (2,339) |
Net gains on sales of fixed assets | 0 | (2,200) |
Net gain on sale of business | 0 | (31,470) |
Loans held-for-sale: | ||
Originations and purchases | (3,339) | (11,547) |
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale | 3,632 | 10,759 |
Proceeds from distributions received from equity method investees | 1,538 | 1,814 |
Net change in accrued interest receivable and other assets | (150,154) | (32,226) |
Net change in accrued expenses and other liabilities | 10,320 | 44,016 |
Other net operating activities | 3 | (93) |
Total adjustments | (24,403) | 75,486 |
Net cash provided by operating activities | 290,001 | 434,867 |
Net (increase) decrease in: | ||
Investments in qualified affordable housing partnerships, tax credit and other investments | (61,555) | (41,444) |
Interest-bearing deposits with banks | 222,387 | 28,525 |
Resale agreements: | ||
Proceeds from paydowns and maturities | 50,000 | 175,000 |
Purchases | (25,000) | (100,000) |
Available-for-sale investment securities: | ||
Proceeds from sales | 375,102 | 256,875 |
Proceeds from repayments, maturities and redemptions | 117,325 | 211,303 |
Purchases | (316,740) | (235,360) |
Loans held-for-investment: | ||
Proceeds from sales of loans originally classified as held-for-investment | 170,174 | 274,785 |
Purchases | (326,456) | (389,912) |
Other changes in loans held-for-investment, net | (1,196,094) | (1,147,156) |
Premises and equipment: | ||
Purchases | (4,414) | (7,612) |
Payment on sale of business, net of cash transferred | 0 | (503,687) |
Proceeds from sales of other real estate owned (“OREO”) | 0 | 3,595 |
Proceeds from distributions received from equity method investees | 3,636 | 1,725 |
Other net investing activities | (5,516) | (2,200) |
Net cash used in investing activities | (997,151) | (1,475,563) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net increase in deposits | 1,035,650 | 1,195,796 |
Net (decrease) increase in short-term borrowings | (38,107) | 59,895 |
Proceeds | 1,500,000 | 0 |
Repayment | (1,082,000) | 0 |
Repayments of finance lease liabilities | (435) | |
Repayment of long-term debt | (10,000) | |
Common stock: | ||
Proceeds from issuance pursuant to various stock compensation plans and agreements | 1,894 | 1,328 |
Stock tendered for payment of withholding taxes | (14,169) | (15,161) |
Cash dividends paid | (74,949) | (59,243) |
Net cash provided by financing activities | 1,327,884 | 1,172,615 |
Effect of exchange rate changes on cash and cash equivalents | (497) | (9,040) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 620,237 | 122,879 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 3,001,377 | 2,174,592 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 3,621,614 | 2,297,471 |
Cash paid during the period for: | ||
Interest | 203,577 | 99,176 |
Income taxes, net | 76,153 | 67,431 |
Noncash investing and financing activities: | ||
Loans transferred from held-for-investment to held-for-sale | $ 173,394 | $ 285,631 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation East West Bancorp, Inc. (referred to herein on an unconsolidated basis as “East West” and on a consolidated basis as the “Company”) is a registered bank holding company that offers a full range of banking services to individuals and businesses through its subsidiary bank, East West Bank and its subsidiaries (“East West Bank” or the “Bank”). The unaudited interim Consolidated Financial Statements in this Form 10-Q include the accounts of East West, East West Bank and East West’s subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. As of June 30, 2019 , East West also has six wholly-owned subsidiaries that are statutory business trusts (the “Trusts”). In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation , the Trusts are not included on the Consolidated Financial Statements. East West also owns East West Insurance Services, Inc. (“EWIS”). In the third quarter of 2017, the Company sold the insurance brokerage business of EWIS, which remains a subsidiary of East West and continues to maintain its insurance broker license. In the first quarter of 2019, the Company acquired Enstream Capital Markets, LLC, a non-public broker dealer entity, as a wholly-owned subsidiary of the Company. The unaudited interim Consolidated Financial Statements are presented in accordance with United States generally accepted accounting principles (“GAAP”), applicable guidelines prescribed by regulatory authorities, and general practices in the banking industry. They reflect all adjustments that, in the opinion of management, are necessary for fair statement of the interim period Consolidated Financial Statements. Certain items on the Consolidated Financial Statements and notes for the prior periods have been reclassified to conform to the current period presentation. The current period’s results of operations are not necessarily indicative of results that may be expected for any other interim period or for the year as a whole. Events subsequent to the Consolidated Balance Sheet date have been evaluated through the date the Consolidated Financial Statements are issued for inclusion in the accompanying Consolidated Financial Statements. The unaudited interim Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and notes thereto, included in the Company’s annual report on Form 10-K for the year ended December 31, 2018 , filed with the United States Securities and Exchange Commission on February 27, 2019 (the “Company’s 2018 Form 10-K”). |
Current Accounting Developments
Current Accounting Developments | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Current Accounting Developments | Current Accounting Developments New Accounting Pronouncements Adopted Standard Required Date of Adoption Description Effect on Financial Statements Standards Adopted in 2019 ASU 2016-02, Leases (Topic 842) and subsequent related ASUs January 1, 2019 for leases standards other than ASU 2019-01. January 1, 2020 for ASU 2019-01 Early adoption is permitted. ASC Topic 842, Leases , supersedes ASC Topic 840, Leases . This ASU requires lessees to recognize right-of-use assets and related lease liabilities for all leases with lease terms of more than 12 months on the Consolidated Balance Sheet, and provide quantitative and qualitative disclosures regarding key information about the leasing arrangements. For short-term leases with a term of 12 months or less, lessees can make a policy election not to recognize lease assets and lease liabilities. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. Lessee accounting for finance leases, as well as lessor accounting are largely unchanged. The standard may be adopted using a modified retrospective approach through a cumulative-effect adjustment. In addition, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements , which provides companies the option to continue to apply the legacy guidance in ASC 840, Leases , including its disclosure requirements, in the comparative periods presented in the year they adopt ASU 2016-02. Companies that elect this transition option can recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption rather than in the earliest period presented. The Company adopted all the new lease standards on January 1, 2019 using the alternative transition method, which allows the adoption of the accounting standard prospectively without revising comparable prior periods’ financial information. On January 1, 2019, the Company recognized $109.1 million and $117.7 million increase in right-of-use assets and associated lease liabilities, respectively, based on the present value of the expected remaining operating lease payments. In addition, the Company also recognized a cumulative-effect adjustment of $14.7 million to increase beginning balance of retained earnings as of January 1, 2019 related to the deferred gains on our prior sale and leaseback transactions that occurred prior to the date of adoption. The adoption of the new leases standards did not have a material impact on the Company’s Consolidated Statement of Income. Disclosures related to leases are included in Note 11 — Leases to the Consolidated Financial Statements in this Form 10-Q. ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes January 1, 2019 This ASU amends ASC Topic 815, Derivatives and Hedging , by adding the OIS rate based on SOFR to the list of United States (“U.S.”) benchmark interest rates that are eligible to be hedged to facilitate the London Interbank Offered Rate to SOFR transition. The guidance should be applied prospectively for qualifying new or redesignated hedging relationships entered into on or after the date of adoption. The Company adopted ASU 2018-16 prospectively on January 1, 2019. The adoption of this guidance did not impact existing hedges but may impact new hedge relationships that are benchmarked against the SOFR OIS rate. Recent Accounting Pronouncements Standard Required Date of Adoption Description Effect on Financial Statements Standards Not Yet Adopted ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent related ASUs January 1, 2020 The ASU introduces a new current expected credit loss (“CECL”) impairment model that applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loan receivables, available-for-sale and held-to-maturity debt securities, net investments in leases and off-balance sheet credit exposures. The CECL model utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses at the time the financial asset is originated or acquired. The expected credit losses are adjusted in each period for changes in expected lifetime credit losses. This ASU also expands the disclosure requirements regarding an entity’s assumptions, models and methods for estimating the allowance for loan and lease losses, and requires disclosure of the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (i.e., by vintage year). The guidance should be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326 , Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments , which clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. The amendments related to credit losses (addressed by ASU 2016-13) clarify the scope of the credit losses standard and address issues related to accrued interest receivable balances, recoveries, variable interest rates, prepayments and contractual extensions and renewals, among other things. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326), which amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that were previously recorded at amortized cost and are within the scope of ASC 326-20 if the instruments are eligible for the fair value option under ASC 825-10. The Company’s implementation efforts include, but are not limited to, identifying and evaluating key interpretive issues, assessing, and modifying system and process requirements against the new guidance. The Company has completed model development and is undergoing validation and implementation. Additionally, the Company has started to analyze model results, review qualitative factors and update the allowance documentation. The Company will continue to address any gaps from recently issued interpretations and in data and operational processes arising from internal reviews, model validation and parallel runs during the second half of 2019. The Company expects to adopt this ASU on January 1, 2020 without electing the fair value option on eligible financial instruments. While the Company is still evaluating the impact on its Consolidated Financial Statements, the Company expects that this ASU may result in an increase in the allowance for credit losses due to the following factors: 1) the allowance for credit losses provides for expected credit losses over the remaining expected life of the loan portfolio and 2) the nonaccretable difference on the purchased credit-impaired (“PCI”) loans will be recognized as an allowance, offset by an increase in the carrying value of the PCI loans. The ultimate effect of this ASU will also depend on the composition and credit quality of the portfolio and economic conditions at the time of adoption. ASU 2017-04, Intangibles — Goodwill and Other (Topic 350) : Simplifying the Test for Goodwill Impairment January 1, 2020 The ASU simplifies the accounting for goodwill impairment. Under this guidance, an entity will no longer perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, an impairment loss will be recognized when the carrying amount of a reporting unit exceeds its fair value. The guidance also eliminates the requirement to perform a qualitative assessment for any reporting units with a zero or negative carrying amount. This guidance should be applied prospectively. The Company does not expect the adoption of this guidance to have a material impact on the Company’s Consolidated Financial Statements. The Company expects to adopt this ASU on January 1, 2020. ASU 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract January 1, 2020 The ASU amends ASC Topic 350-40 to align the accounting for costs incurred in a cloud computing arrangement with the guidance on developing internal use software. Specifically, if a cloud computing arrangement is deemed to be a service contract, certain implementation costs are eligible for capitalization. The new guidance prescribes the balance sheet and income statement presentation and cash flow classification for the capitalized costs and related amortization expense. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company does not expect the adoption of this guidance to have a material impact on the Company’s Consolidated Financial Statements. The Company expects to adopt this ASU on January 1, 2020. |
Dispositions
Dispositions | 6 Months Ended |
Jun. 30, 2019 | |
Dispositions Classification [Abstract] | |
Dispositions | Dispositions On March 17, 2018, the Bank completed the sale of its eight Desert Community Bank (“DCB”) branches located in the High Desert area of Southern California to Flagstar Bank, a wholly-owned subsidiary of Flagstar Bancorp, Inc. The assets and liabilities of the DCB branches that were sold in this transaction primarily consisted of $613.7 million of deposits, $59.1 million of loans, $9.0 million of cash and cash equivalents and $7.9 million of premises and equipment. The transaction resulted in a net cash payment of $499.9 million by the Company to Flagstar Bank. After transaction costs, the sale resulted in a pre-tax gain of $31.5 million for the six months ended June 30, 2018 , which was reported as Net gain on sale of business on the Consolidated Statement of Income. |
Fair Value Measurement and Fair
Fair Value Measurement and Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Fair Value of Financial Instruments | Fair Value Measurement and Fair Value of Financial Instruments Fair Value Determination Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value of financial instruments, the Company uses various methods including market and income approaches. Based on these approaches, the Company utilizes certain assumptions that market participants would use in pricing an asset or a liability. These inputs can be readily observable, market corroborated or generally unobservable. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy noted below is based on the quality and reliability of the information used to determine fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets and the lowest priority to data lacking transparency. The fair value of the Company’s assets and liabilities is classified and disclosed in one of the following three categories: • Level 1 — Valuation is based on quoted prices for identical instruments traded in active markets. • Level 2 — Valuation is based on quoted prices for similar instruments traded in active markets; quoted prices for identical or similar instruments traded in markets that are not active; and model-derived valuations whose inputs are observable and can be corroborated by market data. • Level 3 — Valuation is based on significant unobservable inputs for determining the fair value of assets or liabilities. These significant unobservable inputs reflect assumptions that market participants may use in pricing the assets or liabilities. The classification of assets and liabilities within the hierarchy is based on whether inputs to the valuation methodology used are observable or unobservable, and the significance of those inputs in the fair value measurement. The Company’s assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurements. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following section describes the valuation methodologies used by the Company to measure financial assets and liabilities on a recurring basis, as well as the general classification of these instruments pursuant to the fair value hierarchy. Available-for-Sale Investment Securities — When available, the Company uses quoted market prices to determine the fair value of available-for-sale investment securities, which are classified as Level 1. Level 1 available-for-sale investment securities are primarily comprised of U.S. Treasury securities. The fair value of other available-for-sale investment securities is generally determined by independent external pricing service providers who have experience in valuing these securities or by the average quoted market prices obtained from independent external brokers. The valuations provided by the third-party pricing service providers are based on observable market inputs, which include benchmark yields, reported trades, issuer spreads, benchmark securities, bids, offers, prepayment expectation and reference data obtained from market research publications. Inputs used by the third-party pricing service in valuing collateralized mortgage obligations and other securitization structures also include new issue data, monthly payment information, whole loan collateral performance, tranche evaluation and “To Be Announced” prices. In valuations of securities issued by state and political subdivisions, inputs used by the third-party pricing service providers also include material event notices. On a monthly basis, the Company validates the pricing provided by the third-party pricing service to ensure that the fair value determination is consistent with the applicable accounting guidance and the assets are properly classified in the fair value hierarchy. To perform this validation, the Company evaluates the fair values of securities by comparing the fair values provided by the third-party pricing service to prices from other available independent sources for the same securities. When variances in prices are identified, the Company further compares inputs used by different sources to ascertain the reliability of these sources. On a quarterly basis, the Company reviews documentation received from the third-party pricing service regarding the valuation inputs and methodology used for each category of securities. The third-party pricing service providers may not provide pricing for all securities. Under such circumstances, the Company requests market quotes from various independent external brokers and utilizes the average market quotes. These are viewed as observable inputs in the current marketplace and are classified as Level 2. The Company periodically communicates with the independent external brokers to validate their pricing methodology. Information such as pricing sources, pricing assumptions, data inputs and valuation technique are reviewed. Equity Securities — Equity securities were comprised of mutual funds as of both June 30, 2019 and December 31, 2018 . The Company uses net asset value (“NAV”) information to determine the fair value of these equity securities. When NAV is available periodically and the equity securities can be put back to the transfer agents at the publicly available NAV, the fair value of the equity securities is classified as Level 1. When NAV is available periodically but the equity securities may not be readily marketable at its periodic NAV in the secondary market, the fair value of these equity securities is classified as Level 2. Interest Rate Contracts — The Company enters into interest rate swap and option contracts with its borrowers to lock in attractive intermediate and long-term interest rates, resulting in the customer obtaining a synthetic fixed rate loan. To economically hedge against the interest rate risks in the products offered to its customers, the Company enters into mirrored offsetting interest rate contracts with third-party financial institutions. The Company also enters into interest rate swap contracts with institutional counterparties to hedge against certificates of deposit issued. The fair value of the interest rate swaps is determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments). The fair value of the interest rate options, which consist of floors and caps, is determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fall below (rise above) the strike rate of the floors (caps). In addition, to comply with the provisions of ASC 820, Fair Value Measurement , the Company incorporates credit valuation adjustments to appropriately reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements of its derivatives. The credit valuation adjustments associated with the Company’s derivatives utilize model-derived credit spreads, which are Level 3 inputs. As of June 30, 2019 and December 31, 2018 , the Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of these interest rate contracts and has determined that the credit valuation adjustments are not significant to the overall valuation of its derivative portfolios. As a result, the Company classifies these derivative instruments as Level 2 due to the observable nature of the significant inputs utilized. Foreign Exchange Contracts — The Company enters into foreign exchange contracts to accommodate the business needs of its customers. For a majority of the foreign exchange contracts entered into with its customers, the Company entered into offsetting foreign exchange contracts with third-party financial institutions to manage its exposure. The Company also utilizes foreign exchange contracts that are not designated as hedging instruments to mitigate the economic effect of fluctuations in certain foreign currency on-balance sheet assets and liabilities, primarily foreign currency denominated deposits that it offers to its customers. The fair value is determined at each reporting period based on changes in the foreign exchange rates. These are over-the-counter contracts where quoted market prices are not readily available. Valuation is measured using conventional valuation methodologies with observable market data. Due to the short-term nature of the majority of these contracts, the counterparties’ credit risks are considered nominal and result in no adjustments to the valuation of the foreign exchange contracts. Due to the observable nature of the inputs used in deriving the fair value of these contracts, the valuation of foreign exchange contracts are classified as Level 2. The Company held foreign currency non-deliverable forward contracts as of June 30, 2019 and held foreign swap contracts as of December 31, 2018 to hedge its net investment in its China subsidiary, East West Bank (China) Limited, a non-U.S. dollar (“USD”) functional currency subsidiary in China. These foreign currency non-deliverable forward and swap contracts were designated as net investment hedges. The fair value of foreign currency contracts is valued by comparing the contracted foreign exchange rate to the current market foreign exchange rate. Key inputs of the current market exchange rate include spot rates and forward rates of the contractual currencies. Foreign exchange forward curves are used to determine which forward rate pertains to a specific maturity. Due to the observable nature of the inputs used in deriving the estimated fair value, these instruments are classified as Level 2. Credit Contracts — The Company may periodically enter into credit risk participation agreements (“RPAs”) to manage the credit exposure on interest rate contracts associated with syndicated loans. The Company may enter into protection sold or protection purchased RPAs with institutional counterparties. The fair value of RPAs is calculated by determining the total expected asset or liability exposure of the derivatives to the borrowers and applying the borrowers’ credit spread to that exposure. Total expected exposure incorporates both the current and potential future exposure of the derivatives, derived from using observable inputs, such as yield curves and volatilities. The majority of the inputs used to value the RPAs are observable . Accordingly, RPAs fall within Level 2. Equity Contracts — The Company obtains equity warrants to purchase preferred and common stock of technology and life sciences companies, as part of the loan origination process. As of June 30, 2019 and December 31, 2018 , the warrants included on the Consolidated Financial Statements were from both public and private companies. The Company values these warrants based on the Black-Scholes option pricing model. For equity warrants from public companies, the model uses the underlying stock price, stated strike price, warrant expiration date, risk-free interest rate based on a duration-matched U.S. Treasury rate and market-observable company-specific option volatility as inputs to value the warrants. Due to the observable nature of the inputs used in deriving the estimated fair value, warrants from public companies are classified as Level 2. For warrants from private companies, the model uses inputs such as the offering price observed in the most recent round of funding, stated strike price, warrant expiration date, risk-free interest rate based on duration-matched U.S. Treasury rate and option volatility. The Company applies proxy volatilities based on the industry sectors of the private companies. The model values are then adjusted for a general lack of liquidity due to the private nature of the underlying companies. Due to the unobservable nature of the option volatility and liquidity discount assumptions used in deriving the estimated fair value, warrants from private companies are classified as Level 3. Since both option volatility and liquidity discount assumptions are subject to management judgment, measurement uncertainty is inherent in the valuation of private companies’ equity warrants. Given that the Company holds long positions in all equity warrants, an increase in volatility assumption would generally result in an increase in fair value measurement. A higher liquidity discount would result in a decrease in fair value measurement. On a quarterly basis, the changes in the fair value of warrants from private companies are reviewed for reasonableness, and a measurement uncertainty analysis on the option volatility and liquidity discount assumptions is performed. Commodity Contracts — The Company enters into energy commodity contracts in the form of swaps and options with its commercial loan customers to allow them to hedge against the risk of fluctuation in energy commodity prices. The fair value of the commodity option contracts is determined using the Black’s model and assumptions that include expectations of future commodity price and volatility. The future commodity contract price is derived from observable inputs such as the market price of the commodity. Commodity swaps are structured as an exchange of fixed cash flows for floating cash flows. The fixed cash flows are predetermined based on the known volumes and fixed price as specified in the swap agreement. The floating cash flows are correlated with the change of forward commodity prices, which is derived from market corroborated futures settlement prices. The fair value of the commodity swaps is determined using the market standard methodology of netting the discounted future fixed cash payments (or receipts) and the discounted expected variable cash receipts (or payments) based on the market prices of the commodity. As a result, the Company classifies these derivative instruments as Level 2 due to the observable nature of the significant inputs utilized. The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 : ($ in thousands) Assets and Liabilities Measured at Fair Value on a Recurring Basis Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Available-for-sale investment securities: U.S. Treasury securities $ 326,535 $ — $ — $ 326,535 U.S. government agency and U.S. government sponsored enterprise debt securities — 241,967 — 241,967 U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities — 474,832 — 474,832 Residential mortgage-backed securities — 843,574 — 843,574 Municipal securities — 87,529 — 87,529 Non-agency mortgage-backed securities: Commercial mortgage-backed securities — 70,549 — 70,549 Residential mortgage-backed securities — 24,539 — 24,539 Corporate debt securities — 11,156 — 11,156 Foreign bonds — 484,416 — 484,416 Asset-backed securities — 27,816 — 27,816 Total available-for-sale investment securities $ 326,535 $ 2,266,378 $ — $ 2,592,913 Investments in tax credit and other investments: Equity securities (1) $ 21,466 $ 9,957 $ — $ 31,423 Total investments in tax credit and other investments $ 21,466 $ 9,957 $ — $ 31,423 Derivative assets: Interest rate contracts $ — $ 190,388 $ — $ 190,388 Foreign exchange contracts — 27,849 — 27,849 Credit contracts — 3 — 3 Equity contracts — 1,593 392 1,985 Commodity contracts — 22,651 — 22,651 Gross derivative assets $ — $ 242,484 $ 392 $ 242,876 Netting adjustments (2) $ — $ (44,203 ) $ — $ (44,203 ) Net derivative assets $ — $ 198,281 $ 392 $ 198,673 Derivative liabilities: Interest rate contracts $ — $ 124,371 $ — $ 124,371 Foreign exchange contracts — 22,528 — 22,528 Credit contracts — 118 — 118 Commodity contracts — 25,906 — 25,906 Gross derivative liabilities $ — $ 172,923 $ — $ 172,923 Netting adjustments (2) $ — $ (74,494 ) $ — $ (74,494 ) Net derivative liabilities $ — $ 98,429 $ — $ 98,429 (1) Equity securities were comprised of mutual funds with readily determinable fair values. (2) Represents balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 7 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information. ($ in thousands) Assets and Liabilities Measured at Fair Value on a Recurring Basis Quoted Prices in Significant Significant Unobservable Inputs (Level 3) Total Fair Value Available-for-sale investment securities: U.S. Treasury securities $ 564,815 $ — $ — $ 564,815 U.S. government agency and U.S. government sponsored enterprise debt securities — 217,173 — 217,173 U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities — 408,603 — 408,603 Residential mortgage-backed securities — 946,693 — 946,693 Municipal securities — 82,020 — 82,020 Non-agency mortgage-backed securities: Commercial mortgage-backed securities — 26,052 — 26,052 Residential mortgage-backed securities — 9,931 — 9,931 Corporate debt securities — 10,869 — 10,869 Foreign bonds — 463,048 — 463,048 Asset-backed securities — 12,643 — 12,643 Total available-for-sale investment securities $ 564,815 $ 2,177,032 $ — $ 2,741,847 Investment in tax credit and other investments: Equity securities (1) $ 20,678 $ 10,531 $ — $ 31,209 Total investments in tax credit and other investments $ 20,678 $ 10,531 $ — $ 31,209 Derivative assets: Interest rate contracts $ — $ 69,818 $ — $ 69,818 Foreign exchange contracts — 21,624 — 21,624 Credit contracts — 1 — 1 Equity contracts — 1,278 673 1,951 Commodity contracts — 14,422 — 14,422 Gross derivative assets $ — $ 107,143 $ 673 $ 107,816 Netting adjustments (2) $ — $ (45,146 ) $ — $ (45,146 ) Net derivative assets $ — $ 61,997 $ 673 $ 62,670 Derivative liabilities: Interest rate contracts $ — $ 75,133 $ — $ 75,133 Foreign exchange contracts — 19,940 — 19,940 Credit contracts — 164 — 164 Commodity contracts — 23,068 — 23,068 Gross derivative liabilities $ — $ 118,305 $ — $ 118,305 Netting adjustments (2) $ — $ (38,402 ) $ — $ (38,402 ) Net derivative liabilities $ — $ 79,903 $ — $ 79,903 (1) Equity securities were comprised of mutual funds with readily determinable fair values. (2) Represents balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 7 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information. At each reporting period, all assets and liabilities for which the fair value measurement is based on significant unobservable inputs are classified as Level 3. As of June 30, 2019 and December 31, 2018 , the only assets measured on a recurring basis that were classified as Level 3 were equity warrants issued by private companies. The following table presents a reconciliation of the beginning and ending balances of these warrants for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Equity warrants Beginning balance $ 442 $ 931 $ 673 $ 679 Total gains (losses) included in earnings (1) 769 (76 ) 538 168 Issuances 28 26 28 34 Settlements (847 ) (233 ) (847 ) (233 ) Ending balance $ 392 $ 648 $ 392 $ 648 (1) Includes unrealized (losses) gains of $(4) thousand and $(13) thousand for the three months ended June 30, 2019 and 2018 , respectively, and $(235) thousand and $231 thousand for the six months ended June 30, 2019 and 2018 , respectively. The realized/unrealized gains (losses) of equity warrants are included in Lending fees on the Consolidated Statement of Income. The following table presents quantitative information about the significant unobservable inputs used in the valuation of assets measured on a recurring basis classified as Level 3 as of June 30, 2019 . The significant unobservable inputs presented in the table below are those that the Company considers significant to the fair value of the Level 3 assets. The Company considers unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 assets would be impacted by a predetermined percentage change. ($ in thousands) Fair Value Measurements (Level 3) Valuation Technique Unobservable Inputs Range of Inputs Weighted- Average (1) Derivative assets: Equity warrants $ 392 Black-Scholes option pricing model Equity volatility 43% — 51% 49% Liquidity discount 47% 47% (1) Weighted-average is calculated based on fair value of equity warrants as of June 30, 2019 . Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis From time to time, the Company may be required to measure certain assets at fair value on a nonrecurring basis in accordance with GAAP. The adjustments to fair value generally require the assets to be recorded at the lower of cost or fair value, or assessed for impairment. Assets measured at fair value on a nonrecurring basis include certain non-PCI loans, investments in qualified affordable housing partnerships, tax credit and other investments, OREO, and loans held-for-sale. Nonrecurring fair value adjustments result from impairment on certain non-PCI loans and investments in qualified affordable housing partnerships, tax credit and other investments, write-downs of OREO, or application of lower of cost or fair value on loans held-for-sale. Non-PCI Impaired Loans — The Company typically adjusts the carrying amount of impaired loans when there is evidence of probable loss and when the expected fair value of the loan is less than its carrying amount. Impaired loans with specific reserves are classified as Level 3 assets. The following two methods are used to derive the fair value of impaired loans: • Discounted cash flows valuation techniques that consist of developing an expected stream of cash flows over the life of the loans and then valuing the loans at the present value by discounting the expected cash flows at a designated discount rate. • A specific reserve is established for an impaired loan based on the fair value of the underlying collateral, which may take the form of real estate, inventory, equipment, contracts or guarantees. The fair value of the underlying collateral is generally based on third-party appraisals, or an internal evaluation if a third-party appraisal is not required by regulations, which utilize one or more valuation techniques such as income, market and/or cost approaches. Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net — As part of the Company’s monitoring process, the Company conducts ongoing due diligence on the Company’s investments in its qualified affordable housing partnerships, tax credit and other investments after the initial investment date and prior to the being placed in service date. After these investments are either acquired or placed into service, periodic monitoring is performed, which includes the quarterly review of the financial statements of the tax credit investment entity and the annual review of the financial statements of the guarantor (if any), as well as the review of the annual tax returns of the tax credit investment entity; and comparison of the actual cash distributions received against the financial projections prepared at the time when the investment was made. The Company assesses its tax credit investments for possible other-than-temporary impairment (“OTTI”) on an annual basis or when events or circumstances suggest that the carrying amount of the tax credit investments may not be realizable. These circumstances can include, but are not limited to the following factors: • The current fair value of the tax credit investment based upon the expected future cash flows is less than the carrying amount; • Change in the economic, market or technological environment that could adversely affect the investee’s operations; and • Other factors that raise doubt about the investee’s ability to continue as a going concern, such as negative cash flows from operations and the continuing prospects of the underlying operations of the investment. All available evidence is considered in assessing whether a decline in value is other-than-temporary. Generally, none of the aforementioned factors are individually conclusive and the relative importance placed on individual facts may vary depending on the situation. In accordance with ASC 323-10-35-32, an impairment charge would only be recognized in earnings for a decline in value that is determined to be other-than-temporary. Other Real Estate Owned — The Company’s OREO represents properties acquired through foreclosure, or through full or partial satisfaction of loans held-for-investment. These OREO properties are recorded at estimated fair value less the costs to sell at the time of foreclosure or at the lower of cost or estimated fair value less the costs to sell subsequent to acquisition. On a monthly basis, the current fair market value of each OREO property is reviewed to ensure that the current carrying value is appropriate. OREO properties are classified as Level 3. The following tables present the carrying amounts of assets included on the Consolidated Balance Sheet that had fair value changes measured on a nonrecurring basis as of June 30, 2019 and December 31, 2018 : ($ in thousands) Assets Measured at Fair Value on a Nonrecurring Basis Quoted Prices in Significant Significant Unobservable Inputs (Level 3) Fair Value Non-PCI impaired loans: Commercial: Commercial and industrial (“C&I”) $ — $ — $ 38,412 $ 38,412 Commercial real estate (“CRE”) — — 774 774 Total non-PCI impaired loans $ — $ — $ 39,186 $ 39,186 OREO $ — $ — $ 130 $ 130 Assets Measured at Fair Value on a Nonrecurring Basis ($ in thousands) Quoted Prices in Significant Significant Unobservable Inputs (Level 3) Fair Value Non-PCI impaired loans: Commercial: C&I $ — $ — $ 26,873 $ 26,873 CRE — — 3,434 3,434 Consumer: Single-family residential — — 2,551 2,551 Total non-PCI impaired loans $ — $ — $ 32,858 $ 32,858 The following table presents the increase (decrease) in value of assets for which a fair value adjustment has been included on the Consolidated Statement of Income for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Non-PCI impaired loans: Commercial: C&I $ (24,001 ) $ 4,544 $ (25,823 ) $ 595 CRE 2 66 4 (23 ) Consumer: Single-family residential — — — 15 Home equity lines of credit (“HELOCs”) — (73 ) — (73 ) Total non-PCI impaired loans $ (23,999 ) $ 4,537 $ (25,819 ) $ 514 OREO $ (3 ) $ — $ (3 ) $ — Investments in tax credit and other investments, net $ (2,892 ) $ — $ (9,870 ) $ — The following table presents the quantitative information about the significant unobservable inputs used in the valuation of assets measured on a nonrecurring basis classified as Level 3 as of June 30, 2019 and December 31, 2018 : ($ in thousands) Fair Value Valuation Unobservable Input(s) Range of Input(s) Weighted- Average (1) June 30, 2019 Non-PCI impaired loans $ 9,595 Discounted cash flows Discount 4% — 14% 9% $ 26,798 Fair value of collateral Discount 20% — 55% 37% $ 2,793 Fair value of collateral Contract value NM NM OREO $ 130 Fair value of property Selling cost 8% 8% Investments in tax credit and other investments, net $ — Individual analysis of each investment Expected future tax benefits and distributions NM NM December 31, 2018 Non-PCI impaired loans $ 16,921 Discounted cash flows Discount 4% — 7% 6% $ 1,687 Fair value of property Selling cost 8% 8% $ 2,751 Fair value of collateral Discount 15% — 50% 21% $ 11,499 Fair value of collateral Contract value NM NM NM — Not meaningful. (1) Weighted-average is based on the relative fair value of the respective assets as of June 30, 2019 and December 31, 2018 . Disclosures about Fair Value of Financial Instruments The following tables present the fair value estimates for financial instruments as of June 30, 2019 and December 31, 2018 , excluding financial instruments recorded at fair value on a recurring basis as they are included in the tables presented elsewhere in this Note. The carrying amounts in the following tables are recorded on the Consolidated Balance Sheet under the indicated captions, except for accrued interest receivable and mortgage servicing rights that are included in Other assets , and accrued interest payable that is included in Accrued expenses and other liabilities . These financial assets and liabilities are measured at amortized cost basis on the Company’s Consolidated Balance Sheet. ($ in thousands) June 30, 2019 Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Financial assets: Cash and cash equivalents $ 3,621,614 $ 3,621,614 $ — $ — $ 3,621,614 Interest-bearing deposits with banks $ 150,273 $ — $ 150,273 $ — $ 150,273 Resale agreements (1) $ 1,010,000 $ — $ 1,009,457 $ — $ 1,009,457 Restricted equity securities, at cost $ 78,093 $ — $ 78,093 $ — $ 78,093 Loans held-for-sale $ 3,879 $ — $ 3,879 $ — $ 3,879 Loans held-for-investment, net $ 33,399,752 $ — $ — $ 33,605,951 $ 33,605,951 Mortgage servicing rights $ 6,749 $ — $ — $ 9,379 $ 9,379 Accrued interest receivable $ 151,700 $ — $ 151,700 $ — $ 151,700 Financial liabilities: Demand, checking, savings and money market deposits $ 25,880,826 $ — $ 25,880,826 $ — $ 25,880,826 Time deposits $ 10,596,716 $ — $ 10,626,897 $ — $ 10,626,897 Short-term borrowings $ 19,972 $ — $ 19,972 $ — $ 19,972 FHLB advances $ 745,074 $ — $ 754,240 $ — $ 754,240 Repurchase agreements (1) $ 50,000 $ — $ 109,525 $ — $ 109,525 Long-term debt $ 146,966 $ — $ 152,478 $ — $ 152,478 Accrued interest payable $ 27,684 $ — $ 27,684 $ — $ 27,684 ($ in thousands) December 31, 2018 Carrying Level 1 Level 2 Level 3 Estimated Financial assets: Cash and cash equivalents $ 3,001,377 $ 3,001,377 $ — $ — $ 3,001,377 Interest-bearing deposits with banks $ 371,000 $ — $ 371,000 $ — $ 371,000 Resale agreements (1) $ 1,035,000 $ — $ 1,016,724 $ — $ 1,016,724 Restricted equity securities, at cost $ 74,069 $ — $ 74,069 $ — $ 74,069 Loans held-for-sale $ 275 $ — $ 275 $ — $ 275 Loans held-for-investment, net $ 32,073,867 $ — $ — $ 32,273,157 $ 32,273,157 Mortgage servicing rights $ 7,836 $ — $ — $ 11,427 $ 11,427 Accrued interest receivable $ 146,262 $ — $ 146,262 $ — $ 146,262 Financial liabilities: Demand, checking, savings and money market deposits $ 26,370,562 $ — $ 26,370,562 $ — $ 26,370,562 Time deposits $ 9,069,066 $ — $ 9,084,597 $ — $ 9,084,597 Short-term borrowings $ 57,638 $ — $ 57,638 $ — $ 57,638 FHLB advances $ 326,172 $ — $ 334,793 $ — $ 334,793 Repurchase agreements (1) $ 50,000 $ — $ 87,668 $ — $ 87,668 Long-term debt $ 146,835 $ — $ 152,556 $ — $ 152,556 Accrued interest payable $ 22,893 $ — $ 22,893 $ — $ 22,893 (1) Resale and repurchase agreements are reported net pursuant to ASC 210-20-45-11, Balance Sheet Offsetting: Repurchase and Reverse Repurchase Agreements . As of both June 30, 2019 and December 31, 2018 , $400.0 million out of $450.0 million of gross repurchase agreements were eligible for netting against gross resale agreements. |
Securities Purchased under Resa
Securities Purchased under Resale Agreements and Sold under Repurchase Agreements | 6 Months Ended |
Jun. 30, 2019 | |
RESALE AND REPURCHASE AGREEMENTS [Abstract] | |
Securities Purchased under Resale Agreements and Sold under Repurchase Agreements | Securities Purchased under Resale Agreements and Sold under Repurchase Agreements Resale Agreements Resale agreements are recorded as receivables for the cash paid based on the values at which the securities are acquired. The market values of the underlying securities collateralizing the related receivables of the resale agreements, including accrued interest, are monitored. Additional collateral may be requested by the Company from the counterparties or excess collateral may be returned by the Company to the counterparties when deemed appropriate. Gross resale agreements were $1.41 billion and $1.44 billion as of June 30, 2019 and December 31, 2018 , respectively. The weighted-average yields were 2.70% and 2.63% for the three months ended June 30, 2019 and 2018 , respectively, and 2.75% and 2.57% for the six months ended June 30, 2019 and 2018 , respectively. Repurchase Agreements Long-term repurchase agreements are accounted for as collateralized financing transactions and recorded as liabilities based on the values at which the securities are sold. As of June 30, 2019 , the collateral for the repurchase agreements was comprised of U.S. Treasury securities and U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities. The Company may have to provide additional collateral to the counterparties, or the counterparties may return excess collateral to the Company, for the repurchase agreements when deemed appropriate. Gross repurchase agreements were $450.0 million as of both June 30, 2019 and December 31, 2018 . The weighted-average interest rates were 4.93% and 4.48% for the three months ended June 30, 2019 and 2018 , respectively, and 4.97% and 4.21% for the six months ended June 30, 2019 and 2018 , respectively. The following table presents the gross repurchase agreements as of June 30, 2019 that will mature in the next five years and thereafter: ($ in thousands) Repurchase Agreements Remainder of 2019 $ — 2020 — 2021 — 2022 150,000 2023 300,000 Thereafter — Total $ 450,000 Balance Sheet Offsetting The Company’s resale and repurchase agreements are transacted under legally enforceable master repurchase agreements that provide the Company, in the event of default by the counterparty, the right to liquidate securities held and to offset receivables and payables with the same counterparty. The Company nets resale and repurchase transactions with the same counterparty on the Consolidated Balance Sheet when it has a legally enforceable master netting agreement and the transactions are eligible for netting under ASC 210-20-45-11, Balance Sheet Offsetting : Repurchase and Reverse Repurchase Agreements . Collateral received includes securities that are not recognized on the Consolidated Balance Sheet. Collateral pledged consists of securities that are not netted on the Consolidated Balance Sheet against the related collateralized liability. Collateral received or pledged in resale and repurchase agreements with other financial institutions may also be sold or re-pledged by the secured party, but is usually delivered to and held by the third-party trustees. The collateral amounts received/pledged are limited for presentation purposes to the related recognized asset/liability balance for each counterparty, and accordingly, do not include excess collateral received/pledged. The following tables present the resale and repurchase agreements included on the Consolidated Balance Sheet as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Assets Gross Amounts Gross Amounts Net Amounts of Balance Sheet Gross Amounts Not Offset on the Net Amount Collateral Received Resale agreements $ 1,410,000 $ (400,000 ) $ 1,010,000 $ (1,010,000 ) (1) $ — Liabilities Gross Amounts Gross Amounts Net Amounts of Balance Sheet Gross Amounts Not Offset on the Net Amount Collateral Pledged Repurchase agreements $ 450,000 $ (400,000 ) $ 50,000 $ (50,000 ) (2) $ — ($ in thousands) December 31, 2018 Assets Gross Amounts Gross Amounts Net Amounts of Balance Sheet Gross Amounts Not Offset on the Net Amount Collateral Received Resale agreements $ 1,435,000 $ (400,000 ) $ 1,035,000 $ (1,025,066 ) (1) $ 9,934 Liabilities Gross Amounts Gross Amounts Net Amounts of Balance Sheet Gross Amounts Not Offset on the Net Amount Collateral Pledged Repurchase agreements $ 450,000 $ (400,000 ) $ 50,000 $ (50,000 ) (2) $ — (1) Represents the fair value of securities the Company has received under resale agreements, limited for table presentation purposes to the amount of the recognized asset due from each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above. (2) Represents the fair value of securities the Company has pledged under repurchase agreements, limited for table presentation purposes to the amount of the recognized liability due to each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above. In addition to the amounts included in the tables above, the Company also has balance sheet netting related to derivatives. Refer to Note 7 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information. |
Securities
Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The following tables present the amortized cost, gross unrealized gains and losses, and fair value by major categories of available-for-sale investment securities as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Amortized Gross Gross Fair Available-for-sale investment securities: U.S. Treasury securities $ 329,209 $ — $ (2,674 ) $ 326,535 U.S. government agency and U.S. government sponsored enterprise debt securities 239,732 2,252 (17 ) 241,967 U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 471,189 7,956 (4,313 ) 474,832 Residential mortgage-backed securities 836,757 8,222 (1,405 ) 843,574 Municipal securities 86,776 791 (38 ) 87,529 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 68,675 1,878 (4 ) 70,549 Residential mortgage-backed securities 24,534 19 (14 ) 24,539 Corporate debt securities 11,250 — (94 ) 11,156 Foreign bonds 489,392 111 (5,087 ) 484,416 Asset-backed securities 27,991 — (175 ) 27,816 Total available-for-sale investment securities $ 2,585,505 $ 21,229 $ (13,821 ) $ 2,592,913 ($ in thousands) December 31, 2018 Amortized Gross Gross Fair Available-for-sale investment securities: U.S. Treasury securities $ 577,561 $ 153 $ (12,899 ) $ 564,815 U.S. government agency and U.S. government sponsored enterprise debt securities 219,485 382 (2,694 ) 217,173 U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 420,486 811 (12,694 ) 408,603 Residential mortgage-backed securities 957,219 4,026 (14,552 ) 946,693 Municipal securities 82,965 87 (1,032 ) 82,020 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 25,826 226 — 26,052 Residential mortgage-backed securities 10,109 7 (185 ) 9,931 Corporate debt securities 11,250 — (381 ) 10,869 Foreign bonds 489,378 — (26,330 ) 463,048 Asset-backed securities 12,621 22 — 12,643 Total available-for-sale investment securities $ 2,806,900 $ 5,714 $ (70,767 ) $ 2,741,847 Unrealized Losses The following tables present the fair value and the associated gross unrealized losses of the Company’s available-for-sale investment securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position, as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Less Than 12 Months 12 Months or More Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Available-for-sale investment securities: U.S. Treasury securities $ — $ — $ 326,535 $ (2,674 ) $ 326,535 $ (2,674 ) U.S. government agency and U.S. government sponsored enterprise debt securities 22,442 (17 ) — — 22,442 (17 ) U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 10,210 (81 ) 208,330 (4,232 ) 218,540 (4,313 ) Residential mortgage-backed securities 11,679 (123 ) 145,595 (1,282 ) 157,274 (1,405 ) Municipal securities 4,890 (10 ) 9,950 (28 ) 14,840 (38 ) Non-agency mortgage-backed securities: Commercial mortgage-backed securities 7,916 (4 ) — — 7,916 (4 ) Residential mortgage-backed securities — — 3,917 (14 ) 3,917 (14 ) Corporate debt securities 1,244 (6 ) 9,912 (88 ) 11,156 (94 ) Foreign bonds 14,349 (94 ) 369,956 (4,993 ) 384,305 (5,087 ) Asset-backed securities 27,816 (175 ) — — 27,816 (175 ) Total available-for-sale investment securities $ 100,546 $ (510 ) $ 1,074,195 $ (13,311 ) $ 1,174,741 $ (13,821 ) ($ in thousands) December 31, 2018 Less Than 12 Months 12 Months or More Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Available-for-sale investment securities: U.S. Treasury securities $ — $ — $ 516,520 $ (12,899 ) $ 516,520 $ (12,899 ) U.S. government agency and U.S. government sponsored enterprise debt securities 22,755 (238 ) 159,814 (2,456 ) 182,569 (2,694 ) U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 26,886 (245 ) 274,666 (12,449 ) 301,552 (12,694 ) Residential mortgage-backed securities 75,675 (491 ) 653,660 (14,061 ) 729,335 (14,552 ) Municipal securities 9,458 (104 ) 30,295 (928 ) 39,753 (1,032 ) Non-agency mortgage-backed securities: Residential mortgage-backed securities 3,067 (19 ) 3,949 (166 ) 7,016 (185 ) Corporate debt securities 10,869 (381 ) — — 10,869 (381 ) Foreign bonds 14,418 (40 ) 448,630 (26,290 ) 463,048 (26,330 ) Total available-for-sale investment securities $ 163,128 $ (1,518 ) $ 2,087,534 $ (69,249 ) $ 2,250,662 $ (70,767 ) Other-Than-Temporary Impairment For each reporting period, the Company assesses individual securities that are in an unrealized loss position for OTTI. For a discussion of the factors and criteria the Company uses in analyzing securities for OTTI, see Note 1 — Summary of Significant Accounting Policies — Securities to the Consolidated Financial Statements of the Company’s 2018 Form 10-K. The unrealized losses were primarily attributable to the movement in the yield curve, in addition to widened liquidity and credit spreads. The issuers of these securities have not, to the Company’s knowledge, established any cause for default on these securities. These securities have fluctuated in value since their purchase dates because of changes in market interest rates. The Company believes that the gross unrealized losses presented in the previous tables are temporary and no credit losses are expected. As a result, the Company expects to recover the entire amortized cost basis of these securities. The Company has the intent to hold these securities through the anticipated recovery period and it is not more-likely-than-not that the Company will have to sell these securities before recovery of their amortized cost. As of June 30, 2019 , the Company had 76 available-for-sale investment securities in a gross unrealized loss position with no credit impairment, primarily consisting of 40 U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities, 11 foreign bonds, and 12 U.S. Treasury securities. In comparison, as of December 31, 2018 , the Company had 184 available-for-sale investment securities in a gross unrealized loss position with no credit impairment, primarily consisting of 108 U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities, 16 foreign bonds, and 19 U.S. Treasury securities. There were no OTTI credit losses recognized in earnings for each of the three and six months ended June 30, 2019 and 2018 . Realized Gains and Losses The following table presents the proceeds, gross realized gains and tax expense related to the sales of available-for-sale investment securities for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Proceeds from sales $ 223,763 $ 42,085 $ 375,102 $ 256,875 Gross realized gains $ 1,447 $ 210 $ 3,008 $ 2,339 Related tax expense $ 428 $ 62 $ 889 $ 690 Contractual Maturities of Investment Securities The following table presents the contractual maturities of available-for-sale investment securities as of June 30, 2019 : ($ in thousands) Amortized Cost Fair Value Due within one year $ 586,072 $ 581,305 Due after one year through five years 432,912 430,486 Due after five years through ten years 193,117 196,457 Due after ten years 1,373,404 1,384,665 Total available-for-sale investment securities $ 2,585,505 $ 2,592,913 Actual maturities of mortgage-backed securities can differ from contractual maturities as the borrowers have the right to prepay obligations. In addition, factors such as prepayments and interest rates may affect the yields on the carrying values of mortgage-backed securities. As of June 30, 2019 and December 31, 2018 , available-for-sale investment securities with fair value of $493.7 million and $435.8 million , respectively, were pledged to secure public deposits, interest rate contracts, repurchase agreements and for other purposes required or permitted by law. Restricted Equity Securities Restricted equity securities include the Federal Reserve Bank of San Francisco (“FRB”) and the FHLB stock. Restricted equity securities are carried at cost as these securities do not have a readily determinable fair value. The following table presents the restricted equity securities as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 December 31, 2018 FRB stock $ 57,843 $ 56,819 FHLB stock 20,250 17,250 Total restricted equity securities $ 78,093 $ 74,069 |
Derivatives
Derivatives | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company uses derivatives to manage exposure to market risk, primarily interest rate risk and foreign currency risk, and to assist customers with their risk management objectives. The Company’s goal is to manage interest rate sensitivity and volatility so that movements in interest rates are not significant to earnings or capital. The Company also uses foreign exchange contracts to manage the foreign exchange rate risk associated with certain foreign currency-denominated assets and liabilities, as well as the Company’s investment in its China subsidiary, East West Bank (China) Limited. The Company recognizes all derivatives on the Consolidated Balance Sheet at fair value. While the Company designates certain derivatives as hedging instruments in a qualifying hedge accounting relationship, other derivatives consist of economic hedges. For additional information on the Company’s derivatives and hedging activities, see Note 1 — Summary of Significant Accounting Policies — Derivatives to the Consolidated Financial Statements of the Company’s 2018 Form 10-K. The following table presents the total notional amounts and gross fair values of the Company’s derivatives, as well as the balance sheet netting adjustments on an aggregate basis as of June 30, 2019 and December 31, 2018 . The derivative assets and liabilities are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the variation margin payments with central clearing organizations have been applied as settlement, as applicable. Total derivative assets and liabilities are adjusted to take into consideration the effects of legally enforceable master netting agreements and cash collateral received or paid as of June 30, 2019 and December 31, 2018 . The resulting net derivative asset and liability fair values are included in Other assets and Accrued expenses and other liabilities , respectively, on the Consolidated Balance Sheet. ($ in thousands) June 30, 2019 December 31, 2018 Notional Amount Fair Value Notional Amount Fair Value Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Fair value hedges: Interest rate contracts $ 31,026 $ — $ 3,019 $ 35,811 $ — $ 5,866 Net investment hedges: Foreign exchange contracts 160,007 52 — 90,245 — 611 Total derivatives designated as hedging instruments $ 191,033 $ 52 $ 3,019 $ 126,056 $ — $ 6,477 Derivatives not designated as hedging instruments: Interest rate contracts $ 13,469,821 $ 190,388 $ 121,352 $ 11,695,499 $ 69,818 $ 69,267 Foreign exchange contracts 3,425,107 27,797 22,528 3,407,522 21,624 19,329 Credit contracts 91,856 3 118 119,320 1 164 Equity contracts — (1) 1,985 — — (1) 1,951 — Commodity contracts — (2) 22,651 25,906 — (2) 14,422 23,068 Total derivatives not designated as hedging instruments $ 16,986,784 $ 242,824 $ 169,904 $ 15,222,341 $ 107,816 $ 111,828 Gross derivative assets/liabilities $ 242,876 $ 172,923 $ 107,816 $ 118,305 Less: Master netting agreements (40,372 ) (40,372 ) (31,569 ) (31,569 ) Less: Cash collateral received/paid (3,831 ) (34,122 ) (13,577 ) (6,833 ) Net derivative assets/liabilities $ 198,673 $ 98,429 $ 62,670 $ 79,903 (1) The Company held equity contracts in three public companies and 17 private companies as of June 30, 2019 . In comparison, the Company held equity contracts in four public companies and 18 private companies as of December 31, 2018 . (2) The notional amount of the Company’s commodity contracts entered with its customers totaled 5,646 thousand barrels of oil and 30,775 thousand units of natural gas, measured in million British thermal units (“MMBTUs”) as of June 30, 2019 . In comparison, the notional amount of the Company’s commodity contracts entered with its customers totaled 2,507 thousand barrels of oil and 14,722 thousand MMBTUs of natural gas as of December 31, 2018 . The Company entered into the same notional amounts of commodity contracts with mirrored terms with third-party financial institutions. Derivatives Designated as Hedging Instruments Fair Value Hedges — The Company is exposed to changes in the fair value of certain certificates of deposit due to changes in the benchmark interest rates. The Company enters into interest rate swaps, which are designated as fair value hedges. The interest rate swaps involve the exchange of variable rate payments over the life of the agreements without the exchange of the underlying notional amounts. The following table presents the net gains (losses) recognized on the Consolidated Statement of Income related to the derivatives designated as fair value hedges for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Gains (losses) recorded in interest expense: Recognized on interest rate swaps $ 1,634 $ (396 ) $ 2,854 $ (1,848 ) Recognized on certificates of deposit $ (1,434 ) $ 440 $ (2,695 ) $ 1,719 The following table presents the carrying amount and associated cumulative basis adjustment related to the application of fair value hedge accounting that was included in the carrying amount of the hedged certificates of deposit as of June 30, 2019 and December 31, 2018 : ($ in thousands) Carrying Value (1) Cumulative Fair Value Adjustment (2) June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Certificates of deposit $ (29,238 ) $ (26,877 ) $ 1,446 $ 4,141 (1) Represents the full carrying amount of the hedged certificates of deposit. (2) For liabilities, decrease to carrying value. Net Investment Hedges — ASC 830-20, Foreign Currency Matters — Foreign Currency Transactions , and ASC 815, Derivatives and Hedging , allow hedging of the foreign currency risk of a net investment in a foreign operation. The Company enters into foreign currency contracts to hedge a portion of its investment in East West Bank (China) Limited, a non-USD functional currency subsidiary in China. The hedging instruments designated as net investment hedges, involve hedging the risk of changes in the USD equivalent value of a designated monetary amount of the Company’s net investment in East West Bank (China) Limited, against the risk of adverse changes in the foreign currency exchange rate of the Chinese Renminbi. The Company may de-designate the net investment hedges when the Company expects the hedge will cease to be highly effective. During the second quarter of 2019 , the Company increased the notional amount of the new foreign currency forward contracts that were designated as net investment hedges to better mitigate its Chinese Renminbi exposure in its investment in East West Bank (China) Limited. The notional and fair value amounts of the net investment hedges, made up of foreign exchange forwards, were $160.0 million and a $52 thousand asset, respectively, as of June 30, 2019 . In comparison, the notional and fair value amounts of the net investment hedges, made up of foreign exchange swaps, were $90.2 million and a $611 thousand liability, respectively, as of December 31, 2018 . The following table presents the (losses) gains recognized in AOCI on net investment hedges for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Losses) gains recognized in AOCI $ (598 ) $ 4,938 $ (2,603 ) $ 3,785 Derivatives Not Designated as Hedging Instruments Interest Rate Contracts — The Company enters into interest rate contracts, which include interest rate swaps and options with its customers to allow customers to hedge against the risk of rising interest rates on their variable rate loans. To economically hedge against the interest rate risks in the products offered to its customers, the Company enters into mirrored offsetting interest rate contracts with third-party financial institutions, including central clearing organizations. Beginning in January 2018, the London Clearing House (“LCH”) amended its rulebook to legally characterize variation margin payments made to and received from LCH as settlements of derivatives, and not as collateral against derivatives. Included in the total notional amount of $6.74 billion of interest rates contracts entered into with financial counterparties as of June 30, 2019 , was a notional amount of $2.08 billion of interest rate swaps that cleared through LCH. In comparison, included in the total notional amount of $5.85 billion of interest rates contracts entered into with financial counterparties as of December 31, 2018 , was a notional amount of $1.66 billion of interest rate swaps that cleared through LCH. Applying variation margin payments as settlement to LCH cleared derivative transactions resulted in a reduction in derivative asset fair value of $1.5 million and liability fair value of $73.5 million , as of June 30, 2019 . In comparison, applying variation margin payments as settlement to LCH cleared derivative transactions resulted in a reduction in derivative asset fair value of $16.4 million and liability fair value of $16.0 million as of December 31, 2018 . The following tables present the notional amounts and the gross fair values of interest rate derivative contracts outstanding as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Customer Counterparty ($ in thousands) Financial Counterparty Notional Amount Fair Value Notional Amount Fair Value Assets Liabilities Assets Liabilities Written options $ 975,369 $ — $ 62 Purchased options $ 975,369 $ 64 $ — Sold collars and corridors 549,305 3,277 15 Collars and corridors 549,305 15 3,326 Swaps 5,207,158 183,626 4,795 Swaps 5,213,315 3,406 113,154 Total $ 6,731,832 $ 186,903 $ 4,872 Total $ 6,737,989 $ 3,485 $ 116,480 ($ in thousands) December 31, 2018 Customer Counterparty ($ in thousands) Financial Counterparty Notional Amount Fair Value Notional Amount Fair Value Assets Liabilities Assets Liabilities Written options $ 931,601 $ — $ 492 Purchased options $ 931,601 $ 503 $ — Sold collars and corridors 429,879 1,121 305 Collars and corridors 429,879 308 1,140 Swaps 4,482,881 41,457 41,545 Swaps 4,489,658 26,429 25,785 Total $ 5,844,361 $ 42,578 $ 42,342 Total $ 5,851,138 $ 27,240 $ 26,925 Foreign Exchange Contracts — The Company enters into foreign exchange contracts with its customers, consisting of forwards, spot, swap and option contracts to accommodate the business needs of its customers. For a portion of the foreign exchange contracts entered into with its customers, the Company enters into offsetting foreign exchange contracts with third-party financial institutions to manage its exposure. The Company also utilizes foreign exchange contracts, which are not designated as hedging instruments to mitigate the economic effect of currency fluctuations on certain foreign currency-denominated on-balance sheet assets and liabilities, primarily for foreign currency-denominated deposits offered to customers. A majority of the foreign exchange contracts have original maturities of one year or less as of June 30, 2019 and December 31, 2018 . The following tables present the notional amounts and the gross fair values of foreign exchange derivative contracts outstanding as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Customer Counterparty ($ in thousands) Financial Counterparty Notional Amount Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Forwards and spot $ 2,036,792 $ 18,941 $ 16,358 Forwards and spot $ 246,962 $ 2,671 $ 454 Swaps 17,348 374 101 Swaps 768,763 4,676 4,480 Written options 88,758 422 — Purchased options 88,758 — 422 Collars 88,863 288 425 Collars 88,863 425 288 Total $ 2,231,761 $ 20,025 $ 16,884 Total $ 1,193,346 $ 7,772 $ 5,644 ($ in thousands) December 31, 2018 Customer Counterparty ($ in thousands) Financial Counterparty Notional Amount Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Forwards and spot $ 2,023,425 $ 11,719 $ 13,079 Forwards and spot $ 506,342 $ 3,407 $ 2,285 Swaps 21,108 348 243 Swaps 687,845 5,764 3,336 Written options 537 16 — Purchased options 537 — 16 Collars 83,864 — 370 Collars 83,864 370 — Total $ 2,128,934 $ 12,083 $ 13,692 Total $ 1,278,588 $ 9,541 $ 5,637 Credit Contracts — The Company may periodically enter into RPA contracts to manage its credit exposure on interest rate contracts associated with syndicated loans. The Company may enter into protection sold or protection purchased RPAs with institutional counterparties. Under the RPA, the Company will receive or make a payment if a borrower defaults on the related interest rate contract. The Company manages its credit risk on RPAs by monitoring the creditworthiness of the borrowers and institutional counterparties, which is based on the Company’s normal credit review process. The referenced entities of the RPAs were investment grade as of both June 30, 2019 and December 31, 2018 . The notional amount of the RPAs reflects the Company’s pro-rata share of the derivative instrument. The following table presents the notional amounts and the gross fair values of RPAs sold and purchased outstanding as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 December 31, 2018 Notional Amount Fair Value Notional Amount Fair Value Assets Liabilities Assets Liabilities RPAs - protection sold $ 81,142 $ — $ 118 $ 108,606 $ — $ 164 RPAs - protection purchased 10,714 3 — 10,714 1 — Total RPAs $ 91,856 $ 3 $ 118 $ 119,320 $ 1 $ 164 Assuming all underlying borrowers referenced in the interest rate contracts defaulted as of June 30, 2019 and December 31, 2018 , the exposure from the RPAs with protections sold would be $26 thousand and $125 thousand , respectively. As of June 30, 2019 and December 31, 2018 , the weighted-average remaining maturities of the outstanding RPAs were 4.6 years and 6.6 years , respectively. Equity Contracts — As part of the Company’s loan origination process, the Company obtained equity warrants to purchase preferred and common stock of technology and life sciences companies. Equity warrants grant the Company the right to buy a certain class of the underlying company’s equity at a certain price before expiration. The Company held warrants in three public companies and 17 private companies as of June 30, 2019 , and held warrants in four public companies and 18 private companies as of December 31, 2018 . The total fair value of the warrants held in both public and private companies was a $2.0 million asset as of each June 30, 2019 and December 31, 2018 . Commodity Contracts — In 2018, the Company entered into energy commodity contracts in the form of swaps and options with its commercial loan customers to allow them to hedge against the risk of fluctuation in energy commodity prices. To economically hedge against the risk of fluctuation in commodity prices in the products offered to its customers, the Company entered into offsetting commodity contracts with third-party financial institutions to manage the exposure with its customers. Beginning in January 2017, the Chicago Mercantile Exchange (“CME”) amended its rulebook to legally characterize variation margin payments made to and received from CME as settlements of derivatives and not as collateral against derivatives. The notional quantities that cleared through CME totaled 1,697 thousand barrels of oil and 5,150 thousand MMBTUs of natural gas as of June 30, 2019 . Applying variation margin payments as settlement to CME-cleared derivative transactions resulted in a reduction in gross derivative asset fair value of $6.2 million and liability fair value of $13 thousand as of June 30, 2019 , for a net liability fair value of $1.7 million . In comparison, the notional quantities that cleared through CME totaled 778 thousand barrels of oil and 6,290 thousand MMBTUs of natural gas as of December 31, 2018 . Applying variation margin payments as settlement to CME-cleared derivative transactions resulted in a reduction in gross derivative asset fair value of $10.4 million and liability fair value of $582 thousand as of December 31, 2018 , for a net asset fair value of $622 thousand . The following tables present the notional amounts and fair values of the commodity derivative positions outstanding as of June 30, 2019 and December 31, 2018 : ($ and units in thousands) June 30, 2019 Customer Counterparty ($ and units in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Unit Amount Assets Liabilities Unit Amount Assets Liabilities Crude oil: Crude oil: Written options Barrels 134 $ 231 $ 286 Purchased options Barrels 134 $ 189 $ 222 Collars Barrels 2,082 752 1,506 Collars Barrels 2,697 1,752 1,069 Swaps Barrels 3,430 1,985 10,167 Swaps Barrels 3,551 7,622 2,180 Total 5,646 $ 2,968 $ 11,959 Total 6,382 $ 9,563 $ 3,471 Natural gas: Natural gas: Collars MMBTUs 6,385 $ 9 $ 431 Collars MMBTUs 6,315 $ 372 $ 9 Swaps MMBTUs 24,390 3,027 6,412 Swaps MMBTUs 26,807 6,712 3,624 Total 30,775 $ 3,036 $ 6,843 Total 33,122 $ 7,084 $ 3,633 Total $ 6,004 $ 18,802 Total $ 16,647 $ 7,104 ($ and units December 31, 2018 Customer Counterparty ($ and units Financial Counterparty Notional Fair Value Notional Fair Value Unit Amount Assets Liabilities Unit Amount Assets Liabilities Crude oil: Crude oil: Written options Barrels 524 $ — $ 2,628 Purchased options Barrels 524 $ 2,251 $ — Collars Barrels 872 — 3,772 Collars Barrels 872 3,225 — Swaps Barrels 1,111 — 14,278 Swaps Barrels 1,111 5,799 — Total 2,507 $ — $ 20,678 Total 2,507 $ 11,275 $ — Natural gas: Natural gas: Collars MMBTUs 3,063 $ 78 $ 152 Collars MMBTUs 3,063 $ 151 $ 64 Swaps MMBTUs 11,659 1,049 1,857 Swaps MMBTUs 11,659 1,869 317 Total 14,722 $ 1,127 $ 2,009 Total 14,722 $ 2,020 $ 381 Total $ 1,127 $ 22,687 Total $ 13,295 $ 381 The following table presents the net (losses) gains recognized on the Company’s Consolidated Statement of Income related to derivatives not designated as hedging instruments for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Classification on Consolidated Statement of Income Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Derivatives not designated as hedging instruments: Interest rate contracts Interest rate contracts and other derivative income $ (1,359 ) $ 88 $ (3,138 ) $ 1,194 Foreign exchange contracts Foreign exchange income 3,495 2,646 9,821 6,503 Credit contracts Interest rate contracts and other derivative income (36 ) (56 ) 47 (69 ) Equity contracts Lending fees 917 598 1,167 439 Commodity contracts Interest rate contracts and other derivative income (22 ) 40 (18 ) 40 Net gains $ 2,995 $ 3,316 $ 7,879 $ 8,107 Credit-Risk-Related Contingent Features — Certain over-the-counter derivative contracts of the Company contain early termination provisions that may require the Company to settle any outstanding balances upon the occurrence of a specified credit-risk-related event. These events, which are defined by the existing derivative contracts, primarily relate to a downgrade in the credit rating of East West Bank to below investment grade. As of June 30, 2019 , the net fair value of all derivative instruments with such credit-risk-related contingent features was a $52.9 million net liability position, comprising $1.0 million in derivative assets and $53.9 million in derivative liabilities; the associated posted collateral was $52.7 million . As of December 31, 2018 , the net fair value of all derivative instruments with such credit-risk-related contingent features was a $11.4 million net liability position, comprising $2.8 million in derivative assets and $14.2 million in derivative liabilities; the associated posted collateral was $9.4 million . In the event that the credit rating of East West Bank had been downgraded to below investment grade, minimal additional collateral would have been required to be posted as of both June 30, 2019 and December 31, 2018. Offsetting of Derivatives The following tables present the gross derivative fair values, the balance sheet netting adjustments and the resulting net fair values recorded on the Consolidated Balance Sheet, as well as the cash and non-cash collateral associated with master netting arrangements. The gross amounts of derivative assets and liabilities are presented after the application of variation margin payments as settlements with centrally cleared organizations, where applicable. The collateral amounts in the following tables are limited to the outstanding balances of the related asset or liability, after the application of netting; therefore, instances of overcollateralization are not shown: ($ in thousands) June 30, 2019 Gross (1) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Amount Master Netting Arrangements Cash Collateral Received (3) Security Collateral (5) Derivative Assets $ 242,876 $ (40,372 ) $ (3,831 ) $ 198,673 $ — $ 198,673 Gross Amounts Recognized (2) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Amount Master Netting Arrangements Cash Collateral Pledged (4) Security Collateral (5) Derivative Liabilities $ 172,923 $ (40,372 ) $ (34,122 ) $ 98,429 $ (76,434 ) $ 21,995 ($ in thousands) December 31, 2018 Gross (1) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Amount Master Netting Arrangements Cash Collateral Received (3) Security Collateral (5) Derivative Assets $ 107,816 $ (31,569 ) $ (13,577 ) $ 62,670 $ (13,975 ) $ 48,695 Gross Amounts Recognized (2) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Amount Master Netting Arrangements Cash Collateral Pledged (4) Security Collateral (5) Derivative Liabilities $ 118,305 $ (31,569 ) $ (6,833 ) $ 79,903 $ (11,231 ) $ 68,672 (1) Gross amounts recognized for derivative assets include amounts with counterparties subject to enforceable master netting arrangements or similar agreements of $240.8 million and $105.9 million , respectively, as of June 30, 2019 and December 31, 2018 , and amounts with counterparties not subject to enforceable master netting arrangements or similar agreements of $2.1 million and $2.0 million , respectively, as of June 30, 2019 and December 31, 2018 . (2) Gross amounts recognized for derivative liabilities include amounts with counterparties subject to enforceable master netting arrangements or similar agreements of $172.9 million and $118.2 million , respectively, as of June 30, 2019 and December 31, 2018 , and amounts with counterparties not subject to enforceable master netting arrangements or similar agreements of $17 thousand and $102 thousand , respectively, as of June 30, 2019 and December 31, 2018 . (3) Gross cash collateral received under master netting arrangements or similar agreements were $4.6 million and $15.8 million , respectively, as of June 30, 2019 and December 31, 2018. Of the gross cash collateral received, $3.8 million and $13.6 million were used to offset against derivative assets, respectively, as of June 30, 2019 and December 31, 2018 . (4) Gross cash collateral pledged under master netting arrangements or similar agreements were $36.4 million and $8.4 million , respectively, as of June 30, 2019 and December 31, 2018 . Of the gross cash collateral pledged, $34.1 million and $6.8 million were used to offset against derivative liabilities, respectively, as of June 30, 2019 and December 31, 2018 . (5) Represents the fair value of security collateral received and pledged limited to derivative assets and liabilities that are subject to enforceable master netting arrangements or similar agreements. GAAP does not permit the netting of non-cash collateral on the Consolidated Balance Sheet but requires disclosure of such amounts. In addition to the amounts included in the tables above, the Company also has balance sheet netting related to the resale and repurchase agreements. Refer to Note 5 — Securities Purchased under Resale Agreements and Sold under Repurchase Agreements to the Consolidated Financial Statements in this Form 10-Q for additional information. Refer to Note 4 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-Q for fair value measurement disclosures on derivatives. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses The Company’s held-for-investment loan portfolio includes originated and purchased loans. Originated and purchased loans with no evidence of credit deterioration at their acquisition date are referred to collectively as non-PCI loans. PCI loans are loans acquired with evidence of credit deterioration since their origination and for which it is probable at the acquisition date that the Company would be unable to collect all contractually required payments. PCI loans are accounted for under ASC Subtopic 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality . The Company has elected to account for PCI loans on a pool level basis under ASC 310-30 at the time of acquisition. The following table presents the composition of the Company’s non-PCI and PCI loans as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 December 31, 2018 Non-PCI Loans (1) PCI Loans (2) Total (1)(2) Non-PCI Loans (1) PCI Loans (2) Total (1)(2) Commercial: C&I $ 12,401,090 $ 1,877 $ 12,402,967 $ 12,054,818 $ 2,152 $ 12,056,970 CRE 9,722,582 145,851 9,868,433 9,284,583 165,252 9,449,835 Multifamily residential 2,347,751 24,594 2,372,345 2,246,506 34,526 2,281,032 Construction and land 674,757 41 674,798 538,752 42 538,794 Total commercial 25,146,180 172,363 25,318,543 24,124,659 201,972 24,326,631 Consumer: Single-family residential 6,403,628 91,254 6,494,882 5,939,258 97,196 6,036,454 HELOCs 1,567,900 7,250 1,575,150 1,681,979 8,855 1,690,834 Other consumer 341,802 — 341,802 331,270 — 331,270 Total consumer 8,313,330 98,504 8,411,834 7,952,507 106,051 8,058,558 Total loans held-for-investment $ 33,459,510 $ 270,867 $ 33,730,377 $ 32,077,166 $ 308,023 $ 32,385,189 Allowance for loan losses (330,620 ) (5 ) (330,625 ) (311,300 ) (22 ) (311,322 ) Loans held-for-investment, net $ 33,128,890 $ 270,862 $ 33,399,752 $ 31,765,866 $ 308,001 $ 32,073,867 (1) Includes net deferred loan fees, unearned fees, unamortized premiums and unaccreted discounts of $(43.8) million and $(48.9) million as of June 30, 2019 and December 31, 2018 , respectively. (2) Includes ASC 310-30 discount of $18.9 million and $22.2 million as of June 30, 2019 and December 31, 2018 , respectively. The commercial portfolio includes C&I, CRE, multifamily residential, and construction and land loans. The consumer portfolio includes single-family residential, HELOC and other consumer loans. The C&I loan portfolio, which is comprised of commercial business and trade finance loans, provides financing to businesses in a wide spectrum of industries. The CRE loan portfolio consists of income producing real estate loans that are either owner occupied, or non-owner occupied where 50% or more of the debt service for the loan is primarily provided by unaffiliated rental income from a third party. The multifamily residential loan portfolio is largely comprised of loans secured by smaller multifamily properties ranging from five to 15 units in the Bank’s primary lending areas. Construction loans mainly provide construction financing for hotels, offices and industrial projects. In the consumer portfolio, the Company offers single-family residential loans and HELOCs through a variety of mortgage loan programs. A substantial number of these loans are originated through a reduced documentation loan program, in which a substantial down payment is required, resulting in a low loan-to-value ratio at origination, typically 60% or less. The Company is in a first lien position for many of these reduced documentation single-family residential loans and HELOCs. These loans have historically experienced low delinquency and default rates. Other consumer loans are mainly comprised of insurance premium financing loans. As of June 30, 2019 and December 31, 2018 , loans of $21.06 billion and $20.59 billion , respectively, were pledged to secure borrowings and provide additional borrowing capacity from the FRB and FHLB. Credit Quality Indicators All loans are subject to the Company’s internal and external credit review and monitoring. For the commercial portfolio, loans are risk rated based on an analysis of the current state of the borrower’s credit quality. The analysis of credit quality includes a review of all repayment sources, the borrower’s current payment performance or delinquency, current financial and liquidity status, and all other relevant information. For the majority of the consumer portfolio, payment performance or delinquency is the driving indicator for the risk ratings. Risk ratings are the overall credit quality indicator for the Company and the credit quality indicator is utilized for estimating the appropriate allowance for loan losses. The risk rating system classifies loans within the following categories: Pass, Watch, Special Mention, Substandard, Doubtful and Loss. The risk ratings reflect the relative strength of the repayment sources. Pass and Watch loans are loans that have sufficient sources of repayment in order to repay the loan in full in accordance with all terms and conditions. Special Mention loans are loans that have potential weaknesses that warrant closer attention by management. Special Mention is a transitory grade. If the potential weaknesses are resolved, a loan is upgraded to a Pass or Watch grade. If negative trends in the borrower’s financial status or other information indicate that the sources of repayment may become inadequate, a loan is downgraded to a Substandard grade. Substandard loans have well-defined weaknesses that may jeopardize the full and timely repayment of the loan. Substandard loans have the distinct possibility of loss, if the deficiencies are not corrected. When management has assessed that there is potential for loss, but a distinct possibility of loss is not yet recognizable, the loan remains classified as Substandard grade. Doubtful loans are loans that have insufficient sources of repayment and a high probability of loss. Loss loans are loans that are uncollectible and of such little value that they are no longer considered bankable assets. These internal risk ratings are reviewed routinely and adjusted based on changes in the borrowers’ financial status and the loans’ collectability. The following tables present the credit risk ratings for non-PCI loans by portfolio segment as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Pass/Watch Special Mention Substandard Doubtful Total Non-PCI Loans Commercial: C&I $ 11,789,639 $ 368,328 $ 231,235 $ 11,888 $ 12,401,090 CRE 9,531,912 100,410 90,260 — 9,722,582 Multifamily residential 2,318,019 20,380 9,352 — 2,347,751 Construction and land 620,665 20,463 33,629 — 674,757 Total commercial 24,260,235 509,581 364,476 11,888 25,146,180 Consumer: Single-family residential 6,385,059 1,471 17,098 — 6,403,628 HELOCs 1,550,377 3,707 13,816 — 1,567,900 Other consumer 325,289 14,009 2,504 — 341,802 Total consumer 8,260,725 19,187 33,418 — 8,313,330 Total $ 32,520,960 $ 528,768 $ 397,894 $ 11,888 $ 33,459,510 ($ in thousands) December 31, 2018 Pass/Watch Special Mention Substandard Doubtful Total Non-PCI Loans Commercial: C&I $ 11,644,470 $ 260,089 $ 139,844 $ 10,415 $ 12,054,818 CRE 9,144,646 49,705 90,232 — 9,284,583 Multifamily residential 2,215,573 20,551 10,382 — 2,246,506 Construction and land 485,217 19,838 33,697 — 538,752 Total commercial 23,489,906 350,183 274,155 10,415 24,124,659 Consumer: Single-family residential 5,925,584 6,376 7,298 — 5,939,258 HELOCs 1,669,300 1,576 11,103 — 1,681,979 Other consumer 328,767 1 2,502 — 331,270 Total consumer 7,923,651 7,953 20,903 — 7,952,507 Total $ 31,413,557 $ 358,136 $ 295,058 $ 10,415 $ 32,077,166 The following tables present the credit risk ratings for PCI loans by portfolio segment as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Pass/Watch Special Mention Substandard Doubtful Total PCI Loans Commercial: C&I $ 1,877 $ — $ — $ — $ 1,877 CRE 127,083 6 18,762 — 145,851 Multifamily residential 23,856 — 738 — 24,594 Construction and land 41 — — — 41 Total commercial 152,857 6 19,500 — 172,363 Consumer: Single-family residential 89,623 764 867 — 91,254 HELOCs 6,868 — 382 — 7,250 Total consumer 96,491 764 1,249 — 98,504 Total (1) $ 249,348 $ 770 $ 20,749 $ — $ 270,867 ($ in thousands) December 31, 2018 Pass/Watch Special Mention Substandard Doubtful Total PCI Loans Commercial: C&I $ 1,996 $ — $ 156 $ — $ 2,152 CRE 146,057 — 19,195 — 165,252 Multifamily residential 33,003 — 1,523 — 34,526 Construction and land 42 — — — 42 Total commercial 181,098 — 20,874 — 201,972 Consumer: Single-family residential 95,789 1,021 386 — 97,196 HELOCs 8,314 256 285 — 8,855 Total consumer 104,103 1,277 671 — 106,051 Total (1) $ 285,201 $ 1,277 $ 21,545 $ — $ 308,023 (1) Loans net of ASC 310-30 discount. Nonaccrual and Past Due Loans Non-PCI loans that are 90 or more days past due are generally placed on nonaccrual status, unless the loan is well-collateralized or guaranteed by government agencies, and in the process of collection. Non-PCI loans that are less than 90 days past due but have identified deficiencies, such as when the full collection of principal or interest becomes uncertain, are also placed on nonaccrual status. The following tables present the aging analysis on non-PCI loans as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Accruing Loans 30-59 Days Past Due Accruing Loans 60-89 Days Past Due Total Accruing Past Due Loans Nonaccrual Loans Less Than 90 Days Past Due Nonaccrual Loans 90 or More Days Past Due Total Nonaccrual Loans Current Accruing Loans Total Non-PCI Loans Commercial: C&I $ 11,878 $ 6,176 $ 18,054 $ 36,208 $ 36,942 $ 73,150 $ 12,309,886 $ 12,401,090 CRE 11,099 70 11,169 3,038 17,876 20,914 9,690,499 9,722,582 Multifamily residential 386 — 386 1,013 14 1,027 2,346,338 2,347,751 Construction and land — — — — — — 674,757 674,757 Total commercial 23,363 6,246 29,609 40,259 54,832 95,091 25,021,480 25,146,180 Consumer: Single-family residential 18,052 2,397 20,449 712 12,363 13,075 6,370,104 6,403,628 HELOCs 6,116 4,968 11,084 57 7,287 7,344 1,549,472 1,567,900 Other consumer 4 14 18 — 2,504 2,504 339,280 341,802 Total consumer 24,172 7,379 31,551 769 22,154 22,923 8,258,856 8,313,330 Total $ 47,535 $ 13,625 $ 61,160 $ 41,028 $ 76,986 $ 118,014 $ 33,280,336 $ 33,459,510 ($ in thousands) December 31, 2018 Accruing Loans 30-59 Days Past Due Accruing Loans 60-89 Days Past Due Total Accruing Past Due Loans Nonaccrual Loans Less Than 90 Days Past Due Nonaccrual Loans 90 or More Days Past Due Total Nonaccrual Loans Current Accruing Loans Total Commercial: C&I $ 21,032 $ 19,170 $ 40,202 $ 17,097 $ 26,743 $ 43,840 $ 11,970,776 $ 12,054,818 CRE 7,740 — 7,740 3,704 20,514 24,218 9,252,625 9,284,583 Multifamily residential 4,174 — 4,174 1,067 193 1,260 2,241,072 2,246,506 Construction and land 207 — 207 — — — 538,545 538,752 Total commercial 33,153 19,170 52,323 21,868 47,450 69,318 24,003,018 24,124,659 Consumer: Single-family residential 14,645 7,850 22,495 509 4,750 5,259 5,911,504 5,939,258 HELOCs 2,573 1,816 4,389 1,423 7,191 8,614 1,668,976 1,681,979 Other consumer 11 12 23 — 2,502 2,502 328,745 331,270 Total consumer 17,229 9,678 26,907 1,932 14,443 16,375 7,909,225 7,952,507 Total $ 50,382 $ 28,848 $ 79,230 $ 23,800 $ 61,893 $ 85,693 $ 31,912,243 $ 32,077,166 For information on the policy for recording payments received and resuming accrual of interest on non-PCI loans that are placed on nonaccrual status, see Note 1 — Summary of Significant Accounting Policies — Loans Held-for-Investment to the Consolidated Financial Statements of the Company’s 2018 Form 10-K. PCI loans are excluded from the above aging analysis tables as the Company has elected to account for these loans on a pool level basis under ASC 310-30 at the time of acquisition. Refer to the discussion on PCI loans within this Note for additional details on interest income recognition. As of June 30, 2019 and December 31, 2018 , PCI loans on nonaccrual status totaled $3.5 million and $4.0 million , respectively. Loans in Process of Foreclosure The Company commences the foreclosure process on consumer mortgage loans when a borrower becomes 120 days delinquent in accordance with Consumer Finance Protection Bureau guidelines. As of June 30, 2019 and December 31, 2018 , consumer mortgage loans of $5.8 million and $3.0 million , respectively, were secured by residential real estate properties, for which formal foreclosure proceedings were in process in accordance with local requirements of the applicable jurisdictions. As of both June 30, 2019 and December 31, 2018 , no foreclosed residential real estate property was included in total net OREO of $130 thousand and $133 thousand , respectively. Troubled Debt Restructurings Potential troubled debt restructurings (“TDRs”) are individually evaluated and the type of restructuring is selected based on the loan type and the circumstances of the borrower’s financial difficulty. A TDR is a modification of the terms of a loan when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that it would not have otherwise considered. The following tables present the additions to non-PCI TDRs for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Loans Modified as TDRs During the Three Months Ended June 30, 2019 2018 Number Pre- Modification Post- Modification (1) Financial (2) Number Pre- Modification Post- Modification (1) Financial (2) Commercial: C&I 6 $ 48,099 $ 48,054 $ 5,869 — $ — $ — $ — CRE — $ — $ — $ — 1 $ 750 $ 837 $ — Consumer: Single-family residential 1 $ 220 $ 219 $ — 2 $ 405 $ 404 $ (26 ) HELOCs — $ — $ — $ — 2 $ 1,546 $ 1,536 $ — ($ in thousands) Loans Modified as TDRs During the Six Months Ended June 30, 2019 2018 Number Pre- Modification Post- Modification (1) Financial (2) Number Pre- Modification Post- Modification (1) Financial (2) Commercial: C&I 9 $ 77,250 $ 77,486 $ 5,929 — $ — $ — $ — CRE — $ — $ — $ — 1 $ 750 $ 837 $ — Consumer: Single-family residential 1 $ 220 $ 219 $ — 2 $ 405 $ 404 $ (26 ) HELOCs — $ — $ — $ — 2 $ 1,546 $ 1,536 $ — (1) Includes subsequent payments after modification and reflects the balance as of June 30, 2019 and 2018 . (2) The financial impact includes increases in charge-offs and specific reserves recorded at the modification date. The following tables present the non-PCI TDR post-modification outstanding balances for the three and six months ended June 30, 2019 and 2018 by modification type: ($ in thousands) Modification Type During the Three Months Ended June 30, 2019 2018 Principal (1) Interest Other (2) Total Principal (1) Interest Other Total Commercial: C&I $ 9,909 $ — $ 38,145 $ 48,054 $ — $ — $ — $ — CRE — — — — — 837 — 837 Total commercial 9,909 — 38,145 48,054 — 837 — 837 Consumer: Single-family residential — — 219 219 65 — 339 404 HELOCs — — — — 1,464 — 72 1,536 Total consumer — — 219 219 1,529 — 411 1,940 Total $ 9,909 $ — $ 38,364 $ 48,273 $ 1,529 $ 837 $ 411 $ 2,777 ($ in thousands) Modification Type During the Six Months Ended June 30, 2019 2018 Principal (1) Interest Other (2) Total Principal (1) Interest Other Total Commercial: C&I $ 39,341 $ — $ 38,145 $ 77,486 $ — $ — $ — $ — CRE — — — — — 837 — 837 Total commercial 39,341 — 38,145 77,486 — 837 — 837 Consumer: Single-family residential — — 219 219 65 — 339 404 HELOCs — — — — 1,464 — 72 1,536 Total consumer — — 219 219 1,529 — 411 1,940 Total $ 39,341 $ — $ 38,364 $ 77,705 $ 1,529 $ 837 $ 411 $ 2,777 (1) Includes forbearance payments, term extensions and principal deferments that modify the terms of the loan from principal and interest payments to interest payments only. (2) Includes funding to secure additional collateral and provides liquidity to collateral-dependent C&I loans. Subsequent to restructuring, if a TDR that becomes delinquent, generally beyond 90 days past due, it is considered to be in default. Because TDRs are individually evaluated for impairment under the specific reserve methodology, subsequent defaults do not generally have a significant additional impact on the allowance for loan losses. The following tables present information on loans modified as TDRs within the previous 12 months, which have subsequently defaulted during the three and six months ended June 30, 2019 and 2018 , and were still in default at the respective period end: ($ in thousands) Loans Modified as TDRs that Subsequently Defaulted During the Three Months Ended June 30, 2019 2018 Number of Recorded Number of Recorded Commercial: C&I 1 $ 1,484 — $ — ($ in thousands) Loans Modified as TDRs that Subsequently Defaulted During the Six Months Ended June 30, 2019 2018 Number of Recorded Number of Recorded Commercial: C&I 1 $ 1,484 — $ — The amount of additional funds committed to lend to borrowers whose terms have been modified was $3.9 million and $3.9 million as of June 30, 2019 and December 31, 2018 , respectively. Impaired Loans The following tables present information on non-PCI impaired loans as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Unpaid Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Commercial: C&I $ 163,004 $ 105,843 $ 37,277 $ 143,120 $ 14,137 CRE 33,071 25,351 1,594 26,945 134 Multifamily residential 5,761 2,402 2,851 5,253 64 Total commercial 201,836 133,596 41,722 175,318 14,335 Consumer: Single-family residential 22,234 3,940 16,950 20,890 48 HELOCs 9,972 4,775 5,158 9,933 5 Other consumer 2,504 — 2,504 2,504 2,500 Total consumer 34,710 8,715 24,612 33,327 2,553 Total non-PCI impaired loans $ 236,546 $ 142,311 $ 66,334 $ 208,645 $ 16,888 ($ in thousands) December 31, 2018 Unpaid Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Commercial: C&I $ 82,963 $ 48,479 $ 8,609 $ 57,088 $ 1,219 CRE 36,426 28,285 2,067 30,352 208 Multifamily residential 6,031 2,949 2,611 5,560 75 Total commercial 125,420 79,713 13,287 93,000 1,502 Consumer: Single-family residential 14,670 2,552 10,908 13,460 34 HELOCs 10,035 5,547 4,409 9,956 5 Other consumer 2,502 — 2,502 2,502 2,491 Total consumer 27,207 8,099 17,819 25,918 2,530 Total non-PCI impaired loans $ 152,627 $ 87,812 $ 31,106 $ 118,918 $ 4,032 The following table presents the average recorded investment and interest income recognized on non-PCI impaired loans for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Average Recognized Interest Income (1) Average Recognized Interest Income (1) Average Recorded Investment Recognized Interest Income (1) Average Recognized Interest Income (1) Commercial: C&I $ 182,689 $ 1,081 $ 103,767 $ 95 $ 189,553 $ 1,816 $ 112,193 $ 357 CRE 29,241 135 34,547 116 31,456 249 35,602 259 Multifamily residential 5,852 61 9,358 52 5,883 121 11,141 134 Construction and land — — 3,973 — — — 3,973 — Total commercial 217,782 1,277 151,645 263 226,892 2,186 162,909 750 Consumer: Single-family residential 23,247 129 18,852 115 24,865 258 19,331 228 HELOCs 13,564 38 9,496 18 15,321 56 10,897 33 Other consumer 2,515 — 2,491 — 2,526 — 2,491 — Total consumer 39,326 167 30,839 133 42,712 314 32,719 261 Total non-PCI impaired loans $ 257,108 $ 1,444 $ 182,484 $ 396 $ 269,604 $ 2,500 $ 195,628 $ 1,011 (1) Includes interest income recognized on accruing non-PCI TDRs. Interest payments received on nonaccrual non-PCI loans are reflected as a reduction to principal, not as interest income. Allowance for Credit Losses The following table presents a summary of activities in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Non-PCI Loans Allowance for non-PCI loans, beginning of period $ 317,880 $ 297,607 $ 311,300 $ 287,070 Provision for loan losses on non-PCI loans 20,740 15,139 41,388 35,072 Gross charge-offs: Commercial: C&I (11,745 ) (13,534 ) (28,989 ) (31,979 ) Consumer: Single-family residential — — — (1 ) Other consumer (14 ) (162 ) (28 ) (179 ) Total gross charge-offs (11,759 ) (13,696 ) (29,017 ) (32,159 ) Gross recoveries: Commercial: C&I 1,713 1,151 3,964 8,430 CRE 1,837 2 2,059 429 Multifamily residential 53 1,061 334 1,394 Construction and land 439 258 502 693 Consumer: Single-family residential 72 629 74 813 HELOCs — — 2 — Other consumer 7 — 7 1 Total gross recoveries 4,121 3,101 6,942 11,760 Net charge-offs (7,638 ) (10,595 ) (22,075 ) (20,399 ) Foreign currency translation adjustments (362 ) (640 ) 7 (232 ) Allowance for non-PCI loans, end of period 330,620 301,511 330,620 301,511 PCI Loans Allowance for PCI loans, beginning of period 14 47 22 58 Reversal of loan losses on PCI loans (9 ) (8 ) (17 ) (19 ) Allowance for PCI loans, end of period 5 39 5 39 Allowance for loan losses $ 330,625 $ 301,550 $ 330,625 $ 301,550 For further information on accounting policies and the methodologies used to estimate the allowance for credit losses and loan charge-offs, see Note 1 — Summary of Significant Accounting Policies — Allowance for Credit Losses to the Consolidated Financial Statements of the Company’s 2018 Form 10-K. The following table presents a summary of activities in the allowance for unfunded credit reserves for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Allowance for unfunded credit reserves, beginning of period $ 14,505 $ 13,614 $ 12,566 $ 13,318 (Reversal of) provision for unfunded credit reserves (1,486 ) 405 453 701 Allowance for unfunded credit reserves, end of period $ 13,019 $ 14,019 $ 13,019 $ 14,019 The allowance for unfunded credit reserves is maintained at a level management believes to be sufficient to absorb estimated probable losses related to unfunded credit facilities. The allowance for unfunded credit reserves is included in Accrued expenses and other liabilities on the Consolidated Balance Sheet. See Note 12 — Commitments and Contingencies to the Consolidated Financial Statements in this Form 10-Q for additional information related to unfunded credit reserves. The following tables present the Company’s allowance for loan losses and recorded investments by portfolio segment and impairment methodology as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Commercial Consumer Total C&I CRE Multifamily Residential Construction and Land Single- Family Residential HELOCs Other Consumer Allowance for loan losses Individually evaluated for impairment $ 14,137 $ 134 $ 64 $ — $ 48 $ 5 $ 2,500 $ 16,888 Collectively evaluated for impairment 191,366 40,378 18,510 22,961 32,715 6,172 1,630 313,732 Acquired with deteriorated credit quality — 5 — — — — — 5 Total $ 205,503 $ 40,517 $ 18,574 $ 22,961 $ 32,763 $ 6,177 $ 4,130 $ 330,625 Recorded investment in loans Individually evaluated for impairment $ 143,120 $ 26,945 $ 5,253 $ — $ 20,890 $ 9,933 $ 2,504 $ 208,645 Collectively evaluated for impairment 12,257,970 9,695,637 2,342,498 674,757 6,382,738 1,557,967 339,298 33,250,865 Acquired with deteriorated credit quality (1) 1,877 145,851 24,594 41 91,254 7,250 — 270,867 Total (1) $ 12,402,967 $ 9,868,433 $ 2,372,345 $ 674,798 $ 6,494,882 $ 1,575,150 $ 341,802 $ 33,730,377 ($ in thousands) December 31, 2018 Commercial Consumer Total C&I CRE Multifamily Residential Construction and Land Single- Family Residential HELOCs Other Consumer Allowance for loan losses Individually evaluated for impairment $ 1,219 $ 208 $ 75 $ — $ 34 $ 5 $ 2,491 $ 4,032 Collectively evaluated for impairment 190,121 38,823 19,208 20,282 31,306 5,769 1,759 307,268 Acquired with deteriorated credit quality — 22 — — — — — 22 Total $ 191,340 $ 39,053 $ 19,283 $ 20,282 $ 31,340 $ 5,774 $ 4,250 $ 311,322 Recorded investment in loans Individually evaluated for impairment $ 57,088 $ 30,352 $ 5,560 $ — $ 13,460 $ 9,956 $ 2,502 $ 118,918 Collectively evaluated for impairment 11,997,730 9,254,231 2,240,946 538,752 5,925,798 1,672,023 328,768 31,958,248 Acquired with deteriorated credit quality (1) 2,152 165,252 34,526 42 97,196 8,855 — 308,023 Total (1) $ 12,056,970 $ 9,449,835 $ 2,281,032 $ 538,794 $ 6,036,454 $ 1,690,834 $ 331,270 $ 32,385,189 (1) Loans net of ASC 310-30 discount. Purchased Credit-Impaired Loans At the date of acquisition, PCI loans are pooled and accounted for at fair value, which represents the discounted value of the expected cash flows of the loan portfolio. A pool is accounted for as a single asset with a single interest rate, cumulative loss rate and cash flows expectation. The cash flows expected over the life of the pools are estimated by an internal cash flows model that projects cash flows and calculates the carrying values of the pools, book yields, effective interest income and impairment, if any, based on pool level events. Assumptions as to cumulative loss rates, loss curves and prepayment speeds are utilized to calculate the expected cash flows. The amount of expected cash flows over the initial investment in the loan represents the “accretable yield,” which is recognized as interest income on a level yield basis over the life of the loan. Projected loss rates and prepayment speeds affect the estimated life of PCI loans, which may change the amount of interest income, and possibly principal, expected to be collected. The excess of total contractual cash flows over the cash flows expected to be collected at acquisition, considering the impact of prepayments, is referred to as the “nonaccretable difference.” The following table presents the changes in accretable yield for PCI loans for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Accretable yield for PCI loans, beginning of period $ 68,861 $ 95,864 $ 74,870 $ 101,977 Accretion (5,806 ) (11,084 ) (12,007 ) (20,218 ) Changes in expected cash flows 998 272 1,190 3,293 Accretable yield for PCI loans, end of period $ 64,053 $ 85,052 $ 64,053 $ 85,052 Loans Held-for-Sale At the time of commitment to originate or purchase a loan, the loan is determined to be held for investment if it is the Company’s intent to hold the loan to maturity or for the “foreseeable future,” subject to periodic reviews under the Company’s evaluation processes, including asset/liability and credit risk management. When the Company subsequently changes its intent to hold certain loans, the loans are transferred from held-for-investment to held-for-sale at the lower of cost or fair value. As of June 30, 2019 , loans held-for-sale of $3.9 million were comprised of C&I loans. In comparison, as of December 31, 2018 , loans held-for-sale of $275 thousand consisted of single-family residential loans. Loan Purchases, Transfers and Sales The Company purchases and sells loans in the secondary market in the ordinary course of business. From time to time, purchased loans may be transferred from held-for-investment to held-for-sale, and write-downs to allowance for loan losses are recorded, when appropriate. The following tables present information about loan purchased for the held-for-investment portfolio, reclassification of loans from held-for-investment to held-for-sale, and sales during the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, 2019 Commercial Consumer Total C&I CRE Multifamily Construction Single-Family Loans transferred from held-for-investment to held-for-sale (1) $ 79,593 $ — $ — $ 1,573 $ — $ 81,166 Sales (2)(3)(4) $ 76,031 $ — $ — $ 1,573 $ 1,172 $ 78,776 Purchases (5) $ 159,100 $ — $ 1,734 $ — $ 17,637 $ 178,471 ($ in thousands) Three Months Ended June 30, 2018 Commercial Consumer Total C&I CRE Multifamily Construction Single-Family Loans transferred from held-for-investment to held-for-sale (1) $ 99,449 $ 30,415 $ — $ — $ — $ 129,864 Sales (2)(3)(4) $ 140,326 $ 30,415 $ — $ — $ 8,175 $ 178,916 Purchases (5) $ 285,615 $ — $ 3,249 $ — $ 20,912 $ 309,776 ($ in thousands) Six Months Ended June 30, 2019 Commercial Consumer Total C&I CRE Multifamily Construction Single-Family Loans transferred from held-for-investment to held-for-sale (1) $ 155,166 $ 16,655 $ — $ 1,573 $ — $ 173,394 Sales (2)(3)(4) $ 151,677 $ 16,655 $ — $ 1,573 $ 3,614 $ 173,519 Purchases (5) $ 266,294 $ — $ 5,952 $ — $ 54,039 $ 326,285 ($ in thousands) Six Months Ended June 30, 2018 Commercial Consumer Total C&I CRE Multifamily Construction Single-Family Loans transferred from held-for-investment to held-for-sale (1) $ 245,840 $ 39,791 $ — $ — $ — $ 285,631 Sales (2)(3)(4) $ 242,691 $ 39,791 $ — $ — $ 10,721 $ 293,203 Purchases (5) $ 350,362 $ — $ 3,435 $ — $ 36,025 $ 389,822 (1) The Company recorded $317 thousand and $390 thousand in write-downs to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale and subsequently sold during the three and six months ended June 30, 2019 , respectively, and $13.3 million and $13.4 million during the same periods in 2018 , respectively. (2) Includes originated loans sold of $55.7 million and $132.2 million for the three and six months ended June 30, 2019 , respectively, and $103.5 million and $193.2 million during the same periods in 2018 , respectively. Originated loans sold during the three and six months ended June 30, 2019 were primarily C&I loans. In comparison, originated loans sold during the same periods in 2018 were primarily C&I and CRE loans. (3) Includes purchased loans sold in the secondary market of $23.1 million and $41.3 million for the three and six months ended June 30, 2019 , respectively, and $75.4 million and $100.0 million during the same periods in 2018 , respectively. (4) Net gains on sales of loans, excluding the lower of cost or fair value adjustments, were $15 thousand and $930 thousand for the three and six months ended June 30, 2019 , respectively, and $2.3 million and $3.9 million during the same periods in 2018 , respectively. No lower of cost or fair value adjustments were recorded for each of the three and six months ended June 30, 2019 and 2018 . (5) C&I loan purchases for each of the three and six months ended June 30, 2019 and 2018 were mainly comprised of C&I syndicated loans. |
Investments in Qualified Afford
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities | 6 Months Ended |
Jun. 30, 2019 | |
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net [Abstract] | |
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities | Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities The Community Reinvestment Act (“CRA”) encourages banks to meet the credit needs of their communities for housing and other purposes, particularly in low-and moderate- income neighborhoods. The Company invests in certain affordable housing projects in the form of ownership interests in limited partnerships or limited liability companies that qualify for CRA and tax credits. These entities are formed to develop and operate apartment complexes designed as high-quality affordable housing for lower income tenants throughout the U.S. To fully utilize the available tax credits, each of these entities must meet the regulatory affordable housing requirements for a minimum 15 -year compliance period to fully utilize the tax credits. In addition to affordable housing projects, the Company also invests in New Market Tax Credit projects that qualify for CRA credits, as well as eligible projects that qualify for renewable energy and historic tax credits. Investments in renewable energy tax credits help promote the development of renewable energy sources, and the investments in historic tax credits promote the rehabilitation of historic buildings and economic revitalization of the surrounding areas. Investments in Qualified Affordable Housing Partnerships, Net The Company records its investments in qualified affordable housing partnerships, net, using the proportional amortization method. Under the proportional amortization method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received, and recognizes the amortization in Income tax expense on the Consolidated Statement of Income. The following table presents the Company’s investments in qualified affordable housing partnerships, net, and related unfunded commitments as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 December 31, 2018 Investments in qualified affordable housing partnerships, net $ 198,466 $ 184,873 Accrued expenses and other liabilities — Unfunded commitments $ 83,785 $ 80,764 The following table presents additional information related to the Company’s investments in qualified affordable housing partnerships, net, for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Tax credits and other tax benefits recognized $ 11,506 $ 8,940 $ 23,332 $ 18,095 Amortization expense included in income tax expense $ 9,657 $ 6,700 $ 18,554 $ 13,773 Investments in Tax Credit and Other Investments, Net Depending on the ownership percentage and the influence the Company has on the investments in tax credit and other investments, net, the Company applies the equity or cost method of accounting, or the measurement alternative as elected under ASU 2016-01 for equity investments without readily determinable fair value. The following table presents the Company’s investments in tax credit and other investments, net, and related unfunded commitments as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 December 31, 2018 Investments in tax credit and other investments, net $ 210,387 $ 231,635 Accrued expenses and other liabilities — Unfunded commitments $ 73,369 $ 80,228 Amortization of tax credit and other investments was $16.7 million and $41.6 million , respectively, for the three and six months ended June 30, 2019 , as compared to $20.5 million and $37.9 million , respectively, for the same periods in 2018 . Included in Investments in tax credit and other investments, net , on the Consolidated Balance Sheet were equity securities with readily determinable fair values of $31.4 million and $31.2 million , as of June 30, 2019 and December 31, 2018 , respectively. These equity securities are CRA investments and were measured at fair value with changes in fair value recorded in net income. The Company recorded unrealized gains on these equity securities of $375 thousand and $767 thousand during the three and six months ended June 30, 2019 , respectively, and unrealized losses of $159 thousand and $613 thousand , respectively, for the same periods in 2018 . The Company invested in four solar energy tax credit funds in the years 2014, 2015, 2017 and 2018 as a limited member. These tax credit funds engaged in the acquisition and leasing of mobile solar generators through DC Solar entities. The Company’s investments in the DC Solar tax credit funds qualified for federal energy tax credit under Section 48 of the Internal Revenue Code of 1986, as amended. The Company also received a “should” level legal opinion from an external law firm supporting the legal structure of the investments for tax credit purposes. These investments were recorded in Investments in tax credit and other investments, net on the Consolidated Balance Sheet and were accounted for under the equity method of accounting. For reasons that were not known or knowable to the Company, DC Solar had its assets frozen in December 2018. DC Solar filed for bankruptcy protection in February 2019. In February 2019, an affidavit from a Federal Bureau of Investigation special agent stated that DC Solar was operating a fraudulent “Ponzi-like scheme” and that the majority of the mobile solar generators sold to investors and managed by DC Solar, as well as the majority of the related lease revenues claimed to have been received by DC Solar may not have existed. Tax credit investments are evaluated for possible OTTI on an annual basis or when events or changes in circumstances suggest that the carrying amount of the tax credit investments may not be realizable. Refer to Note 4 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-Q for a discussion on the Company’s impairment evaluation and monitoring process of tax credit investments. Investments in tax credit and other investments, net related to DC Solar tax credit investments was $7.0 million out of the $231.6 million as December 31, 2018. During the first quarter of 2019, the Company fully wrote off its tax credit investments related to DC Solar and recorded a $7.0 million OTTI charge within Amortization of tax credit and other investments on the Consolidated Statement of Income. The Company concluded that there would be no material future cash flows related to these investments, in part because of the fact that DC Solar has ceased operations and its bankruptcy case had been converted from Chapter 11 to Chapter 7 on March 22, 2019. There are no balances recorded in Accrued expenses and other liabilities — Unfunded commitments related to DC Solar as of June 30, 2019 and December 31, 2018 . Refer to Note 14 — Income Taxes to the Consolidated Financial Statements in this Form 10-Q for a further discussion related to the impacts on the Company’s income tax expense related to the DC solar tax credit investments. During the second quarter of 2019, the Company recorded an additional OTTI charge of $2.9 million related to a historic tax credit and a CRA investment within Amortization of tax credit and other investments on the Consolidated Statement of Income. Total OTTI charge was $2.9 million and $9.9 million for the three and six months ended June 30, 2019, respectively. There was no OTTI charge recorded for the three and six months ended June 30, 2018. Variable Interest Entities The Company invests in unconsolidated limited partnerships and similar entities that construct, own and operate affordable housing, historic rehabilitation projects, wind and solar projects, of which the majority of such investments are variable interest entities (“VIEs”). As a limited partner in these partnerships, these investments are designed to generate a return primarily through the realization of federal tax credits and tax benefits. An unrelated third party is typically the general partner or managing member who has control over the significant activities of such investments. While the Company’s interest in some of the investments may exceed 50% of the outstanding equity interests, the Company does not consolidate these structures due to the general partner or managing partner’s ability to manage the entity, which is indicative of power in them. The Company’s maximum exposure to loss in connection with these partnerships consists of the unamortized investment balance and any tax credits claimed that may become subject to recapture. Special purpose entities formed in connection with securitization transactions are generally considered VIEs. The Company is the servicer of the multifamily residential loans it has securitized in the first quarter of 2016. The Company does not consolidate the multifamily securitization entity because it does not have power and does not have a variable interest that could potentially be significant to the VIE . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill Total goodwill was $465.7 million and $465.5 million as of June 30, 2019 and December 31, 2018 , respectively. Goodwill represents the excess of the purchase price over the fair value of net assets acquired in an acquisition. The Company assesses goodwill for impairment at the reporting unit level (at the same level as the Company’s business segment) on an annual basis as of December 31 of each year, or more frequently if events or circumstances, such as adverse changes in the economic or business environment, indicate there may be impairment. The Company organizes its operation into three reporting segments: (1) Consumer and Business Banking; (2) Commercial Banking; and (3) Other. For information on how the reporting units are identified and components are aggregated, see Note 18 — Business Segments to the Consolidated Financial Statements in this Form 10-Q. There were no changes in the carrying amount of goodwill during the three months ended June 30, 2019 and 2018 . The following tables present changes in the carrying amount of goodwill by reporting unit during the six months ended June 30, 2019 and 2018 : ($ in thousands) Consumer Commercial Total Beginning balance, January 1, 2018 $ 357,207 $ 112,226 $ 469,433 Disposition of the DCB branches (3,886 ) — (3,886 ) Ending balance, June 30, 2018 $ 353,321 $ 112,226 $ 465,547 ($ in thousands) Consumer and Business Banking Commercial Banking Total Beginning balance, January 1, 2019 $ 353,321 $ 112,226 $ 465,547 Acquisition of Enstream Capital Markets, LLC — 150 150 Ending balance, June 30, 2019 $ 353,321 $ 112,376 $ 465,697 Impairment Analysis The Company performed its annual impairment analysis as of December 31, 2018 , and concluded that there was no goodwill impairment as the fair value of all reporting units exceeded the carrying amount of their respective reporting unit. There were no triggering events during the three and six months ended June 30, 2019 , and therefore, no additional goodwill impairment analysis was performed. No assurance can be given that goodwill will not be written down in future periods. Refer to Note 9 — Goodwill and Other Intangible Assets to the Consolidated Financial Statements of the Company’s 2018 Form 10-K for additional details related to the Company’s annual goodwill impairment analysis. Core Deposit Intangibles Core deposit intangibles represent the intangible value of depositor relationships resulting from deposit liabilities assumed in various acquisitions and are included in Other assets on the Consolidated Balance Sheet. These intangibles are tested for impairment on an annual basis, or more frequently as events occur or current circumstances and conditions warrant. There were no impairment write-downs on the core deposit intangibles for each of the three and six months ended June 30, 2019 and 2018 . Core deposit intangibles associated with the sale of the Bank’s DCB branches, which had with a net carrying amount of $1.0 million were written off in the first quarter of 2018. The following table presents the gross carrying amount of core deposit intangible assets and accumulated amortization as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 December 31, 2018 Gross balance (1) $ 86,099 $ 86,099 Accumulated amortization (1) (73,896 ) (71,570 ) Net carrying balance (1) $ 12,203 $ 14,529 (1) Excludes fully amortized core deposit intangible assets. Amortization Expense The Company amortizes the core deposit intangibles based on the projected useful lives of the related deposits. The amortization expense related to the core deposit intangible assets was $1.1 million and $1.4 million for the three months ended June 30, 2019 and 2018 , respectively, and $2.3 million and $2.9 million for the six months ended June 30, 2019 and 2018 , respectively . The following table presents the estimated future amortization expense of core deposit intangibles as of June 30, 2019 : ($ in thousands) Amount Remainder of 2019 $ 2,192 2020 3,634 2021 2,749 2022 1,865 2023 1,199 Thereafter 564 Total $ 12,203 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases On January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842) and subsequent related ASUs using the alternative transition method with a cumulative-effect adjustment to retained earnings without revising comparable prior periods’ financial information. As both a lessee and lessor, the Company elected the package of practical expedients available for leases that commenced before the adoption date. As such, the Company need not reassess: (1) whether any expired or existing contracts are or contain leases; (2) the lease classification for any expired or existing leases; and (3) the initial direct costs for any expired or existing leases, such as costs that would qualify for capitalization. The Company also elected the hindsight practical expedient to determine the lease term and to assess impairment on the Company’s right-of-use assets, and the practical expedient to not separate lease and non-lease components, consistently across all leases. Lessee Arrangements The Company determines if an arrangement is a lease or contains a lease at inception. As of June 30, 2019 , the Company was obligated under a number of non-cancellable leases, predominantly operating leases for certain retail banking branches and office spaces in the U.S. and Greater China. These operating leases expire in the years ranging from 2019 to 2030 , exclusive of renewal and termination options. Some of these leases include options to extend the leases for up to 15 years , while certain leases include lessee termination options. The Company's measurement of the operating lease liability and right-of-use asset does not include payments associated with the options to extend or terminate the lease since it is not reasonably certain that the Company will exercise the options. A portion of the operating leases includes variable lease payments, primarily based on the usage of the asset or the consumer price index ("CPI") as specified in the lease agreements. The Company does not remeasure lease liabilities as a result of changes to variable lease payments. The Company also has equipment and air rights finance leases which expire in the years ranging from 2021 to 2047 . The right-of-use assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company’s leases do not provide an implicit rate, the Company’s incremental borrowing rate based on the information available at the later of the adoption date or the lease commencement date is used to determine the present value of future payments. This approximates a collateralized borrowing rate over a similar term for an amount equal to the lease payments in a similar economic environment. The following table presents the lease related assets and liabilities recorded on the Consolidated Balance Sheet as of June 30, 2019 : ($ in thousands) Classification on the Consolidated Balance Sheet June 30, 2019 Assets: Operating lease assets Operating lease right-of use assets $ 109,032 Finance lease assets Premises and equipment 8,144 Total lease assets $ 117,176 Liabilities: Operating lease liabilities Operating lease liabilities $ 117,448 Finance lease liabilities Long-term debt and finance lease liabilities 5,540 Total lease liabilities $ 122,988 The following table presents the components of lease expense for operating and finance leases during the three and six months ended June 30, 2019 : ($ in thousands) Three Months Ended Six Months Ended Operating lease cost $ 8,770 $ 17,750 Finance lease cost: Amortization of right-of-use assets 280 482 Interest on lease liabilities 41 87 Variable lease cost 32 62 Sublease income (49 ) (81 ) Net lease cost $ 9,074 $ 18,300 The following table presents the supplemental cash flow information related to leases during the three and six months ended June 30, 2019 : ($ in thousands) Three Months Ended Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,806 $ 17,981 Operating cash flows from finance leases $ 41 $ 87 Financing cash flows from finance leases $ 218 $ 435 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 11,489 $ 15,167 Financing leases $ 226 $ 226 The following table presents the weighted average remaining lease terms and discount rates related to leases as of June 30, 2019 : June 30, 2019 Weighted-average remaining lease term (in years): Operating leases 4.7 Finance leases 15.9 Weighted-average discount rate: Operating leases 3.19 % Finance leases 2.99 % The following table presents a maturity analysis of the Company’s operating and finance lease liabilities as of June 30, 2019 : ($ in thousands) Operating Leases Finance Leases Remainder of 2019 $ 17,575 $ 519 2020 32,208 1,035 2021 27,642 1,030 2022 17,843 690 2023 10,807 402 Thereafter 20,614 3,462 Total minimum lease payments $ 126,689 $ 7,138 Less: imputed interest (9,241 ) (1,598 ) Present value of lease liabilities $ 117,448 $ 5,540 Lessor Arrangements The Company finances equipment under direct financing and sales-type leases to its commercial customers. As of June 30, 2019 , the total net investment in direct financing and sales-type leases was $153.3 million with expiration in the years ranging from 2019 to 2027 , exclusive of renewal options. Some of the leases include options to extend the leases for up to one year and some include early buyout options. As the Company is not reasonably certain at lease commencement that the purchase options will be exercised by the lessees, the lease terms exclude the purchase option. The unguaranteed residual value is recorded at the present value of the amount the Company expects to derive from the underlying asset following the end of the lease term, which is not guaranteed by the lessee or any third party, discounted using the rate implicit in the lease. In certain cases, the Company obtains residual value insurance from third parties and/or guarantees from the lessee to manage the risk associated with the residual value of the leased assets. The carrying amount of guaranteed residual value, which was included in Loans held-for-investment on the Consolidated Balance Sheet, was $31.5 million as of June 30, 2019 . The following table presents the components of the net investment in direct financing and sales-type leases as of June 30, 2019 : ($ in thousands) June 30, 2019 Lease receivables $ 138,752 Unguaranteed residual assets 14,580 Net investment in direct financing and sales-type leases $ 153,332 The lease income for direct financing leases was $1.5 million and $3.0 million for three and six months ended June 30, 2019 , respectively. The following table presents future minimum lease payments that are expected to be received under the direct financing and sales-type leases as of June 30, 2019 : ($ in thousands) Direct Financing and Sales-Type Leases Remainder of 2019 $ 14,038 2020 27,566 2021 25,584 2022 18,190 2023 11,995 Thereafter 20,342 Total minimum lease payments $ 117,715 Less: imputed interest (11,917 ) Present value of lease receivables $ 105,798 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments to Extent Credit — In the normal course of business, the Company provides customers loan commitments on predetermined terms. These outstanding commitments to extend credit are not reflected in the accompanying Consolidated Financial Statements. While the Company does not anticipate losses as a result of these transactions, commitments to extend credit are included in determining the appropriate level of the allowance for unfunded commitments, and outstanding commercial and standby letters of credit (“ SBLCs”). The following table presents the Company’s credit-related commitments as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 December 31, 2018 Loan commitments $ 5,391,182 $ 5,147,821 Commercial letters of credit and SBLCs $ 1,830,902 $ 1,796,647 Loan commitments are agreements to lend to customers provided that there are no violations of any conditions established in the agreement. Commitments generally have fixed expiration dates or other termination clauses and may require maintenance of compensatory balances. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future funding requirements. Commercial letters of credit are issued to facilitate domestic and foreign trade transactions, while SBLCs are generally contingent upon the failure of the customers to perform according to the terms of the underlying contract with the third party. As a result, the total contractual amounts do not necessarily represent future funding requirements. The Company’s historical experience is that SBLCs typically expire without being funded. Additionally, in many cases, the Company holds collateral in various forms against these SBLCs. As part of its risk management activities, the Company monitors the creditworthiness of customers in conjunction with its SBLC exposure. Customers are obligated to reimburse the Company for any payment made on the customers’ behalf. If the customers fail to pay, the Company would, as applicable, liquidate the collateral and/or offset accounts. As of June 30, 2019 , total letters of credit of $1.83 billion consisted of SBLCs in the amount of $1.77 billion and commercial letters of credit in the amount of $62.0 million . The Company applies the same credit underwriting criteria to extend loans, commitments and conditional obligations to customers. Each customer’s creditworthiness is evaluated on a case-by-case basis. Collateral and financial guarantees may be obtained based on management’s assessment of a customer’s credit. Collateral may include cash, accounts receivable, inventory, property, plant and equipment, and income-producing commercial property. Estimated exposure to loss from these commitments is included in the allowance for unfunded credit reserves, and amounted to $12.9 million as of June 30, 2019 and $12.4 million as of December 31, 2018 . These amounts are included in Accrued expenses and other liabilities on the Consolidated Balance Sheet. Guarantees — The Company sells or securitizes single-family and multifamily residential loans with recourse in the ordinary course of business. The recourse component in the loans sold or securitized with recourse is considered a guarantee. As the guarantor, the Company is obligated to repurchase up to the recourse component of the loans if the loans default. The following table presents the types of guarantees the Company had outstanding as of June 30, 2019 and December 31, 2018 : ($ in thousands) Maximum Potential Carrying Value June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Single-family residential loans sold or securitized with recourse $ 14,771 $ 16,700 $ 14,771 $ 16,700 Multifamily residential loans sold or securitized with recourse 16,468 17,058 54,757 69,974 Total $ 31,239 $ 33,758 $ 69,528 $ 86,674 The Company’s recourse reserve related to these guarantees is included in the allowance for unfunded credit reserves and totaled $88 thousand and $123 thousand as of June 30, 2019 and December 31, 2018 , respectively. The allowance for unfunded credit reserves is included in Accrued expenses and other liabilities on the Consolidated Balance Sheet. The Company continues to experience minimal losses from the single-family and multifamily residential loan portfolios sold or securitized with recourse. Litigation — The Company is a party to various legal actions arising in the course of its business. In accordance with ASC 450, Contingencies, the Company accrues reserves for outstanding lawsuits, claims and proceedings when a loss contingency is probable and can be reasonably estimated. The Company estimates the amount of loss contingencies using current available information from legal proceedings, advice from legal counsel and available insurance coverage. Due to the inherent subjectivity of the assessments and unpredictability of the outcomes of the legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to the Company from the legal proceedings in question. Thus, the Company’s exposure and ultimate losses may be higher, and possibly significantly more than the amounts accrued. Other Commitments — The Company has commitments to invest in qualified affordable housing partnerships, tax credit and other investments as discussed in Note 9 — Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities to the Consolidated Financial Statements in this Form 10-Q. As of June 30, 2019 and December 31, 2018 , these commitments were $157.2 million and $161.0 million , respectively. These commitments are included in Accrued expenses and other liabilities on the Consolidated Balance Sheet. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers The following tables present revenue from contracts with customers within the scope of ASC 606, Revenue from Contracts with Customers , and other noninterest income, segregated by operating segments for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, 2019 Consumer Commercial Other Total Noninterest income: Revenue from contracts with customers: Deposit account fees: Deposit service charges and related fee income $ 5,397 $ 3,299 $ 10 $ 8,706 Card income 928 154 — 1,082 Wealth management fees 3,565 235 — 3,800 Total revenue from contracts with customers $ 9,890 $ 3,688 $ 10 $ 13,588 Other sources of noninterest income (1) 4,613 29,968 4,590 39,171 Total noninterest income $ 14,503 $ 33,656 $ 4,600 $ 52,759 ($ in thousands) Three Months Ended June 30, 2018 Consumer Commercial Other Total Noninterest income: Revenue from contracts with customers: Deposit account fees: Deposit service charges and related fee income $ 5,738 $ 3,000 $ 248 $ 8,986 Card income 933 221 — 1,154 Wealth management fees 4,501 — — 4,501 Total revenue from contracts with customers $ 11,172 $ 3,221 $ 248 $ 14,641 Other sources of noninterest income (1) 3,413 27,523 2,691 33,627 Total noninterest income $ 14,585 $ 30,744 $ 2,939 $ 48,268 ($ in thousands) Six Months Ended June 30, 2019 Consumer Commercial Other Total Noninterest income: Revenue from contracts with customers: Deposit account fees: Deposit service charges and related fee income $ 10,630 $ 6,573 $ 26 $ 17,229 Card income 1,861 339 — 2,200 Wealth management fees 7,271 341 — 7,612 Total revenue from contracts with customers $ 19,762 $ 7,253 $ 26 $ 27,041 Other sources of noninterest income (1) 8,513 50,947 8,389 67,849 Total noninterest income $ 28,275 $ 58,200 $ 8,415 $ 94,890 ($ in thousands) Six Months Ended June 30, 2018 Consumer Commercial Other Total Noninterest income: Revenue from contracts with customers: Deposit account fees: Deposit service charges and related fee income $ 11,752 $ 6,014 $ 406 $ 18,172 Card income 2,003 395 — 2,398 Wealth management fees 7,297 157 — 7,454 Total revenue from contracts with customers $ 21,052 $ 6,566 $ 406 $ 28,024 Other sources of noninterest income (1) 37,981 51,616 5,091 94,688 Total noninterest income $ 59,033 $ 58,182 $ 5,497 $ 122,712 (1) Primarily represents revenue from contracts with customers that are out of the scope of ASC 606, Revenue from Contracts with Customers . Generally, the Company recognizes revenue from contracts with customers when it satisfies its performance obligations. The Company’s performance obligations are typically satisfied as services are rendered. The Company generally records contract liabilities, or deferred revenue, when payments from customers are received or due in advance of providing services. The Company records contract assets when services are provided to customers before payment is received or before payment is due. Since the Company receives payments for its services during the period or at the time services are provided, there were no contract asset or receivable balances as of both June 30, 2019 and December 31, 2018 . The major revenue streams by fee type that are within the scope of ASC 606 presented in the above tables are described in additional detail below: Deposit Account Fees — Deposit Service Charges and Related Fee Income The Company offers a range of deposit products to individuals and businesses, which include savings, money market, checking and time deposit accounts. The deposit account services include ongoing account maintenance, as well as certain optional services such as automated teller machine usage, wire transfer services or check orders. In addition, treasury management and business account analysis services are offered to commercial deposit customers. The monthly account fees may vary with the amount of average monthly deposit balances maintained, or the Company may charge a fixed monthly account maintenance fee if certain average balances are not maintained. In addition, each time a deposit customer selects an optional service, the Company may earn transactional fees, generally recognized by the Company at the point in time when the transaction occurs. For business analysis accounts, commercial deposit customers receive an earnings credit based on their account balance, which can be used to offset the cost of banking and treasury management services. Business analysis accounts that are assessed fees in excess of earnings credits received are typically charged at the end of each month, after all transactions are known and the credits are calculated. Deposit Account Fees — Card Income Card income is comprised of merchant referral fees and interchange income. For merchant referral fees, the Company provides marketing and referral services to acquiring banks for merchant card processing services and earns variable referral fees based on transaction activities. The Company satisfies its performance obligation over time as the Company identifies, solicits, and refers business customers who are provided such services. The Company receives monthly fees net of consideration it pays to the acquiring bank performing the merchant card processing services. The Company recognizes revenue on a monthly basis when the uncertainty associated with the variable referral fees is resolved after the Company receives monthly statements from the acquiring bank. For interchange income, the Company, as a card issuer, has a stand ready performance obligation to authorize, clear, and settle card transactions. The Company earns or pays interchange fees, which are percentage-based on each transaction, and based on rates published by the corresponding payment network for transactions processed using their network. The Company measures its progress toward the satisfaction of its performance obligation over time, as services are rendered, and the Company provides continuous access to this service and settles transactions as its customer, the payment network, requires. Interchange income is presented net of direct costs paid to the customer and entities in their distribution chain, which are transaction-based expenses such as rewards program expenses and certain network costs. Revenue is recognized when the net profit is determined by the payment networks at the end of each day. Wealth Management Fees The Company employs financial consultants to provide investment planning services for customers including wealth management services, asset allocation strategies, portfolio analysis and monitoring, investment strategies, and risk management strategies. The fees the Company earns are variable and are generally received monthly. The Company recognizes revenue for the services performed at quarter-end based on actual transaction details received from the broker-dealer the Company engages. Practical Expedients and Exemptions The Company applies the practical expedient in ASC 606-10-50-14 and does not disclose the value of unsatisfied performance obligations. This is because the Company’s contracts with customers generally have a term that is less than one year, are open-ended with a cancellation period that is less than one year, or allow the Company to recognize revenue in the amount to which the Company has the right to invoice. In addition, given the short-term nature of the contracts, the Company also applies the practical expedient in ASC 606-10-32-18 and does not adjust the consideration from customers for the effects of a significant financing component, if at contract inception the period between when the entity transfers the goods or services and when the customer pays for that good or service is one year or less. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table presents the income tax expense and the effective tax rate for the three and six months ended June 30, 2019 and 2018: ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 % Change 2019 2018 % Change Income before income taxes $ 223,177 $ 196,992 13 % $ 418,268 $ 408,776 2 % Income tax expense $ 72,797 $ 24,643 195 % $ 103,864 $ 49,395 110 % Effective tax rate 32.6 % 12.5 % 20 % 24.8 % 12.1 % 13 % The effective tax rates were 32.6% and 24.8% for the three and six months ended June 30, 2019 , respectively, compared to 12.5% and 12.1% for the same periods in 2018 . The year-over-year increases in the effective tax rate were primarily due to the $30.1 million of additional income tax expense recorded in the second quarter of 2019 to reverse certain previously claimed tax credits related to the Company’s investment in DC Solar. In addition, a year-over-year decrease in tax credits recognized from investments in renewable energy and historic rehabilitation tax credit projects contributed to the higher effective tax rates during three and six months ended June 30, 2019 . Investors in DC Solar funds, including the Company, received tax credits for making these renewable energy investments. The Company had claimed tax credits of approximately $53.9 million in the Consolidated Financial Statements between 2014 and 2018, reduced by a deferred tax liability of $5.7 million related to the 50% tax basis reduction, for a net impact to the Consolidated Financial Statements of $48.2 million . During the three months ended June 30, 2019, the Company reversed $33.6 million out of the $53.9 million previously claimed tax credits, and $3.5 million out of the $5.7 million deferred tax liability, resulting in $30.1 million of additional income tax expense. ASC 740-10-25-6 states in part, that an entity shall initially recognize the financial statement effects of a tax position when it is more-likely-than-not, based on the technical merits, that the position will be sustained upon examination. The term “more-likely-than-not” means a likelihood of more than 50 percent; the terms “examined” and “upon examination” also include resolution of the related appeals or litigation processes, if any. The level of evidence that is necessary and appropriate to support the technical merits of a tax position is subject to judgment and depends on available information as of the balance sheet date. Under ASC 740, Income Taxes , an entity should not consider new information that is received after the balance sheet date, when evaluating an uncertain tax position as of the balance sheet date. Based on the available information known as of December 31, 2018 and March 31, 2019, the Company reassessed the technical merits of the position taken and concluded, based on initial and ongoing due diligence performed by the Company, it believed that the DC Solar related tax credits the Company had previously claimed continued to meet the more-likely-than-not criterion for recognition as of those dates. During the first quarter of 2019, the Company, in coordination with other fund investors, engaged an unaffiliated third party inventory firm to report on the actual number of mobile solar generators in existence. As of June 30, 2019, based on the latest inventory report, none of the mobile service generators that had been purchased by the Company’s 2017 and 2018 tax credit funds were found. On the other hand, a vast majority of the Company’s mobile solar generators purchased by the Company’s 2014 and 2015 tax credit funds were found. Therefore, as of June 30, 2019, based on this inventory information, as well as management’s best judgments regarding the future settlement of the related tax positions with the Internal Revenue Service, the Company concluded that a portion of the previously claimed tax credits would be recaptured. Accordingly, the Company recorded $30.1 million of income tax expense during the three months ended June 30, 2019. The Company continues to conduct an ongoing investigation to gather information related to this matter, including tracking asset seizures of DC Solar and ongoing federal investigations. There can be no assurance that the Company will not recognize additional income tax expense as new information becomes available, or due to changes in tax laws, case law and regulations; or that the Company will not ultimately need to reverse the remaining tax credits previously claimed. For further discussion related to the Company’s investment in DC Solar and the Company’s impairment evaluation and monitoring process in tax credit investments, refer to Note 9 — Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities and Note 4 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-Q, respectively. |
Stock Compensation Plans
Stock Compensation Plans | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation Plans | Stock Compensation Plans Pursuant to the Company’s 2016 Stock Incentive Plan, as amended, the Company may issue stock, restricted stock, restricted stock units (“RSUs”), stock options, stock purchase warrants, stock appreciation rights, phantom stock and dividend equivalents to eligible employees, non-employee directors, consultants, and other service providers of the Company and its subsidiaries. There were no outstanding stock awards other than RSUs as of both June 30, 2019 and December 31, 2018 . The following table presents a summary of the total compensation costs and the related net tax benefits associated with the Company’s various share-based compensation plans for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Stock compensation costs $ 8,081 $ 7,057 $ 15,525 $ 13,215 Related net tax benefits for stock compensation plans $ 1 $ 97 $ 4,708 $ 4,875 RSUs — RSUs are granted under the Company’s long-term incentive plan at no cost to the recipient. RSUs vest ratably over three years or cliff vest after three or five years of continued employment from the date of the grant. RSUs are authorized to settle predominantly in shares of the Company’s common stock. Certain RSUs will be settled in cash, which subjects these RSUs to variable accounting whereby the compensation cost is adjusted to fair value based on changes in the Company’s stock price up to the settlement date. RSUs entitle the recipient to receive cash dividend equivalents to any dividends paid on the underlying common stock during the period the RSUs are outstanding. RSU dividends are accrued during the vesting period and are paid at the time of vesting. While a portion of RSUs are time-vesting awards, others vest subject to the attainment of specified performance goals referred to as “Performance-based RSUs.” All RSUs are subject to forfeiture until vested. Performance-based RSUs are granted at the target amount of awards. Based on the Company’s attainment of specified performance goals and consideration of market conditions, the number of shares that vest can be adjusted to a minimum of zero and to a maximum of 200% of the target. The amount of performance-based RSUs that are eligible to vest is determined at the end of each performance period and is then added together to determine the total number of performance shares that are eligible to vest. Performance-based RSUs cliff vest three years from the date of each grant. Compensation costs for the time-based awards that will be settled in shares of the Company’s common stock are based on the quoted market price of the Company’s common stock at the grant date. Compensation costs for certain time-based awards that will be settled in cash are adjusted to fair value based on changes in the share price of the Company’s common stock up to the settlement date. Compensation costs associated with performance-based RSUs are based on grant date fair value which considers both market and performance conditions, and is subject to subsequent adjustments based on the changes in the Company’s projected outcome of the performance criteria. Compensation costs of both time-based awards and performance-based awards are recognized on a straight-line basis from the grant date until the vesting date of each grant. The following table presents a summary of the activities and pricing information for the Company’s time-based and performance-based RSUs that will be settled in shares for the six months ended June 30, 2019 . The number of outstanding performance-based RSUs stated below assumes the associated performance targets will be met at the target level: Six Months Ended June 30, 2019 Time-Based RSUs Performance-Based RSUs Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Outstanding, at beginning of period 1,121,391 $ 51.22 411,290 $ 49.93 Granted 490,809 52.60 134,600 54.64 Vested (355,029 ) 31.58 (159,407 ) 29.18 Forfeited (39,930 ) 56.90 — — Outstanding, at end of period 1,217,241 $ 57.32 386,483 $ 60.13 The following table presents a summary of the activities for the Company’s time-based RSUs that will be settled in cash for the six months ended June 30, 2019 : Six Months Ended Shares Outstanding, at beginning of period — Granted 12,145 Vested — Forfeited — Outstanding, at end of period 12,145 As of June 30, 2019 , there were $31.7 million and $19.3 million of total unrecognized compensation costs related to unvested time-based and performance-based RSUs, respectively. These costs are expected to be recognized over a weighted-average period of 2.08 years and 2.17 years, respectively. |
Stockholders' Equity and Earnin
Stockholders' Equity and Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity and Earnings Per Share [Abstract] | |
Stockholders' Equity and Earnings Per Share | Stockholders’ Equity and Earnings Per Share Warrant — The Company acquired MetroCorp Bancshares, Inc., on January 17, 2014. Prior to the acquisition, MetroCorp Bancshares, Inc. had outstanding warrants to purchase 771,429 shares of its common stock. Upon the acquisition, the rights of the warrant holders were converted into the rights to acquire 230,282 shares of East West’s common stock until January 16, 2019. All warrants were exercised on January 7, 2019. Earnings Per Share — Basic EPS is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during each period. Diluted EPS is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during each period, plus any incremental dilutive common share equivalents calculated for warrants and RSUs outstanding using the treasury stock method. The following table presents the EPS calculations for the three and six months ended June 30, 2019 and 2018 : ($ and shares in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic: Net income $ 150,380 $ 172,349 $ 314,404 $ 359,381 Basic weighted-average number of shares outstanding 145,546 144,899 145,402 144,782 Basic EPS $ 1.03 $ 1.19 $ 2.16 $ 2.48 Diluted: Net income $ 150,380 $ 172,349 $ 314,404 $ 359,381 Basic weighted-average number of shares outstanding 145,546 144,899 145,402 144,782 Diluted potential common shares (1) 506 1,192 614 1,264 Diluted weighted-average number of shares outstanding (1) 146,052 146,091 146,016 146,046 Diluted EPS $ 1.03 $ 1.18 $ 2.15 $ 2.46 (1) Includes dilutive shares from RSUs for the three and six months ended June 30, 2019 , and from RSUs and warrants for the three and six months ended June 30, 2018 . For the three and six months ended June 30, 2019 , 584 thousand and 239 thousand weighted-average shares of anti-dilutive RSUs, respectively, were excluded from the diluted EPS computation. In comparison, 4,012 and 3,807 weighted-average shares of anti-dilutive RSUs, respectively, were excluded from the diluted EPS computation for the three and six months ended June 30, 2018 . |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following tables present the changes in the components of AOCI balances for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Available- Foreign (1) Total BALANCE, APRIL 1, 2018 $ (55,981 ) $ 177 $ (55,804 ) Net unrealized (losses) arising during the period (8,693 ) (6,822 ) (15,515 ) Amounts reclassified from AOCI (148 ) — (148 ) Changes, net of tax (8,841 ) (6,822 ) (15,663 ) BALANCE, JUNE 30, 2018 $ (64,822 ) $ (6,645 ) $ (71,467 ) BALANCE, APRIL 1, 2019 $ (23,810 ) $ (9,173 ) $ (32,983 ) Net unrealized gains (losses) arising during the period 30,046 (6,016 ) 24,030 Amounts reclassified from AOCI (1,019 ) — (1,019 ) Changes, net of tax 29,027 (6,016 ) 23,011 BALANCE, JUNE 30, 2019 $ 5,217 $ (15,189 ) $ (9,972 ) ($ in thousands) Available- Foreign (1) Total BALANCE, JANUARY 1, 2018 $ (30,898 ) $ (6,621 ) $ (37,519 ) Cumulative effect of change in accounting principle related to marketable equity securities (2) 385 — 385 Reclassification of tax effects in AOCI resulting from the new federal corporate income tax rate (3) (6,656 ) — (6,656 ) BALANCE, JANUARY 1, 2018, ADJUSTED (37,169 ) (6,621 ) (43,790 ) Net unrealized (losses) arising during the period (26,004 ) (24 ) (26,028 ) Amounts reclassified from AOCI (1,649 ) — (1,649 ) Changes, net of tax (27,653 ) (24 ) (27,677 ) BALANCE, JUNE 30, 2018 $ (64,822 ) $ (6,645 ) $ (71,467 ) BALANCE, JANUARY 1, 2019 $ (45,821 ) $ (12,353 ) $ (58,174 ) Net unrealized gains (losses) arising during the period 53,157 (2,836 ) 50,321 Amounts reclassified from AOCI (2,119 ) — (2,119 ) Changes, net of tax 51,038 (2,836 ) 48,202 BALANCE, JUNE 30, 2019 $ 5,217 $ (15,189 ) $ (9,972 ) (1) Represents foreign currency translation adjustments related to the Company’s net investment in non-U.S. operations, including related hedges. The functional currency and reporting currency of the Company’s foreign subsidiary was Chinese Renminbi and USD, respectively. (2) Represents the impact of the adoption in the first quarter of 2018 of ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10) : Recognition and Measurement of Financial Assets and Financial Liabilities. (3) Represents amounts reclassified from AOCI to retained earnings due to the early adoption of ASU 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220) : Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income in the first quarter of 2018 . The following tables present the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, 2019 2018 Before-Tax Tax Effect Net-of-Tax Before-Tax Tax Effect Net-of-Tax Available-for-sale investment securities: Net unrealized gains (losses) arising during the period $ 44,531 $ (14,485 ) $ 30,046 $ (12,342 ) $ 3,649 $ (8,693 ) Net realized gains reclassified into net income (1) (1,447 ) 428 (1,019 ) (210 ) 62 (148 ) Net change 43,084 (14,057 ) 29,027 (12,552 ) 3,711 (8,841 ) Foreign currency translation adjustments, net of hedges: Net unrealized (losses) arising during the period (2) (2,989 ) (3,027 ) (6,016 ) (6,822 ) — (6,822 ) Net change (2,989 ) (3,027 ) (6,016 ) (6,822 ) — (6,822 ) Other comprehensive income (loss) $ 40,095 $ (17,084 ) $ 23,011 $ (19,374 ) $ 3,711 $ (15,663 ) ($ in thousands) Six Months Ended June 30, 2019 2018 Before-Tax Tax Effect Net-of-Tax Before-Tax Tax Effect Net-of-Tax Available-for-sale investment securities: Net unrealized gains (losses) arising during the period $ 75,469 $ (22,312 ) $ 53,157 $ (36,919 ) $ 10,915 $ (26,004 ) Net realized gains reclassified into net income (1) (3,008 ) 889 (2,119 ) (2,339 ) 690 (1,649 ) Net change 72,461 (21,423 ) 51,038 (39,258 ) 11,605 (27,653 ) Foreign currency translation adjustments, net of hedges: Net unrealized (losses) arising during the period (2) 191 (3,027 ) (2,836 ) (24 ) — (24 ) Net change 191 (3,027 ) (2,836 ) (24 ) — (24 ) Other comprehensive income (loss) $ 72,652 $ (24,450 ) $ 48,202 $ (39,282 ) $ 11,605 $ (27,677 ) (1) For the three and six months ended June 30, 2019 and 2018 , pre-tax amounts were reported in Net gains on sales of available-for-sale investment securities on the Consolidated Statement of Income. (2) The tax effects on foreign currency translation adjustments represent the cumulative net deferred tax liabilities since inception on net investment hedges that were recorded during the second quarter of 2019. |
Business Segments
Business Segments | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Business Segments | Business Segments The Company organizes its operations into three reportable operating segments: (1) Consumer and Business Banking; (2) Commercial Banking; and (3) Other. These segments are defined by the type of customers and the related products and services provided, and reflect how financial information is currently evaluated by management. Operating segment results are based on the Company’s internal management reporting process, which reflects assignments and allocations of certain balance sheet and income statement items. Because of the interrelationships among the segments, the information presented is not indicative of how the segments would perform if they operated as independent entities. The Consumer and Business Banking segment primarily provides financial products and services to consumer and commercial customers through the Company’s domestic branch network. This segment offers consumer and commercial deposits, mortgage and home equity loans, and other products and services. The Consumer and Business Banking segment also originates commercial loans for small and medium-sized enterprises through the Company’s branch network. Other products and services provided by the Consumer and Business Banking segment include wealth management, treasury management and foreign exchange services. The Commercial Banking segment primarily generates commercial loans and deposits. Commercial loan products include commercial business loans and lines of credit, trade finance loans and letters of credit, CRE loans, construction lending, affordable housing loans and letters of credit, asset-based lending, and equipment financing. Commercial deposit products and other financial services include treasury management, foreign exchange services, and interest rate and commodity hedging risk management. The remaining centralized functions, including the treasury activities of the Company and eliminations of inter-segment amounts, have been aggregated and included in the Other segment, which provides broad administrative support to the two core segments, the Consumer and Business Banking and the Commercial Banking segments. The Company utilizes an internal reporting process to measure the performance of the three operating segments within the Company. The internal reporting process derives operating segment results by utilizing allocation methodologies for revenue and expenses. Net interest income of each segment represents the difference between actual interest earned on assets and interest incurred on liabilities of the segment, adjusted for funding charges or credits through the Company’s internal funds transfer pricing (“FTP”) process. The process charges a cost to fund loans (“FTP charges for loans”) and allocates credits for funds provided from deposits (“FTP credits for deposits”) using internal funds transfer pricing rates, which are based on market interest rates and other factors. The internal funds transfer pricing rates, which are applied to both FTP charges for loans and FTP credits for deposits, increase as the market interest rates increase, and vice versa. The treasury function within the Other segment is responsible for liquidity and interest rate management of the Company. Therefore, the net spread between the total internal funds transfer pricing charges and credits is recorded as part of net interest income in the Other segment. The Company’s internal funds transfer pricing process is managed by the treasury function within the Other segment. The process is formulated with the goal of encouraging loan and deposit growth that is consistent with the Company’s overall profitability objectives, as well as to provide a reasonable and consistent basis for the measurement of its business segments’ net interest margins and profitability. The Company’s internal funds transfer pricing assumptions and methodologies are reviewed at least annually to ensure that the process is reflective of current market conditions. Noninterest income and noninterest expense directly attributable to a segment are assigned to the related business segment. Indirect costs, including technology-related costs and corporate overhead, are allocated based on a segment’s estimated usage using factors, including but not limited to, full-time equivalent employees, net interest margin, and loan and deposit volume. Charge-offs are allocated to the respective segment directly associated with the loans that are charged off, and the remaining provision for credit losses is allocated to each segment based on loan volume. The Company’s internal reporting process utilizes a full-allocation methodology. Under this methodology, corporate expenses and indirect expenses incurred by the Other segment are allocated to the Consumer and Business Banking and the Commercial Banking segments, except certain treasury-related expenses and insignificant unallocated expenses. During the first quarter of 2019, the Company enhanced its segment cost allocation methodology related to stock compensation expense and bonus accrual. Effective first quarter of 2019, stock compensation expense is allocated to all three segments, whereas it was previously recorded in the Other segment as a corporate expense. In addition, bonus expense is now allocated at a more granular level at the segment level. For comparability, segment information for the three and six months ended June 30, 2018 has been restated to conform to the current presentation. The following tables present the operating results and other key financial measures for the individual operating segments as of and for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Consumer Commercial Banking Other Total Three Months Ended June 30, 2019 Net interest income before provision for credit losses $ 151,352 $ 151,222 $ 64,752 $ 367,326 Provision for credit losses $ 1,616 $ 17,629 $ — $ 19,245 Noninterest income $ 14,503 $ 33,656 $ 4,600 $ 52,759 Noninterest expense $ 83,656 $ 67,303 $ 26,704 $ 177,663 Segment income before income taxes $ 80,583 $ 99,946 $ 42,648 $ 223,177 Segment net income $ 57,612 $ 71,565 $ 21,203 $ 150,380 As of June 30, 2019 Segment assets $ 11,013,898 $ 25,001,894 $ 6,876,566 $ 42,892,358 ($ in thousands) Consumer Commercial Other Total Three Months Ended June 30, 2018 Net interest income before provision for credit losses $ 180,348 $ 153,878 $ 7,453 $ 341,679 Provision for credit losses $ 3,414 $ 12,122 $ — $ 15,536 Noninterest income $ 14,585 $ 30,744 $ 2,939 $ 48,268 Noninterest expense $ 84,459 $ 60,573 $ 32,387 $ 177,419 Segment income (loss) before income taxes $ 107,060 $ 111,927 $ (21,995 ) $ 196,992 Segment net income $ 76,710 $ 80,425 $ 15,214 $ 172,349 As of June 30, 2018 Segment assets $ 9,816,103 $ 22,199,992 $ 6,027,101 $ 38,043,196 ($ in thousands) Consumer Commercial Other Total Six Months Ended June 30, 2019 Net interest income before provision for credit losses $ 317,540 $ 298,462 $ 113,785 $ 729,787 Provision for credit losses $ 4,629 $ 37,195 $ — $ 41,824 Noninterest income $ 28,275 $ 58,200 $ 8,415 $ 94,890 Noninterest expense $ 171,562 $ 137,847 $ 55,176 $ 364,585 Segment income before income taxes $ 169,624 $ 181,620 $ 67,024 $ 418,268 Segment net income $ 121,267 $ 130,064 $ 63,073 $ 314,404 As of June 30, 2019 Segment assets $ 11,013,898 $ 25,001,894 $ 6,876,566 $ 42,892,358 ($ in thousands) Consumer Commercial Other Total Six Months Ended June 30, 2018 Net interest income before provision for credit losses $ 356,296 $ 298,358 $ 13,718 $ 668,372 Provision for credit losses $ 6,507 $ 29,247 $ — $ 35,754 Noninterest income $ 59,033 $ 58,182 $ 5,497 $ 122,712 Noninterest expense $ 171,776 $ 121,875 $ 52,903 $ 346,554 Segment income (loss) before income taxes $ 237,046 $ 205,418 $ (33,688 ) $ 408,776 Segment net income $ 169,844 $ 147,454 $ 42,083 $ 359,381 As of June 30, 2018 Segment assets $ 9,816,103 $ 22,199,992 $ 6,027,101 $ 38,043,196 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 18, 2019 , the Company’s Board of Directors declared third quarter 2019 cash dividends for the Company’s common stock. The common stock cash dividend of $0.275 per share is payable on August 15, 2019 to stockholders of record as of August 1, 2019 . |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Consolidation | East West Bancorp, Inc. (referred to herein on an unconsolidated basis as “East West” and on a consolidated basis as the “Company”) is a registered bank holding company that offers a full range of banking services to individuals and businesses through its subsidiary bank, East West Bank and its subsidiaries (“East West Bank” or the “Bank”). The unaudited interim Consolidated Financial Statements in this Form 10-Q include the accounts of East West, East West Bank and East West’s subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. As of June 30, 2019 , East West also has six wholly-owned subsidiaries that are statutory business trusts (the “Trusts”). In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810, Consolidation |
Basis of Presentation | The unaudited interim Consolidated Financial Statements are presented in accordance with United States generally accepted accounting principles (“GAAP”), applicable guidelines prescribed by regulatory authorities, and general practices in the banking industry. They reflect all adjustments that, in the opinion of management, are necessary for fair statement of the interim period Consolidated Financial Statements. Certain items on the Consolidated Financial Statements and notes for the prior periods have been reclassified to conform to the current period presentation. |
New Accounting Pronouncements Adopted and Recent Accounting Pronouncements | New Accounting Pronouncements Adopted Standard Required Date of Adoption Description Effect on Financial Statements Standards Adopted in 2019 ASU 2016-02, Leases (Topic 842) and subsequent related ASUs January 1, 2019 for leases standards other than ASU 2019-01. January 1, 2020 for ASU 2019-01 Early adoption is permitted. ASC Topic 842, Leases , supersedes ASC Topic 840, Leases . This ASU requires lessees to recognize right-of-use assets and related lease liabilities for all leases with lease terms of more than 12 months on the Consolidated Balance Sheet, and provide quantitative and qualitative disclosures regarding key information about the leasing arrangements. For short-term leases with a term of 12 months or less, lessees can make a policy election not to recognize lease assets and lease liabilities. The recognition, measurement and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. Lessee accounting for finance leases, as well as lessor accounting are largely unchanged. The standard may be adopted using a modified retrospective approach through a cumulative-effect adjustment. In addition, the FASB issued ASU 2018-11, Leases (Topic 842) Targeted Improvements , which provides companies the option to continue to apply the legacy guidance in ASC 840, Leases , including its disclosure requirements, in the comparative periods presented in the year they adopt ASU 2016-02. Companies that elect this transition option can recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption rather than in the earliest period presented. The Company adopted all the new lease standards on January 1, 2019 using the alternative transition method, which allows the adoption of the accounting standard prospectively without revising comparable prior periods’ financial information. On January 1, 2019, the Company recognized $109.1 million and $117.7 million increase in right-of-use assets and associated lease liabilities, respectively, based on the present value of the expected remaining operating lease payments. In addition, the Company also recognized a cumulative-effect adjustment of $14.7 million to increase beginning balance of retained earnings as of January 1, 2019 related to the deferred gains on our prior sale and leaseback transactions that occurred prior to the date of adoption. The adoption of the new leases standards did not have a material impact on the Company’s Consolidated Statement of Income. Disclosures related to leases are included in Note 11 — Leases to the Consolidated Financial Statements in this Form 10-Q. ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (“SOFR”) Overnight Index Swap (“OIS”) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes January 1, 2019 This ASU amends ASC Topic 815, Derivatives and Hedging , by adding the OIS rate based on SOFR to the list of United States (“U.S.”) benchmark interest rates that are eligible to be hedged to facilitate the London Interbank Offered Rate to SOFR transition. The guidance should be applied prospectively for qualifying new or redesignated hedging relationships entered into on or after the date of adoption. The Company adopted ASU 2018-16 prospectively on January 1, 2019. The adoption of this guidance did not impact existing hedges but may impact new hedge relationships that are benchmarked against the SOFR OIS rate. Recent Accounting Pronouncements Standard Required Date of Adoption Description Effect on Financial Statements Standards Not Yet Adopted ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and subsequent related ASUs January 1, 2020 The ASU introduces a new current expected credit loss (“CECL”) impairment model that applies to most financial assets measured at amortized cost and certain other instruments, including trade and other receivables, loan receivables, available-for-sale and held-to-maturity debt securities, net investments in leases and off-balance sheet credit exposures. The CECL model utilizes a lifetime “expected credit loss” measurement objective for the recognition of credit losses at the time the financial asset is originated or acquired. The expected credit losses are adjusted in each period for changes in expected lifetime credit losses. This ASU also expands the disclosure requirements regarding an entity’s assumptions, models and methods for estimating the allowance for loan and lease losses, and requires disclosure of the amortized cost balance for each class of financial asset by credit quality indicator, disaggregated by the year of origination (i.e., by vintage year). The guidance should be applied using a modified retrospective approach through a cumulative-effect adjustment to retained earnings as of the beginning of the reporting period of adoption. In April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326 , Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments , which clarifies certain aspects of accounting for credit losses, hedging activities, and financial instruments. The amendments related to credit losses (addressed by ASU 2016-13) clarify the scope of the credit losses standard and address issues related to accrued interest receivable balances, recoveries, variable interest rates, prepayments and contractual extensions and renewals, among other things. In May 2019, the FASB issued ASU 2019-05, Financial Instruments-Credit Losses (Topic 326), which amends ASU 2016-13 to allow companies to irrevocably elect, upon adoption of ASU 2016-13, the fair value option on financial instruments that were previously recorded at amortized cost and are within the scope of ASC 326-20 if the instruments are eligible for the fair value option under ASC 825-10. The Company’s implementation efforts include, but are not limited to, identifying and evaluating key interpretive issues, assessing, and modifying system and process requirements against the new guidance. The Company has completed model development and is undergoing validation and implementation. Additionally, the Company has started to analyze model results, review qualitative factors and update the allowance documentation. The Company will continue to address any gaps from recently issued interpretations and in data and operational processes arising from internal reviews, model validation and parallel runs during the second half of 2019. The Company expects to adopt this ASU on January 1, 2020 without electing the fair value option on eligible financial instruments. While the Company is still evaluating the impact on its Consolidated Financial Statements, the Company expects that this ASU may result in an increase in the allowance for credit losses due to the following factors: 1) the allowance for credit losses provides for expected credit losses over the remaining expected life of the loan portfolio and 2) the nonaccretable difference on the purchased credit-impaired (“PCI”) loans will be recognized as an allowance, offset by an increase in the carrying value of the PCI loans. The ultimate effect of this ASU will also depend on the composition and credit quality of the portfolio and economic conditions at the time of adoption. ASU 2017-04, Intangibles — Goodwill and Other (Topic 350) : Simplifying the Test for Goodwill Impairment January 1, 2020 The ASU simplifies the accounting for goodwill impairment. Under this guidance, an entity will no longer perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, an impairment loss will be recognized when the carrying amount of a reporting unit exceeds its fair value. The guidance also eliminates the requirement to perform a qualitative assessment for any reporting units with a zero or negative carrying amount. This guidance should be applied prospectively. The Company does not expect the adoption of this guidance to have a material impact on the Company’s Consolidated Financial Statements. The Company expects to adopt this ASU on January 1, 2020. ASU 2018-15, Intangibles — Goodwill and Other — Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract January 1, 2020 The ASU amends ASC Topic 350-40 to align the accounting for costs incurred in a cloud computing arrangement with the guidance on developing internal use software. Specifically, if a cloud computing arrangement is deemed to be a service contract, certain implementation costs are eligible for capitalization. The new guidance prescribes the balance sheet and income statement presentation and cash flow classification for the capitalized costs and related amortization expense. The amendments in this ASU should be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption. The Company does not expect the adoption of this guidance to have a material impact on the Company’s Consolidated Financial Statements. The Company expects to adopt this ASU on January 1, 2020. |
Fair Value Determination | Fair value is defined as the price that would be received to sell an asset or the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining the fair value of financial instruments, the Company uses various methods including market and income approaches. Based on these approaches, the Company utilizes certain assumptions that market participants would use in pricing an asset or a liability. These inputs can be readily observable, market corroborated or generally unobservable. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy noted below is based on the quality and reliability of the information used to determine fair value. The fair value hierarchy gives the highest priority to quoted prices available in active markets and the lowest priority to data lacking transparency. The fair value of the Company’s assets and liabilities is classified and disclosed in one of the following three categories: • Level 1 — Valuation is based on quoted prices for identical instruments traded in active markets. • Level 2 — Valuation is based on quoted prices for similar instruments traded in active markets; quoted prices for identical or similar instruments traded in markets that are not active; and model-derived valuations whose inputs are observable and can be corroborated by market data. • Level 3 — Valuation is based on significant unobservable inputs for determining the fair value of assets or liabilities. These significant unobservable inputs reflect assumptions that market participants may use in pricing the assets or liabilities. The classification of assets and liabilities within the hierarchy is based on whether inputs to the valuation methodology used are observable or unobservable, and the significance of those inputs in the fair value measurement. The Company’s assets and liabilities are classified in their entirety based on the lowest level of input that is significant to their fair value measurements. |
Credit Quality Indicators | All loans are subject to the Company’s internal and external credit review and monitoring. For the commercial portfolio, loans are risk rated based on an analysis of the current state of the borrower’s credit quality. The analysis of credit quality includes a review of all repayment sources, the borrower’s current payment performance or delinquency, current financial and liquidity status, and all other relevant information. For the majority of the consumer portfolio, payment performance or delinquency is the driving indicator for the risk ratings. Risk ratings are the overall credit quality indicator for the Company and the credit quality indicator is utilized for estimating the appropriate allowance for loan losses. The risk rating system classifies loans within the following categories: Pass, Watch, Special Mention, Substandard, Doubtful and Loss. The risk ratings reflect the relative strength of the repayment sources. Pass and Watch loans are loans that have sufficient sources of repayment in order to repay the loan in full in accordance with all terms and conditions. Special Mention loans are loans that have potential weaknesses that warrant closer attention by management. Special Mention is a transitory grade. If the potential weaknesses are resolved, a loan is upgraded to a Pass or Watch grade. If negative trends in the borrower’s financial status or other information indicate that the sources of repayment may become inadequate, a loan is downgraded to a Substandard grade. Substandard loans have well-defined weaknesses that may jeopardize the full and timely repayment of the loan. Substandard loans have the distinct possibility of loss, if the deficiencies are not corrected. When management has assessed that there is potential for loss, but a distinct possibility of loss is not yet recognizable, the loan remains classified as Substandard grade. Doubtful loans are loans that have insufficient sources of repayment and a high probability of loss. Loss loans are loans that are uncollectible and of such little value that they are no longer considered bankable assets. These internal risk ratings are reviewed routinely and adjusted based on changes in the borrowers’ financial status and the loans’ collectability. |
Loans held-for-sale | At the time of commitment to originate or purchase a loan, the loan is determined to be held for investment if it is the Company’s intent to hold the loan to maturity or for the “foreseeable future,” subject to periodic reviews under the Company’s evaluation processes, including asset/liability and credit risk management. When the Company subsequently changes its intent to hold certain loans, the loans are transferred from held-for-investment to held-for-sale at the lower of cost or fair value. |
Investments in Qualified Affordable Housing Partnerships, Net and Investments in Tax Credit and Other Investments, Net | Depending on the ownership percentage and the influence the Company has on the investments in tax credit and other investments, net, the Company applies the equity or cost method of accounting, or the measurement alternative as elected under ASU 2016-01 for equity investments without readily determinable fair value. The Company records its investments in qualified affordable housing partnerships, net, using the proportional amortization method. Under the proportional amortization method, the Company amortizes the initial cost of the investment in proportion to the tax credits and other tax benefits received, and recognizes the amortization in Income tax expense on the Consolidated Statement of Income. |
Variable Interest Entities | Variable Interest Entities The Company invests in unconsolidated limited partnerships and similar entities that construct, own and operate affordable housing, historic rehabilitation projects, wind and solar projects, of which the majority of such investments are variable interest entities (“VIEs”). As a limited partner in these partnerships, these investments are designed to generate a return primarily through the realization of federal tax credits and tax benefits. An unrelated third party is typically the general partner or managing member who has control over the significant activities of such investments. While the Company’s interest in some of the investments may exceed 50% of the outstanding equity interests, the Company does not consolidate these structures due to the general partner or managing partner’s ability to manage the entity, which is indicative of power in them. The Company’s maximum exposure to loss in connection with these partnerships consists of the unamortized investment balance and any tax credits claimed that may become subject to recapture. Special purpose entities formed in connection with securitization transactions are generally considered VIEs. The Company is the servicer of the multifamily residential loans it has securitized in the first quarter of 2016. The Company does not consolidate the multifamily securitization entity because it does not have power and does not have a variable interest that could potentially be significant to the VIE . |
Goodwill and Core Deposit Intangibles | Core deposit intangibles represent the intangible value of depositor relationships resulting from deposit liabilities assumed in various acquisitions and are included in Other assets of each year, or more frequently if events or circumstances, such as adverse changes in the economic or business environment, indicate there may be impairment. The Company organizes its operation into three |
Amortization Expense of Core Deposit Intangibles | The Company amortizes the core deposit intangibles based on the projected useful lives of the related deposits. |
Litigation | Litigation — The Company is a party to various legal actions arising in the course of its business. In accordance with ASC 450, Contingencies, the Company accrues reserves for outstanding lawsuits, claims and proceedings when a loss contingency is probable and can be reasonably estimated. The Company estimates the amount of loss contingencies using current available information from legal proceedings, advice from legal counsel and available insurance coverage. Due to the inherent subjectivity of the assessments and unpredictability of the outcomes of the legal proceedings, any amounts accrued or included in this aggregate amount may not represent the ultimate loss to the Company from the legal proceedings in question. Thus, the Company’s exposure and ultimate losses may be higher, and possibly significantly more than the amounts accrued. |
Revenue Recognition | Generally, the Company recognizes revenue from contracts with customers when it satisfies its performance obligations. The Company’s performance obligations are typically satisfied as services are rendered. The Company generally records contract liabilities, or deferred revenue, when payments from customers are received or due in advance of providing services. The Company records contract assets when services are provided to customers before payment is received or before payment is due. |
Share-based Compensation | The amount of performance-based RSUs that are eligible to vest is determined at the end of each performance period and is then added together to determine the total number of performance shares that are eligible to vest. Performance-based RSUs cliff vest three years from the date of each grant. Compensation costs for the time-based awards that will be settled in shares of the Company’s common stock are based on the quoted market price of the Company’s common stock at the grant date. Compensation costs for certain time-based awards that will be settled in cash are adjusted to fair value based on changes in the share price of the Company’s common stock up to the settlement date. Compensation costs associated with performance-based RSUs are based on grant date fair value which considers both market and performance conditions, and is subject to subsequent adjustments based on the changes in the Company’s projected outcome of the performance criteria. Compensation costs of both time-based awards and performance-based awards are recognized on a straight-line basis from the grant date until the vesting date of each grant. |
Earnings Per Share | Basic EPS is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during each period. Diluted EPS is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during each period, plus any incremental dilutive common share equivalents calculated for warrants and RSUs outstanding using the treasury stock method. |
Fair Value Measurement and Fa_2
Fair Value Measurement and Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value, Financial Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |
Schedule of financial assets (liabilities) measured at fair value on a recurring basis | The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2019 and December 31, 2018 : ($ in thousands) Assets and Liabilities Measured at Fair Value on a Recurring Basis Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Fair Value Available-for-sale investment securities: U.S. Treasury securities $ 326,535 $ — $ — $ 326,535 U.S. government agency and U.S. government sponsored enterprise debt securities — 241,967 — 241,967 U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities — 474,832 — 474,832 Residential mortgage-backed securities — 843,574 — 843,574 Municipal securities — 87,529 — 87,529 Non-agency mortgage-backed securities: Commercial mortgage-backed securities — 70,549 — 70,549 Residential mortgage-backed securities — 24,539 — 24,539 Corporate debt securities — 11,156 — 11,156 Foreign bonds — 484,416 — 484,416 Asset-backed securities — 27,816 — 27,816 Total available-for-sale investment securities $ 326,535 $ 2,266,378 $ — $ 2,592,913 Investments in tax credit and other investments: Equity securities (1) $ 21,466 $ 9,957 $ — $ 31,423 Total investments in tax credit and other investments $ 21,466 $ 9,957 $ — $ 31,423 Derivative assets: Interest rate contracts $ — $ 190,388 $ — $ 190,388 Foreign exchange contracts — 27,849 — 27,849 Credit contracts — 3 — 3 Equity contracts — 1,593 392 1,985 Commodity contracts — 22,651 — 22,651 Gross derivative assets $ — $ 242,484 $ 392 $ 242,876 Netting adjustments (2) $ — $ (44,203 ) $ — $ (44,203 ) Net derivative assets $ — $ 198,281 $ 392 $ 198,673 Derivative liabilities: Interest rate contracts $ — $ 124,371 $ — $ 124,371 Foreign exchange contracts — 22,528 — 22,528 Credit contracts — 118 — 118 Commodity contracts — 25,906 — 25,906 Gross derivative liabilities $ — $ 172,923 $ — $ 172,923 Netting adjustments (2) $ — $ (74,494 ) $ — $ (74,494 ) Net derivative liabilities $ — $ 98,429 $ — $ 98,429 (1) Equity securities were comprised of mutual funds with readily determinable fair values. (2) Represents balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 7 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information. ($ in thousands) Assets and Liabilities Measured at Fair Value on a Recurring Basis Quoted Prices in Significant Significant Unobservable Inputs (Level 3) Total Fair Value Available-for-sale investment securities: U.S. Treasury securities $ 564,815 $ — $ — $ 564,815 U.S. government agency and U.S. government sponsored enterprise debt securities — 217,173 — 217,173 U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities — 408,603 — 408,603 Residential mortgage-backed securities — 946,693 — 946,693 Municipal securities — 82,020 — 82,020 Non-agency mortgage-backed securities: Commercial mortgage-backed securities — 26,052 — 26,052 Residential mortgage-backed securities — 9,931 — 9,931 Corporate debt securities — 10,869 — 10,869 Foreign bonds — 463,048 — 463,048 Asset-backed securities — 12,643 — 12,643 Total available-for-sale investment securities $ 564,815 $ 2,177,032 $ — $ 2,741,847 Investment in tax credit and other investments: Equity securities (1) $ 20,678 $ 10,531 $ — $ 31,209 Total investments in tax credit and other investments $ 20,678 $ 10,531 $ — $ 31,209 Derivative assets: Interest rate contracts $ — $ 69,818 $ — $ 69,818 Foreign exchange contracts — 21,624 — 21,624 Credit contracts — 1 — 1 Equity contracts — 1,278 673 1,951 Commodity contracts — 14,422 — 14,422 Gross derivative assets $ — $ 107,143 $ 673 $ 107,816 Netting adjustments (2) $ — $ (45,146 ) $ — $ (45,146 ) Net derivative assets $ — $ 61,997 $ 673 $ 62,670 Derivative liabilities: Interest rate contracts $ — $ 75,133 $ — $ 75,133 Foreign exchange contracts — 19,940 — 19,940 Credit contracts — 164 — 164 Commodity contracts — 23,068 — 23,068 Gross derivative liabilities $ — $ 118,305 $ — $ 118,305 Netting adjustments (2) $ — $ (38,402 ) $ — $ (38,402 ) Net derivative liabilities $ — $ 79,903 $ — $ 79,903 (1) Equity securities were comprised of mutual funds with readily determinable fair values. (2) Represents balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 7 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information. |
Reconciliation of the beginning and ending balances for warrants measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | The following table presents a reconciliation of the beginning and ending balances of these warrants for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Equity warrants Beginning balance $ 442 $ 931 $ 673 $ 679 Total gains (losses) included in earnings (1) 769 (76 ) 538 168 Issuances 28 26 28 34 Settlements (847 ) (233 ) (847 ) (233 ) Ending balance $ 392 $ 648 $ 392 $ 648 (1) Includes unrealized (losses) gains of $(4) thousand and $(13) thousand for the three months ended June 30, 2019 and 2018 , respectively, and $(235) thousand and $231 thousand for the six months ended June 30, 2019 and 2018 , respectively. The realized/unrealized gains (losses) of equity warrants are included in Lending fees on the Consolidated Statement of Income. |
Schedule of assets with fair value changes measured on a nonrecurring basis | The following tables present the carrying amounts of assets included on the Consolidated Balance Sheet that had fair value changes measured on a nonrecurring basis as of June 30, 2019 and December 31, 2018 : ($ in thousands) Assets Measured at Fair Value on a Nonrecurring Basis Quoted Prices in Significant Significant Unobservable Inputs (Level 3) Fair Value Non-PCI impaired loans: Commercial: Commercial and industrial (“C&I”) $ — $ — $ 38,412 $ 38,412 Commercial real estate (“CRE”) — — 774 774 Total non-PCI impaired loans $ — $ — $ 39,186 $ 39,186 OREO $ — $ — $ 130 $ 130 Assets Measured at Fair Value on a Nonrecurring Basis ($ in thousands) Quoted Prices in Significant Significant Unobservable Inputs (Level 3) Fair Value Non-PCI impaired loans: Commercial: C&I $ — $ — $ 26,873 $ 26,873 CRE — — 3,434 3,434 Consumer: Single-family residential — — 2,551 2,551 Total non-PCI impaired loans $ — $ — $ 32,858 $ 32,858 |
Schedule of increase (decrease) in value of assets for which a fair value adjustment has been included on the Consolidated Statement of Income, nonrecurring basis | The following table presents the increase (decrease) in value of assets for which a fair value adjustment has been included on the Consolidated Statement of Income for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Non-PCI impaired loans: Commercial: C&I $ (24,001 ) $ 4,544 $ (25,823 ) $ 595 CRE 2 66 4 (23 ) Consumer: Single-family residential — — — 15 Home equity lines of credit (“HELOCs”) — (73 ) — (73 ) Total non-PCI impaired loans $ (23,999 ) $ 4,537 $ (25,819 ) $ 514 OREO $ (3 ) $ — $ (3 ) $ — Investments in tax credit and other investments, net $ (2,892 ) $ — $ (9,870 ) $ — |
Schedule of the carrying and fair values per the fair value hierarchy of financial instruments measured on a nonrecurring basis | The following tables present the fair value estimates for financial instruments as of June 30, 2019 and December 31, 2018 , excluding financial instruments recorded at fair value on a recurring basis as they are included in the tables presented elsewhere in this Note. The carrying amounts in the following tables are recorded on the Consolidated Balance Sheet under the indicated captions, except for accrued interest receivable and mortgage servicing rights that are included in Other assets , and accrued interest payable that is included in Accrued expenses and other liabilities . These financial assets and liabilities are measured at amortized cost basis on the Company’s Consolidated Balance Sheet. ($ in thousands) June 30, 2019 Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Financial assets: Cash and cash equivalents $ 3,621,614 $ 3,621,614 $ — $ — $ 3,621,614 Interest-bearing deposits with banks $ 150,273 $ — $ 150,273 $ — $ 150,273 Resale agreements (1) $ 1,010,000 $ — $ 1,009,457 $ — $ 1,009,457 Restricted equity securities, at cost $ 78,093 $ — $ 78,093 $ — $ 78,093 Loans held-for-sale $ 3,879 $ — $ 3,879 $ — $ 3,879 Loans held-for-investment, net $ 33,399,752 $ — $ — $ 33,605,951 $ 33,605,951 Mortgage servicing rights $ 6,749 $ — $ — $ 9,379 $ 9,379 Accrued interest receivable $ 151,700 $ — $ 151,700 $ — $ 151,700 Financial liabilities: Demand, checking, savings and money market deposits $ 25,880,826 $ — $ 25,880,826 $ — $ 25,880,826 Time deposits $ 10,596,716 $ — $ 10,626,897 $ — $ 10,626,897 Short-term borrowings $ 19,972 $ — $ 19,972 $ — $ 19,972 FHLB advances $ 745,074 $ — $ 754,240 $ — $ 754,240 Repurchase agreements (1) $ 50,000 $ — $ 109,525 $ — $ 109,525 Long-term debt $ 146,966 $ — $ 152,478 $ — $ 152,478 Accrued interest payable $ 27,684 $ — $ 27,684 $ — $ 27,684 ($ in thousands) December 31, 2018 Carrying Level 1 Level 2 Level 3 Estimated Financial assets: Cash and cash equivalents $ 3,001,377 $ 3,001,377 $ — $ — $ 3,001,377 Interest-bearing deposits with banks $ 371,000 $ — $ 371,000 $ — $ 371,000 Resale agreements (1) $ 1,035,000 $ — $ 1,016,724 $ — $ 1,016,724 Restricted equity securities, at cost $ 74,069 $ — $ 74,069 $ — $ 74,069 Loans held-for-sale $ 275 $ — $ 275 $ — $ 275 Loans held-for-investment, net $ 32,073,867 $ — $ — $ 32,273,157 $ 32,273,157 Mortgage servicing rights $ 7,836 $ — $ — $ 11,427 $ 11,427 Accrued interest receivable $ 146,262 $ — $ 146,262 $ — $ 146,262 Financial liabilities: Demand, checking, savings and money market deposits $ 26,370,562 $ — $ 26,370,562 $ — $ 26,370,562 Time deposits $ 9,069,066 $ — $ 9,084,597 $ — $ 9,084,597 Short-term borrowings $ 57,638 $ — $ 57,638 $ — $ 57,638 FHLB advances $ 326,172 $ — $ 334,793 $ — $ 334,793 Repurchase agreements (1) $ 50,000 $ — $ 87,668 $ — $ 87,668 Long-term debt $ 146,835 $ — $ 152,556 $ — $ 152,556 Accrued interest payable $ 22,893 $ — $ 22,893 $ — $ 22,893 (1) Resale and repurchase agreements are reported net pursuant to ASC 210-20-45-11, Balance Sheet Offsetting: Repurchase and Reverse Repurchase Agreements . As of both June 30, 2019 and December 31, 2018 , $400.0 million out of $450.0 million of gross repurchase agreements were eligible for netting against gross resale agreements. |
Fair Value, Measurements, Recurring | |
Fair Value, Financial Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |
Schedule of quantitative information about significant unobservable inputs used in the valuation of assets classified as Level 3 | The following table presents quantitative information about the significant unobservable inputs used in the valuation of assets measured on a recurring basis classified as Level 3 as of June 30, 2019 . The significant unobservable inputs presented in the table below are those that the Company considers significant to the fair value of the Level 3 assets. The Company considers unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 assets would be impacted by a predetermined percentage change. ($ in thousands) Fair Value Measurements (Level 3) Valuation Technique Unobservable Inputs Range of Inputs Weighted- Average (1) Derivative assets: Equity warrants $ 392 Black-Scholes option pricing model Equity volatility 43% — 51% 49% Liquidity discount 47% 47% (1) Weighted-average is calculated based on fair value of equity warrants as of June 30, 2019 . |
Fair Value, Measurements, Nonrecurring | |
Fair Value, Financial Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |
Schedule of quantitative information about significant unobservable inputs used in the valuation of assets classified as Level 3 | The following table presents the quantitative information about the significant unobservable inputs used in the valuation of assets measured on a nonrecurring basis classified as Level 3 as of June 30, 2019 and December 31, 2018 : ($ in thousands) Fair Value Valuation Unobservable Input(s) Range of Input(s) Weighted- Average (1) June 30, 2019 Non-PCI impaired loans $ 9,595 Discounted cash flows Discount 4% — 14% 9% $ 26,798 Fair value of collateral Discount 20% — 55% 37% $ 2,793 Fair value of collateral Contract value NM NM OREO $ 130 Fair value of property Selling cost 8% 8% Investments in tax credit and other investments, net $ — Individual analysis of each investment Expected future tax benefits and distributions NM NM December 31, 2018 Non-PCI impaired loans $ 16,921 Discounted cash flows Discount 4% — 7% 6% $ 1,687 Fair value of property Selling cost 8% 8% $ 2,751 Fair value of collateral Discount 15% — 50% 21% $ 11,499 Fair value of collateral Contract value NM NM NM — Not meaningful. (1) Weighted-average is based on the relative fair value of the respective assets as of June 30, 2019 and December 31, 2018 . |
Securities Purchased under Re_2
Securities Purchased under Resale Agreements and Sold under Repurchase Agreements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
RESALE AND REPURCHASE AGREEMENTS [Abstract] | |
Schedule of gross repurchase agreements maturities | The following table presents the gross repurchase agreements as of June 30, 2019 that will mature in the next five years and thereafter: ($ in thousands) Repurchase Agreements Remainder of 2019 $ — 2020 — 2021 — 2022 150,000 2023 300,000 Thereafter — Total $ 450,000 |
Schedule of balance sheet offsetting for resale and repurchase agreements | The following tables present the resale and repurchase agreements included on the Consolidated Balance Sheet as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Assets Gross Amounts Gross Amounts Net Amounts of Balance Sheet Gross Amounts Not Offset on the Net Amount Collateral Received Resale agreements $ 1,410,000 $ (400,000 ) $ 1,010,000 $ (1,010,000 ) (1) $ — Liabilities Gross Amounts Gross Amounts Net Amounts of Balance Sheet Gross Amounts Not Offset on the Net Amount Collateral Pledged Repurchase agreements $ 450,000 $ (400,000 ) $ 50,000 $ (50,000 ) (2) $ — ($ in thousands) December 31, 2018 Assets Gross Amounts Gross Amounts Net Amounts of Balance Sheet Gross Amounts Not Offset on the Net Amount Collateral Received Resale agreements $ 1,435,000 $ (400,000 ) $ 1,035,000 $ (1,025,066 ) (1) $ 9,934 Liabilities Gross Amounts Gross Amounts Net Amounts of Balance Sheet Gross Amounts Not Offset on the Net Amount Collateral Pledged Repurchase agreements $ 450,000 $ (400,000 ) $ 50,000 $ (50,000 ) (2) $ — (1) Represents the fair value of securities the Company has received under resale agreements, limited for table presentation purposes to the amount of the recognized asset due from each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above. (2) Represents the fair value of securities the Company has pledged under repurchase agreements, limited for table presentation purposes to the amount of the recognized liability due to each counterparty. The application of collateral cannot reduce the net position below zero. Therefore, excess collateral, if any, is not reflected above. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and fair value by major categories of available-for-sale investment securities | The following tables present the amortized cost, gross unrealized gains and losses, and fair value by major categories of available-for-sale investment securities as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Amortized Gross Gross Fair Available-for-sale investment securities: U.S. Treasury securities $ 329,209 $ — $ (2,674 ) $ 326,535 U.S. government agency and U.S. government sponsored enterprise debt securities 239,732 2,252 (17 ) 241,967 U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 471,189 7,956 (4,313 ) 474,832 Residential mortgage-backed securities 836,757 8,222 (1,405 ) 843,574 Municipal securities 86,776 791 (38 ) 87,529 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 68,675 1,878 (4 ) 70,549 Residential mortgage-backed securities 24,534 19 (14 ) 24,539 Corporate debt securities 11,250 — (94 ) 11,156 Foreign bonds 489,392 111 (5,087 ) 484,416 Asset-backed securities 27,991 — (175 ) 27,816 Total available-for-sale investment securities $ 2,585,505 $ 21,229 $ (13,821 ) $ 2,592,913 ($ in thousands) December 31, 2018 Amortized Gross Gross Fair Available-for-sale investment securities: U.S. Treasury securities $ 577,561 $ 153 $ (12,899 ) $ 564,815 U.S. government agency and U.S. government sponsored enterprise debt securities 219,485 382 (2,694 ) 217,173 U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 420,486 811 (12,694 ) 408,603 Residential mortgage-backed securities 957,219 4,026 (14,552 ) 946,693 Municipal securities 82,965 87 (1,032 ) 82,020 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 25,826 226 — 26,052 Residential mortgage-backed securities 10,109 7 (185 ) 9,931 Corporate debt securities 11,250 — (381 ) 10,869 Foreign bonds 489,378 — (26,330 ) 463,048 Asset-backed securities 12,621 22 — 12,643 Total available-for-sale investment securities $ 2,806,900 $ 5,714 $ (70,767 ) $ 2,741,847 |
Schedule of fair value and associated gross unrealized losses of available-for-sale investment securities | The following tables present the fair value and the associated gross unrealized losses of the Company’s available-for-sale investment securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position, as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Less Than 12 Months 12 Months or More Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Available-for-sale investment securities: U.S. Treasury securities $ — $ — $ 326,535 $ (2,674 ) $ 326,535 $ (2,674 ) U.S. government agency and U.S. government sponsored enterprise debt securities 22,442 (17 ) — — 22,442 (17 ) U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 10,210 (81 ) 208,330 (4,232 ) 218,540 (4,313 ) Residential mortgage-backed securities 11,679 (123 ) 145,595 (1,282 ) 157,274 (1,405 ) Municipal securities 4,890 (10 ) 9,950 (28 ) 14,840 (38 ) Non-agency mortgage-backed securities: Commercial mortgage-backed securities 7,916 (4 ) — — 7,916 (4 ) Residential mortgage-backed securities — — 3,917 (14 ) 3,917 (14 ) Corporate debt securities 1,244 (6 ) 9,912 (88 ) 11,156 (94 ) Foreign bonds 14,349 (94 ) 369,956 (4,993 ) 384,305 (5,087 ) Asset-backed securities 27,816 (175 ) — — 27,816 (175 ) Total available-for-sale investment securities $ 100,546 $ (510 ) $ 1,074,195 $ (13,311 ) $ 1,174,741 $ (13,821 ) ($ in thousands) December 31, 2018 Less Than 12 Months 12 Months or More Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Available-for-sale investment securities: U.S. Treasury securities $ — $ — $ 516,520 $ (12,899 ) $ 516,520 $ (12,899 ) U.S. government agency and U.S. government sponsored enterprise debt securities 22,755 (238 ) 159,814 (2,456 ) 182,569 (2,694 ) U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 26,886 (245 ) 274,666 (12,449 ) 301,552 (12,694 ) Residential mortgage-backed securities 75,675 (491 ) 653,660 (14,061 ) 729,335 (14,552 ) Municipal securities 9,458 (104 ) 30,295 (928 ) 39,753 (1,032 ) Non-agency mortgage-backed securities: Residential mortgage-backed securities 3,067 (19 ) 3,949 (166 ) 7,016 (185 ) Corporate debt securities 10,869 (381 ) — — 10,869 (381 ) Foreign bonds 14,418 (40 ) 448,630 (26,290 ) 463,048 (26,330 ) Total available-for-sale investment securities $ 163,128 $ (1,518 ) $ 2,087,534 $ (69,249 ) $ 2,250,662 $ (70,767 ) |
Schedule of the proceeds, gross realized gains, and tax expense related to the sales of available-for-sale investment securities | The following table presents the proceeds, gross realized gains and tax expense related to the sales of available-for-sale investment securities for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Proceeds from sales $ 223,763 $ 42,085 $ 375,102 $ 256,875 Gross realized gains $ 1,447 $ 210 $ 3,008 $ 2,339 Related tax expense $ 428 $ 62 $ 889 $ 690 |
Schedule of contractual maturities of available-for-sale investment securities | The following table presents the contractual maturities of available-for-sale investment securities as of June 30, 2019 : ($ in thousands) Amortized Cost Fair Value Due within one year $ 586,072 $ 581,305 Due after one year through five years 432,912 430,486 Due after five years through ten years 193,117 196,457 Due after ten years 1,373,404 1,384,665 Total available-for-sale investment securities $ 2,585,505 $ 2,592,913 |
Schedule of restricted equity securities | The following table presents the restricted equity securities as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 December 31, 2018 FRB stock $ 57,843 $ 56,819 FHLB stock 20,250 17,250 Total restricted equity securities $ 78,093 $ 74,069 |
Derivatives (Tables)
Derivatives (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of notional and gross fair values of derivatives | The following table presents the total notional amounts and gross fair values of the Company’s derivatives, as well as the balance sheet netting adjustments on an aggregate basis as of June 30, 2019 and December 31, 2018 . The derivative assets and liabilities are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the variation margin payments with central clearing organizations have been applied as settlement, as applicable. Total derivative assets and liabilities are adjusted to take into consideration the effects of legally enforceable master netting agreements and cash collateral received or paid as of June 30, 2019 and December 31, 2018 . The resulting net derivative asset and liability fair values are included in Other assets and Accrued expenses and other liabilities , respectively, on the Consolidated Balance Sheet. ($ in thousands) June 30, 2019 December 31, 2018 Notional Amount Fair Value Notional Amount Fair Value Derivative Assets Derivative Liabilities Derivative Assets Derivative Liabilities Derivatives designated as hedging instruments: Fair value hedges: Interest rate contracts $ 31,026 $ — $ 3,019 $ 35,811 $ — $ 5,866 Net investment hedges: Foreign exchange contracts 160,007 52 — 90,245 — 611 Total derivatives designated as hedging instruments $ 191,033 $ 52 $ 3,019 $ 126,056 $ — $ 6,477 Derivatives not designated as hedging instruments: Interest rate contracts $ 13,469,821 $ 190,388 $ 121,352 $ 11,695,499 $ 69,818 $ 69,267 Foreign exchange contracts 3,425,107 27,797 22,528 3,407,522 21,624 19,329 Credit contracts 91,856 3 118 119,320 1 164 Equity contracts — (1) 1,985 — — (1) 1,951 — Commodity contracts — (2) 22,651 25,906 — (2) 14,422 23,068 Total derivatives not designated as hedging instruments $ 16,986,784 $ 242,824 $ 169,904 $ 15,222,341 $ 107,816 $ 111,828 Gross derivative assets/liabilities $ 242,876 $ 172,923 $ 107,816 $ 118,305 Less: Master netting agreements (40,372 ) (40,372 ) (31,569 ) (31,569 ) Less: Cash collateral received/paid (3,831 ) (34,122 ) (13,577 ) (6,833 ) Net derivative assets/liabilities $ 198,673 $ 98,429 $ 62,670 $ 79,903 (1) The Company held equity contracts in three public companies and 17 private companies as of June 30, 2019 . In comparison, the Company held equity contracts in four public companies and 18 private companies as of December 31, 2018 . (2) The notional amount of the Company’s commodity contracts entered with its customers totaled 5,646 thousand barrels of oil and 30,775 thousand units of natural gas, measured in million British thermal units (“MMBTUs”) as of June 30, 2019 . In comparison, the notional amount of the Company’s commodity contracts entered with its customers totaled 2,507 thousand barrels of oil and 14,722 thousand MMBTUs of natural gas as of December 31, 2018 . The Company entered into the same notional amounts of commodity contracts with mirrored terms with third-party financial institutions. The following tables present the notional amounts and the gross fair values of foreign exchange derivative contracts outstanding as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Customer Counterparty ($ in thousands) Financial Counterparty Notional Amount Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Forwards and spot $ 2,036,792 $ 18,941 $ 16,358 Forwards and spot $ 246,962 $ 2,671 $ 454 Swaps 17,348 374 101 Swaps 768,763 4,676 4,480 Written options 88,758 422 — Purchased options 88,758 — 422 Collars 88,863 288 425 Collars 88,863 425 288 Total $ 2,231,761 $ 20,025 $ 16,884 Total $ 1,193,346 $ 7,772 $ 5,644 ($ in thousands) December 31, 2018 Customer Counterparty ($ in thousands) Financial Counterparty Notional Amount Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Forwards and spot $ 2,023,425 $ 11,719 $ 13,079 Forwards and spot $ 506,342 $ 3,407 $ 2,285 Swaps 21,108 348 243 Swaps 687,845 5,764 3,336 Written options 537 16 — Purchased options 537 — 16 Collars 83,864 — 370 Collars 83,864 370 — Total $ 2,128,934 $ 12,083 $ 13,692 Total $ 1,278,588 $ 9,541 $ 5,637 The following tables present the notional amounts and the gross fair values of interest rate derivative contracts outstanding as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Customer Counterparty ($ in thousands) Financial Counterparty Notional Amount Fair Value Notional Amount Fair Value Assets Liabilities Assets Liabilities Written options $ 975,369 $ — $ 62 Purchased options $ 975,369 $ 64 $ — Sold collars and corridors 549,305 3,277 15 Collars and corridors 549,305 15 3,326 Swaps 5,207,158 183,626 4,795 Swaps 5,213,315 3,406 113,154 Total $ 6,731,832 $ 186,903 $ 4,872 Total $ 6,737,989 $ 3,485 $ 116,480 ($ in thousands) December 31, 2018 Customer Counterparty ($ in thousands) Financial Counterparty Notional Amount Fair Value Notional Amount Fair Value Assets Liabilities Assets Liabilities Written options $ 931,601 $ — $ 492 Purchased options $ 931,601 $ 503 $ — Sold collars and corridors 429,879 1,121 305 Collars and corridors 429,879 308 1,140 Swaps 4,482,881 41,457 41,545 Swaps 4,489,658 26,429 25,785 Total $ 5,844,361 $ 42,578 $ 42,342 Total $ 5,851,138 $ 27,240 $ 26,925 The following tables present the notional amounts and fair values of the commodity derivative positions outstanding as of June 30, 2019 and December 31, 2018 : ($ and units in thousands) June 30, 2019 Customer Counterparty ($ and units in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Unit Amount Assets Liabilities Unit Amount Assets Liabilities Crude oil: Crude oil: Written options Barrels 134 $ 231 $ 286 Purchased options Barrels 134 $ 189 $ 222 Collars Barrels 2,082 752 1,506 Collars Barrels 2,697 1,752 1,069 Swaps Barrels 3,430 1,985 10,167 Swaps Barrels 3,551 7,622 2,180 Total 5,646 $ 2,968 $ 11,959 Total 6,382 $ 9,563 $ 3,471 Natural gas: Natural gas: Collars MMBTUs 6,385 $ 9 $ 431 Collars MMBTUs 6,315 $ 372 $ 9 Swaps MMBTUs 24,390 3,027 6,412 Swaps MMBTUs 26,807 6,712 3,624 Total 30,775 $ 3,036 $ 6,843 Total 33,122 $ 7,084 $ 3,633 Total $ 6,004 $ 18,802 Total $ 16,647 $ 7,104 ($ and units December 31, 2018 Customer Counterparty ($ and units Financial Counterparty Notional Fair Value Notional Fair Value Unit Amount Assets Liabilities Unit Amount Assets Liabilities Crude oil: Crude oil: Written options Barrels 524 $ — $ 2,628 Purchased options Barrels 524 $ 2,251 $ — Collars Barrels 872 — 3,772 Collars Barrels 872 3,225 — Swaps Barrels 1,111 — 14,278 Swaps Barrels 1,111 5,799 — Total 2,507 $ — $ 20,678 Total 2,507 $ 11,275 $ — Natural gas: Natural gas: Collars MMBTUs 3,063 $ 78 $ 152 Collars MMBTUs 3,063 $ 151 $ 64 Swaps MMBTUs 11,659 1,049 1,857 Swaps MMBTUs 11,659 1,869 317 Total 14,722 $ 1,127 $ 2,009 Total 14,722 $ 2,020 $ 381 Total $ 1,127 $ 22,687 Total $ 13,295 $ 381 June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 December 31, 2018 Notional Amount Fair Value Notional Amount Fair Value Assets Liabilities Assets Liabilities RPAs - protection sold $ 81,142 $ — $ 118 $ 108,606 $ — $ 164 RPAs - protection purchased 10,714 3 — 10,714 1 — Total RPAs $ 91,856 $ 3 $ 118 $ 119,320 $ 1 $ 164 |
Schedule of net gains (losses) recognized on the Consolidated Statement of Income related to derivatives designated as fair value hedge | The following table presents the net gains (losses) recognized on the Consolidated Statement of Income related to the derivatives designated as fair value hedges for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Gains (losses) recorded in interest expense: Recognized on interest rate swaps $ 1,634 $ (396 ) $ 2,854 $ (1,848 ) Recognized on certificates of deposit $ (1,434 ) $ 440 $ (2,695 ) $ 1,719 |
Schedule of the carrying amount and associated cumulative basis adjustment related to the application of fair value hedge accounting that is included in the carrying amount of the hedged certificates of deposit | The following table presents the carrying amount and associated cumulative basis adjustment related to the application of fair value hedge accounting that was included in the carrying amount of the hedged certificates of deposit as of June 30, 2019 and December 31, 2018 : ($ in thousands) Carrying Value (1) Cumulative Fair Value Adjustment (2) June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Certificates of deposit $ (29,238 ) $ (26,877 ) $ 1,446 $ 4,141 (1) Represents the full carrying amount of the hedged certificates of deposit. (2) For liabilities, decrease to carrying value. |
Tabular disclosure of gains and losses on derivative instruments qualified and designated in net investment hedges | The following table presents the (losses) gains recognized in AOCI on net investment hedges for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 (Losses) gains recognized in AOCI $ (598 ) $ 4,938 $ (2,603 ) $ 3,785 |
Schedule of the net (losses) gains recognized on the Company’s Consolidated Statement of Income related to derivatives not designated as hedging instruments | The following table presents the net (losses) gains recognized on the Company’s Consolidated Statement of Income related to derivatives not designated as hedging instruments for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Classification on Consolidated Statement of Income Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Derivatives not designated as hedging instruments: Interest rate contracts Interest rate contracts and other derivative income $ (1,359 ) $ 88 $ (3,138 ) $ 1,194 Foreign exchange contracts Foreign exchange income 3,495 2,646 9,821 6,503 Credit contracts Interest rate contracts and other derivative income (36 ) (56 ) 47 (69 ) Equity contracts Lending fees 917 598 1,167 439 Commodity contracts Interest rate contracts and other derivative income (22 ) 40 (18 ) 40 Net gains $ 2,995 $ 3,316 $ 7,879 $ 8,107 |
Schedule of gross derivative fair values, the balance sheet netting adjustments and the resulting net fair values recorded on the consolidated balance sheet, as well as the cash and non-cash collateral associated with master netting arrangements | The following tables present the gross derivative fair values, the balance sheet netting adjustments and the resulting net fair values recorded on the Consolidated Balance Sheet, as well as the cash and non-cash collateral associated with master netting arrangements. The gross amounts of derivative assets and liabilities are presented after the application of variation margin payments as settlements with centrally cleared organizations, where applicable. The collateral amounts in the following tables are limited to the outstanding balances of the related asset or liability, after the application of netting; therefore, instances of overcollateralization are not shown: ($ in thousands) June 30, 2019 Gross (1) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Amount Master Netting Arrangements Cash Collateral Received (3) Security Collateral (5) Derivative Assets $ 242,876 $ (40,372 ) $ (3,831 ) $ 198,673 $ — $ 198,673 Gross Amounts Recognized (2) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Amount Master Netting Arrangements Cash Collateral Pledged (4) Security Collateral (5) Derivative Liabilities $ 172,923 $ (40,372 ) $ (34,122 ) $ 98,429 $ (76,434 ) $ 21,995 ($ in thousands) December 31, 2018 Gross (1) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Amount Master Netting Arrangements Cash Collateral Received (3) Security Collateral (5) Derivative Assets $ 107,816 $ (31,569 ) $ (13,577 ) $ 62,670 $ (13,975 ) $ 48,695 Gross Amounts Recognized (2) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Amount Master Netting Arrangements Cash Collateral Pledged (4) Security Collateral (5) Derivative Liabilities $ 118,305 $ (31,569 ) $ (6,833 ) $ 79,903 $ (11,231 ) $ 68,672 (1) Gross amounts recognized for derivative assets include amounts with counterparties subject to enforceable master netting arrangements or similar agreements of $240.8 million and $105.9 million , respectively, as of June 30, 2019 and December 31, 2018 , and amounts with counterparties not subject to enforceable master netting arrangements or similar agreements of $2.1 million and $2.0 million , respectively, as of June 30, 2019 and December 31, 2018 . (2) Gross amounts recognized for derivative liabilities include amounts with counterparties subject to enforceable master netting arrangements or similar agreements of $172.9 million and $118.2 million , respectively, as of June 30, 2019 and December 31, 2018 , and amounts with counterparties not subject to enforceable master netting arrangements or similar agreements of $17 thousand and $102 thousand , respectively, as of June 30, 2019 and December 31, 2018 . (3) Gross cash collateral received under master netting arrangements or similar agreements were $4.6 million and $15.8 million , respectively, as of June 30, 2019 and December 31, 2018. Of the gross cash collateral received, $3.8 million and $13.6 million were used to offset against derivative assets, respectively, as of June 30, 2019 and December 31, 2018 . (4) Gross cash collateral pledged under master netting arrangements or similar agreements were $36.4 million and $8.4 million , respectively, as of June 30, 2019 and December 31, 2018 . Of the gross cash collateral pledged, $34.1 million and $6.8 million were used to offset against derivative liabilities, respectively, as of June 30, 2019 and December 31, 2018 . (5) Represents the fair value of security collateral received and pledged limited to derivative assets and liabilities that are subject to enforceable master netting arrangements or similar agreements. GAAP does not permit the netting of non-cash collateral on the Consolidated Balance Sheet but requires disclosure of such amounts. |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of composition of non-PCI and PCI loans | The following table presents the composition of the Company’s non-PCI and PCI loans as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 December 31, 2018 Non-PCI Loans (1) PCI Loans (2) Total (1)(2) Non-PCI Loans (1) PCI Loans (2) Total (1)(2) Commercial: C&I $ 12,401,090 $ 1,877 $ 12,402,967 $ 12,054,818 $ 2,152 $ 12,056,970 CRE 9,722,582 145,851 9,868,433 9,284,583 165,252 9,449,835 Multifamily residential 2,347,751 24,594 2,372,345 2,246,506 34,526 2,281,032 Construction and land 674,757 41 674,798 538,752 42 538,794 Total commercial 25,146,180 172,363 25,318,543 24,124,659 201,972 24,326,631 Consumer: Single-family residential 6,403,628 91,254 6,494,882 5,939,258 97,196 6,036,454 HELOCs 1,567,900 7,250 1,575,150 1,681,979 8,855 1,690,834 Other consumer 341,802 — 341,802 331,270 — 331,270 Total consumer 8,313,330 98,504 8,411,834 7,952,507 106,051 8,058,558 Total loans held-for-investment $ 33,459,510 $ 270,867 $ 33,730,377 $ 32,077,166 $ 308,023 $ 32,385,189 Allowance for loan losses (330,620 ) (5 ) (330,625 ) (311,300 ) (22 ) (311,322 ) Loans held-for-investment, net $ 33,128,890 $ 270,862 $ 33,399,752 $ 31,765,866 $ 308,001 $ 32,073,867 (1) Includes net deferred loan fees, unearned fees, unamortized premiums and unaccreted discounts of $(43.8) million and $(48.9) million as of June 30, 2019 and December 31, 2018 , respectively. (2) Includes ASC 310-30 discount of $18.9 million and $22.2 million as of June 30, 2019 and December 31, 2018 , respectively. |
Summary of credit risk rating for non-PCI and PCI loans by portfolio segment | The following tables present the credit risk ratings for non-PCI loans by portfolio segment as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Pass/Watch Special Mention Substandard Doubtful Total Non-PCI Loans Commercial: C&I $ 11,789,639 $ 368,328 $ 231,235 $ 11,888 $ 12,401,090 CRE 9,531,912 100,410 90,260 — 9,722,582 Multifamily residential 2,318,019 20,380 9,352 — 2,347,751 Construction and land 620,665 20,463 33,629 — 674,757 Total commercial 24,260,235 509,581 364,476 11,888 25,146,180 Consumer: Single-family residential 6,385,059 1,471 17,098 — 6,403,628 HELOCs 1,550,377 3,707 13,816 — 1,567,900 Other consumer 325,289 14,009 2,504 — 341,802 Total consumer 8,260,725 19,187 33,418 — 8,313,330 Total $ 32,520,960 $ 528,768 $ 397,894 $ 11,888 $ 33,459,510 ($ in thousands) December 31, 2018 Pass/Watch Special Mention Substandard Doubtful Total Non-PCI Loans Commercial: C&I $ 11,644,470 $ 260,089 $ 139,844 $ 10,415 $ 12,054,818 CRE 9,144,646 49,705 90,232 — 9,284,583 Multifamily residential 2,215,573 20,551 10,382 — 2,246,506 Construction and land 485,217 19,838 33,697 — 538,752 Total commercial 23,489,906 350,183 274,155 10,415 24,124,659 Consumer: Single-family residential 5,925,584 6,376 7,298 — 5,939,258 HELOCs 1,669,300 1,576 11,103 — 1,681,979 Other consumer 328,767 1 2,502 — 331,270 Total consumer 7,923,651 7,953 20,903 — 7,952,507 Total $ 31,413,557 $ 358,136 $ 295,058 $ 10,415 $ 32,077,166 The following tables present the credit risk ratings for PCI loans by portfolio segment as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Pass/Watch Special Mention Substandard Doubtful Total PCI Loans Commercial: C&I $ 1,877 $ — $ — $ — $ 1,877 CRE 127,083 6 18,762 — 145,851 Multifamily residential 23,856 — 738 — 24,594 Construction and land 41 — — — 41 Total commercial 152,857 6 19,500 — 172,363 Consumer: Single-family residential 89,623 764 867 — 91,254 HELOCs 6,868 — 382 — 7,250 Total consumer 96,491 764 1,249 — 98,504 Total (1) $ 249,348 $ 770 $ 20,749 $ — $ 270,867 ($ in thousands) December 31, 2018 Pass/Watch Special Mention Substandard Doubtful Total PCI Loans Commercial: C&I $ 1,996 $ — $ 156 $ — $ 2,152 CRE 146,057 — 19,195 — 165,252 Multifamily residential 33,003 — 1,523 — 34,526 Construction and land 42 — — — 42 Total commercial 181,098 — 20,874 — 201,972 Consumer: Single-family residential 95,789 1,021 386 — 97,196 HELOCs 8,314 256 285 — 8,855 Total consumer 104,103 1,277 671 — 106,051 Total (1) $ 285,201 $ 1,277 $ 21,545 $ — $ 308,023 (1) Loans net of ASC 310-30 discount. |
Schedule of aging analysis on non-PCI loans | The following tables present the aging analysis on non-PCI loans as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Accruing Loans 30-59 Days Past Due Accruing Loans 60-89 Days Past Due Total Accruing Past Due Loans Nonaccrual Loans Less Than 90 Days Past Due Nonaccrual Loans 90 or More Days Past Due Total Nonaccrual Loans Current Accruing Loans Total Non-PCI Loans Commercial: C&I $ 11,878 $ 6,176 $ 18,054 $ 36,208 $ 36,942 $ 73,150 $ 12,309,886 $ 12,401,090 CRE 11,099 70 11,169 3,038 17,876 20,914 9,690,499 9,722,582 Multifamily residential 386 — 386 1,013 14 1,027 2,346,338 2,347,751 Construction and land — — — — — — 674,757 674,757 Total commercial 23,363 6,246 29,609 40,259 54,832 95,091 25,021,480 25,146,180 Consumer: Single-family residential 18,052 2,397 20,449 712 12,363 13,075 6,370,104 6,403,628 HELOCs 6,116 4,968 11,084 57 7,287 7,344 1,549,472 1,567,900 Other consumer 4 14 18 — 2,504 2,504 339,280 341,802 Total consumer 24,172 7,379 31,551 769 22,154 22,923 8,258,856 8,313,330 Total $ 47,535 $ 13,625 $ 61,160 $ 41,028 $ 76,986 $ 118,014 $ 33,280,336 $ 33,459,510 ($ in thousands) December 31, 2018 Accruing Loans 30-59 Days Past Due Accruing Loans 60-89 Days Past Due Total Accruing Past Due Loans Nonaccrual Loans Less Than 90 Days Past Due Nonaccrual Loans 90 or More Days Past Due Total Nonaccrual Loans Current Accruing Loans Total Commercial: C&I $ 21,032 $ 19,170 $ 40,202 $ 17,097 $ 26,743 $ 43,840 $ 11,970,776 $ 12,054,818 CRE 7,740 — 7,740 3,704 20,514 24,218 9,252,625 9,284,583 Multifamily residential 4,174 — 4,174 1,067 193 1,260 2,241,072 2,246,506 Construction and land 207 — 207 — — — 538,545 538,752 Total commercial 33,153 19,170 52,323 21,868 47,450 69,318 24,003,018 24,124,659 Consumer: Single-family residential 14,645 7,850 22,495 509 4,750 5,259 5,911,504 5,939,258 HELOCs 2,573 1,816 4,389 1,423 7,191 8,614 1,668,976 1,681,979 Other consumer 11 12 23 — 2,502 2,502 328,745 331,270 Total consumer 17,229 9,678 26,907 1,932 14,443 16,375 7,909,225 7,952,507 Total $ 50,382 $ 28,848 $ 79,230 $ 23,800 $ 61,893 $ 85,693 $ 31,912,243 $ 32,077,166 |
Summary of additions and modifications to non-PCI troubled debt restructurings | The following tables present the additions to non-PCI TDRs for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Loans Modified as TDRs During the Three Months Ended June 30, 2019 2018 Number Pre- Modification Post- Modification (1) Financial (2) Number Pre- Modification Post- Modification (1) Financial (2) Commercial: C&I 6 $ 48,099 $ 48,054 $ 5,869 — $ — $ — $ — CRE — $ — $ — $ — 1 $ 750 $ 837 $ — Consumer: Single-family residential 1 $ 220 $ 219 $ — 2 $ 405 $ 404 $ (26 ) HELOCs — $ — $ — $ — 2 $ 1,546 $ 1,536 $ — ($ in thousands) Loans Modified as TDRs During the Six Months Ended June 30, 2019 2018 Number Pre- Modification Post- Modification (1) Financial (2) Number Pre- Modification Post- Modification (1) Financial (2) Commercial: C&I 9 $ 77,250 $ 77,486 $ 5,929 — $ — $ — $ — CRE — $ — $ — $ — 1 $ 750 $ 837 $ — Consumer: Single-family residential 1 $ 220 $ 219 $ — 2 $ 405 $ 404 $ (26 ) HELOCs — $ — $ — $ — 2 $ 1,546 $ 1,536 $ — (1) Includes subsequent payments after modification and reflects the balance as of June 30, 2019 and 2018 . (2) The financial impact includes increases in charge-offs and specific reserves recorded at the modification date. The following tables present the non-PCI TDR post-modification outstanding balances for the three and six months ended June 30, 2019 and 2018 by modification type: ($ in thousands) Modification Type During the Three Months Ended June 30, 2019 2018 Principal (1) Interest Other (2) Total Principal (1) Interest Other Total Commercial: C&I $ 9,909 $ — $ 38,145 $ 48,054 $ — $ — $ — $ — CRE — — — — — 837 — 837 Total commercial 9,909 — 38,145 48,054 — 837 — 837 Consumer: Single-family residential — — 219 219 65 — 339 404 HELOCs — — — — 1,464 — 72 1,536 Total consumer — — 219 219 1,529 — 411 1,940 Total $ 9,909 $ — $ 38,364 $ 48,273 $ 1,529 $ 837 $ 411 $ 2,777 ($ in thousands) Modification Type During the Six Months Ended June 30, 2019 2018 Principal (1) Interest Other (2) Total Principal (1) Interest Other Total Commercial: C&I $ 39,341 $ — $ 38,145 $ 77,486 $ — $ — $ — $ — CRE — — — — — 837 — 837 Total commercial 39,341 — 38,145 77,486 — 837 — 837 Consumer: Single-family residential — — 219 219 65 — 339 404 HELOCs — — — — 1,464 — 72 1,536 Total consumer — — 219 219 1,529 — 411 1,940 Total $ 39,341 $ — $ 38,364 $ 77,705 $ 1,529 $ 837 $ 411 $ 2,777 (1) Includes forbearance payments, term extensions and principal deferments that modify the terms of the loan from principal and interest payments to interest payments only. (2) Includes funding to secure additional collateral and provides liquidity to collateral-dependent C&I loans. |
Summary of TDR loans subsequently defaulted | The following tables present information on loans modified as TDRs within the previous 12 months, which have subsequently defaulted during the three and six months ended June 30, 2019 and 2018 , and were still in default at the respective period end: ($ in thousands) Loans Modified as TDRs that Subsequently Defaulted During the Three Months Ended June 30, 2019 2018 Number of Recorded Number of Recorded Commercial: C&I 1 $ 1,484 — $ — ($ in thousands) Loans Modified as TDRs that Subsequently Defaulted During the Six Months Ended June 30, 2019 2018 Number of Recorded Number of Recorded Commercial: C&I 1 $ 1,484 — $ — |
Summary of non-PCI impaired loans | The following tables present information on non-PCI impaired loans as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Unpaid Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Commercial: C&I $ 163,004 $ 105,843 $ 37,277 $ 143,120 $ 14,137 CRE 33,071 25,351 1,594 26,945 134 Multifamily residential 5,761 2,402 2,851 5,253 64 Total commercial 201,836 133,596 41,722 175,318 14,335 Consumer: Single-family residential 22,234 3,940 16,950 20,890 48 HELOCs 9,972 4,775 5,158 9,933 5 Other consumer 2,504 — 2,504 2,504 2,500 Total consumer 34,710 8,715 24,612 33,327 2,553 Total non-PCI impaired loans $ 236,546 $ 142,311 $ 66,334 $ 208,645 $ 16,888 ($ in thousands) December 31, 2018 Unpaid Principal Balance Recorded Investment With No Allowance Recorded Investment With Allowance Total Recorded Investment Related Allowance Commercial: C&I $ 82,963 $ 48,479 $ 8,609 $ 57,088 $ 1,219 CRE 36,426 28,285 2,067 30,352 208 Multifamily residential 6,031 2,949 2,611 5,560 75 Total commercial 125,420 79,713 13,287 93,000 1,502 Consumer: Single-family residential 14,670 2,552 10,908 13,460 34 HELOCs 10,035 5,547 4,409 9,956 5 Other consumer 2,502 — 2,502 2,502 2,491 Total consumer 27,207 8,099 17,819 25,918 2,530 Total non-PCI impaired loans $ 152,627 $ 87,812 $ 31,106 $ 118,918 $ 4,032 |
Schedule of average recorded investment and interest income recognized on non-PCI impaired loans | The following table presents the average recorded investment and interest income recognized on non-PCI impaired loans for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Average Recognized Interest Income (1) Average Recognized Interest Income (1) Average Recorded Investment Recognized Interest Income (1) Average Recognized Interest Income (1) Commercial: C&I $ 182,689 $ 1,081 $ 103,767 $ 95 $ 189,553 $ 1,816 $ 112,193 $ 357 CRE 29,241 135 34,547 116 31,456 249 35,602 259 Multifamily residential 5,852 61 9,358 52 5,883 121 11,141 134 Construction and land — — 3,973 — — — 3,973 — Total commercial 217,782 1,277 151,645 263 226,892 2,186 162,909 750 Consumer: Single-family residential 23,247 129 18,852 115 24,865 258 19,331 228 HELOCs 13,564 38 9,496 18 15,321 56 10,897 33 Other consumer 2,515 — 2,491 — 2,526 — 2,491 — Total consumer 39,326 167 30,839 133 42,712 314 32,719 261 Total non-PCI impaired loans $ 257,108 $ 1,444 $ 182,484 $ 396 $ 269,604 $ 2,500 $ 195,628 $ 1,011 (1) Includes interest income recognized on accruing non-PCI TDRs. Interest payments received on nonaccrual non-PCI loans are reflected as a reduction to principal, not as interest income. |
Summary of activities in the allowance for credit losses | The following table presents a summary of activities in the allowance for loan losses by portfolio segment for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Non-PCI Loans Allowance for non-PCI loans, beginning of period $ 317,880 $ 297,607 $ 311,300 $ 287,070 Provision for loan losses on non-PCI loans 20,740 15,139 41,388 35,072 Gross charge-offs: Commercial: C&I (11,745 ) (13,534 ) (28,989 ) (31,979 ) Consumer: Single-family residential — — — (1 ) Other consumer (14 ) (162 ) (28 ) (179 ) Total gross charge-offs (11,759 ) (13,696 ) (29,017 ) (32,159 ) Gross recoveries: Commercial: C&I 1,713 1,151 3,964 8,430 CRE 1,837 2 2,059 429 Multifamily residential 53 1,061 334 1,394 Construction and land 439 258 502 693 Consumer: Single-family residential 72 629 74 813 HELOCs — — 2 — Other consumer 7 — 7 1 Total gross recoveries 4,121 3,101 6,942 11,760 Net charge-offs (7,638 ) (10,595 ) (22,075 ) (20,399 ) Foreign currency translation adjustments (362 ) (640 ) 7 (232 ) Allowance for non-PCI loans, end of period 330,620 301,511 330,620 301,511 PCI Loans Allowance for PCI loans, beginning of period 14 47 22 58 Reversal of loan losses on PCI loans (9 ) (8 ) (17 ) (19 ) Allowance for PCI loans, end of period 5 39 5 39 Allowance for loan losses $ 330,625 $ 301,550 $ 330,625 $ 301,550 The following table presents a summary of activities in the allowance for unfunded credit reserves for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Allowance for unfunded credit reserves, beginning of period $ 14,505 $ 13,614 $ 12,566 $ 13,318 (Reversal of) provision for unfunded credit reserves (1,486 ) 405 453 701 Allowance for unfunded credit reserves, end of period $ 13,019 $ 14,019 $ 13,019 $ 14,019 |
Summary of allowance for loan losses and recorded investments by portfolio segment and impairment methodology | The following tables present the Company’s allowance for loan losses and recorded investments by portfolio segment and impairment methodology as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 Commercial Consumer Total C&I CRE Multifamily Residential Construction and Land Single- Family Residential HELOCs Other Consumer Allowance for loan losses Individually evaluated for impairment $ 14,137 $ 134 $ 64 $ — $ 48 $ 5 $ 2,500 $ 16,888 Collectively evaluated for impairment 191,366 40,378 18,510 22,961 32,715 6,172 1,630 313,732 Acquired with deteriorated credit quality — 5 — — — — — 5 Total $ 205,503 $ 40,517 $ 18,574 $ 22,961 $ 32,763 $ 6,177 $ 4,130 $ 330,625 Recorded investment in loans Individually evaluated for impairment $ 143,120 $ 26,945 $ 5,253 $ — $ 20,890 $ 9,933 $ 2,504 $ 208,645 Collectively evaluated for impairment 12,257,970 9,695,637 2,342,498 674,757 6,382,738 1,557,967 339,298 33,250,865 Acquired with deteriorated credit quality (1) 1,877 145,851 24,594 41 91,254 7,250 — 270,867 Total (1) $ 12,402,967 $ 9,868,433 $ 2,372,345 $ 674,798 $ 6,494,882 $ 1,575,150 $ 341,802 $ 33,730,377 ($ in thousands) December 31, 2018 Commercial Consumer Total C&I CRE Multifamily Residential Construction and Land Single- Family Residential HELOCs Other Consumer Allowance for loan losses Individually evaluated for impairment $ 1,219 $ 208 $ 75 $ — $ 34 $ 5 $ 2,491 $ 4,032 Collectively evaluated for impairment 190,121 38,823 19,208 20,282 31,306 5,769 1,759 307,268 Acquired with deteriorated credit quality — 22 — — — — — 22 Total $ 191,340 $ 39,053 $ 19,283 $ 20,282 $ 31,340 $ 5,774 $ 4,250 $ 311,322 Recorded investment in loans Individually evaluated for impairment $ 57,088 $ 30,352 $ 5,560 $ — $ 13,460 $ 9,956 $ 2,502 $ 118,918 Collectively evaluated for impairment 11,997,730 9,254,231 2,240,946 538,752 5,925,798 1,672,023 328,768 31,958,248 Acquired with deteriorated credit quality (1) 2,152 165,252 34,526 42 97,196 8,855 — 308,023 Total (1) $ 12,056,970 $ 9,449,835 $ 2,281,032 $ 538,794 $ 6,036,454 $ 1,690,834 $ 331,270 $ 32,385,189 (1) Loans net of ASC 310-30 discount. |
Summary of changes in accretable yield for PCI loans | The following table presents the changes in accretable yield for PCI loans for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Accretable yield for PCI loans, beginning of period $ 68,861 $ 95,864 $ 74,870 $ 101,977 Accretion (5,806 ) (11,084 ) (12,007 ) (20,218 ) Changes in expected cash flows 998 272 1,190 3,293 Accretable yield for PCI loans, end of period $ 64,053 $ 85,052 $ 64,053 $ 85,052 |
Schedule of loans purchases into the held-for-investment portfolio, reclassification of loans held-for-investment to/from held for-sale and sales of loans | The following tables present information about loan purchased for the held-for-investment portfolio, reclassification of loans from held-for-investment to held-for-sale, and sales during the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, 2019 Commercial Consumer Total C&I CRE Multifamily Construction Single-Family Loans transferred from held-for-investment to held-for-sale (1) $ 79,593 $ — $ — $ 1,573 $ — $ 81,166 Sales (2)(3)(4) $ 76,031 $ — $ — $ 1,573 $ 1,172 $ 78,776 Purchases (5) $ 159,100 $ — $ 1,734 $ — $ 17,637 $ 178,471 ($ in thousands) Three Months Ended June 30, 2018 Commercial Consumer Total C&I CRE Multifamily Construction Single-Family Loans transferred from held-for-investment to held-for-sale (1) $ 99,449 $ 30,415 $ — $ — $ — $ 129,864 Sales (2)(3)(4) $ 140,326 $ 30,415 $ — $ — $ 8,175 $ 178,916 Purchases (5) $ 285,615 $ — $ 3,249 $ — $ 20,912 $ 309,776 ($ in thousands) Six Months Ended June 30, 2019 Commercial Consumer Total C&I CRE Multifamily Construction Single-Family Loans transferred from held-for-investment to held-for-sale (1) $ 155,166 $ 16,655 $ — $ 1,573 $ — $ 173,394 Sales (2)(3)(4) $ 151,677 $ 16,655 $ — $ 1,573 $ 3,614 $ 173,519 Purchases (5) $ 266,294 $ — $ 5,952 $ — $ 54,039 $ 326,285 ($ in thousands) Six Months Ended June 30, 2018 Commercial Consumer Total C&I CRE Multifamily Construction Single-Family Loans transferred from held-for-investment to held-for-sale (1) $ 245,840 $ 39,791 $ — $ — $ — $ 285,631 Sales (2)(3)(4) $ 242,691 $ 39,791 $ — $ — $ 10,721 $ 293,203 Purchases (5) $ 350,362 $ — $ 3,435 $ — $ 36,025 $ 389,822 (1) The Company recorded $317 thousand and $390 thousand in write-downs to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale and subsequently sold during the three and six months ended June 30, 2019 , respectively, and $13.3 million and $13.4 million during the same periods in 2018 , respectively. (2) Includes originated loans sold of $55.7 million and $132.2 million for the three and six months ended June 30, 2019 , respectively, and $103.5 million and $193.2 million during the same periods in 2018 , respectively. Originated loans sold during the three and six months ended June 30, 2019 were primarily C&I loans. In comparison, originated loans sold during the same periods in 2018 were primarily C&I and CRE loans. (3) Includes purchased loans sold in the secondary market of $23.1 million and $41.3 million for the three and six months ended June 30, 2019 , respectively, and $75.4 million and $100.0 million during the same periods in 2018 , respectively. (4) Net gains on sales of loans, excluding the lower of cost or fair value adjustments, were $15 thousand and $930 thousand for the three and six months ended June 30, 2019 , respectively, and $2.3 million and $3.9 million during the same periods in 2018 , respectively. No lower of cost or fair value adjustments were recorded for each of the three and six months ended June 30, 2019 and 2018 . (5) C&I loan purchases for each of the three and six months ended June 30, 2019 and 2018 were mainly comprised of C&I syndicated loans. |
Investments in Qualified Affo_2
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net [Abstract] | |
Schedule of investments in qualified affordable housing partnerships, net and related unfunded commitments | The following table presents the Company’s investments in qualified affordable housing partnerships, net, and related unfunded commitments as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 December 31, 2018 Investments in qualified affordable housing partnerships, net $ 198,466 $ 184,873 Accrued expenses and other liabilities — Unfunded commitments $ 83,785 $ 80,764 |
Schedule of additional information related to investments in qualified affordable housing partnerships, net | The following table presents additional information related to the Company’s investments in qualified affordable housing partnerships, net, for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Tax credits and other tax benefits recognized $ 11,506 $ 8,940 $ 23,332 $ 18,095 Amortization expense included in income tax expense $ 9,657 $ 6,700 $ 18,554 $ 13,773 |
Schedule of tax credits and other investments, net and accrued expenses for unfunded commitments | The following table presents the Company’s investments in tax credit and other investments, net, and related unfunded commitments as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 December 31, 2018 Investments in tax credit and other investments, net $ 210,387 $ 231,635 Accrued expenses and other liabilities — Unfunded commitments $ 73,369 $ 80,228 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of goodwill by reporting unit | The following tables present changes in the carrying amount of goodwill by reporting unit during the six months ended June 30, 2019 and 2018 : ($ in thousands) Consumer Commercial Total Beginning balance, January 1, 2018 $ 357,207 $ 112,226 $ 469,433 Disposition of the DCB branches (3,886 ) — (3,886 ) Ending balance, June 30, 2018 $ 353,321 $ 112,226 $ 465,547 ($ in thousands) Consumer and Business Banking Commercial Banking Total Beginning balance, January 1, 2019 $ 353,321 $ 112,226 $ 465,547 Acquisition of Enstream Capital Markets, LLC — 150 150 Ending balance, June 30, 2019 $ 353,321 $ 112,376 $ 465,697 |
Schedule of gross carrying value of core deposit intangible assets and accumulated amortization | The following table presents the gross carrying amount of core deposit intangible assets and accumulated amortization as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 December 31, 2018 Gross balance (1) $ 86,099 $ 86,099 Accumulated amortization (1) (73,896 ) (71,570 ) Net carrying balance (1) $ 12,203 $ 14,529 (1) Excludes fully amortized core deposit intangible assets. |
Schedule of estimated future amortization expense of core deposit intangibles | The following table presents the estimated future amortization expense of core deposit intangibles as of June 30, 2019 : ($ in thousands) Amount Remainder of 2019 $ 2,192 2020 3,634 2021 2,749 2022 1,865 2023 1,199 Thereafter 564 Total $ 12,203 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Lease Related Assets and Liabilities | The following table presents the lease related assets and liabilities recorded on the Consolidated Balance Sheet as of June 30, 2019 : ($ in thousands) Classification on the Consolidated Balance Sheet June 30, 2019 Assets: Operating lease assets Operating lease right-of use assets $ 109,032 Finance lease assets Premises and equipment 8,144 Total lease assets $ 117,176 Liabilities: Operating lease liabilities Operating lease liabilities $ 117,448 Finance lease liabilities Long-term debt and finance lease liabilities 5,540 Total lease liabilities $ 122,988 |
Schedule of Lease Costs | The following table presents the components of lease expense for operating and finance leases during the three and six months ended June 30, 2019 : ($ in thousands) Three Months Ended Six Months Ended Operating lease cost $ 8,770 $ 17,750 Finance lease cost: Amortization of right-of-use assets 280 482 Interest on lease liabilities 41 87 Variable lease cost 32 62 Sublease income (49 ) (81 ) Net lease cost $ 9,074 $ 18,300 |
Schedule of Supplemental Lease Information | The following table presents the supplemental cash flow information related to leases during the three and six months ended June 30, 2019 : ($ in thousands) Three Months Ended Six Months Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 8,806 $ 17,981 Operating cash flows from finance leases $ 41 $ 87 Financing cash flows from finance leases $ 218 $ 435 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 11,489 $ 15,167 Financing leases $ 226 $ 226 The following table presents the weighted average remaining lease terms and discount rates related to leases as of June 30, 2019 : June 30, 2019 Weighted-average remaining lease term (in years): Operating leases 4.7 Finance leases 15.9 Weighted-average discount rate: Operating leases 3.19 % Finance leases 2.99 % |
Schedule of Finance Leases, Undiscounted Cash Flow Maturities | The following table presents a maturity analysis of the Company’s operating and finance lease liabilities as of June 30, 2019 : ($ in thousands) Operating Leases Finance Leases Remainder of 2019 $ 17,575 $ 519 2020 32,208 1,035 2021 27,642 1,030 2022 17,843 690 2023 10,807 402 Thereafter 20,614 3,462 Total minimum lease payments $ 126,689 $ 7,138 Less: imputed interest (9,241 ) (1,598 ) Present value of lease liabilities $ 117,448 $ 5,540 |
Schedule of Operating Leases, Undiscounted Cash Flow Maturities | The following table presents a maturity analysis of the Company’s operating and finance lease liabilities as of June 30, 2019 : ($ in thousands) Operating Leases Finance Leases Remainder of 2019 $ 17,575 $ 519 2020 32,208 1,035 2021 27,642 1,030 2022 17,843 690 2023 10,807 402 Thereafter 20,614 3,462 Total minimum lease payments $ 126,689 $ 7,138 Less: imputed interest (9,241 ) (1,598 ) Present value of lease liabilities $ 117,448 $ 5,540 |
Schedule of Net Investment of Direct Financing and Sales-type Leases | The following table presents the components of the net investment in direct financing and sales-type leases as of June 30, 2019 : ($ in thousands) June 30, 2019 Lease receivables $ 138,752 Unguaranteed residual assets 14,580 Net investment in direct financing and sales-type leases $ 153,332 |
Schedule of Future Minimum Lease Payments Expected To Be Received Under The Direct Financing And Sales-Type Leases | The following table presents future minimum lease payments that are expected to be received under the direct financing and sales-type leases as of June 30, 2019 : ($ in thousands) Direct Financing and Sales-Type Leases Remainder of 2019 $ 14,038 2020 27,566 2021 25,584 2022 18,190 2023 11,995 Thereafter 20,342 Total minimum lease payments $ 117,715 Less: imputed interest (11,917 ) Present value of lease receivables $ 105,798 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of credit-related commitments | The following table presents the Company’s credit-related commitments as of June 30, 2019 and December 31, 2018 : ($ in thousands) June 30, 2019 December 31, 2018 Loan commitments $ 5,391,182 $ 5,147,821 Commercial letters of credit and SBLCs $ 1,830,902 $ 1,796,647 |
Schedule of guarantees outstanding | The following table presents the types of guarantees the Company had outstanding as of June 30, 2019 and December 31, 2018 : ($ in thousands) Maximum Potential Carrying Value June 30, 2019 December 31, 2018 June 30, 2019 December 31, 2018 Single-family residential loans sold or securitized with recourse $ 14,771 $ 16,700 $ 14,771 $ 16,700 Multifamily residential loans sold or securitized with recourse 16,468 17,058 54,757 69,974 Total $ 31,239 $ 33,758 $ 69,528 $ 86,674 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following tables present revenue from contracts with customers within the scope of ASC 606, Revenue from Contracts with Customers , and other noninterest income, segregated by operating segments for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, 2019 Consumer Commercial Other Total Noninterest income: Revenue from contracts with customers: Deposit account fees: Deposit service charges and related fee income $ 5,397 $ 3,299 $ 10 $ 8,706 Card income 928 154 — 1,082 Wealth management fees 3,565 235 — 3,800 Total revenue from contracts with customers $ 9,890 $ 3,688 $ 10 $ 13,588 Other sources of noninterest income (1) 4,613 29,968 4,590 39,171 Total noninterest income $ 14,503 $ 33,656 $ 4,600 $ 52,759 ($ in thousands) Three Months Ended June 30, 2018 Consumer Commercial Other Total Noninterest income: Revenue from contracts with customers: Deposit account fees: Deposit service charges and related fee income $ 5,738 $ 3,000 $ 248 $ 8,986 Card income 933 221 — 1,154 Wealth management fees 4,501 — — 4,501 Total revenue from contracts with customers $ 11,172 $ 3,221 $ 248 $ 14,641 Other sources of noninterest income (1) 3,413 27,523 2,691 33,627 Total noninterest income $ 14,585 $ 30,744 $ 2,939 $ 48,268 ($ in thousands) Six Months Ended June 30, 2019 Consumer Commercial Other Total Noninterest income: Revenue from contracts with customers: Deposit account fees: Deposit service charges and related fee income $ 10,630 $ 6,573 $ 26 $ 17,229 Card income 1,861 339 — 2,200 Wealth management fees 7,271 341 — 7,612 Total revenue from contracts with customers $ 19,762 $ 7,253 $ 26 $ 27,041 Other sources of noninterest income (1) 8,513 50,947 8,389 67,849 Total noninterest income $ 28,275 $ 58,200 $ 8,415 $ 94,890 ($ in thousands) Six Months Ended June 30, 2018 Consumer Commercial Other Total Noninterest income: Revenue from contracts with customers: Deposit account fees: Deposit service charges and related fee income $ 11,752 $ 6,014 $ 406 $ 18,172 Card income 2,003 395 — 2,398 Wealth management fees 7,297 157 — 7,454 Total revenue from contracts with customers $ 21,052 $ 6,566 $ 406 $ 28,024 Other sources of noninterest income (1) 37,981 51,616 5,091 94,688 Total noninterest income $ 59,033 $ 58,182 $ 5,497 $ 122,712 (1) Primarily represents revenue from contracts with customers that are out of the scope of ASC 606, Revenue from Contracts with Customers . |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense and Effective Tax Rate | The following table presents the income tax expense and the effective tax rate for the three and six months ended June 30, 2019 and 2018: ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 % Change 2019 2018 % Change Income before income taxes $ 223,177 $ 196,992 13 % $ 418,268 $ 408,776 2 % Income tax expense $ 72,797 $ 24,643 195 % $ 103,864 $ 49,395 110 % Effective tax rate 32.6 % 12.5 % 20 % 24.8 % 12.1 % 13 % |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Summary of stock compensation expense and related net tax benefit | The following table presents a summary of the total compensation costs and the related net tax benefits associated with the Company’s various share-based compensation plans for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Stock compensation costs $ 8,081 $ 7,057 $ 15,525 $ 13,215 Related net tax benefits for stock compensation plans $ 1 $ 97 $ 4,708 $ 4,875 |
Summary of activity for time-based and performance-based restricted stock units | The following table presents a summary of the activities and pricing information for the Company’s time-based and performance-based RSUs that will be settled in shares for the six months ended June 30, 2019 . The number of outstanding performance-based RSUs stated below assumes the associated performance targets will be met at the target level: Six Months Ended June 30, 2019 Time-Based RSUs Performance-Based RSUs Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Outstanding, at beginning of period 1,121,391 $ 51.22 411,290 $ 49.93 Granted 490,809 52.60 134,600 54.64 Vested (355,029 ) 31.58 (159,407 ) 29.18 Forfeited (39,930 ) 56.90 — — Outstanding, at end of period 1,217,241 $ 57.32 386,483 $ 60.13 The following table presents a summary of the activities for the Company’s time-based RSUs that will be settled in cash for the six months ended June 30, 2019 : Six Months Ended Shares Outstanding, at beginning of period — Granted 12,145 Vested — Forfeited — Outstanding, at end of period 12,145 |
Stockholders' Equity and Earn_2
Stockholders' Equity and Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Stockholders' Equity and Earnings Per Share [Abstract] | |
Schedule of earnings per share calculations | The following table presents the EPS calculations for the three and six months ended June 30, 2019 and 2018 : ($ and shares in thousands, except per share data) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Basic: Net income $ 150,380 $ 172,349 $ 314,404 $ 359,381 Basic weighted-average number of shares outstanding 145,546 144,899 145,402 144,782 Basic EPS $ 1.03 $ 1.19 $ 2.16 $ 2.48 Diluted: Net income $ 150,380 $ 172,349 $ 314,404 $ 359,381 Basic weighted-average number of shares outstanding 145,546 144,899 145,402 144,782 Diluted potential common shares (1) 506 1,192 614 1,264 Diluted weighted-average number of shares outstanding (1) 146,052 146,091 146,016 146,046 Diluted EPS $ 1.03 $ 1.18 $ 2.15 $ 2.46 (1) Includes dilutive shares from RSUs for the three and six months ended June 30, 2019 , and from RSUs and warrants for the three and six months ended June 30, 2018 . |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of the changes in components of accumulated other comprehensive income (loss) balances | The following tables present the changes in the components of AOCI balances for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Available- Foreign (1) Total BALANCE, APRIL 1, 2018 $ (55,981 ) $ 177 $ (55,804 ) Net unrealized (losses) arising during the period (8,693 ) (6,822 ) (15,515 ) Amounts reclassified from AOCI (148 ) — (148 ) Changes, net of tax (8,841 ) (6,822 ) (15,663 ) BALANCE, JUNE 30, 2018 $ (64,822 ) $ (6,645 ) $ (71,467 ) BALANCE, APRIL 1, 2019 $ (23,810 ) $ (9,173 ) $ (32,983 ) Net unrealized gains (losses) arising during the period 30,046 (6,016 ) 24,030 Amounts reclassified from AOCI (1,019 ) — (1,019 ) Changes, net of tax 29,027 (6,016 ) 23,011 BALANCE, JUNE 30, 2019 $ 5,217 $ (15,189 ) $ (9,972 ) ($ in thousands) Available- Foreign (1) Total BALANCE, JANUARY 1, 2018 $ (30,898 ) $ (6,621 ) $ (37,519 ) Cumulative effect of change in accounting principle related to marketable equity securities (2) 385 — 385 Reclassification of tax effects in AOCI resulting from the new federal corporate income tax rate (3) (6,656 ) — (6,656 ) BALANCE, JANUARY 1, 2018, ADJUSTED (37,169 ) (6,621 ) (43,790 ) Net unrealized (losses) arising during the period (26,004 ) (24 ) (26,028 ) Amounts reclassified from AOCI (1,649 ) — (1,649 ) Changes, net of tax (27,653 ) (24 ) (27,677 ) BALANCE, JUNE 30, 2018 $ (64,822 ) $ (6,645 ) $ (71,467 ) BALANCE, JANUARY 1, 2019 $ (45,821 ) $ (12,353 ) $ (58,174 ) Net unrealized gains (losses) arising during the period 53,157 (2,836 ) 50,321 Amounts reclassified from AOCI (2,119 ) — (2,119 ) Changes, net of tax 51,038 (2,836 ) 48,202 BALANCE, JUNE 30, 2019 $ 5,217 $ (15,189 ) $ (9,972 ) (1) Represents foreign currency translation adjustments related to the Company’s net investment in non-U.S. operations, including related hedges. The functional currency and reporting currency of the Company’s foreign subsidiary was Chinese Renminbi and USD, respectively. (2) Represents the impact of the adoption in the first quarter of 2018 of ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10) : Recognition and Measurement of Financial Assets and Financial Liabilities. (3) Represents amounts reclassified from AOCI to retained earnings due to the early adoption of ASU 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220) : Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income in the first quarter of 2018 . |
Schedule of components of other comprehensive income (loss), reclassifications to net income and the related tax effects | The following tables present the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Three Months Ended June 30, 2019 2018 Before-Tax Tax Effect Net-of-Tax Before-Tax Tax Effect Net-of-Tax Available-for-sale investment securities: Net unrealized gains (losses) arising during the period $ 44,531 $ (14,485 ) $ 30,046 $ (12,342 ) $ 3,649 $ (8,693 ) Net realized gains reclassified into net income (1) (1,447 ) 428 (1,019 ) (210 ) 62 (148 ) Net change 43,084 (14,057 ) 29,027 (12,552 ) 3,711 (8,841 ) Foreign currency translation adjustments, net of hedges: Net unrealized (losses) arising during the period (2) (2,989 ) (3,027 ) (6,016 ) (6,822 ) — (6,822 ) Net change (2,989 ) (3,027 ) (6,016 ) (6,822 ) — (6,822 ) Other comprehensive income (loss) $ 40,095 $ (17,084 ) $ 23,011 $ (19,374 ) $ 3,711 $ (15,663 ) ($ in thousands) Six Months Ended June 30, 2019 2018 Before-Tax Tax Effect Net-of-Tax Before-Tax Tax Effect Net-of-Tax Available-for-sale investment securities: Net unrealized gains (losses) arising during the period $ 75,469 $ (22,312 ) $ 53,157 $ (36,919 ) $ 10,915 $ (26,004 ) Net realized gains reclassified into net income (1) (3,008 ) 889 (2,119 ) (2,339 ) 690 (1,649 ) Net change 72,461 (21,423 ) 51,038 (39,258 ) 11,605 (27,653 ) Foreign currency translation adjustments, net of hedges: Net unrealized (losses) arising during the period (2) 191 (3,027 ) (2,836 ) (24 ) — (24 ) Net change 191 (3,027 ) (2,836 ) (24 ) — (24 ) Other comprehensive income (loss) $ 72,652 $ (24,450 ) $ 48,202 $ (39,282 ) $ 11,605 $ (27,677 ) (1) For the three and six months ended June 30, 2019 and 2018 , pre-tax amounts were reported in Net gains on sales of available-for-sale investment securities on the Consolidated Statement of Income. (2) The tax effects on foreign currency translation adjustments represent the cumulative net deferred tax liabilities since inception on net investment hedges that were recorded during the second quarter of 2019. |
Business Segments (Tables)
Business Segments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of operating results and other key financial measures by operating segments | The following tables present the operating results and other key financial measures for the individual operating segments as of and for the three and six months ended June 30, 2019 and 2018 : ($ in thousands) Consumer Commercial Banking Other Total Three Months Ended June 30, 2019 Net interest income before provision for credit losses $ 151,352 $ 151,222 $ 64,752 $ 367,326 Provision for credit losses $ 1,616 $ 17,629 $ — $ 19,245 Noninterest income $ 14,503 $ 33,656 $ 4,600 $ 52,759 Noninterest expense $ 83,656 $ 67,303 $ 26,704 $ 177,663 Segment income before income taxes $ 80,583 $ 99,946 $ 42,648 $ 223,177 Segment net income $ 57,612 $ 71,565 $ 21,203 $ 150,380 As of June 30, 2019 Segment assets $ 11,013,898 $ 25,001,894 $ 6,876,566 $ 42,892,358 ($ in thousands) Consumer Commercial Other Total Three Months Ended June 30, 2018 Net interest income before provision for credit losses $ 180,348 $ 153,878 $ 7,453 $ 341,679 Provision for credit losses $ 3,414 $ 12,122 $ — $ 15,536 Noninterest income $ 14,585 $ 30,744 $ 2,939 $ 48,268 Noninterest expense $ 84,459 $ 60,573 $ 32,387 $ 177,419 Segment income (loss) before income taxes $ 107,060 $ 111,927 $ (21,995 ) $ 196,992 Segment net income $ 76,710 $ 80,425 $ 15,214 $ 172,349 As of June 30, 2018 Segment assets $ 9,816,103 $ 22,199,992 $ 6,027,101 $ 38,043,196 ($ in thousands) Consumer Commercial Other Total Six Months Ended June 30, 2019 Net interest income before provision for credit losses $ 317,540 $ 298,462 $ 113,785 $ 729,787 Provision for credit losses $ 4,629 $ 37,195 $ — $ 41,824 Noninterest income $ 28,275 $ 58,200 $ 8,415 $ 94,890 Noninterest expense $ 171,562 $ 137,847 $ 55,176 $ 364,585 Segment income before income taxes $ 169,624 $ 181,620 $ 67,024 $ 418,268 Segment net income $ 121,267 $ 130,064 $ 63,073 $ 314,404 As of June 30, 2019 Segment assets $ 11,013,898 $ 25,001,894 $ 6,876,566 $ 42,892,358 ($ in thousands) Consumer Commercial Other Total Six Months Ended June 30, 2018 Net interest income before provision for credit losses $ 356,296 $ 298,358 $ 13,718 $ 668,372 Provision for credit losses $ 6,507 $ 29,247 $ — $ 35,754 Noninterest income $ 59,033 $ 58,182 $ 5,497 $ 122,712 Noninterest expense $ 171,776 $ 121,875 $ 52,903 $ 346,554 Segment income (loss) before income taxes $ 237,046 $ 205,418 $ (33,688 ) $ 408,776 Segment net income $ 169,844 $ 147,454 $ 42,083 $ 359,381 As of June 30, 2018 Segment assets $ 9,816,103 $ 22,199,992 $ 6,027,101 $ 38,043,196 |
Basis of Presentation (Details)
Basis of Presentation (Details) | Jun. 30, 2019trust |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of wholly-owned subsidiaries that are statutory business trusts (the Trusts) | 6 |
Current Accounting Developmen_2
Current Accounting Developments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Jan. 01, 2018 | [2] | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating lease right-of-use assets | $ 109,032 | ||||
Operating lease liabilities | $ 117,448 | ||||
Cumulative effect of a change in accounting principle | $ 14,668 | [1] | $ (160) | ||
Retained Earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of a change in accounting principle | 14,668 | [1] | $ (545) | ||
ASU 2016-02 | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Operating lease right-of-use assets | 109,100 | ||||
Operating lease liabilities | 117,700 | ||||
ASU 2016-02 | Retained Earnings | |||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||
Cumulative effect of a change in accounting principle | $ 14,700 | ||||
[1] | Represents the impact of the adoption of ASU 2016-02, Leases (Topic 842) and subsequent related ASUs in the first quarter of 2019. Refer to Note 2 — Current Accounting Developments and Note 11 — Leases to the Consolidated Financial Statements in this Form 10-Q for additional information. | ||||
[2] | Common Stock and Retained Treasury AOCI, Total Shares Amount BALANCE, JANUARY 1, 2018 144,543,060 $ 1,755,495 $ 2,576,302 $ (452,327 ) $ (37,519 ) $ 3,841,951 Cumulative effect of change in accounting principle related to marketable equity securities (1) — — (545 ) — 385 (160 ) Reclassification of tax effects in AOCI resulting from the new federal corporate income tax rate (2) — — 6,656 — (6,656 ) — Net income — — 359,381 — — 359,381 Other comprehensive loss — — — — (27,677 ) (27,677 ) Net activity of common stock pursuant to various stock compensation plans and agreements 361,569 14,543 — (15,161 ) — (618 ) Cash dividends on common stock ($0.40 per share) — — (58,593 ) — — (58,593 ) BALANCE, JUNE 30, 2018 144,904,629 $ 1,770,038 $ 2,883,201 $ (467,488 ) $ (71,467 ) $ 4,114,284 BALANCE, JANUARY 1, 2019 144,961,363 $ 1,789,977 $ 3,160,132 $ (467,961 ) $ (58,174 ) $ 4,423,974 Cumulative effect of change in accounting principle related to leases (3) — — 14,668 — — 14,668 Net income — — 314,404 — — 314,404 Other comprehensive income — — — — 48,202 48,202 Warrants exercised 180,226 1,711 — 2,732 — 4,443 Net activity of common stock pursuant to various stock compensation plans and agreements 404,980 17,374 — (14,169 ) — 3,205 Cash dividends on common stock ($0.505 per share) — — (74,303 ) — — (74,303 ) BALANCE, JUNE 30, 2019 145,546,569 $ 1,809,062 $ 3,414,901 $ (479,398 ) $ (9,972 ) $ 4,734,593 |
Dispositions (Narrative) (Detai
Dispositions (Narrative) (Details) $ in Thousands | Mar. 17, 2018USD ($)branch | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) |
Disposition [Line Items] | |||||
Net gain on sale of business | $ 0 | $ 0 | $ 0 | $ 31,470 | |
Desert Community Bank | |||||
Disposition [Line Items] | |||||
Net cash payment in sale of branches | $ 499,900 | ||||
Net gain on sale of business | $ 31,500 | ||||
Desert Community Bank | Deposits | |||||
Disposition [Line Items] | |||||
Branch liabilities sold | 613,700 | ||||
Desert Community Bank | Loans | |||||
Disposition [Line Items] | |||||
Branch assets sold | 59,100 | ||||
Desert Community Bank | Cash and cash equivalents | |||||
Disposition [Line Items] | |||||
Branch assets sold | 9,000 | ||||
Desert Community Bank | Premises and equipment | |||||
Disposition [Line Items] | |||||
Branch assets sold | $ 7,900 | ||||
Desert Community Bank | California | |||||
Disposition [Line Items] | |||||
Number of branches sold | branch | 8 |
Fair Value Measurement and Fa_3
Fair Value Measurement and Fair Value of Financial Instruments (Financial Assets and Liabilities Measurement on Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | $ 2,592,913 | $ 2,741,847 |
Derivative | ||
Derivative assets - Fair value | 242,876 | 107,816 |
Derivative asset, after netting | 198,673 | 62,670 |
Derivative liabilities - Fair value | 172,923 | 118,305 |
Derivative liability, after netting | 98,429 | 79,903 |
U.S. Treasury securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 326,535 | 564,815 |
U.S. government agency and U.S. government sponsored enterprise debt securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 241,967 | 217,173 |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 474,832 | 408,603 |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 843,574 | 946,693 |
Municipal securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 87,529 | 82,020 |
Non-agency commercial mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 70,549 | 26,052 |
Non-agency residential mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 24,539 | 9,931 |
Corporate debt securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 11,156 | 10,869 |
Foreign bonds | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 484,416 | 463,048 |
Asset-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 27,816 | 12,643 |
Fair Value, Measurements, Recurring | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 2,592,913 | 2,741,847 |
Equity securities with readily determinable fair value | 31,423 | 31,209 |
Derivative | ||
Derivative assets - Fair value | 242,876 | 107,816 |
Derivative asset netting adjustments | (44,203) | (45,146) |
Derivative asset, after netting | 198,673 | 62,670 |
Derivative liabilities - Fair value | 172,923 | 118,305 |
Derivative liability netting adjustment | (74,494) | (38,402) |
Derivative liability, after netting | 98,429 | 79,903 |
Fair Value, Measurements, Recurring | Tax credit investments | ||
Investment securities available-for-sale | ||
Total investments in tax credit and other investments | 31,423 | 31,209 |
Fair Value, Measurements, Recurring | Interest rate contracts | ||
Derivative | ||
Derivative assets - Fair value | 190,388 | 69,818 |
Derivative liabilities - Fair value | 124,371 | 75,133 |
Fair Value, Measurements, Recurring | Foreign exchange contracts | ||
Derivative | ||
Derivative assets - Fair value | 27,849 | 21,624 |
Derivative liabilities - Fair value | 22,528 | 19,940 |
Fair Value, Measurements, Recurring | Credit contracts | ||
Derivative | ||
Derivative assets - Fair value | 3 | 1 |
Derivative liabilities - Fair value | 118 | 164 |
Fair Value, Measurements, Recurring | Equity contracts | ||
Derivative | ||
Derivative assets - Fair value | 1,985 | 1,951 |
Fair Value, Measurements, Recurring | Commodity contracts | ||
Derivative | ||
Derivative assets - Fair value | 22,651 | 14,422 |
Derivative liabilities - Fair value | 25,906 | 23,068 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 326,535 | 564,815 |
Fair Value, Measurements, Recurring | U.S. government agency and U.S. government sponsored enterprise debt securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 241,967 | 217,173 |
Fair Value, Measurements, Recurring | U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 474,832 | 408,603 |
Fair Value, Measurements, Recurring | U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 843,574 | 946,693 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 87,529 | 82,020 |
Fair Value, Measurements, Recurring | Non-agency commercial mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 70,549 | 26,052 |
Fair Value, Measurements, Recurring | Non-agency residential mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 24,539 | 9,931 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 11,156 | 10,869 |
Fair Value, Measurements, Recurring | Foreign bonds | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 484,416 | 463,048 |
Fair Value, Measurements, Recurring | Asset-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 27,816 | 12,643 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 326,535 | 564,815 |
Equity securities with readily determinable fair value | 21,466 | 20,678 |
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative asset netting adjustments | 0 | 0 |
Derivative asset, after netting | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Derivative liability netting adjustment | 0 | 0 |
Derivative liability, after netting | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Tax credit investments | ||
Investment securities available-for-sale | ||
Total investments in tax credit and other investments | 21,466 | 20,678 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Interest rate contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign exchange contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Credit contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Equity contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commodity contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 326,535 | 564,815 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government agency and U.S. government sponsored enterprise debt securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-agency commercial mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-agency residential mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign bonds | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 2,266,378 | 2,177,032 |
Equity securities with readily determinable fair value | 9,957 | 10,531 |
Derivative | ||
Derivative assets - Fair value | 242,484 | 107,143 |
Derivative asset netting adjustments | (44,203) | (45,146) |
Derivative asset, after netting | 198,281 | 61,997 |
Derivative liabilities - Fair value | 172,923 | 118,305 |
Derivative liability netting adjustment | (74,494) | (38,402) |
Derivative liability, after netting | 98,429 | 79,903 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Tax credit investments | ||
Investment securities available-for-sale | ||
Total investments in tax credit and other investments | 9,957 | 10,531 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest rate contracts | ||
Derivative | ||
Derivative assets - Fair value | 190,388 | 69,818 |
Derivative liabilities - Fair value | 124,371 | 75,133 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign exchange contracts | ||
Derivative | ||
Derivative assets - Fair value | 27,849 | 21,624 |
Derivative liabilities - Fair value | 22,528 | 19,940 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Credit contracts | ||
Derivative | ||
Derivative assets - Fair value | 3 | 1 |
Derivative liabilities - Fair value | 118 | 164 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Equity contracts | ||
Derivative | ||
Derivative assets - Fair value | 1,593 | 1,278 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Commodity contracts | ||
Derivative | ||
Derivative assets - Fair value | 22,651 | 14,422 |
Derivative liabilities - Fair value | 25,906 | 23,068 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Treasury securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. government agency and U.S. government sponsored enterprise debt securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 241,967 | 217,173 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 474,832 | 408,603 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 843,574 | 946,693 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Municipal securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 87,529 | 82,020 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Non-agency commercial mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 70,549 | 26,052 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Non-agency residential mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 24,539 | 9,931 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate debt securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 11,156 | 10,869 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign bonds | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 484,416 | 463,048 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Asset-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 27,816 | 12,643 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Equity securities with readily determinable fair value | 0 | 0 |
Derivative | ||
Derivative assets - Fair value | 392 | 673 |
Derivative asset netting adjustments | 0 | 0 |
Derivative asset, after netting | 392 | 673 |
Derivative liabilities - Fair value | 0 | 0 |
Derivative liability netting adjustment | 0 | 0 |
Derivative liability, after netting | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Tax credit investments | ||
Investment securities available-for-sale | ||
Total investments in tax credit and other investments | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Interest rate contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Foreign exchange contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Credit contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity contracts | ||
Derivative | ||
Derivative assets - Fair value | 392 | 673 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Commodity contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. Treasury securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. government agency and U.S. government sponsored enterprise debt securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Municipal securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Non-agency commercial mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Non-agency residential mortgage-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Foreign bonds | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities | ||
Investment securities available-for-sale | ||
Available-for-sale debt securities, Fair Value | $ 0 | $ 0 |
Fair Value Measurement and Fa_4
Fair Value Measurement and Fair Value of Financial Instruments (Reconciliation of Assets and Liabilities Measured on Recurring Basis) (Details) - Warrant - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Lending fees | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Total unrealized (losses) gains for the period included in earnings | $ (4) | $ (13) | $ (235) | $ 231 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||||
Beginning balance | 442 | 931 | 673 | 679 |
Total gains (losses) included in earnings | 769 | (76) | 538 | 168 |
Issuances | 28 | 26 | 28 | 34 |
Settlements | (847) | (233) | (847) | (233) |
Ending balance | $ 392 | $ 648 | $ 392 | $ 648 |
Fair Value Measurement and Fa_5
Fair Value Measurement and Fair Value of Financial Instruments (Quantitative Information for Significant Unobservable Inputs) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Quantitative information | ||
Derivative assets - Fair value | $ 242,876 | $ 107,816 |
Fair Value, Measurements, Recurring | ||
Quantitative information | ||
Derivative assets - Fair value | 242,876 | 107,816 |
Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Quantitative information | ||
Derivative assets - Fair value | 392 | 673 |
Significant Unobservable Inputs (Level 3) | Individual analysis of each investment, expected future tax benefits and distributions | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Investments in tax credit and other investments, net | 0 | |
Non-PCI Loans | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Non-PCI impaired loans | 39,186 | 32,858 |
Non-PCI Loans | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Non-PCI impaired loans | 39,186 | 32,858 |
Non-PCI Loans | Significant Unobservable Inputs (Level 3) | Discounted cash flows | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Non-PCI impaired loans | 9,595 | 16,921 |
Non-PCI Loans | Significant Unobservable Inputs (Level 3) | Fair value of collateral, discount | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Non-PCI impaired loans | 26,798 | 2,751 |
Non-PCI Loans | Significant Unobservable Inputs (Level 3) | Fair value of property, selling cost | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Non-PCI impaired loans | 1,687 | |
Non-PCI Loans | Significant Unobservable Inputs (Level 3) | Fair value of collateral, contract value | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Non-PCI impaired loans | 2,793 | 11,499 |
OREO | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
OREO | 130 | |
OREO | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
OREO | 130 | |
OREO | Significant Unobservable Inputs (Level 3) | Fair value of property, selling cost | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
OREO | 130 | |
Equity warrants | Fair Value, Measurements, Recurring | ||
Quantitative information | ||
Derivative assets - Fair value | 1,985 | 1,951 |
Equity warrants | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Quantitative information | ||
Derivative assets - Fair value | $ 392 | $ 673 |
Equity volatility | Equity warrants | Significant Unobservable Inputs (Level 3) | Black-Scholes option pricing model | Fair Value, Measurements, Recurring | Weighted Average | ||
Quantitative information | ||
Measurement input | 49.00% | |
Equity volatility | Equity warrants | Significant Unobservable Inputs (Level 3) | Black-Scholes option pricing model | Fair Value, Measurements, Recurring | Minimum | ||
Quantitative information | ||
Measurement input | 43.00% | |
Equity volatility | Equity warrants | Significant Unobservable Inputs (Level 3) | Black-Scholes option pricing model | Fair Value, Measurements, Recurring | Maximum | ||
Quantitative information | ||
Measurement input | 51.00% | |
Liquidity discount | Equity warrants | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | ||
Quantitative information | ||
Measurement input | 47.00% | |
Liquidity discount | Equity warrants | Significant Unobservable Inputs (Level 3) | Fair Value, Measurements, Recurring | Weighted Average | ||
Quantitative information | ||
Measurement input | 47.00% | |
Discount | Non-PCI Loans | Significant Unobservable Inputs (Level 3) | Discounted cash flows | Fair Value, Measurements, Nonrecurring | Weighted Average | ||
Quantitative information | ||
Non-PCI impaired loans, measurement input | 9.00% | 6.00% |
Discount | Non-PCI Loans | Significant Unobservable Inputs (Level 3) | Discounted cash flows | Fair Value, Measurements, Nonrecurring | Minimum | ||
Quantitative information | ||
Non-PCI impaired loans, measurement input | 4.00% | 4.00% |
Discount | Non-PCI Loans | Significant Unobservable Inputs (Level 3) | Discounted cash flows | Fair Value, Measurements, Nonrecurring | Maximum | ||
Quantitative information | ||
Non-PCI impaired loans, measurement input | 14.00% | 7.00% |
Discount | Non-PCI Loans | Significant Unobservable Inputs (Level 3) | Fair value of collateral, discount | Fair Value, Measurements, Nonrecurring | Weighted Average | ||
Quantitative information | ||
Non-PCI impaired loans, measurement input | 37.00% | 21.00% |
Discount | Non-PCI Loans | Significant Unobservable Inputs (Level 3) | Fair value of collateral, discount | Fair Value, Measurements, Nonrecurring | Minimum | ||
Quantitative information | ||
Non-PCI impaired loans, measurement input | 20.00% | 15.00% |
Discount | Non-PCI Loans | Significant Unobservable Inputs (Level 3) | Fair value of collateral, discount | Fair Value, Measurements, Nonrecurring | Maximum | ||
Quantitative information | ||
Non-PCI impaired loans, measurement input | 55.00% | 50.00% |
Selling cost | Non-PCI Loans | Significant Unobservable Inputs (Level 3) | Fair value of property, selling cost | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Non-PCI impaired loans, measurement input | 8.00% | |
Selling cost | Non-PCI Loans | Significant Unobservable Inputs (Level 3) | Fair value of property, selling cost | Fair Value, Measurements, Nonrecurring | Weighted Average | ||
Quantitative information | ||
Non-PCI impaired loans, measurement input | 8.00% | |
Selling cost | OREO | Significant Unobservable Inputs (Level 3) | Fair value of property, selling cost | Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
OREO, measurement input | 8.00% | |
Selling cost | OREO | Significant Unobservable Inputs (Level 3) | Fair value of property, selling cost | Fair Value, Measurements, Nonrecurring | Weighted Average | ||
Quantitative information | ||
OREO, measurement input | 8.00% |
Fair Value Measurement and Fa_6
Fair Value Measurement and Fair Value of Financial Instruments (Carrying Amounts of Assets Included on the Consolidated Balance Sheet That Had Fair Value Changes Measured on a Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Non-PCI impaired loans | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Non-PCI impaired loans | $ 39,186 | $ 32,858 |
Non-PCI impaired loans | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Non-PCI impaired loans | 0 | 0 |
Non-PCI impaired loans | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Non-PCI impaired loans | 0 | 0 |
Non-PCI impaired loans | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Non-PCI impaired loans | 39,186 | 32,858 |
Non-PCI impaired loans | Commercial and industrial (“C&I”) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Non-PCI impaired loans | 38,412 | 26,873 |
Non-PCI impaired loans | Commercial and industrial (“C&I”) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Non-PCI impaired loans | 0 | 0 |
Non-PCI impaired loans | Commercial and industrial (“C&I”) | Significant Other Observable Inputs (Level 2) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Non-PCI impaired loans | 0 | 0 |
Non-PCI impaired loans | Commercial and industrial (“C&I”) | Significant Unobservable Inputs (Level 3) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Non-PCI impaired loans | 38,412 | 26,873 |
Non-PCI impaired loans | Commercial real estate (“CRE”) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Non-PCI impaired loans | 774 | 3,434 |
Non-PCI impaired loans | Commercial real estate (“CRE”) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Non-PCI impaired loans | 0 | 0 |
Non-PCI impaired loans | Commercial real estate (“CRE”) | Significant Other Observable Inputs (Level 2) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Non-PCI impaired loans | 0 | 0 |
Non-PCI impaired loans | Commercial real estate (“CRE”) | Significant Unobservable Inputs (Level 3) | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Non-PCI impaired loans | 774 | 3,434 |
Non-PCI impaired loans | Real estate loan | Consumer lending | Single-family residential | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Non-PCI impaired loans | 2,551 | |
Non-PCI impaired loans | Real estate loan | Quoted Prices in Active Markets for Identical Assets (Level 1) | Consumer lending | Single-family residential | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Non-PCI impaired loans | 0 | |
Non-PCI impaired loans | Real estate loan | Significant Other Observable Inputs (Level 2) | Consumer lending | Single-family residential | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Non-PCI impaired loans | 0 | |
Non-PCI impaired loans | Real estate loan | Significant Unobservable Inputs (Level 3) | Consumer lending | Single-family residential | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Non-PCI impaired loans | $ 2,551 | |
OREO | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
OREO | 130 | |
OREO | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
OREO | 0 | |
OREO | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
OREO | 0 | |
OREO | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
OREO | $ 130 |
Fair Value Measurement and Fa_7
Fair Value Measurement and Fair Value of Financial Instruments (Increase (Decrease) in Value of Assets Measured on a Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Non-PCI impaired loans | ||||
Fair Value, Assets Measured on a Nonrecurring Basis | ||||
Increase (decrease) in value of assets | $ (23,999) | $ 4,537 | $ (25,819) | $ 514 |
OREO | ||||
Fair Value, Assets Measured on a Nonrecurring Basis | ||||
Increase (decrease) in value of assets | (3) | 0 | (3) | 0 |
Investments in tax credit and other investments, net | ||||
Fair Value, Assets Measured on a Nonrecurring Basis | ||||
Increase (decrease) in value of assets | (2,892) | 0 | (9,870) | 0 |
Commercial lending | Commercial and industrial (“C&I”) | Non-PCI impaired loans | ||||
Fair Value, Assets Measured on a Nonrecurring Basis | ||||
Increase (decrease) in value of assets | (24,001) | 4,544 | (25,823) | 595 |
Commercial lending | Commercial real estate (“CRE”) | Non-PCI impaired loans | ||||
Fair Value, Assets Measured on a Nonrecurring Basis | ||||
Increase (decrease) in value of assets | 2 | 66 | 4 | (23) |
Consumer lending | Real estate loan | Single-family residential | Non-PCI impaired loans | ||||
Fair Value, Assets Measured on a Nonrecurring Basis | ||||
Increase (decrease) in value of assets | 0 | 0 | 0 | 15 |
Consumer lending | HELOCs | Non-PCI impaired loans | ||||
Fair Value, Assets Measured on a Nonrecurring Basis | ||||
Increase (decrease) in value of assets | $ 0 | $ (73) | $ 0 | $ (73) |
Fair Value Measurement and Fa_8
Fair Value Measurement and Fair Value of Financial Instruments (Carrying and Fair Values per the Fair Value Hierarchy of Financial Instruments Measured on a Nonrecurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Cash and cash equivalents | $ 3,621,614 | $ 3,001,377 |
Interest-bearing deposits with banks | 150,273 | 371,000 |
Resale agreements | 1,010,000 | 1,035,000 |
Restricted equity securities, at cost | 78,093 | 74,069 |
Loans held-for-sale | 3,879 | 275 |
Loans held-for-investment, net | 33,399,752 | 32,073,867 |
Financial liabilities: | ||
Short-term borrowings | 19,972 | 57,638 |
FHLB advances | 745,074 | 326,172 |
Repurchase agreements | 50,000 | 50,000 |
Long-term debt | 146,835 | |
Carrying amount of repurchase agreements eligible for netting against resale agreements | 400,000 | 400,000 |
Gross repurchase agreements | 450,000 | 450,000 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 3,621,614 | 3,001,377 |
Interest-bearing deposits with banks | 150,273 | 371,000 |
Resale agreements | 1,010,000 | 1,035,000 |
Restricted equity securities, at cost | 78,093 | 74,069 |
Loans held-for-sale | 3,879 | 275 |
Loans held-for-investment, net | 33,399,752 | 32,073,867 |
Mortgage servicing rights | 6,749 | 7,836 |
Accrued interest receivable | 151,700 | 146,262 |
Financial liabilities: | ||
Demand, checking, savings and money market deposits | 25,880,826 | 26,370,562 |
Time deposits | 10,596,716 | 9,069,066 |
Short-term borrowings | 19,972 | 57,638 |
FHLB advances | 745,074 | 326,172 |
Repurchase agreements | 50,000 | 50,000 |
Long-term debt | 146,966 | 146,835 |
Accrued interest payable | 27,684 | 22,893 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 3,621,614 | 3,001,377 |
Interest-bearing deposits with banks | 150,273 | 371,000 |
Resale agreements | 1,009,457 | 1,016,724 |
Restricted equity securities, at cost | 78,093 | 74,069 |
Loans held-for-sale | 3,879 | 275 |
Loans held-for-investment, net | 33,605,951 | 32,273,157 |
Mortgage servicing rights | 9,379 | 11,427 |
Accrued interest receivable | 151,700 | 146,262 |
Financial liabilities: | ||
Demand, checking, savings and money market deposits | 25,880,826 | 26,370,562 |
Time deposits | 10,626,897 | 9,084,597 |
Short-term borrowings | 19,972 | 57,638 |
FHLB advances | 754,240 | 334,793 |
Repurchase agreements | 109,525 | 87,668 |
Long-term debt | 152,478 | 152,556 |
Accrued interest payable | 27,684 | 22,893 |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 3,621,614 | 3,001,377 |
Interest-bearing deposits with banks | 0 | 0 |
Resale agreements | 0 | 0 |
Restricted equity securities, at cost | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Loans held-for-investment, net | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Demand, checking, savings and money market deposits | 0 | 0 |
Time deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
FHLB advances | 0 | 0 |
Repurchase agreements | 0 | 0 |
Long-term debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Estimated Fair Value | Significant Other Observable Inputs (Level 2) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Interest-bearing deposits with banks | 150,273 | 371,000 |
Resale agreements | 1,009,457 | 1,016,724 |
Restricted equity securities, at cost | 78,093 | 74,069 |
Loans held-for-sale | 3,879 | 275 |
Loans held-for-investment, net | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Accrued interest receivable | 151,700 | 146,262 |
Financial liabilities: | ||
Demand, checking, savings and money market deposits | 25,880,826 | 26,370,562 |
Time deposits | 10,626,897 | 9,084,597 |
Short-term borrowings | 19,972 | 57,638 |
FHLB advances | 754,240 | 334,793 |
Repurchase agreements | 109,525 | 87,668 |
Long-term debt | 152,478 | 152,556 |
Accrued interest payable | 27,684 | 22,893 |
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Interest-bearing deposits with banks | 0 | 0 |
Resale agreements | 0 | 0 |
Restricted equity securities, at cost | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Loans held-for-investment, net | 33,605,951 | 32,273,157 |
Mortgage servicing rights | 9,379 | 11,427 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Demand, checking, savings and money market deposits | 0 | 0 |
Time deposits | 0 | 0 |
Short-term borrowings | 0 | 0 |
FHLB advances | 0 | 0 |
Repurchase agreements | 0 | 0 |
Long-term debt | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Securities Purchased under Re_3
Securities Purchased under Resale Agreements and Sold under Repurchase Agreements (Resale Agreements and Repurchase Agreements) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Resale agreements | |||||
Gross resale agreements | $ 1,410,000 | $ 1,410,000 | $ 1,435,000 | ||
Weighted-average yields | 2.70% | 2.63% | 2.75% | 2.57% | |
Repurchase agreements | |||||
Gross repurchase agreements | $ 450,000 | $ 450,000 | $ 450,000 | ||
Weighted-average yields | 4.93% | 4.48% | 4.97% | 4.21% |
Securities Purchased under Re_4
Securities Purchased under Resale Agreements and Sold under Repurchase Agreements (Repurchase Agreements) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Amount of securities sold under repurchase agreements | ||
Maturities Remainder of 2019 | $ 0 | |
Maturities 2020 | 0 | |
Maturities 2021 | 0 | |
Maturities 2022 | 150,000 | |
Maturities 2023 | 300,000 | |
Maturities thereafter | 0 | |
Gross repurchase agreements | $ 450,000 | $ 450,000 |
Securities Purchased under Re_5
Securities Purchased under Resale Agreements and Sold under Repurchase Agreements (Balance Sheet Offsetting) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Assets, Resale Agreements | ||
Gross Amounts of Recognized Assets | $ 1,410,000 | $ 1,435,000 |
Gross Amounts Offset on the Consolidated Balance Sheet | (400,000) | (400,000) |
Net Amounts of Assets Presented on the Consolidated Balance Sheet | 1,010,000 | 1,035,000 |
Gross Amounts Not Offset on the Consolidated Balance Sheet | ||
Collateral Received | (1,010,000) | (1,025,066) |
Net Amount | 0 | 9,934 |
Liabilities, Repurchase Agreements | ||
Gross Amounts of Recognized Liabilities | 450,000 | 450,000 |
Gross Amounts Offset on the Consolidated Balance Sheet | (400,000) | (400,000) |
Net Amounts of Liabilities Presented on the Consolidated Balance Sheet | 50,000 | 50,000 |
Gross Amounts Not Offset on the Consolidated Balance Sheet | ||
Collateral Pledged | (50,000) | (50,000) |
Net Amount | $ 0 | $ 0 |
Securities (Schedule of Availab
Securities (Schedule of Available-for-sale Debt Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Debt Securities | ||
Total available-for-sale debt investment securities, Amortized Cost | $ 2,585,505 | $ 2,806,900 |
Gross Unrealized Gains | 21,229 | 5,714 |
Gross Unrealized Losses | (13,821) | (70,767) |
Available-for-sale debt securities, Fair Value | 2,592,913 | 2,741,847 |
U.S. Treasury securities | ||
Schedule of Available-for-sale Debt Securities | ||
Total available-for-sale debt investment securities, Amortized Cost | 329,209 | 577,561 |
Gross Unrealized Gains | 0 | 153 |
Gross Unrealized Losses | (2,674) | (12,899) |
Available-for-sale debt securities, Fair Value | 326,535 | 564,815 |
U.S. government agency and U.S. government sponsored enterprise debt securities | ||
Schedule of Available-for-sale Debt Securities | ||
Total available-for-sale debt investment securities, Amortized Cost | 239,732 | 219,485 |
Gross Unrealized Gains | 2,252 | 382 |
Gross Unrealized Losses | (17) | (2,694) |
Available-for-sale debt securities, Fair Value | 241,967 | 217,173 |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Total available-for-sale debt investment securities, Amortized Cost | 471,189 | 420,486 |
Gross Unrealized Gains | 7,956 | 811 |
Gross Unrealized Losses | (4,313) | (12,694) |
Available-for-sale debt securities, Fair Value | 474,832 | 408,603 |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Total available-for-sale debt investment securities, Amortized Cost | 836,757 | 957,219 |
Gross Unrealized Gains | 8,222 | 4,026 |
Gross Unrealized Losses | (1,405) | (14,552) |
Available-for-sale debt securities, Fair Value | 843,574 | 946,693 |
Municipal securities | ||
Schedule of Available-for-sale Debt Securities | ||
Total available-for-sale debt investment securities, Amortized Cost | 86,776 | 82,965 |
Gross Unrealized Gains | 791 | 87 |
Gross Unrealized Losses | (38) | (1,032) |
Available-for-sale debt securities, Fair Value | 87,529 | 82,020 |
Non-agency commercial mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Total available-for-sale debt investment securities, Amortized Cost | 68,675 | 25,826 |
Gross Unrealized Gains | 1,878 | 226 |
Gross Unrealized Losses | (4) | 0 |
Available-for-sale debt securities, Fair Value | 70,549 | 26,052 |
Non-agency residential mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Total available-for-sale debt investment securities, Amortized Cost | 24,534 | 10,109 |
Gross Unrealized Gains | 19 | 7 |
Gross Unrealized Losses | (14) | (185) |
Available-for-sale debt securities, Fair Value | 24,539 | 9,931 |
Corporate debt securities | ||
Schedule of Available-for-sale Debt Securities | ||
Total available-for-sale debt investment securities, Amortized Cost | 11,250 | 11,250 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (94) | (381) |
Available-for-sale debt securities, Fair Value | 11,156 | 10,869 |
Foreign bonds | ||
Schedule of Available-for-sale Debt Securities | ||
Total available-for-sale debt investment securities, Amortized Cost | 489,392 | 489,378 |
Gross Unrealized Gains | 111 | 0 |
Gross Unrealized Losses | (5,087) | (26,330) |
Available-for-sale debt securities, Fair Value | 484,416 | 463,048 |
Asset-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Total available-for-sale debt investment securities, Amortized Cost | 27,991 | 12,621 |
Gross Unrealized Gains | 0 | 22 |
Gross Unrealized Losses | (175) | 0 |
Available-for-sale debt securities, Fair Value | $ 27,816 | $ 12,643 |
Securities (Continuous Unrealiz
Securities (Continuous Unrealized Losses) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | $ 100,546 | $ 163,128 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (510) | (1,518) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 1,074,195 | 2,087,534 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (13,311) | (69,249) |
Available-for-sale debt securities Fair Value, Total | 1,174,741 | 2,250,662 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (13,821) | (70,767) |
U.S. Treasury securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | 0 | 0 |
Available-for-sale debt securities, 12 Months or More, Fair Value | 326,535 | 516,520 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (2,674) | (12,899) |
Available-for-sale debt securities Fair Value, Total | 326,535 | 516,520 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (2,674) | (12,899) |
U.S. government agency and U.S. government sponsored enterprise debt securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 22,442 | 22,755 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (17) | (238) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 0 | 159,814 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | 0 | (2,456) |
Available-for-sale debt securities Fair Value, Total | 22,442 | 182,569 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (17) | (2,694) |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 10,210 | 26,886 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (81) | (245) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 208,330 | 274,666 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (4,232) | (12,449) |
Available-for-sale debt securities Fair Value, Total | 218,540 | 301,552 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (4,313) | (12,694) |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 11,679 | 75,675 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (123) | (491) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 145,595 | 653,660 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (1,282) | (14,061) |
Available-for-sale debt securities Fair Value, Total | 157,274 | 729,335 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (1,405) | (14,552) |
Municipal securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 4,890 | 9,458 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (10) | (104) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 9,950 | 30,295 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (28) | (928) |
Available-for-sale debt securities Fair Value, Total | 14,840 | 39,753 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (38) | (1,032) |
Non-agency commercial mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 7,916 | |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (4) | |
Available-for-sale debt securities, 12 Months or More, Fair Value | 0 | |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | 0 | |
Available-for-sale debt securities Fair Value, Total | 7,916 | |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (4) | |
Non-agency residential mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 0 | 3,067 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | 0 | (19) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 3,917 | 3,949 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (14) | (166) |
Available-for-sale debt securities Fair Value, Total | 3,917 | 7,016 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (14) | (185) |
Corporate debt securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 1,244 | 10,869 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (6) | (381) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 9,912 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (88) | 0 |
Available-for-sale debt securities Fair Value, Total | 11,156 | 10,869 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (94) | (381) |
Foreign bonds | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 14,349 | 14,418 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (94) | (40) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 369,956 | 448,630 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (4,993) | (26,290) |
Available-for-sale debt securities Fair Value, Total | 384,305 | 463,048 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (5,087) | $ (26,330) |
Asset-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 27,816 | |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (175) | |
Available-for-sale debt securities, 12 Months or More, Fair Value | 0 | |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | 0 | |
Available-for-sale debt securities Fair Value, Total | 27,816 | |
Available-for-sale debt securities, Gross Unrealized Loss, Total | $ (175) |
Securities (Other-Than-Temporar
Securities (Other-Than-Temporary Impairment) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)security | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)security | Jun. 30, 2018USD ($) | Dec. 31, 2018security | |
Other Than Temporary Impairment Credit Losses Recognized in Earnings | |||||
Number of available-for-sale debt securities in an unrealized loss position | 76 | 76 | 184 | ||
Investment securities available-for-sale | |||||
Other Than Temporary Impairment Credit Losses Recognized in Earnings | |||||
OTTI credit losses | $ | $ 0 | $ 0 | $ 0 | $ 0 | |
Foreign bonds | |||||
Other Than Temporary Impairment Credit Losses Recognized in Earnings | |||||
Number of available-for-sale debt securities in an unrealized loss position | 11 | 11 | 16 | ||
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities | |||||
Other Than Temporary Impairment Credit Losses Recognized in Earnings | |||||
Number of available-for-sale debt securities in an unrealized loss position | 40 | 40 | 108 | ||
U.S. Treasury securities | |||||
Other Than Temporary Impairment Credit Losses Recognized in Earnings | |||||
Number of available-for-sale debt securities in an unrealized loss position | 12 | 12 | 19 |
Securities (Realized Gains and
Securities (Realized Gains and Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Proceeds from sales, available-for-sale debt securities | $ 223,763 | $ 42,085 | $ 375,102 | $ 256,875 |
Gross realized gains, available-for-sale debt securities | 1,447 | 210 | 3,008 | 2,339 |
Related tax expense, available-for-sale debt securities | $ 428 | $ 62 | $ 889 | $ 690 |
Securities (Scheduled Contractu
Securities (Scheduled Contractual Maturities of Investment Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Due within one year | $ 586,072 | |
Due after one year through five years | 432,912 | |
Due after five years through ten years | 193,117 | |
Due after ten years | 1,373,404 | |
Total available-for-sale debt investment securities, Amortized Cost | 2,585,505 | $ 2,806,900 |
Fair Value | ||
Due within one year | 581,305 | |
Due after one year through five years | 430,486 | |
Due after five years through ten years | 196,457 | |
Due after ten years | 1,384,665 | |
Total available-for-sale debt investment securities | 2,592,913 | 2,741,847 |
Available for sale debt investment securities Pledged as Collateral, at Fair Value | $ 493,693 | $ 435,833 |
Securities (Restricted Equity S
Securities (Restricted Equity Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
FRB stock | $ 57,843 | $ 56,819 |
FHLB stock | 20,250 | 17,250 |
Total restricted equity securities | $ 78,093 | $ 74,069 |
Derivatives (Notional and Fair
Derivatives (Notional and Fair Values) (Details) MMBTU in Thousands, Boe in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($)MMBTUBoecompany | Dec. 31, 2018USD ($)MMBTUBoecompany | |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | $ 242,876 | $ 107,816 |
Less: Master netting agreements | (40,372) | (31,569) |
Less: Cash collateral received/paid | (3,831) | (13,577) |
Derivative asset, after netting | 198,673 | 62,670 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 172,923 | 118,305 |
Less: Master netting agreements | (40,372) | (31,569) |
Less: Cash collateral received/paid | (34,122) | (6,833) |
Derivative liability, after netting | $ 98,429 | $ 79,903 |
Crude oil | ||
Derivative Liability [Abstract] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 5,646 | 2,507 |
Natural gas | ||
Derivative Liability [Abstract] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 30,775 | 14,722 |
Derivative instruments designated as hedging instruments | ||
Derivative Instruments | ||
Notional amount | $ 191,033 | $ 126,056 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 52 | 0 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 3,019 | 6,477 |
Derivative instruments designated as hedging instruments | Interest rate contracts | ||
Derivative Instruments | ||
Notional amount | 31,026 | 35,811 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 3,019 | 5,866 |
Derivative instruments designated as hedging instruments | Foreign exchange contracts | ||
Derivative Instruments | ||
Notional amount | 160,007 | 90,245 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 52 | 0 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 0 | 611 |
Derivatives not designated as hedging instruments | ||
Derivative Instruments | ||
Notional amount | 16,986,784 | 15,222,341 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 242,824 | 107,816 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 169,904 | 111,828 |
Derivatives not designated as hedging instruments | Interest rate contracts | ||
Derivative Instruments | ||
Notional amount | 13,469,821 | 11,695,499 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 190,388 | 69,818 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 121,352 | 69,267 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Derivative Instruments | ||
Notional amount | 3,425,107 | 3,407,522 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 27,797 | 21,624 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 22,528 | 19,329 |
Derivatives not designated as hedging instruments | Credit contracts | ||
Derivative Instruments | ||
Notional amount | 91,856 | 119,320 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 3 | 1 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 118 | 164 |
Derivatives not designated as hedging instruments | Equity contracts | ||
Derivative Instruments | ||
Notional amount | 0 | 0 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 1,985 | 1,951 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | 0 | 0 |
Derivatives not designated as hedging instruments | Commodity contracts | ||
Derivative Instruments | ||
Notional amount | 0 | 0 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 22,651 | 14,422 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair value | $ 25,906 | $ 23,068 |
Derivatives not designated as hedging instruments | Equity, Public Companies | ||
Derivative Liability [Abstract] | ||
Number of companies that issued the equity (issuers portion only) | company | 3 | 4 |
Derivatives not designated as hedging instruments | Equity, Private Companies | ||
Derivative Liability [Abstract] | ||
Number of companies that issued the equity (issuers portion only) | company | 17 | 18 |
Derivatives (Net Gains (Losses)
Derivatives (Net Gains (Losses) on Derivatives Designated as Hedges) (Details) - Fair Value Hedging - Derivative instruments designated as hedging instruments - Interest Expense - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Certificates of deposits | ||||
Derivative [Line Items] | ||||
Recognized on certificates of deposit | $ (1,434) | $ 440 | $ (2,695) | $ 1,719 |
Interest rate contracts | ||||
Derivative [Line Items] | ||||
Recognized on interest rate swaps | $ 1,634 | $ (396) | $ 2,854 | $ (1,848) |
Derivatives (Hedged Items Curre
Derivatives (Hedged Items Currently Designated) (Details) - Derivative instruments designated as hedging instruments - Fair Value Hedging - Certificates of deposits - Interest rate contracts - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Hedged liability, fair value hedge, carrying value | $ (29,238) | $ (26,877) |
Hedged liability, fair value hedge, cumulative decrease, carrying value | $ 1,446 | $ 4,141 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) MMBTU in Thousands, Boe in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2019USD ($)MMBTUBoecompany | Dec. 31, 2018USD ($)company | Dec. 31, 2018USD ($)MMBTUcompany | Dec. 31, 2018USD ($)Boecompany | |
Derivative [Line Items] | ||||
Derivative liabilities - Fair value | $ 172,923 | $ 118,305 | $ 118,305 | $ 118,305 |
Derivative assets - Fair value | $ 242,876 | 107,816 | $ 107,816 | 107,816 |
Natural gas | ||||
Derivative [Line Items] | ||||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 30,775 | 14,722 | ||
Credit-risk-related contingent features | ||||
Derivative [Line Items] | ||||
Derivative asset | $ 1,000 | 2,800 | $ 2,800 | 2,800 |
Derivative liability | 53,900 | 14,200 | 14,200 | 14,200 |
Aggregate fair value of derivative instruments in net liability position | 52,900 | 11,400 | 11,400 | 11,400 |
Collateral posted | 52,700 | 9,400 | 9,400 | 9,400 |
Derivative instruments designated as hedging instruments | ||||
Derivative [Line Items] | ||||
Notional amount | 191,033 | 126,056 | 126,056 | 126,056 |
Derivative liabilities - Fair value | 3,019 | 6,477 | 6,477 | 6,477 |
Derivative assets - Fair value | 52 | 0 | 0 | 0 |
Derivative instruments designated as hedging instruments | Interest rate contracts | ||||
Derivative [Line Items] | ||||
Notional amount | 31,026 | 35,811 | 35,811 | 35,811 |
Derivative liabilities - Fair value | 3,019 | 5,866 | 5,866 | 5,866 |
Derivative assets - Fair value | 0 | 0 | 0 | 0 |
Derivative instruments designated as hedging instruments | Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Notional amount | 160,007 | 90,245 | 90,245 | 90,245 |
Derivative liabilities - Fair value | 0 | 611 | 611 | 611 |
Derivative assets - Fair value | 52 | 0 | 0 | 0 |
Derivatives not designated as hedging instruments | ||||
Derivative [Line Items] | ||||
Notional amount | 16,986,784 | 15,222,341 | 15,222,341 | 15,222,341 |
Derivative liabilities - Fair value | 169,904 | 111,828 | 111,828 | 111,828 |
Derivative assets - Fair value | 242,824 | 107,816 | 107,816 | 107,816 |
Derivatives not designated as hedging instruments | Interest rate contracts | ||||
Derivative [Line Items] | ||||
Notional amount | 13,469,821 | 11,695,499 | 11,695,499 | 11,695,499 |
Derivative liabilities - Fair value | 121,352 | 69,267 | 69,267 | 69,267 |
Derivative assets - Fair value | 190,388 | 69,818 | 69,818 | 69,818 |
Derivatives not designated as hedging instruments | Interest rate contracts | LCH | ||||
Derivative [Line Items] | ||||
Notional amount | 2,080,000 | 1,660,000 | 1,660,000 | 1,660,000 |
Derivative asset | 1,500 | 16,400 | 16,400 | 16,400 |
Derivative liability | 73,500 | 16,000 | 16,000 | 16,000 |
Derivatives not designated as hedging instruments | Interest rate contracts | Financial Counterparty | ||||
Derivative [Line Items] | ||||
Notional amount | 6,740,000 | 5,850,000 | 5,850,000 | 5,850,000 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Notional amount | 3,425,107 | 3,407,522 | 3,407,522 | 3,407,522 |
Derivative liabilities - Fair value | 22,528 | 19,329 | 19,329 | 19,329 |
Derivative assets - Fair value | 27,797 | 21,624 | 21,624 | 21,624 |
Derivatives not designated as hedging instruments | Credit contracts | ||||
Derivative [Line Items] | ||||
Notional amount | 91,856 | 119,320 | 119,320 | 119,320 |
Derivative liabilities - Fair value | $ 118 | $ 164 | 164 | 164 |
Weighted average remaining maturity of outstanding RPAs | 4 years 7 months 6 days | 6 years 7 months 6 days | ||
Derivative assets - Fair value | $ 3 | $ 1 | 1 | 1 |
Derivatives not designated as hedging instruments | Credit contracts | RPA protection sold | ||||
Derivative [Line Items] | ||||
Maximum exposure of RPAs with protection sold | $ 26 | $ 125 | $ 125 | $ 125 |
Derivatives not designated as hedging instruments | Equity, Public Companies | ||||
Derivative [Line Items] | ||||
Number of companies that issued the equity (issuers portion only) | company | 3 | 4 | 4 | 4 |
Derivatives not designated as hedging instruments | Equity, Private Companies | ||||
Derivative [Line Items] | ||||
Number of companies that issued the equity (issuers portion only) | company | 17 | 18 | 18 | 18 |
Derivatives not designated as hedging instruments | Equity contracts | ||||
Derivative [Line Items] | ||||
Notional amount | $ 0 | $ 0 | $ 0 | $ 0 |
Derivative liabilities - Fair value | 0 | 0 | 0 | 0 |
Derivative assets - Fair value | 1,985 | 1,951 | 1,951 | 1,951 |
Derivatives not designated as hedging instruments | Commodity contracts | ||||
Derivative [Line Items] | ||||
Notional amount | 0 | 0 | 0 | 0 |
Derivative liabilities - Fair value | 25,906 | 23,068 | 23,068 | 23,068 |
Derivative assets - Fair value | 22,651 | 14,422 | 14,422 | 14,422 |
Derivatives not designated as hedging instruments | Commodity contracts | Chicago Mercantile Exchange (CME) | ||||
Derivative [Line Items] | ||||
Derivative asset | 6,200 | 10,400 | 10,400 | 10,400 |
Derivative liability | 13 | (582) | (582) | (582) |
Derivative assets (liabilities), at fair value, net | $ 1,700 | $ 622 | $ 622 | $ 622 |
Derivative, nonmonetary notional amount, energy measure | 6,290 | 778 | ||
Derivatives not designated as hedging instruments | Commodity contracts | Chicago Mercantile Exchange (CME) | Oil | ||||
Derivative [Line Items] | ||||
Derivative, nonmonetary notional amount, energy measure | Boe | 1,697 | |||
Derivatives not designated as hedging instruments | Commodity contracts | Chicago Mercantile Exchange (CME) | Natural gas | ||||
Derivative [Line Items] | ||||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 5,150 | |||
Maximum | Derivatives not designated as hedging instruments | Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
Original maturity (in years) | 1 year | 1 year |
Derivatives ((Losses) in Foreig
Derivatives ((Losses) in Foreign Currency Translation Adjustment) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative instruments designated as hedging instruments | Net investment hedges | Foreign exchange contracts | ||||
Derivative [Line Items] | ||||
(Losses) gains recognized in AOCI | $ (598) | $ 4,938 | $ (2,603) | $ 3,785 |
Derivatives (Derivatives Not De
Derivatives (Derivatives Not Designated as Hedging Instruments - Interest Rate Contracts) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative assets - Fair value | $ 242,876 | $ 107,816 |
Derivative liabilities - Fair value | 172,923 | 118,305 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Notional amount | 16,986,784 | 15,222,341 |
Derivative assets - Fair value | 242,824 | 107,816 |
Derivative liabilities - Fair value | 169,904 | 111,828 |
Derivatives not designated as hedging instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount | 13,469,821 | 11,695,499 |
Derivative assets - Fair value | 190,388 | 69,818 |
Derivative liabilities - Fair value | 121,352 | 69,267 |
Derivatives not designated as hedging instruments | Financial Counterparty | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount | 6,740,000 | 5,850,000 |
Interest rate contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Written options | ||
Derivative [Line Items] | ||
Notional amount | 975,369 | 931,601 |
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 62 | 492 |
Interest rate contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Sold collars and corridors | ||
Derivative [Line Items] | ||
Notional amount | 549,305 | 429,879 |
Derivative assets - Fair value | 3,277 | 1,121 |
Derivative liabilities - Fair value | 15 | 305 |
Interest rate contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Swaps | ||
Derivative [Line Items] | ||
Notional amount | 5,207,158 | 4,482,881 |
Derivative assets - Fair value | 183,626 | 41,457 |
Derivative liabilities - Fair value | 4,795 | 41,545 |
Interest rate contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount | 6,731,832 | 5,844,361 |
Derivative assets - Fair value | 186,903 | 42,578 |
Derivative liabilities - Fair value | 4,872 | 42,342 |
Interest rate contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Purchased options | ||
Derivative [Line Items] | ||
Notional amount | 975,369 | 931,601 |
Derivative assets - Fair value | 64 | 503 |
Derivative liabilities - Fair value | 0 | 0 |
Interest rate contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Collars and corridors | ||
Derivative [Line Items] | ||
Notional amount | 549,305 | 429,879 |
Derivative assets - Fair value | 15 | 308 |
Derivative liabilities - Fair value | 3,326 | 1,140 |
Interest rate contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Swaps | ||
Derivative [Line Items] | ||
Notional amount | 5,213,315 | 4,489,658 |
Derivative assets - Fair value | 3,406 | 26,429 |
Derivative liabilities - Fair value | 113,154 | 25,785 |
Interest rate contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount | 6,737,989 | 5,851,138 |
Derivative assets - Fair value | 3,485 | 27,240 |
Derivative liabilities - Fair value | $ 116,480 | $ 26,925 |
Derivatives (Derivatives Not _2
Derivatives (Derivatives Not Designated as Hedging Instruments - Foreign Exchange Contracts) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative assets - Fair value | $ 242,876 | $ 107,816 |
Derivative liabilities - Fair value | 172,923 | 118,305 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Notional amount | 16,986,784 | 15,222,341 |
Derivative assets - Fair value | 242,824 | 107,816 |
Derivative liabilities - Fair value | 169,904 | 111,828 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional amount | 3,425,107 | 3,407,522 |
Derivative assets - Fair value | 27,797 | 21,624 |
Derivative liabilities - Fair value | 22,528 | 19,329 |
Foreign exchange contracts | Customer Counterparty | Derivatives not designated as hedging instruments | Forwards and spot | ||
Derivative [Line Items] | ||
Notional amount | 2,036,792 | 2,023,425 |
Derivative assets - Fair value | 18,941 | 11,719 |
Derivative liabilities - Fair value | 16,358 | 13,079 |
Foreign exchange contracts | Customer Counterparty | Derivatives not designated as hedging instruments | Swaps | ||
Derivative [Line Items] | ||
Notional amount | 17,348 | 21,108 |
Derivative assets - Fair value | 374 | 348 |
Derivative liabilities - Fair value | 101 | 243 |
Foreign exchange contracts | Customer Counterparty | Derivatives not designated as hedging instruments | Written options | ||
Derivative [Line Items] | ||
Notional amount | 88,758 | 537 |
Derivative assets - Fair value | 422 | 16 |
Derivative liabilities - Fair value | 0 | 0 |
Foreign exchange contracts | Customer Counterparty | Derivatives not designated as hedging instruments | Collars | ||
Derivative [Line Items] | ||
Notional amount | 88,863 | 83,864 |
Derivative assets - Fair value | 288 | 0 |
Derivative liabilities - Fair value | 425 | 370 |
Foreign exchange contracts | Customer Counterparty | Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional amount | 2,231,761 | 2,128,934 |
Derivative assets - Fair value | 20,025 | 12,083 |
Derivative liabilities - Fair value | 16,884 | 13,692 |
Foreign exchange contracts | Financial Counterparty | Derivatives not designated as hedging instruments | Forwards and spot | ||
Derivative [Line Items] | ||
Notional amount | 246,962 | 506,342 |
Derivative assets - Fair value | 2,671 | 3,407 |
Derivative liabilities - Fair value | 454 | 2,285 |
Foreign exchange contracts | Financial Counterparty | Derivatives not designated as hedging instruments | Swaps | ||
Derivative [Line Items] | ||
Notional amount | 768,763 | 687,845 |
Derivative assets - Fair value | 4,676 | 5,764 |
Derivative liabilities - Fair value | 4,480 | 3,336 |
Foreign exchange contracts | Financial Counterparty | Derivatives not designated as hedging instruments | Purchased options | ||
Derivative [Line Items] | ||
Notional amount | 88,758 | 537 |
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 422 | 16 |
Foreign exchange contracts | Financial Counterparty | Derivatives not designated as hedging instruments | Collars | ||
Derivative [Line Items] | ||
Notional amount | 88,863 | 83,864 |
Derivative assets - Fair value | 425 | 370 |
Derivative liabilities - Fair value | 288 | 0 |
Foreign exchange contracts | Financial Counterparty | Derivatives not designated as hedging instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional amount | 1,193,346 | 1,278,588 |
Derivative assets - Fair value | 7,772 | 9,541 |
Derivative liabilities - Fair value | $ 5,644 | $ 5,637 |
Derivatives (Derivatives Not _3
Derivatives (Derivatives Not Designated as Hedging Instruments - Credit Contracts) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Derivative assets - Fair value | $ 242,876 | $ 107,816 |
Derivative liabilities - Fair value | 172,923 | 118,305 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Notional amount | 16,986,784 | 15,222,341 |
Derivative assets - Fair value | 242,824 | 107,816 |
Derivative liabilities - Fair value | 169,904 | 111,828 |
Derivatives not designated as hedging instruments | Credit contracts | ||
Derivative [Line Items] | ||
Notional amount | 91,856 | 119,320 |
Derivative assets - Fair value | 3 | 1 |
Derivative liabilities - Fair value | 118 | 164 |
Credit contracts | Derivatives not designated as hedging instruments | Credit contracts | ||
Derivative [Line Items] | ||
Notional amount | 91,856 | 119,320 |
Derivative assets - Fair value | 3 | 1 |
Derivative liabilities - Fair value | 118 | 164 |
Credit contracts | Derivatives not designated as hedging instruments | Credit contracts | RPA protection sold | ||
Derivative [Line Items] | ||
Notional amount | 81,142 | 108,606 |
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 118 | 164 |
Credit contracts | Derivatives not designated as hedging instruments | Credit contracts | RPA protection purchased | ||
Derivative [Line Items] | ||
Notional amount | 10,714 | 10,714 |
Derivative assets - Fair value | 3 | 1 |
Derivative liabilities - Fair value | $ 0 | $ 0 |
Derivatives (Derivatives Not _4
Derivatives (Derivatives Not Designated as Hedging Instruments - Commodity Contracts) (Details) MMBTU in Thousands, Boe in Thousands, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019USD ($)MMBTUBoe | Dec. 31, 2018USD ($)MMBTUBoe | |
Derivative [Line Items] | ||
Derivative assets - Fair value | $ 242,876 | $ 107,816 |
Derivative liabilities - Fair value | $ 172,923 | $ 118,305 |
Crude oil | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 5,646 | 2,507 |
Natural gas | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 30,775 | 14,722 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Derivative assets - Fair value | $ 242,824 | $ 107,816 |
Derivative liabilities - Fair value | 169,904 | 111,828 |
Derivatives not designated as hedging instruments | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative assets - Fair value | 22,651 | 14,422 |
Derivative liabilities - Fair value | 25,906 | 23,068 |
Commodity contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative assets - Fair value | 6,004 | 1,127 |
Derivative liabilities - Fair value | $ 18,802 | $ 22,687 |
Commodity contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Crude oil | Written options | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 134 | 524 |
Derivative assets - Fair value | $ 231 | $ 0 |
Derivative liabilities - Fair value | $ 286 | $ 2,628 |
Commodity contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Crude oil | Collars | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 2,082 | 872 |
Derivative assets - Fair value | $ 752 | $ 0 |
Derivative liabilities - Fair value | $ 1,506 | $ 3,772 |
Commodity contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Crude oil | Swaps | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 3,430 | 1,111 |
Derivative assets - Fair value | $ 1,985 | $ 0 |
Derivative liabilities - Fair value | $ 10,167 | $ 14,278 |
Commodity contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Crude oil | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 5,646 | 2,507 |
Derivative assets - Fair value | $ 2,968 | $ 0 |
Derivative liabilities - Fair value | $ 11,959 | $ 20,678 |
Commodity contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Natural gas | Collars | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 6,385 | 3,063 |
Derivative assets - Fair value | $ 9 | $ 78 |
Derivative liabilities - Fair value | $ 431 | $ 152 |
Commodity contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Natural gas | Swaps | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 24,390 | 11,659 |
Derivative assets - Fair value | $ 3,027 | $ 1,049 |
Derivative liabilities - Fair value | $ 6,412 | $ 1,857 |
Commodity contracts | Derivatives not designated as hedging instruments | Customer Counterparty | Natural gas | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 30,775 | 14,722 |
Derivative assets - Fair value | $ 3,036 | $ 1,127 |
Derivative liabilities - Fair value | 6,843 | 2,009 |
Commodity contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative assets - Fair value | 16,647 | 13,295 |
Derivative liabilities - Fair value | $ 7,104 | $ 381 |
Commodity contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Crude oil | Purchased options | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 134 | 524 |
Derivative assets - Fair value | $ 189 | $ 2,251 |
Derivative liabilities - Fair value | $ 222 | $ 0 |
Commodity contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Crude oil | Collars | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 2,697 | 872 |
Derivative assets - Fair value | $ 1,752 | $ 3,225 |
Derivative liabilities - Fair value | $ 1,069 | $ 0 |
Commodity contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Crude oil | Swaps | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 3,551 | 1,111 |
Derivative assets - Fair value | $ 7,622 | $ 5,799 |
Derivative liabilities - Fair value | $ 2,180 | $ 0 |
Commodity contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Crude oil | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 6,382 | 2,507 |
Derivative assets - Fair value | $ 9,563 | $ 11,275 |
Derivative liabilities - Fair value | $ 3,471 | $ 0 |
Commodity contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Natural gas | Collars | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 6,315 | 3,063 |
Derivative assets - Fair value | $ 372 | $ 151 |
Derivative liabilities - Fair value | $ 9 | $ 64 |
Commodity contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Natural gas | Swaps | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 26,807 | 11,659 |
Derivative assets - Fair value | $ 6,712 | $ 1,869 |
Derivative liabilities - Fair value | $ 3,624 | $ 317 |
Commodity contracts | Derivatives not designated as hedging instruments | Financial Counterparty | Natural gas | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 33,122 | 14,722 |
Derivative assets - Fair value | $ 7,084 | $ 2,020 |
Derivative liabilities - Fair value | $ 3,633 | $ 381 |
Derivatives (Net Gains (Losse_2
Derivatives (Net Gains (Losses) on Derivatives Not Designated as Hedging Instruments) (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gains (losses) recognized for derivative not designated as hedging instruments | $ 2,995 | $ 3,316 | $ 7,879 | $ 8,107 |
Interest rate contracts | Interest rate contracts and other derivative income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gains (losses) recognized for derivative not designated as hedging instruments | (1,359) | 88 | (3,138) | 1,194 |
Foreign exchange contracts | Foreign exchange income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gains (losses) recognized for derivative not designated as hedging instruments | 3,495 | 2,646 | 9,821 | 6,503 |
Credit contracts | Interest rate contracts and other derivative income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gains (losses) recognized for derivative not designated as hedging instruments | (36) | (56) | 47 | (69) |
Equity contracts | Lending fees | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gains (losses) recognized for derivative not designated as hedging instruments | 917 | 598 | 1,167 | 439 |
Commodity contracts | Interest rate contracts and other derivative income | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gains (losses) recognized for derivative not designated as hedging instruments | $ (22) | $ 40 | $ (18) | $ 40 |
Derivatives (Offsetting of Deri
Derivatives (Offsetting of Derivatives) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative Assets | ||
Gross Amounts Recognized | $ 242,876 | $ 107,816 |
Less: Master netting agreements | (40,372) | (31,569) |
Less: Cash collateral received/pledged | (3,831) | (13,577) |
Derivative asset, after netting | 198,673 | 62,670 |
Less: Security Collateral Received | 0 | (13,975) |
Net derivative assets | 198,673 | 48,695 |
Derivative assets subject to master netting arrangements, gross amounts recognized | 240,800 | 105,900 |
Contracts not subject to master netting arrangements, gross amounts recognized | 2,100 | 2,000 |
Derivative, cash collateral received, including amount offset by fair value assets, and excess cash amount | 4,600 | 15,800 |
Amount used to offset against derivative assets | 3,831 | 13,577 |
Derivative Liabilities | ||
Gross Amounts Recognized | 172,923 | 118,305 |
Less: Master netting agreements | (40,372) | (31,569) |
Less: Cash collateral received/pledged | (34,122) | (6,833) |
Derivative liability, after netting | 98,429 | 79,903 |
Less: Security Collateral Pledged | (76,434) | (11,231) |
Net derivative liabilities | 21,995 | 68,672 |
Derivative liability subject to master netting arrangements, gross amounts recognized | 172,900 | 118,200 |
Contracts not subject to master netting arrangements, gross amounts recognized | 17 | 102 |
Derivative, cash collateral posted against derivative liabilities, including amount offset the derivative fair value liabilities, and excess cash amount | 36,400 | 8,400 |
Amount used to offset against derivative liabilities | $ 34,122 | $ 6,833 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Credit Losses (Composition of Non-PCI and PCI Loans) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | $ 33,730,377 | $ 32,385,189 |
Allowance for loan losses | (330,625) | (311,322) |
Loans held-for-investment, net | 33,399,752 | 32,073,867 |
Commercial lending | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 25,318,543 | 24,326,631 |
Commercial lending | Commercial and industrial (“C&I”) | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 12,402,967 | 12,056,970 |
Commercial lending | Commercial real estate (“CRE”) | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 9,868,433 | 9,449,835 |
Commercial lending | Real estate loan | Multifamily residential | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 2,372,345 | 2,281,032 |
Commercial lending | Construction and land | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 674,798 | 538,794 |
Consumer lending | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 8,411,834 | 8,058,558 |
Consumer lending | Real estate loan | Single-family residential | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 6,494,882 | 6,036,454 |
Consumer lending | HELOCs | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 1,575,150 | 1,690,834 |
Consumer lending | Other consumer | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 341,802 | 331,270 |
Non-PCI Loans | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 33,459,510 | 32,077,166 |
Allowance for loan losses | (330,620) | (311,300) |
Loans held-for-investment, net | 33,128,890 | 31,765,866 |
Net deferred loan fees, unearned fees, unamortized premiums and unaccreted discounts | (43,800) | (48,900) |
Non-PCI Loans | Commercial lending | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 25,146,180 | 24,124,659 |
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 12,401,090 | 12,054,818 |
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 9,722,582 | 9,284,583 |
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 2,347,751 | 2,246,506 |
Non-PCI Loans | Commercial lending | Construction and land | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 674,757 | 538,752 |
Non-PCI Loans | Consumer lending | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 8,313,330 | 7,952,507 |
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 6,403,628 | 5,939,258 |
Non-PCI Loans | Consumer lending | HELOCs | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 1,567,900 | 1,681,979 |
Non-PCI Loans | Consumer lending | Other consumer | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 341,802 | 331,270 |
PCI Loans | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 270,867 | 308,023 |
Allowance for loan losses | (5) | (22) |
Loans held-for-investment, net | 270,862 | 308,001 |
Discount related to ASC 310-30 | 18,900 | 22,200 |
PCI Loans | Commercial lending | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 172,363 | 201,972 |
PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 1,877 | 2,152 |
PCI Loans | Commercial lending | Commercial real estate (“CRE”) | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 145,851 | 165,252 |
PCI Loans | Commercial lending | Real estate loan | Multifamily residential | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 24,594 | 34,526 |
PCI Loans | Commercial lending | Construction and land | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 41 | 42 |
PCI Loans | Consumer lending | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 98,504 | 106,051 |
PCI Loans | Consumer lending | Real estate loan | Single-family residential | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 91,254 | 97,196 |
PCI Loans | Consumer lending | HELOCs | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | 7,250 | 8,855 |
PCI Loans | Consumer lending | Other consumer | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-investment | $ 0 | $ 0 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Credit Losses (Composition of Non-PCI and PCI Loans - Narrative) (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($)property_unit | Dec. 31, 2018USD ($) | |
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans receivable pledged to secure borrowings and to provide additional borrowing capacity from the FHLB and the Federal Reserve Bank | $ | $ 21,056,804 | $ 20,590,035 |
Consumer lending | Single-family residential and home equity line of credit | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loan-to-value ratio (or less at origination) | 60.00% | |
Multifamily residential | Commercial lending | Minimum | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Number of units in multifamily properties used to secure multifamily residential loans | 5 | |
Multifamily residential | Commercial lending | Maximum | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Number of units in multifamily properties used to secure multifamily residential loans | 15 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Credit Losses (Credit Risk Ratings for Non-PCI Loans by Portfolio Segment) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | $ 33,730,377 | $ 32,385,189 |
Commercial lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 25,318,543 | 24,326,631 |
Commercial lending | Commercial and industrial (“C&I”) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 12,402,967 | 12,056,970 |
Commercial lending | Commercial real estate (“CRE”) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 9,868,433 | 9,449,835 |
Commercial lending | Real estate loan | Multifamily residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 2,372,345 | 2,281,032 |
Commercial lending | Construction and land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 674,798 | 538,794 |
Consumer lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 8,411,834 | 8,058,558 |
Consumer lending | Real estate loan | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 6,494,882 | 6,036,454 |
Consumer lending | HELOCs | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 1,575,150 | 1,690,834 |
Consumer lending | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 341,802 | 331,270 |
Non-PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 33,459,510 | 32,077,166 |
Non-PCI Loans | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 32,520,960 | 31,413,557 |
Non-PCI Loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 528,768 | 358,136 |
Non-PCI Loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 397,894 | 295,058 |
Non-PCI Loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 11,888 | 10,415 |
Non-PCI Loans | Commercial lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 25,146,180 | 24,124,659 |
Non-PCI Loans | Commercial lending | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 24,260,235 | 23,489,906 |
Non-PCI Loans | Commercial lending | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 509,581 | 350,183 |
Non-PCI Loans | Commercial lending | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 364,476 | 274,155 |
Non-PCI Loans | Commercial lending | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 11,888 | 10,415 |
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 12,401,090 | 12,054,818 |
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 11,789,639 | 11,644,470 |
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 368,328 | 260,089 |
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 231,235 | 139,844 |
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 11,888 | 10,415 |
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 9,722,582 | 9,284,583 |
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 9,531,912 | 9,144,646 |
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 100,410 | 49,705 |
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 90,260 | 90,232 |
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 2,347,751 | 2,246,506 |
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 2,318,019 | 2,215,573 |
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 20,380 | 20,551 |
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 9,352 | 10,382 |
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
Non-PCI Loans | Commercial lending | Construction and land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 674,757 | 538,752 |
Non-PCI Loans | Commercial lending | Construction and land | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 620,665 | 485,217 |
Non-PCI Loans | Commercial lending | Construction and land | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 20,463 | 19,838 |
Non-PCI Loans | Commercial lending | Construction and land | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 33,629 | 33,697 |
Non-PCI Loans | Commercial lending | Construction and land | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
Non-PCI Loans | Consumer lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 8,313,330 | 7,952,507 |
Non-PCI Loans | Consumer lending | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 8,260,725 | 7,923,651 |
Non-PCI Loans | Consumer lending | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 19,187 | 7,953 |
Non-PCI Loans | Consumer lending | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 33,418 | 20,903 |
Non-PCI Loans | Consumer lending | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 6,403,628 | 5,939,258 |
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 6,385,059 | 5,925,584 |
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 1,471 | 6,376 |
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 17,098 | 7,298 |
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
Non-PCI Loans | Consumer lending | HELOCs | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 1,567,900 | 1,681,979 |
Non-PCI Loans | Consumer lending | HELOCs | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 1,550,377 | 1,669,300 |
Non-PCI Loans | Consumer lending | HELOCs | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 3,707 | 1,576 |
Non-PCI Loans | Consumer lending | HELOCs | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 13,816 | 11,103 |
Non-PCI Loans | Consumer lending | HELOCs | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
Non-PCI Loans | Consumer lending | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 341,802 | 331,270 |
Non-PCI Loans | Consumer lending | Other consumer | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 325,289 | 328,767 |
Non-PCI Loans | Consumer lending | Other consumer | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 14,009 | 1 |
Non-PCI Loans | Consumer lending | Other consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 2,504 | 2,502 |
Non-PCI Loans | Consumer lending | Other consumer | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 270,867 | 308,023 |
PCI Loans | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 249,348 | 285,201 |
PCI Loans | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 770 | 1,277 |
PCI Loans | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 20,749 | 21,545 |
PCI Loans | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
PCI Loans | Commercial lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 172,363 | 201,972 |
PCI Loans | Commercial lending | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 152,857 | 181,098 |
PCI Loans | Commercial lending | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 6 | 0 |
PCI Loans | Commercial lending | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 19,500 | 20,874 |
PCI Loans | Commercial lending | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 1,877 | 2,152 |
PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 1,877 | 1,996 |
PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 156 |
PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
PCI Loans | Commercial lending | Commercial real estate (“CRE”) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 145,851 | 165,252 |
PCI Loans | Commercial lending | Commercial real estate (“CRE”) | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 127,083 | 146,057 |
PCI Loans | Commercial lending | Commercial real estate (“CRE”) | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 6 | 0 |
PCI Loans | Commercial lending | Commercial real estate (“CRE”) | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 18,762 | 19,195 |
PCI Loans | Commercial lending | Commercial real estate (“CRE”) | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
PCI Loans | Commercial lending | Real estate loan | Multifamily residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 24,594 | 34,526 |
PCI Loans | Commercial lending | Real estate loan | Multifamily residential | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 23,856 | 33,003 |
PCI Loans | Commercial lending | Real estate loan | Multifamily residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
PCI Loans | Commercial lending | Real estate loan | Multifamily residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 738 | 1,523 |
PCI Loans | Commercial lending | Real estate loan | Multifamily residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
PCI Loans | Commercial lending | Construction and land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 41 | 42 |
PCI Loans | Commercial lending | Construction and land | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 41 | 42 |
PCI Loans | Commercial lending | Construction and land | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
PCI Loans | Commercial lending | Construction and land | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
PCI Loans | Commercial lending | Construction and land | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
PCI Loans | Consumer lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 98,504 | 106,051 |
PCI Loans | Consumer lending | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 96,491 | 104,103 |
PCI Loans | Consumer lending | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 764 | 1,277 |
PCI Loans | Consumer lending | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 1,249 | 671 |
PCI Loans | Consumer lending | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
PCI Loans | Consumer lending | Real estate loan | Single-family residential | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 91,254 | 97,196 |
PCI Loans | Consumer lending | Real estate loan | Single-family residential | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 89,623 | 95,789 |
PCI Loans | Consumer lending | Real estate loan | Single-family residential | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 764 | 1,021 |
PCI Loans | Consumer lending | Real estate loan | Single-family residential | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 867 | 386 |
PCI Loans | Consumer lending | Real estate loan | Single-family residential | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
PCI Loans | Consumer lending | HELOCs | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 7,250 | 8,855 |
PCI Loans | Consumer lending | HELOCs | Pass/Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 6,868 | 8,314 |
PCI Loans | Consumer lending | HELOCs | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 256 |
PCI Loans | Consumer lending | HELOCs | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 382 | 285 |
PCI Loans | Consumer lending | HELOCs | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | 0 |
PCI Loans | Consumer lending | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | $ 0 | $ 0 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Credit Losses (Aging Analysis on Non-PCI Loans) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Nonaccrual and Past Due Loans | ||
Number of days beyond loan classified nonaccrual | 90 days | |
Total loans | $ 33,730,377 | $ 32,385,189 |
Commercial lending | ||
Nonaccrual and Past Due Loans | ||
Total loans | 25,318,543 | 24,326,631 |
Commercial lending | Commercial and industrial (“C&I”) | ||
Nonaccrual and Past Due Loans | ||
Total loans | 12,402,967 | 12,056,970 |
Commercial lending | Commercial real estate (“CRE”) | ||
Nonaccrual and Past Due Loans | ||
Total loans | 9,868,433 | 9,449,835 |
Commercial lending | Real estate loan | Multifamily residential | ||
Nonaccrual and Past Due Loans | ||
Total loans | 2,372,345 | 2,281,032 |
Commercial lending | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Total loans | 674,798 | 538,794 |
Consumer lending | ||
Nonaccrual and Past Due Loans | ||
Total loans | 8,411,834 | 8,058,558 |
Consumer lending | Real estate loan | Single-family residential | ||
Nonaccrual and Past Due Loans | ||
Total loans | 6,494,882 | 6,036,454 |
Consumer lending | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Total loans | 1,575,150 | 1,690,834 |
Consumer lending | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Total loans | 341,802 | 331,270 |
Non-PCI Loans | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 61,160 | 79,230 |
Total Nonaccrual Loans | 118,014 | 85,693 |
Current Accruing Loans | 33,280,336 | 31,912,243 |
Total loans | 33,459,510 | 32,077,166 |
Non-PCI Loans | Accruing Loans 30-59 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 47,535 | 50,382 |
Non-PCI Loans | Accruing Loans 60-89 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 13,625 | 28,848 |
Non-PCI Loans | Nonaccrual Loans Less Than 90 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 41,028 | 23,800 |
Non-PCI Loans | Nonaccrual Loans 90 or More Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 76,986 | 61,893 |
Non-PCI Loans | Commercial lending | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 29,609 | 52,323 |
Total Nonaccrual Loans | 95,091 | 69,318 |
Current Accruing Loans | 25,021,480 | 24,003,018 |
Total loans | 25,146,180 | 24,124,659 |
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 18,054 | 40,202 |
Total Nonaccrual Loans | 73,150 | 43,840 |
Current Accruing Loans | 12,309,886 | 11,970,776 |
Total loans | 12,401,090 | 12,054,818 |
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 11,169 | 7,740 |
Total Nonaccrual Loans | 20,914 | 24,218 |
Current Accruing Loans | 9,690,499 | 9,252,625 |
Total loans | 9,722,582 | 9,284,583 |
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 386 | 4,174 |
Total Nonaccrual Loans | 1,027 | 1,260 |
Current Accruing Loans | 2,346,338 | 2,241,072 |
Total loans | 2,347,751 | 2,246,506 |
Non-PCI Loans | Commercial lending | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 0 | 207 |
Total Nonaccrual Loans | 0 | 0 |
Current Accruing Loans | 674,757 | 538,545 |
Total loans | 674,757 | 538,752 |
Non-PCI Loans | Commercial lending | Accruing Loans 30-59 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 23,363 | 33,153 |
Non-PCI Loans | Commercial lending | Accruing Loans 30-59 Days Past Due | Commercial and industrial (“C&I”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 11,878 | 21,032 |
Non-PCI Loans | Commercial lending | Accruing Loans 30-59 Days Past Due | Commercial real estate (“CRE”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 11,099 | 7,740 |
Non-PCI Loans | Commercial lending | Accruing Loans 30-59 Days Past Due | Real estate loan | Multifamily residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 386 | 4,174 |
Non-PCI Loans | Commercial lending | Accruing Loans 30-59 Days Past Due | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 0 | 207 |
Non-PCI Loans | Commercial lending | Accruing Loans 60-89 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 6,246 | 19,170 |
Non-PCI Loans | Commercial lending | Accruing Loans 60-89 Days Past Due | Commercial and industrial (“C&I”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 6,176 | 19,170 |
Non-PCI Loans | Commercial lending | Accruing Loans 60-89 Days Past Due | Commercial real estate (“CRE”) | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 70 | 0 |
Non-PCI Loans | Commercial lending | Accruing Loans 60-89 Days Past Due | Real estate loan | Multifamily residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 0 | 0 |
Non-PCI Loans | Commercial lending | Accruing Loans 60-89 Days Past Due | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 0 | 0 |
Non-PCI Loans | Commercial lending | Nonaccrual Loans Less Than 90 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 40,259 | 21,868 |
Non-PCI Loans | Commercial lending | Nonaccrual Loans Less Than 90 Days Past Due | Commercial and industrial (“C&I”) | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 36,208 | 17,097 |
Non-PCI Loans | Commercial lending | Nonaccrual Loans Less Than 90 Days Past Due | Commercial real estate (“CRE”) | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 3,038 | 3,704 |
Non-PCI Loans | Commercial lending | Nonaccrual Loans Less Than 90 Days Past Due | Real estate loan | Multifamily residential | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 1,013 | 1,067 |
Non-PCI Loans | Commercial lending | Nonaccrual Loans Less Than 90 Days Past Due | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 0 | 0 |
Non-PCI Loans | Commercial lending | Nonaccrual Loans 90 or More Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 54,832 | 47,450 |
Non-PCI Loans | Commercial lending | Nonaccrual Loans 90 or More Days Past Due | Commercial and industrial (“C&I”) | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 36,942 | 26,743 |
Non-PCI Loans | Commercial lending | Nonaccrual Loans 90 or More Days Past Due | Commercial real estate (“CRE”) | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 17,876 | 20,514 |
Non-PCI Loans | Commercial lending | Nonaccrual Loans 90 or More Days Past Due | Real estate loan | Multifamily residential | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 14 | 193 |
Non-PCI Loans | Commercial lending | Nonaccrual Loans 90 or More Days Past Due | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 0 | 0 |
Non-PCI Loans | Consumer lending | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 31,551 | 26,907 |
Total Nonaccrual Loans | 22,923 | 16,375 |
Current Accruing Loans | 8,258,856 | 7,909,225 |
Total loans | 8,313,330 | 7,952,507 |
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 20,449 | 22,495 |
Total Nonaccrual Loans | 13,075 | 5,259 |
Current Accruing Loans | 6,370,104 | 5,911,504 |
Total loans | 6,403,628 | 5,939,258 |
Non-PCI Loans | Consumer lending | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 11,084 | 4,389 |
Total Nonaccrual Loans | 7,344 | 8,614 |
Current Accruing Loans | 1,549,472 | 1,668,976 |
Total loans | 1,567,900 | 1,681,979 |
Non-PCI Loans | Consumer lending | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 18 | 23 |
Total Nonaccrual Loans | 2,504 | 2,502 |
Current Accruing Loans | 339,280 | 328,745 |
Total loans | 341,802 | 331,270 |
Non-PCI Loans | Consumer lending | Accruing Loans 30-59 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 24,172 | 17,229 |
Non-PCI Loans | Consumer lending | Accruing Loans 30-59 Days Past Due | Real estate loan | Single-family residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 18,052 | 14,645 |
Non-PCI Loans | Consumer lending | Accruing Loans 30-59 Days Past Due | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 6,116 | 2,573 |
Non-PCI Loans | Consumer lending | Accruing Loans 30-59 Days Past Due | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 4 | 11 |
Non-PCI Loans | Consumer lending | Accruing Loans 60-89 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 7,379 | 9,678 |
Non-PCI Loans | Consumer lending | Accruing Loans 60-89 Days Past Due | Real estate loan | Single-family residential | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 2,397 | 7,850 |
Non-PCI Loans | Consumer lending | Accruing Loans 60-89 Days Past Due | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 4,968 | 1,816 |
Non-PCI Loans | Consumer lending | Accruing Loans 60-89 Days Past Due | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Total Accruing Past Due Loans | 14 | 12 |
Non-PCI Loans | Consumer lending | Nonaccrual Loans Less Than 90 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 769 | 1,932 |
Non-PCI Loans | Consumer lending | Nonaccrual Loans Less Than 90 Days Past Due | Real estate loan | Single-family residential | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 712 | 509 |
Non-PCI Loans | Consumer lending | Nonaccrual Loans Less Than 90 Days Past Due | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 57 | 1,423 |
Non-PCI Loans | Consumer lending | Nonaccrual Loans Less Than 90 Days Past Due | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 0 | 0 |
Non-PCI Loans | Consumer lending | Nonaccrual Loans 90 or More Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 22,154 | 14,443 |
Non-PCI Loans | Consumer lending | Nonaccrual Loans 90 or More Days Past Due | Real estate loan | Single-family residential | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 12,363 | 4,750 |
Non-PCI Loans | Consumer lending | Nonaccrual Loans 90 or More Days Past Due | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | 7,287 | 7,191 |
Non-PCI Loans | Consumer lending | Nonaccrual Loans 90 or More Days Past Due | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Total Nonaccrual Loans | $ 2,504 | $ 2,502 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Credit Losses (Loans Receivable Narrative) (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Loans in process of foreclosure | ||
Other real estate owned, net | $ 130,000 | $ 133,000 |
Residential real estate properties | ||
Loans in process of foreclosure | ||
Carrying amount of foreclosed residential real estate properties included in total net OREO | 0 | 0 |
Single-family residential and home equity line of credit | ||
Loans in process of foreclosure | ||
Recorded investment in consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process | 5,800,000 | 3,000,000 |
PCI Loans | ||
Nonaccrual loans | ||
Loans on nonaccrual status | $ 3,500,000 | $ 4,000,000 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses (Additions to Non-PCI TDRs) (Details) - Non-PCI Loans $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | |
Loans Modified as TDRs | ||||
Post- Modification Outstanding Recorded Investment | $ 48,273 | $ 2,777 | $ 77,705 | $ 2,777 |
Commercial lending | ||||
Loans Modified as TDRs | ||||
Post- Modification Outstanding Recorded Investment | $ 48,054 | $ 837 | $ 77,486 | $ 837 |
Commercial lending | Commercial and industrial (“C&I”) | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 6 | 0 | 9 | 0 |
Pre- Modification Outstanding Recorded Investment | $ 48,099 | $ 0 | $ 77,250 | $ 0 |
Post- Modification Outstanding Recorded Investment | 48,054 | 0 | 77,486 | 0 |
Financial Impact | $ 5,869 | $ 0 | $ 5,929 | $ 0 |
Commercial lending | Commercial real estate (“CRE”) | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 0 | 1 | 0 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 750 | $ 0 | $ 750 |
Post- Modification Outstanding Recorded Investment | 0 | 837 | 0 | 837 |
Financial Impact | 0 | 0 | 0 | 0 |
Consumer lending | ||||
Loans Modified as TDRs | ||||
Post- Modification Outstanding Recorded Investment | $ 219 | $ 1,940 | $ 219 | $ 1,940 |
Consumer lending | Real estate loan | Single-family residential | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 1 | 2 | 1 | 2 |
Pre- Modification Outstanding Recorded Investment | $ 220 | $ 405 | $ 220 | $ 405 |
Post- Modification Outstanding Recorded Investment | 219 | 404 | 219 | 404 |
Financial Impact | $ 0 | $ (26) | $ 0 | $ (26) |
Consumer lending | HELOCs | ||||
Loans Modified as TDRs | ||||
Number of Loans | loan | 0 | 2 | 0 | 2 |
Pre- Modification Outstanding Recorded Investment | $ 0 | $ 1,546 | $ 0 | $ 1,546 |
Post- Modification Outstanding Recorded Investment | 0 | 1,536 | 0 | 1,536 |
Financial Impact | $ 0 | $ 0 | $ 0 | $ 0 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses (Non-PCI TDR Modifications) (Details) - Non-PCI Loans - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | $ 48,273 | $ 2,777 | $ 77,705 | $ 2,777 |
Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 9,909 | 1,529 | 39,341 | 1,529 |
Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 837 | 0 | 837 |
Other (2) | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 38,364 | 411 | 38,364 | 411 |
Commercial lending | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 48,054 | 837 | 77,486 | 837 |
Commercial lending | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 9,909 | 0 | 39,341 | 0 |
Commercial lending | Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 837 | 0 | 837 |
Commercial lending | Other (2) | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 38,145 | 0 | 38,145 | 0 |
Commercial lending | Commercial and industrial (“C&I”) | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 48,054 | 0 | 77,486 | 0 |
Commercial lending | Commercial and industrial (“C&I”) | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 9,909 | 0 | 39,341 | 0 |
Commercial lending | Commercial and industrial (“C&I”) | Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Commercial lending | Commercial and industrial (“C&I”) | Other (2) | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 38,145 | 0 | 38,145 | 0 |
Commercial lending | Commercial real estate (“CRE”) | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 837 | 0 | 837 |
Commercial lending | Commercial real estate (“CRE”) | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Commercial lending | Commercial real estate (“CRE”) | Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 837 | 0 | 837 |
Commercial lending | Commercial real estate (“CRE”) | Other (2) | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Consumer lending | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 219 | 1,940 | 219 | 1,940 |
Consumer lending | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 1,529 | 0 | 1,529 |
Consumer lending | Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Consumer lending | Other (2) | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 219 | 411 | 219 | 411 |
Consumer lending | Real estate loan | Single-family residential | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 219 | 404 | 219 | 404 |
Consumer lending | Real estate loan | Single-family residential | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 65 | 0 | 65 |
Consumer lending | Real estate loan | Single-family residential | Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Consumer lending | Real estate loan | Single-family residential | Other (2) | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 219 | 339 | 219 | 339 |
Consumer lending | HELOCs | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 1,536 | 0 | 1,536 |
Consumer lending | HELOCs | Principal | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 1,464 | 0 | 1,464 |
Consumer lending | HELOCs | Interest Rate Reduction | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | 0 | 0 | 0 | 0 |
Consumer lending | HELOCs | Other (2) | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Post- Modification Outstanding Recorded Investment | $ 0 | $ 72 | $ 0 | $ 72 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses (Loans Modified as TDRs that Subsequently Defaulted) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Jun. 30, 2019USD ($)loan | Jun. 30, 2018USD ($)loan | Dec. 31, 2018USD ($) | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Period beyond which a TDR generally becomes delinquent | 90 days | ||||
Additional funds committed to lend to borrowers whose terms have been modified | $ 3,900 | $ 3,900 | $ 3,900 | ||
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Number of Loans | loan | 1 | 0 | 1 | 0 | |
Recorded Investment | $ 1,484 | $ 0 | $ 1,484 | $ 0 |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Credit Losses (Non-PCI Impaired Loans) (Details) - Non-PCI Loans - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Impaired loans disclosures | |||||
Unpaid Principal Balance | $ 236,546 | $ 236,546 | $ 152,627 | ||
Recorded Investment With No Allowance | 142,311 | 142,311 | 87,812 | ||
Recorded Investment With Allowance | 66,334 | 66,334 | 31,106 | ||
Total Recorded Investment | 208,645 | 208,645 | 118,918 | ||
Related Allowance | 16,888 | 16,888 | 4,032 | ||
Average Recorded Investment | 257,108 | $ 182,484 | 269,604 | $ 195,628 | |
Recognized Interest Income | 1,444 | 396 | 2,500 | 1,011 | |
Commercial lending | |||||
Impaired loans disclosures | |||||
Unpaid Principal Balance | 201,836 | 201,836 | 125,420 | ||
Recorded Investment With No Allowance | 133,596 | 133,596 | 79,713 | ||
Recorded Investment With Allowance | 41,722 | 41,722 | 13,287 | ||
Total Recorded Investment | 175,318 | 175,318 | 93,000 | ||
Related Allowance | 14,335 | 14,335 | 1,502 | ||
Average Recorded Investment | 217,782 | 151,645 | 226,892 | 162,909 | |
Recognized Interest Income | 1,277 | 263 | 2,186 | 750 | |
Commercial lending | Commercial and industrial (“C&I”) | |||||
Impaired loans disclosures | |||||
Unpaid Principal Balance | 163,004 | 163,004 | 82,963 | ||
Recorded Investment With No Allowance | 105,843 | 105,843 | 48,479 | ||
Recorded Investment With Allowance | 37,277 | 37,277 | 8,609 | ||
Total Recorded Investment | 143,120 | 143,120 | 57,088 | ||
Related Allowance | 14,137 | 14,137 | 1,219 | ||
Average Recorded Investment | 182,689 | 103,767 | 189,553 | 112,193 | |
Recognized Interest Income | 1,081 | 95 | 1,816 | 357 | |
Commercial lending | Commercial real estate (“CRE”) | |||||
Impaired loans disclosures | |||||
Unpaid Principal Balance | 33,071 | 33,071 | 36,426 | ||
Recorded Investment With No Allowance | 25,351 | 25,351 | 28,285 | ||
Recorded Investment With Allowance | 1,594 | 1,594 | 2,067 | ||
Total Recorded Investment | 26,945 | 26,945 | 30,352 | ||
Related Allowance | 134 | 134 | 208 | ||
Average Recorded Investment | 29,241 | 34,547 | 31,456 | 35,602 | |
Recognized Interest Income | 135 | 116 | 249 | 259 | |
Commercial lending | Real estate loan | Multifamily residential | |||||
Impaired loans disclosures | |||||
Unpaid Principal Balance | 5,761 | 5,761 | 6,031 | ||
Recorded Investment With No Allowance | 2,402 | 2,402 | 2,949 | ||
Recorded Investment With Allowance | 2,851 | 2,851 | 2,611 | ||
Total Recorded Investment | 5,253 | 5,253 | 5,560 | ||
Related Allowance | 64 | 64 | 75 | ||
Average Recorded Investment | 5,852 | 9,358 | 5,883 | 11,141 | |
Recognized Interest Income | 61 | 52 | 121 | 134 | |
Commercial lending | Construction and land | |||||
Impaired loans disclosures | |||||
Average Recorded Investment | 0 | 3,973 | 0 | 3,973 | |
Recognized Interest Income | 0 | 0 | 0 | 0 | |
Consumer lending | |||||
Impaired loans disclosures | |||||
Unpaid Principal Balance | 34,710 | 34,710 | 27,207 | ||
Recorded Investment With No Allowance | 8,715 | 8,715 | 8,099 | ||
Recorded Investment With Allowance | 24,612 | 24,612 | 17,819 | ||
Total Recorded Investment | 33,327 | 33,327 | 25,918 | ||
Related Allowance | 2,553 | 2,553 | 2,530 | ||
Average Recorded Investment | 39,326 | 30,839 | 42,712 | 32,719 | |
Recognized Interest Income | 167 | 133 | 314 | 261 | |
Consumer lending | Real estate loan | Single-family residential | |||||
Impaired loans disclosures | |||||
Unpaid Principal Balance | 22,234 | 22,234 | 14,670 | ||
Recorded Investment With No Allowance | 3,940 | 3,940 | 2,552 | ||
Recorded Investment With Allowance | 16,950 | 16,950 | 10,908 | ||
Total Recorded Investment | 20,890 | 20,890 | 13,460 | ||
Related Allowance | 48 | 48 | 34 | ||
Average Recorded Investment | 23,247 | 18,852 | 24,865 | 19,331 | |
Recognized Interest Income | 129 | 115 | 258 | 228 | |
Consumer lending | HELOCs | |||||
Impaired loans disclosures | |||||
Unpaid Principal Balance | 9,972 | 9,972 | 10,035 | ||
Recorded Investment With No Allowance | 4,775 | 4,775 | 5,547 | ||
Recorded Investment With Allowance | 5,158 | 5,158 | 4,409 | ||
Total Recorded Investment | 9,933 | 9,933 | 9,956 | ||
Related Allowance | 5 | 5 | 5 | ||
Average Recorded Investment | 13,564 | 9,496 | 15,321 | 10,897 | |
Recognized Interest Income | 38 | 18 | 56 | 33 | |
Consumer lending | Other consumer | |||||
Impaired loans disclosures | |||||
Unpaid Principal Balance | 2,504 | 2,504 | 2,502 | ||
Recorded Investment With No Allowance | 0 | 0 | 0 | ||
Recorded Investment With Allowance | 2,504 | 2,504 | 2,502 | ||
Total Recorded Investment | 2,504 | 2,504 | 2,502 | ||
Related Allowance | 2,500 | 2,500 | $ 2,491 | ||
Average Recorded Investment | 2,515 | 2,491 | 2,526 | 2,491 | |
Recognized Interest Income | $ 0 | $ 0 | $ 0 | $ 0 |
Loans Receivable and Allowan_12
Loans Receivable and Allowance for Credit Losses (Summary of Activities in Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Allowance for loan losses | ||||
Beginning balance | $ 311,322 | |||
Charge-offs | $ (317) | $ (13,300) | (390) | $ (13,400) |
Ending balance | 330,625 | 301,550 | 330,625 | 301,550 |
Commercial lending | Commercial and industrial (“C&I”) | ||||
Allowance for loan losses | ||||
Beginning balance | 191,340 | |||
Ending balance | 205,503 | 205,503 | ||
Commercial lending | Commercial real estate (“CRE”) | ||||
Allowance for loan losses | ||||
Beginning balance | 39,053 | |||
Ending balance | 40,517 | 40,517 | ||
Commercial lending | Real estate loan | Multifamily residential | ||||
Allowance for loan losses | ||||
Beginning balance | 19,283 | |||
Ending balance | 18,574 | 18,574 | ||
Commercial lending | Construction and land | ||||
Allowance for loan losses | ||||
Beginning balance | 20,282 | |||
Ending balance | 22,961 | 22,961 | ||
Consumer lending | Real estate loan | Single-family residential | ||||
Allowance for loan losses | ||||
Beginning balance | 31,340 | |||
Ending balance | 32,763 | 32,763 | ||
Consumer lending | HELOCs | ||||
Allowance for loan losses | ||||
Beginning balance | 5,774 | |||
Ending balance | 6,177 | 6,177 | ||
Consumer lending | Other consumer | ||||
Allowance for loan losses | ||||
Beginning balance | 4,250 | |||
Ending balance | 4,130 | 4,130 | ||
Non-PCI Loans | ||||
Allowance for loan losses | ||||
Beginning balance | 317,880 | 297,607 | 311,300 | 287,070 |
(Reversal of) provision for loan losses | 20,740 | 15,139 | 41,388 | 35,072 |
Charge-offs | (11,759) | (13,696) | (29,017) | (32,159) |
Recoveries | 4,121 | 3,101 | 6,942 | 11,760 |
Net charge-offs | (7,638) | (10,595) | (22,075) | (20,399) |
Foreign currency translation adjustments | (362) | (640) | 7 | (232) |
Ending balance | 330,620 | 301,511 | 330,620 | 301,511 |
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | ||||
Allowance for loan losses | ||||
Charge-offs | (11,745) | (13,534) | (28,989) | (31,979) |
Recoveries | 1,713 | 1,151 | 3,964 | 8,430 |
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | ||||
Allowance for loan losses | ||||
Recoveries | 1,837 | 2 | 2,059 | 429 |
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | ||||
Allowance for loan losses | ||||
Recoveries | 53 | 1,061 | 334 | 1,394 |
Non-PCI Loans | Commercial lending | Construction and land | ||||
Allowance for loan losses | ||||
Recoveries | 439 | 258 | 502 | 693 |
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | ||||
Allowance for loan losses | ||||
Charge-offs | 0 | 0 | 0 | (1) |
Recoveries | 72 | 629 | 74 | 813 |
Non-PCI Loans | Consumer lending | HELOCs | ||||
Allowance for loan losses | ||||
Recoveries | 0 | 0 | 2 | 0 |
Non-PCI Loans | Consumer lending | Other consumer | ||||
Allowance for loan losses | ||||
Charge-offs | (14) | (162) | (28) | (179) |
Recoveries | 7 | 0 | 7 | 1 |
PCI Loans | ||||
Allowance for loan losses | ||||
Beginning balance | 14 | 47 | 22 | 58 |
(Reversal of) provision for loan losses | (9) | (8) | (17) | (19) |
Ending balance | 5 | $ 39 | 5 | $ 39 |
PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | ||||
Allowance for loan losses | ||||
Beginning balance | 0 | |||
Ending balance | 0 | 0 | ||
PCI Loans | Commercial lending | Commercial real estate (“CRE”) | ||||
Allowance for loan losses | ||||
Beginning balance | 22 | |||
Ending balance | 5 | 5 | ||
PCI Loans | Commercial lending | Real estate loan | Multifamily residential | ||||
Allowance for loan losses | ||||
Beginning balance | 0 | |||
Ending balance | 0 | 0 | ||
PCI Loans | Commercial lending | Construction and land | ||||
Allowance for loan losses | ||||
Beginning balance | 0 | |||
Ending balance | 0 | 0 | ||
PCI Loans | Consumer lending | Real estate loan | Single-family residential | ||||
Allowance for loan losses | ||||
Beginning balance | 0 | |||
Ending balance | 0 | 0 | ||
PCI Loans | Consumer lending | HELOCs | ||||
Allowance for loan losses | ||||
Beginning balance | 0 | |||
Ending balance | 0 | 0 | ||
PCI Loans | Consumer lending | Other consumer | ||||
Allowance for loan losses | ||||
Beginning balance | 0 | |||
Ending balance | $ 0 | $ 0 |
Loans Receivable and Allowan_13
Loans Receivable and Allowance for Credit Losses (Summary of Activities in Allowance for Unfunded Credit Reserves) (Details) - Allowance for Unfunded Credit Reserves - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Allowance for unfunded credit reserves | ||||
Allowance for unfunded credit reserves, beginning of period | $ 14,505 | $ 13,614 | $ 12,566 | $ 13,318 |
(Reversal of) provision for unfunded credit reserves | (1,486) | 405 | 453 | 701 |
Allowance for unfunded credit reserves, end of period | $ 13,019 | $ 14,019 | $ 13,019 | $ 14,019 |
Loans Receivable and Allowan_14
Loans Receivable and Allowance for Credit Losses (Allowance for Loan Losses and Recorded Investments) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Allowance for loan losses | ||||||
Allowance for loan losses | $ 330,625 | $ 311,322 | $ 301,550 | |||
Recorded investment in loans | ||||||
Loans held-for-investment | 33,730,377 | 32,385,189 | ||||
Commercial lending | ||||||
Recorded investment in loans | ||||||
Loans held-for-investment | 25,318,543 | 24,326,631 | ||||
Commercial lending | Commercial and industrial (“C&I”) | ||||||
Allowance for loan losses | ||||||
Allowance for loan losses | 205,503 | 191,340 | ||||
Recorded investment in loans | ||||||
Loans held-for-investment | 12,402,967 | 12,056,970 | ||||
Commercial lending | Commercial real estate (“CRE”) | ||||||
Allowance for loan losses | ||||||
Allowance for loan losses | 40,517 | 39,053 | ||||
Recorded investment in loans | ||||||
Loans held-for-investment | 9,868,433 | 9,449,835 | ||||
Commercial lending | Real estate loan | Multifamily residential | ||||||
Allowance for loan losses | ||||||
Allowance for loan losses | 18,574 | 19,283 | ||||
Recorded investment in loans | ||||||
Loans held-for-investment | 2,372,345 | 2,281,032 | ||||
Commercial lending | Construction and land | ||||||
Allowance for loan losses | ||||||
Allowance for loan losses | 22,961 | 20,282 | ||||
Recorded investment in loans | ||||||
Loans held-for-investment | 674,798 | 538,794 | ||||
Consumer lending | ||||||
Recorded investment in loans | ||||||
Loans held-for-investment | 8,411,834 | 8,058,558 | ||||
Consumer lending | Real estate loan | Single-family residential | ||||||
Allowance for loan losses | ||||||
Allowance for loan losses | 32,763 | 31,340 | ||||
Recorded investment in loans | ||||||
Loans held-for-investment | 6,494,882 | 6,036,454 | ||||
Consumer lending | HELOCs | ||||||
Allowance for loan losses | ||||||
Allowance for loan losses | 6,177 | 5,774 | ||||
Recorded investment in loans | ||||||
Loans held-for-investment | 1,575,150 | 1,690,834 | ||||
Consumer lending | Other consumer | ||||||
Allowance for loan losses | ||||||
Allowance for loan losses | 4,130 | 4,250 | ||||
Recorded investment in loans | ||||||
Loans held-for-investment | 341,802 | 331,270 | ||||
Non-PCI Loans | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | 16,888 | 4,032 | ||||
Collectively evaluated for impairment | 313,732 | 307,268 | ||||
Allowance for loan losses | 330,620 | $ 317,880 | 311,300 | 301,511 | $ 297,607 | $ 287,070 |
Recorded investment in loans | ||||||
Individually evaluated for impairment | 208,645 | 118,918 | ||||
Collectively evaluated for impairment | 33,250,865 | 31,958,248 | ||||
Loans held-for-investment | 33,459,510 | 32,077,166 | ||||
Non-PCI Loans | Commercial lending | ||||||
Recorded investment in loans | ||||||
Loans held-for-investment | 25,146,180 | 24,124,659 | ||||
Non-PCI Loans | Commercial lending | Commercial and industrial (“C&I”) | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | 14,137 | 1,219 | ||||
Collectively evaluated for impairment | 191,366 | 190,121 | ||||
Recorded investment in loans | ||||||
Individually evaluated for impairment | 143,120 | 57,088 | ||||
Collectively evaluated for impairment | 12,257,970 | 11,997,730 | ||||
Loans held-for-investment | 12,401,090 | 12,054,818 | ||||
Non-PCI Loans | Commercial lending | Commercial real estate (“CRE”) | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | 134 | 208 | ||||
Collectively evaluated for impairment | 40,378 | 38,823 | ||||
Recorded investment in loans | ||||||
Individually evaluated for impairment | 26,945 | 30,352 | ||||
Collectively evaluated for impairment | 9,695,637 | 9,254,231 | ||||
Loans held-for-investment | 9,722,582 | 9,284,583 | ||||
Non-PCI Loans | Commercial lending | Real estate loan | Multifamily residential | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | 64 | 75 | ||||
Collectively evaluated for impairment | 18,510 | 19,208 | ||||
Recorded investment in loans | ||||||
Individually evaluated for impairment | 5,253 | 5,560 | ||||
Collectively evaluated for impairment | 2,342,498 | 2,240,946 | ||||
Loans held-for-investment | 2,347,751 | 2,246,506 | ||||
Non-PCI Loans | Commercial lending | Construction and land | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 22,961 | 20,282 | ||||
Recorded investment in loans | ||||||
Individually evaluated for impairment | 0 | 0 | ||||
Collectively evaluated for impairment | 674,757 | 538,752 | ||||
Loans held-for-investment | 674,757 | 538,752 | ||||
Non-PCI Loans | Consumer lending | ||||||
Recorded investment in loans | ||||||
Loans held-for-investment | 8,313,330 | 7,952,507 | ||||
Non-PCI Loans | Consumer lending | Real estate loan | Single-family residential | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | 48 | 34 | ||||
Collectively evaluated for impairment | 32,715 | 31,306 | ||||
Recorded investment in loans | ||||||
Individually evaluated for impairment | 20,890 | 13,460 | ||||
Collectively evaluated for impairment | 6,382,738 | 5,925,798 | ||||
Loans held-for-investment | 6,403,628 | 5,939,258 | ||||
Non-PCI Loans | Consumer lending | HELOCs | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | 5 | 5 | ||||
Collectively evaluated for impairment | 6,172 | 5,769 | ||||
Recorded investment in loans | ||||||
Individually evaluated for impairment | 9,933 | 9,956 | ||||
Collectively evaluated for impairment | 1,557,967 | 1,672,023 | ||||
Loans held-for-investment | 1,567,900 | 1,681,979 | ||||
Non-PCI Loans | Consumer lending | Other consumer | ||||||
Allowance for loan losses | ||||||
Individually evaluated for impairment | 2,500 | 2,491 | ||||
Collectively evaluated for impairment | 1,630 | 1,759 | ||||
Recorded investment in loans | ||||||
Individually evaluated for impairment | 2,504 | 2,502 | ||||
Collectively evaluated for impairment | 339,298 | 328,768 | ||||
Loans held-for-investment | 341,802 | 331,270 | ||||
Acquired with deteriorated credit quality | ||||||
Allowance for loan losses | ||||||
Allowance for loan losses | 5 | $ 14 | 22 | $ 39 | $ 47 | $ 58 |
Recorded investment in loans | ||||||
Loans held-for-investment | 270,867 | 308,023 | ||||
Acquired with deteriorated credit quality | Commercial lending | ||||||
Recorded investment in loans | ||||||
Loans held-for-investment | 172,363 | 201,972 | ||||
Acquired with deteriorated credit quality | Commercial lending | Commercial and industrial (“C&I”) | ||||||
Allowance for loan losses | ||||||
Allowance for loan losses | 0 | 0 | ||||
Recorded investment in loans | ||||||
Loans held-for-investment | 1,877 | 2,152 | ||||
Acquired with deteriorated credit quality | Commercial lending | Commercial real estate (“CRE”) | ||||||
Allowance for loan losses | ||||||
Allowance for loan losses | 5 | 22 | ||||
Recorded investment in loans | ||||||
Loans held-for-investment | 145,851 | 165,252 | ||||
Acquired with deteriorated credit quality | Commercial lending | Real estate loan | Multifamily residential | ||||||
Allowance for loan losses | ||||||
Allowance for loan losses | 0 | 0 | ||||
Recorded investment in loans | ||||||
Loans held-for-investment | 24,594 | 34,526 | ||||
Acquired with deteriorated credit quality | Commercial lending | Construction and land | ||||||
Allowance for loan losses | ||||||
Allowance for loan losses | 0 | 0 | ||||
Recorded investment in loans | ||||||
Loans held-for-investment | 41 | 42 | ||||
Acquired with deteriorated credit quality | Consumer lending | ||||||
Recorded investment in loans | ||||||
Loans held-for-investment | 98,504 | 106,051 | ||||
Acquired with deteriorated credit quality | Consumer lending | Real estate loan | Single-family residential | ||||||
Allowance for loan losses | ||||||
Allowance for loan losses | 0 | 0 | ||||
Recorded investment in loans | ||||||
Loans held-for-investment | 91,254 | 97,196 | ||||
Acquired with deteriorated credit quality | Consumer lending | HELOCs | ||||||
Allowance for loan losses | ||||||
Allowance for loan losses | 0 | 0 | ||||
Recorded investment in loans | ||||||
Loans held-for-investment | 7,250 | 8,855 | ||||
Acquired with deteriorated credit quality | Consumer lending | Other consumer | ||||||
Allowance for loan losses | ||||||
Allowance for loan losses | 0 | 0 | ||||
Recorded investment in loans | ||||||
Loans held-for-investment | $ 0 | $ 0 |
Loans Receivable and Allowan_15
Loans Receivable and Allowance for Credit Losses (Accretable Yield for PCI Loans) (Details) - PCI Loans - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Changes in accretable yield for PCI loans | ||||
Accretable yield for PCI loans, beginning of period | $ 68,861 | $ 95,864 | $ 74,870 | $ 101,977 |
Accretion | (5,806) | (11,084) | (12,007) | (20,218) |
Changes in expected cash flows | 998 | 272 | 1,190 | 3,293 |
Accretable yield for PCI loans, end of period | $ 64,053 | $ 85,052 | $ 64,053 | $ 85,052 |
Loans Receivable and Allowan_16
Loans Receivable and Allowance for Credit Losses (Loan Purchases, Sales And Transfers Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-sale | $ 3,879 | $ 275 |
Commercial and industrial (“C&I”) | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-sale | $ 3,900 | |
Real estate loan | Single Family Residential | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Loans held-for-sale | $ 275 |
Loans Receivable and Allowan_17
Loans Receivable and Allowance for Credit Losses (Loan Purchases, Sales and Transfers) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Loans Receivable and Allowance for Credit Losses | ||||
Loans transferred from held-for-investment to held-for-sale | $ 81,166,000 | $ 129,864,000 | $ 173,394,000 | $ 285,631,000 |
Sales | 78,776,000 | 178,916,000 | 173,519,000 | 293,203,000 |
Purchases | 178,471,000 | 309,776,000 | 326,285,000 | 389,822,000 |
Write-down of loans transferred from loans held-for-investment to loans held-for-sale recorded to allowance for loan losses | 317,000 | 13,300,000 | 390,000 | 13,400,000 |
Net gains from sales of loans held-for-sale during the period, excluding lower of cost or fair value adjustment | 15,000 | 2,300,000 | 930,000 | 3,900,000 |
Loans held-for-sale | ||||
Loans Receivable and Allowance for Credit Losses | ||||
Lower of cost or fair value adjustment | 0 | 0 | 0 | 0 |
Commercial and industrial (“C&I”) | Originated | ||||
Loans Receivable and Allowance for Credit Losses | ||||
Sales | 55,700,000 | 132,200,000 | ||
Commercial and industrial and commercial real estate | Originated | ||||
Loans Receivable and Allowance for Credit Losses | ||||
Sales | 103,500,000 | 193,200,000 | ||
Loans sold in secondary market | Purchased | ||||
Loans Receivable and Allowance for Credit Losses | ||||
Sales | 23,100,000 | 75,400,000 | 41,300,000 | 100,000,000 |
Commercial lending | Commercial and industrial (“C&I”) | ||||
Loans Receivable and Allowance for Credit Losses | ||||
Loans transferred from held-for-investment to held-for-sale | 79,593,000 | 99,449,000 | 155,166,000 | 245,840,000 |
Sales | 76,031,000 | 140,326,000 | 151,677,000 | 242,691,000 |
Purchases | 159,100,000 | 285,615,000 | 266,294,000 | 350,362,000 |
Commercial lending | Commercial real estate (“CRE”) | ||||
Loans Receivable and Allowance for Credit Losses | ||||
Loans transferred from held-for-investment to held-for-sale | 0 | 30,415,000 | 16,655,000 | 39,791,000 |
Sales | 0 | 30,415,000 | 16,655,000 | 39,791,000 |
Purchases | 0 | 0 | 0 | 0 |
Commercial lending | Real estate loan | Multifamily residential | ||||
Loans Receivable and Allowance for Credit Losses | ||||
Loans transferred from held-for-investment to held-for-sale | 0 | 0 | 0 | 0 |
Sales | 0 | 0 | 0 | 0 |
Purchases | 1,734,000 | 3,249,000 | 5,952,000 | 3,435,000 |
Commercial lending | Construction and land | ||||
Loans Receivable and Allowance for Credit Losses | ||||
Loans transferred from held-for-investment to held-for-sale | 1,573,000 | 0 | 1,573,000 | 0 |
Sales | 1,573,000 | 0 | 1,573,000 | 0 |
Purchases | 0 | 0 | 0 | 0 |
Consumer lending | Real estate loan | Single-family residential | ||||
Loans Receivable and Allowance for Credit Losses | ||||
Loans transferred from held-for-investment to held-for-sale | 0 | 0 | 0 | 0 |
Sales | 1,172,000 | 8,175,000 | 3,614,000 | 10,721,000 |
Purchases | $ 17,637,000 | $ 20,912,000 | $ 54,039,000 | $ 36,025,000 |
Investments in Qualified Affo_3
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities (Investments in Qualified Affordable Housing Partnerships, Net) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net [Abstract] | |||||
Minimum compliance period for qualified affordable housing partnerships to fully utilize the tax credits (in years) | 15 years | ||||
Investments in qualified affordable housing partnerships, net | $ 198,466 | $ 198,466 | $ 184,873 | ||
Accrued expenses and other liabilities — Unfunded commitments | 83,785 | 83,785 | $ 80,764 | ||
Tax credits and other tax benefits recognized | 11,506 | $ 8,940 | 23,332 | $ 18,095 | |
Amortization expense included in income tax expense | $ 9,657 | $ 6,700 | $ 18,554 | $ 13,773 |
Investments in Qualified Affo_4
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities (Investments in Tax Credit and Other Investments, Net) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)fund | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)fund | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | |
Investments in Tax Credit and Other Investments, Net [Line Items] | |||||
Investments in tax credit and other investments, net | $ 210,387,000 | $ 210,387,000 | $ 231,635,000 | ||
Accrued expenses and other liabilities — Unfunded commitments | 73,369,000 | 73,369,000 | 80,228,000 | ||
Amortization expense of tax credit and other investments | 16,739,000 | $ 20,481,000 | 41,644,000 | $ 37,881,000 | |
Unrealized gains (losses) recognized on marketable equity securities held | 375,000 | $ (159,000) | 767,000 | $ (613,000) | |
Pre-tax impairment charge | 2,900,000 | 9,900,000 | |||
Tax credit investments | |||||
Investments in Tax Credit and Other Investments, Net [Line Items] | |||||
Marketable equity securities | $ 31,400,000 | $ 31,400,000 | 31,200,000 | ||
DC Solar Tax Credit Investments | |||||
Investments in Tax Credit and Other Investments, Net [Line Items] | |||||
Number of solar energy tax credit funds | fund | 4 | 4 | |||
Investments in tax credit and other investments, net | 7,000,000 | ||||
DC Solar Tax Credit Investments | Accrued expenses and other liabilities - unfunded commitments | |||||
Investments in Tax Credit and Other Investments, Net [Line Items] | |||||
Accrued expenses and other liabilities — Unfunded commitments | $ 0 | $ 0 | $ 0 | ||
DC Solar Tax Credit Investments | Amortization of tax credit and other investments | |||||
Investments in Tax Credit and Other Investments, Net [Line Items] | |||||
Pre-tax impairment charge | $ 7,000,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Goodwill & Impairment Analysis) (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Goodwill | $ 465,697,000 | $ 465,547,000 | $ 465,697,000 | $ 465,547,000 | $ 469,433,000 |
Number of reportable segments | segment | 3 | ||||
Goodwill impairment | $ 0 | ||||
Changes in the carrying amount of goodwill | $ 0 | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Goodwill Reporting Unit) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Goodwill [Line Items] | ||
Beginning Balance | $ 465,547 | $ 469,433 |
Ending Balance | 465,697 | 465,547 |
Enstream Capital Markets, LLC | ||
Goodwill [Line Items] | ||
Acquisition of Enstream Capital Markets, LLC | 150 | |
Desert Community Bank | ||
Goodwill [Line Items] | ||
Disposition of the DCB branches | (3,886) | |
Consumer and Business Banking | ||
Goodwill [Line Items] | ||
Beginning Balance | 353,321 | 357,207 |
Ending Balance | 353,321 | 353,321 |
Consumer and Business Banking | Enstream Capital Markets, LLC | ||
Goodwill [Line Items] | ||
Acquisition of Enstream Capital Markets, LLC | 0 | |
Consumer and Business Banking | Desert Community Bank | ||
Goodwill [Line Items] | ||
Disposition of the DCB branches | (3,886) | |
Commercial Banking | ||
Goodwill [Line Items] | ||
Beginning Balance | 112,226 | 112,226 |
Ending Balance | 112,376 | 112,226 |
Commercial Banking | Enstream Capital Markets, LLC | ||
Goodwill [Line Items] | ||
Acquisition of Enstream Capital Markets, LLC | $ 150 | |
Commercial Banking | Desert Community Bank | ||
Goodwill [Line Items] | ||
Disposition of the DCB branches | $ 0 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Core Deposit Intangibles) (Details) - Core Deposit Intangibles - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Impairment write-offs/write downs on the core deposit intangibles | $ 0 | $ 0 | $ 0 | $ 0 | ||
Gross balance | 86,099,000 | 86,099,000 | $ 86,099,000 | |||
Accumulated amortization | (73,896,000) | (73,896,000) | (71,570,000) | |||
Net carrying balance | $ 12,203,000 | $ 12,203,000 | $ 14,529,000 | |||
Desert Community Bank | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Impairment write-offs/write downs on the core deposit intangibles | $ 1,000,000 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Amortization Expense of Core Deposit Intangibles) (Details) - Core Deposit Intangibles - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 1,100 | $ 1,400 | $ 2,300 | $ 2,900 | |
Year Ended December 31, | |||||
Remainder of 2019 | 2,192 | 2,192 | |||
2020 | 3,634 | 3,634 | |||
2021 | 2,749 | 2,749 | |||
2022 | 1,865 | 1,865 | |||
2023 | 1,199 | 1,199 | |||
Thereafter | 564 | 564 | |||
Net carrying balance | $ 12,203 | $ 12,203 | $ 14,529 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) $ in Millions | Jun. 30, 2019USD ($) |
Leases [Abstract] | |
Option to extend, operating lease (up to) | 15 years |
Net investment in direct financing and sales-type lease | $ 153.3 |
Option to extend, direct financing lease (up to) | 1 year |
Carrying amount of guaranteed residual value | $ 31.5 |
Leases (Balance Sheet Classific
Leases (Balance Sheet Classification) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
Operating lease assets | $ 109,032 |
Total lease assets | 117,176 |
Present value of lease liabilities | 117,448 |
Finance lease liabilities | 5,540 |
Total lease liabilities | 122,988 |
Operating lease right-of use assets | |
Lessee, Lease, Description [Line Items] | |
Operating lease assets | 109,032 |
Premises and equipment | |
Lessee, Lease, Description [Line Items] | |
Finance lease assets | 8,144 |
Operating lease liabilities | |
Lessee, Lease, Description [Line Items] | |
Present value of lease liabilities | 117,448 |
Long-term debt and finance lease liabilities | |
Lessee, Lease, Description [Line Items] | |
Finance lease liabilities | $ 5,540 |
Leases (Schedule of Lease Costs
Leases (Schedule of Lease Costs) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating lease cost | $ 8,770 | $ 17,750 |
Finance lease cost: | ||
Amortization of right-of-use assets | 280 | 482 |
Interest on lease liabilities | 41 | 87 |
Variable lease cost | 32 | 62 |
Sublease income | (49) | (81) |
Net lease cost | $ 9,074 | $ 18,300 |
Leases (Schedule of Other Suppl
Leases (Schedule of Other Supplemental Information) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 8,806 | $ 17,981 |
Operating cash flows from finance leases | 41 | 87 |
Financing cash flows from finance leases | 218 | 435 |
Right-of-use assets obtained in exchange for new lease liabilities: | ||
Right-of-use assets obtained in exchange for lease liabilities, operating leases | 11,489 | 15,167 |
Right-of-use assets obtained in exchange for lease liabilities, financing leases | $ 226 | $ 226 |
Weighted-average remaining lease term: | ||
Weighted-average remaining lease term, operating leases | 4 years 8 months 12 days | 4 years 8 months 12 days |
Weighted-average remaining lease term, finance leases | 15 years 10 months 24 days | 15 years 10 months 24 days |
Weighted-average discount rate: | ||
Weighted-average discount rate, operating leases | 3.19% | 3.19% |
Weighted-average discount rate, finance leases | 2.99% | 2.99% |
Leases (Maturity Analysis of Op
Leases (Maturity Analysis of Operating and Finance Lease Liabilities) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Operating Leases | |
Remainder of 2019 | $ 17,575 |
2020 | 32,208 |
2021 | 27,642 |
2022 | 17,843 |
2023 | 10,807 |
Thereafter | 20,614 |
Total minimum lease payments | 126,689 |
Less: imputed interest | (9,241) |
Present value of lease liabilities | 117,448 |
Finance Leases | |
Remainder of 2019 | 519 |
2020 | 1,035 |
2021 | 1,030 |
2022 | 690 |
2023 | 402 |
Thereafter | 3,462 |
Total minimum lease payments | 7,138 |
Less: imputed interest | (1,598) |
Present value of lease liabilities | $ 5,540 |
Leases (Schedule of Net Investm
Leases (Schedule of Net Investment and Lease Income of Direct Financing and Sales-Type Leases) (Details) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019USD ($) | Jun. 30, 2019USD ($) | |
Direct Finance and Sales-Type Leases: | ||
Lease receivables | $ 138,752 | $ 138,752 |
Unguaranteed residual assets | 14,580 | 14,580 |
Net investment in direct financing and sales-type leases | 153,332 | 153,332 |
Direct financing lease income | $ 1,500 | $ 3,000 |
Leases (Maturity Analysis of Di
Leases (Maturity Analysis of Direct Financing and Sales-Type Leases) (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Direct Financing and Sales-Type Leases | |
Remainder of 2019 | $ 14,038 |
2020 | 27,566 |
2021 | 25,584 |
2022 | 18,190 |
2023 | 11,995 |
Thereafter | 20,342 |
Total minimum lease payments | 117,715 |
Less: imputed interest | (11,917) |
Present value of lease receivables | $ 105,798 |
Commitments and Contingencies_2
Commitments and Contingencies (Credit-Related Commitments) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments | $ 5,391,182 | $ 5,147,821 |
Commercial letters of credit and SBLCs | $ 1,830,902 | $ 1,796,647 |
Commitments and Contingencies_3
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Guarantees | ||
Letters of credit | $ 1,830,902 | $ 1,796,647 |
Accrued expenses and other liabilities | ||
Guarantees | ||
Allowance for unfunded credit reserves | 12,900 | 12,400 |
Other Commitments | ||
Unfunded commitments in investments in qualified affordable housing partnerships, tax credit and other investments | 157,200 | 161,000 |
Single Family and Multi-family Residential | Loans Sold or Securitized with Recourse | Accrued expenses and other liabilities | Loans Sold or Securitized With Recourse | ||
Guarantees | ||
Allowance for unfunded credit reserves | 88 | $ 123 |
Standby Letters of Credit | ||
Guarantees | ||
Letters of credit | 1,770,000 | |
Commercial Letters of Credit | ||
Guarantees | ||
Letters of credit | $ 62,000 |
Commitments and Contingencies_4
Commitments and Contingencies (Guarantees Outstanding) (Details) - Loans Sold or Securitized With Recourse - Loans Sold or Securitized with Recourse - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Single Family Residential | ||
Guarantees | ||
Maximum Potential Future Payments | $ 14,771 | $ 16,700 |
Carrying Value | 14,771 | 16,700 |
Multifamily Residential | ||
Guarantees | ||
Maximum Potential Future Payments | 16,468 | 17,058 |
Carrying Value | 54,757 | 69,974 |
Single Family and Multi-family Residential | ||
Guarantees | ||
Maximum Potential Future Payments | 31,239 | 33,758 |
Carrying Value | $ 69,528 | $ 86,674 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | $ 13,588,000 | $ 14,641,000 | $ 27,041,000 | $ 28,024,000 | |
Other sources of noninterest income | 39,171,000 | 33,627,000 | 67,849,000 | 94,688,000 | |
Total noninterest income | 52,759,000 | 48,268,000 | 94,890,000 | 122,712,000 | |
Contract with customer, asset, net | 0 | 0 | $ 0 | ||
Contracts with customers, receivables, net | 0 | 0 | $ 0 | ||
Consumer and Business Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 9,890,000 | 11,172,000 | 19,762,000 | 21,052,000 | |
Other sources of noninterest income | 4,613,000 | 3,413,000 | 8,513,000 | 37,981,000 | |
Total noninterest income | 14,503,000 | 14,585,000 | 28,275,000 | 59,033,000 | |
Commercial Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 3,688,000 | 3,221,000 | 7,253,000 | 6,566,000 | |
Other sources of noninterest income | 29,968,000 | 27,523,000 | 50,947,000 | 51,616,000 | |
Total noninterest income | 33,656,000 | 30,744,000 | 58,200,000 | 58,182,000 | |
Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 10,000 | 248,000 | 26,000 | 406,000 | |
Other sources of noninterest income | 4,590,000 | 2,691,000 | 8,389,000 | 5,091,000 | |
Total noninterest income | 4,600,000 | 2,939,000 | 8,415,000 | 5,497,000 | |
Deposit service charges and related fee income | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 8,706,000 | 8,986,000 | 17,229,000 | 18,172,000 | |
Deposit service charges and related fee income | Consumer and Business Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 5,397,000 | 5,738,000 | 10,630,000 | 11,752,000 | |
Deposit service charges and related fee income | Commercial Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 3,299,000 | 3,000,000 | 6,573,000 | 6,014,000 | |
Deposit service charges and related fee income | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 10,000 | 248,000 | 26,000 | 406,000 | |
Card income | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 1,082,000 | 1,154,000 | 2,200,000 | 2,398,000 | |
Card income | Consumer and Business Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 928,000 | 933,000 | 1,861,000 | 2,003,000 | |
Card income | Commercial Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 154,000 | 221,000 | 339,000 | 395,000 | |
Card income | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 0 | 0 | 0 | 0 | |
Wealth management fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 3,800,000 | 4,501,000 | 7,612,000 | 7,454,000 | |
Wealth management fees | Consumer and Business Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 3,565,000 | 4,501,000 | 7,271,000 | 7,297,000 | |
Wealth management fees | Commercial Banking | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | 235,000 | 0 | 341,000 | 157,000 | |
Wealth management fees | Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Revenue from contracts with customers | $ 0 | $ 0 | $ 0 | $ 0 |
Income Taxes (Schedule of Incom
Income Taxes (Schedule of Income Tax Expense and Effective Tax Rate) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||||
Income before income taxes | $ 223,177 | $ 196,992 | $ 418,268 | $ 408,776 |
Income before incomes taxes, % change | 13.00% | 2.00% | ||
Income tax expense | $ 72,797 | $ 24,643 | $ 103,864 | $ 49,395 |
Income tax expense, % change | 195.00% | 110.00% | ||
Effective tax rate (as a percent) | 32.60% | 12.50% | 24.80% | 12.10% |
Effective tax rate, % change | 20.00% | 13.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)generator | Jun. 30, 2018 | Jun. 30, 2019generator | Jun. 30, 2018 | Dec. 31, 2018USD ($) | |
Income Tax Credits [Line Items] | |||||
Effective tax rate (as a percent) | 32.60% | 12.50% | 24.80% | 12.10% | |
DC Solar Tax Credit Investments | |||||
Income Tax Credits [Line Items] | |||||
Reversal of certain previously claimed tax credits | $ 30.1 | ||||
Investment tax credits | $ 53.9 | ||||
Deferred tax liability | $ 5.7 | ||||
Tax basis reduction (as a percent) | 50.00% | ||||
Tax credit claimed, net of tax basis reduction | $ 48.2 | ||||
Amount reversed of previously claimed tax credit | 33.6 | ||||
Amount reversed of deferred tax liability | $ 3.5 | ||||
Number of mobile service generators identified | generator | 0 | 0 |
Stock Compensation Plans (Narra
Stock Compensation Plans (Narrative) (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options outstanding (in shares) | 0 | 0 |
RSUs | Ratably | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
RSUs | Cliff | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
RSUs | Cliff | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 5 years | |
Performance-Based RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation cost | $ 19.3 | |
Weighted average period to recognize unrecognized compensation cost | 2 years 2 months 1 day | |
Performance-Based RSUs | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Potential for awards to vest (as a percent) | 0.00% | |
Performance-Based RSUs | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Potential for awards to vest (as a percent) | 200.00% | |
Performance-Based RSUs | Cliff | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 3 years | |
Time-Based RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation cost | $ 31.7 | |
Weighted average period to recognize unrecognized compensation cost | 2 years 29 days |
Stock Compensation Plans (Summa
Stock Compensation Plans (Summary of Total Share-Based Compensation Expense and Related Net Tax Benefits) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Total Stock Compensation Expense and Related Net Tax Benefit [Abstract] | ||||
Stock compensation costs | $ 8,081 | $ 7,057 | $ 15,525 | $ 13,215 |
Related net tax benefits for stock compensation plans | $ 1 | $ 97 | $ 4,708 | $ 4,875 |
Stock Compensation Plans (Sum_2
Stock Compensation Plans (Summary of Activity for Time-Based and Performance-Based RSUs) (Details) | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Time-Based RSUs Settled in Shares | |
Shares | |
Outstanding, at beginning of period (in shares) | 1,121,391 |
Granted (in shares) | 490,809 |
Vested (in shares) | (355,029) |
Forfeited (in shares) | (39,930) |
Outstanding, at end of period (in shares) | 1,217,241 |
Weighted-Average Grant Date Fair Value | |
Outstanding, at beginning of period (in dollars per share) | $ / shares | $ 51.22 |
Granted (in dollars per share) | $ / shares | 52.60 |
Vested (in dollars per share) | $ / shares | 31.58 |
Forfeited (in dollars per share) | $ / shares | 56.90 |
Outstanding, at end of period (in dollars per share) | $ / shares | $ 57.32 |
Performance-Based RSUs Settled in Shares | |
Shares | |
Outstanding, at beginning of period (in shares) | 411,290 |
Granted (in shares) | 134,600 |
Vested (in shares) | (159,407) |
Forfeited (in shares) | 0 |
Outstanding, at end of period (in shares) | 386,483 |
Weighted-Average Grant Date Fair Value | |
Outstanding, at beginning of period (in dollars per share) | $ / shares | $ 49.93 |
Granted (in dollars per share) | $ / shares | 54.64 |
Vested (in dollars per share) | $ / shares | 29.18 |
Forfeited (in dollars per share) | $ / shares | 0 |
Outstanding, at end of period (in dollars per share) | $ / shares | $ 60.13 |
Time-Based RSUs Settled in Cash | |
Shares | |
Outstanding, at beginning of period (in shares) | 0 |
Granted (in shares) | 12,145 |
Vested (in shares) | 0 |
Forfeited (in shares) | 0 |
Outstanding, at end of period (in shares) | 12,145 |
Stockholders' Equity and Earn_3
Stockholders' Equity and Earnings Per Share (Warrants) (Details) - shares | Jan. 17, 2014 | Jan. 16, 2014 |
Common Stock | ||
Class of Stock [Line Items] | ||
Shares of common stock into which the warrant may be converted (in shares) | 230,282 | |
MetroCorp | MetroCorp | ||
Class of Stock [Line Items] | ||
Shares of common stock into which the warrant may be converted (in shares) | 771,429 |
Stockholders' Equity and Earn_4
Stockholders' Equity and Earnings Per Share (Earnings Per Share Calculation) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Basic: | ||||
Net income | $ 150,380 | $ 172,349 | $ 314,404 | $ 359,381 |
Basic weighted average number of shares outstanding (in shares) | 145,546 | 144,899 | 145,402 | 144,782 |
Basic EPS (in dollars per share) | $ 1.03 | $ 1.19 | $ 2.16 | $ 2.48 |
Diluted: | ||||
Net income | $ 150,380 | $ 172,349 | $ 314,404 | $ 359,381 |
Basic weighted average number of shares outstanding (in shares) | 145,546 | 144,899 | 145,402 | 144,782 |
Diluted potential common shares (in shares) | 506 | 1,192 | 614 | 1,264 |
Diluted weighted average number of shares outstanding (in shares) | 146,052 | 146,091 | 146,016 | 146,046 |
Diluted EPS (in dollars per share) | $ 1.03 | $ 1.18 | $ 2.15 | $ 2.46 |
Stockholders' Equity and Earn_5
Stockholders' Equity and Earnings Per Share (Weighted Average Anti-dilutive Shares) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted average anti-dilutive shares (in shares) | 584,000 | 4,012 | 239,000 | 3,807 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Components of AOCI) (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jan. 01, 2019 | [2] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Beginning balance | $ 3,841,951 | $ 4,591,930 | $ 3,978,755 | $ 4,423,974 | $ 3,841,951 | ||||
Cumulative effect of a change in accounting principle | (160) | [1] | $ 14,668 | ||||||
Reclassification of tax effects in AOCI resulting from the new federal corporate income tax rate | [3] | 0 | |||||||
Other comprehensive income (loss) | 23,011 | (15,663) | 48,202 | (27,677) | |||||
Ending balance | 4,734,593 | 4,114,284 | 4,734,593 | 4,114,284 | |||||
Available- for-Sale Investment Securities | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Beginning balance | (30,898) | (23,810) | (55,981) | (45,821) | (30,898) | ||||
Net unrealized gains (losses) arising during the period | 30,046 | (8,693) | 53,157 | (26,004) | |||||
Amounts reclassified from AOCI | (1,019) | (148) | (2,119) | (1,649) | |||||
Other comprehensive income (loss) | 29,027 | (8,841) | 51,038 | (27,653) | |||||
Ending balance | 5,217 | (64,822) | 5,217 | (64,822) | |||||
Available- for-Sale Investment Securities | ASU 2016-01 | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Cumulative effect of a change in accounting principle | 385 | ||||||||
Available- for-Sale Investment Securities | ASU 2018-02 | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Reclassification of tax effects in AOCI resulting from the new federal corporate income tax rate | (6,656) | ||||||||
Foreign Currency Translation Adjustments | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Beginning balance | (6,621) | (9,173) | 177 | (12,353) | (6,621) | ||||
Net unrealized gains (losses) arising during the period | (6,016) | (6,822) | (2,836) | (24) | |||||
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 | |||||
Other comprehensive income (loss) | (6,016) | (6,822) | (2,836) | (24) | |||||
Ending balance | (15,189) | (6,645) | (15,189) | (6,645) | |||||
Foreign Currency Translation Adjustments | ASU 2016-01 | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Cumulative effect of a change in accounting principle | 0 | ||||||||
Foreign Currency Translation Adjustments | ASU 2018-02 | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Reclassification of tax effects in AOCI resulting from the new federal corporate income tax rate | 0 | ||||||||
AOCI, Net of Tax | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Beginning balance | (37,519) | (32,983) | (55,804) | (58,174) | (37,519) | ||||
Cumulative effect of a change in accounting principle | [1] | 385 | |||||||
Reclassification of tax effects in AOCI resulting from the new federal corporate income tax rate | [3] | (6,656) | |||||||
Net unrealized gains (losses) arising during the period | 24,030 | (15,515) | 50,321 | (26,028) | |||||
Amounts reclassified from AOCI | (1,019) | (148) | (2,119) | (1,649) | |||||
Other comprehensive income (loss) | 23,011 | (15,663) | 48,202 | (27,677) | |||||
Ending balance | $ (9,972) | $ (71,467) | $ (9,972) | $ (71,467) | |||||
AOCI, Net of Tax | ASU 2016-01 | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Cumulative effect of a change in accounting principle | 385 | ||||||||
AOCI, Net of Tax | ASU 2018-02 | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Reclassification of tax effects in AOCI resulting from the new federal corporate income tax rate | (6,656) | ||||||||
Scenario, Adjustment | Available- for-Sale Investment Securities | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Ending balance | (37,169) | ||||||||
Scenario, Adjustment | Foreign Currency Translation Adjustments | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Ending balance | (6,621) | ||||||||
Scenario, Adjustment | AOCI, Net of Tax | |||||||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||||||
Ending balance | $ (43,790) | ||||||||
[1] | Common Stock and Retained Treasury AOCI, Total Shares Amount BALANCE, JANUARY 1, 2018 144,543,060 $ 1,755,495 $ 2,576,302 $ (452,327 ) $ (37,519 ) $ 3,841,951 Cumulative effect of change in accounting principle related to marketable equity securities (1) — — (545 ) — 385 (160 ) Reclassification of tax effects in AOCI resulting from the new federal corporate income tax rate (2) — — 6,656 — (6,656 ) — Net income — — 359,381 — — 359,381 Other comprehensive loss — — — — (27,677 ) (27,677 ) Net activity of common stock pursuant to various stock compensation plans and agreements 361,569 14,543 — (15,161 ) — (618 ) Cash dividends on common stock ($0.40 per share) — — (58,593 ) — — (58,593 ) BALANCE, JUNE 30, 2018 144,904,629 $ 1,770,038 $ 2,883,201 $ (467,488 ) $ (71,467 ) $ 4,114,284 BALANCE, JANUARY 1, 2019 144,961,363 $ 1,789,977 $ 3,160,132 $ (467,961 ) $ (58,174 ) $ 4,423,974 Cumulative effect of change in accounting principle related to leases (3) — — 14,668 — — 14,668 Net income — — 314,404 — — 314,404 Other comprehensive income — — — — 48,202 48,202 Warrants exercised 180,226 1,711 — 2,732 — 4,443 Net activity of common stock pursuant to various stock compensation plans and agreements 404,980 17,374 — (14,169 ) — 3,205 Cash dividends on common stock ($0.505 per share) — — (74,303 ) — — (74,303 ) BALANCE, JUNE 30, 2019 145,546,569 $ 1,809,062 $ 3,414,901 $ (479,398 ) $ (9,972 ) $ 4,734,593 | ||||||||
[2] | Represents the impact of the adoption of ASU 2016-02, Leases (Topic 842) and subsequent related ASUs in the first quarter of 2019. Refer to Note 2 — Current Accounting Developments and Note 11 — Leases to the Consolidated Financial Statements in this Form 10-Q for additional information. | ||||||||
[3] | Represents amounts reclassified from AOCI to retained earnings due to the early adoption of ASU 2018-02, Income Statement — Reporting Comprehensive Income (Topic 220) : Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income in the first quarter of 2018. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Components of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Before-Tax | ||||
Net change, other comprehensive income (loss) | $ 40,095 | $ (19,374) | $ 72,652 | $ (39,282) |
Tax Effect | ||||
Net change, other comprehensive income (loss) | (17,084) | 3,711 | (24,450) | 11,605 |
Net-of-Tax | ||||
Other comprehensive income (loss) | 23,011 | (15,663) | 48,202 | (27,677) |
Available- for-Sale Investment Securities | ||||
Before-Tax | ||||
Net unrealized gains (losses) arising during the period | 44,531 | (12,342) | 75,469 | (36,919) |
Net realized gains reclassified into net income | (1,447) | (210) | (3,008) | (2,339) |
Net change, other comprehensive income (loss) | 43,084 | (12,552) | 72,461 | (39,258) |
Tax Effect | ||||
Net unrealized gains (losses) arising during the period | (14,485) | 3,649 | (22,312) | 10,915 |
Net realized gains reclassified into net income | 428 | 62 | 889 | 690 |
Net change, other comprehensive income (loss) | (14,057) | 3,711 | (21,423) | 11,605 |
Net-of-Tax | ||||
Net unrealized gains (losses) arising during the period | 30,046 | (8,693) | 53,157 | (26,004) |
Net realized gains reclassified into net income | (1,019) | (148) | (2,119) | (1,649) |
Other comprehensive income (loss) | 29,027 | (8,841) | 51,038 | (27,653) |
Foreign Currency Translation Adjustments | ||||
Before-Tax | ||||
Net unrealized gains (losses) arising during the period | (2,989) | (6,822) | 191 | (24) |
Net change, other comprehensive income (loss) | (2,989) | (6,822) | 191 | (24) |
Tax Effect | ||||
Net unrealized gains (losses) arising during the period | (3,027) | 0 | (3,027) | 0 |
Net change, other comprehensive income (loss) | (3,027) | 0 | (3,027) | 0 |
Net-of-Tax | ||||
Net unrealized gains (losses) arising during the period | (6,016) | (6,822) | (2,836) | (24) |
Net realized gains reclassified into net income | 0 | 0 | 0 | 0 |
Other comprehensive income (loss) | $ (6,016) | $ (6,822) | $ (2,836) | $ (24) |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) - segment | 3 Months Ended | 6 Months Ended |
Mar. 31, 2019 | Jun. 30, 2019 | |
Segment Reporting [Abstract] | ||
Number of operating segments | 3 | 3 |
Number of business segments | 2 |
Business Segments (Operating Re
Business Segments (Operating Results and Other Key Financial Measures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Total Segment Reporting Information | |||||
Net interest income before provision for credit losses | $ 367,326 | $ 341,679 | $ 729,787 | $ 668,372 | |
Provision for credit losses | 19,245 | 15,536 | 41,824 | 35,754 | |
Noninterest income | 52,759 | 48,268 | 94,890 | 122,712 | |
Noninterest expense | 177,663 | 177,419 | 364,585 | 346,554 | |
Segment income before income taxes | 223,177 | 196,992 | 418,268 | 408,776 | |
Segment net income | 150,380 | 172,349 | 314,404 | 359,381 | |
Segment assets | 42,892,358 | 38,043,196 | 42,892,358 | 38,043,196 | $ 41,042,356 |
Consumer and Business Banking | |||||
Total Segment Reporting Information | |||||
Net interest income before provision for credit losses | 151,352 | 180,348 | 317,540 | 356,296 | |
Provision for credit losses | 1,616 | 3,414 | 4,629 | 6,507 | |
Noninterest income | 14,503 | 14,585 | 28,275 | 59,033 | |
Noninterest expense | 83,656 | 84,459 | 171,562 | 171,776 | |
Segment income before income taxes | 80,583 | 107,060 | 169,624 | 237,046 | |
Segment net income | 57,612 | 76,710 | 121,267 | 169,844 | |
Segment assets | 11,013,898 | 9,816,103 | 11,013,898 | 9,816,103 | |
Commercial Banking | |||||
Total Segment Reporting Information | |||||
Net interest income before provision for credit losses | 151,222 | 153,878 | 298,462 | 298,358 | |
Provision for credit losses | 17,629 | 12,122 | 37,195 | 29,247 | |
Noninterest income | 33,656 | 30,744 | 58,200 | 58,182 | |
Noninterest expense | 67,303 | 60,573 | 137,847 | 121,875 | |
Segment income before income taxes | 99,946 | 111,927 | 181,620 | 205,418 | |
Segment net income | 71,565 | 80,425 | 130,064 | 147,454 | |
Segment assets | 25,001,894 | 22,199,992 | 25,001,894 | 22,199,992 | |
Other | |||||
Total Segment Reporting Information | |||||
Net interest income before provision for credit losses | 64,752 | 7,453 | 113,785 | 13,718 | |
Provision for credit losses | 0 | 0 | 0 | 0 | |
Noninterest income | 4,600 | 2,939 | 8,415 | 5,497 | |
Noninterest expense | 26,704 | 32,387 | 55,176 | 52,903 | |
Segment income before income taxes | 42,648 | (21,995) | 67,024 | (33,688) | |
Segment net income | 21,203 | 15,214 | 63,073 | 42,083 | |
Segment assets | $ 6,876,566 | $ 6,027,101 | $ 6,876,566 | $ 6,027,101 |
Subsequent Events (Details)
Subsequent Events (Details) - $ / shares | Jul. 18, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Aug. 15, 2019 |
Subsequent events | ||||||
Dividends declared per common share (in dollars per share) | $ 0.275 | $ 0.20 | $ 0.505 | $ 0.40 | ||
Scenario, Forecast | ||||||
Subsequent events | ||||||
Dividends payable per common share (in dollars per share) | $ 0.275 | |||||
Subsequent Event | ||||||
Subsequent events | ||||||
Dividends declared per common share (in dollars per share) | $ 0.275 |