Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Jan. 31, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 000-24939 | ||
Entity Registrant Name | EAST WEST BANCORP, INC. | ||
Entity Central Index Key | 0001069157 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
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 12(b) Security | Common Stock, $0.001 Par Value | ||
Trading Symbol | EWBC | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 5,090,501,829 | ||
Entity Common Stock, Shares Outstanding | 141,565,473 | ||
Documents Incorporated by Reference | Portions of the registrant’s definitive proxy statement to be filed with the Securities and Exchange Commission pursuant to Regulation 14A relating to its 2021 Annual Meeting of Stockholders are incorporated by reference into Part III of this Form 10-K. |
Consolidated Balance Sheet
Consolidated Balance Sheet - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and due from banks | $ 592,117 | $ 536,221 |
Interest-bearing cash with banks | 3,425,854 | 2,724,928 |
Cash and cash equivalents | 4,017,971 | 3,261,149 |
Interest-bearing deposits with banks | 809,728 | 196,161 |
Assets purchased under resale agreements (“resale agreements”) | 1,460,000 | 860,000 |
Securities: | ||
Available-for-sale (“AFS”) debt securities, at fair value (amortized cost of $5,470,523 in 2020 and $3,320,648 in 2019; includes assets pledged as collateral of $588,484 in 2020 and $479,432 in 2019) | 5,544,658 | 3,317,214 |
Restricted equity securities, at cost | 83,046 | 78,580 |
Loans held-for-sale | 1,788 | 434 |
Loans held-for-investment (net of allowance for loan losses of $619,983 in 2020 and $358,287 in 2019; includes assets pledged as collateral of $23,263,517 in 2020 and $22,431,092 in 2019) | 37,770,972 | 34,420,252 |
Investments in qualified affordable housing partnerships, net | 213,555 | 207,037 |
Investments in tax credit and other investments, net | 266,525 | 254,140 |
Premises and equipment (net of accumulated depreciation of $127,884 in 2020 and $116,790 in 2019) | 103,251 | 118,364 |
Goodwill | 465,697 | 465,697 |
Operating lease right-of-use assets | 95,460 | 99,973 |
Other assets | 1,324,262 | 917,095 |
TOTAL | 52,156,913 | 44,196,096 |
LIABILITIES | ||
Noninterest-bearing | 16,298,301 | 11,080,036 |
Interest-bearing | 28,564,451 | 26,244,223 |
Total deposits | 44,862,752 | 37,324,259 |
Short-term borrowings | 21,009 | 28,669 |
Federal Home Loan Bank (“FHLB”) advances | 652,612 | 745,915 |
Assets sold under repurchase agreements (“repurchase agreements”) | 300,000 | 200,000 |
Long-term debt and finance lease liabilities | 151,739 | 152,270 |
Operating lease liabilities | 102,830 | 108,083 |
Accrued expenses and other liabilities | 796,796 | 619,283 |
Total liabilities | 46,887,738 | 39,178,479 |
COMMITMENTS AND CONTINGENCIES (Note 12) | ||
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.001 par value, 200,000,000 shares authorized; 167,240,600 and 166,621,959 shares issued in 2020 and 2019, respectively | 167 | 167 |
Additional paid-in capital | 1,858,352 | 1,826,345 |
Retained earnings | 4,000,414 | 3,689,377 |
Treasury stock, at cost 25,675,371 shares in 2020 and 20,996,574 shares in 2019 | (634,083) | (479,864) |
Accumulated other comprehensive income (loss) (“AOCI”), net of tax | 44,325 | (18,408) |
Total stockholders’ equity | 5,269,175 | 5,017,617 |
TOTAL | $ 52,156,913 | $ 44,196,096 |
Consolidated Balance Sheet (Par
Consolidated Balance Sheet (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Available-for-sale (AFS) debt securities, at amortized cost | $ 5,470,523 | $ 3,320,648 |
Available-for-sale debt securities pledged as collateral at fair value | 588,484 | 479,432 |
Allowance for loan losses | 619,983 | 358,287 |
Loans held-for-investment pledged as collateral | 23,263,517 | 22,431,092 |
Premises and equipment, accumulated depreciation | $ 127,884 | $ 116,790 |
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) | 167,240,600 | 166,621,959 |
Treasury stock, shares (in shares) | 25,675,371 | 20,996,574 |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
INTEREST AND DIVIDEND INCOME | |||
Loans receivable, including fees | $ 1,464,382,000 | $ 1,717,415,000 | $ 1,503,514,000 |
AFS debt securities | 82,553,000 | 67,838,000 | 60,911,000 |
Resale agreements | 21,389,000 | 28,061,000 | 29,432,000 |
Restricted equity securities | 1,543,000 | 2,468,000 | 3,146,000 |
Interest-bearing cash and deposits with banks | 25,175,000 | 66,518,000 | 54,700,000 |
Total interest and dividend income | 1,595,042,000 | 1,882,300,000 | 1,651,703,000 |
INTEREST EXPENSE | |||
Deposits | 184,742,000 | 375,802,000 | 234,752,000 |
Short-term borrowings | 1,504,000 | 1,763,000 | 1,398,000 |
FHLB advances | 13,792,000 | 16,697,000 | 10,447,000 |
Repurchase agreements | 11,766,000 | 13,582,000 | 12,110,000 |
Long-term debt and finance lease liabilities | 6,045,000 | 6,643,000 | 6,488,000 |
Total interest expense | 217,849,000 | 414,487,000 | 265,195,000 |
Net interest income before provision for credit losses | 1,377,193,000 | 1,467,813,000 | 1,386,508,000 |
Provision for credit losses | 210,653,000 | 98,685,000 | 64,255,000 |
Net interest income after provision for credit losses | 1,166,540,000 | 1,369,128,000 | 1,322,253,000 |
NONINTEREST INCOME | |||
Lending fees | 74,842,000 | 63,670,000 | 59,758,000 |
Deposit account fees | 48,148,000 | 38,648,000 | 39,176,000 |
Interest rate contracts and other derivative income | 31,685,000 | 39,865,000 | 18,980,000 |
Foreign exchange income | 22,370,000 | 26,398,000 | 21,259,000 |
Wealth management fees | 17,494,000 | 16,547,000 | 13,624,000 |
Net gains on sales of loans | 4,501,000 | 4,035,000 | 6,590,000 |
Net gains on sales of AFS debt securities | 12,299,000 | 3,930,000 | 2,535,000 |
Net gain on sale of business | 0 | 0 | 31,470,000 |
Other investment income | 10,641,000 | 18,117,000 | 7,731,000 |
Other income | 13,567,000 | 11,035,000 | 16,310,000 |
Total noninterest income | 235,547,000 | 222,245,000 | 217,433,000 |
NONINTEREST EXPENSE | |||
Compensation and employee benefits | 404,071,000 | 401,700,000 | 379,622,000 |
Occupancy and equipment expense | 66,489,000 | 69,730,000 | 68,896,000 |
Deposit insurance premiums and regulatory assessments | 15,128,000 | 12,928,000 | 21,211,000 |
Deposit account expense | 13,530,000 | 14,175,000 | 11,244,000 |
Data processing | 16,603,000 | 13,533,000 | 13,177,000 |
Computer software expense | 29,033,000 | 26,471,000 | 22,286,000 |
Consulting expense | 5,391,000 | 9,846,000 | 11,579,000 |
Legal expense | 7,766,000 | 8,441,000 | 8,781,000 |
Other operating expense | 79,489,000 | 92,249,000 | 88,042,000 |
Amortization of tax credit and other investments | 70,082,000 | 98,383,000 | 96,152,000 |
Repurchase agreements’ extinguishment cost | 8,740,000 | 0 | 0 |
Total noninterest expense | 716,322,000 | 747,456,000 | 720,990,000 |
INCOME BEFORE INCOME TAXES | 685,765,000 | 843,917,000 | 818,696,000 |
INCOME TAX EXPENSE | 117,968,000 | 169,882,000 | 114,995,000 |
NET INCOME | $ 567,797,000 | $ 674,035,000 | $ 703,701,000 |
EARNINGS PER SHARE (“EPS”) | |||
BASIC (in dollars per share) | $ 3.99 | $ 4.63 | $ 4.86 |
DILUTED (in dollars per share) | $ 3.97 | $ 4.61 | $ 4.81 |
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING | |||
BASIC (in shares) | 142,336 | 145,497 | 144,862 |
DILUTED (in shares) | 142,991 | 146,179 | 146,169 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 567,797 | $ 674,035 | $ 703,701 |
Other comprehensive income (loss), net of tax: | |||
Net changes in unrealized gains (losses) on AFS debt securities | 54,666 | 43,402 | (8,652) |
Net changes in unrealized losses on cash flow hedges | (1,230) | 0 | 0 |
Foreign currency translation adjustments | 9,297 | (3,636) | (5,732) |
Other comprehensive income (loss) | 62,733 | 39,766 | (14,384) |
COMPREHENSIVE INCOME | $ 630,530 | $ 713,801 | $ 689,317 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment | Common Stock | Common Stock and Additional Paid-In Capital | Retained Earnings | Retained EarningsCumulative Effect, Period of Adoption, Adjustment | Treasury Stock | AOCI, net of Tax | AOCI, net of TaxCumulative Effect, Period of Adoption, Adjustment | |
Beginning balance at Dec. 31, 2017 | $ 3,841,951 | $ 1,755,495 | $ 2,576,302 | $ (452,327) | $ (37,519) | |||||
Beginning balance (Accounting Standards Update 2016-01) at Dec. 31, 2017 | [1] | $ (160) | $ (545) | $ 385 | ||||||
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 | Accounting Standards Update 2018-02 | 6,700 | 6,656 | ||||||||
Ending balance (Accounting Standards Update 2016-01) at Jan. 01, 2018 | 385 | |||||||||
Beginning balance at Dec. 31, 2017 | 3,841,951 | 1,755,495 | 2,576,302 | (452,327) | (37,519) | |||||
Beginning balance (Accounting Standards Update 2016-01) at Dec. 31, 2017 | [1] | (160) | (545) | $ 385 | ||||||
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 | Accounting Standards Update 2018-02 | [2] | 6,656 | (6,656) | |||||||
Net income | 703,701 | 703,701 | ||||||||
Other comprehensive income (loss) | (14,384) | (14,384) | ||||||||
Net activity of common stock pursuant to various stock compensation plans and agreements | 18,848 | 34,482 | (15,634) | |||||||
Net activity of common stock pursuant to various stock compensation plans and agreements (in shares) | 418,303 | |||||||||
Cash dividends on common stock | (125,982) | (125,982) | ||||||||
Ending balance at Dec. 31, 2018 | 4,423,974 | 1,789,977 | 3,160,132 | (467,961) | (58,174) | |||||
Ending balance (Accounting Standards Update 2016-02) at Dec. 31, 2018 | [3] | 10,510 | 10,510 | |||||||
Balance (in shares) at Dec. 31, 2018 | 144,961,363 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income | 674,035 | 674,035 | ||||||||
Other comprehensive income (loss) | 39,766 | 39,766 | ||||||||
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 | 20,189 | 34,824 | (14,635) | |||||||
Net activity of common stock pursuant to various stock compensation plans and agreements (in shares) | 483,796 | |||||||||
Cash dividends on common stock | (155,300) | (155,300) | ||||||||
Ending balance at Dec. 31, 2019 | 5,017,617 | 1,826,512 | 3,689,377 | (479,864) | (18,408) | |||||
Ending balance (Accounting Standards Update 2016-13) at Dec. 31, 2019 | [4] | $ (97,967) | $ (97,967) | |||||||
Balance (in shares) at Dec. 31, 2019 | 145,625,385 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Net income | 567,797 | 567,797 | ||||||||
Other comprehensive income (loss) | 62,733 | 62,733 | ||||||||
Net activity of common stock pursuant to various stock compensation plans and agreements | 23,754 | 32,007 | (8,253) | |||||||
Net activity of common stock pursuant to various stock compensation plans and agreements (in shares) | 411,526 | |||||||||
Repurchase of common stock pursuant to the Stock Repurchase Program | (145,966) | (145,966) | ||||||||
Repurchase of common stock pursuant to the Stock Repurchase Program (in shares) | (4,471,682) | |||||||||
Cash dividends on common stock | (158,793) | (158,793) | ||||||||
Ending balance at Dec. 31, 2020 | $ 5,269,175 | $ 1,858,519 | $ 4,000,414 | $ (634,083) | $ 44,325 | |||||
Balance (in shares) at Dec. 31, 2020 | 141,565,229 | |||||||||
Increase (Decrease) in Stockholders' Equity | ||||||||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||||||
[1] | Represents the impact of the adoption of Accounting Standards Update (“ASU”) 2016-01, Financial Instruments — Overall (Subtopic 825-10) : Recognition and Measurement of Financial Assets and Financial Liabilities on January 1, 2018. | |||||||||
[2] | 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 on January 1, 2018. | |||||||||
[3] | Represents the impact of the adoption of ASU 2016-02, Leases (Topic 842) and subsequent related ASUs on January 1, 2019. | |||||||||
[4] | Represents the impact of the adoption of ASU 2016-13, Financial Instruments — Credit Losses (Topic 326) on January 1, 2020. Refer to Note 1 — Summary of Significant Accounting Policies to the Consolidated Financial Statements in this Annual Report on Form 10-K (“this Form 10-K”) for additional information. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared per common share (in dollars per share) | $ 1.100 | $ 1.055 | $ 0.860 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net income | $ 567,797 | $ 674,035 | $ 703,701 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Provision for credit losses | 210,653 | 98,685 | 64,255 |
Depreciation and amortization | 119,908 | 144,178 | 139,499 |
Accretion of discount and amortization of premiums, net | (16,456) | (22,379) | (20,572) |
Stock compensation costs | 29,237 | 30,761 | 30,937 |
Deferred income tax benefit | (41,515) | (21,604) | (16,470) |
Net gains on sales of loans | (4,501) | (4,035) | (6,590) |
Gains on sales of AFS debt securities | (12,299) | (3,930) | (2,535) |
Net gain on sale of business | 0 | 0 | (31,470) |
Loans held-for-sale: | |||
Originations and purchases | (81,662) | (10,569) | (20,176) |
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale | 80,659 | 10,436 | 20,068 |
Proceeds from distributions received from equity method investees | 8,786 | 3,470 | 3,761 |
Net change in accrued interest receivable and other assets | (339,868) | (170,819) | (60,791) |
Net change in other liabilities | 170,403 | 7,012 | 88,070 |
Other net operating activities | 2,183 | 588 | (8,515) |
Total adjustments | 125,528 | 61,794 | 179,471 |
Net cash provided by operating activities | 693,325 | 735,829 | 883,172 |
Net Increase (Decrease) in Cash Flows from Investing Activities: | |||
Investments in qualified affordable housing partnerships, tax credit and other investments | (154,887) | (146,902) | (132,605) |
Interest-bearing deposits with banks | (577,607) | 193,455 | 4,212 |
Resale agreements: | |||
Proceeds from paydowns and maturities | 450,000 | 650,000 | 175,000 |
Purchases | (800,000) | (325,000) | (160,000) |
AFS debt securities: | |||
Proceeds from sales | 525,433 | 627,110 | 364,270 |
Proceeds from repayments, maturities and redemptions | 2,070,131 | 1,155,002 | 742,132 |
Purchases | (4,758,254) | (2,303,317) | (888,673) |
Loans held-for-investment: | |||
Proceeds from sales of loans originally classified as held-for-investment | 331,864 | 288,823 | 483,948 |
Purchases | (389,863) | (524,142) | (597,112) |
Other changes in loans held-for-investment, net | (3,557,369) | (2,184,915) | (3,313,382) |
Premises and equipment: | |||
Proceeds from sales | 5,154 | 403 | 1,638 |
Purchases | (2,656) | (9,859) | (13,787) |
Payment received from the sales of businesses, net of cash transferred | 0 | 0 | (503,687) |
Distributions received from equity method investees | 15,901 | 9,502 | 5,185 |
Other net investing activities | (6,563) | (1,336) | 449 |
Net cash provided by (used in) investing activities | (6,848,716) | (2,571,176) | (3,832,412) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net increase in deposits | 7,482,730 | 1,902,741 | 3,903,192 |
Net (decrease) increase in short-term borrowings | (9,016) | (28,535) | 61,392 |
FHLB advances: | |||
Proceeds | 10,300 | 1,500,000 | 0 |
Repayments | (105,300) | (1,082,001) | 0 |
Repurchase agreements: | |||
Proceeds | 48,063 | 0 | 0 |
Repayment | (198,063) | 0 | 0 |
Extinguishment cost | (8,740) | 0 | 0 |
Long-term debt and lease liabilities: | |||
Proceeds from long-term debt | 1,437,269 | 0 | 0 |
Repayments of long-term debt and lease liabilities | (1,438,335) | (884) | (25,000) |
Common stock: | |||
Proceeds from issuance pursuant to various stock compensation plans and agreements | 2,326 | 3,383 | 2,846 |
Stocks tendered for payment of withholding taxes | (8,253) | (14,635) | (15,634) |
Repurchase of common stocks pursuant to the Stock Repurchase Program | (145,966) | 0 | 0 |
Cash dividends paid | (158,222) | (155,107) | (125,988) |
Other net financing activities | 0 | 0 | 0 |
Net cash provided by (used in) financing activities | 6,908,793 | 2,124,962 | 3,800,808 |
Effect of exchange rate changes on cash and cash equivalents | 3,420 | (29,843) | (24,783) |
NET INCREASE IN CASH AND CASH EQUIVALENTS | 756,822 | 259,772 | 826,785 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 3,261,149 | 3,001,377 | 2,174,592 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 4,017,971 | 3,261,149 | 3,001,377 |
Cash paid during the year for: | |||
Interest | 233,139 | 418,840 | 253,026 |
Income taxes, net | 116,412 | 158,296 | 85,872 |
Noncash investing and financing activities: | |||
Loans transferred from held-for-investment to held-for-sale | 329,069 | 285,637 | 481,593 |
Loans transferred from held-for-sale to held-for-investment | 0 | 0 | 2,306 |
Loans transferred to other real estate owned (“OREO”) | $ 19,504 | $ 2,013 | $ 1,206 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Organization 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 Bank is the Company’s principal asset. As of December 31, 2020, the Company operates in more than 120 locations in the United States (“U.S.”) and Greater China. In the U.S., the Bank’s corporate headquarters and main administrative offices are located in California, and its branches are located in California, Texas, New York, Washington, Georgia, Massachusetts and Nevada. In Greater China, East West’s presence includes full service branches in Hong Kong, Shanghai, Shantou and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou and Xiamen. The Bank has four wholly owned subsidiaries, one of which includes a banking subsidiary based in China — East West Bank (China) Limited. On March 17, 2018, the Bank completed the sale of its eight Desert Community Bank branches located in the High Desert area of Southern California to Flagstar Bank, a wholly owned subsidiary of Flagstar Bancorp, Inc. The transaction resulted in a net cash payment of $499.9 million by the Company to Flagstar Bank and a pre-tax gain of $31.5 million for the year ended December 31, 2018. In 2019, the Company acquired East West Markets, LLC, a private broker-dealer and established East West Investment Management LLC, a registered investment adviser. Both East West Markets, LLC and East West Investment Management LLC are wholly owned subsidiaries of East West. Significant Accounting Policies Basis of Presentation — The accounting and reporting policies of the Company conform with the U.S. Generally Accepted Accounting Principles (“GAAP”), applicable guidelines prescribed by regulatory authorities and general practices in the banking industry. The preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Financial Statements, income and expenses during the reporting period, and the related disclosures. Actual results could differ materially from those estimates. Certain items on the Consolidated Financial Statements and notes for the prior years have been reclassified to conform to the 2020 presentation. Principles of Consolidation — The Consolidated Financial Statements in this Form 10-K include the accounts of East West and its subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. 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. Cash and Cash Equivalents — Cash and cash equivalents include cash on hand, cash items in transit, cash due from the Federal Reserve Bank of San Francisco (“FRBSF”) and other financial institutions, and federal funds sold with original maturities up to three months. Interest-bearing Deposits with Banks — Interest-bearing deposits with banks include cash placed with other banks with original maturities greater than three months and less than one year. Assets Purchased under Resale Agreements and Assets Sold under Repurchase Agreements — Resale agreements are recorded as receivables based on the values at which the securities or loans are acquired. Repurchase agreements are accounted for as collateralized financing transactions and recorded as liabilities based on the values at which the securities are sold. The Company monitors the values of the underlying assets collateralizing the resale and repurchase agreements, including accrued interests, and obtains or posts additional collaterals in order to maintain the appropriate collateral requirements for the transactions. In addition, the Company has elected to offset resale and repurchase transactions with the same counterparty on the Consolidated Balance Sheet when it has a legally enforceable master netting agreement and when the transactions are eligible for netting under ASC 210-20-45-11, Balance Sheet Offsetting: Repurchase and Reverse Repurchase Agreements . Securities — The Company’s securities include various debt securities, marketable equity securities and restricted equity securities. Debt securities are recorded on the Consolidated Balance Sheet as of their trade dates. The Company classifies its debt securities as trading securities, AFS or held-to-maturity debt securities based on management’s intention on the date of the purchase. Debt securities are purchased for liquidity and investment purpose, as part of asset-liability management and other strategic activities. Debt securities for which the Company does not have the positive intention and ability to hold to maturity are classified as AFS. AFS debt securities are reported at fair value with unrealized gains and losses, net of applicable income taxes, included in AOCI, and net of the allowance for credit losses. We recognize realized gains and losses on the sale of AFS debt securities in earnings, using the specific identification method. Marketable equity securities that have readily determinable fair values are recorded at fair value with unrealized gains and losses, due to changes in fair value, reflected in earnings. Marketable equity securities include mutual fund investments, which are included in Investments in tax credit and other investments, net on the Consolidated Balance Sheet. Non-marketable equity securities that do not have readily determinable fair values are accounted for under one of the following accounting methods: • Equity Method — When we have the ability to exert significant influence over the investee. • Cost Method — The cost method is applied to investments such as FRBSF and FHLB stock. These investments are held at their cost minus impairment. If impaired, the carrying value is written down to the fair value of the security. • Measurement Alternative — This method is applied to all remaining non-marketable equity securities. These securities are carried at cost adjusted for impairment, if any, plus or minus observable price changes in orderly transactions of an identical or similar security of the same issuer. Non-marketable equity securities include tax credit investments that are included in Investments in tax credit and other investments, net, and Other assets on the Consolidated Balance Sheet. Our review for impairment for equity method, cost method and measurement alternative securities typically includes an analysis of the facts and circumstances of each security, the intent or requirement to sell the security, the expectations of cash flows, capital needs and the viability of its business model. For equity method and cost method investments, we reduce the asset’s carrying value when we consider declines in value to be other-than-temporary impairment (“OTTI”). For securities accounted for under the measurement alternative, we reduce the asset value when the fair value is less than the carrying value, without the consideration of recovery. Restricted equity securities include FRBSF and FHLB stock. The FRBSF stock is required by law to be held as a condition of membership in the Federal Reserve System. The FHLB stock is required to obtain advances from the FHLB. They are carried at cost as they do not have a readily determinable fair value. Loans Held-for-Sale — Loans are initially classified as loans held-for-sale when they are individually identified as being available for immediate sale and management has committed to a formal plan to sell them. Loans held-for-sale are carried at lower of cost or fair value. Subject to periodic review under the Company’s evaluation process, including asset/liability and credit risk management, the Company may transfer certain loans from held-for-investment to held-for-sale measured at lower of cost or fair value. Any write-downs in the carrying amount of the loan at the date of transfer are recorded as charge-offs to allowance for loan losses. Loan origination fees on loans held-for-sale, net of certain costs in processing and closing the loans, are deferred until the time of sale and are included in the periodic determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale. A valuation allowance is established if the fair value of such loans is lower than their cost, with a corresponding charge to noninterest income. If the loan or a portion of the loan cannot be sold, it is subsequently transferred back to the loans held-for-investment portfolio from the loans held-for-sale portfolio at the lower of cost or fair value on the transfer date. Loans Held-for-Investment — 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.” Loans held-for-investment are stated at their outstanding principal, reduced by an allowance for loan losses and net of deferred loan fees or costs, or unearned fees on originated loans, net of unamortized premiums or unaccreted discounts on purchased loans. Nonrefundable fees and direct costs associated with the origination or purchase of loans are deferred and netted against outstanding loan balances. The deferred net loan fees and costs are recognized in interest income as an adjustment to yield over the loan term using the effective interest method or straight-line method. Discounts/premiums on purchased loans are accreted/amortized to interest income using the effective interest method or straight-line method over the remaining period to the contractual maturity. Interest on loans is calculated using the simple-interest method on daily balances of the principal amounts outstanding. Generally, loans are placed on nonaccrual status when they become 90 days past due or more. Loans are considered past due when contractually required principal or interest payments have not been made on the due dates. Loans are also placed on nonaccrual status when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that full collection of principal or interest becomes uncertain, regardless of the length of past due status. Once a loan is placed on nonaccrual status, interest accrual is discontinued and all unpaid accrued interest is reversed against interest income. Interest payments received on nonaccrual loans are reflected as a reduction of principal and not as interest income. A loan is returned to accrual status when the borrower has demonstrated a satisfactory payment trend subject to management’s assessment of the borrower’s ability to repay the loan. Troubled Debt Restructurings — A loan is generally classified as a troubled debt restructuring (“TDR”) when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. The concessions may be granted in various forms, including a below-market change in the stated interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date with a stated interest rate lower than the current market rate or note splits referred to as A/B note restructurings. Loans with contractual terms that have been modified as a TDR and are current at the time of restructuring may remain on accrual status if there is demonstrated performance prior to the restructuring and payment in full under the restructured terms is expected. Otherwise, these loans are placed on nonaccrual status and are reported as nonperforming, until the borrower demonstrates a sustained period of performance, generally six months, and the ability to repay the loan according to the contractual terms. If accruing TDRs cease to perform in accordance with their modified contractual terms, they are placed on nonaccrual status and reported as nonperforming TDRs. TDRs are included in the quarterly allowance for credit losses valuation process. Refer to Allowance for Loan Losses below for a complete discussion. The Company has implemented various loan modification programs to provide its borrowers relief from the economic impacts of the COVID-19 pandemic. As provided under Section 4013 of the CARES Act, as amended by the Consolidated Appropriations Act, 2021 (“CAA”), the Company has elected not to apply TDR classification to any COVID-19 pandemic related loan modifications that were executed after March 1, 2020 and earlier of (A) 60 days after the national emergency termination date concerning the COVID-19 pandemic outbreak declared by the President on March 13, 2020 under the National Emergencies Act, or (B) January 1, 2022 to borrowers who were current as of December 31, 2019. For loans that were modified in response to the COVID-19 pandemic that do not meet the CARES Act criteria (e.g., current payment status as of December 31, 2019), the Company has applied the guidance included in the “ Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customer Affected by the Coronavirus (Revised) ” (the “Interagency Statement”) issued by the federal banking regulators on April 7, 2020. The Interagency Statement states that short-term loan modifications (i.e. six months or less) are not TDRs if they were made on a good faith basis in response to the COVID-19 pandemic to borrowers who were current as of the implementation date of a loan modification program. The aging on the delinquency of the loans modified under the CARES Act, as amended by the CAA, and the Interagency Statement is frozen at the time of the modification. Interest income continues to be recognized over the accommodation period. Paycheck Protection Program — From April to August 2020, the Company accepted Paycheck Protection Program (“PPP”) applications and originated loans to qualified small businesses under the PPP established by the CARES Act. The CAA extends the PPP to March 31, 2021. PPP loans are included in the commercial and industrial (“C&I”) portfolio, carrying an interest rate of 1%, and are 100% guaranteed by the Small Business Administration (“SBA”). No allowance for loan losses was recorded for these loans as of December 31, 2020. As of December 31, 2020, the Company had approximately 6,200 SBA 7(a) approved PPP loans with an outstanding loan balance of $1.57 billion. The substantial majority of the Company’s PPP loans have a term of two years. The SBA paid the Company fees for processing PPP loans and such fees are accounted for loan origination fees, where net deferred fees are recognized over the estimated life of the loan as a yield adjustment on the loans. Under the terms of the PPP, if certain conditions are satisfied, such loans are eligible to be forgiven in which case the SBA will make payments to the Company for the forgiven amounts. If a loan is paid off or forgiven by the SBA prior to its projected estimated life, the remaining unamortized deferred fees will be recognized as interest income in that period. Allowance for Loan Losses — The Company adopted ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments on January 1, 2020, which introduced a new current expected credit losses (“CECL”) model. The allowance for loan losses is established as management’s estimate of expected credit losses inherent in the Company’s lending activities; it is increased by the provision for credit losses and decreased by net charge-offs. The allowance for loan losses is evaluated quarterly by management based on regular reviews of the collectability of the Company’s loans. The Company develops and documents the allowance for loan losses methodology at the portfolio segment level — the commercial loan portfolio is comprised of C&I, commercial real estate (“CRE”), multifamily residential, and construction and land loans; and the consumer loan portfolio is comprised of single-family residential, home equity lines of credit (“HELOCs”), and other consumer loans. The allowance for loan losses represents the portion of a loan’s amortized cost basis that the Company does not expect to collect due to anticipated credit losses over the loan’s contractual life, adjusted for prepayments. The Company measures the expected loan losses on a collective pool basis when similar risk characteristics exist. Models consisting of quantitative and qualitative components are designed for each pool to develop the expected credit loss estimates. Reasonable and supportable forecast periods vary by loan portfolio. The Company has adopted lifetime loss rate models for the portfolios, which use historical loss rates and forecast economic variables to calculate the expected credit losses for each loan pool. When loans do not share similar risk characteristics, the Company evaluates the loan for expected credit losses on an individual basis. Individually assessed loans include nonaccrual and TDR loans. The Company evaluates loans for expected credit losses on an individual basis if, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the original contractual terms of the loan agreement. The following three different asset valuation measurement methods are available: (1) the present value of expected future cash flows, (2) the fair value of collateral less costs to sell, and (3) the loan's observable market price. The allowance for loan losses for collateral-dependent loans is determined based on the fair value of the collateral less costs to sell. For loans that are not collateral-dependent, the Company applies the present value of expected future cash flows valuation or the market value of the loan. When the loan is deemed uncollectible, it is the Company’s policy to promptly charge off the estimated credit losses. The amortized cost of loans held-for-investment excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election to not recognize an allowance for credit losses for accrued interest receivables as the Company reverses accrued interest if a loan is on nonaccrual status. The allowance for loan losses is reported separately on the Consolidated Balance Sheet and the Provision for credit losses is reported on the Consolidated Statement of Income. Allowance for Unfunded Credit Commitments — The allowance for unfunded credit commitments includes reserves provided for unfunded loan commitments, letters of credit, standby letters of credit (“SBLCs”) and recourse obligations for loans sold. The Company estimates the allowance for unfunded credit commitments over the contractual period in which the entity is exposed to credit risk via a present contractual obligation to extend credit. Within the period of credit exposure, the estimate of credit losses will consider both the likelihood that funding will occur, and an estimate of the expected credit losses on the commitments that are expected to fund over their estimated lives. The allowance for unfunded credit commitments is maintained at a level believed by management to be sufficient to absorb estimated expected credit losses related to unfunded credit facilities. The determination of the adequacy of the allowance is based on periodic evaluations of the unfunded credit facilities. For all off-balance sheet instruments and commitments, the unfunded credit exposure is calculated using utilization assumptions based on the Company's historical utilization experience in related portfolio segments. Loss rates are applied to the calculated exposure balances to estimate the allowance for unfunded credit commitments. Other elements such as credit risk factors for loans outstanding, terms and expiration dates of the unfunded credit facilities, and other pertinent information are considered to determine the adequacy of the allowance. The allowance for unfunded credit commitments is included in Accrued expenses and other liabilities on the Consolidated Balance Sheet. Changes to the allowance for unfunded credit commitments are included in Provision for credit losses on the Consolidated Income Statements. Allowance for Credit Losses on Available-for-Sale Debt Securities — For each reporting period, every AFS debt security that is in an unrealized loss position is individually analyzed as part of the Company’s ongoing assessments to determine whether a fair value below the amortized cost basis has resulted from a credit loss or other factors. The initial indicator of impairment is a decline in fair value below the amortized cost of the AFS debt security, excluding accrued interest. The Company first considers whether there is a plan to sell the AFS debt security or it is more-likely-than-not that it will be required to sell the debt security before recovery of the amortized cost. In determining whether an impairment is due to credit related factors, the Company considers the severity of the decline in fair value, nature of the security, the underlying collateral, the financial condition of the issuer, changes in the AFS debt security’s ratings and other qualitative factors. For securities that are fully guaranteed by the U.S. government, or certain government enterprises, the Company believes that the credit loss exposure on these securities is remote and applies a zero credit loss assumption. When the Company does not intend to sell the impaired AFS debt security and it is more-likely-than-not that the Company will not be required to sell the impaired debt security prior to recovery of its amortized cost basis, the credit component of the unrealized loss of the impaired AFS debt security is recognized as an allowance for credit losses, with a corresponding Provision for credit losses on the Consolidated Statement of Income and the non-credit component is recognized in Other comprehensive income (loss) on the Consolidated Statement of Comprehensive Income, net of applicable taxes. At each reporting period, the Company increases or decreases the allowance for credit losses as appropriate, while limiting reversals of the allowance for credit losses to the extent of the amounts previously recorded. If the Company intends to sell the impaired debt security or it is more-likely-than-not that the Company will be required to sell the impaired debt security prior to recovering its amortized cost basis, the entire impairment amount is recognized as an adjustment to the debt security’s amortized cost basis, with a corresponding Provision for credit losses on the Consolidated Statement of Income. The amortized cost of the Company’s AFS debt securities excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election to not recognize an allowance for credit losses for accrued interest receivables on AFS debt securities as the Company reverses any accrued interest if a debt security is impaired. As each AFS debt security has a unique security structure, where the accrual status is clearly determined when certain criteria listed in the terms are met, the Company assesses the default status of each security as defined by the debt security’s specific security structure. Other-Than-Temporary Impairment Assessment on AFS Debt Securities Prior to the Adoption of the CECL Guidance, Applicable for the Years Ended December 31, 2019 and 2018 — For each reporting period, debt securities classified as either AFS or held-to-maturity debt securities that were in an unrealized loss position were analyzed as part of the Company’s ongoing OTTI assessment. The initial indicator of OTTI was a decline in fair value below the amortized cost of the debt security. In determining whether OTTI had occurred, the Company considered the severity and duration of the decline in fair value, the length of time expected for recovery, the financial condition of the issuer, changes in the debt securities’ ratings and other qualitative factors, as well as whether the Company either planned to sell the debt security or it was more-likely-than-not that it would be required to sell the debt security before recovery of the amortized cost. When the Company did not intend to sell the impaired debt security and it was more-likely-than-not that the Company would not be required to sell the impaired debt security prior to recovery of its amortized cost basis, the credit component of an OTTI of the impaired debt security was recognized as OTTI loss on the Consolidated Statement of Income and the non-credit component was recognized in other comprehensive income. This applied for both AFS and held-to-maturity debt securities. If the Company intended to sell the impaired debt security or it was more-likely-than-not that the Company would be required to sell the impaired debt security prior to recovery of its amortized cost basis, the full amount of the impairment loss (equal to the difference between the debt security’s amortized cost basis and its fair value at the balance sheet date) was recognized as OTTI loss on the Consolidated Statement of Income. Following the recognition of OTTI, the debt security’s new amortized cost basis was the previous basis minus the OTTI amount recognized in earnings. Allowance for Collateral-Dependent Financial Assets — A financial asset is considered collateral-dependent if repayment is expected to be provided substantially through the operation or sale of the collateral. The allowance for credit losses is measured on an individual basis for collateral-dependent financial assets and determined by comparing the fair value of the collateral, minus the cost to sell, to the amortized cost basis of the related financial asset at the reporting date. Other than loans, collateral-dependent financial assets could also include resale agreements. In arrangements which the borrower must continually adjust the collateral securing the asset to reflect changes in the collateral’s fair value (e.g., resale agreements), the Company estimates the expected credit losses on the basis of the unsecured portion of the amortized cost as of the balance sheet date. If the fair value of the collateral is equal to or greater than the amortized cost of the resale agreement, the expected losses would be zero. If the fair value of the collateral is less than the amortized cost of the asset, the expected losses are limited to the difference between the fair value of the collateral and the amortized cost basis of the resale agreement. Allowance for Purchased Credit Deteriorated Assets — ASU 2016-13 replaces the concept of purchased credit impaired (“PCI”) accounting under ASC 310-30 Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality with the concept of purchased financial assets with credit deterioration. The Company adopted ASU 2016-13 using the prospective transition approach for Purchased Credit Deteriorated (“PCD”) assets that were previously classified as PCI assets. PCD financial assets are defined as acquired individual financial assets (or groups with similar risk characteristics) that as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination. For PCD debt securities and PCD loans, the company records the allowance for credit losses by grossing up the initial amortized cost, which includes the purchase price and the allowance for credit losses. The expected credit losses of PCD debt securities are measured at the individual security level. The expected credit losses for PCD loans are measured based on the loan’s unpaid principal balance. Beginning January 1, 2020, for any asset designated as a PCD asset at the time of acquisition, the Company estimates and records an allowance for credit losses, which is added to the purchase price to establish the initial amortized cost basis of the financial asset. Hence, there is no income statement impact from the acquisition. Subsequent changes in the allowance for credit losses on PCD assets will be recognized in Provision for credit losses on the Consolidated Statement of Income. The non-credit discount or premium will be accreted to interest income based on the effective interest rate on the PCD assets determined after the gross-up for the allowance for credit losses. Allowance for Credit Losses Prior to the Adoption of the CECL Guidance, Applicable for the Years Ended December 31, 2019 and 2018 — Prior to CECL adoption, the allowance of credit losses represented the Company’s estimate of probable credit losses inherent in the lending activities, and consisted of general and specific reserves. Impaired loans were subject to specific reserves. Non-impaired loans were evaluated as part of the general reserve. General reserves were calculated by utilizing both quantitative and qualitative factors. There were different qualitative risks for the loans in each portfolio segment. Predominant risk characteristics of the CRE, multifamily, single-family residential loans and HELOC loans considered the collateral and geographic locations of the properties collateralizing the loans. Predominant risk characteristics of the C&I loans included cash flows, debt service and collateral of the borrowers and guarantors, as well as the economic and market conditions. Impaired Loans Prior to the Adoption of the CECL Guidance, Applicable for the Years Ended December 31, 2019 and 2018 — Impaired loans were identified and evaluated for impairment on an individual basis. A loan was considered impaired when, based on current information and events, it was probable that the Company would not be able to collect all scheduled payments of principal or interest due in accordance with the original contractual terms of the loan agreement. Factors considered by management in determining and measuring loan impairment included payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Impaired loans were measured based on the present value of expected future cash flows discounted at a designated discount rate or, as appropriate, at the loan’s observable market price or the fair value of the collateral, if the loan was collateral dependent, less cost to sell. Purchased Credit-Impaired Loans Prior to the Adoption of the CECL Guidance, Applicable for the Years Ended December 31, 2019 and 2018 — Acquired loans were recorded at fair value as of acquisition date in accordance with ASC 805, Business Combinations . A purchased loan was deemed to be credit impaired when there was evidence of credit deterioration since its origination and it was probable at the acquisition date that the Company would be unable to collect all contractually required payments and was accounted for under ASC 310-30, Receivables — Loans and Debt Securities Acquired with Deteriorated Credit Quality . Under ASC 310-30, loans were recorded at fair value at acquisition date, factoring in credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for loan losses was not carried over or recorded as of the acquisition date. Variable Interest and Voting Interest Entities — The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”). We first determine whether or not we have variable interests in the entity, which are investments or other interests that absorb portions of an entity’s expected losses or receive portions of the entity’s expected returns. If it is determined that we do not have a variable interest in the entity, no further analysis is required and the entity is not consolidated. A VIE is an entity that lacks equity investors or whose equity investors do not have a controlling financial interest in the entity through their equity investments. The Company consolidates a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb l |
Fair Value Measurement and Fair
Fair Value Measurement and Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
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 prices derived from 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 Debt Securities — When available, the Company uses quoted market prices to determine the fair value of AFS debt securities, which are classified as Level 1. Level 1 AFS debt securities are comprised of U.S. Treasury securities. The fair value of other AFS debt securities is generally determined by independent external pricing service providers who have experience in valuing these securities or by taking 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 providers 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 valuing securities issued by state and political subdivisions, inputs used by third-party pricing service providers also include material event notices. On a monthly basis, the Company validates the valuations provided by third-party pricing service providers to ensure that the fair value determination is consistent with the applicable accounting guidance and the financial instruments 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 providers 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 the documentation received from the third-party pricing service providers regarding the valuation inputs and methodology used for each category of securities. When pricing is unavailable from third-party pricing service providers for certain securities, the Company requests market quotes from various independent external brokers and utilizes the average quoted market prices. These valuations are based on 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 consisted of mutual funds as of both December 31, 2020 and 2019. 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 certain variable interest rate borrowings. 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 December 31, 2020 and 2019, 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 were not significant to the overall valuation of its derivative portfolios. 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 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. As of December 31, 2020 and 2019, the Bank held foreign currency non-deliverable forward contracts to hedge its net investment in its China subsidiary, East West Bank (China) Limited, a non-USD functional currency subsidiary in China. These foreign currency non-deliverable forward contracts were designated as net investment hedges. The fair value of foreign currency contracts is determined 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 the 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 — As part of the loan origination process, the Company periodically obtains warrants to purchase preferred and/or common stock of technology and life sciences companies to which it provides loans. As of December 31, 2020 and 2019, 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 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. Since both option volatility and liquidity discount assumptions are subject to management’s judgment, measurement uncertainty is inherent in the valuation of private companies’ warrants. 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. Given that the Company holds long positions in all warrants, an increase in volatility assumption would generally result in an increase in fair value. A higher liquidity discount would result in a decrease in fair value. 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-Scholes 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 December 31, 2020 and 2019: ($ in thousands) Assets and Liabilities Measured at Fair Value on a Recurring Basis Quoted Prices in Significant Significant Total AFS debt securities: U.S. Treasury securities $ 50,761 $ — $ — $ 50,761 U.S. government agency and U.S. government sponsored enterprise debt securities — 814,319 — 814,319 U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities — 1,153,770 — 1,153,770 Residential mortgage-backed securities — 1,660,894 — 1,660,894 Municipal securities — 396,073 — 396,073 Non-agency mortgage-backed securities: Commercial mortgage-backed securities — 239,842 — 239,842 Residential mortgage-backed securities — 289,775 — 289,775 Corporate debt securities — 405,968 — 405,968 Foreign government bonds — 182,531 — 182,531 Asset-backed securities — 63,231 — 63,231 Collateralized loan obligations (“CLOs”) — 287,494 — 287,494 Total AFS debt securities $ 50,761 $ 5,493,897 $ — $ 5,544,658 Investments in tax credit and other investments: Equity securities (1) $ 22,548 $ 8,724 $ — $ 31,272 Total investments in tax credit and other investments $ 22,548 $ 8,724 $ — $ 31,272 Derivative assets: Interest rate contracts $ — $ 489,132 $ — $ 489,132 Foreign exchange contracts — 30,300 — 30,300 Credit contracts — 13 — 13 Equity contracts — 585 273 858 Commodity contracts — 82,451 — 82,451 Gross derivative assets $ — $ 602,481 $ 273 $ 602,754 Netting adjustments (2) $ — $ (101,512) $ — $ (101,512) Net derivative assets $ — $ 500,969 $ 273 $ 501,242 Derivative liabilities: Interest rate contracts $ — $ 317,698 $ — $ 317,698 Foreign exchange contracts — 22,759 — 22,759 Credit contracts — 206 — 206 Commodity contracts — 84,165 — 84,165 Gross derivative liabilities $ — $ 424,828 $ — $ 424,828 Netting adjustments (2) $ — $ (184,697) $ — $ (184,697) Net derivative liabilities $ — $ 240,131 $ — $ 240,131 (1) Equity securities consist 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 5 — Derivatives to the Consolidated Financial Statements in this Form 10-K for additional information. ($ in thousands) Assets and Liabilities Measured at Fair Value on a Recurring Basis Quoted Prices in Significant Significant Total AFS debt securities: U.S. Treasury securities $ 176,422 $ — $ — $ 176,422 U.S. government agency and U.S. government sponsored enterprise debt securities — 581,245 — 581,245 U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities — 603,471 — 603,471 Residential mortgage-backed securities — 1,003,897 — 1,003,897 Municipal securities — 102,302 — 102,302 Non-agency mortgage-backed securities: Commercial mortgage-backed securities — 88,550 — 88,550 Residential mortgage-backed securities — 46,548 — 46,548 Corporate debt securities — 11,149 — 11,149 Foreign government bonds — 354,172 — 354,172 Asset-backed securities — 64,752 — 64,752 CLOs — 284,706 — 284,706 Total AFS debt securities $ 176,422 $ 3,140,792 $ — $ 3,317,214 Investments in tax credit and other investments: Equity securities (1) $ 21,746 $ 9,927 $ — $ 31,673 Total investments in tax credit and other investments $ 21,746 $ 9,927 $ — $ 31,673 Derivative assets: Interest rate contracts $ — $ 192,883 $ — $ 192,883 Foreign exchange contracts — 54,637 — 54,637 Credit contracts — 2 — 2 Equity contracts — 993 421 1,414 Commodity contracts — 81,380 — 81,380 Gross derivative assets $ — $ 329,895 $ 421 $ 330,316 Netting adjustments (2) $ — $ (125,319) $ — $ (125,319) Net derivative assets $ — $ 204,576 $ 421 $ 204,997 Derivative liabilities: Interest rate contracts $ — $ 127,317 $ — $ 127,317 Foreign exchange contracts — 48,610 — 48,610 Credit contracts — 84 — 84 Commodity contracts — 80,517 — 80,517 Gross derivative liabilities $ — $ 256,528 $ — $ 256,528 Netting adjustments (2) $ — $ (159,799) $ — $ (159,799) Net derivative liabilities $ — $ 96,729 $ — $ 96,729 (1) Equity securities consist 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 5 — Derivatives to the Consolidated Financial Statements in this Form 10-K for additional information. For the years ended December 31, 2020, 2019 and 2018, Level 3 fair value measurements that were measured on a recurring basis consist of warrants issued by private companies. The following table provides a reconciliation of the beginning and ending balances of these equity warrants for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Equity Contracts Beginning balance $ 421 $ 673 $ 679 Total gains included in earnings (1) 8,225 563 162 Issuances — 114 65 Settlements — (929) (233) Transfers out of Level 3 (2) (8,373) — — Ending balance $ 273 $ 421 $ 673 (1) Includes unrealized gains (losses) of $8.2 million, $(292) thousand and $225 thousand for the years ended December 31, 2020, 2019 and 2018, respectively. The realized/unrealized gains (losses) of equity contracts are included in Lending fees on the Consolidated Statement of Income. (2) During the year ended December 31, 2020, the Company transferred $8.4 million of equity contracts measured on a recurring basis out of Level 3 into Level 2 after the corresponding issuer of the equity warrant, which was previously a private company, completed its initial public offering and became a public company. The following table presents quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements as of December 31, 2020 and 2019, respectively. The significant unobservable inputs presented in the table below are those that the Company considers significant to the fair value of the Level 3 assets. The Company considers unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 assets would be impacted by a predetermined percentage change. ($ in thousands) Fair Value Valuation Unobservable Range of Weighted- Average (1) December 31, 2020 Derivative assets: Equity contracts $ 273 Black-Scholes option pricing model Equity volatility 46% — 61% 53% Liquidity discount 47% 47% December 31, 2019 Derivative assets: Equity contracts $ 421 Black-Scholes option pricing model Equity volatility 39% — 44% 42% Liquidity discount 47% 47% (1) Weighted-average is calculated based on fair value of equity warrants as of December 31, 2020 and 2019, respectively. Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Assets measured at fair value on a nonrecurring basis include certain individually evaluated loans held-for-investment, investments in qualified affordable housing partnerships, tax credit and other investments, OREO, loans held-for-sale, and other nonperforming assets. Nonrecurring fair value adjustments result from impairment on certain individually evaluated loans held-for-investment and investments in qualified affordable housing partnerships, tax credit and other investments, write-downs of OREO, or from the application of lower of cost or fair value on loans held-for-sale. Individually Evaluated Loans Held-For-Investment — Individually evaluated loans held-for-investment are classified as Level 3 assets. The following two methods are used to derive the fair value of individually evaluated loans held-for-investment: • Discounted cash flow valuation techniques that consist of developing an expected stream of cash flows over the life of the loans, and then calculating the present value of the loans by discounting the expected cash flows at a designated discount rate. • When an individually evaluated loan is collateral-dependent, the fair value of the loan is determined 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 valuation, 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 its monitoring process, the Company conducts ongoing due diligence on its investments in qualified affordable housing partnerships, tax credit and other investments after the initial investment date and prior to the 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 investment entity, the annual review of the financial statements of the guarantor (if any), the review of the annual tax returns of the investment entity, and the 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 and other investments for possible OTTI on an annual basis or when events or circumstances suggest that the carrying amount of the investments may not be realizable. These circumstances can include, but are not limited to the following factors: • The expected future cash flows is less than the carrying amount of the investment; • Changes 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. Other Nonperforming Assets — Other nonperforming assets are recorded at fair value upon transfers from loans to foreclosed assets. Subsequently, foreclosed assets are recorded at the lower of carrying value or fair value. Fair value is based on independent market prices, appraised values of the collateral or management’s estimates of the foreclosed asset. The Company records an impairment when the foreclosed asset’s fair value declines below its carrying value. Other nonperforming assets are classified as Level 3. The following tables present the carrying amounts of assets that were still held and had fair value changes measured on a nonrecurring basis as of December 31, 2020 and 2019: ($ in thousands) Assets Measured at Fair Value on a Nonrecurring Basis Quoted Prices in Significant Significant Fair Value Measurements Loans held-for-investment: Commercial: C&I $ — $ — $ 143,331 $ 143,331 CRE: CRE — — 42,894 42,894 Total commercial — — 186,225 186,225 Consumer: Residential mortgage: HELOCs — — 1,146 1,146 Other consumer — — 2,491 2,491 Total consumer — — 3,637 3,637 Total loans held-for-investment $ — $ — $ 189,862 $ 189,862 Investments in tax credit and other investments, net $ — $ — $ 3,140 $ 3,140 OREO (1) $ — $ — $ 15,824 $ 15,824 ($ in thousands) Assets Measured at Fair Value on a Nonrecurring Basis Quoted Prices in Significant Significant Fair Value Measurements Loans held-for-investment: Commercial: C&I $ — $ — $ 47,554 $ 47,554 CRE: CRE — — 753 753 Total commercial — — 48,307 48,307 Consumer: Residential mortgage: HELOCs — — 1,372 1,372 Total consumer — — 1,372 1,372 Total loans held-for-investment $ — $ — $ 49,679 $ 49,679 Investments in tax credit and other investments, net $ — $ — $ 3,076 $ 3,076 OREO (1) $ — $ — $ 125 $ 125 Other nonperforming assets $ — $ — $ 1,167 $ 1,167 (1) Amounts are included in Other assets on the Consolidated Balance Sheet and represent the carrying value of OREO properties that were written down subsequent to their initial classification as OREO. The following table presents the increase (decrease) in fair value of assets for which a nonrecurring fair value adjustment has been recognized for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Loans held-for-investment: Commercial: C&I $ (48,154) $ (35,365) $ (9,341) CRE: CRE (11,289) 9 270 Total commercial (59,443) (35,356) (9,071) Consumer: Residential mortgage: Single-family residential — — 15 HELOCs (175) (2) — Other consumer 2,491 — — Total consumer $ 2,316 $ (2) $ 15 Total loans held-for-investment $ (57,127) $ (35,358) $ (9,056) Investments in tax credit and other investments, net $ (3,868) $ (13,023) $ — OREO $ (3,680) $ (8) $ — Other nonperforming assets $ — $ (3,000) $ — The following table presents the quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements that are measured on a nonrecurring basis as of December 31, 2020 and 2019: ($ in thousands) Fair Value Valuation Unobservable Range of Weighted- (1) December 31, 2020 Loans held-for-investment $ 104,783 Discounted cash flows Discount 3% — 15% 11% $ 22,207 Fair value of collateral Discount 10% — 26% 15% $ 15,879 Fair value of collateral Contract value NM NM $ 46,993 Fair value of property Selling cost 7% — 26% 10% Investments in tax credit and other investments, net $ 3,140 Individual analysis of each investment Expected future tax NM NM OREO $ 15,824 Fair value of property Selling cost 8% 8% December 31, 2019 Loans held-for-investment $ 27,841 Discounted cash flows Discount 4% — 15% 14% $ 1,014 Fair value of collateral Discount 8% — 20% 19% $ 20,824 Fair value of collateral Contract value NM NM Investments in tax credit and other investments, net $ 3,076 Individual analysis of each investment Expected future tax NM NM OREO $ 125 Fair value of property Selling cost 8% 8% Other nonperforming assets $ 1,167 Fair value of collateral Contract value NM NM NM — Not meaningful . (1) Weighted-average of inputs is based on the relative fair value of the respective assets as of December 31, 2020 and 2019. Disclosures about Fair Value of Financial Instruments The following tables present the fair value estimates for financial instruments as of December 31, 2020 and 2019, 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) December 31, 2020 Carrying Level 1 Level 2 Level 3 Estimated Financial assets: Cash and cash equivalents $ 4,017,971 $ 4,017,971 $ — $ — $ 4,017,971 Interest-bearing deposits with banks $ 809,728 $ — $ 809,728 $ — $ 809,728 Resale agreements (1) $ 1,460,000 $ — $ 1,464,635 $ — $ 1,464,635 Restricted equity securities, at cost $ 83,046 $ — $ 83,046 $ — $ 83,046 Loans held-for-sale $ 1,788 $ — $ 1,788 $ — $ 1,788 Loans held-for-investment, net $ 37,770,972 $ — $ — $ 37,803,940 $ 37,803,940 Mortgage servicing rights $ 5,522 $ — $ — $ 8,435 $ 8,435 Accrued interest receivable $ 150,140 $ — $ 150,140 $ — $ 150,140 Financial liabilities: Demand, checking, savings and money market deposits $ 35,862,403 $ — $ 35,862,403 $ — $ 35,862,403 Time deposits $ 9,000,349 $ — $ 9,016,884 $ — $ 9,016,884 Short-term borrowings $ 21,009 $ — $ 21,009 $ — $ 21,009 FHLB advances $ 652,612 $ — $ 659,631 $ — $ 659,631 Repurchase agreements (1) $ 300,000 $ — $ 317,850 $ — $ 317,850 Long-term debt $ 147,376 $ — $ 150,131 $ — $ 150,131 Accrued interest payable $ 11,956 $ — $ 11,956 $ — $ 11,956 ($ in thousands) December 31, 2019 Carrying Level 1 Level 2 Level 3 Estimated Financial assets: Cash and cash equivalents $ 3,261,149 $ 3,261,149 $ — $ — $ 3,261,149 Interest-bearing deposits with banks $ 196,161 $ — $ 196,161 $ — $ 196,161 Resale agreements (1) $ 860,000 $ — $ 856,025 $ — $ 856,025 Restricted equity securities, at cost $ 78,580 $ — $ 78,580 $ — $ 78,580 Loans held-for-sale $ 434 $ — $ 434 $ — $ 434 Loans held-for-investment, net $ 34,420,252 $ — $ — $ 35,021,300 $ 35,021,300 Mortgage servicing rights $ 6,068 $ — $ — $ 8,199 $ 8,199 Accrued interest receivable $ 144,599 $ — $ 144,599 $ — $ 144,599 Financial liabilities: Demand, checking, savings and money market deposits $ 27,109,951 $ — $ 27,109,951 $ — $ 27,109,951 Time deposits $ 10,214,308 $ — $ 10,208,895 $ — $ 10,208,895 Short-term borrowings $ 28,669 $ — $ 28,669 $ — $ 28,669 FHLB advances $ 745,915 $ — $ 755,371 $ — $ 755,371 Repurchase agreements (1) $ 200,000 $ — $ 232,597 $ — $ 232,597 Long-term debt $ 147,101 $ — $ 152,641 $ — $ 152,641 Accrued interest payable $ 27,246 $ — $ 27,246 $ — $ 27,246 (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 December 31, 2020, none of the $300.0 million of gross repurchase agreements were eligible for netting against gross resale agreements. Out of $450.0 million of gross repurchase agreements, $250.0 million were eligible for netting against gross resale agreements as of December 31 |
Assets Purchased under Resale A
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements | 12 Months Ended |
Dec. 31, 2020 | |
RESALE AND REPURCHASE AGREEMENTS | |
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements | Assets Purchased under Resale Agreements and Sold under Repurchase Agreements Assets Purchased under Resale Agreements In resale agreements, the Company is exposed to credit risk for both counterparties and the underlying collateral. The company manages credit exposure from certain transactions by entering into master netting agreements and collateral arrangements with counterparties. The relevant agreements allow for the efficient closeout of the transaction, liquidation and set-off of collateral against the net amount owed by the counterparty following a default. It is also the Company’s policy to take possession, where possible, of the assets underlying resale agreements. As a result of the Company’s credit risk mitigation practices with respect to resale agreements as described above, the Company did not hold any reserves for credit impairment with respect to these agreements as of December 31, 2020 and 2019. Securities Purchased under Resale Agreements — Total securities purchased under resale agreements were $1.16 billion and $1.11 billion as of December 31, 2020 and 2019, respectively. The weighted-average yields were 1.94%, 2.66% and 2.63% for the years ended December 31, 2020, 2019 and 2018, respectively. Loans purchased under Resale Agreements — During the fourth quarter of 2020, the Company participated in $300.0 million in resale agreements collateralized with loans with multiple counterparties. The weighted-average yield was 2.27% for the year ended December 31, 2020. Assets Sold under Repurchase Agreements — As of December 31, 2020, the collateral for the repurchase agreements were comprised of U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, and U.S. Treasury securities. Gross repurchase agreements were $300.0 million and $450.0 million as of December 31, 2020 and 2019, respectively. The weighted-average interest rates were 3.25%, 4.74% and 4.46% for the years ended December 31, 2020, 2019 and 2018, respectively. During the second quarter of 2020, the Company recorded $8.7 million of charges related to the extinguishment of $150.0 million of repurchase agreements. In comparison, there were no extinguishment charges recorded in 2019 and 2018. As of December 31, 2020, all repurchase agreements will mature 2023. Balance Sheet Offsetting The Company’s resale and repurchase agreements are transacted under legally enforceable master repurchase agreements that, in the event of default by the counterparty, provide the Company the right to liquidate assets held and to offset receivables and payables with the same counterparty. The Company nets resale and repurchase transactions with the same counterparty on the Consolidated Balance Sheet when it has a legally enforceable master netting agreement and the transactions are eligible for netting under ASC 210-20-45-11, Balance Sheet Offsetting: Repurchase and Reverse Repurchase Agreements . Collateral received includes assets that are not recognized on the Consolidated Balance Sheet. Collateral pledged consists of assets that are not netted on the Consolidated Balance Sheet against the related collateralized liability. Collateral received or pledged in resale and repurchase agreements with other financial institutions may also be sold or re-pledged by the secured party, and is usually delivered to and held by the third-party trustees. The collateral amounts received/pledged are limited for presentation purposes to the related recognized asset/liability balance for each counterparty, and accordingly, do not include excess collateral received/pledged. The following tables present the resale and repurchase agreements included on the Consolidated Balance Sheet as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 Assets Gross Amounts Gross Amounts Net Amounts of Gross Amounts Not Offset on the Net Collateral Received Resale agreements $ 1,460,000 $ — $ 1,460,000 $ (1,458,700) (1) $ 1,300 Liabilities Gross Amounts Gross Amounts Net Amounts of Gross Amounts Not Offset on the Net Collateral Pledged Repurchase agreements $ 300,000 $ — $ 300,000 $ (300,000) (2) $ — ($ in thousands) December 31, 2019 Assets Gross Amounts Gross Amounts Net Amounts of Gross Amounts Not Offset on the Net Collateral Received Resale agreements $ 1,110,000 $ (250,000) $ 860,000 $ (856,058) (1) $ 3,942 Liabilities Gross Amounts Gross Amounts Net Amounts of Gross Amounts Not Offset on the Net Collateral Pledged Repurchase agreements $ 450,000 $ (250,000) $ 200,000 $ (200,000) (2) $ — (1) Represents the fair value of assets 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 assets 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 5 — Derivatives to the Consolidated Financial Statements in this Form 10-K for additional information. |
Securities
Securities | 12 Months Ended |
Dec. 31, 2020 | |
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 AFS debt securities as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 Amortized Gross Gross Fair AFS debt securities: U.S. Treasury securities $ 50,310 $ 451 $ — $ 50,761 U.S. government agency and U.S. government-sponsored enterprise debt securities 806,814 8,765 (1,260) 814,319 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 1,125,174 34,306 (5,710) 1,153,770 Residential mortgage-backed securities 1,634,553 27,952 (1,611) 1,660,894 Municipal securities 382,573 13,588 (88) 396,073 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 234,965 6,107 (1,230) 239,842 Residential mortgage-backed securities 288,520 1,761 (506) 289,775 Corporate debt securities 406,323 3,493 (3,848) 405,968 Foreign government bonds 183,828 163 (1,460) 182,531 Asset-backed securities 63,463 10 (242) 63,231 CLOs 294,000 — (6,506) 287,494 Total AFS debt securities $ 5,470,523 $ 96,596 $ (22,461) $ 5,544,658 ($ in thousands) December 31, 2019 Amortized Gross Gross Fair AFS debt securities: U.S. Treasury securities $ 177,215 $ — $ (793) $ 176,422 U.S. government agency and U.S. government-sponsored enterprise debt securities 584,275 1,377 (4,407) 581,245 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 599,814 8,551 (4,894) 603,471 Residential mortgage-backed securities 998,447 6,927 (1,477) 1,003,897 Municipal securities 101,621 790 (109) 102,302 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 86,609 1,947 (6) 88,550 Residential mortgage-backed securities 46,830 3 (285) 46,548 Corporate debt securities 11,250 12 (113) 11,149 Foreign government bonds 354,481 198 (507) 354,172 Asset-backed securities 66,106 — (1,354) 64,752 CLOs 294,000 — (9,294) 284,706 Total AFS debt securities $ 3,320,648 $ 19,805 $ (23,239) $ 3,317,214 As of December 31, 2020 and 2019, the amortized cost of AFS debt securities excluded accrued interest receivables of $22.3 million and $11.1 million, respectively, which are included in Other assets on the Consolidated Balance Sheet. For the Company’s accounting policy related to AFS debt securities’ accrued interest receivable, see Note 1 — Summary of Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities to the Consolidated Financial Statements in this Form 10-K. Unrealized Losses The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position, as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 Less Than 12 Months 12 Months or More Total Fair Gross Fair Gross Fair Gross AFS debt securities: U.S. government agency and U.S. government-sponsored enterprise debt securities $ 352,521 $ (1,260) $ — $ — $ 352,521 $ (1,260) U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 292,596 (5,656) 3,543 (54) 296,139 (5,710) Residential mortgage-backed securities 342,561 (1,611) — — 342,561 (1,611) Municipal securities 24,529 (88) — — 24,529 (88) Non-agency mortgage-backed securities: Commercial mortgage-backed securities 58,738 (1,230) 7,920 — 66,658 (1,230) Residential mortgage-backed securities 90,156 (506) — — 90,156 (506) Corporate debt securities 251,674 (3,645) 9,798 (203) 261,472 (3,848) Foreign government bonds 106,828 (1,460) — — 106,828 (1,460) Asset-backed securities — — 34,104 (242) 34,104 (242) CLOs — — 287,494 (6,506) 287,494 (6,506) Total AFS debt securities $ 1,519,603 $ (15,456) $ 342,859 $ (7,005) $ 1,862,462 $ (22,461) ($ in thousands) December 31, 2019 Less Than 12 Months 12 Months or More Total Fair Gross Fair Gross Fair Gross AFS debt securities: U.S. Treasury securities $ — $ — $ 176,422 $ (793) $ 176,422 $ (793) U.S. government agency and U.S. government-sponsored enterprise debt securities 310,349 (4,407) — — 310,349 (4,407) U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 204,675 (2,346) 108,314 (2,548) 312,989 (4,894) Residential mortgage-backed securities 325,354 (1,234) 34,337 (243) 359,691 (1,477) Municipal securities 31,130 (109) — — 31,130 (109) Non-agency mortgage-backed securities: Commercial mortgage-backed securities 7,914 (6) — — 7,914 (6) Residential mortgage-backed securities 42,894 (285) — — 42,894 (285) Corporate debt securities — — 9,888 (113) 9,888 (113) Foreign government bonds 129,074 (407) 9,900 (100) 138,974 (507) Asset-backed securities 52,565 (902) 12,187 (452) 64,752 (1,354) CLOs 284,706 (9,294) — — 284,706 (9,294) Total AFS debt securities $ 1,388,661 $ (18,990) $ 351,048 $ (4,249) $ 1,739,709 $ (23,239) As of December 31, 2020, the Company had 104 AFS debt securities in a gross unrealized loss position with no credit impairment. The AFS debt securities that made up the gross unrealized loss as of December 31, 2020 were comprised primarily of 46 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, three CLOs, and 17 corporate debt securities. In comparison, as of December 31, 2019, the Company had 101 AFS debt securities in a gross unrealized loss position with no credit impairment. The AFS debt securities that made up the gross unrealized loss as of December 31, 2019 were comprised primarily of three CLOs, 57 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, and 14 U.S. government agency and U.S. government-sponsored enterprise debt securities. Allowance for Credit Losses Each reporting period, the Company assesses each AFS debt security that is in an unrealized loss position to determine whether the decline in fair value below the amortized cost basis resulted from a credit loss or other factors. For a discussion of the factors and criteria the Company uses in analyzing securities for impairment related to credit losses, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities to the Consolidated Financial Statements in this Form 10-K. Prior to January 1, 2020, the Company assessed individual securities that were in an unrealized loss position for OTTI. The gross unrealized losses presented in the above tables were primarily attributable to yield curve movements and widened spreads. Securities that were in unrealized loss positions as of December 31, 2020 were mainly comprised of the following: • U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities — The market value decline as of December 31, 2020 was primarily due to interest rate movement. Since these securities are guaranteed or sponsored by agencies of the U.S. government, and the credit profiles are strong (rated Aaa, AA+ and AAA by Moody’s Investors Service (“Moody’s”), Standard & Poor's (“S&P”) and Fitch Ratings (“Fitch”), respectively), the Company expects to receive all contractual interest payments on time, and believes the risk of credit losses on these securities is remote. • CLOs — The market value decline as of December 31, 2020 was largely due to the widening in spreads. The credit profiles of the securities are strong (rated A or higher by S&P) and the contractual payments from these bonds are expected to be received on time. Accordingly, the Company believes that the risk of credit losses on these securities is remote. • Corporate debt securities — The market value decline as of December 31, 2020 was primarily due to interest rate movement and the widening in spreads. Since credit profiles of the securities are strong (rated BBB- or higher by Moody’s, S&P, Kroll Bond Rating Agency and Fitch, respectively), and the contractual payments from these bonds are expected to be received on time, the Company believes that the risk of credit losses on these securities is remote. Overall, the Company believes that the credit support levels of the AFS debt securities are strong and, based on current assessments and macroeconomic forecasts, expects that full contractual cash flows will be received even if near-term credit performance could possibly be under the impact of the COVID-19 pandemic. As of December 31, 2020, the Company had the intent to hold the AFS debt securities with unrealized losses through the anticipated recovery period and it was more-likely-than-not that the Company will not have to sell these securities before recovery of their amortized cost. The issuers of these securities have not, to the Company’s knowledge, established any cause for default on these securities. As a result, the Company expects to recover the entire amortized cost basis of these securities. Accordingly, there was no allowance for credit losses as of December 31, 2020 against these securities, and there was no provision for credit losses recognized for the year ended December 31, 2020. For the years ended December 31, 2019 and 2018, there was no OTTI credit loss recognized. Realized Gains and Losses The following table presents gross realized gains and tax expense related to the sales of AFS debt securities for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Gross realized gains $ 12,299 $ 3,930 $ 2,535 Related tax expense $ 3,636 $ 1,162 $ 749 Contractual Maturities of Available-for-Sale Debt Securities The following table presents the contractual maturities of AFS debt securities as of December 31, 2020. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties. ($ in thousands) Amortized Cost Fair Value Due within one year $ 893,162 $ 892,648 Due after one year through five years 639,543 646,245 Due after five years through ten years 483,606 499,880 Due after ten years 3,454,212 3,505,885 Total AFS debt securities $ 5,470,523 $ 5,544,658 As of December 31, 2020 and 2019, AFS debt securities with fair value of $588.5 million and $479.4 million, respectively, were pledged to secure public deposits, repurchase agreements and for other purposes required or permitted by law. Restricted Equity Securities The following table presents the restricted equity securities on the Consolidated Balance Sheet as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 2019 FRBSF stock $ 59,249 $ 58,330 FHLB stock 23,797 20,250 Total restricted equity securities $ 83,046 $ 78,580 |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company uses derivatives to manage exposure to market risk, primarily interest rate or foreign currency risk, as well as 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 do not significantly affect 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 Bank’s investment in 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 — Significant Accounting Policies — Derivatives to the Consolidated Financial Statements in this 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 December 31, 2020 and 2019. 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 December 31, 2020 and 2019. 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) December 31, 2020 December 31, 2019 Notional Fair Value Notional Fair Value Derivative Derivative Derivative Derivative Derivatives designated as hedging instruments: Fair value hedges: Interest rate contracts $ — $ — $ — $ 31,026 $ — $ 3,198 Cash flow hedges: Interest rate contracts 275,000 — 1,864 — — — Net investment hedges: Foreign exchange contracts 84,269 — 235 86,167 — 1,586 Total derivatives designated as hedging instruments $ 359,269 $ — $ 2,099 $ 117,193 $ — $ 4,784 Derivatives not designated as hedging instruments: Interest rate contracts $ 18,155,678 $ 489,132 $ 315,834 $ 15,489,692 $ 192,883 $ 124,119 Foreign exchange contracts 3,108,488 30,300 22,524 4,839,661 54,637 47,024 Credit contracts 76,992 13 206 210,678 2 84 Equity contracts — (1) 858 — — (1) 1,414 — Commodity contracts — (2) 82,451 84,165 — (2) 81,380 80,517 Total derivatives not designated as hedging instruments $ 21,341,158 $ 602,754 $ 422,729 $ 20,540,031 $ 330,316 $ 251,744 Gross derivative assets/liabilities $ 602,754 $ 424,828 $ 330,316 $ 256,528 Less: Master netting agreements (93,063) (93,063) (121,561) (121,561) Less: Cash collateral received/paid (8,449) (91,634) (3,758) (38,238) Net derivative assets/liabilities $ 501,242 $ 240,131 $ 204,997 $ 96,729 (1) The Company held equity contracts in two public companies and 17 private companies as of December 31, 2020. In comparison, the Company held equity contracts in three public companies and 18 private companies as of December 31, 2019. (2) The notional amount of the Company’s commodity contracts entered with its customers totaled 6,321 thousand barrels of crude oil and 109,635 thousand units of natural gas, measured in million British thermal units (“MMBTUs”) as of December 31, 2020. In comparison, the notional amount of the Company’s commodity contracts entered with its customers totaled 7,811 thousand barrels of crude oil and 63,773 thousand MMBTUs of natural gas as of December 31, 2019. The Company simultaneously entered into the offsetting commodity contracts with mirrored terms with third-party financial institutions. Derivatives Designated as Hedging Instruments Fair Value Hedges — The Company entered into interest rate swaps designated as fair value hedges to hedge changes in the fair value of certain certificates of deposit due to changes in the benchmark interest rate. The interest rate swaps involved the exchange of variable-rate payments over the life of the agreements without exchanging the underlying notional amounts. During 2020, both the hedging interest rate swaps and hedged certificates of deposit were called. 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 years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Gains (losses) recorded in interest expense: Recognized on interest rate swaps $ 3,146 $ 2,655 $ (93) Recognized on certificates of deposit $ (1,605) $ (2,536) $ 278 As of December 31, 2020, there was no fair value hedge or hedged certificates of deposit outstanding. 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 as of December 31, 2020 and 2019: ($ in thousands) Carrying Value (1) Cumulative Fair Value Adjustment (2) December 31, December 31, 2020 2019 2020 2019 Certificates of deposit $ — $ (29,080) $ — $ 1,604 (1) Represents the full carrying amount of the hedged certificates of deposit. (2) For liabilities, (increase) decrease to carrying value. Cash Flow Hedges — The Company entered into interest rate swaps that were designated and qualified as cash flow hedges in the second quarter of 2020 to hedge the variability in interest payments on certain floating-rate borrowings. For cash flow hedges, the entire change in the fair value of the hedging instruments is recognized in AOCI and reclassified to earnings in the same period when the hedged cash flows impact earnings. Reclassified gains and losses on interest rate swaps are recorded in the same line item as the interest payments of the hedged long-term borrowings within Interest expense in the Consolidated Statements of Income. As of December 31, 2020, the notional amount of the interest rate swaps that were designated as cash flow hedges was $275.0 million. Considering the interest rates, yield curve and notional amounts as of December 31, 2020, the Company expects to reclassify an estimated $599 thousand of after-tax net losses on derivative instruments designated as cash flow hedges from AOCI into earnings during the next 12 months. The following table presents the pre-tax changes in AOCI from cash flow hedges for the years ended December 31, 2020, 2019 and 2018. The after-tax impact of cash flow hedges on AOCI is shown in Note 14 — Accumulated Other Comprehensive Income (Loss) to the Consolidated Financial Statements in the Form-10-K. ($ in thousands) Year Ended December 31, 2020 2019 2018 Losses recognized in AOCI $ (1,604) $ — $ — Gains reclassified from AOCI to Interest expense $ 113 $ — $ — 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 forward contracts to hedge a portion of the Bank’s 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 Bank’s net investment in East West Bank (China) Limited, against the risk of adverse changes in the foreign currency exchange rate of the RMB. The Company may de-designate the net investment hedges when the Company expects the hedge will cease to be highly effective. The notional and fair value amounts of the foreign exchange forward contracts were $84.3 million and $235 thousand liability, respectively, as of December 31, 2020. In comparison, the notional and fair value amounts of the foreign exchange forward contracts were $86.2 million and $1.6 million liability, respectively, as of December 31, 2019. The following table presents the after-tax (losses) gains recognized in AOCI on net investment hedges for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 (Losses) gains recognized in AOCI $ (4,801) $ (471) $ 6,072 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. The following tables present the notional amounts and the gross fair values of interest rate derivative contracts outstanding as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 Customer Counterparty ($ in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Written options $ 957,393 $ — $ 115 Purchased options $ 957,393 $ 101 $ 15 Sold collars and corridors 518,477 7,673 — Collars and corridors 518,477 — 7,717 Swaps 7,586,414 479,634 1,364 Swaps 7,617,524 1,724 306,623 Total $ 9,062,284 $ 487,307 $ 1,479 Total $ 9,093,394 $ 1,825 $ 314,355 ($ in thousands) December 31, 2019 Customer Counterparty ($ in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Written options $ 1,003,558 $ — $ 66 Purchased options $ 1,003,558 $ 67 $ — Sold collars and corridors 490,852 1,971 16 Collars and corridors 490,852 17 1,996 Swaps 6,247,667 187,294 6,237 Swaps 6,253,205 3,534 115,804 Total $ 7,742,077 $ 189,265 $ 6,319 Total $ 7,747,615 $ 3,618 $ 117,800 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 $9.09 billion of interest rate contracts entered into with financial counterparties as of December 31, 2020, was a notional amount of $2.98 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 values of $1.3 million and liability fair values of $187.4 million, as of December 31, 2020. In comparison, included in the total notional amount of $7.75 billion of interest rate contracts entered into with financial counterparties as of December 31, 2019, was a notional amount of $2.53 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 values of $2.9 million and liability fair values of $75.1 million, as of December 31, 2019. Foreign Exchange Contracts — The Company enters into foreign exchange contracts with its customers, consisting of forwards, spot, swap and option contracts to accommodate the business needs of its customers. The Company enters into offsetting foreign exchange contracts with third-party financial institutions to manage its foreign exchange exposure with its customers, or entered into bilateral collateral and master netting agreements with certain customer counterparties to manager its credit exposure. The Company also utilizes foreign exchange contracts, which are not designated as hedging instruments to mitigate the economic effect of currency fluctuations on certain foreign currency-denominated on-balance sheet assets and liabilities, primarily for foreign currency-denominated deposits offered to its customers. A majority of the foreign exchange contracts had original maturities of one year or less as of both December 31, 2020 and 2019. The following tables present the notional amounts and the gross fair values of foreign exchange derivative contracts outstanding as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 Customer Counterparty Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities ($ in thousands) Assets Liabilities Forwards and spot $ 1,522,888 $ 17,575 $ 17,928 Forwards and spot $ 145,197 $ 1,230 $ 273 Swaps 13,590 872 91 Swaps 1,191,355 10,049 3,658 Written options 117,729 — 574 Purchased options 117,729 574 — Total $ 1,654,207 $ 18,447 $ 18,593 Total $ 1,454,281 $ 11,853 $ 3,931 ($ in thousands) December 31, 2019 Customer Counterparty Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities ($ in thousands) Assets Liabilities Forwards and spot $ 3,581,036 $ 45,911 $ 40,591 Forwards and spot $ 207,492 $ 1,400 $ 507 Swaps 6,889 16 84 Swaps 702,391 6,156 4,712 Written options 87,036 127 — Purchased options 87,036 — 127 Collars 2,244 — 14 Collars 165,537 1,027 989 Total $ 3,677,205 $ 46,054 $ 40,689 Total $ 1,162,456 $ 8,583 $ 6,335 Credit Contracts — The Company may periodically enter into RPA contracts with institutional counterparties to manage the credit exposure on interest rate contracts associated with syndicated loans. The Company may enter into protection sold or protection purchased RPAs. Under the RPAs, the Company will receive or make a payment if a borrower defaults on the related interest rate contract. Credit risk on RPAs is managed by monitoring the credit worthiness of the borrowers and institutional counterparties, which is based on the normal credit review process. The referenced entities of the RPAs were investment grade as of both December 31, 2020 and 2019. 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 December 31, 2020 and 2019: ($ in thousands) December 31, 2020 December 31, 2019 Notional Amount Fair Value Notional Amount Fair Value Assets Liabilities Assets Liabilities RPAs - protection sold $ 66,278 $ — $ 206 $ 199,964 $ — $ 84 RPAs - protection purchased 10,714 13 — 10,714 2 — Total RPAs $ 76,992 $ 13 $ 206 $ 210,678 $ 2 $ 84 Assuming all underlying borrowers referenced in the interest rate contracts defaulted as of December 31, 2020 and 2019, the exposure from the RPAs with protections sold would be $662 thousand and $125 thousand for 2020 and 2019, respectively. As of December 31, 2020 and 2019, the weighted-average remaining maturities of the outstanding RPAs were 3.7 years and 2.2 years, respectively. Equity Contracts — From time to time, as part of the Company’s loan origination process, the Company obtains warrants to purchase preferred and/or common stock of technology and life sciences companies to which it provides loans to. 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 two public companies and 17 private companies as of December 31, 2020, and held warrants in three public companies and 18 private companies as of December 31, 2019. The total fair value of the warrants held in both public and private companies was $858 thousand and $1.4 million as of December 31, 2020 and 2019, respectively. Commodity Contracts — The Company enters into energy commodity contracts in the form of swaps and options with its commercial loan customers to allow them to hedge against the risk of energy commodity price fluctuation. To economically hedge against the risk of commodity price fluctuation in the products offered to its customers, the Company enters into offsetting commodity contracts with third-party financial institutions to manage the exposure. The following tables present the notional amounts and fair values of the commodity derivative positions outstanding as of December 31, 2020 and 2019. ($ and units in thousands) December 31, 2020 Customer Counterparty ($ and units in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Crude oil: Crude oil: Collars 2,022 Barrels $ 2,344 $ 2,193 Collars 2,022 Barrels $ 2,217 $ 2,402 Swaps 4,299 Barrels 9,282 14,283 Swaps 4,299 Barrels 8,220 7,135 Total 6,321 $ 11,626 $ 16,476 Total 6,321 $ 10,437 $ 9,537 Natural gas: Natural gas: Written options 597 MMBTUs $ — $ 59 Purchased options 597 MMBTUs $ 59 $ — Collars 12,733 MMBTUs 1,063 205 Collars 16,293 MMBTUs 205 813 Swaps 96,305 MMBTUs 32,073 27,238 Swaps 103,973 MMBTUs 26,988 29,837 Total 109,635 $ 33,136 $ 27,502 Total 120,863 $ 27,252 $ 30,650 Total $ 44,762 $ 43,978 Total $ 37,689 $ 40,187 ($ and units in thousands) December 31, 2019 Customer Counterparty ($ and units in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Crude oil: Crude oil: Written options 36 Barrels $ — $ 30 Purchased options 36 Barrels $ 29 $ — Collars 3,174 Barrels 2,673 538 Collars 3,630 Barrels 677 2,815 Swaps 4,601 Barrels 6,949 5,531 Swaps 4,721 Barrels 4,516 5,215 Total 7,811 $ 9,622 $ 6,099 Total 8,387 $ 5,222 $ 8,030 Natural gas: Natural gas: Written options 540 MMBTUs $ — $ 22 Purchased options 530 MMBTUs $ 21 $ — Collars 14,277 MMBTUs 186 522 Collars 14,517 MMBTUs 471 150 Swaps 48,956 MMBTUs 30,257 35,497 Swaps 48,779 MMBTUs 35,601 30,197 Total 63,773 $ 30,443 $ 36,041 Total 63,826 $ 36,093 $ 30,347 Total $ 40,065 $ 42,140 Total $ 41,315 $ 38,377 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. As of December 31, 2020, the notional quantities that cleared through CME totaled 1,275 thousand barrels of crude oil and 29,733 thousand MMBTUs of natural gas. Applying the variation margin payments as settlement to CME-cleared derivative transactions resulted in reductions to the gross derivative asset fair value of $7.9 million and to the liability fair value of $3.7 million as of December 31, 2020, to a net fair value of zero. In comparison, the notional quantities that cleared through CME totaled 1,752 thousand barrels of crude oil and 6,075 thousand MMBTUs of natural gas as of December 31, 2019. Applying the variation margin payments as settlement to CME-cleared derivative transactions resulted in a reduction to the gross derivative asset fair value of $2.9 million and to the liability fair value of $1.5 million, respectively, as of December 31, 2019, to a net asset fair value of $986 thousand. The following table presents the net gains (losses) recognized on the Company’s Consolidated Statement of Income related to derivatives not designated as hedging instruments for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Classification on Year Ended December 31, 2020 2019 2018 Derivatives not designated as hedging instruments: Interest rate contracts Interest rate contracts and other derivative income $ (8,637) $ (2,126) $ 280 Foreign exchange contracts Foreign exchange income 23,215 22,264 16,784 Credit contracts Interest rate contracts and other derivative income (5) 59 (156) Equity contracts Lending fees 11,025 678 512 Commodity contracts Interest rate contracts and other derivative income (35) (67) (11) Net gains $ 25,563 $ 20,808 $ 17,409 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 December 31, 2020, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $107.4 million, in which $106.8 million of collateral was posted to cover these positions. As of December 31, 2019, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $56.4 million, in which $56.4 million of collateral was posted to cover these positions. In the event that the credit rating of East West Bank had been downgraded to below investment grade, minimal additional collateral would have been required to be posted as of December 31, 2020 and 2019. Offsetting of Derivatives The following tables present the gross derivative fair values, the balance sheet netting adjustments and the resulting net fair values recorded on the consolidated balance sheet, as well as the cash and noncash collateral associated with master netting arrangements. The gross amounts of derivative assets and liabilities are presented after the application of variation margin payments as settlements with central counterparties, where applicable. The collateral amounts in the following tables are limited to the outstanding balances of the related asset or liability, after the application of netting; therefore instances of overcollateralization are not shown: ($ in thousands) As of December 31, 2020 Gross (1) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Master Netting Arrangements Cash Collateral Received (3) Security Collateral Received (5) Derivative assets $ 602,754 $ (93,063) $ (8,449) $ 501,242 $ (35) $ 501,207 Gross (2) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Master Netting Arrangements Cash Collateral Pledged (4) Security Collateral Pledged (5) Derivative liabilities $ 424,828 $ (93,063) $ (91,634) $ 240,131 $ (221,150) $ 18,981 ($ in thousands) As of December 31, 2019 Gross (1) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Master Netting Arrangements Cash Collateral Received (3) Security Collateral (5) Derivative assets $ 330,316 $ (121,561) $ (3,758) $ 204,997 $ — $ 204,997 Gross (2) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Master Netting Arrangements Cash Collateral Pledged (4) Security Collateral Pledged (5) Derivative liabilities $ 256,528 $ (121,561) $ (38,238) $ 96,729 $ (79,619) $ 17,110 (1) Included $1.1 million and $1.6 million of gross fair value assets with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of December 31, 2020 and 2019, respectively. (2) Included $220 thousand and $20 thousand of gross fair value liabilities with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of December 31, 2020 and 2019, respectively. (3) Gross cash collateral received under master netting arrangements or similar agreements were $15.8 million and $3.8 million, respectively, as of December 31, 2020 and 2019. Of the gross cash collateral received, $8.4 million and $3.8 million were used to offset against derivative assets, respectively, as of December 31, 2020 and 2019. (4) Gross cash collateral pledged under master netting arrangements or similar agreements were $91.6 million and $43.0 million, respectively, as of December 31, 2020 and 2019. Of the gross cash collateral pledged, $91.6 million and $38.2 million were used to offset against derivative liabilities, respectively, as of December 31, 2020 and 2019. (5) Represents the fair value of security collateral received and pledged limited to derivative assets and liabilities that are subject to enforceable master netting arrangements or similar agreements. GAAP does not permit the netting of noncash collateral on the consolidated balance sheet but requires disclosure of such amounts. In addition to the amounts included in the tables above, the Company also has balance sheet netting related to the resale and repurchase agreements. Refer to Note 3 — Assets Purchased under Resale Agreements and Sold under Repurchase Agreements to the Consolidated Financial Statements for additional information. Refer to Note 2 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-K for fair value measurement disclosures on derivatives. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2020 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses The following table presents the composition of the Company’s loans held-for-investment as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 December 31, 2019 Amortized Cost (1) Non-PCI Loans (1) PCI Loans Total (1) Commercial: C&I (2) $ 13,631,726 $ 12,149,121 $ 1,810 $ 12,150,931 CRE: CRE 11,174,611 10,165,247 113,201 10,278,448 Multifamily residential 3,033,998 2,834,212 22,162 2,856,374 Construction and land 599,692 628,459 40 628,499 Total CRE 14,808,301 13,627,918 135,403 13,763,321 Total commercial 28,440,027 25,777,039 137,213 25,914,252 Consumer: Residential mortgage: Single-family residential 8,185,953 7,028,979 79,611 7,108,590 HELOCs 1,601,716 1,466,736 6,047 1,472,783 Total residential mortgage 9,787,669 8,495,715 85,658 8,581,373 Other consumer 163,259 282,914 — 282,914 Total consumer 9,950,928 8,778,629 85,658 8,864,287 Total loans held-for-investment $ 38,390,955 $ 34,555,668 $ 222,871 $ 34,778,539 Allowance for loan losses (619,983) (358,287) — (358,287) Loans held-for-investment, net $ 37,770,972 $ 34,197,381 $ 222,871 $ 34,420,252 (1) Includes net deferred loan fees, unearned fees, unamortized premiums and unaccreted discounts of $(58.8) million and $(43.2) million as of December 31, 2020 and 2019, respectively. (2) Includes PPP loans of $1.57 billion as of December 31, 2020. L oans held-for-investments’ accrued interest receivable was $107.5 million and $121.8 million as of December 31, 2020 and 2019, respectively. Reversal of interest income related to nonaccrual loans was approximately $2.5 million during the year ended December 31, 2020. Interest income recognized on nonaccrual loans was approximately $44 thousand for the year ended December 31, 2020. For the accounting policy on accrued interest receivable related to loans held-for-investment, see Note 1 — Summary of Significant Accounting Policies — Loans Held-for-Investment to the Consolidated Financial Statements in this Form 10-K. Loans totaling $23.26 billion and $22.43 billion as of December 31, 2020 and 2019, respectively, were pledged to secure borrowings and provide additional borrowing capacity from the FRBSF and the FHLB. Credit Quality Indicators All loans are subject to the Company’s credit review and monitoring. For the commercial portfolio, loans are risk rated based on an analysis of the borrower’s current payment performance or delinquency, repayment sources, financial and liquidity factors, including industry and geographic considerations. For the majority of the consumer portfolio, payment performance or delinquency is the driving indicator for the risk ratings. For the Company’s internal credit risk ratings, each individual loan is given a risk rating of 1 through 10. Loans risk rated 1 through 5 are assigned an internal risk rating of “Pass,” with loans risk rated 1 being fully secured by cash or U.S. government and its agencies. Pass loans have sufficient sources of repayment to repay the loan in full, in accordance with all terms and conditions. Loans assigned a risk rating of 6 have potential weaknesses that warrant closer attention by management; these are assigned an internal risk rating of “Special Mention.” Loans assigned a risk rating of 7 or 8 have well-defined weaknesses that may jeopardize the full and timely repayment of the loan; these are assigned an internal risk rating of “Substandard.” Loans assigned a risk rating of 9 have insufficient sources of repayment and a high probability of loss; these are assigned an internal risk rating of “Doubtful.” Loans assigned a risk rating of 10 are uncollectable and of such little value that they are no longer considered bankable assets; these are assigned an internal risk rating of “Loss.” Exposures categorized as criticized consist of special mention, substandard, doubtful and loss categories. The Company reviews the internal risk ratings of its loan portfolio on a regular and ongoing basis, and adjusts the ratings based on changes in the borrowers’ financial status and the collectability of the loans. The following table summarizes the Company’s loans held-for-investment as of December 31, 2020, presented by loan portfolio segments, internal risk ratings and vintage year. The vintage year is the year of origination, renewal or major modification. ($ in thousands) December 31, 2020 Term Loans Revolving Loans Revolving Loans Converted to Term Loans Amortized Cost Basis Total Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Commercial: C&I: Pass $ 3,912,147 $ 1,477,740 $ 483,725 $ 245,594 $ 69,482 $ 245,615 $ 6,431,003 $ 29,487 $ 12,894,793 Criticized (accrual) 120,183 74,601 56,785 19,426 1,487 5,872 324,640 — 602,994 Criticized (nonaccrual) 2,125 25,267 22,240 18,787 4,964 1,592 58,964 — 133,939 Total C&I 4,034,455 1,577,608 562,750 283,807 75,933 253,079 6,814,607 29,487 13,631,726 CRE: Pass 2,296,649 2,402,136 2,310,748 1,328,251 732,694 1,529,681 173,267 19,064 10,792,490 Criticized (accrual) 47,459 63,654 43,447 98,259 2,094 80,662 — — 335,575 Criticized (nonaccrual) — — 42,067 1,115 — 3,364 — — 46,546 Total CRE 2,344,108 2,465,790 2,396,262 1,427,625 734,788 1,613,707 173,267 19,064 11,174,611 Multifamily residential: Pass 783,671 783,589 479,959 411,945 181,213 348,751 5,895 — 2,995,023 Criticized (accrual) — 735 22,330 6,101 264 5,877 — — 35,307 Criticized (nonaccrual) — — 1,475 — — 2,193 — — 3,668 Total multifamily residential 783,671 784,324 503,764 418,046 181,477 356,821 5,895 — 3,033,998 Construction and land: Pass 224,924 172,707 156,712 — 20,897 1,028 — — 576,268 Criticized (accrual) 3,524 — — — — 19,900 — — 23,424 Criticized (nonaccrual) — — — — — — — — — Total construction and land 228,448 172,707 156,712 — 20,897 20,928 — — 599,692 Total CRE 3,356,227 3,422,821 3,056,738 1,845,671 937,162 1,991,456 179,162 19,064 14,808,301 Total commercial 7,390,682 5,000,429 3,619,488 2,129,478 1,013,095 2,244,535 6,993,769 48,551 28,440,027 Consumer: Single-family residential: Pass (1) 2,385,853 1,813,200 1,501,660 1,021,707 523,170 921,714 — — 8,167,304 Criticized (accrual) — 1,429 — — 119 1,034 — — 2,582 Criticized (Nonaccrual) (1) — 226 812 1,789 1,994 11,246 — — 16,067 Total single-family residential mortgage 2,385,853 1,814,855 1,502,472 1,023,496 525,283 933,994 — — 8,185,953 HELOCs: Pass 1,131 880 2,879 5,363 8,433 13,475 1,328,919 225,810 1,586,890 Criticized (accrual) — — 200 — 996 — 1,328 606 3,130 Criticized (nonaccrual) — 151 285 4,617 164 1,962 — 4,517 11,696 Total HELOCs 1,131 1,031 3,364 9,980 9,593 15,437 1,330,247 230,933 1,601,716 Total residential mortgage 2,386,984 1,815,886 1,505,836 1,033,476 534,876 949,431 1,330,247 230,933 9,787,669 Other consumer: Pass 9,531 — — 1,830 — 83,255 66,136 — 160,752 Criticized (accrual) 16 — — — — — — — 16 Criticized (nonaccrual) — — — 2,491 — — — — 2,491 Total other consumer 9,547 — — 4,321 — 83,255 66,136 — 163,259 Total consumer 2,396,531 1,815,886 1,505,836 1,037,797 534,876 1,032,686 1,396,383 230,933 9,950,928 Total $ 9,787,213 $ 6,816,315 $ 5,125,324 $ 3,167,275 $ 1,547,971 $ 3,277,221 $ 8,390,152 $ 279,484 $ 38,390,955 (1) As of December 31, 2020, $747 thousand of nonaccrual loans whose payments are guaranteed by the Federal Housing Administration were classified with a pass rating. Revolving loans that are converted to term loans presented in the table above are excluded from the term loans by vintage year columns. During the year ended December 31, 2020, HELOCs totaling $145.0 million were converted to term loans. Four C&I revolving loans of $23.9 million were converted to a term loan during the year ended December 31, 2020. The following tables present the credit risk ratings for non-PCI and PCI loans by portfolio segments as of December 31, 2019: ($ in thousands) December 31, 2019 Pass Criticized Total Accrual Nonaccrual Commercial: C&I $ 11,423,094 $ 651,192 $ 74,835 $ 12,149,121 CRE: CRE 10,003,749 145,057 16,441 10,165,247 Multifamily residential 2,806,475 26,918 819 2,834,212 Construction and land 603,447 25,012 — 628,459 Total CRE 13,413,671 196,987 17,260 13,627,918 Total commercial 24,836,765 848,179 92,095 25,777,039 Consumer: Residential mortgage: Single-family residential (1) 7,012,522 2,278 14,179 7,028,979 HELOCs 1,453,207 2,787 10,742 1,466,736 Total residential mortgage 8,465,729 5,065 24,921 8,495,715 Other consumer 280,392 5 2,517 282,914 Total consumer 8,746,121 5,070 27,438 8,778,629 Total $ 33,582,886 $ 853,249 $ 119,533 $ 34,555,668 ($ in thousands) December 31, 2019 Pass Criticized Total Accrual Nonaccrual Commercial: C&I $ 1,810 $ — $ — $ 1,810 CRE: CRE 102,257 10,939 5 113,201 Multifamily residential 22,162 — — 22,162 Construction and land 40 — — 40 Total CRE 124,459 10,939 5 135,403 Total commercial 126,269 10,939 5 137,213 Consumer: Residential mortgage: Single-family residential 79,517 — 94 79,611 HELOCs 5,849 — 198 6,047 Total residential mortgage 85,366 — 292 85,658 Total consumer 85,366 — 292 85,658 Total (2) $ 211,635 $ 10,939 $ 297 $ 222,871 (1) As of December 31, 2019, $686 thousand of nonaccrual loans whose payments are guaranteed by the Federal Housing Administration were classified with a pass rating. (2) Loans net of ASC 310-30 discount. Nonaccrual and Past Due Loans Loans that are 90 or more days past due are generally placed on nonaccrual status, unless the loan is well-collateralized and in the process of collection. Loans that are less than 90 days past due but have identified deficiencies, such as when the full collection of principal or interest becomes uncertain, are also placed on nonaccrual status. The following table presents the aging analysis of total loans held-for-investment as of December 31, 2020: ($ in thousands) December 31, 2020 Current Accruing Accruing Total Nonaccrual Nonaccrual Total Total Commercial: C&I $ 13,488,070 $ 8,993 $ 724 $ 9,717 $ 100,602 $ 33,337 $ 133,939 $ 13,631,726 CRE: CRE 11,127,690 375 — 375 448 46,098 46,546 11,174,611 Multifamily residential 3,028,512 1,818 — 1,818 2,375 1,293 3,668 3,033,998 Construction and land 579,792 19,900 — 19,900 — — — 599,692 Total CRE 14,735,994 22,093 — 22,093 2,823 47,391 50,214 14,808,301 Total commercial 28,224,064 31,086 724 31,810 103,425 80,728 184,153 28,440,027 Consumer: Residential mortgage: Single-family residential 8,156,645 9,911 2,583 12,494 2,385 14,429 16,814 8,185,953 HELOCs 1,583,968 2,922 3,130 6,052 577 11,119 11,696 1,601,716 Total residential mortgage 9,740,613 12,833 5,713 18,546 2,962 25,548 28,510 9,787,669 Other consumer 160,534 217 17 234 — 2,491 2,491 163,259 Total consumer 9,901,147 13,050 5,730 18,780 2,962 28,039 31,001 9,950,928 Total $ 38,125,211 $ 44,136 $ 6,454 $ 50,590 $ 106,387 $ 108,767 $ 215,154 $ 38,390,955 The following table presents amortized cost of loans on nonaccrual status for which there was no related allowance for loan losses as of December 31, 2020: ($ in thousands) December 31, 2020 Commercial: C&I $ 62,040 CRE: CRE 45,537 Multifamily residential 2,519 Total CRE 48,056 Total commercial 110,096 Consumer: Residential mortgage: Single-family residential 6,013 HELOCs 8,076 Total residential mortgage 14,089 Other consumer 2,491 Total consumer 16,580 Total nonaccrual loans with no related allowance for loan losses $ 126,676 The following table presents the aging analysis of non-PCI loans as of December 31, 2019: ($ in thousands) December 31, 2019 Current Accruing Accruing Total Nonaccrual Nonaccrual Total Total Commercial: C&I $ 12,026,131 $ 31,121 $ 17,034 $ 48,155 $ 31,084 $ 43,751 $ 74,835 $ 12,149,121 CRE: CRE 10,123,999 22,830 1,977 24,807 540 15,901 16,441 10,165,247 Multifamily residential 2,832,664 198 531 729 534 285 819 2,834,212 Construction and land 628,459 — — — — — — 628,459 Total CRE 13,585,122 23,028 2,508 25,536 1,074 16,186 17,260 13,627,918 Total commercial 25,611,253 54,149 19,542 73,691 32,158 59,937 92,095 25,777,039 Consumer: Residential mortgage: Single-family residential 6,993,597 15,443 5,074 20,517 1,964 12,901 14,865 7,028,979 HELOCs 1,448,930 4,273 2,791 7,064 1,448 9,294 10,742 1,466,736 Total residential mortgage 8,442,527 19,716 7,865 27,581 3,412 22,195 25,607 8,495,715 Other consumer 280,386 6 5 11 — 2,517 2,517 282,914 Total consumer 8,722,913 19,722 7,870 27,592 3,412 24,712 28,124 8,778,629 Total $ 34,334,166 $ 73,871 $ 27,412 $ 101,283 $ 35,570 $ 84,649 $ 120,219 $ 34,555,668 PCI loans were excluded from the above aging analysis table as of December 31, 2019, as the Company elected to account for these loans on a pool level basis under ASC 310-30 at the time of acquisition. As of December 31, 2019, PCI loans on nonaccrual status totaled $297 thousand. Foreclosed Assets Foreclosed assets, consisting of OREO and other nonperforming assets, are included in Other assets on the Consolidated Balance Sheet. The Company had $19.7 million in foreclosed assets as of December 31, 2020, compared with $1.3 million as of December 31, 2019. The Company commences the foreclosure process on consumer mortgage loans when a borrower becomes 120 days delinquent in accordance with the Consumer Finance Protection Bureau guidelines. The carrying values of consumer real estate loans that were in the process of active or suspended foreclosure were $4.1 million and $7.2 million as of December 31, 2020 and 2019, respectively. The Company has suspended certain mortgage foreclosure activities in connection with our actions to support our customers during the COVID-19 pandemic. Troubled Debt Restructurings TDRs are individually evaluated, and the type of restructuring is selected based on the loan type and the circumstances of the borrower’s financial difficulty. A TDR is a modification of the terms of a loan when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that it would not have otherwise considered. Beginning in March 2020, the Company has implemented various commercial and consumer loan modification programs to provide its borrowers relief from the economic impacts of the COVID-19 pandemic. These COVID-related modifications are generally not classified as TDRs due to the relief under the CARES Act, as amended by the CAA, and the Interagency Statement, and therefore are not included in the discussion below. Assistance provided in response to the COVID-19 pandemic could delay the recognition of delinquencies, nonaccrual status, and net charge-offs for those borrowers who would have otherwise moved into past due or nonaccrual status. See Note 1 — Summary of Significant Accounting Policies — Troubled Debt Restructurings to the Consolidated Financial Statements in this Form 10-K for additional information related to TDR. The following tables present the additions to TDRs for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Loans Modified as TDRs During the Year Ended December 31, 2020 Number Pre-Modification Post-Modification (1) Financial (2) Commercial: C&I 14 $ 152,249 $ 134,467 $ 19,555 CRE: CRE 2 21,429 21,221 18 Multifamily residential 1 1,220 1,226 — Total CRE 3 22,649 22,447 18 Total commercial 17 174,898 156,914 19,573 Consumer: Total consumer — — — — Total 17 $ 174,898 $ 156,914 $ 19,573 ($ in thousands) Loans Modified as TDRs During the Year Ended December 31, 2019 Number Pre-Modification Post-Modification (1) Financial (2) Commercial: C&I 8 $ 95,742 $ 71,332 $ 8,004 CRE: Construction and land 1 19,696 19,691 — Total CRE 1 19,696 19,691 — Total commercial 9 115,438 91,023 8,004 Consumer: Residential mortgage: Single-family residential 2 1,123 1,098 2 HELOCs 2 539 528 — Total residential mortgage 4 1,662 1,626 2 Total consumer 4 1,662 1,626 2 Total 13 $ 117,100 $ 92,649 $ 8,006 ($ in thousands) Loans Modified as TDRs During the Year Ended December 31, 2018 Number Pre-Modification Post-Modification (1) Financial (2) Commercial: C&I 8 $ 11,366 $ 9,520 $ 699 CRE: CRE 1 750 752 — Total CRE 1 750 752 — Total commercial 9 12,116 10,272 699 Consumer: Residential mortgage: Single-family residential 2 405 391 (28) HELOCs 2 1,546 1,418 — Total residential mortgage 4 1,951 1,809 (28) Total consumer 4 1,951 1,809 (28) Total 13 $ 14,067 $ 12,081 $ 671 (1) Includes subsequent payments after modification and reflects the balance as of December 31, 2020, 2019 and 2018. (2) Includes charge-offs and specific reserves recorded since the modification date. The following tables present the TDR post-modifications outstanding balances for the years ended December 31, 2020, 2019 and 2018 by modification type: ($ in thousands) Modification Type During the Year Ended December 31, 2020 Principal (1) Principal and Interest (2) Interest Interest Other (3) Total Commercial: C&I $ 59,134 $ 10,863 $ 31,913 $ 32,557 $ — $ 134,467 CRE: CRE 21,221 — — — — 21,221 Multifamily residential 1,226 — — — — 1,226 Total CRE 22,447 — — — — 22,447 Total commercial 81,581 10,863 31,913 32,557 — 156,914 Consumer: Total consumer — — — — — — Total $ 81,581 $ 10,863 $ 31,913 $ 32,557 $ — $ 156,914 ($ in thousands) Modification Type During the Year Ended December 31, 2019 Principal (1) Principal and Interest (2) Interest Interest Other (3) Total Commercial: C&I $ 31,611 $ — $ — $ — $ 39,721 $ 71,332 CRE: Construction and land — — 19,691 — — 19,691 Total CRE — — 19,691 — — 19,691 Total commercial 31,611 — 19,691 — 39,721 91,023 Consumer: Residential mortgage: Single-family residential — 1,098 — — — 1,098 HELOCs — 397 — — 131 528 Total residential mortgage — 1,495 — — 131 1,626 Total consumer — 1,495 — — 131 1,626 Total $ 31,611 $ 1,495 $ 19,691 $ — $ 39,852 $ 92,649 ($ in thousands) Modification Type During the Year Ended December 31, 2018 Principal (1) Principal (2) Interest Interest Other (3) Total Commercial: C&I $ 5,472 $ — $ — $ — $ 4,048 $ 9,520 CRE: CRE — — 752 — — 752 Total CRE — — 752 — — 752 Total commercial 5,472 — 752 — 4,048 10,272 Consumer: Residential mortgage: Single-family residential 66 — — — 325 391 HELOCs 1,353 — — — 65 1,418 Total residential mortgage 1,419 — — — 390 1,809 Total consumer 1,419 — — — 390 1,809 Total $ 6,891 $ — $ 752 $ — $ 4,438 $ 12,081 (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 principal and interest deferments or reductions. (3) Includes primarily funding to secure additional collateral and provides liquidity to collateral-dependent C&I loans. After a loan is modified as TDR, the Company continues to monitor its performance under its most recent restructured terms. A TDR may become delinquent and result in payment default (generally 90 days past due) subsequent to restructuring. The following table presents information on loans for which a subsequent payment default occurred during the years ended December 31, 2020, 2019 and 2018, respectively, which had been modified as TDR within the previous 12 months of its default, and were still in default as of the respective periods end: ($ in thousands) Loans Modified as TDRs that Subsequently Defaulted 2020 2019 2018 Number of Recorded Number of Recorded Number of Recorded Commercial: C&I 1 $ 15,852 3 $ 13,112 4 $ 1,890 CRE: CRE — — — — 1 186 Total CRE — — — — 1 186 Total commercial 1 15,852 3 13,112 5 2,076 Consumer: Residential mortgage: HELOCs — — — — 1 150 Total residential mortgage — — — — 1 150 Total consumer — — — — 1 150 Total 1 $ 15,852 3 $ 13,112 6 $ 2,226 As of December 31, 2020 and 2019, the remaining commitments to lend additional funds to borrowers whose terms have been modified as TDRs were $3.0 million and $2.2 million, respectively. In connection with the adoption of ASU 2016-13 on January 1, 2020, the Company no longer provides information on impaired loans. Information on non-PCI impaired loans as of December 31, 2019 is presented as follows: ($ in thousands) December 31, 2019 Unpaid Recorded Recorded Total Related Commercial: C&I $ 174,656 $ 73,956 $ 40,086 $ 114,042 $ 2,881 CRE: CRE 27,601 20,098 1,520 21,618 97 Multifamily residential 4,965 1,371 3,093 4,464 55 Construction and land 19,696 19,691 — 19,691 — Total CRE 52,262 41,160 4,613 45,773 152 Total commercial 226,918 115,116 44,699 159,815 3,033 Consumer: Residential mortgage: Single-family residential 23,626 8,507 13,704 22,211 35 HELOCs 13,711 6,125 7,449 13,574 8 Total residential mortgage 37,337 14,632 21,153 35,785 43 Other consumer 2,517 — 2,517 2,517 2,517 Total consumer 39,854 14,632 23,670 38,302 2,560 Total non-PCI impaired loans $ 266,772 $ 129,748 $ 68,369 $ 198,117 $ 5,593 The following table presents the average recorded investment and interest income recognized on non-PCI impaired loans for the years ended December 31, 2019 and 2018: ($ in thousands) Year Ended December 31, 2019 2018 Average Recognized (1) Average Recognized Interest Income (1) Commercial: C&I $ 248,619 $ 2,932 $ 143,430 $ 1,046 CRE: CRE 33,046 464 35,049 491 Multifamily residential 6,116 228 11,742 249 Construction and land 19,691 68 3,973 — Total CRE 58,853 760 50,764 740 Total commercial 307,472 3,692 194,194 1,786 Consumer: Residential mortgage: Single-family residential 37,315 496 22,350 474 HELOCs 22,851 130 14,134 70 Total residential mortgage 60,166 626 36,484 544 Other consumer 2,552 — 2,502 — Total consumer 62,718 626 38,986 544 Total non-PCI impaired loans $ 370,190 $ 4,318 $ 233,180 $ 2,330 (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 On January 1, 2020 , the Company adopted ASU 2016-13 that establishes a single allowance framework for all financial assets measured at amortized cost and certain off-balance sheet credit exposures. It requires the measurement of the allowance for credit losses to be based on management’s best estimate of lifetime expected credit losses inherent in the Company’s relevant financial assets. Balance sheet information and results of operations for reporting periods beginning with January 1, 2020 are presented under ASC 326, while prior period comparisons continue to be presented under legacy GAAP. The allowance for credit losses is deducted from the amortized cost basis of a financial asset or a group of financial assets so that the balance sheet reflects the net amount the Company expects to collect. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, and deferred fees and costs. Subsequent changes in expected credit losses are recognized in net income as a provision for credit loss expense or a reversal of credit loss expense. The process of the allowance for credit losses involves procedures to consider the unique risk characteristics of the portfolio segments. The majority of the Company’s credit exposures share risk characteristics with other similar exposures, and as a result are collectively evaluated. The collectively evaluated loans cover performing risk-rated loans and unfunded credit commitments. If an exposure does not share risk characteristics with other exposures, the Company generally estimates expected credit losses on an individual basis. The individually assessed loans cover loans modified or reasonably expected to be modified in a TDR, collateral-dependent loans, as well as, risk-rated loans that have been placed on nonaccrual status. Allowance for Collectively Evaluated Loans The allowance for collectively evaluated loans consists of a quantitative component that assesses many different risk factors which are considered in our models and a qualitative component that considers risk factors external to the models. Each of these components are described below. Quantitative Component — The allowance for loan losses is estimated using quantitative methods that consider a variety of factors such as historical loss experience, the current credit quality of the portfolio, as well as an economic outlook over the life of the loan. The Company incorporates forward-looking information using macroeconomic scenarios applied over the forecasted life of the loans. The forward-looking information is limited to the reasonable and supportable period. These macroeconomic scenarios include variables that are considered key drivers of increases and decreases in credit losses. The Company utilizes a probability-weighted multiple scenario forecast approach. These scenarios may consist of a base forecast representing management's view of the most likely outcome, combined with downside and upside scenarios reflecting possible worsening or improving economic conditions. A probability-weighted average of these macroeconomic scenarios over a reasonable and supportable forecast period is incorporated into the quantitative models. If the loans’ life extends beyond the reasonable and supportable forecast period, then historical experience, or long-run macroeconomic trends is considered over the remaining life of the loans in estimation of the allowance for loan losses . Qualitative Component — The Company also considers the following qualitative factors in the determination of the collectively evaluated allowance, if these factors have not already been captured by the quantitative model. Such qualitative factors may include, but not limited to: • Loan growth trends; • The volume and severity of past due financial assets, and the volume and severity of adversely classified or rated financial assets; • The Company’s lending policies and procedures, including changes in lending strategies, underwriting standards, collection, write-off and recovery practices, • Knowledge of the borrower’s operations; • The quality of the Company’s credit review system; • The experience, ability and depth of the Company’s management, lending staff and other relevant staff; • The effect of other external factors such as the regulatory, legal and technological environments; and • Actual and expected changes in international, national, regional, and local economic and business conditions in which the Company operates, including the actual and expected conditions of various market segments. The magnitude of the impact of these factors on the Company’s qualitative assessment of the allowance for credit losses changes from period to period according to changes made by management in its assessment of these factors. The extent to which these factors change may be dependent on whether they are already reflected in quantitative loss estimates during the current period and the extent changes in these factors diverge from period to period. For the year ended December 31, 2020, there were no changes to the reasonable and supportable forecast period, and reversion to historical loss experience method. The following table provides key credit risk characteristics and macroeconomic variables that the Company uses to estimate the expected credit losses by portfolio segment: Portfolio Segment Risk Characteristics Macroeconomic Variables C&I Internal risk rating; size and credit spread at origination, and time to maturity Unemployment rate, and two and ten year treasury spread CRE, Multifamily residential, and Construction and land Delinquency status; maturity date; collateral value; property type, and geographic location Unemployment rate; GDP, and U.S. Treasury rates Single-family residential and HELOCs FICO; delinquency status; maturity date; collateral value, and geographic location Unemployment rate; GDP, and home price index Other consumer Historical loss experience Immaterial (1) (1) Macroeconomic variables are included in the qualitative estimate. Allowance for Loan Losses for the Commercial Loan Portfolio — The Company’s C&I loan lifetime loss rate model estimates credit losses by estimating a loss rate expected over the life of a loan. This loss rate is applied to the amortized cost basis, excluding accrued interest receivable, to determine expected credit losses. The lifetime loss rate model’s reasonable and supportable period spans eight quarters, thereafter immediately reverting to the historical average loss rate, expressed through the loan-level lifetime loss rate. For CRE loans, projected probability of defaults (“PDs”) and loss given defaults (“LGDs”) are applied to the estimated exposure at default, considering the term and payment structure of the loan, to generate estimates of expected loss at the loan level. Within the reasonable and supportable period, the forecast of future economic conditions returns to long-run historical economic trends. In order to estimate the life of a loan under both models, the contractual term of the loan is adjusted for estimated prepayments, which are based on historical prepayment experience. Allowance for Loan Losses for the Consumer Loan Portfolio — For single-family residential and HELOC loans, projected PDs and LGDs are applied to the estimated exposure at default, considering the term and payment structure of the loan, to generate estimates of expected loss at the loan level. Within the reasonable and supportable period, the forecast of future economic conditions returns to long-run historical economic trends. For other consumer loans, the Company uses a loss rate approach. In order to estimate the life of a loan, the contractual term of the loan is adjusted for estimated prepayments, which are based on historical prepayment experience. Qualitative Allowance for Collectively Evaluated Loans — While the Company’s allowance methodologies strive to reflect all relevant credit risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between expected and actual outcomes. The Company may hold additional qualitative reserves that are designed to provide coverage for losses attributable to such risk. The allowance for loan losses as of December 31, 2020 also included qualitative adjustments for certain industry sectors, such as oil & gas, included as part of the C&I loan portfolio. Allowance for Individually Evaluated Loans When a loan no longer shares similar risk characteristics with other loans, such as in the case for certain nonaccrual or TDR loans, the Company estimates the allowance for loan losses on an individual loan basis. The allowance for loan losses for individually evaluated loans is measured as the difference between the recorded value of the loans and their fair value. For loans evaluated individually, the Company uses one of three different asset valuation measurement methods: (1) the fair value of collateral less costs to sell; (2) the present value of expected future cash flows; and (3) the loan's observable market price. If an individually evaluated loan is determined to be collateral dependent, the Company applies the fair value of the collateral less costs to sell method. If an individually evaluated loan is determined not to be collateral dependent, the Company uses the present value of future cash flows or the observable market value of the loan. Collateral-Dependent Loans — When a loan is collateral dependent, the allowance is measured on an individual loan basis and is limited to the difference between the recorded value and fair value of the collateral less cost of disposal or sale. As of December 31, 2020, collateral-dependent commercial and consumer loans totaled $97.2 million and $17.3 million, respectively. The Company's commercial collateral-dependent loans were secured by real estates or other collateral. The Company's consumer collateral-dependent loans were all residential mortgage loans, secured by their underlying real estates. As of December 31, 2020 , the collateral value of the properties securing each of these collateral dependent loans, net of selling costs, exceeded the recorded value of the individual loans. The following tables summarize the activity in the allowance for loan losses by portfolio segments for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 Commercial Consumer Total C&I CRE Residential Mortgage Other CRE Multifamily Construction Single- HELOCs Allowance for loan losses, beginning of period $ 238,376 $ 40,509 $ 22,826 $ 19,404 $ 28,527 $ 5,265 $ 3,380 $ 358,287 Impact of ASU 2016-13 adoption 74,237 72,169 (8,112) (9,889) (3,670) (1,798) 2,221 125,158 Provision for (reversal of) credit losses on loans (a) 145,212 55,864 10,879 644 (9,922) (605) (3,381) 198,691 Gross charge-offs (66,225) (15,206) — — — (221) (185) (81,837) Gross recoveries 5,428 10,455 1,980 80 585 49 95 18,672 Total net (charge-offs) recoveries (60,797) (4,751) 1,980 80 |
Investments in Qualified Afford
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities | 12 Months Ended |
Dec. 31, 2020 | |
Investments in Qualified Affordable Housing Partnerships, 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, particularly including low- and moderate-income individuals and 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. 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 December 31, 2020 and 2019: ($ in thousands) December 31, 2020 2019 Investments in qualified affordable housing partnerships, net $ 213,555 $ 207,037 Accrued expenses and other liabilities — Unfunded commitments $ 77,444 $ 80,294 The following table presents additional information related to the Company’s investments in qualified affordable housing partnerships, net, for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Tax credits and other tax benefits recognized $ 45,971 $ 46,034 $ 39,262 Amortization expense included in income tax expense $ 37,132 $ 36,561 $ 28,046 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 December 31, 2020 and 2019: ($ in thousands) December 31, 2020 2019 Investments in tax credit and other investments, net $ 266,525 $ 254,140 Accrued expenses and other liabilities — Unfunded commitments $ 105,282 $ 113,515 Amortization of tax credit and other investments was $70.1 million, $98.4 million, and $96.2 million for the years ended December 31, 2020, 2019 and 2018, respectively. The Company held equity securities with readily determinable fair values of $31.3 million and $31.7 million, as of December 31, 2020 and 2019, respectively. These equity securities were CRA investments measured at fair value with changes in fair value recorded in net income. The Company recorded unrealized gains on these equity securities of $732 thousand for the year ended December 31, 2020, and unrealized gains of $789 thousand for the year ended December 31, 2019. Equity securities with readily determinable fair value were included in Investments in tax credit and other investments, net on the Consolidated Balance Sheet. The Company held equity securities without readily determinable fair values totaling $23.7 million and $19.1 million as of December 31, 2020 and 2019, respectively, which were measured using the measurement alternative at cost less impairment and adjusted for observable price changes. The increase during 2020 was primarily due to a $5.0 million purchase of one new security in the fourth quarter of 2020. For the year ended December 31, 2020, the Company recorded $360 thousand in OTTI charges related to these securities. No adjustments were made to these securities for the year ended December 31, 2019. Equity securities without readily determinable fair values were included in Investments in tax credit and other investments, net and Other Assets on the Consolidated Balance Sheet. As of December 31, 2020, the Company’s unfunded commitments related to investments in qualified affordable housing partnerships, tax credit and other investments are estimated to be funded as follows: ($ in thousands) Amount 2021 $ 125,142 2022 37,175 2023 14,499 2024 2,034 2025 462 Thereafter 3,414 Total $ 182,726 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. OTTI charges are recorded within Amortization of tax credit and other investments, net on the Consolidated Statement of Income. Refer to Note 2 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-K for a discussion on the Company’s impairment evaluation and monitoring process of tax credit investments. There were $4.8 million OTTI charges, offset by OTTI recoveries of $1.5 million recorded on the Company’s investments in tax credits and other investments, net, during the year ended December 31, 2020. Comparatively, there were $14.6 million in OTTI charges, offset by OTTI recoveries of $1.6 million recorded during the year ended December 31, 2019. The higher OTTI charges recorded during the year ended December 31, 2019 were primarily due to $5.4 million in net OTTI charges related to the Company’s investment in DC Solar and affiliates (“DC Solar”) discussed below. 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. 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. DC Solar had its assets frozen in December 2018 and filed for bankruptcy protection in February 2019. In February 2019, an affidavit from a Federal Bureau of Investigation (“FBI”) 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 had been received by DC Solar might not have existed. During 2019, the Company recorded $7.0 million OTTI charge on its remaining tax credit investment related to DC Solar, and subsequently recovered $1.6 million. During 2020, the Company further recorded $10.7 million in recoveries, of which $1.1 million was recorded as an impairment recovery. There were no balances in Accrued expenses and other liabilities — Unfunded commitments related to DC Solar as of both December 31, 2020 and 2019. Refer to Note 11 — Income Taxes to the Consolidated Financial Statements in this Form 10-K for a further discussion related to the impacts on the Company’s income tax expense related to the DC solar tax credit investments. Variable Interest Entities The Company invests in unconsolidated limited partnerships and similar entities that construct, own and operate affordable housing, historic rehabilitation, wind and solar projects, of which the majority of such investments are 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 member’s ability to manage the entity, which is indicative of power over them. The Company’s maximum exposure to loss in connection with these partnerships consist 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. A CLO is a VIE that purchases a pool of assets consisting primarily of non-investment grade corporate loans, and issues multiple tranches of notes to investors to fund the asset purchases and pay upfront expenses associated with forming the CLO . The Company served as the collateral manager of a CLO that closed in 2019 and subsequently reassigned its portfolio manager responsibilities in 2020. The Company had retained the top 3 investment grade-rated tranches issued by the CLO, which the carrying amounts were $287.5 million and $284.7 million as of December 31, 2020 and 2019, respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill The Company’s annual goodwill impairment testing was performed as of December 31 of each year, or more frequently as events occur or circumstances change that would more-likely-than-not reduce the fair value of a reporting units below its carrying value. Additional information pertaining to our accounting policy for goodwill is summarized in Note 1 — Summary of Significant Accounting Policies - Goodwill and Other Intangible Assets . Due to the uncertain market conditions resulting from the COVID-19 pandemic, the Company had performed an interim goodwill impairment test as of March 31, 2020 and concluded that there was no impairment. We completed our annual goodwill impairment testing as of December 31, 2020. Based on the results of the annual goodwill impairment test, the Company determined there was no goodwill impairment. The following table presents changes in the carrying amount of goodwill by reporting units during the year ended December 31, 2019: ($ in thousands) Consumer Commercial Total Beginning balance, January 1, 2019 $ 353,321 $ 112,226 $ 465,547 Acquisition of East West Markets, LLC — 150 150 Ending balance, December 31, 2019 $ 353,321 $ 112,376 $ 465,697 There were no changes in the carrying amount of goodwill during the year ended December 31, 2020. Core Deposit Intangibles The following table presents the gross carrying amount of core deposit intangible and accumulated amortization as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 2019 Gross balance (1) $ 86,099 $ 86,099 Accumulated amortization (1) (79,722) (76,088) Net carrying balance (1) $ 6,377 $ 10,011 (1) Excludes fully amortized core deposit intangible assets. There were no impairment write-downs on core deposit intangibles for the years ended December 31, 2020, 2019 and 2018. 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 $3.6 million, $4.5 million and $5.5 million for the years ended December 31, 2020, 2019 and 2018, respectively. The following table presents the estimated future amortization expense of core deposit intangibles as of December 31, 2020: ($ in thousands) Amount 2021 $ 2,749 2022 1,865 2023 1,199 2024 553 2025 11 Thereafter — Total $ 6,377 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2020 | |
DEPOSIT ACCOUNTS | |
Deposits | Deposits The following table presents the composition of the Company’s deposits as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 2019 Deposits: Noninterest-bearing demand $ 16,298,301 $ 11,080,036 Interest-bearing checking 6,142,193 5,200,755 Money market 10,740,667 8,711,964 Savings 2,681,242 2,117,196 Time deposits: Less than $100,000 999,664 1,993,950 $100,000 or greater 8,000,685 8,220,358 Total deposits $ 44,862,752 $ 37,324,259 The aggregate amount of domestic time deposits that meet or exceed the current Federal Deposit Insurance Corporation (“FDIC”) insurance limit of $250,000 was $5.78 billion and $5.44 billion as of December 31, 2020 and 2019, respectively. As of December 31, 2020 and 2019, the aggregate amount of foreign office time deposits, including both Hong Kong and China that meet or exceed the current FDIC insurance limit of $250,000 was $823.2 million and $1.19 billion, respectively. As of December 31, 2020, $696.1 million of interest-bearing demand deposits and $840.7 million of time deposits were held by the Company’s branch in Hong Kong and subsidiary bank in China. In comparison, $493.4 million of interest-bearing demand deposits and $1.21 billion of time deposits were held by the Company’s branch in Hong Kong and subsidiary bank in China as of December 31, 2019. The following table presents the scheduled maturities of time deposits for the five years succeeding December 31, 2020 and thereafter: ($ in thousands) Amount 2021 $ 8,608,547 2022 332,809 2023 41,178 2024 11,085 2025 6,715 Thereafter 15 Total $ 9,000,349 |
Federal Home Loan Bank Advances
Federal Home Loan Bank Advances and Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
FEDERAL HOME LOAN BANK ADVANCES AND LONG-TERM DEBT | |
Federal Home Loan Bank Advances and Long-Term Debt | Federal Home Loan Bank Advances and Long-Term Debt The following table presents the balance of the Company’s junior subordinated debt and FHLB advances as of December 31, 2020 and 2019, and the related contractual rates and maturity dates as of December 31, 2020: ($ in thousands) Maturity Dates December 31, 2020 2019 Amount Amount Parent Company Junior subordinated debt (1 ) — floating 1.57% — 2.12% 2034 — 2037 $ 147,376 $ 147,101 Bank FHLB advances (2) : Fixed 0.00% — 2.34% 2021 405,000 400,000 Floating (3) 0.60% — 0.63% 2022 247,612 345,915 Total FHLB advances $ 652,612 $ 745,915 (1) The weighted-average contractual interest rates for junior subordinated debt were 2.26% and 3.98% as of December 31, 2020 and 2019, respectively. (2) The weighted-average contractual interest rates for FHLB advances were 1.77% and 2.19% as of December 31, 2020 and 2019, respectively. (3) Floating interest rates reset monthly or quarterly based on LIBOR. FHLB Advances The Bank’s available borrowing capacity from FHLB advances totaled $6.33 billion and $6.83 billion as of December 31, 2020 and 2019, respectively. The Bank’s available borrowing capacity from the FHLB is derived from its portfolio of loans that are pledged to the FHLB reduced by its outstanding FHLB advances. As of December 31, 2020 and 2019, all advances were secured by real estate loans. Long-Term Debt — Junior Subordinated Debt As of December 31, 2020, East West has six statutory business trusts for the purpose of issuing junior subordinated debt to third party investors. The junior subordinated debt was issued in connection with the East West’s various pooled trust preferred securities offerings. The Trusts issued both fixed and variable rate capital securities, representing undivided preferred beneficial interests in the assets of the Trusts, to third party investors. East West is the owner of all the beneficial interests represented by the common securities of the Trusts. The junior subordinated debt is recorded as a component of long-term debt and includes the value of the common stock issued by six of East West’s wholly owned subsidiaries in conjunction with these transactions. The common stock is recorded in Other assets on the Consolidated Balance Sheet for the amount issued in connection with these junior subordinated debt issuances. The proceeds from these issuances represent liabilities of East West to the Trusts and are reported on the Consolidated Balance Sheet as a component of L o ng-term debt . Interest payments on these securities are made quarterly and are deductible for tax purposes. The following table presents the outstanding junior subordinated debt issued by each trust as of December 31, 2020 and 2019: Issuer Stated (1) Stated Current Rate December 31, 2020 December 31, 2019 Aggregate Aggregate Aggregate Aggregate ($ in thousands) East West Capital Trust V November 2034 3-month LIBOR + 1.80% 2.01% $ 464 $ 15,000 $ 464 $ 15,000 East West Capital Trust VI September 2035 3-month LIBOR + 1.50% 1.72% 619 20,000 619 20,000 East West Capital Trust VII June 2036 3-month LIBOR + 1.35% 1.57% 928 30,000 928 30,000 East West Capital Trust VIII June 2037 3-month LIBOR + 1.40% 1.63% 619 18,000 619 18,000 East West Capital Trust IX September 2037 3-month LIBOR + 1.90% 2.12% 928 30,000 928 30,000 MCBI Statutory Trust I December 2035 3-month LIBOR + 1.55% 1.77% 1,083 35,000 1,083 35,000 Total $ 4,641 $ 148,000 $ 4,641 $ 148,000 (1) All the above debt instruments mature more than five years after December 31, 2020 and are subject to call options where early redemption requires appropriate notice. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The following table presents the components of income tax expense/benefit for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Current income tax expense (benefit): Federal $ 84,560 $ 107,393 $ 63,035 State 74,252 86,578 64,917 Foreign 671 (2,485) 3,513 Total current income tax expense 159,483 191,486 131,465 Deferred income tax (benefit) expense: Federal (28,093) (8,801) (11,870) State (11,671) (16,390) (4,600) Foreign (1,751) 3,587 — Total deferred income tax benefit (41,515) (21,604) (16,470) Income tax expense $ 117,968 $ 169,882 $ 114,995 The following table presents the reconciliation of the federal statutory rate to the Company’s effective tax rate for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % U.S. state income taxes, net of U.S. federal income tax effect 7.2 7.1 5.8 Tax credits and benefits, net of related expenses (12.4) (6.8) (12.7) Other, net 1.4 (1.2) (0.1) Effective tax rate 17.2 % 20.1 % 14.0 % Income tax expense was $118.0 million, and the effective tax rate was 17.2% for the year ended December 31, 2020, compared with income tax expense of $169.9 million, and an effective tax rate of 20.1% for the year ended December 31, 2019. Income tax expense was $115.0 million and the effective tax rate was 14.0% for the year ended December 31, 2018. For the year ended December 31, 2020, income tax expense included $5.1 million in uncertain tax position related to the Company’s investment in DC Solar. The higher effective tax rate for the year ended December 31, 2019 was primarily due to $30.1 million of additional income tax expense recorded to reverse certain previously claimed tax credits related to the Company’s investment in DC Solar. The tax effects of temporary differences that give rise to a significant portion of deferred tax assets and liabilities as of December 31, 2020 and 2019 are presented below: ($ in thousands) December 31, 2020 2019 Deferred tax assets: Allowance for loan losses $ 192,534 $ 109,903 Investments in qualified affordable housing partnerships, tax credit and other investments, net 11,174 11,190 Deferred compensation 23,604 23,816 Interest income on nonaccrual loans 5,909 9,527 State taxes 273 5,848 Premises and equipment 2,096 1,578 Lease liability 30,554 35,948 Other 1,441 965 Total gross deferred tax assets 267,585 198,775 Valuation allowance — (21) Total deferred tax assets, net of valuation allowance $ 267,585 $ 198,754 Deferred tax liabilities: Equipment lease financing $ 29,990 $ 30,669 Investments in qualified affordable housing partnerships, tax credit and other investments, net 14,912 12,301 Core deposit intangibles 1,934 3,032 FHLB stock dividends 1,855 1,854 Mortgage servicing assets 1,675 1,839 Acquired debt 1,597 1,679 Prepaid expenses 1,194 1,100 Premises and equipment 99 1,890 Unrealized gains/losses on securities 21,593 890 Operating lease right-of-use assets 28,468 34,313 Other 453 2,700 Total gross deferred tax liabilities $ 103,770 $ 92,267 Net deferred tax assets $ 163,815 $ 106,487 The tax benefits of deductible temporary differences and tax carryforwards are recorded as an asset to the extent that management assesses the utilization of such temporary differences and carryforwards to be more-likely-than-not. A valuation allowance is used, as needed, to reduce the deferred tax assets to the amount that is more-likely-than-not to be realized. Evidence the Company considers includes the Company’s ability to generate future taxable income, implement tax-planning strategies (as defined in ASC 740, Income Taxes ), and utilize taxable income from prior carryback years (if such carryback is permitted under the applicable tax law), as well as future reversals of existing taxable temporary differences. The Company expects to have sufficient taxable income in future years to fully realize its deferred tax assets. The Company also performed an overall assessment by weighing all positive evidence against all negative evidence and concluded that it is more-likely-than-not that all of the benefits of the deferred tax assets will be realized, with the exception of the deferred tax assets related to certain state net operating losses (“NOL”) carryforwards. As of December 31, 2020, management released $21 thousand of valuation allowance provided as of December 31, 2019, which related to the state NOL carryforwards. No additional valuation allowance was recorded as of December 31, 2020. The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Beginning balance $ — $ 4,378 $ 10,419 Additions for tax positions related to prior years 5,045 30,103 — Deductions for tax positions related to prior years — (34,481) (3,969) Settlements with taxing authorities — — (2,072) Ending balance $ 5,045 $ — $ 4,378 The Company believes that adequate provisions have been recorded for all income tax uncertainties consistent with the standards of ASC 740-10. The increase in unrecognized tax benefits for the year ended December 31, 2020 was mainly attributable to the additional income expenses recorded related to DC Solar investments, as well as a minor state adjustment. The Company recognizes interest and penalties, as applicable, related to the underpayment of income taxes as a component of Income tax expense on the Consolidated Statement of Income. The Company recorded a charge of $564 thousand of interest for the year ended December 31, 2020. In comparison, a reversal of $6.3 million and $2.0 million of interest and penalties was recorded for the years ended December 31, 2019 and 2018, respectively. Total accrued interest included in Accrued expenses and other liabilities on the Consolidated Balance Sheet was $564 thousand as of December 31, 2020. There was no liability for accrued interest and penalties as of December 31, 2019. Beginning with its 2012 tax year, the Company has executed a Memorandum of Understanding (“MOU”) with the Internal Revenue Service (“IRS”) to voluntarily participate in the IRS Compliance Assurance Process (“CAP”). Under the CAP, the IRS audits the tax position of the Company to identify and resolve any tax issues that may arise throughout the tax year. The objective of the CAP is to resolve issues in a timely and contemporaneous manner and eliminate the need for a lengthy post-filing examination. The Company has executed a MOU with the IRS for the 2019 tax year. For federal tax purposes, the IRS had completed the 2017 and earlier tax years’ corporate income tax return examination. For the 2020 tax year, the Company was accepted by IRS as a CAP Bridge Year. The Company is also currently being audited by the state of Missouri and California and the City of New York. The Company does not believe that the outcome of unresolved issues or claims in any tax jurisdiction is likely to be material to the Company’s financial position, cash flows or results of operations. The Company believes that adequate provisions have been recorded for all income tax uncertainties consistent with ASC 740, Income Taxes as of December 31, 2020. Impact of Investment in DC Solar Tax Credit Funds Investors in DC Solar funds, including the Company, received tax credits for making renewable energy investments. 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. Between fiscal year 2014 and 2018, the Company had invested in four DC Solar energy tax credit funds and claimed tax credits of approximately $53.9 million, partially reduced by a deferred tax liability of $5.7 million related to the 50% tax basis reduction, for a net impact of $48.2 million to the Consolidated Financial Statements. 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” 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. A subsequent measurement of a tax position is based on management’s best judgment given the facts, circumstances and information available at the latest quarterly reporting date. A change in judgment that results in a subsequent derecognition or change in measurement of a tax position is recognized as a discrete item in the period in which the change occurs. In February 2019, an affidavit from a FBI 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 might not have existed. The Company, in coordination with other fund investors, engaged an unaffiliated third-party inventory firm to investigate the actual number of mobile solar generators in existence. Based on the 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 mobile solar generators purchased by the Company’s 2014 and 2015 tax credit funds were found. Based on the inventory information, as well as management’s best judgments regarding the future settlement of the related tax positions with the IRS, the Company concluded that a portion of the previously claimed tax credits would be recaptured. During the year ended December 31, 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. In December 2020, the Company recorded an additional $5.1 million income tax expense regarding DC Solar investments. The Company continues to conduct an ongoing investigation related to this matter. For further discussion related to the Company’s investment in DC Solar and the Company’s impairment evaluation and monitoring process in tax credit investments, refer to Note 7 — Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities and Note 2 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-K. |
Commitments, Contingencies and
Commitments, Contingencies and Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments, Contingencies and Related Party Transactions | Commitments, Contingencies and Related Party Transactions Commitments to Extend Credit — In the ordinary course of business, the Company provides customers loan commitments on predetermined terms. These outstanding commitments to extend credit are not reflected in the accompanying Consolidated Financial Statements. While the Company does not anticipate losses as a result of these transactions, commitments to extend credit are included in determining the appropriate level of the allowance for unfunded credit commitments, and outstanding commercial and SBLCs. The following table presents the Company’s credit-related commitments as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 2019 Expire in One Year or Less Expire After One Year Through Three Years Expire After Three Years Through Expire After Five Years Total Total Loan commitments $ 3,126,551 $ 1,836,523 $ 589,114 $ 138,729 $ 5,690,917 $ 5,330,211 Commercial letters of credit and SBLCs 1,159,357 420,222 137,394 523,840 2,240,813 1,860,414 Total $ 4,285,908 $ 2,256,745 $ 726,508 $ 662,569 $ 7,931,730 $ 7,190,625 Loan commitments are agreements to lend to customers provided 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 December 31, 2020, total letters of credit of $2.24 billion consisted of SBLCs of $2.12 billion and commercial letters of credit of $124.9 million. In comparison, total letters of credit of $1.86 billion consisted of SBLCs of $1.81 billion and commercial letters of credit of $48.5 million as of December 31, 2019. 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 commitments, and amounted to $33.5 million and $11.1 million as of December 31, 2020 and 2019. Guarantees — The Company sells or securitizes single-family and multifamily residential loans with recourse in the ordinary course of business. The recourse component of the loans sold or securitized with recourse is considered a guarantee. As the guarantor, the Company is obligated to repurchase up to the recourse component of the loans if the loans default. The following table presents the types of guarantees the Company had outstanding as of December 31, 2020 and 2019: ($ in thousands) Maximum Potential Future Payments Carrying Value December 31, December 31, 2020 2019 2020 2019 Expire in One Year or Less Expire After One Year Through Three Years Expire After Three Years Through Expire After Five Years Total Total Total Total Single-family residential loans sold or securitized with recourse $ — $ 344 $ 484 $ 9,698 $ 10,526 $ 12,578 $ 10,526 $ 12,578 Multi-family residential loans sold or securitized with recourse 370 481 — 14,894 15,745 15,892 26,619 40,708 Total $ 370 $ 825 $ 484 $ 24,592 $ 26,271 $ 28,470 $ 37,145 $ 53,286 The Company’s recourse reserve related to these guarantees is included in the allowance for unfunded credit commitments and totaled $88 thousand and $76 thousand as of December 31, 2020 and 2019, respectively. The allowance for unfunded credit commitments 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 7 — 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-K. As of December 31, 2020 and 2019, these commitments totaled $182.7 million and $193.8 million, respectively. These commitments are included in Accrued expenses and other liabilities on the Consolidated Balance Sheet. Related Party Transactions — In the ordinary course of business, the Company may extend credit to related parties, including executive officers, directors and principal shareholders. These related party loans were not material for the years ended December 31, 2020 and 2019. |
Stock Compensation Plans
Stock Compensation Plans | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock Compensation Plans | Stock Compensation PlansPursuant to the Company’s 2016 Stock Incentive Plan, as amended, the Company may issue stocks, stock options, restricted stock, RSUs, stock purchase warrants, stock appreciation rights, phantom stock and dividend equivalents to eligible employees, non-employee directors, consultants, and other service providers of the Company and its subsidiaries. There were no outstanding stock awards other than RSUs as of December 31, 2020, 2019 and 2018. An aggregate of 14.0 million shares of common stock were authorized under the 2016 Stock Incentive Plan, and the total number of shares available for grant was approximately 2.8 million as of December 31, 2020. The following table presents a summary of the total share-based compensation expense and the related net tax (deficiencies) benefits associated with the Company’s various employee share-based compensation plans for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Stock compensation costs $ 29,237 $ 30,761 $ 30,937 Related net tax (deficiencies) benefits for stock compensation plans $ (1,839) $ 4,792 $ 5,089 Restricted Stock Units — RSUs are granted under the Company’s long-term incentive plan at no cost to the recipient. RSUs vest ratably after three years or cliff vest after three 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 range between a minimum of 0% 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 as the total number of performance shares 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 and performance-based awards are estimated based on awards ultimately expected to vest and 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 for the Company’s time-based and performance-based RSUs that will be settled in shares for the year ended December 31, 2020. The number of outstanding performance-based RSUs provided below assumes that performance will be met at the target level. Time-Based RSUs Performance-Based RSUs Shares Weighted- Shares Weighted- Outstanding, January 1, 2020 1,139,868 $ 57.78 386,483 $ 60.13 Granted 680,172 40.61 165,084 39.79 Vested (290,147) 55.23 (131,597) 56.59 Forfeited (184,258) 53.61 (21,913) 45.64 Outstanding, December 31, 2020 1,345,635 $ 50.22 398,057 $ 53.66 The following table presents a summary of the activities for the Company’s time-based RSUs that will be settled in cash for the year ended December 31, 2020: Shares Outstanding, January 1, 2020 11,638 Granted 11,215 Vested — Forfeited (1,051) Outstanding, December 31, 2020 21,802 The weighted-average grant date fair value of the time-based awards granted during the years ended December 31, 2020, 2019 and 2018 was $40.61, $52.46 and $66.86, respectively. The weighted-average grant date fair value of the performance-based awards granted during the years ended December 31, 2020, 2019 and 2018 was $39.79, $54.64 and $70.13, respectively. The total fair value of time-based awards that vested during the years ended December 31, 2020, 2019 and 2018 was $11.5 million, $20.7 million and $23.1 million, respectively. The total fair value of performance-based awards that vested during the years ended December 31, 2020, 2019 and 2018 was $8.9 million, $14.5 million and $16.2 million, respectively. As of December 31, 2020, there was $22.8 million of unrecognized compensation costs related to unvested time-based RSUs expected to be recognized over a weighted-average period of 1.72 years, and $13.0 million of unrecognized compensation costs related to unvested performance-based RSUs expected to be recognized over a weighted-average period of 1.72 years. Stock Purchase Plan — The 1998 Employee Stock Purchase Plan (the “Purchase Plan”) provides eligible employees of the Company the right to purchase shares of its common stock at a discount. Employees could purchase shares at 90% of the fair market price subject to an annual purchase limitation of $22,500 per employee. As of December 31, 2020, the Purchase Plan qualifies as a non-compensatory plan under Section 423 of the Internal Revenue Code and, accordingly, no compensation expense has been recognized. 2,000,000 shares of the Company’s common stock have been made AFS under the Purchase Plan. During the years ended December 31, 2020 and 2019, 89,425 shares totaling $2.3 million and 81,221 shares totaling $3.4 million, respectively, have been sold to employees under the Purchase Plan. As of December 31, 2020, there were 304,500 shares available under the Purchase Plan. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company sponsors a defined contribution plan, the East West Bank Employees 401(k) Savings Plan (the “401(k) Plan”), designed to provide retirement benefits financed by participants’ tax deferred contributions for the benefits of its employees. A Roth 401(k) investment option is also available to the participants, with contributions to be made on an after-tax basis. Under the 401(k) Plan, after three months of service, eligible employees may elect to defer up to 80% of their compensation before taxes, up to the dollar limit imposed by the IRS for tax purposes. Participants can also designate a part or all of their contributions as Roth 401(k) contributions. Effective as of April 1, 2020, the Company matches 75% of the first 6% of the Plan participant’s deferred compensation. The Company’s contributions to the Plan are determined annually by the Board of Directors in accordance with the Plan requirements and are invested based on employee investment elections. Plan participants become vested in matching contributions received from the Company at the rate of 20% per year for each full year of service, such that the Plan participants become 100% vested after five years of credited service. For the Plan years ended December 31, 2020, 2019 and 2018, the Company expensed $12.6 million, $14.0 million and $9.9 million, respectively. During 2002, the Company adopted a Supplemental Executive Retirement Plan (“SERP”) pursuant to which the Company will pay supplemental pension benefits to certain executive officers designated by the Board of Directors upon retirement based upon the officers’ years of service and compensation. The SERP meets the definition of a pension plan per ASC 715-30, Compensation — Retirement Benefits — Defined Benefit Plans — Pension. The SERP is an unfunded, non-qualified plan under which the participants have no rights beyond those of a general creditor of the Company, and there are no specific assets set aside by the Company in connection with the plan. As of December 31, 2020, there were no additional benefits to be accrued for under the SERP. As of each of December 31, 2020 and 2019, there was one former executive officer remaining under the SERP. Benefits expensed and accrued for the years ended December 31, 2020, 2019 and 2018 were $333 thousand, $333 thousand and $332 thousand, respectively. The benefit obligation was $4.2 million as of both December 31, 2020 and 2019. The following table presents a summary of expected SERP payments to be paid for the next five years and thereafter as of December 31, 2020: Years Ending December 31, Amount 2021 $ 349 2022 359 2023 370 2024 381 2025 393 Thereafter 6,710 Total $ 8,562 |
Stockholders_ Equity and Earnin
Stockholders’ Equity and Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders’ Equity and Earnings Per Share | Stockholders’ Equity and Earnings Per Share The following table presents the basic and diluted EPS calculations for the years ended December 31, 2020, 2019 and 2018. For more information on the calculation of EPS, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Share to the Consolidated Financial Statements in this Form 10-K. ($ and shares in thousands, except per share data) Year Ended December 31, 2020 2019 2018 Basic: Net income $ 567,797 $ 674,035 $ 703,701 Basic weighted-average number of shares outstanding 142,336 145,497 144,862 Basic EPS $ 3.99 $ 4.63 $ 4.86 Diluted: Net income $ 567,797 $ 674,035 $ 703,701 Basic weighted-average number of shares outstanding (1) 142,336 145,497 144,862 Diluted potential common shares (1)(2) 655 682 1,307 Diluted weighted-average number of shares outstanding (1)(2) 142,991 146,179 146,169 Diluted EPS $ 3.97 $ 4.61 $ 4.81 (1) The Company acquired MetroCorp Bancshares, Inc. (“MetroCorp”) on January 17, 2014. Prior to the acquisition, MetroCorp 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. (2) Includes dilutive shares from RSUs for the years ended December 31, 2020 and 2019, and from RSUs and warrants for the year ended December 31, 2018. For the years ended December 31, 2020, 2019 and 2018, 134 thousand, 15 thousand and 10 thousand weighted-average shares of anti-dilutive RSUs, respectively, were excluded from the diluted EPS computation. Stock Repurchase Program — On March 3, 2020, the Company’s Board of Directors authorized a stock repurchase program to buy back up to $500.0 million of the Company’s common stock. For the year ended December 31, 2020, the Company repurchased 4,471,682 shares at an average price of $32.64 per share and a total cost of $146.0 million. The Company did not repurchase any shares during the years ended December 31, 2019 and 2018. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the components of AOCI balances for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) AFS Cash Foreign (1) Total Balance, December 31, 2017 $ (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 (6,866) — (5,732) (12,598) Amounts reclassified from AOCI (1,786) — — (1,786) Changes, net of tax (8,652) — (5,732) (14,384) Balance, December 31, 2018 $ (45,821) $ — $ (12,353) $ (58,174) Net unrealized gains (losses) arising during the period 46,170 — (3,636) 42,534 Amounts reclassified from AOCI (2,768) — — (2,768) Changes, net of tax 43,402 — (3,636) 39,766 Balance, December 31, 2019 $ (2,419) $ — $ (15,989) $ (18,408) Net unrealized gains (losses) arising during the period 63,329 (1,149) 9,297 71,477 Amounts reclassified from AOCI (8,663) (81) — (8,744) Changes, net of tax 54,666 (1,230) 9,297 62,733 Balance, December 31, 2020 $ 52,247 $ (1,230) $ (6,692) $ 44,325 (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 RMB and USD, respectively. (2) Represents the impact of the adoption of ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities on January 1, 2018. (3) Represents the 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 on January 1, 2018. ASU 2018-02 permits companies to reclassify the stranded tax effects resulting from the Tax Cuts and Jobs Act of 2017 from AOCI to retained earnings on a retrospective basis. The adoption of the guidance resulted in a cumulative-effect adjustment as of January 1, 2018 that increased retained earnings by $6.7 million and reduced AOCI by the same amount. The following table presents the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Before - Tax Net-of- Before - Tax Net-of- Before - Tax Net-of- AFS debt securities: Net unrealized gains (losses) arising during the period $ 89,868 $ (26,539) $ 63,329 $ 65,549 $ (19,379) $ 46,170 $ (9,748) $ 2,882 $ (6,866) Net realized (gains) reclassified into net income (1) (12,299) 3,636 (8,663) (3,930) 1,162 (2,768) (2,535) 749 (1,786) Net change 77,569 (22,903) 54,666 61,619 (18,217) 43,402 (12,283) 3,631 (8,652) Cash flow hedges Net unrealized gains (losses) arising during the period (1,604) 455 (1,149) — — — — — — Net realized (gains) reclassified into net income (2) (113) 32 (81) — — — — — — Net change (1,717) 487 (1,230) — — — — — — Foreign currency translation adjustments, net of hedges: Net unrealized gains (losses) arising during the period (3) 7,398 1,899 9,297 290 (3,926) (3,636) (5,732) — (5,732) Net change 7,398 1,899 9,297 290 (3,926) (3,636) (5,732) — (5,732) Other comprehensive income (loss) $ 83,250 $ (20,517) $ 62,733 $ 61,909 $ (22,143) $ 39,766 $ (18,015) $ 3,631 $ (14,384) (1) For the years ended December 31, 2020, 2019 and 2018, pre-tax amounts were reported in Gains on sales of AFS debt securities on the Consolidated Statement of Income. (2) For the year ended December 31, 2020, pre-tax amounts were reported in Interest expense on the Consolidated Statement of Income. (3) The tax effects on foreign currency translation adjustments, net of hedges represent the cumulative net deferred tax liabilities on net investment hedges since its inception. |
Regulatory Requirements and Mat
Regulatory Requirements and Matters | 12 Months Ended |
Dec. 31, 2020 | |
Banking and Thrift, Interest [Abstract] | |
Regulatory Requirements and Matters | Regulatory Requirements and Matters Capital Adequacy — The Company and the Bank are subject to regulatory capital adequacy requirements administered by the federal banking agencies. The Bank is a member bank of the Federal Reserve System and is primarily regulated by the Federal Reserve and the California Department of Financial Protection and Innovation. The Company and the Bank are required to comply with the Basel III Capital Rules adopted by the federal banking agencies. Both the Company and the Bank are standardized approaches institutions under Basel III Capital Rules. The Basel III Capital Rule requires that banking organizations maintain a minimum Common Equity Tier 1 (“CET1”) capital ratio of at least 4.5%, a Tier 1 capital ratio of at least 6.0%, a total capital ratio of at least 8.0%, and a Tier 1 leverage ratio of a least 4.0% to be considered adequately capitalized. Failure to meet the minimum capital requirements can result in certain mandatory actions and possibly additional discretionary actions by the regulators that, if undertaken, could have a direct material effect on the Company’s Consolidated Financial Statements. The Basel III Capital Rules also requires the Company and the Bank to maintain a capital conservation buffer of 2.5% above the minimum risk-based capital ratios in order to absorb losses during periods of economic stress, effective January 1, 2019. Banking institutions with a ratio of CET1 to risk-weighted assets above the minimum but below the capital conservation buffer will face constraints on dividends, equity repurchases and compensation based on the amount of the shortfall. The FDIC Improvement Act of 1991 requires that the federal regulatory agencies adopt regulations defining capital categories for banks: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. Consistent with the Basel III Capital Rules, the capital categories were augmented by including the CET1 capital measure, and revised risk-based capital measures to reflect the rule changes to the minimum risk-based capital ratios. As of December 31, 2020 and 2019, the Company and the Bank were both categorized as well capitalized based on applicable U.S. regulatory capital ratio requirements in accordance with Basel III standardized approaches, as set forth in the table below. The Company believes that no changes in conditions or events have occurred since December 31, 2020, which would result in changes that would cause the Company or the Bank to fall below the well capitalized level. The following table presents the regulatory capital information of the Company and the Bank as of December 31, 2020 and 2019: ($ in thousands) Basel III December 31, 2020 December 31, 2019 Minimum Fully Phased-in Minimum Capital Ratios (3) Well- Actual Actual Amount Ratio Amount Ratio Ratio Ratio Ratio Total capital (to risk-weighted assets) Company $ 5,510,640 14.3 % $ 5,064,037 14.4 % 8.0 % 10.5 % 10.0 % East West Bank $ 5,143,246 13.4 % $ 4,886,237 13.9 % 8.0 % 10.5 % 10.0 % Tier 1 capital (to risk-weighted assets) Company $ 4,882,555 12.7 % $ 4,546,592 12.9 % 6.0 % 8.5 % 8.0 % East West Bank $ 4,662,426 12.1 % $ 4,516,792 12.9 % 6.0 % 8.5 % 8.0 % CET1 capital (to risk-weighted assets) Company $ 4,882,555 12.7 % $ 4,546,592 12.9 % 4.5 % 7.0 % 6.5 % East West Bank $ 4,662,426 12.1 % $ 4,516,792 12.9 % 4.5 % 7.0 % 6.5 % Tier 1 leverage capital (to adjusted average assets) Company (1) $ 4,882,555 9.4 % $ 4,546,592 10.3 % 4.0 % 4.0 % N/A East West Bank $ 4,662,426 9.0 % $ 4,516,792 10.3 % 4.0 % 4.0 % 5.0 % Risk-weighted assets Company $ 38,406,071 N/A $ 35,136,427 N/A N/A N/A N/A East West Bank $ 38,481,275 N/A $ 35,127,920 N/A N/A N/A N/A Adjusted quarterly average total assets (2) Company $ 52,540,964 N/A $ 44,449,802 N/A N/A N/A N/A East West Bank $ 52,594,313 N/A $ 44,419,308 N/A N/A N/A N/A (1) The Tier 1 leverage capital well-capitalized requirement applies only to the Bank since there is no Tier 1 leverage ratio component in the definition of a well-capitalized bank holding company. (2) Reflects adjusted quarterly average total assets for the years ended December 31, 2020 and 2019. (3) As of January 1, 2019, the 2.5% capital conservation buffer above the minimum risk-based capital ratios was required in order to avoid limitations on distributions, including dividend payments and certain discretionary bonus payments to executive officers. N/A — Not applicable. Reserve Requirement — The Bank is required to maintain a percentage of its deposits as reserves at the Federal Reserve. In an effort to provide monetary stimulus to counteract the economic disruption caused by the COVID-19 pandemic, the Federal Reserve reduced reserve requirement ratio to zero percent. The daily average reserve requirements were zero as of December 31, 2020 and $829.0 million as of December 31, 2019. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
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 served, and the related products and services provided. The segments 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. The information presented is not indicative of how the segments would perform if they operated as independent entities due to the interrelationships among the segments. 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. It also originates commercial loans for small and medium-sized enterprises through the Company’s branch network. Other products and services provided by this 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 and land loans, 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 risk hedging. The remaining centralized functions, including the corporate 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, namely 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 revenues 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. Noninterest income and noninterest expense directly attributable to a business segment are assigned to that 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 income, and loan and deposit volume. Charge-offs are booked to the segment directly associated with the loans charged off, and the provision for credit losses is booked to segments based on related loans for which allowances are evaluated. The Company’s internal reporting process utilizes a full-allocation methodology. Under this methodology, corporate and indirect expenses incurred by the Other segment are allocated to the Consumer and Business Banking and the Commercial Banking segments, except certain corporate treasury-related expenses and insignificant unallocated expenses. The corporate treasury function within the Other segment is responsible for liquidity and interest rate management of the Company. The Company’s internal FTP process is also managed by the corporate 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 providing a reasonable and consistent basis for the measurement of its business segments’ net interest margins and profitability. The FTP 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 FTP rates. FTP charges for loans are determined based on a matched cost of funds, which is tied to the pricing and term characteristics of the loans. FTP credits for deposits are based on matched funding credit rates, which are tied to the implied or stated maturity of the deposits. FTP credits for deposits reflect the long-term value generated by the deposits. The net spread between the total internal FTP charges and credits is recorded as part of net interest income in the Other segment. The FTP process transfers the corporate interest rate risk exposure to the treasury function within the Other segment, where such exposures are centrally managed. The Company’s internal FTP assumptions and methodologies are reviewed at least annually to ensure that the process is reflective of current market conditions. Effective January 1, 2020, in connection with the adoption of ASU 2016-13, Financial Instruments — Credit Losses (Topic 326), the provision for credit losses is booked by segment based on segment loans against which an allowance is recorded instead of being allocated to segments based on loan volume. The following tables present the operating results and other key financial measures for the individual operating segments as of and for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Consumer and Commercial Other Total Year Ended December 31, 2020 Net interest income before provision for credit losses $ 530,829 $ 706,286 $ 140,078 $ 1,377,193 Provision for credit losses 3,885 206,768 — 210,653 Noninterest income 67,115 139,365 29,067 235,547 Noninterest expense 331,750 266,923 117,649 716,322 Segment income before income taxes 262,309 371,960 51,496 685,765 Segment net income $ 187,931 $ 266,342 $ 113,524 $ 567,797 As of December 31, 2020 Segment assets $ 13,351,060 $ 26,958,766 $ 11,847,087 $ 52,156,913 ($ in thousands) Consumer and Commercial Other Total Year Ended December 31, 2019 Net interest income before provision for credit losses $ 696,551 $ 651,413 $ 119,849 $ 1,467,813 Provision for credit losses 14,178 84,507 — 98,685 Noninterest income 57,920 134,622 29,703 222,245 Noninterest expense 343,001 263,064 141,391 747,456 Segment income before income taxes 397,292 438,464 8,161 843,917 Segment net income $ 284,161 $ 313,833 $ 76,041 $ 674,035 As of December 31, 2019 Segment assets $ 11,520,586 $ 25,501,534 $ 7,173,976 $ 44,196,096 ($ in thousands) Consumer and Commercial Other Total Year Ended December 31, 2018 Net interest income before provision for credit losses $ 727,215 $ 605,650 $ 53,643 $ 1,386,508 Provision for credit losses 9,364 54,891 — 64,255 Noninterest income 85,607 110,287 21,539 217,433 Noninterest expense 341,396 237,520 142,074 720,990 Segment income (loss) before income taxes 462,062 423,526 (66,892) 818,696 Segment net income $ 330,683 $ 303,553 $ 69,465 $ 703,701 As of December 31, 2018 Segment assets $ 10,587,621 $ 23,761,469 $ 6,693,266 $ 41,042,356 |
Parent Company Condensed Financ
Parent Company Condensed Financial Statements | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Parent Company Condensed Financial Statements | Parent Company Condensed Financial StatementsThe principal sources of East West’s income (on a Parent Company-only basis) are dividends from the Bank. In addition to dividend restrictions set forth in statutes and regulations, the banking agencies have the authority to prohibit or to limit the Bank from paying dividends, if, in the banking regulator’s opinion, payment of a dividend would constitute an unsafe or unsound practice in light of the financial condition of the Bank. The Bank declared $511.0 million, $190.0 million and $160.0 million of dividends to East West during the years ended December 31, 2020, 2019 and 2018, respectively. The following tables present the Parent Company-only condensed financial statements: CONDENSED BALANCE SHEET ($ in thousands, except shares) December 31, 2020 2019 ASSETS Cash and cash equivalents due from subsidiary bank $ 439,065 $ 166,131 Investments in subsidiaries: Bank 5,048,896 4,987,666 Nonbank 6,738 5,630 Investments in tax credit investments, net 6,586 11,637 Other assets 3,072 4,091 TOTAL $ 5,504,357 $ 5,175,155 LIABILITIES Long-term debt $ 147,376 $ 147,101 Accrued income tax payable 81,741 4,534 Other liabilities 6,065 5,903 Total liabilities 235,182 157,538 STOCKHOLDERS’ EQUITY Common stock, $0.001 par value, 200,000,000 shares authorized; 167,240,600 and 166,621,959 shares issued in 2020 and 2019, respectively 167 167 Additional paid-in capital 1,858,352 1,826,345 Retained earnings 4,000,414 3,689,377 Treasury stock, at cost 25,675,371 shares in 2020 and 20,996,574 shares in 2019 (634,083) (479,864) AOCI, net of tax 44,325 (18,408) Total stockholders’ equity 5,269,175 5,017,617 TOTAL $ 5,504,357 $ 5,175,155 CONDENSED STATEMENT OF INCOME ($ in thousands) Year Ended December 31, 2020 2019 2018 Dividends from subsidiaries: Bank $ 511,000 $ 190,000 $ 160,000 Nonbank 109 189 175 Other income 3 425 2 Total income 511,112 190,614 160,177 Interest expense on long-term debt 3,877 6,482 6,488 Compensation and employee benefits 6,210 5,479 5,559 Amortization of tax credit and other investments 1,248 8,437 413 Other expense 1,184 1,487 1,490 Total expense 12,519 21,885 13,950 Income before income tax benefit and equity in undistributed income of subsidiaries 498,593 168,729 146,227 Income tax benefit 4,158 6,737 3,404 Undistributed earnings of subsidiaries, primarily bank 65,046 498,569 554,070 Net income $ 567,797 $ 674,035 $ 703,701 CONDENSED STATEMENT OF CASH FLOWS ($ in thousands) Year Ended December 31, 2020 2019 2018 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 567,797 $ 674,035 $ 703,701 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed earnings of subsidiaries, principally bank (65,046) (498,569) (554,070) Amortization expenses 1,523 8,703 671 Deferred income tax expense (benefit) 491 (10,132) 3,517 Net change in other assets 40 10,246 (595) Net change in other liabilities 77,052 (18) (45) Net cash provided by operating activities 581,857 184,265 153,179 CASH FLOWS FROM INVESTING ACTIVITIES Net increase in investments in tax credit investments (172) (292) (1,049) Distributions received from equity method investees 4,096 2,577 1,491 Net increase in investments in and advances to nonbank subsidiaries (2,732) (3,314) — Other investing activities — (157) — Net cash provided by (used in) investing activities 1,192 (1,186) 442 CASH FLOWS FROM FINANCING ACTIVITIES Repayment of long-term debt — — (25,000) Common stock: Proceeds from issuance pursuant to various stock compensation plans and agreements 2,326 3,383 2,846 Stock tendered for payment of withholding taxes (8,253) (14,635) (15,634) Repurchased of common stock pursuant to the Stock Repurchase Program (145,966) — — Cash dividends paid (158,222) (155,107) (125,988) Net cash used in financing activities (310,115) (166,359) (163,776) Net increase (decrease) in cash and cash equivalents 272,934 16,720 (10,155) Cash and cash equivalents, beginning of year 166,131 149,411 159,566 Cash and cash equivalents, end of year $ 439,065 $ 166,131 $ 149,411 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsOn January 28, 2021, the Company’s Board of Directors declared first quarter 2021 cash dividends for the Company’s common stock. The common stock cash dividend of $0.33 per share was paid on February 23, 2021 to stockholders of record as of February 9, 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation — The accounting and reporting policies of the Company conform with the U.S. Generally Accepted Accounting Principles (“GAAP”), applicable guidelines prescribed by regulatory authorities and general practices in the banking industry. The preparation of the Consolidated Financial Statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the Consolidated Financial Statements, income and expenses during the reporting period, and the related disclosures. Actual results could differ materially from those estimates. Certain items on the Consolidated Financial Statements and notes for the prior years have been reclassified to conform to the 2020 presentation. |
Principles of Consolidation | Principles of Consolidation — The Consolidated Financial Statements in this Form 10-K include the accounts of East West and its subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. 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. |
Cash and Cash Equivalents | Cash and Cash Equivalents — Cash and cash equivalents include cash on hand, cash items in transit, cash due from the Federal Reserve Bank of San Francisco (“FRBSF”) and other financial institutions, and federal funds sold with original maturities up to three months. |
Interest-bearing Deposits with Banks | Interest-bearing Deposits with Banks — Interest-bearing deposits with banks include cash placed with other banks with original maturities greater than three months and less than one year. |
Assets Purchased under Resale Agreements and Assets Sold under Repurchase Agreements | Assets Purchased under Resale Agreements and Assets Sold under Repurchase Agreements — Resale agreements are recorded as receivables based on the values at which the securities or loans are acquired. Repurchase agreements are accounted for as collateralized financing transactions and recorded as liabilities based on the values at which the securities are sold. The Company monitors the values of the underlying assets collateralizing the resale and repurchase agreements, including accrued interests, and obtains or posts additional collaterals in order to maintain the appropriate collateral requirements for the transactions. In addition, the Company has elected to offset resale and repurchase transactions with the same counterparty on the Consolidated Balance Sheet when it has a legally enforceable master netting agreement and when the transactions are eligible for netting under ASC 210-20-45-11, Balance Sheet Offsetting: Repurchase and Reverse Repurchase Agreements . |
Securities | Securities — The Company’s securities include various debt securities, marketable equity securities and restricted equity securities. Debt securities are recorded on the Consolidated Balance Sheet as of their trade dates. The Company classifies its debt securities as trading securities, AFS or held-to-maturity debt securities based on management’s intention on the date of the purchase. Debt securities are purchased for liquidity and investment purpose, as part of asset-liability management and other strategic activities. Debt securities for which the Company does not have the positive intention and ability to hold to maturity are classified as AFS. AFS debt securities are reported at fair value with unrealized gains and losses, net of applicable income taxes, included in AOCI, and net of the allowance for credit losses. We recognize realized gains and losses on the sale of AFS debt securities in earnings, using the specific identification method. Marketable equity securities that have readily determinable fair values are recorded at fair value with unrealized gains and losses, due to changes in fair value, reflected in earnings. Marketable equity securities include mutual fund investments, which are included in Investments in tax credit and other investments, net on the Consolidated Balance Sheet. Non-marketable equity securities that do not have readily determinable fair values are accounted for under one of the following accounting methods: • Equity Method — When we have the ability to exert significant influence over the investee. • Cost Method — The cost method is applied to investments such as FRBSF and FHLB stock. These investments are held at their cost minus impairment. If impaired, the carrying value is written down to the fair value of the security. • Measurement Alternative — This method is applied to all remaining non-marketable equity securities. These securities are carried at cost adjusted for impairment, if any, plus or minus observable price changes in orderly transactions of an identical or similar security of the same issuer. Non-marketable equity securities include tax credit investments that are included in Investments in tax credit and other investments, net, and Other assets on the Consolidated Balance Sheet. |
Restricted Equity Securities | Restricted equity securities include FRBSF and FHLB stock. The FRBSF stock is required by law to be held as a condition of membership in the Federal Reserve System. The FHLB stock is required to obtain advances from the FHLB. They are carried at cost as they do not have a readily determinable fair value. |
Loans Held-for-Sale | Loans Held-for-Sale — Loans are initially classified as loans held-for-sale when they are individually identified as being available for immediate sale and management has committed to a formal plan to sell them. Loans held-for-sale are carried at lower of cost or fair value. Subject to periodic review under the Company’s evaluation process, including asset/liability and credit risk management, the Company may transfer certain loans from held-for-investment to held-for-sale measured at lower of cost or fair value. Any write-downs in the carrying amount of the loan at the date of transfer are recorded as charge-offs to allowance for loan losses. Loan origination fees on loans held-for-sale, net of certain costs in processing and closing the loans, are deferred until the time of sale and are included in the periodic determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale. A valuation allowance is established if the fair value of such loans is lower than their cost, with a corresponding charge to noninterest income. If the loan or a portion of the loan cannot be sold, it is subsequently transferred back to the loans held-for-investment portfolio from the loans held-for-sale portfolio at the lower of cost or fair value on the transfer date. |
Loans Held-for-Investment | Loans Held-for-Investment — 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.” Loans held-for-investment are stated at their outstanding principal, reduced by an allowance for loan losses and net of deferred loan fees or costs, or unearned fees on originated loans, net of unamortized premiums or unaccreted discounts on purchased loans. Nonrefundable fees and direct costs associated with the origination or purchase of loans are deferred and netted against outstanding loan balances. The deferred net loan fees and costs are recognized in interest income as an adjustment to yield over the loan term using the effective interest method or straight-line method. Discounts/premiums on purchased loans are accreted/amortized to interest income using the effective interest method or straight-line method over the remaining period to the contractual maturity. Interest on loans is calculated using the simple-interest method on daily balances of the principal amounts outstanding. Generally, loans are placed on nonaccrual status when they become 90 days past due or more. Loans are considered past due when contractually required principal or interest payments have not been made on the due dates. Loans are also placed on nonaccrual status when management believes, after considering economic and business conditions and collection efforts, that the borrower’s financial condition is such that full collection of principal or interest becomes uncertain, regardless of the length of past due status. Once a loan is placed on nonaccrual status, interest accrual is discontinued and all unpaid accrued interest is reversed against interest income. Interest payments received on nonaccrual loans are reflected as a reduction of principal and not as interest income. A loan is returned to accrual status when the borrower has demonstrated a satisfactory payment trend subject to management’s assessment of the borrower’s ability to repay the loan. |
Troubled Debt Restructurings | Troubled Debt Restructurings — A loan is generally classified as a troubled debt restructuring (“TDR”) when the Company, for economic or legal reasons related to the borrower’s financial difficulties, grants a concession to the borrower that the Company would not otherwise consider. The concessions may be granted in various forms, including a below-market change in the stated interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date with a stated interest rate lower than the current market rate or note splits referred to as A/B note restructurings. Loans with contractual terms that have been modified as a TDR and are current at the time of restructuring may remain on accrual status if there is demonstrated performance prior to the restructuring and payment in full under the restructured terms is expected. Otherwise, these loans are placed on nonaccrual status and are reported as nonperforming, until the borrower demonstrates a sustained period of performance, generally six months, and the ability to repay the loan according to the contractual terms. If accruing TDRs cease to perform in accordance with their modified contractual terms, they are placed on nonaccrual status and reported as nonperforming TDRs. TDRs are included in the quarterly allowance for credit losses valuation process. Refer to Allowance for Loan Losses below for a complete discussion. The Company has implemented various loan modification programs to provide its borrowers relief from the economic impacts of the COVID-19 pandemic. As provided under Section 4013 of the CARES Act, as amended by the Consolidated Appropriations Act, 2021 (“CAA”), the Company has elected not to apply TDR classification to any COVID-19 pandemic related loan modifications that were executed after March 1, 2020 and earlier of (A) 60 days after the national emergency termination date concerning the COVID-19 pandemic outbreak declared by the President on March 13, 2020 under the National Emergencies Act, or (B) January 1, 2022 to borrowers who were current as of December 31, 2019. For loans that were modified in response to the COVID-19 pandemic that do not meet the CARES Act criteria (e.g., current payment status as of December 31, 2019), the Company has applied the guidance included in the “ Interagency Statement on Loan Modifications and Reporting for Financial Institutions Working with Customer Affected by the Coronavirus (Revised) ” (the “Interagency Statement”) issued by the federal banking regulators on April 7, 2020. The Interagency Statement states that short-term loan modifications (i.e. six months or less) are not TDRs if they were made on a good faith basis in response to the COVID-19 pandemic to borrowers who were current as of the implementation date of a loan modification program. The aging on the delinquency of the loans modified under the CARES Act, as amended by the CAA, and the Interagency Statement is frozen at the time of the modification. Interest income continues to be recognized over the accommodation period. |
Paycheck Protection Program | Paycheck Protection Program — From April to August 2020, the Company accepted Paycheck Protection Program (“PPP”) applications and originated loans to qualified small businesses under the PPP established by the CARES Act. The CAA extends the PPP to March 31, 2021. PPP loans are included in the commercial and industrial (“C&I”) portfolio, carrying an interest rate of 1%, and are 100% guaranteed by the Small Business Administration (“SBA”). No allowance for loan losses was recorded for these loans as of December 31, 2020. As of December 31, 2020, the Company had approximately 6,200 SBA 7(a) approved PPP loans with an outstanding loan balance of $1.57 billion. The substantial majority of the Company’s PPP loans have a term of two years. The SBA paid the Company fees for processing PPP loans and such fees are accounted for loan origination fees, where net deferred fees are recognized over the estimated life of the loan as a yield adjustment on the loans. Under the terms of the PPP, if certain conditions are satisfied, such loans are eligible to be forgiven in which case the SBA will make payments to the Company for the forgiven amounts. If a loan is paid off or forgiven by the SBA prior to its projected estimated life, the remaining unamortized deferred fees will be recognized as interest income in that period. |
Allowance for Credit Losses | Allowance for Loan Losses — The Company adopted ASU 2016-13, Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments on January 1, 2020, which introduced a new current expected credit losses (“CECL”) model. The allowance for loan losses is established as management’s estimate of expected credit losses inherent in the Company’s lending activities; it is increased by the provision for credit losses and decreased by net charge-offs. The allowance for loan losses is evaluated quarterly by management based on regular reviews of the collectability of the Company’s loans. The Company develops and documents the allowance for loan losses methodology at the portfolio segment level — the commercial loan portfolio is comprised of C&I, commercial real estate (“CRE”), multifamily residential, and construction and land loans; and the consumer loan portfolio is comprised of single-family residential, home equity lines of credit (“HELOCs”), and other consumer loans. The allowance for loan losses represents the portion of a loan’s amortized cost basis that the Company does not expect to collect due to anticipated credit losses over the loan’s contractual life, adjusted for prepayments. The Company measures the expected loan losses on a collective pool basis when similar risk characteristics exist. Models consisting of quantitative and qualitative components are designed for each pool to develop the expected credit loss estimates. Reasonable and supportable forecast periods vary by loan portfolio. The Company has adopted lifetime loss rate models for the portfolios, which use historical loss rates and forecast economic variables to calculate the expected credit losses for each loan pool. When loans do not share similar risk characteristics, the Company evaluates the loan for expected credit losses on an individual basis. Individually assessed loans include nonaccrual and TDR loans. The Company evaluates loans for expected credit losses on an individual basis if, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the original contractual terms of the loan agreement. The following three different asset valuation measurement methods are available: (1) the present value of expected future cash flows, (2) the fair value of collateral less costs to sell, and (3) the loan's observable market price. The allowance for loan losses for collateral-dependent loans is determined based on the fair value of the collateral less costs to sell. For loans that are not collateral-dependent, the Company applies the present value of expected future cash flows valuation or the market value of the loan. When the loan is deemed uncollectible, it is the Company’s policy to promptly charge off the estimated credit losses. The amortized cost of loans held-for-investment excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election to not recognize an allowance for credit losses for accrued interest receivables as the Company reverses accrued interest if a loan is on nonaccrual status. The allowance for loan losses is reported separately on the Consolidated Balance Sheet and the Provision for credit losses is reported on the Consolidated Statement of Income. Allowance for Unfunded Credit Commitments — The allowance for unfunded credit commitments includes reserves provided for unfunded loan commitments, letters of credit, standby letters of credit (“SBLCs”) and recourse obligations for loans sold. The Company estimates the allowance for unfunded credit commitments over the contractual period in which the entity is exposed to credit risk via a present contractual obligation to extend credit. Within the period of credit exposure, the estimate of credit losses will consider both the likelihood that funding will occur, and an estimate of the expected credit losses on the commitments that are expected to fund over their estimated lives. The allowance for unfunded credit commitments is maintained at a level believed by management to be sufficient to absorb estimated expected credit losses related to unfunded credit facilities. The determination of the adequacy of the allowance is based on periodic evaluations of the unfunded credit facilities. For all off-balance sheet instruments and commitments, the unfunded credit exposure is calculated using utilization assumptions based on the Company's historical utilization experience in related portfolio segments. Loss rates are applied to the calculated exposure balances to estimate the allowance for unfunded credit commitments. Other elements such as credit risk factors for loans outstanding, terms and expiration dates of the unfunded credit facilities, and other pertinent information are considered to determine the adequacy of the allowance. The allowance for unfunded credit commitments is included in Accrued expenses and other liabilities on the Consolidated Balance Sheet. Changes to the allowance for unfunded credit commitments are included in Provision for credit losses on the Consolidated Income Statements. Allowance for Credit Losses on Available-for-Sale Debt Securities — For each reporting period, every AFS debt security that is in an unrealized loss position is individually analyzed as part of the Company’s ongoing assessments to determine whether a fair value below the amortized cost basis has resulted from a credit loss or other factors. The initial indicator of impairment is a decline in fair value below the amortized cost of the AFS debt security, excluding accrued interest. The Company first considers whether there is a plan to sell the AFS debt security or it is more-likely-than-not that it will be required to sell the debt security before recovery of the amortized cost. In determining whether an impairment is due to credit related factors, the Company considers the severity of the decline in fair value, nature of the security, the underlying collateral, the financial condition of the issuer, changes in the AFS debt security’s ratings and other qualitative factors. For securities that are fully guaranteed by the U.S. government, or certain government enterprises, the Company believes that the credit loss exposure on these securities is remote and applies a zero credit loss assumption. When the Company does not intend to sell the impaired AFS debt security and it is more-likely-than-not that the Company will not be required to sell the impaired debt security prior to recovery of its amortized cost basis, the credit component of the unrealized loss of the impaired AFS debt security is recognized as an allowance for credit losses, with a corresponding Provision for credit losses on the Consolidated Statement of Income and the non-credit component is recognized in Other comprehensive income (loss) on the Consolidated Statement of Comprehensive Income, net of applicable taxes. At each reporting period, the Company increases or decreases the allowance for credit losses as appropriate, while limiting reversals of the allowance for credit losses to the extent of the amounts previously recorded. If the Company intends to sell the impaired debt security or it is more-likely-than-not that the Company will be required to sell the impaired debt security prior to recovering its amortized cost basis, the entire impairment amount is recognized as an adjustment to the debt security’s amortized cost basis, with a corresponding Provision for credit losses on the Consolidated Statement of Income. The amortized cost of the Company’s AFS debt securities excludes accrued interest, which is included in Other assets on the Consolidated Balance Sheet. The Company has made an accounting policy election to not recognize an allowance for credit losses for accrued interest receivables on AFS debt securities as the Company reverses any accrued interest if a debt security is impaired. As each AFS debt security has a unique security structure, where the accrual status is clearly determined when certain criteria listed in the terms are met, the Company assesses the default status of each security as defined by the debt security’s specific security structure. Other-Than-Temporary Impairment Assessment on AFS Debt Securities Prior to the Adoption of the CECL Guidance, Applicable for the Years Ended December 31, 2019 and 2018 — For each reporting period, debt securities classified as either AFS or held-to-maturity debt securities that were in an unrealized loss position were analyzed as part of the Company’s ongoing OTTI assessment. The initial indicator of OTTI was a decline in fair value below the amortized cost of the debt security. In determining whether OTTI had occurred, the Company considered the severity and duration of the decline in fair value, the length of time expected for recovery, the financial condition of the issuer, changes in the debt securities’ ratings and other qualitative factors, as well as whether the Company either planned to sell the debt security or it was more-likely-than-not that it would be required to sell the debt security before recovery of the amortized cost. When the Company did not intend to sell the impaired debt security and it was more-likely-than-not that the Company would not be required to sell the impaired debt security prior to recovery of its amortized cost basis, the credit component of an OTTI of the impaired debt security was recognized as OTTI loss on the Consolidated Statement of Income and the non-credit component was recognized in other comprehensive income. This applied for both AFS and held-to-maturity debt securities. If the Company intended to sell the impaired debt security or it was more-likely-than-not that the Company would be required to sell the impaired debt security prior to recovery of its amortized cost basis, the full amount of the impairment loss (equal to the difference between the debt security’s amortized cost basis and its fair value at the balance sheet date) was recognized as OTTI loss on the Consolidated Statement of Income. Following the recognition of OTTI, the debt security’s new amortized cost basis was the previous basis minus the OTTI amount recognized in earnings. Allowance for Collateral-Dependent Financial Assets — A financial asset is considered collateral-dependent if repayment is expected to be provided substantially through the operation or sale of the collateral. The allowance for credit losses is measured on an individual basis for collateral-dependent financial assets and determined by comparing the fair value of the collateral, minus the cost to sell, to the amortized cost basis of the related financial asset at the reporting date. Other than loans, collateral-dependent financial assets could also include resale agreements. In arrangements which the borrower must continually adjust the collateral securing the asset to reflect changes in the collateral’s fair value (e.g., resale agreements), the Company estimates the expected credit losses on the basis of the unsecured portion of the amortized cost as of the balance sheet date. If the fair value of the collateral is equal to or greater than the amortized cost of the resale agreement, the expected losses would be zero. If the fair value of the collateral is less than the amortized cost of the asset, the expected losses are limited to the difference between the fair value of the collateral and the amortized cost basis of the resale agreement. Allowance for Purchased Credit Deteriorated Assets — ASU 2016-13 replaces the concept of purchased credit impaired (“PCI”) accounting under ASC 310-30 Receivables - Loans and Debt Securities Acquired with Deteriorated Credit Quality with the concept of purchased financial assets with credit deterioration. The Company adopted ASU 2016-13 using the prospective transition approach for Purchased Credit Deteriorated (“PCD”) assets that were previously classified as PCI assets. PCD financial assets are defined as acquired individual financial assets (or groups with similar risk characteristics) that as of the date of acquisition, have experienced a more-than-insignificant deterioration in credit quality since origination. For PCD debt securities and PCD loans, the company records the allowance for credit losses by grossing up the initial amortized cost, which includes the purchase price and the allowance for credit losses. The expected credit losses of PCD debt securities are measured at the individual security level. The expected credit losses for PCD loans are measured based on the loan’s unpaid principal balance. Beginning January 1, 2020, for any asset designated as a PCD asset at the time of acquisition, the Company estimates and records an allowance for credit losses, which is added to the purchase price to establish the initial amortized cost basis of the financial asset. Hence, there is no income statement impact from the acquisition. Subsequent changes in the allowance for credit losses on PCD assets will be recognized in Provision for credit losses on the Consolidated Statement of Income. The non-credit discount or premium will be accreted to interest income based on the effective interest rate on the PCD assets determined after the gross-up for the allowance for credit losses. Allowance for Credit Losses Prior to the Adoption of the CECL Guidance, Applicable for the Years Ended December 31, 2019 and 2018 — Prior to CECL adoption, the allowance of credit losses represented the Company’s estimate of probable credit losses inherent in the lending activities, and consisted of general and specific reserves. Impaired loans were subject to specific reserves. Non-impaired loans were evaluated as part of the general reserve. General reserves were calculated by utilizing both quantitative and qualitative factors. There were different qualitative risks for the loans in each portfolio segment. Predominant risk characteristics of the CRE, multifamily, single-family residential loans and HELOC loans considered the collateral and geographic locations of the properties collateralizing the loans. Predominant risk characteristics of the C&I loans included cash flows, debt service and collateral of the borrowers and guarantors, as well as the economic and market conditions. Impaired Loans Prior to the Adoption of the CECL Guidance, Applicable for the Years Ended December 31, 2019 and 2018 — Impaired loans were identified and evaluated for impairment on an individual basis. A loan was considered impaired when, based on current information and events, it was probable that the Company would not be able to collect all scheduled payments of principal or interest due in accordance with the original contractual terms of the loan agreement. Factors considered by management in determining and measuring loan impairment included payment status, collateral value, and the probability of collecting scheduled principal and interest payments when due. Impaired loans were measured based on the present value of expected future cash flows discounted at a designated discount rate or, as appropriate, at the loan’s observable market price or the fair value of the collateral, if the loan was collateral dependent, less cost to sell. Purchased Credit-Impaired Loans Prior to the Adoption of the CECL Guidance, Applicable for the Years Ended December 31, 2019 and 2018 — Acquired loans were recorded at fair value as of acquisition date in accordance with ASC 805, Business Combinations . A purchased loan was deemed to be credit impaired when there was evidence of credit deterioration since its origination and it was probable at the acquisition date that the Company would be unable to collect all contractually required payments and was accounted for under ASC 310-30, Receivables — Loans and Debt Securities Acquired with Deteriorated Credit Quality . Under ASC 310-30, loans were recorded at fair value at acquisition date, factoring in credit losses expected to be incurred over the life of the loan. Accordingly, an allowance for loan losses was not carried over or recorded as of the acquisition date. |
Variable Interest and Voting Interest Entities | Variable Interest and Voting Interest Entities — The Company determines whether it has a controlling financial interest in an entity by first evaluating whether the entity is a voting interest entity or a variable interest entity (“VIE”). We first determine whether or not we have variable interests in the entity, which are investments or other interests that absorb portions of an entity’s expected losses or receive portions of the entity’s expected returns. If it is determined that we do not have a variable interest in the entity, no further analysis is required and the entity is not consolidated. A VIE is an entity that lacks equity investors or whose equity investors do not have a controlling financial interest in the entity through their equity investments. The Company consolidates a VIE if it has both the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and an obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. For entities that do not meet the definition of a VIE, the entity is considered a voting interest entity. We consolidate these entities if we can exert control over the financial and operating policies of an investee, which can occur if we have a 50% or more voting interest in the entity. |
Investments in Qualified Affordable Housing Partnerships And Investments in Tax Credit and Other Investments, Net | Investments in Qualified Affordable Housing Partnerships, Net, Tax Credit and Other Investments, Net — The Company records the 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 Company records investments in tax credit and other investments, net, using either the equity method or cost method of accounting. The tax credits are recognized on the Consolidated Financial Statements to the extent they are utilized on the Company’s income tax returns in the year the credit arises under the flow-through method of accounting. The investments are reviewed for impairment on an annual basis or on an interim basis, if an event occurs that would trigger potential impairment. 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. |
Premises and Equipment, Net | Premises and Equipment, Net — The Company’s premises and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are computed based on the straight-line method over the estimated useful lives of the various classes of assets. The ranges of estimated useful lives for the principal classes of assets are as follows: Premises and Equipment Useful Lives Buildings 25 years Furniture, fixtures and equipment, building improvements 3 to 7 years Leasehold improvements Term of lease or useful life, whichever is shorter The Company reviews its long-lived assets for impairment annually, or when events or changes in circumstances indicate that the carrying amounts of these assets may not be recoverable. An asset is considered impaired when the fair value, which is the expected undiscounted cash flows over the remaining useful life, is less than the net book value. The excess of the net book value over its fair value is charged as impairment loss to noninterest expense. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets — Goodwill represents the excess of the purchase price over the fair value of net assets acquired in an acquisition. Goodwill is tested for impairment on an annual basis as of December 31, or more frequently as events occur or circumstances change that indicate a potential impairment at the reporting unit level. The Company assesses goodwill for impairment at each operating segment level. The Company organizes its operations 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 the components are aggregated, see Note 18 — Business Segments to the Consolidated Financial Statements in this Form 10-K. The Company has the option to perform a qualitative assessment of goodwill or elect to bypass the qualitative test and proceed directly to a quantitative test. If the Company performs a qualitative assessment of goodwill to test for impairment and concludes it is more likely than not that a reporting unit’s fair value is greater than its carrying value, quantitative tests are not required. If the qualitative analysis indicates that it is more likely than not that a reporting unit’s fair value is less than its carrying fair value, the Company is required to perform a quantitative assessment to determine if there is goodwill impairment. Factors considered in the qualitative assessments include but are not limited to macroeconomic conditions, industry and market considerations, financial performance of the respective operating segment and other reporting unit specific considerations. The Company uses a combined income and market approach in its quantitative valuation methodologies. A quantitative valuation involves determining the fair value of each reporting unit and comparing the fair value to its corresponding carrying value. Goodwill impairment loss is recorded as a charge to noninterest expenses and an adjustment to the carrying value of goodwill. Subsequent reversals of goodwill impairment are not allowed. Other intangible assets are comprised of core deposit intangibles and are included in Other assets on the Consolidated Balance Sheet. Core deposit intangibles represent the intangible value of depositor relationships resulting from deposits assumed in various acquisitions. Core deposit intangibles are amortized over the projected useful lives of the deposits, which is between eight |
Derivatives | Derivatives — As part of its asset and liability management strategy, the Company uses derivative financial instruments to mitigate exposure to interest rate and foreign currency risks, and to assist customers with their risk management objectives. Derivatives utilized by the Company include primarily swaps, forwards and option contracts. Derivative instruments are included in Other assets or Accrued expenses and other liabilities on the Consolidated Balance Sheet at fair value. The related cash flows are recognized on the Cash flows from operating activities section on the Consolidated Statement of Cash Flows. The Company uses its accounting hedges based on the exposure being hedged as either fair value hedges, cash flow hedges or hedges of the net investments in certain foreign operations. For fair value hedges of interest rate risk, changes in fair value of derivatives are reported within Interest expense on the Consolidated Statement of Income. Changes in fair value of derivatives designated as hedges of the net investments in foreign operations are recorded as a component of AOCI. For cash flow hedges of floating-rate interest payments, the change in the fair value of hedges is recognized in AOCI and reclassified to earnings in the same period when the hedged cash flows impact earnings. Reclassified gains and losses of cash flow hedges are recorded in the same line item as the hedged interest payment within Interest expense on the Consolidated Statements of Income. All derivatives designated as fair value hedges and hedges of the net investments in certain foreign operations are linked to specific hedged items or to groups of specific assets and liabilities on the Consolidated Balance Sheet. Cash flow hedges are linked to the forecasted transactions related to a recognized asset or liability. To qualify as an accounting hedge under the hedge accounting rules (versus an economic hedge where hedge accounting is not sought), a derivative must be highly effective in offsetting the risk designated as being hedged. The Company formally documents its hedging relationships at inception, including the identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction at the time the derivative contract is executed. Subsequent to inception, on a quarterly basis, the Company assesses whether the derivatives used in hedging transactions are highly effective in offsetting changes in the fair value of the hedged items or the cash flows of attributable hedged risks. Retrospective effectiveness is also assessed, as well as the continued expectation that the hedge will remain effective prospectively. The Company discontinues hedge accounting prospectively when (i) a derivative is no longer highly effective in offsetting changes in fair value; (ii) a derivative expires, or is sold, terminated or exercised, or (iii) the Company determines that designation of a derivative as a hedge is no longer appropriate. If a fair value hedge is discontinued, the derivative will continue to be recorded on the Consolidated Balance Sheet at fair value with changes in fair value recognized on the Consolidated Statement of Income. When the hedged net investment is either sold or substantially liquidated, changes in the fair value of the derivatives are reclassified out of AOCI into Foreign exchange income on the Consolidated Statement of Income. If a cash flow hedge is discontinued, the derivative net gain or loss will remain in AOCI and reclassified in to earnings in the periods in which the hedged forecasted cash flow affects earnings. The Company also offers various interest rate, foreign currency, and energy commodity derivative products to customers. These transactions are not linked to specific assets or liabilities on the Consolidated Balance Sheet or to forecasted transactions in a hedging relationship and, therefore, do not qualify for hedge accounting. These contracts are recorded at fair value with changes in fair value recorded on the Consolidated Statement of Income. As part of the Company’s loan origination process, from time to time, the Company obtains equity warrants to purchase preferred and/or common stock of public or private companies it provides loans to. These equity warrants are accounted for as derivatives and recorded at fair value included in Other assets on the Consolidated Balance Sheet with changes in fair value recorded on the Consolidated Statement of Income. The Company is exposed to counterparty credit risk, which is the risk that counterparties to the derivative contracts do not perform as expected. Valuation of derivative assets and liabilities reflect the value of the instrument inclusive of the nonperformance risk. The Company uses master netting arrangements to mitigate counterparty credit risk in derivative transactions. To the extent the derivatives are subject to master netting arrangements, the Company takes into account the impact of master netting arrangements that allow the Company to settle all derivative contracts executed with the same counterparty on a net basis, and to offset the net derivative position with the related cash collateral and securities. The Company elected to offset derivative transactions with the same counterparty on the Consolidated Balance Sheet when a derivative transaction has a legally enforceable master netting arrangement and when it is eligible for netting under ASC 210-20-45-1, Balance Sheet Offsetting: Netting Derivative Positions on Balance Sheet. Derivative balances and related cash collateral are presented net on the Consolidated Balance Sheet. In addition, the Company applied the Settlement to Market treatment for the cash collateralizing our interest rate and commodity contracts with certain centrally cleared counterparties. As a result, derivative balances with these counterparties are considered settled by the collateral. |
Fair Value | Fair Value — 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 and, in many cases, requires management to make a number of significant judgments. Fair value measurements are based on the exit price notion and are determined by maximizing the use of observable inputs. However, for certain instruments, we must utilize unobservable inputs in determining fair value due to the lack of observable inputs in the market, which requires greater judgment in the measurement of fair value. Based on the inputs used in the valuation techniques, the Company classifies its assets and liabilities measured and disclosed at fair value in accordance with a three-level hierarchy (i.e., Level 1, Level 2 and Level 3) established under ASC 820, Fair Value Measurements . The Company records certain financial instruments, such as AFS debt securities, and derivative assets and liabilities, at fair value on a recurring basis. Certain financial instruments, such as impaired loans and loans held-for-sale, are not carried at fair value each period but may require nonrecurring fair value adjustments due to lower-of-cost-or-market accounting or write-downs of individual assets. For additional information on fair value, see Note 2 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-K. |
Stock-Based Compensation | Stock-Based Compensation — The Company issues stock-based awards to eligible employees, officers and directors, and accounts for the related costs in accordance with the provisions of ASC 505, Equity and ASC 718, Compensation — Stock Compensation . Stock-based compensation cost is measured at the grant date based on the fair value of the awards and expensed over the employee’s requisite service period. The Company grants restricted stock units (“RSUs”), which include service conditions for vesting. Additionally, some of the Company’s RSUs contain performance goals and market conditions that are required to be met in order for the awards to vest. RSUs may vest ratably over three years or cliff vest after three Income tax expense on the Consolidated Statement of Income. For time-based RSUs, the grant-date fair value is measured at the fair value of the Company’s common stock as if the RSUs are vested and issued on the date of grant. For performance-based RSUs, the grant-date fair value considers both performance and market conditions. As stock-based compensation expense is estimated based on awards ultimately expected to vest, it is reduced by the expense related to awards expected to be forfeited. Forfeitures are estimated at the time of grant and are updated quarterly. If the estimated forfeitures are revised, a cumulative effect of changes in estimated forfeitures for the current and prior periods is recognized in compensation expense in the period of change. For performance-based RSUs, the compensation expense fluctuates based on the estimated outcome of meeting the performance conditions. The Company evaluates the probable outcome of the performance conditions quarterly and makes cumulative adjustments for current and prior periods in compensation expense in the period of change. Market conditions subsequent to the grant date have no impact on the amount of compensation expense the Company will recognize over the life of the award. Refer to Note 13 — Stock Compensation Plans to the Consolidated Financial Statements in this Form 10-K for additional information. |
Income Taxes | Income Taxes — The Company files consolidated federal income tax returns, foreign tax returns, and various combined and separate company state tax returns. The calculation of the Company's income tax provision and related tax accruals requires the use of estimates and judgments. Income tax expense comprises of two components: current and deferred. Current tax expense represents taxes to be paid or refunded for the current period and includes income tax expense related to our uncertain tax positions. Income tax liabilities (receivables) represent the estimated amounts due to (received from) the various taxing jurisdictions where the Company has established a tax presence. Deferred tax expense results from changes in deferred tax assets and liabilities between period, and is determined using the balance sheet method. Under the balance sheet method, the net deferred tax asset or liability is based on the tax effects of the differences between the book and tax basis of assets and liabilities. Deferred tax assets are also recognized for tax attributes such as net operating loss carryforwards and tax credit carryforwards. To the extent a deferred tax asset is no longer expected more-likely-than-not to be realized, a valuation allowance is established. Deferred tax assets net of deferred tax liabilities are included in Other assets on the Consolidated Balance Sheet. See Note 11 — Income Taxes to the Consolidated Financial Statements in this Form 10-K for a discussion of management’s assessment of evidence considered by the Company in establishing a valuation allowance. The Company reports a liability for unrecognized tax benefits resulting from uncertain tax positions taken, or expected to be taken, in an income tax return. Uncertain tax positions that meet the more-likely-than-not recognition threshold are measured to determine the amount of benefit to recognize. An uncertain tax position is measured at the largest amount of benefit that management believes has a greater than 50% likelihood of realization upon settlement. Tax benefits not meeting our realization criteria represent unrecognized tax benefits. The Company establishes a liability for potential taxes, interest and penalties related to uncertain tax positions based on facts and circumstances, including the interpretation of existing law, new judicial or regulatory guidance, and the status of tax audits. |
Earnings Per Share | 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. |
Foreign Currency Translation | Foreign Currency Translation — The Company’s foreign subsidiary in China, East West Bank (China) Limited’s functional currency is in Chinese Renminbi (“RMB”). As a result, assets and liabilities of East West Bank (China) Limited are translated, for consolidation purpose, from its functional currency into U.S. dollar (“USD”) using period-end spot foreign exchange rates. Revenues and expenses of East West Bank (China) Limited are translated, for the purpose of consolidation, from its functional currency into USD at the transaction date foreign exchange rates. The effects of those translation adjustments are reported in the Foreign currency translation adjustments account within Other comprehensive income (loss) on the Consolidated Statement of Comprehensive Income, net of any related hedged effects. For transactions that are denominated in a currency other than the functional currency, including transactions denominated in the local currencies of foreign operations that use the USD as their functional currency, the effects of changes in exchange rates are reported in Foreign exchange income on the Consolidated Statement of Income. |
New Accounting Pronouncements Adopted and Recent Accounting Pronouncements | New Accounting Pronouncements Adopted in 2020 Standard Required Date of Adoption Description Effects on Financial Statements Standards Adopted in 2020 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 CECL model that applies to most financial assets measured at amortized cost and certain instruments, including trade and other receivables, loan receivables, AFS 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. ASU 2016-13 also eliminates the guidance for PCI loans, but requires an allowance for loan losses for purchased financial assets with more than an insignificant deterioration of credit since origination. The ASU also modifies the OTTI model for AFS debt securities to require an allowance for credit losses instead of a direct write-down. A reversal of the allowance for credit losses is allowed in future periods based on improvements in credit performance expectations. This ASU 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. The new guidance also allows optional relief for certain instruments measured at amortized cost with an option to irrevocably elect the fair value option under ASC Topic 825, Financial Instruments . The Company adopted ASU 2016-13 using a modified retrospective approach on January 1, 2020 without electing the fair value option on eligible financial instruments under ASU 2019-05. The adoption of this ASU increased the allowance for loan losses by $125.2 million, and allowance for unfunded credit commitments by $10.5 million and an after-tax decrease to opening retained earnings of $98.0 million on January 1, 2020. The increase to allowance for loan losses was primarily related to the C&I and CRE loan portfolios. The Company did not record an allowance for credit losses related to the Company’s AFS debt securities as a result of this adoption. Disclosures for periods after January 1, 2020 are presented in accordance with ASC 326 while prior period amounts continue to be reported in accordance with the incurred-loss methodology before CECL adoption. The Company has elected the CECL phase-in option provided by regulatory capital rules, which delays the impact of CECL on regulatory capital for two years, followed by a three-year transition period. As a result, the effects of CECL on the Company’s and the Bank’s regulatory capital will be delayed through the year 2021, after which the effects will be phased-in over a three-year period from January 1, 2022 through December 31, 2024. 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 and the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. 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 adopted this guidance on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. 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 adopted this guidance on a prospective basis on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. Recent Accounting Pronouncement Standard Required Date of Adoption Description Effect on Financial Statements Standard Not Yet Adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Effective for all entities as of March 12, 2020 In March 2020, the FASB issued an accounting standard related to contracts or hedging relationships that reference London interbank offered rate or other reference rates that are expected to be discontinued due to reference rate reform. This ASU provides temporary optional expedients and exceptions regarding the accounting requirements related to the modification of certain contracts, hedging relationships and other transactions that are affected by the reference rate reform. The guidance permits the Company to make a one-time election to sell and/or transfer qualifying held-to-maturity securities, and not to apply modification accounting or remeasure lease payments in lease contracts if the changes to the contract are related to the discontinuation of the reference rate. If certain criteria are met, the amendments also allow exceptions to the de-designation criteria of the hedging relationship and the assessment of hedge effectiveness during the transition period. This one time election may be made at any time after March 12, 2020, but no later than December 31, 2022. The Company adopted this guidance on a prospective basis in January 2021. At the time of adoption, the guidance did not have a material impact on the Company’s Consolidated Financial Statements. The Company will continue to track the exposure as of each reporting period and to assess the impact as the reference rate transition occurs through the cessation of LIBOR. ASU 2021-01, Reference Rate Reform (Topic 848): Scope Effective immediately as of January 7, 2021 through December 31, 2022 for all entities. In January 2021, the FASB issued ASU 2021-01, which expanded the scope of Topic 848 to include all affected derivatives and give market participants the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. The amendments of this guidance may be elected retrospectively as of any date from the beginning of the interim period that includes March 12, 2020, or prospectively to new modifications made on or after any date that includes January 7, 2021. The Company adopted this guidance on a prospective basis in January 2021. At the time of adoption, the guidance did not have a material impact on the Company’s Consolidated Financial Statements. |
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 prices derived from 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 | Credit Quality Indicators All loans are subject to the Company’s credit review and monitoring. For the commercial portfolio, loans are risk rated based on an analysis of the borrower’s current payment performance or delinquency, repayment sources, financial and liquidity factors, including industry and geographic considerations. For the majority of the consumer portfolio, payment performance or delinquency is the driving indicator for the risk ratings. For the Company’s internal credit risk ratings, each individual loan is given a risk rating of 1 through 10. Loans risk rated 1 through 5 are assigned an internal risk rating of “Pass,” with loans risk rated 1 being fully secured by cash or U.S. government and its agencies. Pass loans have sufficient sources of repayment to repay the loan in full, in accordance with all terms and conditions. Loans assigned a risk rating of 6 have potential weaknesses that warrant closer attention by management; these are assigned an internal risk rating of “Special Mention.” Loans assigned a risk rating of 7 or 8 have well-defined weaknesses that may jeopardize the full and timely repayment of the loan; these are assigned an internal risk rating of “Substandard.” Loans assigned a risk rating of 9 have insufficient sources of repayment and a high probability of loss; these are assigned an internal risk rating of “Doubtful.” Loans assigned a risk rating of 10 are uncollectable and of such little value that they are no longer considered bankable assets; these are assigned an internal risk rating of “Loss.” Exposures categorized as criticized consist of special mention, substandard, doubtful and loss categories. The Company reviews the internal risk ratings of its loan portfolio on a regular and ongoing basis, and adjusts the ratings based on changes in the borrowers’ financial status and the collectability of the loans. |
Variable Interest Entity (VIEs) | Variable Interest Entities The Company invests in unconsolidated limited partnerships and similar entities that construct, own and operate affordable housing, historic rehabilitation, wind and solar projects, of which the majority of such investments are 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 member’s ability to manage the entity, which is indicative of power over them. The Company’s maximum exposure to loss in connection with these partnerships consist 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. A CLO is a VIE that purchases a pool of assets consisting primarily of non-investment grade corporate loans, and issues multiple tranches of notes to investors to fund the asset purchases and pay upfront expenses associated with forming the CLO . The Company served as the collateral manager of a CLO that closed in 2019 and subsequently reassigned its portfolio manager responsibilities in 2020. The Company had retained the top 3 investment grade-rated tranches issued by the CLO, which the carrying amounts were $287.5 million and $284.7 million as of December 31, 2020 and 2019, respectively. |
Revenue Recognition | Revenue from Contracts with Customers —The Company recognizes two primary types of revenue on its Consolidated Statement of Income: net interest income and noninterest income. The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) using the modified retrospective method on January 1, 2018. The adoption of ASU 2014-09 did not have a material impact on the Consolidated Financial Statements. The majority of our revenue streams are out-of-scope of ASU 2014-09, since our primary revenue streams are accounted for in accordance with the financial instrument standards. Remaining in-scope noninterest income revenue streams include service charges and fees related to deposit accounts and card income, as well as wealth management fees. These revenue streams as described below comprised 29%, 26% and 25% of total noninterest income for the years ended December 31, 2020, 2019 and 2018, respectively. • Deposit Service Charges and Related Fee Income — The Company offers a range of deposit products to individuals and businesses, which includes savings, money market, checking and time deposit accounts. The deposit account services include ongoing account maintenance, as well as certain optional services such as various in-branch services, automated teller machine/debit card 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 transaction fees, generally recognized by the Company at the point 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 service charge and related fee income are recognized in the all segments. • Card Income — Card income consists 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 or 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. Card income is recognized in consumer and business banking, and commercial banking segments. • Wealth Management Fees — The Company provides 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. Wealth management fees is recognized in consumer and business banking, and commercial banking segments. |
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. |
Allowance for Credit Losses | Allowance for Credit Losses On January 1, 2020 , the Company adopted ASU 2016-13 that establishes a single allowance framework for all financial assets measured at amortized cost and certain off-balance sheet credit exposures. It requires the measurement of the allowance for credit losses to be based on management’s best estimate of lifetime expected credit losses inherent in the Company’s relevant financial assets. Balance sheet information and results of operations for reporting periods beginning with January 1, 2020 are presented under ASC 326, while prior period comparisons continue to be presented under legacy GAAP. The allowance for credit losses is deducted from the amortized cost basis of a financial asset or a group of financial assets so that the balance sheet reflects the net amount the Company expects to collect. Amortized cost is the principal balance outstanding, net of purchase premiums and discounts, and deferred fees and costs. Subsequent changes in expected credit losses are recognized in net income as a provision for credit loss expense or a reversal of credit loss expense. The process of the allowance for credit losses involves procedures to consider the unique risk characteristics of the portfolio segments. The majority of the Company’s credit exposures share risk characteristics with other similar exposures, and as a result are collectively evaluated. The collectively evaluated loans cover performing risk-rated loans and unfunded credit commitments. If an exposure does not share risk characteristics with other exposures, the Company generally estimates expected credit losses on an individual basis. The individually assessed loans cover loans modified or reasonably expected to be modified in a TDR, collateral-dependent loans, as well as, risk-rated loans that have been placed on nonaccrual status. Allowance for Collectively Evaluated Loans The allowance for collectively evaluated loans consists of a quantitative component that assesses many different risk factors which are considered in our models and a qualitative component that considers risk factors external to the models. Each of these components are described below. Quantitative Component — The allowance for loan losses is estimated using quantitative methods that consider a variety of factors such as historical loss experience, the current credit quality of the portfolio, as well as an economic outlook over the life of the loan. The Company incorporates forward-looking information using macroeconomic scenarios applied over the forecasted life of the loans. The forward-looking information is limited to the reasonable and supportable period. These macroeconomic scenarios include variables that are considered key drivers of increases and decreases in credit losses. The Company utilizes a probability-weighted multiple scenario forecast approach. These scenarios may consist of a base forecast representing management's view of the most likely outcome, combined with downside and upside scenarios reflecting possible worsening or improving economic conditions. A probability-weighted average of these macroeconomic scenarios over a reasonable and supportable forecast period is incorporated into the quantitative models. If the loans’ life extends beyond the reasonable and supportable forecast period, then historical experience, or long-run macroeconomic trends is considered over the remaining life of the loans in estimation of the allowance for loan losses . Qualitative Component — The Company also considers the following qualitative factors in the determination of the collectively evaluated allowance, if these factors have not already been captured by the quantitative model. Such qualitative factors may include, but not limited to: • Loan growth trends; • The volume and severity of past due financial assets, and the volume and severity of adversely classified or rated financial assets; • The Company’s lending policies and procedures, including changes in lending strategies, underwriting standards, collection, write-off and recovery practices, • Knowledge of the borrower’s operations; • The quality of the Company’s credit review system; • The experience, ability and depth of the Company’s management, lending staff and other relevant staff; • The effect of other external factors such as the regulatory, legal and technological environments; and • Actual and expected changes in international, national, regional, and local economic and business conditions in which the Company operates, including the actual and expected conditions of various market segments. The magnitude of the impact of these factors on the Company’s qualitative assessment of the allowance for credit losses changes from period to period according to changes made by management in its assessment of these factors. The extent to which these factors change may be dependent on whether they are already reflected in quantitative loss estimates during the current period and the extent changes in these factors diverge from period to period. For the year ended December 31, 2020, there were no changes to the reasonable and supportable forecast period, and reversion to historical loss experience method. The following table provides key credit risk characteristics and macroeconomic variables that the Company uses to estimate the expected credit losses by portfolio segment: Portfolio Segment Risk Characteristics Macroeconomic Variables C&I Internal risk rating; size and credit spread at origination, and time to maturity Unemployment rate, and two and ten year treasury spread CRE, Multifamily residential, and Construction and land Delinquency status; maturity date; collateral value; property type, and geographic location Unemployment rate; GDP, and U.S. Treasury rates Single-family residential and HELOCs FICO; delinquency status; maturity date; collateral value, and geographic location Unemployment rate; GDP, and home price index Other consumer Historical loss experience Immaterial (1) (1) Macroeconomic variables are included in the qualitative estimate. Allowance for Loan Losses for the Commercial Loan Portfolio — The Company’s C&I loan lifetime loss rate model estimates credit losses by estimating a loss rate expected over the life of a loan. This loss rate is applied to the amortized cost basis, excluding accrued interest receivable, to determine expected credit losses. The lifetime loss rate model’s reasonable and supportable period spans eight quarters, thereafter immediately reverting to the historical average loss rate, expressed through the loan-level lifetime loss rate. For CRE loans, projected probability of defaults (“PDs”) and loss given defaults (“LGDs”) are applied to the estimated exposure at default, considering the term and payment structure of the loan, to generate estimates of expected loss at the loan level. Within the reasonable and supportable period, the forecast of future economic conditions returns to long-run historical economic trends. In order to estimate the life of a loan under both models, the contractual term of the loan is adjusted for estimated prepayments, which are based on historical prepayment experience. Allowance for Loan Losses for the Consumer Loan Portfolio — For single-family residential and HELOC loans, projected PDs and LGDs are applied to the estimated exposure at default, considering the term and payment structure of the loan, to generate estimates of expected loss at the loan level. Within the reasonable and supportable period, the forecast of future economic conditions returns to long-run historical economic trends. For other consumer loans, the Company uses a loss rate approach. In order to estimate the life of a loan, the contractual term of the loan is adjusted for estimated prepayments, which are based on historical prepayment experience. Qualitative Allowance for Collectively Evaluated Loans — While the Company’s allowance methodologies strive to reflect all relevant credit risk factors, there continues to be uncertainty associated with, but not limited to, potential imprecision in the estimation process due to the inherent time lag of obtaining information and normal variations between expected and actual outcomes. The Company may hold additional qualitative reserves that are designed to provide coverage for losses attributable to such risk. The allowance for loan losses as of December 31, 2020 also included qualitative adjustments for certain industry sectors, such as oil & gas, included as part of the C&I loan portfolio. Allowance for Individually Evaluated Loans When a loan no longer shares similar risk characteristics with other loans, such as in the case for certain nonaccrual or TDR loans, the Company estimates the allowance for loan losses on an individual loan basis. The allowance for loan losses for individually evaluated loans is measured as the difference between the recorded value of the loans and their fair value. For loans evaluated individually, the Company uses one of three different asset valuation measurement methods: (1) the fair value of collateral less costs to sell; (2) the present value of expected future cash flows; and (3) the loan's observable market price. If an individually evaluated loan is determined to be collateral dependent, the Company applies the fair value of the collateral less costs to sell method. If an individually evaluated loan is determined not to be collateral dependent, the Company uses the present value of future cash flows or the observable market value of the loan. |
BalanceSheetOffsetting | The Company’s resale and repurchase agreements are transacted under legally enforceable master repurchase agreements that, in the event of default by the counterparty, provide the Company the right to liquidate assets 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 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of useful lives for premises and equipment | The ranges of estimated useful lives for the principal classes of assets are as follows: Premises and Equipment Useful Lives Buildings 25 years Furniture, fixtures and equipment, building improvements 3 to 7 years Leasehold improvements Term of lease or useful life, whichever is shorter |
Schedule of new accounting pronouncements adopted and recent accounting pronouncements | New Accounting Pronouncements Adopted in 2020 Standard Required Date of Adoption Description Effects on Financial Statements Standards Adopted in 2020 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 CECL model that applies to most financial assets measured at amortized cost and certain instruments, including trade and other receivables, loan receivables, AFS 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. ASU 2016-13 also eliminates the guidance for PCI loans, but requires an allowance for loan losses for purchased financial assets with more than an insignificant deterioration of credit since origination. The ASU also modifies the OTTI model for AFS debt securities to require an allowance for credit losses instead of a direct write-down. A reversal of the allowance for credit losses is allowed in future periods based on improvements in credit performance expectations. This ASU 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. The new guidance also allows optional relief for certain instruments measured at amortized cost with an option to irrevocably elect the fair value option under ASC Topic 825, Financial Instruments . The Company adopted ASU 2016-13 using a modified retrospective approach on January 1, 2020 without electing the fair value option on eligible financial instruments under ASU 2019-05. The adoption of this ASU increased the allowance for loan losses by $125.2 million, and allowance for unfunded credit commitments by $10.5 million and an after-tax decrease to opening retained earnings of $98.0 million on January 1, 2020. The increase to allowance for loan losses was primarily related to the C&I and CRE loan portfolios. The Company did not record an allowance for credit losses related to the Company’s AFS debt securities as a result of this adoption. Disclosures for periods after January 1, 2020 are presented in accordance with ASC 326 while prior period amounts continue to be reported in accordance with the incurred-loss methodology before CECL adoption. The Company has elected the CECL phase-in option provided by regulatory capital rules, which delays the impact of CECL on regulatory capital for two years, followed by a three-year transition period. As a result, the effects of CECL on the Company’s and the Bank’s regulatory capital will be delayed through the year 2021, after which the effects will be phased-in over a three-year period from January 1, 2022 through December 31, 2024. 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 and the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. 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 adopted this guidance on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. 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 adopted this guidance on a prospective basis on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s Consolidated Financial Statements. Recent Accounting Pronouncement Standard Required Date of Adoption Description Effect on Financial Statements Standard Not Yet Adopted ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting Effective for all entities as of March 12, 2020 In March 2020, the FASB issued an accounting standard related to contracts or hedging relationships that reference London interbank offered rate or other reference rates that are expected to be discontinued due to reference rate reform. This ASU provides temporary optional expedients and exceptions regarding the accounting requirements related to the modification of certain contracts, hedging relationships and other transactions that are affected by the reference rate reform. The guidance permits the Company to make a one-time election to sell and/or transfer qualifying held-to-maturity securities, and not to apply modification accounting or remeasure lease payments in lease contracts if the changes to the contract are related to the discontinuation of the reference rate. If certain criteria are met, the amendments also allow exceptions to the de-designation criteria of the hedging relationship and the assessment of hedge effectiveness during the transition period. This one time election may be made at any time after March 12, 2020, but no later than December 31, 2022. The Company adopted this guidance on a prospective basis in January 2021. At the time of adoption, the guidance did not have a material impact on the Company’s Consolidated Financial Statements. The Company will continue to track the exposure as of each reporting period and to assess the impact as the reference rate transition occurs through the cessation of LIBOR. ASU 2021-01, Reference Rate Reform (Topic 848): Scope Effective immediately as of January 7, 2021 through December 31, 2022 for all entities. In January 2021, the FASB issued ASU 2021-01, which expanded the scope of Topic 848 to include all affected derivatives and give market participants the ability to apply certain aspects of the contract modification and hedge accounting expedients to derivative contracts affected by the discounting transition. The amendments of this guidance may be elected retrospectively as of any date from the beginning of the interim period that includes March 12, 2020, or prospectively to new modifications made on or after any date that includes January 7, 2021. The Company adopted this guidance on a prospective basis in January 2021. At the time of adoption, the guidance did not have a material impact on the Company’s Consolidated Financial Statements. |
Fair Value Measurement and Fa_2
Fair Value Measurement and Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 December 31, 2020 and 2019: ($ in thousands) Assets and Liabilities Measured at Fair Value on a Recurring Basis Quoted Prices in Significant Significant Total AFS debt securities: U.S. Treasury securities $ 50,761 $ — $ — $ 50,761 U.S. government agency and U.S. government sponsored enterprise debt securities — 814,319 — 814,319 U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities — 1,153,770 — 1,153,770 Residential mortgage-backed securities — 1,660,894 — 1,660,894 Municipal securities — 396,073 — 396,073 Non-agency mortgage-backed securities: Commercial mortgage-backed securities — 239,842 — 239,842 Residential mortgage-backed securities — 289,775 — 289,775 Corporate debt securities — 405,968 — 405,968 Foreign government bonds — 182,531 — 182,531 Asset-backed securities — 63,231 — 63,231 Collateralized loan obligations (“CLOs”) — 287,494 — 287,494 Total AFS debt securities $ 50,761 $ 5,493,897 $ — $ 5,544,658 Investments in tax credit and other investments: Equity securities (1) $ 22,548 $ 8,724 $ — $ 31,272 Total investments in tax credit and other investments $ 22,548 $ 8,724 $ — $ 31,272 Derivative assets: Interest rate contracts $ — $ 489,132 $ — $ 489,132 Foreign exchange contracts — 30,300 — 30,300 Credit contracts — 13 — 13 Equity contracts — 585 273 858 Commodity contracts — 82,451 — 82,451 Gross derivative assets $ — $ 602,481 $ 273 $ 602,754 Netting adjustments (2) $ — $ (101,512) $ — $ (101,512) Net derivative assets $ — $ 500,969 $ 273 $ 501,242 Derivative liabilities: Interest rate contracts $ — $ 317,698 $ — $ 317,698 Foreign exchange contracts — 22,759 — 22,759 Credit contracts — 206 — 206 Commodity contracts — 84,165 — 84,165 Gross derivative liabilities $ — $ 424,828 $ — $ 424,828 Netting adjustments (2) $ — $ (184,697) $ — $ (184,697) Net derivative liabilities $ — $ 240,131 $ — $ 240,131 (1) Equity securities consist 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 5 — Derivatives to the Consolidated Financial Statements in this Form 10-K for additional information. ($ in thousands) Assets and Liabilities Measured at Fair Value on a Recurring Basis Quoted Prices in Significant Significant Total AFS debt securities: U.S. Treasury securities $ 176,422 $ — $ — $ 176,422 U.S. government agency and U.S. government sponsored enterprise debt securities — 581,245 — 581,245 U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities — 603,471 — 603,471 Residential mortgage-backed securities — 1,003,897 — 1,003,897 Municipal securities — 102,302 — 102,302 Non-agency mortgage-backed securities: Commercial mortgage-backed securities — 88,550 — 88,550 Residential mortgage-backed securities — 46,548 — 46,548 Corporate debt securities — 11,149 — 11,149 Foreign government bonds — 354,172 — 354,172 Asset-backed securities — 64,752 — 64,752 CLOs — 284,706 — 284,706 Total AFS debt securities $ 176,422 $ 3,140,792 $ — $ 3,317,214 Investments in tax credit and other investments: Equity securities (1) $ 21,746 $ 9,927 $ — $ 31,673 Total investments in tax credit and other investments $ 21,746 $ 9,927 $ — $ 31,673 Derivative assets: Interest rate contracts $ — $ 192,883 $ — $ 192,883 Foreign exchange contracts — 54,637 — 54,637 Credit contracts — 2 — 2 Equity contracts — 993 421 1,414 Commodity contracts — 81,380 — 81,380 Gross derivative assets $ — $ 329,895 $ 421 $ 330,316 Netting adjustments (2) $ — $ (125,319) $ — $ (125,319) Net derivative assets $ — $ 204,576 $ 421 $ 204,997 Derivative liabilities: Interest rate contracts $ — $ 127,317 $ — $ 127,317 Foreign exchange contracts — 48,610 — 48,610 Credit contracts — 84 — 84 Commodity contracts — 80,517 — 80,517 Gross derivative liabilities $ — $ 256,528 $ — $ 256,528 Netting adjustments (2) $ — $ (159,799) $ — $ (159,799) Net derivative liabilities $ — $ 96,729 $ — $ 96,729 (1) Equity securities consist 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 5 — Derivatives to the Consolidated Financial Statements in this Form 10-K 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 provides a reconciliation of the beginning and ending balances of these equity warrants for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Equity Contracts Beginning balance $ 421 $ 673 $ 679 Total gains included in earnings (1) 8,225 563 162 Issuances — 114 65 Settlements — (929) (233) Transfers out of Level 3 (2) (8,373) — — Ending balance $ 273 $ 421 $ 673 (1) Includes unrealized gains (losses) of $8.2 million, $(292) thousand and $225 thousand for the years ended December 31, 2020, 2019 and 2018, respectively. The realized/unrealized gains (losses) of equity contracts are included in Lending fees on the Consolidated Statement of Income. (2) During the year ended December 31, 2020, the Company transferred $8.4 million of equity contracts measured on a recurring basis out of Level 3 into Level 2 after the corresponding issuer of the equity warrant, which was previously a private company, completed its initial public offering and became a public company. |
Schedule of quantitative information about significant unobservable inputs used in the valuation of level 3 fair value measurements | The following table presents quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements as of December 31, 2020 and 2019, respectively. The significant unobservable inputs presented in the table below are those that the Company considers significant to the fair value of the Level 3 assets. The Company considers unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 assets would be impacted by a predetermined percentage change. ($ in thousands) Fair Value Valuation Unobservable Range of Weighted- Average (1) December 31, 2020 Derivative assets: Equity contracts $ 273 Black-Scholes option pricing model Equity volatility 46% — 61% 53% Liquidity discount 47% 47% December 31, 2019 Derivative assets: Equity contracts $ 421 Black-Scholes option pricing model Equity volatility 39% — 44% 42% Liquidity discount 47% 47% (1) Weighted-average is calculated based on fair value of equity warrants as of December 31, 2020 and 2019, respectively. |
Schedule of the carrying and fair value estimates 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 December 31, 2020 and 2019, 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) December 31, 2020 Carrying Level 1 Level 2 Level 3 Estimated Financial assets: Cash and cash equivalents $ 4,017,971 $ 4,017,971 $ — $ — $ 4,017,971 Interest-bearing deposits with banks $ 809,728 $ — $ 809,728 $ — $ 809,728 Resale agreements (1) $ 1,460,000 $ — $ 1,464,635 $ — $ 1,464,635 Restricted equity securities, at cost $ 83,046 $ — $ 83,046 $ — $ 83,046 Loans held-for-sale $ 1,788 $ — $ 1,788 $ — $ 1,788 Loans held-for-investment, net $ 37,770,972 $ — $ — $ 37,803,940 $ 37,803,940 Mortgage servicing rights $ 5,522 $ — $ — $ 8,435 $ 8,435 Accrued interest receivable $ 150,140 $ — $ 150,140 $ — $ 150,140 Financial liabilities: Demand, checking, savings and money market deposits $ 35,862,403 $ — $ 35,862,403 $ — $ 35,862,403 Time deposits $ 9,000,349 $ — $ 9,016,884 $ — $ 9,016,884 Short-term borrowings $ 21,009 $ — $ 21,009 $ — $ 21,009 FHLB advances $ 652,612 $ — $ 659,631 $ — $ 659,631 Repurchase agreements (1) $ 300,000 $ — $ 317,850 $ — $ 317,850 Long-term debt $ 147,376 $ — $ 150,131 $ — $ 150,131 Accrued interest payable $ 11,956 $ — $ 11,956 $ — $ 11,956 ($ in thousands) December 31, 2019 Carrying Level 1 Level 2 Level 3 Estimated Financial assets: Cash and cash equivalents $ 3,261,149 $ 3,261,149 $ — $ — $ 3,261,149 Interest-bearing deposits with banks $ 196,161 $ — $ 196,161 $ — $ 196,161 Resale agreements (1) $ 860,000 $ — $ 856,025 $ — $ 856,025 Restricted equity securities, at cost $ 78,580 $ — $ 78,580 $ — $ 78,580 Loans held-for-sale $ 434 $ — $ 434 $ — $ 434 Loans held-for-investment, net $ 34,420,252 $ — $ — $ 35,021,300 $ 35,021,300 Mortgage servicing rights $ 6,068 $ — $ — $ 8,199 $ 8,199 Accrued interest receivable $ 144,599 $ — $ 144,599 $ — $ 144,599 Financial liabilities: Demand, checking, savings and money market deposits $ 27,109,951 $ — $ 27,109,951 $ — $ 27,109,951 Time deposits $ 10,214,308 $ — $ 10,208,895 $ — $ 10,208,895 Short-term borrowings $ 28,669 $ — $ 28,669 $ — $ 28,669 FHLB advances $ 745,915 $ — $ 755,371 $ — $ 755,371 Repurchase agreements (1) $ 200,000 $ — $ 232,597 $ — $ 232,597 Long-term debt $ 147,101 $ — $ 152,641 $ — $ 152,641 Accrued interest payable $ 27,246 $ — $ 27,246 $ — $ 27,246 (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 December 31, 2020, none of the $300.0 million of gross repurchase agreements were eligible for netting against gross resale agreements. Out of $450.0 million of gross repurchase agreements, $250.0 million were eligible for netting against gross resale agreements as of December 31, 2019. |
Fair Value, Measurements, Nonrecurring | |
Fair Value, Financial Assets and Liabilities Measured on Recurring and Nonrecurring Basis | |
Schedule of quantitative information about significant unobservable inputs used in the valuation of level 3 fair value measurements | The following table presents the quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements that are measured on a nonrecurring basis as of December 31, 2020 and 2019: ($ in thousands) Fair Value Valuation Unobservable Range of Weighted- (1) December 31, 2020 Loans held-for-investment $ 104,783 Discounted cash flows Discount 3% — 15% 11% $ 22,207 Fair value of collateral Discount 10% — 26% 15% $ 15,879 Fair value of collateral Contract value NM NM $ 46,993 Fair value of property Selling cost 7% — 26% 10% Investments in tax credit and other investments, net $ 3,140 Individual analysis of each investment Expected future tax NM NM OREO $ 15,824 Fair value of property Selling cost 8% 8% December 31, 2019 Loans held-for-investment $ 27,841 Discounted cash flows Discount 4% — 15% 14% $ 1,014 Fair value of collateral Discount 8% — 20% 19% $ 20,824 Fair value of collateral Contract value NM NM Investments in tax credit and other investments, net $ 3,076 Individual analysis of each investment Expected future tax NM NM OREO $ 125 Fair value of property Selling cost 8% 8% Other nonperforming assets $ 1,167 Fair value of collateral Contract value NM NM NM — Not meaningful . (1) Weighted-average of inputs is based on the relative fair value of the respective assets as of December 31, 2020 and 2019. |
Schedule of carrying amounts of assets that were still held and had fair value changes measured on a nonrecurring basis | The following tables present the carrying amounts of assets that were still held and had fair value changes measured on a nonrecurring basis as of December 31, 2020 and 2019: ($ in thousands) Assets Measured at Fair Value on a Nonrecurring Basis Quoted Prices in Significant Significant Fair Value Measurements Loans held-for-investment: Commercial: C&I $ — $ — $ 143,331 $ 143,331 CRE: CRE — — 42,894 42,894 Total commercial — — 186,225 186,225 Consumer: Residential mortgage: HELOCs — — 1,146 1,146 Other consumer — — 2,491 2,491 Total consumer — — 3,637 3,637 Total loans held-for-investment $ — $ — $ 189,862 $ 189,862 Investments in tax credit and other investments, net $ — $ — $ 3,140 $ 3,140 OREO (1) $ — $ — $ 15,824 $ 15,824 ($ in thousands) Assets Measured at Fair Value on a Nonrecurring Basis Quoted Prices in Significant Significant Fair Value Measurements Loans held-for-investment: Commercial: C&I $ — $ — $ 47,554 $ 47,554 CRE: CRE — — 753 753 Total commercial — — 48,307 48,307 Consumer: Residential mortgage: HELOCs — — 1,372 1,372 Total consumer — — 1,372 1,372 Total loans held-for-investment $ — $ — $ 49,679 $ 49,679 Investments in tax credit and other investments, net $ — $ — $ 3,076 $ 3,076 OREO (1) $ — $ — $ 125 $ 125 Other nonperforming assets $ — $ — $ 1,167 $ 1,167 (1) Amounts are included in Other assets on the Consolidated Balance Sheet and represent the carrying value of OREO properties that were written down subsequent to their initial classification as OREO. |
Schedule of increase (decrease) in fair value of assets for which a nonrecurring fair value adjustment has been recognized | The following table presents the increase (decrease) in fair value of assets for which a nonrecurring fair value adjustment has been recognized for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Loans held-for-investment: Commercial: C&I $ (48,154) $ (35,365) $ (9,341) CRE: CRE (11,289) 9 270 Total commercial (59,443) (35,356) (9,071) Consumer: Residential mortgage: Single-family residential — — 15 HELOCs (175) (2) — Other consumer 2,491 — — Total consumer $ 2,316 $ (2) $ 15 Total loans held-for-investment $ (57,127) $ (35,358) $ (9,056) Investments in tax credit and other investments, net $ (3,868) $ (13,023) $ — OREO $ (3,680) $ (8) $ — Other nonperforming assets $ — $ (3,000) $ — |
Assets Purchased under Resale_2
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
RESALE AND REPURCHASE AGREEMENTS | |
Schedule of balance sheet offsetting for resale agreements and repurchase agreements | The following tables present the resale and repurchase agreements included on the Consolidated Balance Sheet as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 Assets Gross Amounts Gross Amounts Net Amounts of Gross Amounts Not Offset on the Net Collateral Received Resale agreements $ 1,460,000 $ — $ 1,460,000 $ (1,458,700) (1) $ 1,300 Liabilities Gross Amounts Gross Amounts Net Amounts of Gross Amounts Not Offset on the Net Collateral Pledged Repurchase agreements $ 300,000 $ — $ 300,000 $ (300,000) (2) $ — ($ in thousands) December 31, 2019 Assets Gross Amounts Gross Amounts Net Amounts of Gross Amounts Not Offset on the Net Collateral Received Resale agreements $ 1,110,000 $ (250,000) $ 860,000 $ (856,058) (1) $ 3,942 Liabilities Gross Amounts Gross Amounts Net Amounts of Gross Amounts Not Offset on the Net Collateral Pledged Repurchase agreements $ 450,000 $ (250,000) $ 200,000 $ (200,000) (2) $ — (1) Represents the fair value of assets 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 assets 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) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of amortized cost, gross unrealized gains, gross unrealized losses and fair value by major categories of AFS debt securities | The following tables present the amortized cost, gross unrealized gains and losses, and fair value by major categories of AFS debt securities as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 Amortized Gross Gross Fair AFS debt securities: U.S. Treasury securities $ 50,310 $ 451 $ — $ 50,761 U.S. government agency and U.S. government-sponsored enterprise debt securities 806,814 8,765 (1,260) 814,319 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 1,125,174 34,306 (5,710) 1,153,770 Residential mortgage-backed securities 1,634,553 27,952 (1,611) 1,660,894 Municipal securities 382,573 13,588 (88) 396,073 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 234,965 6,107 (1,230) 239,842 Residential mortgage-backed securities 288,520 1,761 (506) 289,775 Corporate debt securities 406,323 3,493 (3,848) 405,968 Foreign government bonds 183,828 163 (1,460) 182,531 Asset-backed securities 63,463 10 (242) 63,231 CLOs 294,000 — (6,506) 287,494 Total AFS debt securities $ 5,470,523 $ 96,596 $ (22,461) $ 5,544,658 ($ in thousands) December 31, 2019 Amortized Gross Gross Fair AFS debt securities: U.S. Treasury securities $ 177,215 $ — $ (793) $ 176,422 U.S. government agency and U.S. government-sponsored enterprise debt securities 584,275 1,377 (4,407) 581,245 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 599,814 8,551 (4,894) 603,471 Residential mortgage-backed securities 998,447 6,927 (1,477) 1,003,897 Municipal securities 101,621 790 (109) 102,302 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 86,609 1,947 (6) 88,550 Residential mortgage-backed securities 46,830 3 (285) 46,548 Corporate debt securities 11,250 12 (113) 11,149 Foreign government bonds 354,481 198 (507) 354,172 Asset-backed securities 66,106 — (1,354) 64,752 CLOs 294,000 — (9,294) 284,706 Total AFS debt securities $ 3,320,648 $ 19,805 $ (23,239) $ 3,317,214 |
Schedule of fair value and associated gross unrealized losses of AFS debt securities | The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position, as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 Less Than 12 Months 12 Months or More Total Fair Gross Fair Gross Fair Gross AFS debt securities: U.S. government agency and U.S. government-sponsored enterprise debt securities $ 352,521 $ (1,260) $ — $ — $ 352,521 $ (1,260) U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 292,596 (5,656) 3,543 (54) 296,139 (5,710) Residential mortgage-backed securities 342,561 (1,611) — — 342,561 (1,611) Municipal securities 24,529 (88) — — 24,529 (88) Non-agency mortgage-backed securities: Commercial mortgage-backed securities 58,738 (1,230) 7,920 — 66,658 (1,230) Residential mortgage-backed securities 90,156 (506) — — 90,156 (506) Corporate debt securities 251,674 (3,645) 9,798 (203) 261,472 (3,848) Foreign government bonds 106,828 (1,460) — — 106,828 (1,460) Asset-backed securities — — 34,104 (242) 34,104 (242) CLOs — — 287,494 (6,506) 287,494 (6,506) Total AFS debt securities $ 1,519,603 $ (15,456) $ 342,859 $ (7,005) $ 1,862,462 $ (22,461) ($ in thousands) December 31, 2019 Less Than 12 Months 12 Months or More Total Fair Gross Fair Gross Fair Gross AFS debt securities: U.S. Treasury securities $ — $ — $ 176,422 $ (793) $ 176,422 $ (793) U.S. government agency and U.S. government-sponsored enterprise debt securities 310,349 (4,407) — — 310,349 (4,407) U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities 204,675 (2,346) 108,314 (2,548) 312,989 (4,894) Residential mortgage-backed securities 325,354 (1,234) 34,337 (243) 359,691 (1,477) Municipal securities 31,130 (109) — — 31,130 (109) Non-agency mortgage-backed securities: Commercial mortgage-backed securities 7,914 (6) — — 7,914 (6) Residential mortgage-backed securities 42,894 (285) — — 42,894 (285) Corporate debt securities — — 9,888 (113) 9,888 (113) Foreign government bonds 129,074 (407) 9,900 (100) 138,974 (507) Asset-backed securities 52,565 (902) 12,187 (452) 64,752 (1,354) CLOs 284,706 (9,294) — — 284,706 (9,294) Total AFS debt securities $ 1,388,661 $ (18,990) $ 351,048 $ (4,249) $ 1,739,709 $ (23,239) |
Schedule of the gross realized gains and tax expense related to the sales of AFS debt securities | The following table presents gross realized gains and tax expense related to the sales of AFS debt securities for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Gross realized gains $ 12,299 $ 3,930 $ 2,535 Related tax expense $ 3,636 $ 1,162 $ 749 |
Schedule of contractual maturities of AFS debt securities | The following table presents the contractual maturities of AFS debt securities as of December 31, 2020. Expected maturities will differ from contractual maturities on certain securities as the issuers and borrowers of the underlying collateral may have the right to call or prepay obligations with or without prepayment penalties. ($ in thousands) Amortized Cost Fair Value Due within one year $ 893,162 $ 892,648 Due after one year through five years 639,543 646,245 Due after five years through ten years 483,606 499,880 Due after ten years 3,454,212 3,505,885 Total AFS debt securities $ 5,470,523 $ 5,544,658 |
Schedule of restricted equity securities | The following table presents the restricted equity securities on the Consolidated Balance Sheet as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 2019 FRBSF stock $ 59,249 $ 58,330 FHLB stock 23,797 20,250 Total restricted equity securities $ 83,046 $ 78,580 |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of notional and 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 December 31, 2020 and 2019. 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 December 31, 2020 and 2019. 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) December 31, 2020 December 31, 2019 Notional Fair Value Notional Fair Value Derivative Derivative Derivative Derivative Derivatives designated as hedging instruments: Fair value hedges: Interest rate contracts $ — $ — $ — $ 31,026 $ — $ 3,198 Cash flow hedges: Interest rate contracts 275,000 — 1,864 — — — Net investment hedges: Foreign exchange contracts 84,269 — 235 86,167 — 1,586 Total derivatives designated as hedging instruments $ 359,269 $ — $ 2,099 $ 117,193 $ — $ 4,784 Derivatives not designated as hedging instruments: Interest rate contracts $ 18,155,678 $ 489,132 $ 315,834 $ 15,489,692 $ 192,883 $ 124,119 Foreign exchange contracts 3,108,488 30,300 22,524 4,839,661 54,637 47,024 Credit contracts 76,992 13 206 210,678 2 84 Equity contracts — (1) 858 — — (1) 1,414 — Commodity contracts — (2) 82,451 84,165 — (2) 81,380 80,517 Total derivatives not designated as hedging instruments $ 21,341,158 $ 602,754 $ 422,729 $ 20,540,031 $ 330,316 $ 251,744 Gross derivative assets/liabilities $ 602,754 $ 424,828 $ 330,316 $ 256,528 Less: Master netting agreements (93,063) (93,063) (121,561) (121,561) Less: Cash collateral received/paid (8,449) (91,634) (3,758) (38,238) Net derivative assets/liabilities $ 501,242 $ 240,131 $ 204,997 $ 96,729 (1) The Company held equity contracts in two public companies and 17 private companies as of December 31, 2020. In comparison, the Company held equity contracts in three public companies and 18 private companies as of December 31, 2019. (2) The notional amount of the Company’s commodity contracts entered with its customers totaled 6,321 thousand barrels of crude oil and 109,635 thousand units of natural gas, measured in million British thermal units (“MMBTUs”) as of December 31, 2020. In comparison, the notional amount of the Company’s commodity contracts entered with its customers totaled 7,811 thousand barrels of crude oil and 63,773 thousand MMBTUs of natural gas as of December 31, 2019. The Company simultaneously entered into the offsetting commodity contracts with mirrored terms with third-party financial institutions. The following tables present the notional amounts and the gross fair values of interest rate derivative contracts outstanding as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 Customer Counterparty ($ in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Written options $ 957,393 $ — $ 115 Purchased options $ 957,393 $ 101 $ 15 Sold collars and corridors 518,477 7,673 — Collars and corridors 518,477 — 7,717 Swaps 7,586,414 479,634 1,364 Swaps 7,617,524 1,724 306,623 Total $ 9,062,284 $ 487,307 $ 1,479 Total $ 9,093,394 $ 1,825 $ 314,355 ($ in thousands) December 31, 2019 Customer Counterparty ($ in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Written options $ 1,003,558 $ — $ 66 Purchased options $ 1,003,558 $ 67 $ — Sold collars and corridors 490,852 1,971 16 Collars and corridors 490,852 17 1,996 Swaps 6,247,667 187,294 6,237 Swaps 6,253,205 3,534 115,804 Total $ 7,742,077 $ 189,265 $ 6,319 Total $ 7,747,615 $ 3,618 $ 117,800 The following tables present the notional amounts and the gross fair values of foreign exchange derivative contracts outstanding as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 Customer Counterparty Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities ($ in thousands) Assets Liabilities Forwards and spot $ 1,522,888 $ 17,575 $ 17,928 Forwards and spot $ 145,197 $ 1,230 $ 273 Swaps 13,590 872 91 Swaps 1,191,355 10,049 3,658 Written options 117,729 — 574 Purchased options 117,729 574 — Total $ 1,654,207 $ 18,447 $ 18,593 Total $ 1,454,281 $ 11,853 $ 3,931 ($ in thousands) December 31, 2019 Customer Counterparty Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities ($ in thousands) Assets Liabilities Forwards and spot $ 3,581,036 $ 45,911 $ 40,591 Forwards and spot $ 207,492 $ 1,400 $ 507 Swaps 6,889 16 84 Swaps 702,391 6,156 4,712 Written options 87,036 127 — Purchased options 87,036 — 127 Collars 2,244 — 14 Collars 165,537 1,027 989 Total $ 3,677,205 $ 46,054 $ 40,689 Total $ 1,162,456 $ 8,583 $ 6,335 ($ in thousands) December 31, 2020 December 31, 2019 Notional Amount Fair Value Notional Amount Fair Value Assets Liabilities Assets Liabilities RPAs - protection sold $ 66,278 $ — $ 206 $ 199,964 $ — $ 84 RPAs - protection purchased 10,714 13 — 10,714 2 — Total RPAs $ 76,992 $ 13 $ 206 $ 210,678 $ 2 $ 84 The following tables present the notional amounts and fair values of the commodity derivative positions outstanding as of December 31, 2020 and 2019. ($ and units in thousands) December 31, 2020 Customer Counterparty ($ and units in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Crude oil: Crude oil: Collars 2,022 Barrels $ 2,344 $ 2,193 Collars 2,022 Barrels $ 2,217 $ 2,402 Swaps 4,299 Barrels 9,282 14,283 Swaps 4,299 Barrels 8,220 7,135 Total 6,321 $ 11,626 $ 16,476 Total 6,321 $ 10,437 $ 9,537 Natural gas: Natural gas: Written options 597 MMBTUs $ — $ 59 Purchased options 597 MMBTUs $ 59 $ — Collars 12,733 MMBTUs 1,063 205 Collars 16,293 MMBTUs 205 813 Swaps 96,305 MMBTUs 32,073 27,238 Swaps 103,973 MMBTUs 26,988 29,837 Total 109,635 $ 33,136 $ 27,502 Total 120,863 $ 27,252 $ 30,650 Total $ 44,762 $ 43,978 Total $ 37,689 $ 40,187 ($ and units in thousands) December 31, 2019 Customer Counterparty ($ and units in thousands) Financial Counterparty Notional Fair Value Notional Fair Value Assets Liabilities Assets Liabilities Crude oil: Crude oil: Written options 36 Barrels $ — $ 30 Purchased options 36 Barrels $ 29 $ — Collars 3,174 Barrels 2,673 538 Collars 3,630 Barrels 677 2,815 Swaps 4,601 Barrels 6,949 5,531 Swaps 4,721 Barrels 4,516 5,215 Total 7,811 $ 9,622 $ 6,099 Total 8,387 $ 5,222 $ 8,030 Natural gas: Natural gas: Written options 540 MMBTUs $ — $ 22 Purchased options 530 MMBTUs $ 21 $ — Collars 14,277 MMBTUs 186 522 Collars 14,517 MMBTUs 471 150 Swaps 48,956 MMBTUs 30,257 35,497 Swaps 48,779 MMBTUs 35,601 30,197 Total 63,773 $ 30,443 $ 36,041 Total 63,826 $ 36,093 $ 30,347 Total $ 40,065 $ 42,140 Total $ 41,315 $ 38,377 |
Schedule of net gains (losses) recognized on the Consolidated Statements 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 years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Gains (losses) recorded in interest expense: Recognized on interest rate swaps $ 3,146 $ 2,655 $ (93) Recognized on certificates of deposit $ (1,605) $ (2,536) $ 278 |
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 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 as of December 31, 2020 and 2019: ($ in thousands) Carrying Value (1) Cumulative Fair Value Adjustment (2) December 31, December 31, 2020 2019 2020 2019 Certificates of deposit $ — $ (29,080) $ — $ 1,604 (1) Represents the full carrying amount of the hedged certificates of deposit. (2) For liabilities, (increase) decrease to carrying value. |
Schedule of pre-tax changes in AOCI from cash flows hedges | The following table presents the pre-tax changes in AOCI from cash flow hedges for the years ended December 31, 2020, 2019 and 2018. The after-tax impact of cash flow hedges on AOCI is shown in Note 14 — Accumulated Other Comprehensive Income (Loss) to the Consolidated Financial Statements in the Form-10-K. ($ in thousands) Year Ended December 31, 2020 2019 2018 Losses recognized in AOCI $ (1,604) $ — $ — Gains reclassified from AOCI to Interest expense $ 113 $ — $ — |
Schedule of gains (losses) related to net investment hedges on a pre-tax basis in accumulated other comprehensive income (loss) and Consolidated Statements of Income | The following table presents the after-tax (losses) gains recognized in AOCI on net investment hedges for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 (Losses) gains recognized in AOCI $ (4,801) $ (471) $ 6,072 |
Schedule of net gains (losses) recognized on the Consolidated Statements of Income related to derivatives not designated as hedging instruments | The following table presents the net gains (losses) recognized on the Company’s Consolidated Statement of Income related to derivatives not designated as hedging instruments for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Classification on Year Ended December 31, 2020 2019 2018 Derivatives not designated as hedging instruments: Interest rate contracts Interest rate contracts and other derivative income $ (8,637) $ (2,126) $ 280 Foreign exchange contracts Foreign exchange income 23,215 22,264 16,784 Credit contracts Interest rate contracts and other derivative income (5) 59 (156) Equity contracts Lending fees 11,025 678 512 Commodity contracts Interest rate contracts and other derivative income (35) (67) (11) Net gains $ 25,563 $ 20,808 $ 17,409 |
Schedule of gross derivative fair values, the balance sheet netting adjustments and net fair values on the Consolidated Balance Sheets, as well as the cash and non-cash collateral | 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 noncash 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 central counterparties, 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) As of December 31, 2020 Gross (1) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Master Netting Arrangements Cash Collateral Received (3) Security Collateral Received (5) Derivative assets $ 602,754 $ (93,063) $ (8,449) $ 501,242 $ (35) $ 501,207 Gross (2) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Master Netting Arrangements Cash Collateral Pledged (4) Security Collateral Pledged (5) Derivative liabilities $ 424,828 $ (93,063) $ (91,634) $ 240,131 $ (221,150) $ 18,981 ($ in thousands) As of December 31, 2019 Gross (1) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Master Netting Arrangements Cash Collateral Received (3) Security Collateral (5) Derivative assets $ 330,316 $ (121,561) $ (3,758) $ 204,997 $ — $ 204,997 Gross (2) Gross Amounts Offset Net Amounts Gross Amounts Not Offset Net Master Netting Arrangements Cash Collateral Pledged (4) Security Collateral Pledged (5) Derivative liabilities $ 256,528 $ (121,561) $ (38,238) $ 96,729 $ (79,619) $ 17,110 (1) Included $1.1 million and $1.6 million of gross fair value assets with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of December 31, 2020 and 2019, respectively. (2) Included $220 thousand and $20 thousand of gross fair value liabilities with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of December 31, 2020 and 2019, respectively. (3) Gross cash collateral received under master netting arrangements or similar agreements were $15.8 million and $3.8 million, respectively, as of December 31, 2020 and 2019. Of the gross cash collateral received, $8.4 million and $3.8 million were used to offset against derivative assets, respectively, as of December 31, 2020 and 2019. (4) Gross cash collateral pledged under master netting arrangements or similar agreements were $91.6 million and $43.0 million, respectively, as of December 31, 2020 and 2019. Of the gross cash collateral pledged, $91.6 million and $38.2 million were used to offset against derivative liabilities, respectively, as of December 31, 2020 and 2019. (5) Represents the fair value of security collateral received and pledged limited to derivative assets and liabilities that are subject to enforceable master netting arrangements or similar agreements. GAAP does not permit the netting of noncash collateral on the consolidated balance sheet but requires disclosure of such amounts. |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule of the composition of loan held-for-investment | The following table presents the composition of the Company’s loans held-for-investment as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 December 31, 2019 Amortized Cost (1) Non-PCI Loans (1) PCI Loans Total (1) Commercial: C&I (2) $ 13,631,726 $ 12,149,121 $ 1,810 $ 12,150,931 CRE: CRE 11,174,611 10,165,247 113,201 10,278,448 Multifamily residential 3,033,998 2,834,212 22,162 2,856,374 Construction and land 599,692 628,459 40 628,499 Total CRE 14,808,301 13,627,918 135,403 13,763,321 Total commercial 28,440,027 25,777,039 137,213 25,914,252 Consumer: Residential mortgage: Single-family residential 8,185,953 7,028,979 79,611 7,108,590 HELOCs 1,601,716 1,466,736 6,047 1,472,783 Total residential mortgage 9,787,669 8,495,715 85,658 8,581,373 Other consumer 163,259 282,914 — 282,914 Total consumer 9,950,928 8,778,629 85,658 8,864,287 Total loans held-for-investment $ 38,390,955 $ 34,555,668 $ 222,871 $ 34,778,539 Allowance for loan losses (619,983) (358,287) — (358,287) Loans held-for-investment, net $ 37,770,972 $ 34,197,381 $ 222,871 $ 34,420,252 (1) Includes net deferred loan fees, unearned fees, unamortized premiums and unaccreted discounts of $(58.8) million and $(43.2) million as of December 31, 2020 and 2019, respectively. (2) Includes PPP loans of $1.57 billion as of December 31, 2020. |
Schedule of loans held-for-investment by loan portfolio segment, internal risk ratings and vintage year/Schedule of credit risk ratings for non-PCI and PCI loans by portfolio segment | The following table summarizes the Company’s loans held-for-investment as of December 31, 2020, presented by loan portfolio segments, internal risk ratings and vintage year. The vintage year is the year of origination, renewal or major modification. ($ in thousands) December 31, 2020 Term Loans Revolving Loans Revolving Loans Converted to Term Loans Amortized Cost Basis Total Amortized Cost Basis by Origination Year 2020 2019 2018 2017 2016 Prior Commercial: C&I: Pass $ 3,912,147 $ 1,477,740 $ 483,725 $ 245,594 $ 69,482 $ 245,615 $ 6,431,003 $ 29,487 $ 12,894,793 Criticized (accrual) 120,183 74,601 56,785 19,426 1,487 5,872 324,640 — 602,994 Criticized (nonaccrual) 2,125 25,267 22,240 18,787 4,964 1,592 58,964 — 133,939 Total C&I 4,034,455 1,577,608 562,750 283,807 75,933 253,079 6,814,607 29,487 13,631,726 CRE: Pass 2,296,649 2,402,136 2,310,748 1,328,251 732,694 1,529,681 173,267 19,064 10,792,490 Criticized (accrual) 47,459 63,654 43,447 98,259 2,094 80,662 — — 335,575 Criticized (nonaccrual) — — 42,067 1,115 — 3,364 — — 46,546 Total CRE 2,344,108 2,465,790 2,396,262 1,427,625 734,788 1,613,707 173,267 19,064 11,174,611 Multifamily residential: Pass 783,671 783,589 479,959 411,945 181,213 348,751 5,895 — 2,995,023 Criticized (accrual) — 735 22,330 6,101 264 5,877 — — 35,307 Criticized (nonaccrual) — — 1,475 — — 2,193 — — 3,668 Total multifamily residential 783,671 784,324 503,764 418,046 181,477 356,821 5,895 — 3,033,998 Construction and land: Pass 224,924 172,707 156,712 — 20,897 1,028 — — 576,268 Criticized (accrual) 3,524 — — — — 19,900 — — 23,424 Criticized (nonaccrual) — — — — — — — — — Total construction and land 228,448 172,707 156,712 — 20,897 20,928 — — 599,692 Total CRE 3,356,227 3,422,821 3,056,738 1,845,671 937,162 1,991,456 179,162 19,064 14,808,301 Total commercial 7,390,682 5,000,429 3,619,488 2,129,478 1,013,095 2,244,535 6,993,769 48,551 28,440,027 Consumer: Single-family residential: Pass (1) 2,385,853 1,813,200 1,501,660 1,021,707 523,170 921,714 — — 8,167,304 Criticized (accrual) — 1,429 — — 119 1,034 — — 2,582 Criticized (Nonaccrual) (1) — 226 812 1,789 1,994 11,246 — — 16,067 Total single-family residential mortgage 2,385,853 1,814,855 1,502,472 1,023,496 525,283 933,994 — — 8,185,953 HELOCs: Pass 1,131 880 2,879 5,363 8,433 13,475 1,328,919 225,810 1,586,890 Criticized (accrual) — — 200 — 996 — 1,328 606 3,130 Criticized (nonaccrual) — 151 285 4,617 164 1,962 — 4,517 11,696 Total HELOCs 1,131 1,031 3,364 9,980 9,593 15,437 1,330,247 230,933 1,601,716 Total residential mortgage 2,386,984 1,815,886 1,505,836 1,033,476 534,876 949,431 1,330,247 230,933 9,787,669 Other consumer: Pass 9,531 — — 1,830 — 83,255 66,136 — 160,752 Criticized (accrual) 16 — — — — — — — 16 Criticized (nonaccrual) — — — 2,491 — — — — 2,491 Total other consumer 9,547 — — 4,321 — 83,255 66,136 — 163,259 Total consumer 2,396,531 1,815,886 1,505,836 1,037,797 534,876 1,032,686 1,396,383 230,933 9,950,928 Total $ 9,787,213 $ 6,816,315 $ 5,125,324 $ 3,167,275 $ 1,547,971 $ 3,277,221 $ 8,390,152 $ 279,484 $ 38,390,955 (1) As of December 31, 2020, $747 thousand of nonaccrual loans whose payments are guaranteed by the Federal Housing Administration were classified with a pass rating. The following tables present the credit risk ratings for non-PCI and PCI loans by portfolio segments as of December 31, 2019: ($ in thousands) December 31, 2019 Pass Criticized Total Accrual Nonaccrual Commercial: C&I $ 11,423,094 $ 651,192 $ 74,835 $ 12,149,121 CRE: CRE 10,003,749 145,057 16,441 10,165,247 Multifamily residential 2,806,475 26,918 819 2,834,212 Construction and land 603,447 25,012 — 628,459 Total CRE 13,413,671 196,987 17,260 13,627,918 Total commercial 24,836,765 848,179 92,095 25,777,039 Consumer: Residential mortgage: Single-family residential (1) 7,012,522 2,278 14,179 7,028,979 HELOCs 1,453,207 2,787 10,742 1,466,736 Total residential mortgage 8,465,729 5,065 24,921 8,495,715 Other consumer 280,392 5 2,517 282,914 Total consumer 8,746,121 5,070 27,438 8,778,629 Total $ 33,582,886 $ 853,249 $ 119,533 $ 34,555,668 ($ in thousands) December 31, 2019 Pass Criticized Total Accrual Nonaccrual Commercial: C&I $ 1,810 $ — $ — $ 1,810 CRE: CRE 102,257 10,939 5 113,201 Multifamily residential 22,162 — — 22,162 Construction and land 40 — — 40 Total CRE 124,459 10,939 5 135,403 Total commercial 126,269 10,939 5 137,213 Consumer: Residential mortgage: Single-family residential 79,517 — 94 79,611 HELOCs 5,849 — 198 6,047 Total residential mortgage 85,366 — 292 85,658 Total consumer 85,366 — 292 85,658 Total (2) $ 211,635 $ 10,939 $ 297 $ 222,871 (1) As of December 31, 2019, $686 thousand of nonaccrual loans whose payments are guaranteed by the Federal Housing Administration were classified with a pass rating. (2) Loans net of ASC 310-30 discount. |
Schedule of aging analysis of loans | The following table presents the aging analysis of total loans held-for-investment as of December 31, 2020: ($ in thousands) December 31, 2020 Current Accruing Accruing Total Nonaccrual Nonaccrual Total Total Commercial: C&I $ 13,488,070 $ 8,993 $ 724 $ 9,717 $ 100,602 $ 33,337 $ 133,939 $ 13,631,726 CRE: CRE 11,127,690 375 — 375 448 46,098 46,546 11,174,611 Multifamily residential 3,028,512 1,818 — 1,818 2,375 1,293 3,668 3,033,998 Construction and land 579,792 19,900 — 19,900 — — — 599,692 Total CRE 14,735,994 22,093 — 22,093 2,823 47,391 50,214 14,808,301 Total commercial 28,224,064 31,086 724 31,810 103,425 80,728 184,153 28,440,027 Consumer: Residential mortgage: Single-family residential 8,156,645 9,911 2,583 12,494 2,385 14,429 16,814 8,185,953 HELOCs 1,583,968 2,922 3,130 6,052 577 11,119 11,696 1,601,716 Total residential mortgage 9,740,613 12,833 5,713 18,546 2,962 25,548 28,510 9,787,669 Other consumer 160,534 217 17 234 — 2,491 2,491 163,259 Total consumer 9,901,147 13,050 5,730 18,780 2,962 28,039 31,001 9,950,928 Total $ 38,125,211 $ 44,136 $ 6,454 $ 50,590 $ 106,387 $ 108,767 $ 215,154 $ 38,390,955 The following table presents the aging analysis of non-PCI loans as of December 31, 2019: ($ in thousands) December 31, 2019 Current Accruing Accruing Total Nonaccrual Nonaccrual Total Total Commercial: C&I $ 12,026,131 $ 31,121 $ 17,034 $ 48,155 $ 31,084 $ 43,751 $ 74,835 $ 12,149,121 CRE: CRE 10,123,999 22,830 1,977 24,807 540 15,901 16,441 10,165,247 Multifamily residential 2,832,664 198 531 729 534 285 819 2,834,212 Construction and land 628,459 — — — — — — 628,459 Total CRE 13,585,122 23,028 2,508 25,536 1,074 16,186 17,260 13,627,918 Total commercial 25,611,253 54,149 19,542 73,691 32,158 59,937 92,095 25,777,039 Consumer: Residential mortgage: Single-family residential 6,993,597 15,443 5,074 20,517 1,964 12,901 14,865 7,028,979 HELOCs 1,448,930 4,273 2,791 7,064 1,448 9,294 10,742 1,466,736 Total residential mortgage 8,442,527 19,716 7,865 27,581 3,412 22,195 25,607 8,495,715 Other consumer 280,386 6 5 11 — 2,517 2,517 282,914 Total consumer 8,722,913 19,722 7,870 27,592 3,412 24,712 28,124 8,778,629 Total $ 34,334,166 $ 73,871 $ 27,412 $ 101,283 $ 35,570 $ 84,649 $ 120,219 $ 34,555,668 |
Schedule of amortized cost of loans on nonaccrual status with no related allowance for loan losses | The following table presents amortized cost of loans on nonaccrual status for which there was no related allowance for loan losses as of December 31, 2020: ($ in thousands) December 31, 2020 Commercial: C&I $ 62,040 CRE: CRE 45,537 Multifamily residential 2,519 Total CRE 48,056 Total commercial 110,096 Consumer: Residential mortgage: Single-family residential 6,013 HELOCs 8,076 Total residential mortgage 14,089 Other consumer 2,491 Total consumer 16,580 Total nonaccrual loans with no related allowance for loan losses $ 126,676 |
Summary of additions and post-modifications to troubled debt restructurings | The following tables present the additions to TDRs for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Loans Modified as TDRs During the Year Ended December 31, 2020 Number Pre-Modification Post-Modification (1) Financial (2) Commercial: C&I 14 $ 152,249 $ 134,467 $ 19,555 CRE: CRE 2 21,429 21,221 18 Multifamily residential 1 1,220 1,226 — Total CRE 3 22,649 22,447 18 Total commercial 17 174,898 156,914 19,573 Consumer: Total consumer — — — — Total 17 $ 174,898 $ 156,914 $ 19,573 ($ in thousands) Loans Modified as TDRs During the Year Ended December 31, 2019 Number Pre-Modification Post-Modification (1) Financial (2) Commercial: C&I 8 $ 95,742 $ 71,332 $ 8,004 CRE: Construction and land 1 19,696 19,691 — Total CRE 1 19,696 19,691 — Total commercial 9 115,438 91,023 8,004 Consumer: Residential mortgage: Single-family residential 2 1,123 1,098 2 HELOCs 2 539 528 — Total residential mortgage 4 1,662 1,626 2 Total consumer 4 1,662 1,626 2 Total 13 $ 117,100 $ 92,649 $ 8,006 ($ in thousands) Loans Modified as TDRs During the Year Ended December 31, 2018 Number Pre-Modification Post-Modification (1) Financial (2) Commercial: C&I 8 $ 11,366 $ 9,520 $ 699 CRE: CRE 1 750 752 — Total CRE 1 750 752 — Total commercial 9 12,116 10,272 699 Consumer: Residential mortgage: Single-family residential 2 405 391 (28) HELOCs 2 1,546 1,418 — Total residential mortgage 4 1,951 1,809 (28) Total consumer 4 1,951 1,809 (28) Total 13 $ 14,067 $ 12,081 $ 671 (1) Includes subsequent payments after modification and reflects the balance as of December 31, 2020, 2019 and 2018. (2) Includes charge-offs and specific reserves recorded since the modification date. The following tables present the TDR post-modifications outstanding balances for the years ended December 31, 2020, 2019 and 2018 by modification type: ($ in thousands) Modification Type During the Year Ended December 31, 2020 Principal (1) Principal and Interest (2) Interest Interest Other (3) Total Commercial: C&I $ 59,134 $ 10,863 $ 31,913 $ 32,557 $ — $ 134,467 CRE: CRE 21,221 — — — — 21,221 Multifamily residential 1,226 — — — — 1,226 Total CRE 22,447 — — — — 22,447 Total commercial 81,581 10,863 31,913 32,557 — 156,914 Consumer: Total consumer — — — — — — Total $ 81,581 $ 10,863 $ 31,913 $ 32,557 $ — $ 156,914 ($ in thousands) Modification Type During the Year Ended December 31, 2019 Principal (1) Principal and Interest (2) Interest Interest Other (3) Total Commercial: C&I $ 31,611 $ — $ — $ — $ 39,721 $ 71,332 CRE: Construction and land — — 19,691 — — 19,691 Total CRE — — 19,691 — — 19,691 Total commercial 31,611 — 19,691 — 39,721 91,023 Consumer: Residential mortgage: Single-family residential — 1,098 — — — 1,098 HELOCs — 397 — — 131 528 Total residential mortgage — 1,495 — — 131 1,626 Total consumer — 1,495 — — 131 1,626 Total $ 31,611 $ 1,495 $ 19,691 $ — $ 39,852 $ 92,649 ($ in thousands) Modification Type During the Year Ended December 31, 2018 Principal (1) Principal (2) Interest Interest Other (3) Total Commercial: C&I $ 5,472 $ — $ — $ — $ 4,048 $ 9,520 CRE: CRE — — 752 — — 752 Total CRE — — 752 — — 752 Total commercial 5,472 — 752 — 4,048 10,272 Consumer: Residential mortgage: Single-family residential 66 — — — 325 391 HELOCs 1,353 — — — 65 1,418 Total residential mortgage 1,419 — — — 390 1,809 Total consumer 1,419 — — — 390 1,809 Total $ 6,891 $ — $ 752 $ — $ 4,438 $ 12,081 (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 principal and interest deferments or reductions. (3) Includes primarily funding to secure additional collateral and provides liquidity to collateral-dependent C&I loans. |
Summary of TDR loans subsequently defaulted | The following table presents information on loans for which a subsequent payment default occurred during the years ended December 31, 2020, 2019 and 2018, respectively, which had been modified as TDR within the previous 12 months of its default, and were still in default as of the respective periods end: ($ in thousands) Loans Modified as TDRs that Subsequently Defaulted 2020 2019 2018 Number of Recorded Number of Recorded Number of Recorded Commercial: C&I 1 $ 15,852 3 $ 13,112 4 $ 1,890 CRE: CRE — — — — 1 186 Total CRE — — — — 1 186 Total commercial 1 15,852 3 13,112 5 2,076 Consumer: Residential mortgage: HELOCs — — — — 1 150 Total residential mortgage — — — — 1 150 Total consumer — — — — 1 150 Total 1 $ 15,852 3 $ 13,112 6 $ 2,226 |
Summary of non-PCI impaired loans | Information on non-PCI impaired loans as of December 31, 2019 is presented as follows: ($ in thousands) December 31, 2019 Unpaid Recorded Recorded Total Related Commercial: C&I $ 174,656 $ 73,956 $ 40,086 $ 114,042 $ 2,881 CRE: CRE 27,601 20,098 1,520 21,618 97 Multifamily residential 4,965 1,371 3,093 4,464 55 Construction and land 19,696 19,691 — 19,691 — Total CRE 52,262 41,160 4,613 45,773 152 Total commercial 226,918 115,116 44,699 159,815 3,033 Consumer: Residential mortgage: Single-family residential 23,626 8,507 13,704 22,211 35 HELOCs 13,711 6,125 7,449 13,574 8 Total residential mortgage 37,337 14,632 21,153 35,785 43 Other consumer 2,517 — 2,517 2,517 2,517 Total consumer 39,854 14,632 23,670 38,302 2,560 Total non-PCI impaired loans $ 266,772 $ 129,748 $ 68,369 $ 198,117 $ 5,593 |
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 years ended December 31, 2019 and 2018: ($ in thousands) Year Ended December 31, 2019 2018 Average Recognized (1) Average Recognized Interest Income (1) Commercial: C&I $ 248,619 $ 2,932 $ 143,430 $ 1,046 CRE: CRE 33,046 464 35,049 491 Multifamily residential 6,116 228 11,742 249 Construction and land 19,691 68 3,973 — Total CRE 58,853 760 50,764 740 Total commercial 307,472 3,692 194,194 1,786 Consumer: Residential mortgage: Single-family residential 37,315 496 22,350 474 HELOCs 22,851 130 14,134 70 Total residential mortgage 60,166 626 36,484 544 Other consumer 2,552 — 2,502 — Total consumer 62,718 626 38,986 544 Total non-PCI impaired loans $ 370,190 $ 4,318 $ 233,180 $ 2,330 (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 the activity in the allowance for credit losses | The following tables summarize the activity in the allowance for loan losses by portfolio segments for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 Commercial Consumer Total C&I CRE Residential Mortgage Other CRE Multifamily Construction Single- HELOCs Allowance for loan losses, beginning of period $ 238,376 $ 40,509 $ 22,826 $ 19,404 $ 28,527 $ 5,265 $ 3,380 $ 358,287 Impact of ASU 2016-13 adoption 74,237 72,169 (8,112) (9,889) (3,670) (1,798) 2,221 125,158 Provision for (reversal of) credit losses on loans (a) 145,212 55,864 10,879 644 (9,922) (605) (3,381) 198,691 Gross charge-offs (66,225) (15,206) — — — (221) (185) (81,837) Gross recoveries 5,428 10,455 1,980 80 585 49 95 18,672 Total net (charge-offs) recoveries (60,797) (4,751) 1,980 80 585 (172) (90) (63,165) Foreign currency translation adjustment 1,012 — — — — — — 1,012 Allowance for loan losses, end of period $ 398,040 $ 163,791 $ 27,573 $ 10,239 $ 15,520 $ 2,690 $ 2,130 $ 619,983 ($ in thousands) Year Ended December 31, 2019 Commercial Consumer Total C&I CRE Residential Mortgage Other CRE Multifamily Construction Single- HELOCs Allowance for loan losses, beginning of period $ 189,117 $ 40,666 $ 19,885 $ 20,290 $ 31,340 $ 5,774 $ 4,250 $ 311,322 Provision for (reversal of) credit losses on loans (a) 109,068 (4,345) 1,085 (1,422) (2,938) (516) (839) 100,093 Gross charge-offs (73,985) (1,021) — — (11) — (50) (75,067) Gross recoveries 14,501 5,209 1,856 536 136 7 19 22,264 Total net (charge-offs) recoveries (59,484) 4,188 1,856 536 125 7 (31) (52,803) Foreign currency translation adjustment (325) — — — — — — (325) Allowance for loan losses, end of period $ 238,376 $ 40,509 $ 22,826 $ 19,404 $ 28,527 $ 5,265 $ 3,380 $ 358,287 ($ in thousands) Year Ended December 31, 2018 Commercial Consumer Total C&I CRE Residential Mortgage Other CRE Multifamily Construction Single- HELOCs Allowance for loan losses, beginning of period $ 163,058 $ 40,809 $ 19,537 $ 26,881 $ 26,362 $ 7,354 $ 3,127 $ 287,128 Provision for (reversal of) credit losses on loans (a) 75,629 (5,337) (1,409) (7,331) 3,765 (1,618) 1,308 65,007 Gross charge-offs (59,244) — — — (1) — (188) (59,433) Gross recoveries 10,417 5,194 1,757 740 1,214 38 3 19,363 Total net (charge-offs) recoveries (48,827) 5,194 1,757 740 1,213 38 (185) (40,070) Foreign currency translation adjustment (743) — — — — — — (743) Allowance for loan losses, end of period $ 189,117 $ 40,666 $ 19,885 $ 20,290 $ 31,340 $ 5,774 $ 4,250 $ 311,322 The following table summarizes the activities in the allowance for unfunded credit commitments for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Unfunded credit facilities Allowance for unfunded credit commitments, beginning of period $ 11,158 $ 12,566 $ 13,318 Impact of ASU 2016-13 adoption 10,457 — — Provision for (reversal of ) credit losses on unfunded credit commitments (b) 11,962 (1,408) (752) Allowance for unfunded credit commitments, end of period 33,577 11,158 12,566 Provision for credit losses (a) + (b) $ 210,653 $ 98,685 $ 64,255 |
Allowance for loan losses and recorded investments by portfolio segment and impairment methodology | The following table presents the Company’s allowance for loan losses and recorded investments by portfolio segments and impairment methodology as of December 31, 2019. This table is no longer presented after December 31, 2019, given the adoption of ASU 2016-13 on January 1, 2020, which has a single impairment methodology. ($ in thousands) December 31, 2019 Commercial Consumer Total CRE Residential Mortgage C&I CRE Multifamily Construction Single-Family HELOCs Other Allowance for loan losses Individually evaluated for impairment $ 2,881 $ 97 $ 55 $ — $ 35 $ 8 $ 2,517 $ 5,593 Collectively evaluated for impairment 235,495 40,412 22,771 19,404 28,492 5,257 863 352,694 Total $ 238,376 $ 40,509 $ 22,826 $ 19,404 $ 28,527 $ 5,265 $ 3,380 $ 358,287 Recorded investment in loans Individually evaluated for impairment $ 114,042 $ 21,618 $ 4,464 $ 19,691 $ 22,211 $ 13,574 $ 2,517 $ 198,117 Collectively evaluated for impairment 12,035,079 10,143,629 2,829,748 608,768 7,006,768 1,453,162 280,397 34,357,551 Acquired with deteriorated credit quality (1) 1,810 113,201 22,162 40 79,611 6,047 — 222,871 Total (1) $ 12,150,931 $ 10,278,448 $ 2,856,374 $ 628,499 $ 7,108,590 $ 1,472,783 $ 282,914 $ 34,778,539 (1) Loans net of ASC 310-30 discount. |
Summary of changes in accretable yield on the PCI loans | The following table presents the changes in the accretable yield on PCI loans for the years ended December 31, 2019 and 2018: ($ in thousands) Year Ended December 31, 2019 2018 Accretable yield for PCI loans, beginning of period $ 74,870 $ 101,977 Accretion (24,220) (34,662) Changes in expected cash flows (140) 7,555 Accretable yield for PCI loans, end of period $ 50,510 $ 74,870 |
Investments in Qualified Affo_2
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments in Qualified Affordable Housing Partnerships, 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 December 31, 2020 and 2019: ($ in thousands) December 31, 2020 2019 Investments in qualified affordable housing partnerships, net $ 213,555 $ 207,037 Accrued expenses and other liabilities — Unfunded commitments $ 77,444 $ 80,294 |
Schedule of additional information related to investments in qualified affordable housing partnership, net | The following table presents additional information related to the Company’s investments in qualified affordable housing partnerships, net, for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Tax credits and other tax benefits recognized $ 45,971 $ 46,034 $ 39,262 Amortization expense included in income tax expense $ 37,132 $ 36,561 $ 28,046 |
Schedule of tax credit and other investment, net, and related unfunded commitments | The following table presents the Company’s investments in tax credit and other investments, net, and related unfunded commitments as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 2019 Investments in tax credit and other investments, net $ 266,525 $ 254,140 Accrued expenses and other liabilities — Unfunded commitments $ 105,282 $ 113,515 |
Schedule of unfunded commitments related to investments in qualified affordable housing partnerships, tax credit and other investments, estimated to be funded | As of December 31, 2020, the Company’s unfunded commitments related to investments in qualified affordable housing partnerships, tax credit and other investments are estimated to be funded as follows: ($ in thousands) Amount 2021 $ 125,142 2022 37,175 2023 14,499 2024 2,034 2025 462 Thereafter 3,414 Total $ 182,726 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of changes in the carrying amount of goodwill by reporting unit | The following table presents changes in the carrying amount of goodwill by reporting units during the year ended December 31, 2019: ($ in thousands) Consumer Commercial Total Beginning balance, January 1, 2019 $ 353,321 $ 112,226 $ 465,547 Acquisition of East West Markets, LLC — 150 150 Ending balance, December 31, 2019 $ 353,321 $ 112,376 $ 465,697 |
Schedule of gross carrying amount of core deposit intangible assets and accumulated amortization | The following table presents the gross carrying amount of core deposit intangible and accumulated amortization as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 2019 Gross balance (1) $ 86,099 $ 86,099 Accumulated amortization (1) (79,722) (76,088) Net carrying balance (1) $ 6,377 $ 10,011 (1) Excludes fully amortized core deposit intangible assets. |
Schedule of estimated future amortization expense of the core deposit intangibles | The following table presents the estimated future amortization expense of core deposit intangibles as of December 31, 2020: ($ in thousands) Amount 2021 $ 2,749 2022 1,865 2023 1,199 2024 553 2025 11 Thereafter — Total $ 6,377 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
DEPOSIT ACCOUNTS | |
Time Deposit Maturities | The following table presents the scheduled maturities of time deposits for the five years succeeding December 31, 2020 and thereafter: ($ in thousands) Amount 2021 $ 8,608,547 2022 332,809 2023 41,178 2024 11,085 2025 6,715 Thereafter 15 Total $ 9,000,349 |
Deposit Liabilities, Type | The following table presents the composition of the Company’s deposits as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 2019 Deposits: Noninterest-bearing demand $ 16,298,301 $ 11,080,036 Interest-bearing checking 6,142,193 5,200,755 Money market 10,740,667 8,711,964 Savings 2,681,242 2,117,196 Time deposits: Less than $100,000 999,664 1,993,950 $100,000 or greater 8,000,685 8,220,358 Total deposits $ 44,862,752 $ 37,324,259 |
Federal Home Loan Bank Advanc_2
Federal Home Loan Bank Advances and Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
FEDERAL HOME LOAN BANK ADVANCES AND LONG-TERM DEBT | |
Schedule of the components of long-term debt | The following table presents the outstanding junior subordinated debt issued by each trust as of December 31, 2020 and 2019: Issuer Stated (1) Stated Current Rate December 31, 2020 December 31, 2019 Aggregate Aggregate Aggregate Aggregate ($ in thousands) East West Capital Trust V November 2034 3-month LIBOR + 1.80% 2.01% $ 464 $ 15,000 $ 464 $ 15,000 East West Capital Trust VI September 2035 3-month LIBOR + 1.50% 1.72% 619 20,000 619 20,000 East West Capital Trust VII June 2036 3-month LIBOR + 1.35% 1.57% 928 30,000 928 30,000 East West Capital Trust VIII June 2037 3-month LIBOR + 1.40% 1.63% 619 18,000 619 18,000 East West Capital Trust IX September 2037 3-month LIBOR + 1.90% 2.12% 928 30,000 928 30,000 MCBI Statutory Trust I December 2035 3-month LIBOR + 1.55% 1.77% 1,083 35,000 1,083 35,000 Total $ 4,641 $ 148,000 $ 4,641 $ 148,000 (1) All the above debt instruments mature more than five years after December 31, 2020 and are subject to call options where early redemption requires appropriate notice. |
Schedule Of FHLB and Long-Term Debt | The following table presents the balance of the Company’s junior subordinated debt and FHLB advances as of December 31, 2020 and 2019, and the related contractual rates and maturity dates as of December 31, 2020: ($ in thousands) Maturity Dates December 31, 2020 2019 Amount Amount Parent Company Junior subordinated debt (1 ) — floating 1.57% — 2.12% 2034 — 2037 $ 147,376 $ 147,101 Bank FHLB advances (2) : Fixed 0.00% — 2.34% 2021 405,000 400,000 Floating (3) 0.60% — 0.63% 2022 247,612 345,915 Total FHLB advances $ 652,612 $ 745,915 (1) The weighted-average contractual interest rates for junior subordinated debt were 2.26% and 3.98% as of December 31, 2020 and 2019, respectively. (2) The weighted-average contractual interest rates for FHLB advances were 1.77% and 2.19% as of December 31, 2020 and 2019, respectively. (3) Floating interest rates reset monthly or quarterly based on LIBOR. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income tax expense/benefit | The following table presents the components of income tax expense/benefit for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Current income tax expense (benefit): Federal $ 84,560 $ 107,393 $ 63,035 State 74,252 86,578 64,917 Foreign 671 (2,485) 3,513 Total current income tax expense 159,483 191,486 131,465 Deferred income tax (benefit) expense: Federal (28,093) (8,801) (11,870) State (11,671) (16,390) (4,600) Foreign (1,751) 3,587 — Total deferred income tax benefit (41,515) (21,604) (16,470) Income tax expense $ 117,968 $ 169,882 $ 114,995 |
Schedule of reconciliation of the federal statutory rate to the effective tax rate | The following table presents the reconciliation of the federal statutory rate to the Company’s effective tax rate for the years ended December 31, 2020, 2019 and 2018: Year Ended December 31, 2020 2019 2018 Statutory U.S. federal tax rate 21.0 % 21.0 % 21.0 % U.S. state income taxes, net of U.S. federal income tax effect 7.2 7.1 5.8 Tax credits and benefits, net of related expenses (12.4) (6.8) (12.7) Other, net 1.4 (1.2) (0.1) Effective tax rate 17.2 % 20.1 % 14.0 % |
Schedule of temporary differences that give rise to a significant portion of deferred tax assets and liabilities | The tax effects of temporary differences that give rise to a significant portion of deferred tax assets and liabilities as of December 31, 2020 and 2019 are presented below: ($ in thousands) December 31, 2020 2019 Deferred tax assets: Allowance for loan losses $ 192,534 $ 109,903 Investments in qualified affordable housing partnerships, tax credit and other investments, net 11,174 11,190 Deferred compensation 23,604 23,816 Interest income on nonaccrual loans 5,909 9,527 State taxes 273 5,848 Premises and equipment 2,096 1,578 Lease liability 30,554 35,948 Other 1,441 965 Total gross deferred tax assets 267,585 198,775 Valuation allowance — (21) Total deferred tax assets, net of valuation allowance $ 267,585 $ 198,754 Deferred tax liabilities: Equipment lease financing $ 29,990 $ 30,669 Investments in qualified affordable housing partnerships, tax credit and other investments, net 14,912 12,301 Core deposit intangibles 1,934 3,032 FHLB stock dividends 1,855 1,854 Mortgage servicing assets 1,675 1,839 Acquired debt 1,597 1,679 Prepaid expenses 1,194 1,100 Premises and equipment 99 1,890 Unrealized gains/losses on securities 21,593 890 Operating lease right-of-use assets 28,468 34,313 Other 453 2,700 Total gross deferred tax liabilities $ 103,770 $ 92,267 Net deferred tax assets $ 163,815 $ 106,487 |
Schedule of reconciliation of the beginning and ending amounts of unrecognized tax benefits | The following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Beginning balance $ — $ 4,378 $ 10,419 Additions for tax positions related to prior years 5,045 30,103 — Deductions for tax positions related to prior years — (34,481) (3,969) Settlements with taxing authorities — — (2,072) Ending balance $ 5,045 $ — $ 4,378 |
Commitments, Contingencies an_2
Commitments, Contingencies and Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of credit-related commitments | The following table presents the Company’s credit-related commitments as of December 31, 2020 and 2019: ($ in thousands) December 31, 2020 2019 Expire in One Year or Less Expire After One Year Through Three Years Expire After Three Years Through Expire After Five Years Total Total Loan commitments $ 3,126,551 $ 1,836,523 $ 589,114 $ 138,729 $ 5,690,917 $ 5,330,211 Commercial letters of credit and SBLCs 1,159,357 420,222 137,394 523,840 2,240,813 1,860,414 Total $ 4,285,908 $ 2,256,745 $ 726,508 $ 662,569 $ 7,931,730 $ 7,190,625 |
Schedule of guarantees outstanding | The following table presents the types of guarantees the Company had outstanding as of December 31, 2020 and 2019: ($ in thousands) Maximum Potential Future Payments Carrying Value December 31, December 31, 2020 2019 2020 2019 Expire in One Year or Less Expire After One Year Through Three Years Expire After Three Years Through Expire After Five Years Total Total Total Total Single-family residential loans sold or securitized with recourse $ — $ 344 $ 484 $ 9,698 $ 10,526 $ 12,578 $ 10,526 $ 12,578 Multi-family residential loans sold or securitized with recourse 370 481 — 14,894 15,745 15,892 26,619 40,708 Total $ 370 $ 825 $ 484 $ 24,592 $ 26,271 $ 28,470 $ 37,145 $ 53,286 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock compensation expense and related net tax benefits | The following table presents a summary of the total share-based compensation expense and the related net tax (deficiencies) benefits associated with the Company’s various employee share-based compensation plans for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Stock compensation costs $ 29,237 $ 30,761 $ 30,937 Related net tax (deficiencies) benefits for stock compensation plans $ (1,839) $ 4,792 $ 5,089 |
Summary of activities for time-based and performance-based restricted stock units | The following table presents a summary of the activities for the Company’s time-based and performance-based RSUs that will be settled in shares for the year ended December 31, 2020. The number of outstanding performance-based RSUs provided below assumes that performance will be met at the target level. Time-Based RSUs Performance-Based RSUs Shares Weighted- Shares Weighted- Outstanding, January 1, 2020 1,139,868 $ 57.78 386,483 $ 60.13 Granted 680,172 40.61 165,084 39.79 Vested (290,147) 55.23 (131,597) 56.59 Forfeited (184,258) 53.61 (21,913) 45.64 Outstanding, December 31, 2020 1,345,635 $ 50.22 398,057 $ 53.66 |
Summary of time-based RSU's that will be settled in cash | The following table presents a summary of the activities for the Company’s time-based RSUs that will be settled in cash for the year ended December 31, 2020: Shares Outstanding, January 1, 2020 11,638 Granted 11,215 Vested — Forfeited (1,051) Outstanding, December 31, 2020 21,802 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Retirement Benefits [Abstract] | |
Schedule of expected SERP payments | The following table presents a summary of expected SERP payments to be paid for the next five years and thereafter as of December 31, 2020: Years Ending December 31, Amount 2021 $ 349 2022 359 2023 370 2024 381 2025 393 Thereafter 6,710 Total $ 8,562 |
Stockholders_ Equity and Earn_2
Stockholders’ Equity and Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of earnings per share calculations | The following table presents the basic and diluted EPS calculations for the years ended December 31, 2020, 2019 and 2018. For more information on the calculation of EPS, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Share to the Consolidated Financial Statements in this Form 10-K. ($ and shares in thousands, except per share data) Year Ended December 31, 2020 2019 2018 Basic: Net income $ 567,797 $ 674,035 $ 703,701 Basic weighted-average number of shares outstanding 142,336 145,497 144,862 Basic EPS $ 3.99 $ 4.63 $ 4.86 Diluted: Net income $ 567,797 $ 674,035 $ 703,701 Basic weighted-average number of shares outstanding (1) 142,336 145,497 144,862 Diluted potential common shares (1)(2) 655 682 1,307 Diluted weighted-average number of shares outstanding (1)(2) 142,991 146,179 146,169 Diluted EPS $ 3.97 $ 4.61 $ 4.81 (1) The Company acquired MetroCorp Bancshares, Inc. (“MetroCorp”) on January 17, 2014. Prior to the acquisition, MetroCorp 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. (2) Includes dilutive shares from RSUs for the years ended December 31, 2020 and 2019, and from RSUs and warrants for the year ended December 31, 2018. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of the changes in the components of accumulated other comprehensive income (loss) balances | The following table presents the changes in the components of AOCI balances for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) AFS Cash Foreign (1) Total Balance, December 31, 2017 $ (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 (6,866) — (5,732) (12,598) Amounts reclassified from AOCI (1,786) — — (1,786) Changes, net of tax (8,652) — (5,732) (14,384) Balance, December 31, 2018 $ (45,821) $ — $ (12,353) $ (58,174) Net unrealized gains (losses) arising during the period 46,170 — (3,636) 42,534 Amounts reclassified from AOCI (2,768) — — (2,768) Changes, net of tax 43,402 — (3,636) 39,766 Balance, December 31, 2019 $ (2,419) $ — $ (15,989) $ (18,408) Net unrealized gains (losses) arising during the period 63,329 (1,149) 9,297 71,477 Amounts reclassified from AOCI (8,663) (81) — (8,744) Changes, net of tax 54,666 (1,230) 9,297 62,733 Balance, December 31, 2020 $ 52,247 $ (1,230) $ (6,692) $ 44,325 (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 RMB and USD, respectively. (2) Represents the impact of the adoption of ASU 2016-01, Financial Instruments — Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities on January 1, 2018. (3) Represents the 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 |
Schedule of components of other comprehensive income (loss), reclassifications to net income and the related tax effects | The following table presents the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the years ended December 31, 2020, 2019 and 2018: ($ in thousands) Year Ended December 31, 2020 2019 2018 Before - Tax Net-of- Before - Tax Net-of- Before - Tax Net-of- AFS debt securities: Net unrealized gains (losses) arising during the period $ 89,868 $ (26,539) $ 63,329 $ 65,549 $ (19,379) $ 46,170 $ (9,748) $ 2,882 $ (6,866) Net realized (gains) reclassified into net income (1) (12,299) 3,636 (8,663) (3,930) 1,162 (2,768) (2,535) 749 (1,786) Net change 77,569 (22,903) 54,666 61,619 (18,217) 43,402 (12,283) 3,631 (8,652) Cash flow hedges Net unrealized gains (losses) arising during the period (1,604) 455 (1,149) — — — — — — Net realized (gains) reclassified into net income (2) (113) 32 (81) — — — — — — Net change (1,717) 487 (1,230) — — — — — — Foreign currency translation adjustments, net of hedges: Net unrealized gains (losses) arising during the period (3) 7,398 1,899 9,297 290 (3,926) (3,636) (5,732) — (5,732) Net change 7,398 1,899 9,297 290 (3,926) (3,636) (5,732) — (5,732) Other comprehensive income (loss) $ 83,250 $ (20,517) $ 62,733 $ 61,909 $ (22,143) $ 39,766 $ (18,015) $ 3,631 $ (14,384) (1) For the years ended December 31, 2020, 2019 and 2018, pre-tax amounts were reported in Gains on sales of AFS debt securities on the Consolidated Statement of Income. (2) For the year ended December 31, 2020, pre-tax amounts were reported in Interest expense on the Consolidated Statement of Income. (3) The tax effects on foreign currency translation adjustments, net of hedges represent the cumulative net deferred tax liabilities on net investment hedges since its inception. |
Regulatory Requirements and M_2
Regulatory Requirements and Matters (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Banking and Thrift, Interest [Abstract] | |
Schedule of regulatory capital information | The following table presents the regulatory capital information of the Company and the Bank as of December 31, 2020 and 2019: ($ in thousands) Basel III December 31, 2020 December 31, 2019 Minimum Fully Phased-in Minimum Capital Ratios (3) Well- Actual Actual Amount Ratio Amount Ratio Ratio Ratio Ratio Total capital (to risk-weighted assets) Company $ 5,510,640 14.3 % $ 5,064,037 14.4 % 8.0 % 10.5 % 10.0 % East West Bank $ 5,143,246 13.4 % $ 4,886,237 13.9 % 8.0 % 10.5 % 10.0 % Tier 1 capital (to risk-weighted assets) Company $ 4,882,555 12.7 % $ 4,546,592 12.9 % 6.0 % 8.5 % 8.0 % East West Bank $ 4,662,426 12.1 % $ 4,516,792 12.9 % 6.0 % 8.5 % 8.0 % CET1 capital (to risk-weighted assets) Company $ 4,882,555 12.7 % $ 4,546,592 12.9 % 4.5 % 7.0 % 6.5 % East West Bank $ 4,662,426 12.1 % $ 4,516,792 12.9 % 4.5 % 7.0 % 6.5 % Tier 1 leverage capital (to adjusted average assets) Company (1) $ 4,882,555 9.4 % $ 4,546,592 10.3 % 4.0 % 4.0 % N/A East West Bank $ 4,662,426 9.0 % $ 4,516,792 10.3 % 4.0 % 4.0 % 5.0 % Risk-weighted assets Company $ 38,406,071 N/A $ 35,136,427 N/A N/A N/A N/A East West Bank $ 38,481,275 N/A $ 35,127,920 N/A N/A N/A N/A Adjusted quarterly average total assets (2) Company $ 52,540,964 N/A $ 44,449,802 N/A N/A N/A N/A East West Bank $ 52,594,313 N/A $ 44,419,308 N/A N/A N/A N/A (1) The Tier 1 leverage capital well-capitalized requirement applies only to the Bank since there is no Tier 1 leverage ratio component in the definition of a well-capitalized bank holding company. (2) Reflects adjusted quarterly average total assets for the years ended December 31, 2020 and 2019. (3) As of January 1, 2019, the 2.5% capital conservation buffer above the minimum risk-based capital ratios was required in order to avoid limitations on distributions, including dividend payments and certain discretionary bonus payments to executive officers. N/A — Not applicable. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Schedule of operating results and 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 years ended December 31, 2020, 2019 and 2018: ($ in thousands) Consumer and Commercial Other Total Year Ended December 31, 2020 Net interest income before provision for credit losses $ 530,829 $ 706,286 $ 140,078 $ 1,377,193 Provision for credit losses 3,885 206,768 — 210,653 Noninterest income 67,115 139,365 29,067 235,547 Noninterest expense 331,750 266,923 117,649 716,322 Segment income before income taxes 262,309 371,960 51,496 685,765 Segment net income $ 187,931 $ 266,342 $ 113,524 $ 567,797 As of December 31, 2020 Segment assets $ 13,351,060 $ 26,958,766 $ 11,847,087 $ 52,156,913 ($ in thousands) Consumer and Commercial Other Total Year Ended December 31, 2019 Net interest income before provision for credit losses $ 696,551 $ 651,413 $ 119,849 $ 1,467,813 Provision for credit losses 14,178 84,507 — 98,685 Noninterest income 57,920 134,622 29,703 222,245 Noninterest expense 343,001 263,064 141,391 747,456 Segment income before income taxes 397,292 438,464 8,161 843,917 Segment net income $ 284,161 $ 313,833 $ 76,041 $ 674,035 As of December 31, 2019 Segment assets $ 11,520,586 $ 25,501,534 $ 7,173,976 $ 44,196,096 ($ in thousands) Consumer and Commercial Other Total Year Ended December 31, 2018 Net interest income before provision for credit losses $ 727,215 $ 605,650 $ 53,643 $ 1,386,508 Provision for credit losses 9,364 54,891 — 64,255 Noninterest income 85,607 110,287 21,539 217,433 Noninterest expense 341,396 237,520 142,074 720,990 Segment income (loss) before income taxes 462,062 423,526 (66,892) 818,696 Segment net income $ 330,683 $ 303,553 $ 69,465 $ 703,701 As of December 31, 2018 Segment assets $ 10,587,621 $ 23,761,469 $ 6,693,266 $ 41,042,356 |
Parent Company Condensed Fina_2
Parent Company Condensed Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheet | The following tables present the Parent Company-only condensed financial statements: CONDENSED BALANCE SHEET ($ in thousands, except shares) December 31, 2020 2019 ASSETS Cash and cash equivalents due from subsidiary bank $ 439,065 $ 166,131 Investments in subsidiaries: Bank 5,048,896 4,987,666 Nonbank 6,738 5,630 Investments in tax credit investments, net 6,586 11,637 Other assets 3,072 4,091 TOTAL $ 5,504,357 $ 5,175,155 LIABILITIES Long-term debt $ 147,376 $ 147,101 Accrued income tax payable 81,741 4,534 Other liabilities 6,065 5,903 Total liabilities 235,182 157,538 STOCKHOLDERS’ EQUITY Common stock, $0.001 par value, 200,000,000 shares authorized; 167,240,600 and 166,621,959 shares issued in 2020 and 2019, respectively 167 167 Additional paid-in capital 1,858,352 1,826,345 Retained earnings 4,000,414 3,689,377 Treasury stock, at cost 25,675,371 shares in 2020 and 20,996,574 shares in 2019 (634,083) (479,864) AOCI, net of tax 44,325 (18,408) Total stockholders’ equity 5,269,175 5,017,617 TOTAL $ 5,504,357 $ 5,175,155 |
Condensed Statement of Income | CONDENSED STATEMENT OF INCOME ($ in thousands) Year Ended December 31, 2020 2019 2018 Dividends from subsidiaries: Bank $ 511,000 $ 190,000 $ 160,000 Nonbank 109 189 175 Other income 3 425 2 Total income 511,112 190,614 160,177 Interest expense on long-term debt 3,877 6,482 6,488 Compensation and employee benefits 6,210 5,479 5,559 Amortization of tax credit and other investments 1,248 8,437 413 Other expense 1,184 1,487 1,490 Total expense 12,519 21,885 13,950 Income before income tax benefit and equity in undistributed income of subsidiaries 498,593 168,729 146,227 Income tax benefit 4,158 6,737 3,404 Undistributed earnings of subsidiaries, primarily bank 65,046 498,569 554,070 Net income $ 567,797 $ 674,035 $ 703,701 |
Condensed Statement of Cash Flows | CONDENSED STATEMENT OF CASH FLOWS ($ in thousands) Year Ended December 31, 2020 2019 2018 CASH FLOWS FROM OPERATING ACTIVITIES Net income $ 567,797 $ 674,035 $ 703,701 Adjustments to reconcile net income to net cash provided by operating activities: Undistributed earnings of subsidiaries, principally bank (65,046) (498,569) (554,070) Amortization expenses 1,523 8,703 671 Deferred income tax expense (benefit) 491 (10,132) 3,517 Net change in other assets 40 10,246 (595) Net change in other liabilities 77,052 (18) (45) Net cash provided by operating activities 581,857 184,265 153,179 CASH FLOWS FROM INVESTING ACTIVITIES Net increase in investments in tax credit investments (172) (292) (1,049) Distributions received from equity method investees 4,096 2,577 1,491 Net increase in investments in and advances to nonbank subsidiaries (2,732) (3,314) — Other investing activities — (157) — Net cash provided by (used in) investing activities 1,192 (1,186) 442 CASH FLOWS FROM FINANCING ACTIVITIES Repayment of long-term debt — — (25,000) Common stock: Proceeds from issuance pursuant to various stock compensation plans and agreements 2,326 3,383 2,846 Stock tendered for payment of withholding taxes (8,253) (14,635) (15,634) Repurchased of common stock pursuant to the Stock Repurchase Program (145,966) — — Cash dividends paid (158,222) (155,107) (125,988) Net cash used in financing activities (310,115) (166,359) (163,776) Net increase (decrease) in cash and cash equivalents 272,934 16,720 (10,155) Cash and cash equivalents, beginning of year 166,131 149,411 159,566 Cash and cash equivalents, end of year $ 439,065 $ 166,131 $ 149,411 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Nature of Operations and Principles of Consolidation) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)locationsubsidiarytrust | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Mar. 17, 2018branch | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Number of banking locations (more than) | location | 120 | |||
Net gain on sale of business | $ 0 | $ 0 | $ 31,470 | |
Principles of Consolidation | ||||
Number of wholly owned subsidiaries that are statutory business trusts | trust | 6 | |||
Disaggregation of Revenue [Abstract] | ||||
Number of Wholly Owned Subsidiaries | subsidiary | 4 | |||
Deposit service charges and related fee income | Revenue Benchmark | ||||
Disaggregation of Revenue [Abstract] | ||||
Revenue streams, Percent of total non-interest income | 29.00% | |||
Card income | Revenue Benchmark | ||||
Disaggregation of Revenue [Abstract] | ||||
Revenue streams, Percent of total non-interest income | 26.00% | |||
Wealth management fees | Revenue Benchmark | ||||
Disaggregation of Revenue [Abstract] | ||||
Revenue streams, Percent of total non-interest income | 25.00% | |||
Desert Community Bank | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Net cash payment in sale of branch | 499,900 | |||
Net gain on sale of business | $ 31,500 | |||
California | Desert Community Bank | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Number of branches sold | branch | 8 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies (Paycheck Protection Program) (Details) - C&I - CARES Act, Paycheck Protection Program Liquidity Facility $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)loan | |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |
Interest rate | 1.00% |
Number of PPP loans authorized | loan | 6,200 |
Amount of PPP loans authorized, outstanding balance | $ | $ 1,570 |
Financing Receivable, Term | 2 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies (Premises and Equipment, net) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Buildings | |
Premises and equipment | |
Estimated useful life | 25 years |
Furniture, fixtures and equipment, building improvements | Minimum | |
Premises and equipment | |
Estimated useful life | 3 years |
Furniture, fixtures and equipment, building improvements | Maximum | |
Premises and equipment | |
Estimated useful life | 7 years |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies (Goodwill and Other Intangible Assets) (Details) - Customer Relationships | 12 Months Ended |
Dec. 31, 2020 | |
Minimum | |
Goodwill and other intangible assets | |
Projected useful life | 8 years |
Maximum | |
Goodwill and other intangible assets | |
Projected useful life | 15 years |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies (Stock-Based Compensation) (Details) - RSUs | 12 Months Ended |
Dec. 31, 2020 | |
Ratably | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Cliff | Minimum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Cliff | Maximum | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 5 years |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies (New Accounting Pronouncements Adopted) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements Adopted and Recent Accounting Pronouncements [Line Items] | |||||
Allowance for loan losses | $ 619,983 | $ 358,287 | $ 311,322 | $ 287,128 | |
Retained earnings | $ 4,000,414 | $ 3,689,377 | |||
Accounting Standards Update 2016-13 | |||||
New Accounting Pronouncements Adopted and Recent Accounting Pronouncements [Line Items] | |||||
Allowance for loan losses | $ 125,200 | ||||
Retained earnings | 98,000 | ||||
Accounting Standards Update 2016-13 | Unfunded Loan Commitment | |||||
New Accounting Pronouncements Adopted and Recent Accounting Pronouncements [Line Items] | |||||
Allowance for loan losses | $ 10,500 |
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Debt securities available-for-sale | ||
Fair Value | $ 5,544,658 | $ 3,317,214 |
Investments in tax credit and other investments, net | 266,525 | 254,140 |
Derivative | ||
Derivative assets - Fair value | 602,754 | 330,316 |
Derivative asset, after netting | 501,242 | 204,997 |
Derivative liabilities - Fair Value | 424,828 | 256,528 |
Derivative liability, after netting | 240,131 | 96,729 |
U.S. Treasury securities | ||
Debt securities available-for-sale | ||
Fair Value | 50,761 | 176,422 |
U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
Debt securities available-for-sale | ||
Fair Value | 814,319 | 581,245 |
US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Debt securities available-for-sale | ||
Fair Value | 1,153,770 | 603,471 |
US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Debt securities available-for-sale | ||
Fair Value | 1,660,894 | 1,003,897 |
Municipal securities | ||
Debt securities available-for-sale | ||
Fair Value | 396,073 | 102,302 |
Non-agency commercial mortgage-backed Securities | ||
Debt securities available-for-sale | ||
Fair Value | 239,842 | 88,550 |
Non-agency residential mortgage-backed Securities | ||
Debt securities available-for-sale | ||
Fair Value | 289,775 | 46,548 |
Corporate debt securities | ||
Debt securities available-for-sale | ||
Fair Value | 405,968 | 11,149 |
Asset-backed securities | ||
Debt securities available-for-sale | ||
Fair Value | 63,231 | 64,752 |
Collateralized loan obligations (“CLOs”) | ||
Debt securities available-for-sale | ||
Fair Value | 287,494 | 284,706 |
Fair Value, Measurements, Recurring | ||
Debt securities available-for-sale | ||
Fair Value | 5,544,658 | 3,317,214 |
Equity Securities with readily determinable fair value | 31,272 | 31,673 |
Investments in tax credit and other investments, net | 31,272 | 31,673 |
Derivative | ||
Derivative assets - Fair value | 602,754 | 330,316 |
Netting adjustments | (101,512) | (125,319) |
Derivative asset, after netting | 501,242 | 204,997 |
Derivative liabilities - Fair Value | 424,828 | 256,528 |
Netting adjustments | (184,697) | (159,799) |
Derivative liability, after netting | 240,131 | 96,729 |
Fair Value, Measurements, Recurring | Interest rate contracts | ||
Derivative | ||
Derivative assets - Fair value | 489,132 | 192,883 |
Derivative liabilities - Fair Value | 317,698 | 127,317 |
Fair Value, Measurements, Recurring | Foreign exchange contracts | ||
Derivative | ||
Derivative assets - Fair value | 30,300 | 54,637 |
Derivative liabilities - Fair Value | 22,759 | 48,610 |
Fair Value, Measurements, Recurring | Credit contracts | ||
Derivative | ||
Derivative assets - Fair value | 13 | 2 |
Derivative liabilities - Fair Value | 206 | 84 |
Fair Value, Measurements, Recurring | Equity contracts | ||
Derivative | ||
Derivative assets - Fair value | 858 | 1,414 |
Fair Value, Measurements, Recurring | Commodity contracts | ||
Derivative | ||
Derivative assets - Fair value | 82,451 | 81,380 |
Derivative liabilities - Fair Value | 84,165 | 80,517 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | ||
Debt securities available-for-sale | ||
Fair Value | 50,761 | 176,422 |
Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
Debt securities available-for-sale | ||
Fair Value | 814,319 | 581,245 |
Fair Value, Measurements, Recurring | US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Debt securities available-for-sale | ||
Fair Value | 1,153,770 | 603,471 |
Fair Value, Measurements, Recurring | US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Debt securities available-for-sale | ||
Fair Value | 1,660,894 | 1,003,897 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Debt securities available-for-sale | ||
Fair Value | 396,073 | 102,302 |
Fair Value, Measurements, Recurring | Non-agency commercial mortgage-backed Securities | ||
Debt securities available-for-sale | ||
Fair Value | 239,842 | 88,550 |
Fair Value, Measurements, Recurring | Non-agency residential mortgage-backed Securities | ||
Debt securities available-for-sale | ||
Fair Value | 289,775 | 46,548 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Debt securities available-for-sale | ||
Fair Value | 405,968 | 11,149 |
Fair Value, Measurements, Recurring | Asset-backed securities | ||
Debt securities available-for-sale | ||
Fair Value | 63,231 | 64,752 |
Fair Value, Measurements, Recurring | Collateralized loan obligations (“CLOs”) | ||
Debt securities available-for-sale | ||
Fair Value | 287,494 | 284,706 |
Fair Value, Measurements, Recurring | Foreign Government Debt | ||
Debt securities available-for-sale | ||
Fair Value | 182,531 | 354,172 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available-for-sale | ||
Fair Value | 50,761 | 176,422 |
Equity Securities with readily determinable fair value | 22,548 | 21,746 |
Investments in tax credit and other investments, net | 22,548 | 21,746 |
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Netting adjustments | 0 | 0 |
Derivative asset, after netting | 0 | 0 |
Derivative liabilities - Fair Value | 0 | 0 |
Netting adjustments | 0 | 0 |
Derivative liability, after netting | 0 | 0 |
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 | ||
Debt securities available-for-sale | ||
Fair Value | 50,761 | 176,422 |
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 | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Municipal securities | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-agency commercial mortgage-backed Securities | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Non-agency residential mortgage-backed Securities | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Corporate debt securities | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Asset-backed securities | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Collateralized loan obligations (“CLOs”) | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | Foreign Government Debt | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | ||
Debt securities available-for-sale | ||
Fair Value | 5,493,897 | 3,140,792 |
Equity Securities with readily determinable fair value | 8,724 | 9,927 |
Investments in tax credit and other investments, net | 8,724 | 9,927 |
Derivative | ||
Derivative assets - Fair value | 602,481 | 329,895 |
Netting adjustments | (101,512) | (125,319) |
Derivative asset, after netting | 500,969 | 204,576 |
Derivative liabilities - Fair Value | 424,828 | 256,528 |
Netting adjustments | (184,697) | (159,799) |
Derivative liability, after netting | 240,131 | 96,729 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Interest rate contracts | ||
Derivative | ||
Derivative assets - Fair value | 489,132 | 192,883 |
Derivative liabilities - Fair Value | 317,698 | 127,317 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign exchange contracts | ||
Derivative | ||
Derivative assets - Fair value | 30,300 | 54,637 |
Derivative liabilities - Fair Value | 22,759 | 48,610 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Credit contracts | ||
Derivative | ||
Derivative assets - Fair value | 13 | 2 |
Derivative liabilities - Fair Value | 206 | 84 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Equity contracts | ||
Derivative | ||
Derivative assets - Fair value | 585 | 993 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Commodity contracts | ||
Derivative | ||
Derivative assets - Fair value | 82,451 | 81,380 |
Derivative liabilities - Fair Value | 84,165 | 80,517 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | U.S. Treasury securities | ||
Debt securities available-for-sale | ||
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 | ||
Debt securities available-for-sale | ||
Fair Value | 814,319 | 581,245 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Debt securities available-for-sale | ||
Fair Value | 1,153,770 | 603,471 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Debt securities available-for-sale | ||
Fair Value | 1,660,894 | 1,003,897 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Municipal securities | ||
Debt securities available-for-sale | ||
Fair Value | 396,073 | 102,302 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Non-agency commercial mortgage-backed Securities | ||
Debt securities available-for-sale | ||
Fair Value | 239,842 | 88,550 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Non-agency residential mortgage-backed Securities | ||
Debt securities available-for-sale | ||
Fair Value | 289,775 | 46,548 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Corporate debt securities | ||
Debt securities available-for-sale | ||
Fair Value | 405,968 | 11,149 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Asset-backed securities | ||
Debt securities available-for-sale | ||
Fair Value | 63,231 | 64,752 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Collateralized loan obligations (“CLOs”) | ||
Debt securities available-for-sale | ||
Fair Value | 287,494 | 284,706 |
Fair Value, Measurements, Recurring | Significant Other Observable Inputs (Level 2) | Foreign Government Debt | ||
Debt securities available-for-sale | ||
Fair Value | 182,531 | 354,172 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Equity Securities with readily determinable fair value | 0 | 0 |
Investments in tax credit and other investments, net | 0 | 0 |
Derivative | ||
Derivative assets - Fair value | 273 | 421 |
Netting adjustments | 0 | 0 |
Derivative asset, after netting | 273 | 421 |
Derivative liabilities - Fair Value | 0 | 0 |
Netting adjustments | 0 | 0 |
Derivative liability, after netting | 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 | 273 | 421 |
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 | ||
Debt securities available-for-sale | ||
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 | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Municipal securities | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Non-agency commercial mortgage-backed Securities | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Non-agency residential mortgage-backed Securities | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Corporate debt securities | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Asset-backed securities | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Collateralized loan obligations (“CLOs”) | ||
Debt securities available-for-sale | ||
Fair Value | 0 | 0 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Foreign Government Debt | ||
Debt securities available-for-sale | ||
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) - Equity contracts - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Lending fees | |||
Reconciliation of the beginning and ending balances for major asset categories measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | |||
Total unrealized gains (losses) for the period included in earnings | $ 8,200 | $ (292) | $ 225 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | |||
Reconciliation of the beginning and ending balances for major asset categories measured at fair value on a recurring basis using significant unobservable inputs (Level 3) | |||
Beginning balance | 421 | 673 | 679 |
Total gains included in earnings | 8,225 | 563 | 162 |
Issuances | 0 | 114 | 65 |
Settlements | 0 | (929) | (233) |
Transfers out of Level 3 | (8,373) | 0 | 0 |
Ending balance | $ 273 | $ 421 | $ 673 |
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Quantitative information | ||
Derivative assets - Fair value | $ 602,754 | $ 330,316 |
Fair Value, Measurements, Recurring | ||
Quantitative information | ||
Derivative assets - Fair value | 602,754 | 330,316 |
Fair Value, Measurements, Recurring | Equity contracts | ||
Quantitative information | ||
Derivative assets - Fair value | 858 | 1,414 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | ||
Quantitative information | ||
Derivative assets - Fair value | 273 | 421 |
Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity contracts | ||
Quantitative information | ||
Derivative assets - Fair value | 273 | 421 |
Fair Value, Measurements, Nonrecurring | ||
Quantitative information | ||
Loans held-for-investment, Fair Value | 189,862 | 49,679 |
Fair Value, Measurements, Nonrecurring | OREO | ||
Quantitative information | ||
Assets, fair value disclosure | 15,824 | 125 |
Fair Value, Measurements, Nonrecurring | Investments in tax credit and other investments, net | ||
Quantitative information | ||
Assets, fair value disclosure | 3,140 | 3,076 |
Fair Value, Measurements, Nonrecurring | Other nonperforming assets | ||
Quantitative information | ||
Assets, fair value disclosure | 1,167 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Quantitative information | ||
Loans held-for-investment, Fair Value | 189,862 | 49,679 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Discounted cash flows | ||
Quantitative information | ||
Loans held-for-investment, Fair Value | 104,783 | 27,841 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Valuation Technique, Fair Value Of Collateral, Discount | ||
Quantitative information | ||
Loans held-for-investment, Fair Value | 22,207 | 1,014 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Valuation Technique, Fair Value Of Collateral, Contract Value | ||
Quantitative information | ||
Loans held-for-investment, Fair Value | 15,879 | 20,824 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Valuation Technique, Fair Value Of Valuation Technique, Fair Value Of Property, Selling Cost | ||
Quantitative information | ||
Loans held-for-investment, Fair Value | 46,993 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | OREO | ||
Quantitative information | ||
Assets, fair value disclosure | 15,824 | 125 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | OREO | Valuation Technique, Fair Value Of Valuation Technique, Fair Value Of Property, Selling Cost | ||
Quantitative information | ||
Assets, fair value disclosure | 15,824 | 125 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Investments in tax credit and other investments, net | ||
Quantitative information | ||
Assets, fair value disclosure | 3,140 | 3,076 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Investments in tax credit and other investments, net | Valuation Technique, Individual Analysis | ||
Quantitative information | ||
Assets, fair value disclosure | $ 3,140 | 3,076 |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Other nonperforming assets | ||
Quantitative information | ||
Assets, fair value disclosure | 1,167 | |
Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Other nonperforming assets | Valuation Technique, Fair Value Of Collateral, Contract Value | ||
Quantitative information | ||
Assets, fair value disclosure | $ 1,167 | |
Equity volatility | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity contracts | Black-Scholes option pricing model | Minimum | ||
Quantitative information | ||
Equity contracts, measurement input | 46.00% | 39.00% |
Equity volatility | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity contracts | Black-Scholes option pricing model | Maximum | ||
Quantitative information | ||
Equity contracts, measurement input | 61.00% | 44.00% |
Equity volatility | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity contracts | Black-Scholes option pricing model | Weighted Average | ||
Quantitative information | ||
Equity contracts, measurement input | 53.00% | 42.00% |
Liquidity discount | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity contracts | ||
Quantitative information | ||
Equity contracts, measurement input | 47.00% | 47.00% |
Liquidity discount | Fair Value, Measurements, Recurring | Significant Unobservable Inputs (Level 3) | Equity contracts | Weighted Average | ||
Quantitative information | ||
Equity contracts, measurement input | 47.00% | 47.00% |
Discount | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Discounted cash flows | Minimum | ||
Quantitative information | ||
Loans held-for-investment, measurement input | 3.00% | 4.00% |
Discount | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Discounted cash flows | Maximum | ||
Quantitative information | ||
Loans held-for-investment, measurement input | 15.00% | 15.00% |
Discount | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Discounted cash flows | Weighted Average | ||
Quantitative information | ||
Loans held-for-investment, measurement input | 11.00% | 14.00% |
Discount | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Valuation Technique, Fair Value Of Collateral, Discount | Minimum | ||
Quantitative information | ||
Loans held-for-investment, measurement input | 10.00% | 8.00% |
Discount | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Valuation Technique, Fair Value Of Collateral, Discount | Maximum | ||
Quantitative information | ||
Loans held-for-investment, measurement input | 26.00% | 20.00% |
Discount | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Valuation Technique, Fair Value Of Collateral, Discount | Weighted Average | ||
Quantitative information | ||
Loans held-for-investment, measurement input | 15.00% | 19.00% |
Selling cost | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Valuation Technique, Fair Value Of Valuation Technique, Fair Value Of Property, Selling Cost | ||
Quantitative information | ||
OREO, measurement input | 0.08 | 0.08 |
Selling cost | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Valuation Technique, Fair Value Of Valuation Technique, Fair Value Of Property, Selling Cost | Minimum | ||
Quantitative information | ||
Loans held-for-investment, measurement input | 7.00% | |
Selling cost | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Valuation Technique, Fair Value Of Valuation Technique, Fair Value Of Property, Selling Cost | Maximum | ||
Quantitative information | ||
Loans held-for-investment, measurement input | 26.00% | |
Selling cost | Fair Value, Measurements, Nonrecurring | Significant Unobservable Inputs (Level 3) | Valuation Technique, Fair Value Of Valuation Technique, Fair Value Of Property, Selling Cost | Weighted Average | ||
Quantitative information | ||
Loans held-for-investment, measurement input | 10.00% | |
OREO, measurement input | 0.08 | 0.08 |
Fair Value Measurement and Fa_6
Fair Value Measurement and Fair Value of Financial Instruments (Carrying Amounts of Assets That Were Still Held and Had Fair Value Changes Measured on a Nonrecurring Basis) (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | $ 189,862 | $ 49,679 |
Commercial Lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 186,225 | 48,307 |
Commercial Lending | C&I | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 143,331 | 47,554 |
Commercial Lending | CRE | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 42,894 | 753 |
Consumer Lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 3,637 | 1,372 |
Consumer Lending | HELOCs | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 1,146 | 1,372 |
Consumer Lending | Other consumer | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 2,491 | |
Investments in tax credit and other investments, net | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 3,140 | 3,076 |
OREO | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 15,824 | 125 |
Other nonperforming assets | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 1,167 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial Lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial Lending | C&I | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial Lending | CRE | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Consumer Lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Consumer Lending | HELOCs | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Consumer Lending | Other consumer | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Investments in tax credit and other investments, net | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | OREO | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Other nonperforming assets | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 0 | |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Commercial Lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Commercial Lending | C&I | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Commercial Lending | CRE | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Consumer Lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Consumer Lending | HELOCs | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Consumer Lending | Other consumer | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 0 | |
Significant Other Observable Inputs (Level 2) | Investments in tax credit and other investments, net | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) | OREO | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Other nonperforming assets | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 0 | |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 189,862 | 49,679 |
Significant Unobservable Inputs (Level 3) | Commercial Lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 186,225 | 48,307 |
Significant Unobservable Inputs (Level 3) | Commercial Lending | C&I | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 143,331 | 47,554 |
Significant Unobservable Inputs (Level 3) | Commercial Lending | CRE | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 42,894 | 753 |
Significant Unobservable Inputs (Level 3) | Consumer Lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 3,637 | 1,372 |
Significant Unobservable Inputs (Level 3) | Consumer Lending | HELOCs | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 1,146 | 1,372 |
Significant Unobservable Inputs (Level 3) | Consumer Lending | Other consumer | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, Fair Value | 2,491 | |
Significant Unobservable Inputs (Level 3) | Investments in tax credit and other investments, net | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | 3,140 | 3,076 |
Significant Unobservable Inputs (Level 3) | OREO | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | $ 15,824 | 125 |
Significant Unobservable Inputs (Level 3) | Other nonperforming assets | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Assets, fair value disclosure | $ 1,167 |
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Loans held-for-investment | |||
Fair Value, Assets Measured on a Nonrecurring Basis | |||
Increase (decrease) in fair value of assets | $ (57,127) | $ (35,358) | $ (9,056) |
Loans held-for-investment | Commercial Lending | |||
Fair Value, Assets Measured on a Nonrecurring Basis | |||
Increase (decrease) in fair value of assets | (59,443) | (35,356) | (9,071) |
Loans held-for-investment | Commercial Lending | C&I | |||
Fair Value, Assets Measured on a Nonrecurring Basis | |||
Increase (decrease) in fair value of assets | (48,154) | (35,365) | (9,341) |
Loans held-for-investment | Commercial Lending | CRE | |||
Fair Value, Assets Measured on a Nonrecurring Basis | |||
Increase (decrease) in fair value of assets | (11,289) | 9 | 270 |
Loans held-for-investment | Consumer Lending | |||
Fair Value, Assets Measured on a Nonrecurring Basis | |||
Increase (decrease) in fair value of assets | 2,316 | (2) | 15 |
Loans held-for-investment | Consumer Lending | Residential loan | Single-family | |||
Fair Value, Assets Measured on a Nonrecurring Basis | |||
Increase (decrease) in fair value of assets | 0 | 0 | 15 |
Loans held-for-investment | Consumer Lending | HELOCs | |||
Fair Value, Assets Measured on a Nonrecurring Basis | |||
Increase (decrease) in fair value of assets | (175) | (2) | 0 |
Loans held-for-investment | Consumer Lending | Other consumer | |||
Fair Value, Assets Measured on a Nonrecurring Basis | |||
Increase (decrease) in fair value of assets | 2,491 | 0 | 0 |
Investments in tax credit and other investments, net | |||
Fair Value, Assets Measured on a Nonrecurring Basis | |||
Increase (decrease) in fair value of assets | (3,868) | (13,023) | 0 |
OREO | |||
Fair Value, Assets Measured on a Nonrecurring Basis | |||
Increase (decrease) in fair value of assets | (3,680) | (8) | 0 |
Other nonperforming assets | |||
Fair Value, Assets Measured on a Nonrecurring Basis | |||
Increase (decrease) in fair value of assets | $ 0 | $ (3,000) | $ 0 |
Fair Value Measurement and Fa_8
Fair Value Measurement and Fair Value of Financial Instruments (Carrying and Fair Values Estimates per the Fair Value Hierarchy of Financial Instruments on a nonrecurring basis) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Financial assets: | ||
Cash and cash equivalents | $ 4,017,971,000 | $ 3,261,149,000 |
Interest-bearing deposits with banks | 809,728,000 | 196,161,000 |
Resell agreements | 1,460,000,000 | 860,000,000 |
Restricted equity securities, at cost | 83,046,000 | 78,580,000 |
Loans held-for-investment, net | 37,770,972,000 | 34,420,252,000 |
Financial liabilities: | ||
Time deposits | 9,000,349,000 | |
Federal Home Loan Bank (“FHLB”) advances | 652,612,000 | 745,915,000 |
Repurchase agreements | 300,000,000 | 200,000,000 |
Gross repurchase agreements | 300,000,000 | 450,000,000 |
Carrying amount of repurchase agreements eligible for netting against resale agreements | 0 | 250,000,000 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 4,017,971,000 | 3,261,149,000 |
Interest-bearing deposits with banks | 809,728,000 | 196,161,000 |
Resell agreements | 1,460,000,000 | 860,000,000 |
Restricted equity securities, at cost | 83,046,000 | 78,580,000 |
Loans held-for-sale | 1,788,000 | 434,000 |
Loans held-for-investment, net | 37,770,972,000 | 34,420,252,000 |
Mortgage servicing rights | 5,522,000 | 6,068,000 |
Accrued interest receivable | 150,140,000 | 144,599,000 |
Financial liabilities: | ||
Demand, checking, savings and money market deposits | 35,862,403,000 | 27,109,951,000 |
Time deposits | 9,000,349,000 | 10,214,308,000 |
Short-term borrowings | 21,009,000 | 28,669,000 |
Federal Home Loan Bank (“FHLB”) advances | 652,612,000 | 745,915,000 |
Repurchase agreements | 300,000,000 | 200,000,000 |
Long-term debt | 147,376,000 | 147,101,000 |
Accrued interest payable | 11,956,000 | 27,246,000 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 4,017,971,000 | 3,261,149,000 |
Interest-bearing deposits with banks | 809,728,000 | 196,161,000 |
Resell agreements | 1,464,635,000 | 856,025,000 |
Restricted equity securities, at cost | 83,046,000 | 78,580,000 |
Loans held-for-sale | 1,788,000 | 434,000 |
Loans held-for-investment, net | 37,803,940,000 | 35,021,300,000 |
Mortgage servicing rights | 8,435,000 | 8,199,000 |
Accrued interest receivable | 150,140,000 | 144,599,000 |
Financial liabilities: | ||
Demand, checking, savings and money market deposits | 35,862,403,000 | 27,109,951,000 |
Time deposits | 9,016,884,000 | 10,208,895,000 |
Short-term borrowings | 21,009,000 | 28,669,000 |
Federal Home Loan Bank (“FHLB”) advances | 659,631,000 | 755,371,000 |
Repurchase agreements | 317,850,000 | 232,597,000 |
Long-term debt | 150,131,000 | 152,641,000 |
Accrued interest payable | 11,956,000 | 27,246,000 |
Estimated Fair Value | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets: | ||
Cash and cash equivalents | 4,017,971,000 | 3,261,149,000 |
Interest-bearing deposits with banks | 0 | 0 |
Resell 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 |
Federal Home Loan Bank (“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 | 809,728,000 | 196,161,000 |
Resell agreements | 1,464,635,000 | 856,025,000 |
Restricted equity securities, at cost | 83,046,000 | 78,580,000 |
Loans held-for-sale | 1,788,000 | 434,000 |
Loans held-for-investment, net | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Accrued interest receivable | 150,140,000 | 144,599,000 |
Financial liabilities: | ||
Demand, checking, savings and money market deposits | 35,862,403,000 | 27,109,951,000 |
Time deposits | 9,016,884,000 | 10,208,895,000 |
Short-term borrowings | 21,009,000 | 28,669,000 |
Federal Home Loan Bank (“FHLB”) advances | 659,631,000 | 755,371,000 |
Repurchase agreements | 317,850,000 | 232,597,000 |
Long-term debt | 150,131,000 | 152,641,000 |
Accrued interest payable | 11,956,000 | 27,246,000 |
Estimated Fair Value | Significant Unobservable Inputs (Level 3) | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Interest-bearing deposits with banks | 0 | 0 |
Resell agreements | 0 | 0 |
Restricted equity securities, at cost | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Loans held-for-investment, net | 37,803,940,000 | 35,021,300,000 |
Mortgage servicing rights | 8,435,000 | 8,199,000 |
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 |
Federal Home Loan Bank (“FHLB”) advances | 0 | 0 |
Repurchase agreements | 0 | 0 |
Long-term debt | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Assets Purchased under Resale_3
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements (Resale Agreements) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Offsetting Assets [Line Items] | ||||
Gross resale agreements | $ 1,160 | $ 1,160 | $ 1,110 | |
Loans purchased under agreements to resell, increase | $ 300 | |||
Loans Purchased Under Resale Agreements | ||||
Offsetting Assets [Line Items] | ||||
Weighted average yield (as a percent) | 2.27% | |||
Securities Purchased Under Resale Agreements | ||||
Offsetting Assets [Line Items] | ||||
Weighted average yield (as a percent) | 1.94% | 2.66% | 2.63% |
Assets Purchased under Resale_4
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements (Repurchase Agreements) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amount of securities sold under repurchase agreements | ||||
Gross repurchase agreements | $ 300,000,000 | $ 450,000,000 | ||
Weighted average interest rates | 3.25% | 4.74% | 4.46% | |
Repurchase agreements’ extinguishment cost | $ 8,700,000 | $ 8,740,000 | $ 0 | $ 0 |
Extinguishment of repurchase agreements | $ 150,000,000 |
Assets Purchased under Resale_5
Assets Purchased under Resale Agreements and Sold under Repurchase Agreements (Balance Sheet Offsetting) (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Assets, Resale Agreements | ||
Gross Amounts of Recognized Assets | $ 1,460,000,000 | $ 1,110,000,000 |
Gross Amounts Offset on the Consolidated Balance Sheet | 0 | (250,000,000) |
Net Amounts of Assets Presented on the Consolidated Balance Sheet | 1,460,000,000 | 860,000,000 |
Gross Amounts Not Offset on the Consolidated Balance Sheet | ||
Collateral Received | (1,458,700,000) | (856,058,000) |
Net Amount | 1,300,000 | 3,942,000 |
Liabilities, Repurchase Agreements | ||
Gross Amounts of Recognized Liabilities | 300,000,000 | 450,000,000 |
Gross Amounts Offset on the Consolidated Balance Sheet | 0 | (250,000,000) |
Net Amounts of Liabilities Presented on the Consolidated Balance Sheet | 300,000,000 | 200,000,000 |
Gross Amounts Not Offset on the Consolidated Balance Sheet | ||
Collateral Pledged | (300,000,000) | (200,000,000) |
Net Amount | $ 0 | $ 0 |
Securities (Schedule of Availab
Securities (Schedule of Available-for-sale Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 5,470,523 | $ 3,320,648 |
Gross Unrealized Gains | 96,596 | 19,805 |
Gross Unrealized Losses | (22,461) | (23,239) |
Fair Value | 5,544,658 | 3,317,214 |
Debt securities available for sale | ||
Debt Securities, Available-for-sale [Line Items] | ||
Accrued interest receivables | 22,300 | 11,100 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 50,310 | 177,215 |
Gross Unrealized Gains | 451 | 0 |
Gross Unrealized Losses | 0 | (793) |
Fair Value | 50,761 | 176,422 |
U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 806,814 | 584,275 |
Gross Unrealized Gains | 8,765 | 1,377 |
Gross Unrealized Losses | (1,260) | (4,407) |
Fair Value | 814,319 | 581,245 |
US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,125,174 | 599,814 |
Gross Unrealized Gains | 34,306 | 8,551 |
Gross Unrealized Losses | (5,710) | (4,894) |
Fair Value | 1,153,770 | 603,471 |
US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 1,634,553 | 998,447 |
Gross Unrealized Gains | 27,952 | 6,927 |
Gross Unrealized Losses | (1,611) | (1,477) |
Fair Value | 1,660,894 | 1,003,897 |
Municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 382,573 | 101,621 |
Gross Unrealized Gains | 13,588 | 790 |
Gross Unrealized Losses | (88) | (109) |
Fair Value | 396,073 | 102,302 |
Non-agency commercial mortgage-backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 234,965 | 86,609 |
Gross Unrealized Gains | 6,107 | 1,947 |
Gross Unrealized Losses | (1,230) | (6) |
Fair Value | 239,842 | 88,550 |
Non-agency residential mortgage-backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 288,520 | 46,830 |
Gross Unrealized Gains | 1,761 | 3 |
Gross Unrealized Losses | (506) | (285) |
Fair Value | 289,775 | 46,548 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 406,323 | 11,250 |
Gross Unrealized Gains | 3,493 | 12 |
Gross Unrealized Losses | (3,848) | (113) |
Fair Value | 405,968 | 11,149 |
Foreign government bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 183,828 | 354,481 |
Gross Unrealized Gains | 163 | 198 |
Gross Unrealized Losses | (1,460) | (507) |
Fair Value | 182,531 | 354,172 |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 63,463 | 66,106 |
Gross Unrealized Gains | 10 | 0 |
Gross Unrealized Losses | (242) | (1,354) |
Fair Value | 63,231 | 64,752 |
CLOs | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 294,000 | 294,000 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (6,506) | (9,294) |
Fair Value | $ 287,494 | $ 284,706 |
Securities (Continuous Unrealiz
Securities (Continuous Unrealized Losses) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | $ 1,519,603 | $ 1,388,661 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (15,456) | (18,990) |
Available-for-sale debt securities, More than 12 Months, Fair Value | 342,859 | 351,048 |
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months | (7,005) | (4,249) |
Available-for-sale debt securities, Fair Value, Total | 1,862,462 | 1,739,709 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (22,461) | (23,239) |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 0 | |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | 0 | |
Available-for-sale debt securities, More than 12 Months, Fair Value | 176,422 | |
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months | (793) | |
Available-for-sale debt securities, Fair Value, Total | 176,422 | |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (793) | |
U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 352,521 | 310,349 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (1,260) | (4,407) |
Available-for-sale debt securities, More than 12 Months, Fair Value | 0 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months | 0 | 0 |
Available-for-sale debt securities, Fair Value, Total | 352,521 | 310,349 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (1,260) | (4,407) |
US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 292,596 | 204,675 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (5,656) | (2,346) |
Available-for-sale debt securities, More than 12 Months, Fair Value | 3,543 | 108,314 |
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months | (54) | (2,548) |
Available-for-sale debt securities, Fair Value, Total | 296,139 | 312,989 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (5,710) | (4,894) |
US government agencies And U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 342,561 | 325,354 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (1,611) | (1,234) |
Available-for-sale debt securities, More than 12 Months, Fair Value | 0 | 34,337 |
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months | 0 | (243) |
Available-for-sale debt securities, Fair Value, Total | 342,561 | 359,691 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (1,611) | (1,477) |
Municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 24,529 | 31,130 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (88) | (109) |
Available-for-sale debt securities, More than 12 Months, Fair Value | 0 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months | 0 | 0 |
Available-for-sale debt securities, Fair Value, Total | 24,529 | 31,130 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (88) | (109) |
Non-agency commercial mortgage-backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 58,738 | 7,914 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (1,230) | (6) |
Available-for-sale debt securities, More than 12 Months, Fair Value | 7,920 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months | 0 | 0 |
Available-for-sale debt securities, Fair Value, Total | 66,658 | 7,914 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (1,230) | (6) |
Non-agency residential mortgage-backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 90,156 | 42,894 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (506) | (285) |
Available-for-sale debt securities, More than 12 Months, Fair Value | 0 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months | 0 | 0 |
Available-for-sale debt securities, Fair Value, Total | 90,156 | 42,894 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (506) | (285) |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 251,674 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (3,645) | 0 |
Available-for-sale debt securities, More than 12 Months, Fair Value | 9,798 | 9,888 |
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months | (203) | (113) |
Available-for-sale debt securities, Fair Value, Total | 261,472 | 9,888 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (3,848) | (113) |
Asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 0 | 52,565 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | 0 | (902) |
Available-for-sale debt securities, More than 12 Months, Fair Value | 34,104 | 12,187 |
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months | (242) | (452) |
Available-for-sale debt securities, Fair Value, Total | 34,104 | 64,752 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (242) | (1,354) |
Collateralized loan obligations (“CLOs”) | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 0 | 284,706 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | 0 | (9,294) |
Available-for-sale debt securities, More than 12 Months, Fair Value | 287,494 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months | (6,506) | 0 |
Available-for-sale debt securities, Fair Value, Total | 287,494 | 284,706 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (6,506) | (9,294) |
Foreign Government Debt | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 129,074 | |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (407) | |
Available-for-sale debt securities, More than 12 Months, Fair Value | 9,900 | |
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months | (100) | |
Available-for-sale debt securities, Fair Value, Total | 138,974 | |
Available-for-sale debt securities, Gross Unrealized Loss, Total | $ (507) | |
Foreign government bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 106,828 | |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (1,460) | |
Available-for-sale debt securities, More than 12 Months, Fair Value | 0 | |
Available-for-sale debt securities, Gross Unrealized Loss, More than 12 Months | 0 | |
Available-for-sale debt securities, Fair Value, Total | 106,828 | |
Available-for-sale debt securities, Gross Unrealized Loss, Total | $ (1,460) |
Securities (Narrative) (Details
Securities (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2019USD ($)security | Dec. 31, 2018USD ($) | Dec. 31, 2020security | |
Unrealized loss | |||
Number of available-for-sale debt securities in an unrealized loss position | 101 | 104 | |
OTTI credit loss recognized | $ | $ 0 | $ 0 | |
Collateralized loan obligations (“CLOs”) | |||
Unrealized loss | |||
Number of available-for-sale debt securities in an unrealized loss position | 3 | 3 | |
Mortgage backed securities issued by us government agencies and government sponsored enterprise | |||
Unrealized loss | |||
Number of available-for-sale debt securities in an unrealized loss position | 57 | 46 | |
U.S. government agency and U.S. government-sponsored enterprise debt securities | |||
Unrealized loss | |||
Number of available-for-sale debt securities in an unrealized loss position | 14 | ||
Corporate debt securities | |||
Unrealized loss | |||
Number of available-for-sale debt securities in an unrealized loss position | 17 |
Securities (Allowance for Credi
Securities (Allowance for Credit Losses) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unrealized loss | |||
Allowance for credit losses | $ 0 | ||
Provision for credit losses recognized | $ 0 | $ 0 | |
OTTI credit loss recognized | $ 0 | $ 0 |
Securities (Realized Gains and
Securities (Realized Gains and Tax Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||
Gross realized gains | $ 12,299 | $ 3,930 | $ 2,535 |
Related tax expense | $ 3,636 | $ 1,162 | $ 749 |
Securities (Scheduled Contractu
Securities (Scheduled Contractual Maturities of AFS Debt Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Due within one year | $ 893,162 | |
Due after one year through five years | 639,543 | |
Due after five years through ten years | 483,606 | |
Due after ten years | 3,454,212 | |
Amortized Cost | 5,470,523 | $ 3,320,648 |
Fair Value | ||
Due within one year | 892,648 | |
Due after one year through five years | 646,245 | |
Due after five years through ten years | 499,880 | |
Due after ten years | 3,505,885 | |
Total available-for-sale Debt securities | 5,544,658 | 3,317,214 |
Available-for-sale debt securities pledged as collateral at fair value | $ 588,484 | $ 479,432 |
Securities (Restricted Equity S
Securities (Restricted Equity Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
FRBSF stock | $ 59,249 | $ 58,330 |
FHLB stock | 23,797 | 20,250 |
Total restricted equity securities | $ 83,046 | $ 78,580 |
Derivatives (Notional and Fair
Derivatives (Notional and Fair Values) (Details) MMBTU in Thousands, Boe in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)MMBTUBoecompany | Dec. 31, 2019USD ($)MMBTUBoecompany | |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | $ 602,754 | $ 330,316 |
Less: Master Netting Arrangements | (93,063) | (121,561) |
Less: Cash collateral received or paid | (8,449) | (3,758) |
Derivative asset, after netting | 501,242 | 204,997 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair Value | 424,828 | 256,528 |
Less: Master Netting Arrangements | (93,063) | (121,561) |
Less: Cash collateral received/paid | (91,634) | (38,238) |
Derivative liability, after netting | $ 240,131 | $ 96,729 |
Customer Counterparty | Crude Oil | ||
Derivative Liability [Abstract] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 6,321 | 7,811 |
Customer Counterparty | Natural Gas | ||
Derivative Liability [Abstract] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 109,635 | 63,773 |
Derivative instruments designated as hedging instruments | ||
Derivative Instruments | ||
Notional Amount | $ 359,269 | $ 117,193 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair Value | 2,099 | 4,784 |
Derivative instruments designated as hedging instruments | Interest rate contracts | Fair Value Hedging | ||
Derivative Instruments | ||
Notional Amount | 0 | 31,026 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair Value | 0 | 3,198 |
Derivative instruments designated as hedging instruments | Interest rate contracts | Cash Flow Hedging | ||
Derivative Instruments | ||
Notional Amount | 275,000 | 0 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair Value | 1,864 | 0 |
Derivative instruments designated as hedging instruments | Foreign exchange contracts | Net investment hedges | ||
Derivative Instruments | ||
Notional Amount | 84,269 | 86,167 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 0 | 0 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair Value | 235 | 1,586 |
Derivative instruments not designated as hedging instruments | ||
Derivative Instruments | ||
Notional Amount | 21,341,158 | 20,540,031 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 602,754 | 330,316 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair Value | 422,729 | 251,744 |
Derivative instruments not designated as hedging instruments | Interest rate contracts | ||
Derivative Instruments | ||
Notional Amount | 18,155,678 | 15,489,692 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 489,132 | 192,883 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair Value | 315,834 | 124,119 |
Derivative instruments not designated as hedging instruments | Foreign exchange contracts | ||
Derivative Instruments | ||
Notional Amount | 3,108,488 | 4,839,661 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 30,300 | 54,637 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair Value | 22,524 | 47,024 |
Derivative instruments not designated as hedging instruments | Credit contracts | ||
Derivative Instruments | ||
Notional Amount | 76,992 | 210,678 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 13 | 2 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair Value | 206 | 84 |
Derivative instruments not designated as hedging instruments | Equity contracts | ||
Derivative Instruments | ||
Notional Amount | 0 | 0 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 858 | 1,414 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair Value | 0 | 0 |
Derivative instruments not designated as hedging instruments | Commodity contracts | ||
Derivative Instruments | ||
Notional Amount | 0 | 0 |
Derivative Asset [Abstract] | ||
Derivative assets - Fair value | 82,451 | 81,380 |
Derivative Liability [Abstract] | ||
Derivative liabilities - Fair Value | $ 84,165 | $ 80,517 |
Derivative instruments not designated as hedging instruments | Equity, Public Companies | ||
Derivative Liability [Abstract] | ||
Number of companies that Issued the equity contracts (Issuers Portion Only) | company | 2 | 3 |
Derivative instruments not designated as hedging instruments | Equity, Private Companies | ||
Derivative Liability [Abstract] | ||
Number of companies that Issued the equity contracts (Issuers Portion Only) | company | 17 | 18 |
Derivatives (Net Gains (Losses)
Derivatives (Net Gains (Losses) on Derivatives Designated as Hedges) (Details) - Derivative instruments designated as hedging instruments - Fair Value Hedging - Interest Expense - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Certificates of deposits | |||
Derivative [Line Items] | |||
Recognized on certificates of deposit | $ (1,605) | $ (2,536) | $ 278 |
Interest rate contracts | |||
Derivative [Line Items] | |||
Recognized on interest rate swaps | $ 3,146 | $ 2,655 | $ (93) |
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 | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Hedged liability, fair value hedge, carrying value | $ 0 | $ (29,080) |
Hedged liability, fair value hedge, cumulative decrease (increase), carrying value | $ 0 | $ 1,604 |
Derivatives (Narrative) (Detail
Derivatives (Narrative) (Details) MMBTU in Thousands, Boe in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)BoeMMBTUcompany | Dec. 31, 2019USD ($)MMBTUBoecompany | |
Derivative [Line Items] | ||
Derivative liabilities - Fair Value | $ 424,828 | $ 256,528 |
Derivative assets - Fair value | $ 602,754 | 330,316 |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Original maturity (in years) | 1 year | |
Credit-Risk-Related Contingent Features | ||
Derivative [Line Items] | ||
Associated posted collateral | $ 106,800 | 56,400 |
Aggregate fair value of derivative instruments in net liability position | 107,400 | 56,400 |
Derivative instruments designated as hedging instruments | ||
Derivative [Line Items] | ||
Notional amount | 359,269 | 117,193 |
Derivative liabilities - Fair Value | 2,099 | 4,784 |
Derivative assets - Fair value | 0 | 0 |
Derivative instruments designated as hedging instruments | Foreign exchange contracts | Derivative Financial Instruments, Liabilities | ||
Derivative [Line Items] | ||
Notional amount | 84,300 | 86,200 |
Derivative liabilities - Fair Value | 235 | 1,600 |
Derivative instruments designated as hedging instruments | Interest rate contracts | Cash Flow Hedging | ||
Derivative [Line Items] | ||
Notional amount | 275,000 | 0 |
Net unrealized gains, net of tax, recorded in AOCI expected to be reclassified into earnings during the next 12 months | 599 | |
Derivative liabilities - Fair Value | 1,864 | 0 |
Derivative assets - Fair value | 0 | 0 |
Derivative instruments not designated as hedging instruments | ||
Derivative [Line Items] | ||
Notional amount | 21,341,158 | 20,540,031 |
Derivative liabilities - Fair Value | 422,729 | 251,744 |
Derivative assets - Fair value | 602,754 | 330,316 |
Derivative instruments not designated as hedging instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional amount | 3,108,488 | 4,839,661 |
Derivative liabilities - Fair Value | 22,524 | 47,024 |
Derivative assets - Fair value | 30,300 | 54,637 |
Derivative instruments not designated as hedging instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount | 18,155,678 | 15,489,692 |
Derivative liabilities - Fair Value | 315,834 | 124,119 |
Derivative assets - Fair value | 489,132 | 192,883 |
Derivative instruments not designated as hedging instruments | Credit contracts | ||
Derivative [Line Items] | ||
Notional amount | 76,992 | 210,678 |
Derivative liabilities - Fair Value | 206 | 84 |
Derivative assets - Fair value | $ 13 | $ 2 |
Weighted average remaining maturity of outstanding RPAs | 3 years 8 months 12 days | 2 years 2 months 12 days |
Derivative instruments not designated as hedging instruments | Credit contracts | RPAs - protection sold | ||
Derivative [Line Items] | ||
Maximum exposure of RPAs with protection sold | $ 662 | $ 125 |
Derivative instruments not designated as hedging instruments | Equity, Private Companies | ||
Derivative [Line Items] | ||
Number of companies that Issued the equity contracts (Issuers Portion Only) | company | 17 | 18 |
Derivative instruments not designated as hedging instruments | Equity, Public Companies | ||
Derivative [Line Items] | ||
Number of companies that Issued the equity contracts (Issuers Portion Only) | company | 2 | 3 |
Derivative instruments not designated as hedging instruments | Equity contracts | ||
Derivative [Line Items] | ||
Notional amount | $ 0 | $ 0 |
Derivative liabilities - Fair Value | 0 | 0 |
Derivative assets - Fair value | 858 | 1,414 |
Derivative instruments not designated as hedging instruments | Commodity contracts | ||
Derivative [Line Items] | ||
Notional amount | 0 | 0 |
Derivative liabilities - Fair Value | 84,165 | 80,517 |
Derivative assets - Fair value | 82,451 | 81,380 |
Fair Value, Measurements, Recurring | ||
Derivative [Line Items] | ||
Derivative liabilities - Fair Value | 424,828 | 256,528 |
Derivative assets - Fair value | 602,754 | 330,316 |
Fair Value, Measurements, Recurring | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Derivative liabilities - Fair Value | 22,759 | 48,610 |
Derivative assets - Fair value | 30,300 | 54,637 |
Fair Value, Measurements, Recurring | Interest rate contracts | ||
Derivative [Line Items] | ||
Derivative liabilities - Fair Value | 317,698 | 127,317 |
Derivative assets - Fair value | 489,132 | 192,883 |
Fair Value, Measurements, Recurring | Credit contracts | ||
Derivative [Line Items] | ||
Derivative liabilities - Fair Value | 206 | 84 |
Derivative assets - Fair value | 13 | 2 |
Fair Value, Measurements, Recurring | Equity contracts | ||
Derivative [Line Items] | ||
Derivative assets - Fair value | 858 | 1,414 |
Fair Value, Measurements, Recurring | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative liabilities - Fair Value | 84,165 | 80,517 |
Derivative assets - Fair value | 82,451 | 81,380 |
Financial Counterparty | Derivative instruments not designated as hedging instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount | 9,090,000 | 7,750,000 |
London Clearing House | Derivative instruments not designated as hedging instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount | 2,980,000 | 2,530,000 |
Derivative liabilities - Fair Value | 187,400 | 75,100 |
Derivative assets - Fair value | 1,300 | 2,900 |
Chicago Mercantile Exchange (CME) | Derivative instruments not designated as hedging instruments | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative liabilities - Fair Value | 3,700 | 1,500 |
Derivative assets - Fair value | 7,900 | 2,900 |
Derivative assets (liabilities), at fair value, net | $ 0 | $ 986 |
Chicago Mercantile Exchange (CME) | Derivative instruments not designated as hedging instruments | Commodity contracts | Oil | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 1,275 | 1,752 |
Chicago Mercantile Exchange (CME) | Derivative instruments not designated as hedging instruments | Commodity contracts | Natural Gas | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 29,733 | 6,075 |
Derivatives (Gains (Losses) in
Derivatives (Gains (Losses) in Cash Flow Hedge and Net Investment Hedge) (Details) - Derivative instruments designated as hedging instruments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Flow Hedging | Interest rate contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Losses recognized in AOCI | $ (1,604) | $ 0 | $ 0 |
Gains reclassified from AOCI to Interest expense | 113 | 0 | 0 |
Net investment hedges | Foreign exchange swap contracts | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
(Losses) gains recognized in AOCI | $ (4,801) | $ (471) | $ 6,072 |
Derivatives (Derivatives Not De
Derivatives (Derivatives Not Designated as Hedging Instruments - Interest Rate Contracts) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative assets - Fair value | $ 602,754 | $ 330,316 |
Derivative liabilities - Fair Value | 424,828 | 256,528 |
Derivative instruments not designated as hedging instruments | ||
Derivative [Line Items] | ||
Notional amount | 21,341,158 | 20,540,031 |
Derivative assets - Fair value | 602,754 | 330,316 |
Derivative liabilities - Fair Value | 422,729 | 251,744 |
Derivative instruments not designated as hedging instruments | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount | 18,155,678 | 15,489,692 |
Derivative assets - Fair value | 489,132 | 192,883 |
Derivative liabilities - Fair Value | 315,834 | 124,119 |
Derivative instruments not designated as hedging instruments | Financial Counterparty | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount | 9,090,000 | 7,750,000 |
Interest rate contracts | Derivative instruments not designated as hedging instruments | Customer Counterparty | Written options | ||
Derivative [Line Items] | ||
Notional amount | 957,393 | 1,003,558 |
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair Value | 115 | 66 |
Interest rate contracts | Derivative instruments not designated as hedging instruments | Customer Counterparty | Sold collars and corridors | ||
Derivative [Line Items] | ||
Notional amount | 518,477 | 490,852 |
Derivative assets - Fair value | 7,673 | 1,971 |
Derivative liabilities - Fair Value | 0 | 16 |
Interest rate contracts | Derivative instruments not designated as hedging instruments | Customer Counterparty | Swaps | ||
Derivative [Line Items] | ||
Notional amount | 7,586,414 | 6,247,667 |
Derivative assets - Fair value | 479,634 | 187,294 |
Derivative liabilities - Fair Value | 1,364 | 6,237 |
Interest rate contracts | Derivative instruments not designated as hedging instruments | Customer Counterparty | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount | 9,062,284 | 7,742,077 |
Derivative assets - Fair value | 487,307 | 189,265 |
Derivative liabilities - Fair Value | 1,479 | 6,319 |
Interest rate contracts | Derivative instruments not designated as hedging instruments | Financial Counterparty | Purchased options | ||
Derivative [Line Items] | ||
Notional amount | 957,393 | 1,003,558 |
Derivative assets - Fair value | 101 | 67 |
Derivative liabilities - Fair Value | 15 | 0 |
Interest rate contracts | Derivative instruments not designated as hedging instruments | Financial Counterparty | Collars and corridors | ||
Derivative [Line Items] | ||
Notional amount | 518,477 | 490,852 |
Derivative assets - Fair value | 0 | 17 |
Derivative liabilities - Fair Value | 7,717 | 1,996 |
Interest rate contracts | Derivative instruments not designated as hedging instruments | Financial Counterparty | Swaps | ||
Derivative [Line Items] | ||
Notional amount | 7,617,524 | 6,253,205 |
Derivative assets - Fair value | 1,724 | 3,534 |
Derivative liabilities - Fair Value | 306,623 | 115,804 |
Interest rate contracts | Derivative instruments not designated as hedging instruments | Financial Counterparty | Interest rate contracts | ||
Derivative [Line Items] | ||
Notional amount | 9,093,394 | 7,747,615 |
Derivative assets - Fair value | 1,825 | 3,618 |
Derivative liabilities - Fair Value | $ 314,355 | $ 117,800 |
Derivatives (Derivatives Not _2
Derivatives (Derivatives Not Designated as Hedging Instruments - Foreign Exchange Contracts) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative assets - Fair value | $ 602,754 | $ 330,316 |
Derivative liabilities - Fair Value | 424,828 | 256,528 |
Derivative instruments not designated as hedging instruments | ||
Derivative [Line Items] | ||
Notional amount | 21,341,158 | 20,540,031 |
Derivative assets - Fair value | 602,754 | 330,316 |
Derivative liabilities - Fair Value | 422,729 | 251,744 |
Derivative instruments not designated as hedging instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional amount | 3,108,488 | 4,839,661 |
Derivative assets - Fair value | 30,300 | 54,637 |
Derivative liabilities - Fair Value | 22,524 | 47,024 |
Foreign exchange contracts | Customer Counterparty | Derivative instruments not designated as hedging instruments | Forwards and spot | ||
Derivative [Line Items] | ||
Notional amount | 1,522,888 | 3,581,036 |
Derivative assets - Fair value | 17,575 | 45,911 |
Derivative liabilities - Fair Value | 17,928 | 40,591 |
Foreign exchange contracts | Customer Counterparty | Derivative instruments not designated as hedging instruments | Swaps | ||
Derivative [Line Items] | ||
Notional amount | 13,590 | 6,889 |
Derivative assets - Fair value | 872 | 16 |
Derivative liabilities - Fair Value | 91 | 84 |
Foreign exchange contracts | Customer Counterparty | Derivative instruments not designated as hedging instruments | Written options | ||
Derivative [Line Items] | ||
Notional amount | 117,729 | 87,036 |
Derivative assets - Fair value | 0 | 127 |
Derivative liabilities - Fair Value | 574 | 0 |
Foreign exchange contracts | Customer Counterparty | Derivative instruments not designated as hedging instruments | Collars | ||
Derivative [Line Items] | ||
Notional amount | 2,244 | |
Derivative assets - Fair value | 0 | |
Derivative liabilities - Fair Value | 14 | |
Foreign exchange contracts | Customer Counterparty | Derivative instruments not designated as hedging instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional amount | 1,654,207 | 3,677,205 |
Derivative assets - Fair value | 18,447 | 46,054 |
Derivative liabilities - Fair Value | 18,593 | 40,689 |
Foreign exchange contracts | Financial Counterparty | Derivative instruments not designated as hedging instruments | Forwards and spot | ||
Derivative [Line Items] | ||
Notional amount | 145,197 | 207,492 |
Derivative assets - Fair value | 1,230 | 1,400 |
Derivative liabilities - Fair Value | 273 | 507 |
Foreign exchange contracts | Financial Counterparty | Derivative instruments not designated as hedging instruments | Swaps | ||
Derivative [Line Items] | ||
Notional amount | 1,191,355 | 702,391 |
Derivative assets - Fair value | 10,049 | 6,156 |
Derivative liabilities - Fair Value | 3,658 | 4,712 |
Foreign exchange contracts | Financial Counterparty | Derivative instruments not designated as hedging instruments | Purchased options | ||
Derivative [Line Items] | ||
Notional amount | 117,729 | 87,036 |
Derivative assets - Fair value | 574 | 0 |
Derivative liabilities - Fair Value | 0 | 127 |
Foreign exchange contracts | Financial Counterparty | Derivative instruments not designated as hedging instruments | Collars | ||
Derivative [Line Items] | ||
Notional amount | 165,537 | |
Derivative assets - Fair value | 1,027 | |
Derivative liabilities - Fair Value | 989 | |
Foreign exchange contracts | Financial Counterparty | Derivative instruments not designated as hedging instruments | Foreign exchange contracts | ||
Derivative [Line Items] | ||
Notional amount | 1,454,281 | 1,162,456 |
Derivative assets - Fair value | 11,853 | 8,583 |
Derivative liabilities - Fair Value | $ 3,931 | $ 6,335 |
Derivatives (Derivatives Not _3
Derivatives (Derivatives Not Designated as Hedging Instruments - Credit Contracts) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Derivative assets - Fair value | $ 602,754 | $ 330,316 |
Derivative liabilities - Fair Value | 424,828 | 256,528 |
Derivative instruments not designated as hedging instruments | ||
Derivative [Line Items] | ||
Notional amount | 21,341,158 | 20,540,031 |
Derivative assets - Fair value | 602,754 | 330,316 |
Derivative liabilities - Fair Value | 422,729 | 251,744 |
Derivative instruments not designated as hedging instruments | Credit contracts | ||
Derivative [Line Items] | ||
Notional amount | 76,992 | 210,678 |
Derivative assets - Fair value | 13 | 2 |
Derivative liabilities - Fair Value | 206 | 84 |
Credit contracts | Derivative instruments not designated as hedging instruments | Other Credit Derivatives | RPAs - protection sold | ||
Derivative [Line Items] | ||
Notional amount | 66,278 | 199,964 |
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair Value | 206 | 84 |
Credit contracts | Derivative instruments not designated as hedging instruments | Other Credit Derivatives | RPAs - protection purchased | ||
Derivative [Line Items] | ||
Notional amount | 10,714 | 10,714 |
Derivative assets - Fair value | 13 | 2 |
Derivative liabilities - Fair Value | 0 | 0 |
Credit contracts | Derivative instruments not designated as hedging instruments | Credit contracts | ||
Derivative [Line Items] | ||
Notional amount | 76,992 | 210,678 |
Derivative assets - Fair value | 13 | 2 |
Derivative liabilities - Fair Value | $ 206 | $ 84 |
Derivatives (Derivatives Not _4
Derivatives (Derivatives Not Designated as Hedging Instruments - Commodity Contracts) (Details) MMBTU in Thousands, Boe in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)MMBTUBoe | Dec. 31, 2019USD ($)MMBTUBoe | |
Derivative [Line Items] | ||
Derivative assets - Fair value | $ 602,754 | $ 330,316 |
Derivative liabilities - Fair Value | $ 424,828 | $ 256,528 |
Customer Counterparty | Crude Oil | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 6,321 | 7,811 |
Customer Counterparty | Natural Gas | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 109,635 | 63,773 |
Derivative instruments not designated as hedging instruments | ||
Derivative [Line Items] | ||
Derivative assets - Fair value | $ 602,754 | $ 330,316 |
Derivative liabilities - Fair Value | 422,729 | 251,744 |
Derivative instruments not designated as hedging instruments | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative assets - Fair value | 82,451 | 81,380 |
Derivative liabilities - Fair Value | 84,165 | 80,517 |
Commodity contracts | Derivative instruments not designated as hedging instruments | Customer Counterparty | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative assets - Fair value | 44,762 | 40,065 |
Derivative liabilities - Fair Value | $ 43,978 | $ 42,140 |
Commodity contracts | Derivative instruments not designated as hedging instruments | Customer Counterparty | Crude Oil | Written options | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 36 | |
Derivative assets - Fair value | $ 0 | |
Derivative liabilities - Fair Value | $ 30 | |
Commodity contracts | Derivative instruments not designated as hedging instruments | Customer Counterparty | Crude Oil | Collars | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 2,022 | 3,174 |
Derivative assets - Fair value | $ 2,344 | $ 2,673 |
Derivative liabilities - Fair Value | $ 2,193 | $ 538 |
Commodity contracts | Derivative instruments not designated as hedging instruments | Customer Counterparty | Crude Oil | Swaps | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 4,299 | 4,601 |
Derivative assets - Fair value | $ 9,282 | $ 6,949 |
Derivative liabilities - Fair Value | $ 14,283 | $ 5,531 |
Commodity contracts | Derivative instruments not designated as hedging instruments | Customer Counterparty | Crude Oil | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 6,321 | 7,811 |
Derivative assets - Fair value | $ 11,626 | $ 9,622 |
Derivative liabilities - Fair Value | $ 16,476 | $ 6,099 |
Commodity contracts | Derivative instruments not designated as hedging instruments | Customer Counterparty | Natural Gas | Written options | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 597 | 540 |
Derivative assets - Fair value | $ 0 | $ 0 |
Derivative liabilities - Fair Value | $ 59 | $ 22 |
Commodity contracts | Derivative instruments not designated as hedging instruments | Customer Counterparty | Natural Gas | Collars | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 12,733 | 14,277 |
Derivative assets - Fair value | $ 1,063 | $ 186 |
Derivative liabilities - Fair Value | $ 205 | $ 522 |
Commodity contracts | Derivative instruments not designated as hedging instruments | Customer Counterparty | Natural Gas | Swaps | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 96,305 | 48,956 |
Derivative assets - Fair value | $ 32,073 | $ 30,257 |
Derivative liabilities - Fair Value | $ 27,238 | $ 35,497 |
Commodity contracts | Derivative instruments not designated as hedging instruments | Customer Counterparty | Natural Gas | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 109,635 | 63,773 |
Derivative assets - Fair value | $ 33,136 | $ 30,443 |
Derivative liabilities - Fair Value | 27,502 | 36,041 |
Commodity contracts | Derivative instruments not designated as hedging instruments | Financial Counterparty | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative assets - Fair value | 37,689 | 41,315 |
Derivative liabilities - Fair Value | $ 40,187 | $ 38,377 |
Commodity contracts | Derivative instruments not designated as hedging instruments | Financial Counterparty | Crude Oil | Purchased options | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 36 | |
Derivative assets - Fair value | $ 29 | |
Derivative liabilities - Fair Value | $ 0 | |
Commodity contracts | Derivative instruments not designated as hedging instruments | Financial Counterparty | Crude Oil | Collars | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 2,022 | 3,630 |
Derivative assets - Fair value | $ 2,217 | $ 677 |
Derivative liabilities - Fair Value | $ 2,402 | $ 2,815 |
Commodity contracts | Derivative instruments not designated as hedging instruments | Financial Counterparty | Crude Oil | Swaps | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 4,299 | 4,721 |
Derivative assets - Fair value | $ 8,220 | $ 4,516 |
Derivative liabilities - Fair Value | $ 7,135 | $ 5,215 |
Commodity contracts | Derivative instruments not designated as hedging instruments | Financial Counterparty | Crude Oil | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 6,321 | 8,387 |
Derivative assets - Fair value | $ 10,437 | $ 5,222 |
Derivative liabilities - Fair Value | $ 9,537 | $ 8,030 |
Commodity contracts | Derivative instruments not designated as hedging instruments | Financial Counterparty | Natural Gas | Purchased options | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 597 | 530 |
Derivative assets - Fair value | $ 59 | $ 21 |
Derivative liabilities - Fair Value | $ 0 | $ 0 |
Commodity contracts | Derivative instruments not designated as hedging instruments | Financial Counterparty | Natural Gas | Collars | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 16,293 | 14,517 |
Derivative assets - Fair value | $ 205 | $ 471 |
Derivative liabilities - Fair Value | $ 813 | $ 150 |
Commodity contracts | Derivative instruments not designated as hedging instruments | Financial Counterparty | Natural Gas | Swaps | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 103,973 | 48,779 |
Derivative assets - Fair value | $ 26,988 | $ 35,601 |
Derivative liabilities - Fair Value | $ 29,837 | $ 30,197 |
Commodity contracts | Derivative instruments not designated as hedging instruments | Financial Counterparty | Natural Gas | Commodity contracts | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 120,863 | 63,826 |
Derivative assets - Fair value | $ 27,252 | $ 36,093 |
Derivative liabilities - Fair Value | $ 30,650 | $ 30,347 |
Derivatives (Net Gains (Losse_2
Derivatives (Net Gains (Losses) on Derivatives Not Designated as Hedging Instruments) (Details) - Derivative instruments not designated as hedging instruments - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net gains (losses) recognized for derivative not designated as hedging instruments | $ 25,563 | $ 20,808 | $ 17,409 |
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 | (8,637) | (2,126) | 280 |
Foreign exchange contracts | Foreign exchange income | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net gains (losses) recognized for derivative not designated as hedging instruments | 23,215 | 22,264 | 16,784 |
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 | (5) | 59 | (156) |
Equity contracts | Lending fees | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Net gains (losses) recognized for derivative not designated as hedging instruments | 11,025 | 678 | 512 |
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 | $ (35) | $ (67) | $ (11) |
Derivatives (Offsetting of Deri
Derivatives (Offsetting of Derivatives) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Gross Amounts Recognized | $ 602,754 | $ 330,316 |
Less: Master Netting Arrangements | (93,063) | (121,561) |
Less: Cash collateral received or paid | (8,449) | (3,758) |
Derivative asset, after netting | 501,242 | 204,997 |
Less: Security Collateral Received | (35) | 0 |
Net derivative assets | 501,207 | 204,997 |
Contracts not subject to master netting arrangements, gross amounts recognized | 1,100 | 1,600 |
Derivative, cash collateral received, including amount offset by fair value assets, and excess cash amount | 15,800 | 3,800 |
Liabilities | ||
Gross Amounts Recognized | 424,828 | 256,528 |
Less: Master Netting Arrangements | (93,063) | (121,561) |
Less: Cash collateral received/paid | (91,634) | (38,238) |
Derivative liability, after netting | 240,131 | 96,729 |
Less: Security Collateral Pledged | (221,150) | (79,619) |
Net derivative liabilities | 18,981 | 17,110 |
Derivative liability subject to master netting arrangements, gross amounts recognized | 256,528 | |
Contracts not subject to master netting arrangements, gross amounts recognized | 220 | 20 |
Derivative, cash collateral posted against derivative liabilities, including amount offset the derivative fair value liabilities, and excess cash amount | $ 91,600 | $ 43,000 |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Credit Losses (Composition of Loans Held-for-Investment) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | $ 38,390,955 | $ 34,778,539 | ||
Allowance for loan losses | (619,983) | (358,287) | $ (311,322) | $ (287,128) |
Loans held-for-investment, net | 37,770,972 | 34,420,252 | ||
Deferred loan fees, unearned fees, unamortized premiums and unaccreted discounts | (58,800) | (43,200) | ||
C&I | CARES Act, Paycheck Protection Program | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 1,570,000 | |||
Commercial Lending | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 28,440,027 | 25,914,252 | ||
Commercial Lending | C&I | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 13,631,726 | 12,150,931 | ||
Allowance for loan losses | (398,040) | (238,376) | (189,117) | (163,058) |
Commercial Lending | CRE | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 11,174,611 | 10,278,448 | ||
Allowance for loan losses | (163,791) | (40,509) | (40,666) | (40,809) |
Commercial Lending | Residential loan | Multifamily | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 3,033,998 | 2,856,374 | ||
Allowance for loan losses | (27,573) | (22,826) | (19,885) | (19,537) |
Commercial Lending | Construction and land | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 599,692 | 628,499 | ||
Allowance for loan losses | (10,239) | (19,404) | (20,290) | (26,881) |
Commercial Lending | Total CRE | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 14,808,301 | 13,763,321 | ||
Consumer Lending | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 9,950,928 | 8,864,287 | ||
Consumer Lending | Residential loan | Single-family | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 8,185,953 | 7,108,590 | ||
Allowance for loan losses | (15,520) | (28,527) | (31,340) | (26,362) |
Consumer Lending | HELOCs | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 1,601,716 | 1,472,783 | ||
Allowance for loan losses | (2,690) | (5,265) | (5,774) | (7,354) |
Consumer Lending | Total residential mortgage | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 9,787,669 | 8,581,373 | ||
Consumer Lending | Other consumer | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 163,259 | 282,914 | ||
Allowance for loan losses | $ (2,130) | (3,380) | $ (4,250) | $ (3,127) |
Non-PCI loans | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 34,555,668 | |||
Allowance for loan losses | (358,287) | |||
Loans held-for-investment, net | 34,197,381 | |||
Non-PCI loans | Commercial Lending | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 25,777,039 | |||
Non-PCI loans | Commercial Lending | C&I | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 12,149,121 | |||
Non-PCI loans | Commercial Lending | CRE | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 10,165,247 | |||
Non-PCI loans | Commercial Lending | Residential loan | Multifamily | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 2,834,212 | |||
Non-PCI loans | Commercial Lending | Construction and land | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 628,459 | |||
Non-PCI loans | Commercial Lending | Total CRE | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 13,627,918 | |||
Non-PCI loans | Consumer Lending | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 8,778,629 | |||
Non-PCI loans | Consumer Lending | Residential loan | Single-family | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 7,028,979 | |||
Non-PCI loans | Consumer Lending | HELOCs | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 1,466,736 | |||
Non-PCI loans | Consumer Lending | Total residential mortgage | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 8,495,715 | |||
Non-PCI loans | Consumer Lending | Other consumer | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 282,914 | |||
PCI Loans | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 222,871 | |||
Allowance for loan losses | 0 | |||
Loans held-for-investment, net | 222,871 | |||
PCI Loans | Commercial Lending | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 137,213 | |||
PCI Loans | Commercial Lending | C&I | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 1,810 | |||
PCI Loans | Commercial Lending | CRE | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 113,201 | |||
PCI Loans | Commercial Lending | Residential loan | Multifamily | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 22,162 | |||
PCI Loans | Commercial Lending | Construction and land | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 40 | |||
PCI Loans | Commercial Lending | Total CRE | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 135,403 | |||
PCI Loans | Consumer Lending | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 85,658 | |||
PCI Loans | Consumer Lending | Residential loan | Single-family | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 79,611 | |||
PCI Loans | Consumer Lending | HELOCs | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 6,047 | |||
PCI Loans | Consumer Lending | Total residential mortgage | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | 85,658 | |||
PCI Loans | Consumer Lending | Other consumer | ||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||||
Total loans | $ 0 |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Credit Losses (Composition of Loans Held-for-Investment-Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Accrued interest receivable | $ 107,500 | $ 121,800 |
Interest income related to nonaccrual loans reversed | 2,500 | |
Interest income recognized on nonaccrual loans | 44 | |
Loans receivable pledged to secure borrowings and to provide additional borrowing capacity from the FHLB and the FRBSF | $ 23,263,517 | $ 22,431,092 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Credit Losses (Credit Risk Ratings and/or Vintage Years for Loans Held-for-Investment by Portfolio Segment) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | $ 9,787,213 | |
2019 | 6,816,315 | |
2018 | 5,125,324 | |
2017 | 3,167,275 | |
2016 | 1,547,971 | |
Prior | 3,277,221 | |
Revolving Loans Amortized Cost Basis | 8,390,152 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 279,484 | |
Loans held-for-investment | 38,390,955 | $ 34,778,539 |
Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 34,555,668 | |
PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 222,871 | |
Federal Housing Administration Loan | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Financing Receivable, Recorded Investment, 90 Days Past Due And Still Accruing, Classified As Pass | 747 | 686 |
Pass | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 33,582,886 | |
Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 211,635 | |
Criticized (accrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 853,249 | |
Criticized (accrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 10,939 | |
Criticized (nonaccrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 119,533 | |
Criticized (nonaccrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 297 | |
Commercial Lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 7,390,682 | |
2019 | 5,000,429 | |
2018 | 3,619,488 | |
2017 | 2,129,478 | |
2016 | 1,013,095 | |
Prior | 2,244,535 | |
Revolving Loans Amortized Cost Basis | 6,993,769 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 48,551 | |
Loans held-for-investment | 28,440,027 | 25,914,252 |
Commercial Lending | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 25,777,039 | |
Commercial Lending | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 137,213 | |
Commercial Lending | Pass | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 24,836,765 | |
Commercial Lending | Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 126,269 | |
Commercial Lending | Criticized (accrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 848,179 | |
Commercial Lending | Criticized (accrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 10,939 | |
Commercial Lending | Criticized (nonaccrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 92,095 | |
Commercial Lending | Criticized (nonaccrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 5 | |
Commercial Lending | C&I | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 4,034,455 | |
2019 | 1,577,608 | |
2018 | 562,750 | |
2017 | 283,807 | |
2016 | 75,933 | |
Prior | 253,079 | |
Revolving Loans Amortized Cost Basis | 6,814,607 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 29,487 | |
Loans held-for-investment | 13,631,726 | 12,150,931 |
Commercial Lending | C&I | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 12,149,121 | |
Commercial Lending | C&I | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 1,810 | |
Commercial Lending | C&I | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 3,912,147 | |
2019 | 1,477,740 | |
2018 | 483,725 | |
2017 | 245,594 | |
2016 | 69,482 | |
Prior | 245,615 | |
Revolving Loans Amortized Cost Basis | 6,431,003 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 29,487 | |
Loans held-for-investment | 12,894,793 | |
Commercial Lending | C&I | Pass | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 11,423,094 | |
Commercial Lending | C&I | Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 1,810 | |
Commercial Lending | C&I | Criticized (accrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 120,183 | |
2019 | 74,601 | |
2018 | 56,785 | |
2017 | 19,426 | |
2016 | 1,487 | |
Prior | 5,872 | |
Revolving Loans Amortized Cost Basis | 324,640 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 602,994 | |
Commercial Lending | C&I | Criticized (accrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 651,192 | |
Commercial Lending | C&I | Criticized (accrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | |
Commercial Lending | C&I | Criticized (nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,125 | |
2019 | 25,267 | |
2018 | 22,240 | |
2017 | 18,787 | |
2016 | 4,964 | |
Prior | 1,592 | |
Revolving Loans Amortized Cost Basis | 58,964 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 133,939 | |
Commercial Lending | C&I | Criticized (nonaccrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 74,835 | |
Commercial Lending | C&I | Criticized (nonaccrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | |
Commercial Lending | CRE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,344,108 | |
2019 | 2,465,790 | |
2018 | 2,396,262 | |
2017 | 1,427,625 | |
2016 | 734,788 | |
Prior | 1,613,707 | |
Revolving Loans Amortized Cost Basis | 173,267 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 19,064 | |
Loans held-for-investment | 11,174,611 | 10,278,448 |
Commercial Lending | CRE | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 10,165,247 | |
Commercial Lending | CRE | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 113,201 | |
Commercial Lending | CRE | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,296,649 | |
2019 | 2,402,136 | |
2018 | 2,310,748 | |
2017 | 1,328,251 | |
2016 | 732,694 | |
Prior | 1,529,681 | |
Revolving Loans Amortized Cost Basis | 173,267 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 19,064 | |
Loans held-for-investment | 10,792,490 | |
Commercial Lending | CRE | Pass | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 10,003,749 | |
Commercial Lending | CRE | Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 102,257 | |
Commercial Lending | CRE | Criticized (accrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 47,459 | |
2019 | 63,654 | |
2018 | 43,447 | |
2017 | 98,259 | |
2016 | 2,094 | |
Prior | 80,662 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 335,575 | |
Commercial Lending | CRE | Criticized (accrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 145,057 | |
Commercial Lending | CRE | Criticized (accrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 10,939 | |
Commercial Lending | CRE | Criticized (nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 42,067 | |
2017 | 1,115 | |
2016 | 0 | |
Prior | 3,364 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 46,546 | |
Commercial Lending | CRE | Criticized (nonaccrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 16,441 | |
Commercial Lending | CRE | Criticized (nonaccrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 5 | |
Commercial Lending | Real estate loan | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 783,671 | |
2019 | 784,324 | |
2018 | 503,764 | |
2017 | 418,046 | |
2016 | 181,477 | |
Prior | 356,821 | |
Revolving Loans Amortized Cost Basis | 5,895 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 3,033,998 | 2,856,374 |
Commercial Lending | Real estate loan | Multifamily | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 2,834,212 | |
Commercial Lending | Real estate loan | Multifamily | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 22,162 | |
Commercial Lending | Real estate loan | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 783,671 | |
2019 | 783,589 | |
2018 | 479,959 | |
2017 | 411,945 | |
2016 | 181,213 | |
Prior | 348,751 | |
Revolving Loans Amortized Cost Basis | 5,895 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 2,995,023 | |
Commercial Lending | Real estate loan | Multifamily | Pass | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 2,806,475 | |
Commercial Lending | Real estate loan | Multifamily | Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 22,162 | |
Commercial Lending | Real estate loan | Multifamily | Criticized (accrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 735 | |
2018 | 22,330 | |
2017 | 6,101 | |
2016 | 264 | |
Prior | 5,877 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 35,307 | |
Commercial Lending | Real estate loan | Multifamily | Criticized (accrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 26,918 | |
Commercial Lending | Real estate loan | Multifamily | Criticized (accrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | |
Commercial Lending | Real estate loan | Multifamily | Criticized (nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 1,475 | |
2017 | 0 | |
2016 | 0 | |
Prior | 2,193 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 3,668 | |
Commercial Lending | Real estate loan | Multifamily | Criticized (nonaccrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 819 | |
Commercial Lending | Real estate loan | Multifamily | Criticized (nonaccrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | |
Commercial Lending | Construction and land | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 228,448 | |
2019 | 172,707 | |
2018 | 156,712 | |
2017 | 0 | |
2016 | 20,897 | |
Prior | 20,928 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 599,692 | 628,499 |
Commercial Lending | Construction and land | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 628,459 | |
Commercial Lending | Construction and land | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 40 | |
Commercial Lending | Construction and land | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 224,924 | |
2019 | 172,707 | |
2018 | 156,712 | |
2017 | 0 | |
2016 | 20,897 | |
Prior | 1,028 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 576,268 | |
Commercial Lending | Construction and land | Pass | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 603,447 | |
Commercial Lending | Construction and land | Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 40 | |
Commercial Lending | Construction and land | Criticized (accrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 3,524 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 19,900 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 23,424 | |
Commercial Lending | Construction and land | Criticized (accrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 25,012 | |
Commercial Lending | Construction and land | Criticized (accrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | |
Commercial Lending | Construction and land | Criticized (nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 0 | |
Commercial Lending | Construction and land | Criticized (nonaccrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | |
Commercial Lending | Construction and land | Criticized (nonaccrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | |
Commercial Lending | Total CRE | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 3,356,227 | |
2019 | 3,422,821 | |
2018 | 3,056,738 | |
2017 | 1,845,671 | |
2016 | 937,162 | |
Prior | 1,991,456 | |
Revolving Loans Amortized Cost Basis | 179,162 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 19,064 | |
Loans held-for-investment | 14,808,301 | 13,763,321 |
Commercial Lending | Total CRE | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 13,627,918 | |
Commercial Lending | Total CRE | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 135,403 | |
Commercial Lending | Total CRE | Pass | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 13,413,671 | |
Commercial Lending | Total CRE | Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 124,459 | |
Commercial Lending | Total CRE | Criticized (accrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 196,987 | |
Commercial Lending | Total CRE | Criticized (accrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 10,939 | |
Commercial Lending | Total CRE | Criticized (nonaccrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 17,260 | |
Commercial Lending | Total CRE | Criticized (nonaccrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 5 | |
Consumer Lending | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,396,531 | |
2019 | 1,815,886 | |
2018 | 1,505,836 | |
2017 | 1,037,797 | |
2016 | 534,876 | |
Prior | 1,032,686 | |
Revolving Loans Amortized Cost Basis | 1,396,383 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 230,933 | |
Loans held-for-investment | 9,950,928 | 8,864,287 |
Consumer Lending | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 8,778,629 | |
Consumer Lending | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 85,658 | |
Consumer Lending | Pass | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 8,746,121 | |
Consumer Lending | Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 85,366 | |
Consumer Lending | Criticized (accrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 5,070 | |
Consumer Lending | Criticized (accrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | |
Consumer Lending | Criticized (nonaccrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 27,438 | |
Consumer Lending | Criticized (nonaccrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 292 | |
Consumer Lending | Real estate loan | Single-family | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,385,853 | |
2019 | 1,814,855 | |
2018 | 1,502,472 | |
2017 | 1,023,496 | |
2016 | 525,283 | |
Prior | 933,994 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 8,185,953 | 7,108,590 |
Consumer Lending | Real estate loan | Single-family | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 7,028,979 | |
Consumer Lending | Real estate loan | Single-family | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 79,611 | |
Consumer Lending | Real estate loan | Single-family | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,385,853 | |
2019 | 1,813,200 | |
2018 | 1,501,660 | |
2017 | 1,021,707 | |
2016 | 523,170 | |
Prior | 921,714 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 8,167,304 | |
Consumer Lending | Real estate loan | Single-family | Pass | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 7,012,522 | |
Consumer Lending | Real estate loan | Single-family | Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 79,517 | |
Consumer Lending | Real estate loan | Single-family | Criticized (accrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 1,429 | |
2018 | 0 | |
2017 | 0 | |
2016 | 119 | |
Prior | 1,034 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 2,582 | |
Consumer Lending | Real estate loan | Single-family | Criticized (accrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 2,278 | |
Consumer Lending | Real estate loan | Single-family | Criticized (accrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | |
Consumer Lending | Real estate loan | Single-family | Criticized (nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 226 | |
2018 | 812 | |
2017 | 1,789 | |
2016 | 1,994 | |
Prior | 11,246 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 16,067 | |
Consumer Lending | Real estate loan | Single-family | Criticized (nonaccrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 14,179 | |
Consumer Lending | Real estate loan | Single-family | Criticized (nonaccrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 94 | |
Consumer Lending | HELOCs | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,131 | |
2019 | 1,031 | |
2018 | 3,364 | |
2017 | 9,980 | |
2016 | 9,593 | |
Prior | 15,437 | |
Revolving Loans Amortized Cost Basis | 1,330,247 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 230,933 | |
Loans held-for-investment | 1,601,716 | 1,472,783 |
Consumer Lending | HELOCs | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 1,466,736 | |
Consumer Lending | HELOCs | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 6,047 | |
Consumer Lending | HELOCs | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 1,131 | |
2019 | 880 | |
2018 | 2,879 | |
2017 | 5,363 | |
2016 | 8,433 | |
Prior | 13,475 | |
Revolving Loans Amortized Cost Basis | 1,328,919 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 225,810 | |
Loans held-for-investment | 1,586,890 | |
Consumer Lending | HELOCs | Pass | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 1,453,207 | |
Consumer Lending | HELOCs | Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 5,849 | |
Consumer Lending | HELOCs | Criticized (accrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 200 | |
2017 | 0 | |
2016 | 996 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 1,328 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 606 | |
Loans held-for-investment | 3,130 | |
Consumer Lending | HELOCs | Criticized (accrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 2,787 | |
Consumer Lending | HELOCs | Criticized (accrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | |
Consumer Lending | HELOCs | Criticized (nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 151 | |
2018 | 285 | |
2017 | 4,617 | |
2016 | 164 | |
Prior | 1,962 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 4,517 | |
Loans held-for-investment | 11,696 | |
Consumer Lending | HELOCs | Criticized (nonaccrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 10,742 | |
Consumer Lending | HELOCs | Criticized (nonaccrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 198 | |
Consumer Lending | Total residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 2,386,984 | |
2019 | 1,815,886 | |
2018 | 1,505,836 | |
2017 | 1,033,476 | |
2016 | 534,876 | |
Prior | 949,431 | |
Revolving Loans Amortized Cost Basis | 1,330,247 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 230,933 | |
Loans held-for-investment | 9,787,669 | 8,581,373 |
Consumer Lending | Total residential mortgage | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 8,495,715 | |
Consumer Lending | Total residential mortgage | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 85,658 | |
Consumer Lending | Total residential mortgage | Pass | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 8,465,729 | |
Consumer Lending | Total residential mortgage | Pass | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 85,366 | |
Consumer Lending | Total residential mortgage | Criticized (accrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 5,065 | |
Consumer Lending | Total residential mortgage | Criticized (accrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | |
Consumer Lending | Total residential mortgage | Criticized (nonaccrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 24,921 | |
Consumer Lending | Total residential mortgage | Criticized (nonaccrual) | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 292 | |
Consumer Lending | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 9,547 | |
2019 | 0 | |
2018 | 0 | |
2017 | 4,321 | |
2016 | 0 | |
Prior | 83,255 | |
Revolving Loans Amortized Cost Basis | 66,136 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 163,259 | 282,914 |
Consumer Lending | Other consumer | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 282,914 | |
Consumer Lending | Other consumer | PCI Loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 0 | |
Consumer Lending | Other consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 9,531 | |
2019 | 0 | |
2018 | 0 | |
2017 | 1,830 | |
2016 | 0 | |
Prior | 83,255 | |
Revolving Loans Amortized Cost Basis | 66,136 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 160,752 | |
Consumer Lending | Other consumer | Pass | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 280,392 | |
Consumer Lending | Other consumer | Criticized (accrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 16 | |
2019 | 0 | |
2018 | 0 | |
2017 | 0 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | 16 | |
Consumer Lending | Other consumer | Criticized (accrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | 5 | |
Consumer Lending | Other consumer | Criticized (nonaccrual) | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2020 | 0 | |
2019 | 0 | |
2018 | 0 | |
2017 | 2,491 | |
2016 | 0 | |
Prior | 0 | |
Revolving Loans Amortized Cost Basis | 0 | |
Revolving Loans Converted to Term Loans Amortized Cost Basis | 0 | |
Loans held-for-investment | $ 2,491 | |
Consumer Lending | Other consumer | Criticized (nonaccrual) | Non-PCI impaired loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans held-for-investment | $ 2,517 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Credit Losses - (Narrative for Credit Risk Ratings and/or Vintage Years for Loans Held-for-Investment by Portfolio Segment) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($)loan | |
HELOCs | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Amount converted to loans | $ 145 |
C&I | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Amount converted to loans | $ 23.9 |
Number of converted loans | loan | 4 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Credit Losses (Amortized Cost of Loans on Nonaccrual Status) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | $ 126,676 |
Commercial Lending | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 110,096 |
Commercial Lending | C&I | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 62,040 |
Commercial Lending | CRE | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 45,537 |
Commercial Lending | Total CRE | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 48,056 |
Commercial Lending | Real estate loan | Multifamily | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 2,519 |
Consumer Lending | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 16,580 |
Consumer Lending | Real estate loan | Single-family | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 6,013 |
Consumer Lending | HELOCs | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 8,076 |
Consumer Lending | Total residential mortgage | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | 14,089 |
Consumer Lending | Other consumer | |
Financing Receivable, Nonaccrual [Line Items] | |
Total nonaccrual loans with no related allowance for loan losses | $ 2,491 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses (Aging Analysis on Loans Held-for-Investment) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | $ 215,154 | |
Total loans | 38,390,955 | $ 34,778,539 |
Commercial Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 184,153 | |
Total loans | 28,440,027 | 25,914,252 |
Commercial Lending | C&I | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 133,939 | |
Total loans | 13,631,726 | 12,150,931 |
Commercial Lending | CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 46,546 | |
Total loans | 11,174,611 | 10,278,448 |
Commercial Lending | Residential loan | Multifamily | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 3,668 | |
Total loans | 3,033,998 | 2,856,374 |
Commercial Lending | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 0 | |
Total loans | 599,692 | 628,499 |
Commercial Lending | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 50,214 | |
Total loans | 14,808,301 | 13,763,321 |
Consumer Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 31,001 | |
Total loans | 9,950,928 | 8,864,287 |
Consumer Lending | Residential loan | Single-family | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 16,814 | |
Total loans | 8,185,953 | 7,108,590 |
Consumer Lending | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 11,696 | |
Total loans | 1,601,716 | 1,472,783 |
Consumer Lending | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 28,510 | |
Total loans | 9,787,669 | 8,581,373 |
Consumer Lending | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 2,491 | |
Total loans | 163,259 | 282,914 |
Current Accruing Loans | ||
Nonaccrual and Past Due Loans | ||
Current Accruing Loans | 38,125,211 | |
Current Accruing Loans | Commercial Lending | ||
Nonaccrual and Past Due Loans | ||
Current Accruing Loans | 28,224,064 | |
Current Accruing Loans | Commercial Lending | C&I | ||
Nonaccrual and Past Due Loans | ||
Current Accruing Loans | 13,488,070 | |
Current Accruing Loans | Commercial Lending | CRE | ||
Nonaccrual and Past Due Loans | ||
Current Accruing Loans | 11,127,690 | |
Current Accruing Loans | Commercial Lending | Residential loan | Multifamily | ||
Nonaccrual and Past Due Loans | ||
Current Accruing Loans | 3,028,512 | |
Current Accruing Loans | Commercial Lending | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Current Accruing Loans | 579,792 | |
Current Accruing Loans | Commercial Lending | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Current Accruing Loans | 14,735,994 | |
Current Accruing Loans | Consumer Lending | ||
Nonaccrual and Past Due Loans | ||
Current Accruing Loans | 9,901,147 | |
Current Accruing Loans | Consumer Lending | Residential loan | Single-family | ||
Nonaccrual and Past Due Loans | ||
Current Accruing Loans | 8,156,645 | |
Current Accruing Loans | Consumer Lending | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Current Accruing Loans | 1,583,968 | |
Current Accruing Loans | Consumer Lending | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Current Accruing Loans | 9,740,613 | |
Current Accruing Loans | Consumer Lending | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Current Accruing Loans | 160,534 | |
Accruing Loans 30-59 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 44,136 | |
Accruing Loans 30-59 Days Past Due | Commercial Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 31,086 | |
Accruing Loans 30-59 Days Past Due | Commercial Lending | C&I | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 8,993 | |
Accruing Loans 30-59 Days Past Due | Commercial Lending | CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 375 | |
Accruing Loans 30-59 Days Past Due | Commercial Lending | Residential loan | Multifamily | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 1,818 | |
Accruing Loans 30-59 Days Past Due | Commercial Lending | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 19,900 | |
Accruing Loans 30-59 Days Past Due | Commercial Lending | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 22,093 | |
Accruing Loans 30-59 Days Past Due | Consumer Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 13,050 | |
Accruing Loans 30-59 Days Past Due | Consumer Lending | Residential loan | Single-family | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 9,911 | |
Accruing Loans 30-59 Days Past Due | Consumer Lending | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 2,922 | |
Accruing Loans 30-59 Days Past Due | Consumer Lending | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 12,833 | |
Accruing Loans 30-59 Days Past Due | Consumer Lending | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 217 | |
Accruing Loans 60-89 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 6,454 | |
Accruing Loans 60-89 Days Past Due | Commercial Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 724 | |
Accruing Loans 60-89 Days Past Due | Commercial Lending | C&I | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 724 | |
Accruing Loans 60-89 Days Past Due | Commercial Lending | CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 0 | |
Accruing Loans 60-89 Days Past Due | Commercial Lending | Residential loan | Multifamily | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 0 | |
Accruing Loans 60-89 Days Past Due | Commercial Lending | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 0 | |
Accruing Loans 60-89 Days Past Due | Commercial Lending | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 0 | |
Accruing Loans 60-89 Days Past Due | Consumer Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 5,730 | |
Accruing Loans 60-89 Days Past Due | Consumer Lending | Residential loan | Single-family | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 2,583 | |
Accruing Loans 60-89 Days Past Due | Consumer Lending | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 3,130 | |
Accruing Loans 60-89 Days Past Due | Consumer Lending | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 5,713 | |
Accruing Loans 60-89 Days Past Due | Consumer Lending | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 17 | |
Total Accruing Past Due Loans | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 50,590 | |
Total Accruing Past Due Loans | Commercial Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 31,810 | |
Total Accruing Past Due Loans | Commercial Lending | C&I | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 9,717 | |
Total Accruing Past Due Loans | Commercial Lending | CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 375 | |
Total Accruing Past Due Loans | Commercial Lending | Residential loan | Multifamily | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 1,818 | |
Total Accruing Past Due Loans | Commercial Lending | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 19,900 | |
Total Accruing Past Due Loans | Commercial Lending | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 22,093 | |
Total Accruing Past Due Loans | Consumer Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 18,780 | |
Total Accruing Past Due Loans | Consumer Lending | Residential loan | Single-family | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 12,494 | |
Total Accruing Past Due Loans | Consumer Lending | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 6,052 | |
Total Accruing Past Due Loans | Consumer Lending | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 18,546 | |
Total Accruing Past Due Loans | Consumer Lending | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 234 | |
Nonaccrual Loans Less Than 90 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 106,387 | |
Nonaccrual Loans Less Than 90 Days Past Due | Commercial Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 103,425 | |
Nonaccrual Loans Less Than 90 Days Past Due | Commercial Lending | C&I | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 100,602 | |
Nonaccrual Loans Less Than 90 Days Past Due | Commercial Lending | CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 448 | |
Nonaccrual Loans Less Than 90 Days Past Due | Commercial Lending | Residential loan | Multifamily | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 2,375 | |
Nonaccrual Loans Less Than 90 Days Past Due | Commercial Lending | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 0 | |
Nonaccrual Loans Less Than 90 Days Past Due | Commercial Lending | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 2,823 | |
Nonaccrual Loans Less Than 90 Days Past Due | Consumer Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 2,962 | |
Nonaccrual Loans Less Than 90 Days Past Due | Consumer Lending | Residential loan | Single-family | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 2,385 | |
Nonaccrual Loans Less Than 90 Days Past Due | Consumer Lending | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 577 | |
Nonaccrual Loans Less Than 90 Days Past Due | Consumer Lending | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 2,962 | |
Nonaccrual Loans Less Than 90 Days Past Due | Consumer Lending | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 0 | |
Nonaccrual Loans 90 or More Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 108,767 | |
Nonaccrual Loans 90 or More Days Past Due | Commercial Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 80,728 | |
Nonaccrual Loans 90 or More Days Past Due | Commercial Lending | C&I | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 33,337 | |
Nonaccrual Loans 90 or More Days Past Due | Commercial Lending | CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 46,098 | |
Nonaccrual Loans 90 or More Days Past Due | Commercial Lending | Residential loan | Multifamily | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 1,293 | |
Nonaccrual Loans 90 or More Days Past Due | Commercial Lending | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 0 | |
Nonaccrual Loans 90 or More Days Past Due | Commercial Lending | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 47,391 | |
Nonaccrual Loans 90 or More Days Past Due | Consumer Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 28,039 | |
Nonaccrual Loans 90 or More Days Past Due | Consumer Lending | Residential loan | Single-family | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 14,429 | |
Nonaccrual Loans 90 or More Days Past Due | Consumer Lending | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 11,119 | |
Nonaccrual Loans 90 or More Days Past Due | Consumer Lending | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 25,548 | |
Nonaccrual Loans 90 or More Days Past Due | Consumer Lending | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | $ 2,491 | |
Non-PCI loans | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 101,283 | |
Financing receivable, nonaccrual | 120,219 | |
Total loans | 34,555,668 | |
Non-PCI loans | Commercial Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 73,691 | |
Financing receivable, nonaccrual | 92,095 | |
Total loans | 25,777,039 | |
Non-PCI loans | Commercial Lending | C&I | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 48,155 | |
Financing receivable, nonaccrual | 74,835 | |
Total loans | 12,149,121 | |
Non-PCI loans | Commercial Lending | CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 24,807 | |
Financing receivable, nonaccrual | 16,441 | |
Total loans | 10,165,247 | |
Non-PCI loans | Commercial Lending | Residential loan | Multifamily | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 729 | |
Financing receivable, nonaccrual | 819 | |
Total loans | 2,834,212 | |
Non-PCI loans | Commercial Lending | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 0 | |
Financing receivable, nonaccrual | 0 | |
Total loans | 628,459 | |
Non-PCI loans | Commercial Lending | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 25,536 | |
Financing receivable, nonaccrual | 17,260 | |
Total loans | 13,627,918 | |
Non-PCI loans | Consumer Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 27,592 | |
Financing receivable, nonaccrual | 28,124 | |
Total loans | 8,778,629 | |
Non-PCI loans | Consumer Lending | Residential loan | Single-family | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 20,517 | |
Financing receivable, nonaccrual | 14,865 | |
Total loans | 7,028,979 | |
Non-PCI loans | Consumer Lending | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 7,064 | |
Financing receivable, nonaccrual | 10,742 | |
Total loans | 1,466,736 | |
Non-PCI loans | Consumer Lending | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 27,581 | |
Financing receivable, nonaccrual | 25,607 | |
Total loans | 8,495,715 | |
Non-PCI loans | Consumer Lending | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 11 | |
Financing receivable, nonaccrual | 2,517 | |
Total loans | 282,914 | |
Non-PCI loans | Current Accruing Loans | ||
Nonaccrual and Past Due Loans | ||
Total loans | 34,334,166 | |
Non-PCI loans | Current Accruing Loans | Commercial Lending | ||
Nonaccrual and Past Due Loans | ||
Total loans | 25,611,253 | |
Non-PCI loans | Current Accruing Loans | Commercial Lending | C&I | ||
Nonaccrual and Past Due Loans | ||
Total loans | 12,026,131 | |
Non-PCI loans | Current Accruing Loans | Commercial Lending | CRE | ||
Nonaccrual and Past Due Loans | ||
Total loans | 10,123,999 | |
Non-PCI loans | Current Accruing Loans | Commercial Lending | Residential loan | Multifamily | ||
Nonaccrual and Past Due Loans | ||
Total loans | 2,832,664 | |
Non-PCI loans | Current Accruing Loans | Commercial Lending | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Total loans | 628,459 | |
Non-PCI loans | Current Accruing Loans | Commercial Lending | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Total loans | 13,585,122 | |
Non-PCI loans | Current Accruing Loans | Consumer Lending | ||
Nonaccrual and Past Due Loans | ||
Total loans | 8,722,913 | |
Non-PCI loans | Current Accruing Loans | Consumer Lending | Residential loan | Single-family | ||
Nonaccrual and Past Due Loans | ||
Total loans | 6,993,597 | |
Non-PCI loans | Current Accruing Loans | Consumer Lending | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Total loans | 1,448,930 | |
Non-PCI loans | Current Accruing Loans | Consumer Lending | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Total loans | 8,442,527 | |
Non-PCI loans | Current Accruing Loans | Consumer Lending | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Total loans | 280,386 | |
Non-PCI loans | Accruing Loans 30-59 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 73,871 | |
Non-PCI loans | Accruing Loans 30-59 Days Past Due | Commercial Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 54,149 | |
Non-PCI loans | Accruing Loans 30-59 Days Past Due | Commercial Lending | C&I | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 31,121 | |
Non-PCI loans | Accruing Loans 30-59 Days Past Due | Commercial Lending | CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 22,830 | |
Non-PCI loans | Accruing Loans 30-59 Days Past Due | Commercial Lending | Residential loan | Multifamily | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 198 | |
Non-PCI loans | Accruing Loans 30-59 Days Past Due | Commercial Lending | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 0 | |
Non-PCI loans | Accruing Loans 30-59 Days Past Due | Commercial Lending | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 23,028 | |
Non-PCI loans | Accruing Loans 30-59 Days Past Due | Consumer Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 19,722 | |
Non-PCI loans | Accruing Loans 30-59 Days Past Due | Consumer Lending | Residential loan | Single-family | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 15,443 | |
Non-PCI loans | Accruing Loans 30-59 Days Past Due | Consumer Lending | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 4,273 | |
Non-PCI loans | Accruing Loans 30-59 Days Past Due | Consumer Lending | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 19,716 | |
Non-PCI loans | Accruing Loans 30-59 Days Past Due | Consumer Lending | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 6 | |
Non-PCI loans | Accruing Loans 60-89 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 27,412 | |
Non-PCI loans | Accruing Loans 60-89 Days Past Due | Commercial Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 19,542 | |
Non-PCI loans | Accruing Loans 60-89 Days Past Due | Commercial Lending | C&I | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 17,034 | |
Non-PCI loans | Accruing Loans 60-89 Days Past Due | Commercial Lending | CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 1,977 | |
Non-PCI loans | Accruing Loans 60-89 Days Past Due | Commercial Lending | Residential loan | Multifamily | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 531 | |
Non-PCI loans | Accruing Loans 60-89 Days Past Due | Commercial Lending | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 0 | |
Non-PCI loans | Accruing Loans 60-89 Days Past Due | Commercial Lending | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 2,508 | |
Non-PCI loans | Accruing Loans 60-89 Days Past Due | Consumer Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 7,870 | |
Non-PCI loans | Accruing Loans 60-89 Days Past Due | Consumer Lending | Residential loan | Single-family | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 5,074 | |
Non-PCI loans | Accruing Loans 60-89 Days Past Due | Consumer Lending | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 2,791 | |
Non-PCI loans | Accruing Loans 60-89 Days Past Due | Consumer Lending | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 7,865 | |
Non-PCI loans | Accruing Loans 60-89 Days Past Due | Consumer Lending | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, past due | 5 | |
Non-PCI loans | Nonaccrual Loans Less Than 90 Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 35,570 | |
Non-PCI loans | Nonaccrual Loans Less Than 90 Days Past Due | Commercial Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 32,158 | |
Non-PCI loans | Nonaccrual Loans Less Than 90 Days Past Due | Commercial Lending | C&I | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 31,084 | |
Non-PCI loans | Nonaccrual Loans Less Than 90 Days Past Due | Commercial Lending | CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 540 | |
Non-PCI loans | Nonaccrual Loans Less Than 90 Days Past Due | Commercial Lending | Residential loan | Multifamily | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 534 | |
Non-PCI loans | Nonaccrual Loans Less Than 90 Days Past Due | Commercial Lending | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 0 | |
Non-PCI loans | Nonaccrual Loans Less Than 90 Days Past Due | Commercial Lending | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 1,074 | |
Non-PCI loans | Nonaccrual Loans Less Than 90 Days Past Due | Consumer Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 3,412 | |
Non-PCI loans | Nonaccrual Loans Less Than 90 Days Past Due | Consumer Lending | Residential loan | Single-family | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 1,964 | |
Non-PCI loans | Nonaccrual Loans Less Than 90 Days Past Due | Consumer Lending | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 1,448 | |
Non-PCI loans | Nonaccrual Loans Less Than 90 Days Past Due | Consumer Lending | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 3,412 | |
Non-PCI loans | Nonaccrual Loans Less Than 90 Days Past Due | Consumer Lending | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 0 | |
Non-PCI loans | Nonaccrual Loans 90 or More Days Past Due | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 84,649 | |
Non-PCI loans | Nonaccrual Loans 90 or More Days Past Due | Commercial Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 59,937 | |
Non-PCI loans | Nonaccrual Loans 90 or More Days Past Due | Commercial Lending | C&I | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 43,751 | |
Non-PCI loans | Nonaccrual Loans 90 or More Days Past Due | Commercial Lending | CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 15,901 | |
Non-PCI loans | Nonaccrual Loans 90 or More Days Past Due | Commercial Lending | Residential loan | Multifamily | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 285 | |
Non-PCI loans | Nonaccrual Loans 90 or More Days Past Due | Commercial Lending | Construction and land | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 0 | |
Non-PCI loans | Nonaccrual Loans 90 or More Days Past Due | Commercial Lending | Total CRE | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 16,186 | |
Non-PCI loans | Nonaccrual Loans 90 or More Days Past Due | Consumer Lending | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 24,712 | |
Non-PCI loans | Nonaccrual Loans 90 or More Days Past Due | Consumer Lending | Residential loan | Single-family | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 12,901 | |
Non-PCI loans | Nonaccrual Loans 90 or More Days Past Due | Consumer Lending | HELOCs | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 9,294 | |
Non-PCI loans | Nonaccrual Loans 90 or More Days Past Due | Consumer Lending | Total residential mortgage | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | 22,195 | |
Non-PCI loans | Nonaccrual Loans 90 or More Days Past Due | Consumer Lending | Other consumer | ||
Nonaccrual and Past Due Loans | ||
Financing receivable, nonaccrual | $ 2,517 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Nonaccrual loans | ||
Financing receivable, nonaccrual | $ 215,154 | |
Loans in process of foreclosure | ||
Foreclosed assets | 19,700 | $ 1,300 |
Commercial Lending | ||
Nonaccrual loans | ||
Financing receivable, nonaccrual | 184,153 | |
Consumer Lending | ||
Nonaccrual loans | ||
Financing receivable, nonaccrual | 31,001 | |
Residential real estate properties | ||
Loans in process of foreclosure | ||
Recorded investment in consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings are in process | $ 4,100 | 7,200 |
PCI Loans | ||
Nonaccrual loans | ||
Financing receivable, nonaccrual | $ 297 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses (Additions to TDRs) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Loans Modified as TDRs | |||
Number of Loans | loan | 17 | 13 | 13 |
Pre-Modification Outstanding Recorded Investment | $ 174,898 | $ 117,100 | $ 14,067 |
Post-Modification Outstanding Recorded Investment | 156,914 | 92,649 | 12,081 |
Financial Impact | $ 19,573 | $ 8,006 | $ 671 |
Commercial Lending | |||
Loans Modified as TDRs | |||
Number of Loans | loan | 17 | 9 | 9 |
Pre-Modification Outstanding Recorded Investment | $ 174,898 | $ 115,438 | $ 12,116 |
Post-Modification Outstanding Recorded Investment | 156,914 | 91,023 | 10,272 |
Financial Impact | $ 19,573 | $ 8,004 | $ 699 |
Commercial Lending | C&I | |||
Loans Modified as TDRs | |||
Number of Loans | loan | 14 | 8 | 8 |
Pre-Modification Outstanding Recorded Investment | $ 152,249 | $ 95,742 | $ 11,366 |
Post-Modification Outstanding Recorded Investment | 134,467 | 71,332 | 9,520 |
Financial Impact | $ 19,555 | $ 8,004 | $ 699 |
Commercial Lending | CRE | |||
Loans Modified as TDRs | |||
Number of Loans | loan | 2 | 1 | |
Pre-Modification Outstanding Recorded Investment | $ 21,429 | $ 750 | |
Post-Modification Outstanding Recorded Investment | 21,221 | 752 | |
Financial Impact | $ 18 | $ 0 | |
Commercial Lending | Residential loan | Multifamily | |||
Loans Modified as TDRs | |||
Number of Loans | loan | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 1,220 | ||
Post-Modification Outstanding Recorded Investment | 1,226 | ||
Financial Impact | $ 0 | ||
Commercial Lending | Construction and land | |||
Loans Modified as TDRs | |||
Number of Loans | loan | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 19,696 | ||
Post-Modification Outstanding Recorded Investment | 19,691 | ||
Financial Impact | $ 0 | ||
Commercial Lending | Total CRE | |||
Loans Modified as TDRs | |||
Number of Loans | loan | 3 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 22,649 | $ 19,696 | $ 750 |
Post-Modification Outstanding Recorded Investment | 22,447 | 19,691 | 752 |
Financial Impact | $ 18 | $ 0 | $ 0 |
Consumer Lending | |||
Loans Modified as TDRs | |||
Number of Loans | loan | 0 | 4 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 1,662 | $ 1,951 |
Post-Modification Outstanding Recorded Investment | 0 | 1,626 | 1,809 |
Financial Impact | $ 0 | $ 2 | $ 28 |
Consumer Lending | Residential loan | Single-family | |||
Loans Modified as TDRs | |||
Number of Loans | loan | 2 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 1,123 | $ 405 | |
Post-Modification Outstanding Recorded Investment | 1,098 | 391 | |
Financial Impact | $ 2 | $ 28 | |
Consumer Lending | HELOCs | |||
Loans Modified as TDRs | |||
Number of Loans | loan | 2 | 2 | |
Pre-Modification Outstanding Recorded Investment | $ 539 | $ 1,546 | |
Post-Modification Outstanding Recorded Investment | 528 | 1,418 | |
Financial Impact | $ 0 | $ 0 | |
Consumer Lending | Total residential mortgage | |||
Loans Modified as TDRs | |||
Number of Loans | loan | 4 | 4 | |
Pre-Modification Outstanding Recorded Investment | $ 1,662 | $ 1,951 | |
Post-Modification Outstanding Recorded Investment | 1,626 | 1,809 | |
Financial Impact | $ 2 | $ 28 |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Credit Losses (TDR Post-Modifications) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | $ 156,914 | $ 92,649 | $ 12,081 |
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 3,000 | 2,200 | |
Principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 81,581 | ||
Principal and Interest | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 10,863 | ||
Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 31,913 | ||
Interest Deferments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 32,557 | ||
Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Commercial Lending | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 156,914 | 91,023 | 10,272 |
Commercial Lending | Principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 81,581 | ||
Commercial Lending | Principal and Interest | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 10,863 | ||
Commercial Lending | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 31,913 | ||
Commercial Lending | Interest Deferments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 32,557 | ||
Commercial Lending | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Commercial Lending | C&I | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 134,467 | 71,332 | 9,520 |
Commercial Lending | C&I | Principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 59,134 | ||
Commercial Lending | C&I | Principal and Interest | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 10,863 | ||
Commercial Lending | C&I | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 31,913 | ||
Commercial Lending | C&I | Interest Deferments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 32,557 | ||
Commercial Lending | C&I | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Commercial Lending | CRE | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 21,221 | 752 | |
Commercial Lending | CRE | Principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 21,221 | ||
Commercial Lending | CRE | Principal and Interest | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Commercial Lending | CRE | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Commercial Lending | CRE | Interest Deferments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Commercial Lending | CRE | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Commercial Lending | Residential loan | Multifamily | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 1,226 | ||
Commercial Lending | Residential loan | Multifamily | Principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 1,226 | ||
Commercial Lending | Residential loan | Multifamily | Principal and Interest | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Commercial Lending | Residential loan | Multifamily | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Commercial Lending | Residential loan | Multifamily | Interest Deferments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Commercial Lending | Residential loan | Multifamily | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Commercial Lending | Construction and land | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 19,691 | ||
Commercial Lending | Total CRE | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 22,447 | 19,691 | 752 |
Commercial Lending | Total CRE | Principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 22,447 | ||
Commercial Lending | Total CRE | Principal and Interest | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Commercial Lending | Total CRE | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Commercial Lending | Total CRE | Interest Deferments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Commercial Lending | Total CRE | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Consumer Lending | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 1,626 | 1,809 |
Consumer Lending | Principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Consumer Lending | Principal and Interest | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Consumer Lending | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Consumer Lending | Interest Deferments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Consumer Lending | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | $ 0 | ||
Consumer Lending | Residential loan | Single-family | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 1,098 | 391 | |
Consumer Lending | HELOCs | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 528 | 1,418 | |
Consumer Lending | Total residential mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 1,626 | 1,809 | |
Non-PCI impaired loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 92,649 | 12,081 | |
Non-PCI impaired loans | Principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 31,611 | 6,891 | |
Non-PCI impaired loans | Principal and Interest | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 1,495 | 0 | |
Non-PCI impaired loans | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 19,691 | 752 | |
Non-PCI impaired loans | Interest Deferments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 39,852 | 4,438 | |
Non-PCI impaired loans | Commercial Lending | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 91,023 | 10,272 | |
Non-PCI impaired loans | Commercial Lending | Principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 31,611 | 5,472 | |
Non-PCI impaired loans | Commercial Lending | Principal and Interest | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Commercial Lending | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 19,691 | 752 | |
Non-PCI impaired loans | Commercial Lending | Interest Deferments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Commercial Lending | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 39,721 | 4,048 | |
Non-PCI impaired loans | Commercial Lending | C&I | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 71,332 | 9,520 | |
Non-PCI impaired loans | Commercial Lending | C&I | Principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 31,611 | 5,472 | |
Non-PCI impaired loans | Commercial Lending | C&I | Principal and Interest | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Commercial Lending | C&I | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Commercial Lending | C&I | Interest Deferments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Commercial Lending | C&I | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 39,721 | 4,048 | |
Non-PCI impaired loans | Commercial Lending | CRE | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 752 | ||
Non-PCI impaired loans | Commercial Lending | CRE | Principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Non-PCI impaired loans | Commercial Lending | CRE | Principal and Interest | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Non-PCI impaired loans | Commercial Lending | CRE | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 752 | ||
Non-PCI impaired loans | Commercial Lending | CRE | Interest Deferments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Non-PCI impaired loans | Commercial Lending | CRE | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Non-PCI impaired loans | Commercial Lending | Construction and land | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 19,691 | ||
Non-PCI impaired loans | Commercial Lending | Construction and land | Principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Non-PCI impaired loans | Commercial Lending | Construction and land | Principal and Interest | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Non-PCI impaired loans | Commercial Lending | Construction and land | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 19,691 | ||
Non-PCI impaired loans | Commercial Lending | Construction and land | Interest Deferments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Non-PCI impaired loans | Commercial Lending | Construction and land | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | ||
Non-PCI impaired loans | Commercial Lending | Total CRE | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 19,691 | 752 | |
Non-PCI impaired loans | Commercial Lending | Total CRE | Principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Commercial Lending | Total CRE | Principal and Interest | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Commercial Lending | Total CRE | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 19,691 | 752 | |
Non-PCI impaired loans | Commercial Lending | Total CRE | Interest Deferments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Commercial Lending | Total CRE | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Consumer Lending | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 1,626 | 1,809 | |
Non-PCI impaired loans | Consumer Lending | Principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 1,419 | |
Non-PCI impaired loans | Consumer Lending | Principal and Interest | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 1,495 | 0 | |
Non-PCI impaired loans | Consumer Lending | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Consumer Lending | Interest Deferments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Consumer Lending | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 131 | 390 | |
Non-PCI impaired loans | Consumer Lending | Residential loan | Single-family | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 1,098 | 391 | |
Non-PCI impaired loans | Consumer Lending | Residential loan | Single-family | Principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 66 | |
Non-PCI impaired loans | Consumer Lending | Residential loan | Single-family | Principal and Interest | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 1,098 | 0 | |
Non-PCI impaired loans | Consumer Lending | Residential loan | Single-family | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Consumer Lending | Residential loan | Single-family | Interest Deferments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Consumer Lending | Residential loan | Single-family | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 325 | |
Non-PCI impaired loans | Consumer Lending | HELOCs | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 528 | 1,418 | |
Non-PCI impaired loans | Consumer Lending | HELOCs | Principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 1,353 | |
Non-PCI impaired loans | Consumer Lending | HELOCs | Principal and Interest | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 397 | 0 | |
Non-PCI impaired loans | Consumer Lending | HELOCs | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Consumer Lending | HELOCs | Interest Deferments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Consumer Lending | HELOCs | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 131 | 65 | |
Non-PCI impaired loans | Consumer Lending | Total residential mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 1,626 | 1,809 | |
Non-PCI impaired loans | Consumer Lending | Total residential mortgage | Principal | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 1,419 | |
Non-PCI impaired loans | Consumer Lending | Total residential mortgage | Principal and Interest | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 1,495 | 0 | |
Non-PCI impaired loans | Consumer Lending | Total residential mortgage | Interest Rate Reduction | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Consumer Lending | Total residential mortgage | Interest Deferments | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Non-PCI impaired loans | Consumer Lending | Total residential mortgage | Other | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Post-Modification Outstanding Recorded Investment | $ 131 | $ 390 |
Loans Receivable and Allowan_12
Loans Receivable and Allowance for Credit Losses (Loans Modified as TDRs that Subsequently Defaulted) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | Dec. 31, 2018USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 1 | ||
Recorded Investment | $ | $ 15,852 | ||
Commercial Lending | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 1 | ||
Recorded Investment | $ | $ 15,852 | ||
Commercial Lending | C&I | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 1 | ||
Recorded Investment | $ | $ 15,852 | ||
Commercial Lending | CRE | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 0 | ||
Recorded Investment | $ | $ 0 | ||
Commercial Lending | Total CRE | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 0 | ||
Recorded Investment | $ | $ 0 | ||
Consumer Lending | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 0 | ||
Recorded Investment | $ | $ 0 | ||
Consumer Lending | HELOCs | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 0 | ||
Recorded Investment | $ | $ 0 | ||
Consumer Lending | Total residential mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 0 | ||
Recorded Investment | $ | $ 0 | ||
Non-PCI loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 3 | 6 | |
Recorded Investment | $ | $ 13,112 | $ 2,226 | |
Non-PCI loans | Commercial Lending | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 3 | 5 | |
Recorded Investment | $ | $ 13,112 | $ 2,076 | |
Non-PCI loans | Commercial Lending | C&I | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 3 | 4 | |
Recorded Investment | $ | $ 13,112 | $ 1,890 | |
Non-PCI loans | Commercial Lending | CRE | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 0 | 1 | |
Recorded Investment | $ | $ 0 | $ 186 | |
Non-PCI loans | Commercial Lending | Total CRE | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 0 | 1 | |
Recorded Investment | $ | $ 0 | $ 186 | |
Non-PCI loans | Consumer Lending | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 0 | 1 | |
Recorded Investment | $ | $ 0 | $ 150 | |
Non-PCI loans | Consumer Lending | HELOCs | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 0 | 1 | |
Recorded Investment | $ | $ 0 | $ 150 | |
Non-PCI loans | Consumer Lending | Total residential mortgage | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | loan | 0 | 1 | |
Recorded Investment | $ | $ 0 | $ 150 |
Loans Receivable and Allowan_13
Loans Receivable and Allowance for Credit Losses (Impaired Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | |
Commercial Lending | |||
Impaired loans disclosures | |||
Collateral dependent loans | $ 97,200 | ||
Consumer Lending | |||
Impaired loans disclosures | |||
Collateral dependent loans | $ 17,300 | ||
Non-PCI impaired loans | |||
Impaired loans disclosures | |||
Impaired Financing Receivable, Unpaid Principal Balance | $ 266,772 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 129,748 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 68,369 | ||
Impaired Financing Receivable, Recorded Investment, Total | 198,117 | ||
Related Allowance | 5,593 | ||
Average Recorded Investment | 370,190 | $ 233,180 | |
Recognized Interest Income | 4,318 | 2,330 | |
Non-PCI impaired loans | Commercial Lending | |||
Impaired loans disclosures | |||
Impaired Financing Receivable, Unpaid Principal Balance | 226,918 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 115,116 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 44,699 | ||
Impaired Financing Receivable, Recorded Investment, Total | 159,815 | ||
Related Allowance | 3,033 | ||
Average Recorded Investment | 307,472 | 194,194 | |
Recognized Interest Income | 3,692 | 1,786 | |
Non-PCI impaired loans | Commercial Lending | C&I | |||
Impaired loans disclosures | |||
Impaired Financing Receivable, Unpaid Principal Balance | 174,656 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 73,956 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 40,086 | ||
Impaired Financing Receivable, Recorded Investment, Total | 114,042 | ||
Related Allowance | 2,881 | ||
Average Recorded Investment | 248,619 | 143,430 | |
Recognized Interest Income | 2,932 | 1,046 | |
Non-PCI impaired loans | Commercial Lending | CRE | |||
Impaired loans disclosures | |||
Impaired Financing Receivable, Unpaid Principal Balance | 27,601 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 20,098 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,520 | ||
Impaired Financing Receivable, Recorded Investment, Total | 21,618 | ||
Related Allowance | 97 | ||
Average Recorded Investment | 33,046 | 35,049 | |
Recognized Interest Income | 464 | 491 | |
Non-PCI impaired loans | Commercial Lending | Residential loan | Multifamily | |||
Impaired loans disclosures | |||
Impaired Financing Receivable, Unpaid Principal Balance | 4,965 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,371 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 3,093 | ||
Impaired Financing Receivable, Recorded Investment, Total | 4,464 | ||
Related Allowance | 55 | ||
Average Recorded Investment | 6,116 | 11,742 | |
Recognized Interest Income | 228 | 249 | |
Non-PCI impaired loans | Commercial Lending | Construction and land | |||
Impaired loans disclosures | |||
Impaired Financing Receivable, Unpaid Principal Balance | 19,696 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 19,691 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | ||
Impaired Financing Receivable, Recorded Investment, Total | 19,691 | ||
Related Allowance | 0 | ||
Average Recorded Investment | 19,691 | 3,973 | |
Recognized Interest Income | 68 | 0 | |
Non-PCI impaired loans | Commercial Lending | Total CRE | |||
Impaired loans disclosures | |||
Impaired Financing Receivable, Unpaid Principal Balance | 52,262 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 41,160 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 4,613 | ||
Impaired Financing Receivable, Recorded Investment, Total | 45,773 | ||
Related Allowance | 152 | ||
Average Recorded Investment | 58,853 | 50,764 | |
Recognized Interest Income | 760 | 740 | |
Non-PCI impaired loans | Consumer Lending | |||
Impaired loans disclosures | |||
Impaired Financing Receivable, Unpaid Principal Balance | 39,854 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 14,632 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 23,670 | ||
Impaired Financing Receivable, Recorded Investment, Total | 38,302 | ||
Related Allowance | 2,560 | ||
Average Recorded Investment | 62,718 | 38,986 | |
Recognized Interest Income | 626 | 544 | |
Non-PCI impaired loans | Consumer Lending | Residential loan | Single-family | |||
Impaired loans disclosures | |||
Impaired Financing Receivable, Unpaid Principal Balance | 23,626 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 8,507 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 13,704 | ||
Impaired Financing Receivable, Recorded Investment, Total | 22,211 | ||
Related Allowance | 35 | ||
Average Recorded Investment | 37,315 | 22,350 | |
Recognized Interest Income | 496 | 474 | |
Non-PCI impaired loans | Consumer Lending | HELOCs | |||
Impaired loans disclosures | |||
Impaired Financing Receivable, Unpaid Principal Balance | 13,711 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 6,125 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 7,449 | ||
Impaired Financing Receivable, Recorded Investment, Total | 13,574 | ||
Related Allowance | 8 | ||
Average Recorded Investment | 22,851 | 14,134 | |
Recognized Interest Income | 130 | 70 | |
Non-PCI impaired loans | Consumer Lending | Total residential mortgage | |||
Impaired loans disclosures | |||
Impaired Financing Receivable, Unpaid Principal Balance | 37,337 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 14,632 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 21,153 | ||
Impaired Financing Receivable, Recorded Investment, Total | 35,785 | ||
Related Allowance | 43 | ||
Average Recorded Investment | 60,166 | 36,484 | |
Recognized Interest Income | 626 | 544 | |
Non-PCI impaired loans | Consumer Lending | Other consumer | |||
Impaired loans disclosures | |||
Impaired Financing Receivable, Unpaid Principal Balance | 2,517 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 0 | ||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,517 | ||
Impaired Financing Receivable, Recorded Investment, Total | 2,517 | ||
Related Allowance | 2,517 | ||
Average Recorded Investment | 2,552 | 2,502 | |
Recognized Interest Income | $ 0 | $ 0 |
Loans Receivable and Allowan_14
Loans Receivable and Allowance for Credit Losses (Summary of Activities in Allowance for Loan Losses) (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | $ 311,322 | $ 358,287 | $ 311,322 | $ 287,128 |
Provision for credit losses | 210,653 | 98,685 | 64,255 | |
Gross charge-offs | (81,837) | (75,067) | (59,433) | |
Gross recoveries | 18,672 | 22,264 | 19,363 | |
Total net (charge-offs) recoveries | (63,165) | (52,803) | (40,070) | |
Foreign currency translation adjustment | 1,012 | (325) | (743) | |
Allowance for loan losses, end of period | $ 619,983 | 358,287 | 311,322 | |
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | us-gaap:AccountingStandardsUpdate201613Member | ||
Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | ||||
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | $ 125,158 | |||
Allowance for loan losses, end of period | 125,158 | |||
Commercial Lending | C&I | ||||
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | $ 189,117 | 238,376 | 189,117 | 163,058 |
Provision for credit losses | 145,212 | 109,068 | 75,629 | |
Gross charge-offs | (66,225) | (73,985) | (59,244) | |
Gross recoveries | 5,428 | 14,501 | 10,417 | |
Total net (charge-offs) recoveries | (60,797) | (59,484) | (48,827) | |
Foreign currency translation adjustment | 1,012 | (325) | (743) | |
Allowance for loan losses, end of period | 398,040 | 238,376 | 189,117 | |
Commercial Lending | C&I | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | ||||
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | 74,237 | |||
Allowance for loan losses, end of period | 74,237 | |||
Commercial Lending | CRE | ||||
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | 40,666 | 40,509 | 40,666 | 40,809 |
Provision for credit losses | 55,864 | (4,345) | (5,337) | |
Gross charge-offs | (15,206) | (1,021) | 0 | |
Gross recoveries | 10,455 | 5,209 | 5,194 | |
Total net (charge-offs) recoveries | (4,751) | 4,188 | 5,194 | |
Foreign currency translation adjustment | 0 | 0 | 0 | |
Allowance for loan losses, end of period | 163,791 | 40,509 | 40,666 | |
Commercial Lending | CRE | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | ||||
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | 72,169 | |||
Allowance for loan losses, end of period | 72,169 | |||
Commercial Lending | Residential loan | Multifamily | ||||
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | 19,885 | 22,826 | 19,885 | 19,537 |
Provision for credit losses | 10,879 | 1,085 | (1,409) | |
Gross charge-offs | 0 | 0 | 0 | |
Gross recoveries | 1,980 | 1,856 | 1,757 | |
Total net (charge-offs) recoveries | 1,980 | 1,856 | 1,757 | |
Foreign currency translation adjustment | 0 | 0 | 0 | |
Allowance for loan losses, end of period | 27,573 | 22,826 | 19,885 | |
Commercial Lending | Residential loan | Multifamily | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | ||||
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | (8,112) | |||
Allowance for loan losses, end of period | (8,112) | |||
Commercial Lending | Construction and land | ||||
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | 20,290 | 19,404 | 20,290 | 26,881 |
Provision for credit losses | 644 | (1,422) | (7,331) | |
Gross charge-offs | 0 | 0 | 0 | |
Gross recoveries | 80 | 536 | 740 | |
Total net (charge-offs) recoveries | 80 | 536 | 740 | |
Foreign currency translation adjustment | 0 | 0 | 0 | |
Allowance for loan losses, end of period | 10,239 | 19,404 | 20,290 | |
Commercial Lending | Construction and land | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | ||||
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | (9,889) | |||
Allowance for loan losses, end of period | (9,889) | |||
Consumer Lending | Residential loan | Single-family | ||||
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | 31,340 | 28,527 | 31,340 | 26,362 |
Provision for credit losses | (9,922) | (2,938) | 3,765 | |
Gross charge-offs | 0 | (11) | (1) | |
Gross recoveries | 585 | 136 | 1,214 | |
Total net (charge-offs) recoveries | 585 | 125 | 1,213 | |
Foreign currency translation adjustment | 0 | 0 | 0 | |
Allowance for loan losses, end of period | 15,520 | 28,527 | 31,340 | |
Consumer Lending | Residential loan | Single-family | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | ||||
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | (3,670) | |||
Allowance for loan losses, end of period | (3,670) | |||
Consumer Lending | HELOCs | ||||
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | 5,774 | 5,265 | 5,774 | 7,354 |
Provision for credit losses | (605) | (516) | (1,618) | |
Gross charge-offs | (221) | 0 | 0 | |
Gross recoveries | 49 | 7 | 38 | |
Total net (charge-offs) recoveries | (172) | 7 | 38 | |
Foreign currency translation adjustment | 0 | 0 | 0 | |
Allowance for loan losses, end of period | 2,690 | 5,265 | 5,774 | |
Consumer Lending | HELOCs | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | ||||
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | (1,798) | |||
Allowance for loan losses, end of period | (1,798) | |||
Consumer Lending | Other consumer | ||||
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | $ 4,250 | 3,380 | 4,250 | 3,127 |
Provision for credit losses | (3,381) | (839) | 1,308 | |
Gross charge-offs | (185) | (50) | (188) | |
Gross recoveries | 95 | 19 | 3 | |
Total net (charge-offs) recoveries | (90) | (31) | (185) | |
Foreign currency translation adjustment | 0 | 0 | 0 | |
Allowance for loan losses, end of period | 2,130 | 3,380 | 4,250 | |
Consumer Lending | Other consumer | Cumulative Effect, Period of Adoption, Adjustment | Accounting Standards Update 2016-13 | ||||
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | 2,221 | |||
Allowance for loan losses, end of period | 2,221 | |||
Commercial and Consumer Portfolio Segment | ||||
Allowance for loan losses | ||||
Provision for credit losses | 198,691 | 100,093 | $ 65,007 | |
Non-PCI loans | ||||
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | 358,287 | |||
Allowance for loan losses, end of period | 358,287 | |||
PCI Loans | ||||
Allowance for loan losses | ||||
Allowance for loan losses, beginning of period | $ 0 | |||
Allowance for loan losses, end of period | $ 0 |
Loans Receivable and Allowan_15
Loans Receivable and Allowance for Credit Losses (Summary of Activities in Allowance for loan losses by Portfolio Segments and Unfunded Credit Commitments) (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses | ||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201602Member | us-gaap:AccountingStandardsUpdate201613Member | ||
Allowance for unfunded credit reserves | ||||
Allowance for unfunded credit commitments, beginning of period | $ 11,100 | |||
Provision for credit losses | 210,653 | $ 98,685 | $ 64,255 | |
Allowance for unfunded credit commitments, end of period | 33,500 | 11,100 | ||
Unfunded Loan Commitment | ||||
Allowance for unfunded credit reserves | ||||
Allowance for unfunded credit commitments, beginning of period | $ 12,566 | 11,158 | 12,566 | 13,318 |
Provision for credit losses | 11,962 | (1,408) | (752) | |
Allowance for unfunded credit commitments, end of period | 33,577 | 11,158 | 12,566 | |
Cumulative Effect, Period of Adoption, Adjustment | ||||
Allowance for unfunded credit reserves | ||||
Allowance for unfunded credit commitments, beginning of period | $ 0 | $ 10,457 | 0 | 0 |
Allowance for unfunded credit commitments, end of period | $ 10,457 | $ 0 |
Loans Receivable and Allowan_16
Loans Receivable and Allowance for Credit Losses (Allowance for Credit Losses Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2020 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses | |||||
Allowance for loan losses | $ 619,983 | $ 358,287 | $ 311,322 | $ 287,128 | |
Increase to allowance for loan losses | 261,700 | ||||
Provision for credit losses | 210,653 | 98,685 | 64,255 | ||
Gross charge-offs | $ 81,837 | $ 75,067 | $ 59,433 | ||
Accounting Standards Update 2016-13 | |||||
Financing Receivable, Allowance for Credit Losses | |||||
Allowance for loan losses | $ 125,200 |
Loans Receivable and Allowan_17
Loans Receivable and Allowance for Credit Losses (Allowance for Loan Losses and Recorded Investments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Allowance for loan losses | ||||
Allowance for loan losses | $ 619,983 | $ 358,287 | $ 311,322 | $ 287,128 |
Recorded investment in loans | ||||
Loans held-for-investment | 38,390,955 | 34,778,539 | ||
Non-PCI loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Related Allowance | 5,593 | |||
Allowance for loan losses | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 352,694 | |||
Allowance for loan losses | 358,287 | |||
Recorded investment in loans | ||||
Individually evaluated for impairment | 198,117 | |||
Collectively evaluated for impairment | 34,357,551 | |||
Loans held-for-investment | 34,555,668 | |||
Acquired with deteriorated credit quality | ||||
Allowance for loan losses | ||||
Allowance for loan losses | 0 | |||
Recorded investment in loans | ||||
Loans held-for-investment | 222,871 | |||
Commercial Lending | ||||
Recorded investment in loans | ||||
Loans held-for-investment | 28,440,027 | 25,914,252 | ||
Commercial Lending | Non-PCI loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Related Allowance | 3,033 | |||
Recorded investment in loans | ||||
Loans held-for-investment | 25,777,039 | |||
Commercial Lending | Acquired with deteriorated credit quality | ||||
Recorded investment in loans | ||||
Loans held-for-investment | 137,213 | |||
Commercial Lending | C&I | ||||
Allowance for loan losses | ||||
Allowance for loan losses | 398,040 | 238,376 | 189,117 | 163,058 |
Recorded investment in loans | ||||
Loans held-for-investment | 13,631,726 | 12,150,931 | ||
Commercial Lending | C&I | Non-PCI loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Related Allowance | 2,881 | |||
Allowance for loan losses | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 235,495 | |||
Recorded investment in loans | ||||
Individually evaluated for impairment | 114,042 | |||
Collectively evaluated for impairment | 12,035,079 | |||
Loans held-for-investment | 12,149,121 | |||
Commercial Lending | C&I | Acquired with deteriorated credit quality | ||||
Recorded investment in loans | ||||
Loans held-for-investment | 1,810 | |||
Commercial Lending | CRE | ||||
Allowance for loan losses | ||||
Allowance for loan losses | 163,791 | 40,509 | 40,666 | 40,809 |
Recorded investment in loans | ||||
Loans held-for-investment | 11,174,611 | 10,278,448 | ||
Commercial Lending | CRE | Non-PCI loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Related Allowance | 97 | |||
Allowance for loan losses | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 40,412 | |||
Recorded investment in loans | ||||
Individually evaluated for impairment | 21,618 | |||
Collectively evaluated for impairment | 10,143,629 | |||
Loans held-for-investment | 10,165,247 | |||
Commercial Lending | CRE | Acquired with deteriorated credit quality | ||||
Recorded investment in loans | ||||
Loans held-for-investment | 113,201 | |||
Commercial Lending | Residential loan | Multifamily | ||||
Allowance for loan losses | ||||
Allowance for loan losses | 27,573 | 22,826 | 19,885 | 19,537 |
Recorded investment in loans | ||||
Loans held-for-investment | 3,033,998 | 2,856,374 | ||
Commercial Lending | Residential loan | Multifamily | Non-PCI loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Related Allowance | 55 | |||
Allowance for loan losses | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 22,771 | |||
Recorded investment in loans | ||||
Individually evaluated for impairment | 4,464 | |||
Collectively evaluated for impairment | 2,829,748 | |||
Loans held-for-investment | 2,834,212 | |||
Commercial Lending | Residential loan | Multifamily | Acquired with deteriorated credit quality | ||||
Recorded investment in loans | ||||
Loans held-for-investment | 22,162 | |||
Commercial Lending | Construction and land | ||||
Allowance for loan losses | ||||
Allowance for loan losses | 10,239 | 19,404 | 20,290 | 26,881 |
Recorded investment in loans | ||||
Loans held-for-investment | 599,692 | 628,499 | ||
Commercial Lending | Construction and land | Non-PCI loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Related Allowance | 0 | |||
Allowance for loan losses | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 19,404 | |||
Recorded investment in loans | ||||
Individually evaluated for impairment | 19,691 | |||
Collectively evaluated for impairment | 608,768 | |||
Loans held-for-investment | 628,459 | |||
Commercial Lending | Construction and land | Acquired with deteriorated credit quality | ||||
Recorded investment in loans | ||||
Loans held-for-investment | 40 | |||
Consumer Lending | ||||
Recorded investment in loans | ||||
Loans held-for-investment | 9,950,928 | 8,864,287 | ||
Consumer Lending | Non-PCI loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Related Allowance | 2,560 | |||
Recorded investment in loans | ||||
Loans held-for-investment | 8,778,629 | |||
Consumer Lending | Acquired with deteriorated credit quality | ||||
Recorded investment in loans | ||||
Loans held-for-investment | 85,658 | |||
Consumer Lending | Residential loan | Single-family | ||||
Allowance for loan losses | ||||
Allowance for loan losses | 15,520 | 28,527 | 31,340 | 26,362 |
Recorded investment in loans | ||||
Loans held-for-investment | 8,185,953 | 7,108,590 | ||
Consumer Lending | Residential loan | Single-family | Non-PCI loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Related Allowance | 35 | |||
Allowance for loan losses | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 28,492 | |||
Recorded investment in loans | ||||
Individually evaluated for impairment | 22,211 | |||
Collectively evaluated for impairment | 7,006,768 | |||
Loans held-for-investment | 7,028,979 | |||
Consumer Lending | Residential loan | Single-family | Acquired with deteriorated credit quality | ||||
Recorded investment in loans | ||||
Loans held-for-investment | 79,611 | |||
Consumer Lending | HELOCs | ||||
Allowance for loan losses | ||||
Allowance for loan losses | 2,690 | 5,265 | 5,774 | 7,354 |
Recorded investment in loans | ||||
Loans held-for-investment | 1,601,716 | 1,472,783 | ||
Consumer Lending | HELOCs | Non-PCI loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Related Allowance | 8 | |||
Allowance for loan losses | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 5,257 | |||
Recorded investment in loans | ||||
Individually evaluated for impairment | 13,574 | |||
Collectively evaluated for impairment | 1,453,162 | |||
Loans held-for-investment | 1,466,736 | |||
Consumer Lending | HELOCs | Acquired with deteriorated credit quality | ||||
Recorded investment in loans | ||||
Loans held-for-investment | 6,047 | |||
Consumer Lending | Other consumer | ||||
Allowance for loan losses | ||||
Allowance for loan losses | 2,130 | 3,380 | $ 4,250 | $ 3,127 |
Recorded investment in loans | ||||
Loans held-for-investment | $ 163,259 | 282,914 | ||
Consumer Lending | Other consumer | Non-PCI loans | ||||
Financing Receivable, Allowance for Credit Losses | ||||
Related Allowance | 2,517 | |||
Allowance for loan losses | ||||
Financing Receivable, Allowance for Credit Losses, Collectively Evaluated for Impairment | 863 | |||
Recorded investment in loans | ||||
Individually evaluated for impairment | 2,517 | |||
Collectively evaluated for impairment | 280,397 | |||
Loans held-for-investment | 282,914 | |||
Consumer Lending | Other consumer | Acquired with deteriorated credit quality | ||||
Recorded investment in loans | ||||
Loans held-for-investment | $ 0 |
Loans Receivable and Allowan_18
Loans Receivable and Allowance for Credit Losses (Accretable Yield for PCI Loans) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Jan. 01, 2020 | Dec. 31, 2017 | |
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||
Allowance for loan losses | $ 358,287 | $ 311,322 | $ 619,983 | $ 287,128 | |
Accounting Standards Update 2016-13 | |||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||
Allowance for loan losses | $ 125,200 | ||||
PCI Loans | |||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||
Allowance for loan losses | 0 | ||||
Changes in the accretable yield for the PCI loans | |||||
Accretable yield for PCI loans, beginning of period | 74,870 | 101,977 | |||
Accretion | (24,220) | (34,662) | |||
Changes in expected cash flows | (140) | 7,555 | |||
Accretable yield for PCI loans, ending of period | $ 50,510 | $ 74,870 | |||
PCI Loans | Accounting Standards Update 2016-13 | |||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||
Allowance for loan losses | $ 1,200 |
Loans Receivable and Allowan_19
Loans Receivable and Allowance for Credit Losses (Loans Held-for-Sale Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Single Family Residential with recourse | Residential loan | ||
LOANS HELD-FOR-SALE | ||
Loans held-for-sale | $ 1,800 | $ 434 |
Loans Receivable and Allowan_20
Loans Receivable and Allowance for Credit Losses (Loans Purchases, Sales and Transfers) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||
Loans transferred from held-for-investment to held-for-sale | $ 329,069 | $ 285,637 | $ 481,593 |
Loans transferred from held-for-sale to held-for-investment | 0 | 0 | 2,306 |
Sales | 412,221 | 296,836 | 511,101 |
Purchases | 389,580 | 523,830 | 596,937 |
Gross charge-offs, loans transferred from held-for-investment to held-for-sale | (2,800) | (789) | (14,600) |
Net gains on sales of loans | 4,501 | 4,035 | 6,590 |
C&I | Loans receivable, originated | |||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||
Sales | 400,400 | 230,300 | 309,700 |
Loans Sold in Secondary Market | Loans receivable, purchased | |||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||
Sales | 11,800 | 66,500 | 201,400 |
Commercial Lending | C&I | |||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||
Loans transferred from held-for-investment to held-for-sale | 300,677 | 245,002 | 404,321 |
Loans transferred from held-for-sale to held-for-investment | 2,306 | ||
Sales | 303,520 | 245,791 | 413,844 |
Purchases | 154,154 | 397,615 | 525,767 |
Commercial Lending | CRE | |||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||
Loans transferred from held-for-investment to held-for-sale | 26,994 | 39,062 | 62,291 |
Loans transferred from held-for-sale to held-for-investment | 0 | ||
Sales | 26,994 | 39,062 | 62,291 |
Purchases | 0 | 0 | 0 |
Commercial Lending | Residential loan | Multifamily | |||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||
Loans transferred from held-for-investment to held-for-sale | 1,398 | 0 | 0 |
Loans transferred from held-for-sale to held-for-investment | 0 | ||
Sales | 1,398 | 0 | 0 |
Purchases | 2,358 | 8,988 | 7,389 |
Commercial Lending | Construction and land | |||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||
Loans transferred from held-for-investment to held-for-sale | 0 | 1,573 | 0 |
Loans transferred from held-for-sale to held-for-investment | 0 | ||
Sales | 0 | 1,573 | 0 |
Purchases | 0 | 0 | 0 |
Consumer Lending | Residential loan | Single-family | |||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||
Loans transferred from held-for-investment to held-for-sale | 0 | 0 | 14,981 |
Loans transferred from held-for-sale to held-for-investment | 0 | ||
Sales | 80,309 | 10,410 | 34,966 |
Purchases | 233,068 | 117,227 | 63,781 |
Consumer Lending | HELOCs | |||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||
Loans transferred from held-for-investment to held-for-sale | 0 | 0 | 0 |
Loans transferred from held-for-sale to held-for-investment | 0 | ||
Sales | 0 | 0 | 0 |
Purchases | 0 | 0 | 0 |
Consumer Lending | Other consumer | |||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||
Loans transferred from held-for-investment to held-for-sale | 0 | 0 | 0 |
Loans transferred from held-for-sale to held-for-investment | 0 | ||
Sales | 0 | 0 | 0 |
Purchases | $ 0 | $ 0 | $ 0 |
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 | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Investments in Qualified Affordable Housing Partnerships, Net [Abstract] | |||
Minimum compliance period to fully utilize tax credits | 15 years | ||
Investments in qualified affordable housing partnerships, net | $ 213,555 | $ 207,037 | |
Accrued expenses and other liabilities — Unfunded commitments | 77,444 | 80,294 | |
Tax credits and other tax benefits recognized | 45,971 | 46,034 | $ 39,262 |
Amortization expense included in income tax expense | $ 37,132 | $ 36,561 | $ 28,046 |
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 | 12 Months Ended | 60 Months Ended | ||
Dec. 31, 2020USD ($)security | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018fund | |
Investments in Tax Credit and Other Investments, Net | |||||
Investments in tax credit and other investments, net | $ 266,525,000 | $ 266,525,000 | $ 254,140,000 | ||
Accrued expenses and other liabilities — Unfunded commitments | 105,282,000 | 105,282,000 | 113,515,000 | ||
Amortization of tax credit and other investments | 70,082,000 | 98,383,000 | $ 96,152,000 | ||
Unrealized gain (loss) recognized on marketable equity securities held | 732,000 | 789,000 | |||
New equity securities without readily determinable fair value | $ 5,000,000 | ||||
Numbers of new equity securities without readily determinable fair value | security | 1 | ||||
Equity Securities without readily determinable fair value, downward price adjustment, annual amount | 360,000 | 0 | |||
Unfunded commitments for investments in AHP and other tax credit investments | $ 182,726,000 | 182,726,000 | 7,190,625,000 | ||
Tax Credit Investments, Pre-tax Impairment Recoveries | 1,100,000 | ||||
Investment in Tax Credit and Other Investments | |||||
Investments in Tax Credit and Other Investments, Net | |||||
Pre-tax recoveries | (1,500,000) | (1,600,000) | |||
Asset impairment charges | 4,800,000 | 14,600,000 | |||
DC Solar Tax Credit Investments | |||||
Investments in Tax Credit and Other Investments, Net | |||||
Pre-tax recoveries | (10,700,000) | (1,600,000) | |||
Asset impairment charges | 7,000,000 | ||||
Pre-tax impairment charge or recovery | 5,400,000 | ||||
Number of tax credit funds | fund | 4 | ||||
Accrued expenses and other liabilities, unfunded commitments | DC Solar Tax Credit Investments | |||||
Investments in Tax Credit and Other Investments, Net | |||||
Unfunded commitments for investments in AHP and other tax credit investments | 0 | 0 | 0 | ||
Investments in tax credit and other investments, net | |||||
Investments in Tax Credit and Other Investments, Net | |||||
Equity securities with readily determinable fair value | 31,300,000 | 31,300,000 | 31,700,000 | ||
Other assets and investments in tax credit other investments, net | |||||
Investments in Tax Credit and Other Investments, Net | |||||
Equity securities without readily determinable fair value, amount | $ 23,700,000 | $ 23,700,000 | $ 19,100,000 |
Investments in Qualified Affo_5
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities (Estimated Unfunded Commitments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Unfunded commitments related to investments in qualified affordable housing partnerships, tax credit and other investments | ||
2021 | $ 125,142 | |
2022 | 37,175 | |
2023 | 14,499 | |
2024 | 2,034 | |
2025 | 462 | |
Thereafter | 3,414 | |
Unfunded commitments for investments in AHP and other tax credit investments | $ 182,726 | $ 7,190,625 |
Investments in Qualified Affo_6
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities (Variable Interest Entities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments in Tax Credit and Other Investments, Net [Line Items] | ||
Fair Value | $ 5,544,658 | $ 3,317,214 |
Collateralized loan obligations (“CLOs”) | ||
Investments in Tax Credit and Other Investments, Net [Line Items] | ||
Fair Value | $ 287,494 | $ 284,706 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Goodwill) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Goodwill | $ 465,697,000 | $ 465,697,000 | $ 465,547,000 | |
Goodwill, Period Increase (Decrease) | 0 | |||
Goodwill, impairment loss | $ 0 | $ 0 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Goodwill Reporting Unit) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Goodwill [Roll Forward] | |
Goodwill, beginning | $ 465,547 |
Goodwill, end | 465,697 |
East West Markets, LLC | |
Goodwill [Roll Forward] | |
Acquisition of East West Markets, LLC | 150 |
Consumer and Business Banking | |
Goodwill [Roll Forward] | |
Goodwill, beginning | 353,321 |
Goodwill, end | 353,321 |
Consumer and Business Banking | East West Markets, LLC | |
Goodwill [Roll Forward] | |
Acquisition of East West Markets, LLC | 0 |
Commercial Banking | |
Goodwill [Roll Forward] | |
Goodwill, beginning | 112,226 |
Goodwill, end | 112,376 |
Commercial Banking | East West Markets, LLC | |
Goodwill [Roll Forward] | |
Acquisition of East West Markets, LLC | $ 150 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets (Core Deposit Intangibles) (Details) - Core Deposit Intangibles - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Gross balance | $ 86,099,000 | $ 86,099,000 | |
Accumulated amortization | (79,722,000) | (76,088,000) | |
Net carrying balance | 6,377,000 | 10,011,000 | |
Impairment write-offs/write downs on the remaining core deposit intangibles | $ 0 | $ 0 | $ 0 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets (Amortization Expense of Core Deposit Intangibles) (Details) - Core Deposit Intangibles - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Amortization expense related to the core deposit intangible assets | $ 3,600 | $ 4,500 | $ 5,500 |
Estimated future amortization expense | |||
2021 | 2,749 | ||
2022 | 1,865 | ||
2023 | 1,199 | ||
2024 | 553 | ||
2025 | 11 | ||
Thereafter | 0 | ||
Net carrying balance | $ 6,377 | $ 10,011 |
Deposits (Balances for Core Dep
Deposits (Balances for Core Deposits and Time Deposits) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Core Deposits | ||
Noninterest-bearing demand | $ 16,298,301 | $ 11,080,036 |
Interest-bearing checking | 6,142,193 | 5,200,755 |
Money market | 10,740,667 | 8,711,964 |
Savings | 2,681,242 | 2,117,196 |
Time deposits: | ||
Less than $100,000 | 999,664 | 1,993,950 |
$100,000 or greater | 8,000,685 | 8,220,358 |
Total deposits | 44,862,752 | 37,324,259 |
Time deposits | 9,000,349 | |
Hong Kong and China | ||
Core Deposits | ||
Interest-bearing demand deposit | 696,100 | 493,400 |
Time deposits: | ||
Time deposits | 840,700 | 1,210,000 |
Geographic Distribution, Domestic | ||
Time deposits: | ||
Time deposits, at or above FDIC insurance limit | 5,780,000 | 5,440,000 |
Geographic Distribution, Foreign | Hong Kong and China | ||
Time deposits: | ||
Time deposits, at or above FDIC insurance limit | $ 823,200 | $ 1,190,000 |
Deposits (Scheduled Maturities
Deposits (Scheduled Maturities of Time Deposits) (Details) $ in Thousands | Dec. 31, 2020USD ($) |
DEPOSIT ACCOUNTS | |
2021 | $ 8,608,547 |
2022 | 332,809 |
2023 | 41,178 |
2024 | 11,085 |
2025 | 6,715 |
Thereafter | 15 |
Total | $ 9,000,349 |
Federal Home Loan Bank Advanc_3
Federal Home Loan Bank Advances and Long-Term Debt (FHLB Advances and LTD) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Federal Home Loan Bank (“FHLB”) advances | $ 652,612 | $ 745,915 |
Available borrowing capacity from FHLB advances | $ 6,330,000 | $ 6,830,000 |
FHLB Advances | ||
Debt Instrument [Line Items] | ||
Weighted-average rate (as a percent) | 1.77% | 2.19% |
Parent Company | ||
Debt Instrument [Line Items] | ||
Junior Subordinated Notes | $ 147,376 | $ 147,101 |
Weighted-average rate (as a percent) | 2.26% | 3.98% |
Bank | FHLB - Fixed | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank (“FHLB”) advances | $ 405,000 | $ 400,000 |
Bank | FHLB - Floating | ||
Debt Instrument [Line Items] | ||
Federal Home Loan Bank (“FHLB”) advances | $ 247,612 | $ 345,915 |
Minimum | Parent Company | Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 1.57% | |
Minimum | Bank | FHLB - Fixed | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 0.00% | |
Minimum | Bank | FHLB - Floating | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 0.60% | |
Maximum | Parent Company | Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 2.12% | |
Maximum | Bank | FHLB - Fixed | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 2.34% | |
Maximum | Bank | FHLB - Floating | ||
Debt Instrument [Line Items] | ||
Variable interest rate | 0.63% |
Federal Home Loan Bank Advanc_4
Federal Home Loan Bank Advances and Long-Term Debt (Junior Subordinated Debt) (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($)trust | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | ||
Number of wholly owned subsidiaries that are statutory business trusts | trust | 6 | |
Junior subordinated debt | ||
Debt Instrument [Line Items] | ||
Number of statutory business trusts formed for the purpose of issuing junior subordinated debt to third party investors | trust | 6 | |
Aggregate Principal Amount of Trust Securities | $ 4,641 | $ 4,641 |
Aggregate Principal Amount of the Junior Subordinated Debts | $ 148,000 | 148,000 |
East West Capital Trust V | Junior subordinated debt | ||
Debt Instrument [Line Items] | ||
Stated Interest Rate, basis spread (as a percent) | 1.80% | |
Current Rate | 2.01% | |
Aggregate Principal Amount of Trust Securities | $ 464 | 464 |
Aggregate Principal Amount of the Junior Subordinated Debts | $ 15,000 | 15,000 |
East West Capital Trust VI | Junior subordinated debt | ||
Debt Instrument [Line Items] | ||
Stated Interest Rate, basis spread (as a percent) | 1.50% | |
Current Rate | 1.72% | |
Aggregate Principal Amount of Trust Securities | $ 619 | 619 |
Aggregate Principal Amount of the Junior Subordinated Debts | $ 20,000 | 20,000 |
East West Capital Trust VII | Junior subordinated debt | ||
Debt Instrument [Line Items] | ||
Stated Interest Rate, basis spread (as a percent) | 1.35% | |
Current Rate | 1.57% | |
Aggregate Principal Amount of Trust Securities | $ 928 | 928 |
Aggregate Principal Amount of the Junior Subordinated Debts | $ 30,000 | 30,000 |
East West Capital Trust VIII | Junior subordinated debt | ||
Debt Instrument [Line Items] | ||
Stated Interest Rate, basis spread (as a percent) | 1.40% | |
Current Rate | 1.63% | |
Aggregate Principal Amount of Trust Securities | $ 619 | 619 |
Aggregate Principal Amount of the Junior Subordinated Debts | $ 18,000 | 18,000 |
East West Capital Trust IX | Junior subordinated debt | ||
Debt Instrument [Line Items] | ||
Stated Interest Rate, basis spread (as a percent) | 1.90% | |
Current Rate | 2.12% | |
Aggregate Principal Amount of Trust Securities | $ 928 | 928 |
Aggregate Principal Amount of the Junior Subordinated Debts | $ 30,000 | 30,000 |
MCBI Statutory Trust I | Junior subordinated debt | ||
Debt Instrument [Line Items] | ||
Stated Interest Rate, basis spread (as a percent) | 1.55% | |
Current Rate | 1.77% | |
Aggregate Principal Amount of Trust Securities | $ 1,083 | 1,083 |
Aggregate Principal Amount of the Junior Subordinated Debts | $ 35,000 | $ 35,000 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) $ in Thousands | Jan. 01, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)generator | Dec. 31, 2018USD ($)fundgenerator | Dec. 31, 2017generator | |
Income Tax Contingency [Line Items] | |||||||
Income tax expense | $ 117,968 | $ 169,882 | $ 114,995 | ||||
Effective tax rate (as a percent) | 17.20% | 20.10% | 14.00% | ||||
Valuation allowance | $ 0 | $ 21 | |||||
Deferred tax assets, net | 163,815 | 106,487 | |||||
DC Solar Tax Credit Investments | |||||||
Income Tax Contingency [Line Items] | |||||||
Number of tax credit funds | fund | 4 | ||||||
Claimed investment tax credits | $ 53,900 | ||||||
Deferred tax liability reduction | 5,700 | ||||||
Net impact to Consolidated Financial Statements | $ 48,200 | ||||||
Mobile service generator | generator | 0 | 0 | 0 | ||||
Amount reversed from previously claimed tax credits | 33,600 | ||||||
Additional income tax expense | 30,100 | ||||||
Amount reversed from deferred tax liability | $ 3,500 | ||||||
Uncertain Tax Position Recorded in Income Tax Expense | $ 5,100 | ||||||
Accounting Standards Update 2018-02 | |||||||
Income Tax Contingency [Line Items] | |||||||
Reclassification of tax effects in AOCI resulting from the new federal corporate income tax rate | $ 6,700 | ||||||
Retained Earnings | Accounting Standards Update 2018-02 | |||||||
Income Tax Contingency [Line Items] | |||||||
Reclassification of tax effects in AOCI resulting from the new federal corporate income tax rate | [1] | $ 6,656 | |||||
AOCI, net of Tax | Accounting Standards Update 2018-02 | |||||||
Income Tax Contingency [Line Items] | |||||||
Reclassification of tax effects in AOCI resulting from the new federal corporate income tax rate | [1] | $ (6,656) | |||||
[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 on January 1, 2018. |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense/Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current income tax expense (benefit): | |||
Federal | $ 84,560 | $ 107,393 | $ 63,035 |
State | 74,252 | 86,578 | 64,917 |
Foreign | 671 | (2,485) | 3,513 |
Total current income tax expense | 159,483 | 191,486 | 131,465 |
Deferred income tax (benefit) expense: | |||
Federal | (28,093) | (8,801) | (11,870) |
State | (11,671) | (16,390) | (4,600) |
Foreign | (1,751) | 3,587 | 0 |
Total deferred income tax benefit | (41,515) | (21,604) | (16,470) |
Income tax expense | $ 117,968 | $ 169,882 | $ 114,995 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Federal Statutory Rate) (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Difference between the effective tax rate implicit in the consolidated financial statements and the statutory federal income tax rate | |||
Statutory U.S. federal tax rate | 21.00% | 21.00% | 21.00% |
U.S. state income taxes, net of U.S. federal income tax effect | 7.20% | 7.10% | 5.80% |
Tax credits and benefits, net of related expenses | (12.40%) | (6.80%) | (12.70%) |
Other, net | 1.40% | (1.20%) | (0.10%) |
Effective tax rate | 17.20% | 20.10% | 14.00% |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets and Deferred Tax Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Allowance for loan losses | $ 192,534 | $ 109,903 |
Investments in qualified affordable housing partnerships, tax credit and other investments, net | 11,174 | 11,190 |
Deferred compensation | 23,604 | 23,816 |
Interest income on nonaccrual loans | 5,909 | 9,527 |
State taxes | 273 | 5,848 |
Premises and equipment | 2,096 | 1,578 |
Lease liability | 30,554 | 35,948 |
Other | 1,441 | 965 |
Total gross deferred tax assets | 267,585 | 198,775 |
Valuation allowance | 0 | (21) |
Total deferred tax assets, net of valuation allowance | 267,585 | 198,754 |
Deferred tax liabilities: | ||
Equipment lease financing | 29,990 | 30,669 |
Investments in qualified affordable housing partnerships, tax credit and other investments, net | 14,912 | 12,301 |
Core deposit intangibles | 1,934 | 3,032 |
FHLB stock dividends | 1,855 | 1,854 |
Mortgage servicing assets | 1,675 | 1,839 |
Acquired debt | 1,597 | 1,679 |
Prepaid expenses | 1,194 | 1,100 |
Premises and equipment | 99 | 1,890 |
Unrealized gains/losses on securities | 21,593 | 890 |
Operating lease right-of-use assets | 28,468 | 34,313 |
Other | 453 | 2,700 |
Total gross deferred tax liabilities | 103,770 | 92,267 |
Net deferred tax assets | $ 163,815 | $ 106,487 |
Income Taxes (Unrecognized Tax
Income Taxes (Unrecognized Tax Benefits) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Activity related to unrecognized tax benefits | |||
Beginning balance | $ 0 | $ 4,378,000 | $ 10,419,000 |
Additions for tax positions related to prior years | 5,045,000 | 30,103,000 | 0 |
Deductions for tax positions related to prior years | 0 | (34,481,000) | (3,969,000) |
Settlements with taxing authorities | 0 | 0 | (2,072,000) |
Ending balance | 5,045,000 | 0 | 4,378,000 |
(Reversal) charge of Interest and penalties related to income taxes | 564,000 | (6,300,000) | $ (2,000,000) |
Total interest and penalties accrued | $ 564,000 | $ 0 |
Commitments, Contingencies an_3
Commitments, Contingencies and Related Party Transactions (Credit-related Commitments) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments to Extend Credit | ||
Expire in One Year or Less | $ 125,142 | |
Expire After Five Years | 3,414 | |
Total | 182,726 | $ 7,190,625 |
Loan commitments | ||
Commitments to Extend Credit | ||
Expire in One Year or Less | 3,126,551 | |
Expire After One Year Through Three Years | 1,836,523 | |
Expire After Three Years Through Five Years | 589,114 | |
Expire After Five Years | 138,729 | |
Total | 5,690,917 | 5,330,211 |
Commercial letters of credit and SBLCs | ||
Commitments to Extend Credit | ||
Expire in One Year or Less | 1,159,357 | |
Expire After One Year Through Three Years | 420,222 | |
Expire After Three Years Through Five Years | 137,394 | |
Expire After Five Years | 523,840 | |
Total | 2,240,813 | $ 1,860,414 |
Commitments to Extend Credit | ||
Commitments to Extend Credit | ||
Expire in One Year or Less | 4,285,908 | |
Expire After One Year Through Three Years | 2,256,745 | |
Expire After Three Years Through Five Years | 726,508 | |
Expire After Five Years | 662,569 | |
Total | $ 7,931,730 |
Commitments, Contingencies an_4
Commitments, Contingencies and Related Party Transactions (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Commitments to Extend Credit | ||
Letters of credit | $ 2,240,000 | $ 1,860,000 |
Allowance for Unfunded Credit Commitments | 33,500 | 11,100 |
Other Commitments | ||
Unfunded commitments for investments in AHP and other tax credit investments | 182,726 | 7,190,625 |
Accrued Expenses And Other Liabilities | ||
Other Commitments | ||
Unfunded commitments for investments in AHP and other tax credit investments | 182,700 | 193,800 |
Standby Letters of Credit | ||
Commitments to Extend Credit | ||
Letters of credit | 2,120,000 | 1,810,000 |
Commercial Letters Of Credit | ||
Commitments to Extend Credit | ||
Letters of credit | 124,900 | 48,500 |
Loans sold or securitized with recourse | Single Family Residential and Multi-Family Residential | Loans Sold or Securitized with Recourse | ||
Commitments to Extend Credit | ||
Allowance for Unfunded Credit Commitments | $ 88 | $ 76 |
Commitments, Contingencies an_5
Commitments, Contingencies and Related Party Transactions (Guarantees Outstanding) (Details) - Loans sold or securitized with recourse - Loans Sold or Securitized with Recourse - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Guarantor Obligations, Maximum Potential Future Payments [Abstract] | ||
Expire in One Year or Less | $ 370 | |
Expire After One Year Through Three Years | 825 | |
Expire After Three Years Through Five Years | 484 | |
Expire After Five Years | 24,592 | |
Total | 26,271 | $ 28,470 |
Carrying Value | 37,145 | 53,286 |
Single Family Residential with recourse | ||
Guarantor Obligations, Maximum Potential Future Payments [Abstract] | ||
Expire in One Year or Less | 0 | |
Expire After One Year Through Three Years | 344 | |
Expire After Three Years Through Five Years | 484 | |
Expire After Five Years | 9,698 | |
Total | 10,526 | 12,578 |
Carrying Value | 10,526 | 12,578 |
Multifamily Residential with recourse | ||
Guarantor Obligations, Maximum Potential Future Payments [Abstract] | ||
Expire in One Year or Less | 370 | |
Expire After One Year Through Three Years | 481 | |
Expire After Three Years Through Five Years | 0 | |
Expire After Five Years | 14,894 | |
Total | 15,745 | 15,892 |
Carrying Value | $ 26,619 | $ 40,708 |
Stock Compensation Plans (Narra
Stock Compensation Plans (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
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] | |||
Weighted-average fair value of awards granted (in dollars per share) | $ 39.79 | $ 54.64 | $ 70.13 |
Total fair value of awards that vested | $ 8.9 | $ 14.5 | $ 16.2 |
Total unrecognized stock compensation expense | $ 13 | ||
Weighted average period to recognize unrecognized compensation cost | 1 year 8 months 19 days | ||
Performance-Based RSUs | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of target award available for grant | 0.00% | ||
Performance-Based RSUs | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of target award available for grant | 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] | |||
Weighted-average fair value of awards granted (in dollars per share) | $ 40.61 | $ 52.46 | $ 66.86 |
Total fair value of awards that vested | $ 11.5 | $ 20.7 | $ 23.1 |
Total unrecognized stock compensation expense | $ 22.8 | ||
Weighted average period to recognize unrecognized compensation cost | 1 year 8 months 19 days | ||
Awards Other Than RSUs | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares outstanding other than RSUs (in shares) | 0 | 0 | 0 |
2016 Stock Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, shares authorized (in shares) | 14,000,000 | ||
Shares available (in shares) | 2,800,000 |
Stock Compensation Plans (Summa
Stock Compensation Plans (Summary of Total Share-Based Compensation Expense and Related Tax Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement [Abstract] | |||
Stock compensation costs | $ 29,237 | $ 30,761 | $ 30,937 |
Excess tax benefits related to stock compensation expense recognized in income tax expense | $ (1,839) | $ 4,792 | $ 5,089 |
Stock Compensation Plans (Sum_2
Stock Compensation Plans (Summary of Activity for Time-Based and Performance-Based RSUs) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Time-Based RSUs | |||
Shares | |||
Outstanding at beginning of year (in shares) | 1,139,868 | ||
Granted (in shares) | 680,172 | ||
Vested (in shares) | (290,147) | ||
Forfeited (in shares) | (184,258) | ||
Outstanding at end of year (in shares) | 1,345,635 | 1,139,868 | |
Weighted- Average Grant Date Fair Value | |||
Outstanding at end of year (in dollars per share) | $ 57.78 | ||
Granted (in dollars per share) | 40.61 | $ 52.46 | $ 66.86 |
Vested (in dollars per share) | 55.23 | ||
Forfeited (in dollars per share) | 53.61 | ||
Outstanding at end of year (in dollars per share) | $ 50.22 | $ 57.78 | |
Performance-Based RSUs | |||
Shares | |||
Outstanding at beginning of year (in shares) | 386,483 | ||
Granted (in shares) | 165,084 | ||
Vested (in shares) | (131,597) | ||
Forfeited (in shares) | (21,913) | ||
Outstanding at end of year (in shares) | 398,057 | 386,483 | |
Weighted- Average Grant Date Fair Value | |||
Outstanding at end of year (in dollars per share) | $ 60.13 | ||
Granted (in dollars per share) | 39.79 | $ 54.64 | $ 70.13 |
Vested (in dollars per share) | 56.59 | ||
Forfeited (in dollars per share) | 45.64 | ||
Outstanding at end of year (in dollars per share) | $ 53.66 | $ 60.13 | |
Time Based Restricted Stock Settled in Cash | |||
Shares | |||
Outstanding at beginning of year (in shares) | 11,638 | ||
Granted (in shares) | 11,215 | ||
Vested (in shares) | 0 | ||
Forfeited (in shares) | (1,051) | ||
Outstanding at end of year (in shares) | 21,802 | 11,638 |
Stock Compensation Plans (Stock
Stock Compensation Plans (Stock Purchase Plan) (Details) - Stock Purchase Plan - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Stock purchase plan | ||
Purchase price of shares in terms compared to market price per share (as a percent) | 90.00% | |
Annual purchase limitation per employee | $ 22,500 | |
Compensation expense | $ 0 | |
Common stock, shares authorized (in shares) | 2,000,000 | |
Shares sold to employees (in shares) | 89,425 | 81,221 |
Value of shares sold to employees under purchase plan | $ 2,300,000 | $ 3,400,000 |
Shares available (in shares) | 304,500 |
Employee Benefit Plans (Narrati
Employee Benefit Plans (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)executive | Dec. 31, 2019USD ($)executive | Dec. 31, 2018USD ($) | |
Employee Benefit Plan [Line Items] | |||
Maximum employee contribution (as a percent) | 80.00% | ||
Company match percentage (as a percent) | 75.00% | ||
Percentage of employee pay that Company matches (as a percent) | 6.00% | ||
Matching contribution annual vesting rate (as a percent) | 20.00% | ||
Matching contribution, vesting period | 5 years | ||
Employer's contribution | $ 12,600 | $ 14,000 | $ 9,900 |
Supplemental Executive Retirement Plan (SERP) | |||
Employee Benefit Plan [Line Items] | |||
Additional benefits to be accrued for | $ 0 | ||
Number of executives remaining under the SERP | executive | 1 | 1 | |
Accrued benefit expense | $ 333 | $ 333 | $ 332 |
Benefit obligation | $ 4,200 | $ 4,200 |
Employee Benefit Plans (Summary
Employee Benefit Plans (Summary of Expected SERP Payments) (Details) - Supplemental Executive Retirement Plan (SERP) $ in Thousands | Dec. 31, 2020USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2021 | $ 349 |
2022 | 359 |
2023 | 370 |
2024 | 381 |
2025 | 393 |
Thereafter | 6,710 |
Total | $ 8,562 |
Stockholders_ Equity and Earn_3
Stockholders’ Equity and Earnings Per Share (Earnings Per Share Calculations) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 16, 2019 | Jan. 17, 2014 | |
Basic: | |||||
Net income | $ 567,797 | $ 674,035 | $ 703,701 | ||
Basic weighted average common shares outstanding (in shares) | 142,336,000 | 145,497,000 | 144,862,000 | ||
Basic EPS (in dollars per share) | $ 3.99 | $ 4.63 | $ 4.86 | ||
Diluted: | |||||
Net income | $ 567,797 | $ 674,035 | $ 703,701 | ||
Basic weighted average common shares outstanding (in shares) | 142,336,000 | 145,497,000 | 144,862,000 | ||
Diluted potential common shares (in shares) | 655,000 | 682,000 | 1,307,000 | ||
Diluted weighted average common shares outstanding (in shares) | 142,991,000 | 146,179,000 | 146,169,000 | ||
Diluted EPS (in dollars per share) | $ 3.97 | $ 4.61 | $ 4.81 | ||
Common Stock | |||||
Class of Stock | |||||
Shares of common stock into which the warrant may be converted (in shares) | 230,282 | ||||
MetroCorp | MetroCorp | |||||
Class of Stock | |||||
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 (Narrative) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 03, 2020 | |
Stockholders' Equity and Earnings Per Share [Line Items] | ||||
Amount of stock repurchase authorized by the Board of Directors | $ 500 | |||
Repurchased (in shares) | 4,471,682 | |||
Average price (in dollars per share) | $ 32.64 | |||
Total repurchase cost | $ 146 | |||
RSUs | ||||
Stockholders' Equity and Earnings Per Share [Line Items] | ||||
Weighted average shares of anti-dilutive restricted stock units (in shares) | 134,000 | 15,000 | 10,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (Components of AOCI) (Details) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | $ 3,841,951 | $ 5,017,617 | $ 4,423,974 | $ 3,841,951 | |
Net unrealized gains (losses) arising during the period | 71,477 | 42,534 | (12,598) | ||
Amount reclassified from AOCI | (8,744) | (2,768) | (1,786) | ||
Other comprehensive income (loss) | 62,733 | 39,766 | (14,384) | ||
Ending balance | 5,269,175 | 5,017,617 | 4,423,974 | ||
AFS Debt Securities | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (30,898) | (2,419) | (45,821) | (30,898) | |
Net unrealized gains (losses) arising during the period | 63,329 | 46,170 | (6,866) | ||
Amount reclassified from AOCI | (8,663) | (2,768) | (1,786) | ||
Other comprehensive income (loss) | 54,666 | 43,402 | (8,652) | ||
Ending balance | 52,247 | (2,419) | (45,821) | ||
AFS Debt Securities | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Ending balance | (37,169) | ||||
Cash Flow Hedges | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | 0 | 0 | 0 | 0 | |
Net unrealized gains (losses) arising during the period | (1,149) | 0 | 0 | ||
Amount reclassified from AOCI | (81) | 0 | 0 | ||
Other comprehensive income (loss) | (1,230) | 0 | 0 | ||
Ending balance | (1,230) | 0 | 0 | ||
Cash Flow Hedges | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Ending balance | 0 | ||||
Foreign Currency Translation Adjustments | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (6,621) | (15,989) | (12,353) | (6,621) | |
Net unrealized gains (losses) arising during the period | 9,297 | (3,636) | (5,732) | ||
Amount reclassified from AOCI | 0 | 0 | 0 | ||
Other comprehensive income (loss) | 9,297 | (3,636) | (5,732) | ||
Ending balance | (6,692) | (15,989) | (12,353) | ||
Foreign Currency Translation Adjustments | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Ending balance | (6,621) | ||||
Total | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | (37,519) | (18,408) | (58,174) | (37,519) | |
Other comprehensive income (loss) | 62,733 | 39,766 | (14,384) | ||
Ending balance | $ 44,325 | $ (18,408) | (58,174) | ||
Total | Cumulative Effect, Period of Adoption, Adjusted Balance | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Ending balance | (43,790) | ||||
Accounting Standards Update 2016-01 | Cumulative Effect, Period of Adoption, Adjustment | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | [1] | (160) | (160) | ||
Accounting Standards Update 2016-01 | AFS Debt Securities | Cumulative Effect, Period of Adoption, Adjustment | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Ending balance | 385 | ||||
Accounting Standards Update 2016-01 | Cash Flow Hedges | Cumulative Effect, Period of Adoption, Adjustment | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Ending balance | 0 | ||||
Accounting Standards Update 2016-01 | Foreign Currency Translation Adjustments | Cumulative Effect, Period of Adoption, Adjustment | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Ending balance | 0 | ||||
Accounting Standards Update 2016-01 | Total | Cumulative Effect, Period of Adoption, Adjustment | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Beginning balance | [1] | 385 | 385 | ||
Ending balance | 385 | ||||
Accounting Standards Update 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 | (6,700) | ||||
Accounting Standards Update 2018-02 | AFS Debt Securities | Cumulative Effect, Period of Adoption, Adjustment | |||||
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) | ||||
Accounting Standards Update 2018-02 | Cash Flow Hedges | Cumulative Effect, Period of Adoption, Adjustment | |||||
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 | ||||
Accounting Standards Update 2018-02 | Foreign Currency Translation Adjustments | Cumulative Effect, Period of Adoption, Adjustment | |||||
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 | ||||
Accounting Standards Update 2018-02 | Total | |||||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||||
Reclassification of tax effects in AOCI resulting from the new federal corporate income tax rate | [2] | $ 6,656 | |||
Accounting Standards Update 2018-02 | Total | Cumulative Effect, Period of Adoption, Adjustment | |||||
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) | ||||
[1] | Represents the impact of the adoption of Accounting Standards Update (“ASU”) 2016-01, Financial Instruments — Overall (Subtopic 825-10) : Recognition and Measurement of Financial Assets and Financial Liabilities on January 1, 2018. | ||||
[2] | 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 on January 1, 2018. |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (Components of Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Before - Tax | |||
Other comprehensive income (loss) | $ 83,250 | $ 61,909 | $ (18,015) |
Tax Effect | |||
Other comprehensive income (loss) | (20,517) | (22,143) | 3,631 |
Net-of- Tax | |||
Net unrealized gains (losses) arising during the period | 71,477 | 42,534 | (12,598) |
Net realized gains reclassified into net income | (8,744) | (2,768) | (1,786) |
Other comprehensive income (loss) | 62,733 | 39,766 | (14,384) |
AFS Debt Securities | |||
Before - Tax | |||
Net unrealized gains (losses) arising during the period | 89,868 | 65,549 | (9,748) |
Net realized gains reclassified into net income | (12,299) | (3,930) | (2,535) |
Other comprehensive income (loss) | 77,569 | 61,619 | (12,283) |
Tax Effect | |||
Net unrealized gains (losses) arising during the period | (26,539) | (19,379) | 2,882 |
Net realized gains reclassified into net income | 3,636 | 1,162 | 749 |
Other comprehensive income (loss) | (22,903) | (18,217) | 3,631 |
Net-of- Tax | |||
Net unrealized gains (losses) arising during the period | 63,329 | 46,170 | (6,866) |
Net realized gains reclassified into net income | (8,663) | (2,768) | (1,786) |
Other comprehensive income (loss) | 54,666 | 43,402 | (8,652) |
Cash Flow Hedges | |||
Before - Tax | |||
Net unrealized gains (losses) arising during the period | (1,604) | 0 | 0 |
Net realized gains reclassified into net income | (113) | 0 | 0 |
Other comprehensive income (loss) | (1,717) | 0 | 0 |
Tax Effect | |||
Net unrealized gains (losses) arising during the period | 455 | 0 | 0 |
Net realized gains reclassified into net income | 32 | 0 | 0 |
Other comprehensive income (loss) | 487 | 0 | 0 |
Net-of- Tax | |||
Net unrealized gains (losses) arising during the period | (1,149) | 0 | 0 |
Net realized gains reclassified into net income | (81) | 0 | 0 |
Other comprehensive income (loss) | (1,230) | 0 | 0 |
Foreign Currency Translation Adjustments | |||
Before - Tax | |||
Net unrealized gains (losses) arising during the period | 7,398 | 290 | (5,732) |
Other comprehensive income (loss) | 7,398 | 290 | (5,732) |
Tax Effect | |||
Net unrealized gains (losses) arising during the period | 1,899 | (3,926) | 0 |
Other comprehensive income (loss) | 1,899 | (3,926) | 0 |
Net-of- Tax | |||
Net unrealized gains (losses) arising during the period | 9,297 | (3,636) | (5,732) |
Net realized gains reclassified into net income | 0 | 0 | 0 |
Other comprehensive income (loss) | $ 9,297 | $ (3,636) | $ (5,732) |
Regulatory Requirements and M_3
Regulatory Requirements and Matters (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Capital adequacy | ||
Minimum common equity tier 1 capital adequacy to risk weighted assets | 4.50% | |
Tier 1 risk based capital ratio required for capital adequacy to risk weighted assets | 0.060 | |
Tier 1 leverage capital (to adjusted average assets), Ratio (as a percent) | 0.040 | |
Total capital ratio required for capital adequacy to risk weighted assets | 0.080 | |
Fully phased-in capital conservation buffer | 2.50% | 2.50% |
East West Bank | ||
Capital adequacy | ||
Daily average reserve requirement | $ 0 | $ 829 |
Regulatory Requirements and M_4
Regulatory Requirements and Matters (Regulatory Capital Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Minimum Capital Ratios | ||
Tier 1 leverage capital (to adjusted average assets), Ratio (as a percent) | 0.040 | |
Well Capitalized Requirement | ||
Fully phased-in capital conservation buffer | 2.50% | 2.50% |
Company | ||
Actual | ||
Total capital (to risk-weighted assets), Amount | $ 5,510,640 | $ 5,064,037 |
Tier I capital (to risk-weighted assets), Amount | 4,882,555 | 4,546,592 |
Tier 1 Common Equity capital (to risk-weighted assets), Amount | 4,882,555 | 4,546,592 |
Tier 1 leverage capital (to adjusted average assets), Amount | 4,882,555 | 4,546,592 |
Risk-weighted assets | 38,406,071 | 35,136,427 |
Adjusted quarterly average total assets | $ 52,540,964 | $ 44,449,802 |
Total capital (to risk-weighted assets), Ratio (as a percent) | 0.143 | 0.144 |
Tier I capital (to risk-weighted assets), Ratio (as a percent) | 0.127 | 0.129 |
Tier 1 Common Equity capital (to risk-weighted assets), Ratio (as a percent) | 0.127 | 0.129 |
Tier 1 leverage capital (to adjusted average assets), Ratio (as a percent) | 0.094 | 0.103 |
Well Capitalized Requirement | ||
Total capital (to risk-weighted assets), Ratio (as a percent) | 0.100 | |
Tier I capital (to risk-weighted assets), Ratio (as a percent) | 0.080 | |
Tier 1 Common Equity capital (to risk-weighted assets), Ratio (as a percent) | 6.50% | |
Company | Minimum | ||
Minimum Capital Ratios | ||
Total capital (to risk-weighted assets), Ratio (as a percent) | 8.00% | |
Tier I capital (to risk-weighted assets), Ratio (as a percent) | 6.00% | |
Tier 1 Common Equity Capital (to risk-weighted assets), Ratio (as a percent) | 4.50% | |
Tier 1 leverage capital (to adjusted average assets), Ratio (as a percent) | 0.040 | |
Company | Maximum | ||
Minimum Capital Ratios | ||
Total capital (to risk-weighted assets), Ratio (as a percent) | 10.50% | |
Tier I capital (to risk-weighted assets), Ratio (as a percent) | 8.50% | |
Tier 1 Common Equity Capital (to risk-weighted assets), Ratio (as a percent) | 7.00% | |
Tier 1 leverage capital (to adjusted average assets), Ratio (as a percent) | 0.040 | |
East West Bank | ||
Actual | ||
Total capital (to risk-weighted assets), Amount | $ 5,143,246 | $ 4,886,237 |
Tier I capital (to risk-weighted assets), Amount | 4,662,426 | 4,516,792 |
Tier 1 Common Equity capital (to risk-weighted assets), Amount | 4,662,426 | 4,516,792 |
Tier 1 leverage capital (to adjusted average assets), Amount | 4,662,426 | 4,516,792 |
Risk-weighted assets | 38,481,275 | 35,127,920 |
Adjusted quarterly average total assets | $ 52,594,313 | $ 44,419,308 |
Total capital (to risk-weighted assets), Ratio (as a percent) | 0.134 | 0.139 |
Tier I capital (to risk-weighted assets), Ratio (as a percent) | 0.121 | 0.129 |
Tier 1 Common Equity capital (to risk-weighted assets), Ratio (as a percent) | 0.121 | 0.129 |
Tier 1 leverage capital (to adjusted average assets), Ratio (as a percent) | 0.090 | 0.103 |
Well Capitalized Requirement | ||
Total capital (to risk-weighted assets), Ratio (as a percent) | 0.100 | |
Tier I capital (to risk-weighted assets), Ratio (as a percent) | 0.080 | |
Tier 1 Common Equity capital (to risk-weighted assets), Ratio (as a percent) | 6.50% | |
Tier 1 leverage capital (to adjusted average assets), Ratio (as a percent) | 0.050 | |
East West Bank | Minimum | ||
Minimum Capital Ratios | ||
Total capital (to risk-weighted assets), Ratio (as a percent) | 8.00% | |
Tier I capital (to risk-weighted assets), Ratio (as a percent) | 6.00% | |
Tier 1 Common Equity Capital (to risk-weighted assets), Ratio (as a percent) | 4.50% | |
Tier 1 leverage capital (to adjusted average assets), Ratio (as a percent) | 0.040 | |
East West Bank | Maximum | ||
Minimum Capital Ratios | ||
Total capital (to risk-weighted assets), Ratio (as a percent) | 10.50% | |
Tier I capital (to risk-weighted assets), Ratio (as a percent) | 8.50% | |
Tier 1 Common Equity Capital (to risk-weighted assets), Ratio (as a percent) | 7.00% | |
Tier 1 leverage capital (to adjusted average assets), Ratio (as a percent) | 0.040 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Number of core segments | 2 |
Business Segments (Operating Re
Business Segments (Operating Results and Other Key Financial Measures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information | |||
Net interest income before provision for credit losses | $ 1,377,193 | $ 1,467,813 | $ 1,386,508 |
Provision for credit losses | 210,653 | 98,685 | 64,255 |
Noninterest income | 235,547 | 222,245 | 217,433 |
Noninterest expense | 716,322 | 747,456 | 720,990 |
Segment income before income taxes | 685,765 | 843,917 | 818,696 |
Segment net income | 567,797 | 674,035 | 703,701 |
Segment assets | 52,156,913 | 44,196,096 | 41,042,356 |
Consumer and Business Banking | |||
Segment Reporting Information | |||
Net interest income before provision for credit losses | 530,829 | 696,551 | 727,215 |
Provision for credit losses | 3,885 | 14,178 | 9,364 |
Noninterest income | 67,115 | 57,920 | 85,607 |
Noninterest expense | 331,750 | 343,001 | 341,396 |
Segment income before income taxes | 262,309 | 397,292 | 462,062 |
Segment net income | 187,931 | 284,161 | 330,683 |
Segment assets | 13,351,060 | 11,520,586 | 10,587,621 |
Commercial Banking | |||
Segment Reporting Information | |||
Net interest income before provision for credit losses | 706,286 | 651,413 | 605,650 |
Provision for credit losses | 206,768 | 84,507 | 54,891 |
Noninterest income | 139,365 | 134,622 | 110,287 |
Noninterest expense | 266,923 | 263,064 | 237,520 |
Segment income before income taxes | 371,960 | 438,464 | 423,526 |
Segment net income | 266,342 | 313,833 | 303,553 |
Segment assets | 26,958,766 | 25,501,534 | 23,761,469 |
Other | |||
Segment Reporting Information | |||
Net interest income before provision for credit losses | 140,078 | 119,849 | 53,643 |
Provision for credit losses | 0 | 0 | 0 |
Noninterest income | 29,067 | 29,703 | 21,539 |
Noninterest expense | 117,649 | 141,391 | 142,074 |
Segment income before income taxes | 51,496 | 8,161 | (66,892) |
Segment net income | 113,524 | 76,041 | 69,465 |
Segment assets | $ 11,847,087 | $ 7,173,976 | $ 6,693,266 |
Parent Company Condensed Fina_3
Parent Company Condensed Financial Statements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
East West Bank | |||
Condensed Financial Statements, Captions [Line Items] | |||
Dividends declared | $ 511 | $ 190 | $ 160 |
Parent Company Condensed Fina_4
Parent Company Condensed Financial Statements (Condensed Balance Sheet) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||||
Cash and cash equivalents due from subsidiary bank | $ 4,017,971 | $ 3,261,149 | ||
Other assets | 1,324,262 | 917,095 | ||
TOTAL | 52,156,913 | 44,196,096 | $ 41,042,356 | |
LIABILITIES | ||||
Total liabilities | 46,887,738 | 39,178,479 | ||
STOCKHOLDERS’ EQUITY | ||||
Common stock, $0.001 par value, 200,000,000 shares authorized; 167,240,600 and 166,621,959 shares issued in 2020 and 2019, respectively | 167 | 167 | ||
Additional paid-in capital | 1,858,352 | 1,826,345 | ||
Retained earnings | 4,000,414 | 3,689,377 | ||
Treasury stock, at cost 25,675,371 shares in 2020 and 20,996,574 shares in 2019 | (634,083) | (479,864) | ||
AOCI, net of tax | 44,325 | (18,408) | ||
Total stockholders’ equity | 5,269,175 | 5,017,617 | $ 4,423,974 | $ 3,841,951 |
TOTAL | 52,156,913 | 44,196,096 | ||
Parent Company | ||||
ASSETS | ||||
Cash and cash equivalents due from subsidiary bank | 439,065 | 166,131 | ||
Investments in tax credit and other investments, net | 6,586 | 11,637 | ||
Other assets | 3,072 | 4,091 | ||
TOTAL | 5,504,357 | 5,175,155 | ||
LIABILITIES | ||||
Long-term debt | 147,376 | 147,101 | ||
Accrued income tax payable | 81,741 | 4,534 | ||
Other liabilities | 6,065 | 5,903 | ||
Total liabilities | 235,182 | 157,538 | ||
STOCKHOLDERS’ EQUITY | ||||
Common stock, $0.001 par value, 200,000,000 shares authorized; 167,240,600 and 166,621,959 shares issued in 2020 and 2019, respectively | 167 | 167 | ||
Additional paid-in capital | 1,858,352 | 1,826,345 | ||
Retained earnings | 4,000,414 | 3,689,377 | ||
Treasury stock, at cost 25,675,371 shares in 2020 and 20,996,574 shares in 2019 | (634,083) | (479,864) | ||
AOCI, net of tax | 44,325 | (18,408) | ||
Total stockholders’ equity | 5,269,175 | 5,017,617 | ||
TOTAL | 5,504,357 | 5,175,155 | ||
Parent Company | Bank | ||||
ASSETS | ||||
Investments in Subsidiaries | 5,048,896 | 4,987,666 | ||
Parent Company | Nonbank | ||||
ASSETS | ||||
Investments in Subsidiaries | $ 6,738 | $ 5,630 |
Parent Company Condensed Fina_5
Parent Company Condensed Financial Statements (Condensed Balance Sheet - Additional Information) (Details) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Balance sheets | ||
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) | 167,240,600 | 166,621,959 |
Treasury stock, shares (in shares) | 25,675,371 | 20,996,574 |
Parent Company Condensed Fina_6
Parent Company Condensed Financial Statements (Condensed Statement of Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of income | |||
Interest expense on long-term debt | $ 217,849 | $ 414,487 | $ 265,195 |
Compensation and employee benefits | 404,071 | 401,700 | 379,622 |
Amortization of tax credit and other investments | 70,082 | 98,383 | 96,152 |
Other expense | 79,489 | 92,249 | 88,042 |
Income tax benefit | (117,968) | (169,882) | (114,995) |
NET INCOME | 567,797 | 674,035 | 703,701 |
Parent Company | |||
Statement of income | |||
Other income | 3 | 425 | 2 |
Total income | 511,112 | 190,614 | 160,177 |
Interest expense on long-term debt | 3,877 | 6,482 | 6,488 |
Compensation and employee benefits | 6,210 | 5,479 | 5,559 |
Amortization of tax credit and other investments | 1,248 | 8,437 | 413 |
Other expense | 1,184 | 1,487 | 1,490 |
Total expense | 12,519 | 21,885 | 13,950 |
Income before income tax benefit and equity in undistributed income of subsidiaries | 498,593 | 168,729 | 146,227 |
Income tax benefit | 4,158 | 6,737 | 3,404 |
Undistributed earnings of subsidiaries, primarily bank | 65,046 | 498,569 | 554,070 |
NET INCOME | 567,797 | 674,035 | 703,701 |
Parent Company | Bank | |||
Statement of income | |||
Dividends from subsidiaries | 511,000 | 190,000 | 160,000 |
Parent Company | Nonbank | |||
Statement of income | |||
Dividends from subsidiaries | $ 109 | $ 189 | $ 175 |
Parent Company Condensed Fina_7
Parent Company Condensed Financial Statements (Condensed Statement of Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of cash flows | |||
Net income | $ 567,797 | $ 674,035 | $ 703,701 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred income tax expense (benefit) | (41,515) | (21,604) | (16,470) |
Net change in other assets | (339,868) | (170,819) | (60,791) |
Net change in other liabilities | 170,403 | 7,012 | 88,070 |
Net cash provided by operating activities | 693,325 | 735,829 | 883,172 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net increase in investments in tax credit investments | (154,887) | (146,902) | (132,605) |
Distributions received from equity method investees | 15,901 | 9,502 | 5,185 |
Other investing activities | 6,563 | 1,336 | (449) |
Net cash provided by (used in) investing activities | (6,848,716) | (2,571,176) | (3,832,412) |
Common stock: | |||
Proceeds from issuance pursuant to various stock compensation plans and agreements | 2,326 | 3,383 | 2,846 |
Stocks tendered for payment of withholding taxes | (8,253) | (14,635) | (15,634) |
Repurchase of common stocks pursuant to the Stock Repurchase Program | (145,966) | 0 | 0 |
Cash dividends paid | (158,222) | (155,107) | (125,988) |
Net cash provided by (used in) financing activities | 6,908,793 | 2,124,962 | 3,800,808 |
Net increase (decrease) in cash and cash equivalents | 756,822 | 259,772 | 826,785 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 3,261,149 | 3,001,377 | 2,174,592 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 4,017,971 | 3,261,149 | 3,001,377 |
Parent Company | |||
Statement of cash flows | |||
Net income | 567,797 | 674,035 | 703,701 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Undistributed earnings of subsidiaries, principally bank | (65,046) | (498,569) | (554,070) |
Amortization expenses | 1,523 | 8,703 | 671 |
Deferred income tax expense (benefit) | 491 | (10,132) | 3,517 |
Net change in other assets | 40 | 10,246 | (595) |
Net change in other liabilities | 77,052 | (18) | (45) |
Net cash provided by operating activities | 581,857 | 184,265 | 153,179 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Net increase in investments in tax credit investments | (172) | (292) | (1,049) |
Distributions received from equity method investees | 4,096 | 2,577 | 1,491 |
Net increase in investments in and advances to nonbank subsidiaries | (2,732) | (3,314) | 0 |
Other investing activities | 0 | (157) | 0 |
Net cash provided by (used in) investing activities | 1,192 | (1,186) | 442 |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Repayment of long-term debt | 0 | 0 | (25,000) |
Common stock: | |||
Proceeds from issuance pursuant to various stock compensation plans and agreements | 2,326 | 3,383 | 2,846 |
Stocks tendered for payment of withholding taxes | (8,253) | (14,635) | (15,634) |
Repurchase of common stocks pursuant to the Stock Repurchase Program | (145,966) | 0 | 0 |
Cash dividends paid | (158,222) | (155,107) | (125,988) |
Net cash provided by (used in) financing activities | (310,115) | (166,359) | (163,776) |
Net increase (decrease) in cash and cash equivalents | 272,934 | 16,720 | (10,155) |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 166,131 | 149,411 | 159,566 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 439,065 | $ 166,131 | $ 149,411 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 23, 2021$ / shares |
Subsequent Event | |
Subsequent events | |
Dividends paid per common share (in dollars per share) | $ 0.33 |