Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 000-24939 | |
Entity Registrant Name | EAST WEST BANCORP, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 95-4703316 | |
Entity Address, Address Line One | 135 North Los Robles Ave. | |
Entity Address, Address Line Two | 7th Floor | |
Entity Address, City or Town | Pasadena | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 91101 | |
City Area Code | 626 | |
Local Phone Number | 768-6000 | |
Title of each class | Common Stock, par value $0.001 per share | |
Trading Symbol | EWBC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 139,143,317 | |
Entity Central Index Key | 0001069157 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEET
CONSOLIDATED BALANCE SHEET - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
Cash and due from banks | $ 382,484 | $ 444,793 |
Interest-bearing cash with banks | 3,828,317 | 4,170,191 |
Cash and cash equivalents | 4,210,801 | 4,614,984 |
Interest-bearing deposits with banks | 24,593 | 10,498 |
Securities purchased under resale agreements (“resale agreements”) | 485,000 | 785,000 |
Securities: | ||
Available-for-sale (“AFS”) debt securities, at fair value (amortized cost of $9,131,953 and $6,916,491) | 8,400,468 | 6,188,337 |
Held-to-maturity (“HTM”) debt securities, at amortized cost (fair value of $2,414,478 and $2,453,971) | 2,948,642 | 2,956,040 |
Loans held-for-sale | 13,280 | 116 |
Loans held-for-investment (net of allowance for loan losses of $670,280 and $668,743) | 51,322,224 | 51,542,039 |
Affordable housing partnership, tax credit and Community Reinvestment Act (“CRA”) investments, net | 933,187 | 905,036 |
Premises and equipment (net of accumulated depreciation of $159,760 and $157,622) | 83,989 | 86,370 |
Goodwill | 465,697 | 465,697 |
Operating lease right-of-use assets | 87,535 | 94,024 |
Other assets | 1,900,254 | 1,964,743 |
TOTAL | 70,875,670 | 69,612,884 |
Deposits: | ||
Noninterest-bearing | 14,798,927 | 15,539,872 |
Interest-bearing | 43,761,697 | 40,552,566 |
Total deposits | 58,560,624 | 56,092,438 |
Short-term borrowings | 19,173 | 0 |
Bank Term Funding Program (“BTFP”) borrowings | 0 | 4,500,000 |
Federal Home Loan Bank (“FHLB”) advances | 3,500,000 | 0 |
Long-term debt and finance lease liabilities | 36,428 | 153,011 |
Operating lease liabilities | 95,643 | 102,353 |
Accrued expenses and other liabilities | 1,640,570 | 1,814,248 |
Total liabilities | 63,852,438 | 62,662,050 |
COMMITMENTS AND CONTINGENCIES (Note 11) | ||
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.001 par value, 200,000,000 shares authorized; 169,835,469 and 169,372,230 shares issued | 170 | 169 |
Additional paid-in capital | 1,993,806 | 1,980,818 |
Retained earnings | 6,662,919 | 6,465,230 |
Treasury stock, at cost 30,714,307 and 29,344,863 shares | (970,930) | (874,787) |
Accumulated other comprehensive loss (“AOCI”), net of tax | (662,733) | (620,596) |
Total stockholders’ equity | 7,023,232 | 6,950,834 |
TOTAL | $ 70,875,670 | $ 69,612,884 |
CONSOLIDATED BALANCE SHEET (Par
CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
ASSETS | ||
AFS debt securities, amortized cost | $ 9,131,953 | $ 6,916,491 |
HTM debt securities, fair value | 2,414,478 | 2,453,971 |
Allowance for loan losses | 670,280 | 668,743 |
Premises and equipment, accumulated depreciation | $ 159,760 | $ 157,622 |
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) | 169,835,469 | 169,372,230 |
Treasury stock, shares (in shares) | 30,714,307 | 29,344,863 |
CONSOLIDATED STATEMENT OF INCOM
CONSOLIDATED STATEMENT OF INCOME - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
INTEREST AND DIVIDEND INCOME | ||
Loans receivable, including fees | $ 866,389 | $ 728,386 |
Debt securities | 75,392 | 65,931 |
Resale agreements | 6,115 | 4,503 |
Restricted equity securities | 1,339 | 1,039 |
Interest-bearing cash and deposits with banks | 74,382 | 35,647 |
Total interest and dividend income | 1,023,617 | 835,506 |
INTEREST EXPENSE | ||
Deposits | 406,199 | 216,794 |
Federal funds purchased and other short-term borrowings | 42,106 | 8,825 |
FHLB advances | 7,739 | 6,430 |
Securities sold under repurchase agreements (“repurchase agreements”) | 35 | 1,052 |
Long-term debt and finance lease liabilities | 2,399 | 2,544 |
Total interest expense | 458,478 | 235,645 |
Net interest income before provision for credit losses | 565,139 | 599,861 |
Provision for credit losses | 25,000 | 20,000 |
Net interest income after provision for credit losses | 540,139 | 579,861 |
NONINTEREST INCOME | ||
Deposit account fees | 24,948 | 23,054 |
Lending fees | 22,925 | 20,586 |
Foreign exchange income | 11,469 | 11,309 |
Wealth management fees | 8,592 | 6,304 |
Customer derivative income | 3,750 | 2,564 |
Net losses on sales of loans | (41) | (22) |
Net gains (losses) on AFS debt securities | 49 | (10,000) |
Other investment income | 2,815 | 1,921 |
Other income | 4,481 | 4,262 |
Total noninterest income | 78,988 | 59,978 |
NONINTEREST EXPENSE | ||
Compensation and employee benefits | 141,812 | 129,654 |
Occupancy and equipment expense | 15,230 | 15,587 |
Deposit insurance premiums and regulatory assessments | 19,649 | 7,910 |
Deposit account expense | 12,188 | 9,609 |
Computer software and data processing expenses | 11,344 | 10,707 |
Other operating expense | 33,445 | 34,870 |
Amortization of tax credit and CRA investments | 13,207 | 10,110 |
Noninterest expense | 246,875 | 218,447 |
INCOME BEFORE INCOME TAXES | 372,252 | 421,392 |
INCOME TAX EXPENSE | 87,177 | 98,953 |
NET INCOME | $ 285,075 | $ 322,439 |
EARNINGS PER SHARE (“EPS”) | ||
BASIC (in dollars per share) | $ 2.04 | $ 2.28 |
DILUTED (in dollars per share) | $ 2.03 | $ 2.27 |
WEIGHTED-AVERAGE NUMBER OF SHARES OUTSTANDING | ||
BASIC (in shares) | 139,409 | 141,112 |
DILUTED (in shares) | 140,261 | 141,913 |
CONSOLIDATED STATEMENT OF COMPR
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 285,075 | $ 322,439 |
Other comprehensive (loss) income, net of tax: | ||
Net changes in unrealized (losses) gains on AFS debt securities | (2,317) | 51,319 |
Amortization of unrealized losses on debt securities transferred from AFS to HTM | 2,688 | 2,762 |
Net changes in unrealized (losses) gains on cash flow hedges | (46,330) | 28,613 |
Foreign currency translation adjustments | 3,822 | 2,941 |
Other comprehensive (loss) income | (42,137) | 85,635 |
COMPREHENSIVE INCOME | $ 242,938 | $ 408,074 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Cumulative Effect, Period Of Adoption, Adjustment | Various Stock Compensation Plans And Agreements | Stock Repurchase Plan | Common Stock | Common Stock Various Stock Compensation Plans And Agreements | Common Stock Stock Repurchase Plan | Common Stock and Additional Paid-in Capital | Retained Earnings | Retained Earnings Cumulative Effect, Period Of Adoption, Adjustment | Treasury Stock | Treasury Stock Various Stock Compensation Plans And Agreements | Treasury Stock Stock Repurchase Plan | AOCI, Net of Tax | |
Beginning balance (in shares) at Dec. 31, 2022 | 140,947,846 | ||||||||||||||
Beginning balance at Dec. 31, 2022 | $ 5,984,612 | $ 1,936,557 | $ 5,582,546 | $ (768,862) | $ (765,629) | ||||||||||
Beginning balance (Accounting Standards Update 2022-02) at Dec. 31, 2022 | [1] | $ (4,262) | $ (4,262) | ||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Net income | 322,439 | 322,439 | |||||||||||||
Other comprehensive loss | 85,635 | 85,635 | |||||||||||||
Issuance of common stock pursuant to various stock compensation plans and agreements (in shares) | 740,722 | ||||||||||||||
Issuance of common stock pursuant to various stock compensation plans and agreements | 11,130 | 11,130 | |||||||||||||
Repurchase of common stock pursuant to the Stock Repurchase Program/various stock compensation plans and agreements (in shares) | (292,768) | ||||||||||||||
Repurchase of common stock pursuant to the Stock Repurchase Program/various stock compensation plans and agreements | $ (21,791) | $ (21,791) | |||||||||||||
Cash dividends on common stock | (68,432) | (68,432) | |||||||||||||
Ending balance (in shares) at Mar. 31, 2023 | 141,395,800 | ||||||||||||||
Ending balance at Mar. 31, 2023 | 6,309,331 | 1,947,687 | 5,832,291 | (790,653) | (679,994) | ||||||||||
Beginning balance (in shares) at Dec. 31, 2023 | 140,027,367 | ||||||||||||||
Beginning balance at Dec. 31, 2023 | 6,950,834 | 1,980,987 | 6,465,230 | (874,787) | (620,596) | ||||||||||
Beginning balance (Accounting Standards Update 2023-02) at Dec. 31, 2023 | [2] | $ (9,482) | $ (9,482) | ||||||||||||
Increase (Decrease) in Stockholders' Equity | |||||||||||||||
Net income | 285,075 | 285,075 | |||||||||||||
Other comprehensive loss | (42,137) | (42,137) | |||||||||||||
Issuance of common stock pursuant to various stock compensation plans and agreements (in shares) | 463,239 | ||||||||||||||
Issuance of common stock pursuant to various stock compensation plans and agreements | 12,989 | 12,989 | |||||||||||||
Repurchase of common stock pursuant to the Stock Repurchase Program/various stock compensation plans and agreements (in shares) | (187,593) | (1,181,851) | |||||||||||||
Repurchase of common stock pursuant to the Stock Repurchase Program/various stock compensation plans and agreements | $ (13,702) | $ (82,441) | $ (13,702) | $ (82,441) | |||||||||||
Cash dividends on common stock | (77,904) | (77,904) | |||||||||||||
Ending balance (in shares) at Mar. 31, 2024 | 139,121,162 | ||||||||||||||
Ending balance at Mar. 31, 2024 | $ 7,023,232 | $ 1,993,976 | $ 6,662,919 | $ (970,930) | $ (662,733) | ||||||||||
[1] Represents the change in the Company’s allowance for loan losses as a result of the adoption of Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326): Troubled Debt Restructurings and the Vintage Disclosures on January 1, 2023. Represents the impact of the adoption of ASU 2023-02, Investments - Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method on January 1, 2024. Refer to Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies in this Form 10-Q for additional information. |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends declared per common share (in dollars per share) | $ 0.55 | $ 0.48 |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net income | $ 285,075 | $ 322,439 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses | 25,000 | 20,000 |
Depreciation and amortization | 50,998 | 32,567 |
Amortization of premiums (accretion of discount), net | 648 | (4,497) |
Stock compensation costs | 12,988 | 11,075 |
Deferred income tax (benefit) expense | (6,905) | 609 |
Net losses on sales of loans | 41 | 22 |
Net (gains) losses on AFS debt securities | (49) | 10,000 |
Loans held-for-sale: | ||
Originations and purchases | (850) | 0 |
Proceeds from sales and paydowns/payoffs of loans originally classified as held-for-sale | 992 | 0 |
Distributions received from equity method investees | 978 | 1,718 |
Net change in accrued interest receivable and other assets | 75,815 | (75,163) |
Net change in accrued expenses and other liabilities | (177,732) | (93,948) |
Other operating activities, net | (760) | (1,921) |
Total adjustments | (18,836) | (99,538) |
Net cash provided by operating activities | 266,239 | 222,901 |
Net (increase) decrease in: | ||
Affordable housing partnership, tax credit and CRA investments | (106,536) | (27,358) |
Interest-bearing deposits with banks | (14,252) | 128,772 |
Assets purchased under resale agreements: | ||
Proceeds from paydowns and maturities | 300,000 | 150,629 |
Purchases | 0 | (12,725) |
AFS debt securities: | ||
Proceeds from sales | 537,195 | 0 |
Proceeds from repayments, maturities and redemptions | 577,750 | 321,913 |
Purchases | (3,337,121) | (532,758) |
HTM debt securities: | ||
Proceeds from repayments, maturities and redemptions | 11,270 | 12,387 |
Loans held-for-investment: | ||
Proceeds from sales of loans originally classified as held-for-investment | 241,907 | 179,237 |
Purchases | (108,174) | (155,016) |
Other changes in loans held-for-investment, net | 110,120 | (695,646) |
Redemption of trust preferred securities | 3,558 | 0 |
Proceeds from sales of other real estate owned (“OREO”) and other foreclosed assets | 0 | 1,976 |
Distributions received from equity method investees | 847 | 2,244 |
Purchases of FHLB stock | (84,294) | 0 |
Other investing activities, net | (3,846) | (6,501) |
Net cash used in investing activities | (1,871,576) | (632,846) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Net change in deposits | 2,475,059 | (1,246,189) |
Net change in short-term borrowings | (4,480,827) | 4,500,017 |
FHLB advances: | ||
Proceeds | 3,500,000 | 6,000,000 |
Repayment | 0 | (6,000,000) |
Repurchase agreements: | ||
Repayment | 0 | (300,000) |
Extinguishment cost | 0 | (3,872) |
Long-term debt and lease liabilities: | ||
Repayment of junior subordinated debt and lease liabilities | (116,798) | (203) |
Common stock: | ||
Stock tendered for payment of withholding taxes | (13,702) | (21,791) |
Repurchase of common stocks pursuant to the stock repurchase program | (82,441) | 0 |
Cash dividends paid | (79,304) | (70,776) |
Net cash provided by financing activities | 1,201,987 | 2,857,186 |
Effect of exchange rate changes on cash and cash equivalents | (833) | 5,169 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (404,183) | 2,452,410 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 4,614,984 | 3,481,784 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 4,210,801 | 5,934,194 |
Cash paid during the period for: | ||
Interest | 600,438 | 227,504 |
Income taxes, net | 38,619 | 0 |
Noncash investing and financing activities: | ||
Loans transferred from held-for-investment to held-for-sale | 199,974 | $ 160,476 |
Loans transferred to OREO and other foreclosed assets | $ 5,551 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation East West Bancorp, Inc. is a registered bank holding company that offers a full range of banking services to individuals and businesses through its subsidiary bank, East West Bank and its subsidiaries (“East West Bank” or the “Bank”). The unaudited interim Consolidated Financial Statements in this Form 10-Q include the accounts of East West, East West Bank and East West’s subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. As of March 31, 2024, East West also has one wholly-owned subsidiary that is a statutory business trust (the “Trust”). In accordance with FASB Accounting Standards Codification (“ASC”) Topic 810, Consolidation , the Trust is not included on the Consolidated Financial Statements. The unaudited interim Consolidated Financial Statements are presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), applicable guidelines prescribed by regulatory authorities and general practices in the banking industry. While the unaudited interim Consolidated Financial Statements reflect all adjustments that, in the opinion of management, are necessary for fair presentation, they primarily serve to update the most recently filed annual report on Form 10-K, and may not include all the information and notes necessary to constitute a complete set of financial statements. Accordingly, they should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s 2023 Form 10-K. The preparation of the Consolidated Financial Statements in conformity with U.S. 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 periods, and the related disclosures. Although our estimates consider current conditions and how we expect them to change in the future, it is reasonably possible that actual results could be materially different from those estimates. Hence, the current period’s results of operations are not necessarily indicative of results that may be expected for any future interim period or for the year as a whole. Certain items on the Consolidated Financial Statements and notes for the prior periods have been reclassified to conform to the current presentation. Events subsequent to the Consolidated Balance Sheet date have been evaluated through the date the Consolidated Financial Statements are issued for inclusion in the accompanying Consolidated Financial Statements. |
Current Accounting Developments
Current Accounting Developments and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Current Accounting Developments and Summary of Significant Accounting Policies | Current Accounting Developments and Summary of Significant Accounting Policies Accounting Pronouncements Adopted in 2024 Standard Required Date of Adoption Description Effect on Financial Statements ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method January 1, 2024 ASU 2023-02 expands the scope of the proportional amortization method (“PAM”) to equity tax credit investment programs if certain conditions are met. Previously, PAM could only be used for investments in low-income housing tax credit structures. Under this guidance, companies are able to elect, on a tax credit program-by-tax credit program basis, to apply PAM to all equity investments meeting the criteria in ASC 323-740-25-1. The amendments in this guidance must be applied on a modified retrospective or a retrospective basis. The Company adopted ASU 2023-02 on January 1, 2024, for all tax credit investments under a modified retrospective basis. The impact of the adoption decreased opening retained earnings on January 1, 2024 by $9 million. The following standards were adopted on January 1, 2024, but they did not have a material impact on the Company’s Consolidated Financial Statements: • ASU 2023-01, Leases (Topic 842): Common Control Arrangements • ASU 2022-03, Fair Value Measurement (Topic 820) Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions Significant Accounting Policies Update Income Taxes — The Company has elected to apply PAM to qualifying affordable housing partnership, new markets, historic, production and renewable energy tax credit investments. Under PAM, the Company amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received, and recognizes the amortization in Income tax expense on the Consolidated Statement of Income. |
Fair Value Measurement and Fair
Fair Value Measurement and Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement and Fair Value of Financial Instruments | Fair Value Measurement and Fair Value of Financial Instruments Under applicable accounting standards, the Company measures a portion of its assets and liabilities at fair value. These assets and liabilities are predominantly recorded at fair value on a recurring basis. From time to time, certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, they are subject to fair value adjustments only as required through the application of an accounting method such as lower of cost or fair value or write-down of individual assets. The Company categorizes its assets and liabilities into three levels based on the established fair value hierarchy and conducts a review of fair value hierarchy classifications on a quarterly basis. For more information regarding the fair value hierarchy and how the Company measures fair value, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Fair Value to the Consolidated Financial Statements in the Company’s 2023 Form 10-K. 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 within the fair value hierarchy. Available-for-Sale Debt Securities — The fair value of 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 expectations 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 newly issued 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. The valuations provided by the brokers incorporate information from their trading desks, research and other market data. 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 significant 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 valuation inputs and methodology furnished by third-party pricing service providers for each security category. On an annual basis, the Company assesses the reasonableness of broker pricing by reviewing the related pricing methodologies. This review includes corroborating pricing with market data, performing pricing input reviews under current market-related conditions, and investigating security pricing by instrument as needed. When a quoted price in an active market exists for the identical security, this price is used to determine the fair value and the AFS debt security is classified as Level 1. Level 1 AFS debt securities consist of U.S. Treasury 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. In addition, the Company obtains market quotes from other official published sources. As these valuations are based on observable inputs in the current marketplace, they are classified as Level 2. Equity Securities — Equity securities consisted of mutual funds as of both March 31, 2024 and December 31, 2023. The Company invested in these mutual funds for CRA purposes. 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 — Interest rate contracts consist of interest rate swaps and options. 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 will 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 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. Considering the observable nature of all other significant inputs utilized, the Company classifies these derivative instruments as Level 2. Foreign Exchange Contracts — The fair value of foreign exchange contracts 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 is classified as Level 2. In addition, the Bank managed its foreign currency exposure in the net investment in its China subsidiary, East West Bank (China) Limited, a non-U.S. dollar (“USD”) functional currency subsidiary, with foreign currency non-deliverable forward contracts. These foreign currency non-deliverable forward contracts were designated as net investment hedges. The fair value of foreign currency non-deliverable forward 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 the spot 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 — Credit contracts utilized by the Company are comprised of credit risk participation agreements (“RPAs”) entered into by the Company with institutional counterparties. The fair value of the 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. Due to the observable nature of all other significant inputs used in deriving the estimated fair value, credit contracts are classified as Level 2. Equity Contracts — Equity contracts consist of warrants to purchase common or preferred stock of public and private companies, and any liability-classified contingently issuable shares of the Company. The fair value of the warrants is 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 equity 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 equity 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 equity volatility and liquidity discount assumptions are subject to management’s judgment, measurement uncertainty is inherent in the valuation of private company warrants. Due to the unobservable nature of the equity volatility and liquidity discount assumptions used in deriving the estimated fair value, warrants from private companies are classified as Level 3. On a quarterly basis, the changes in the fair value of warrants from private companies are reviewed for reasonableness, and a measurement of uncertainty analysis on the equity volatility and liquidity discount assumptions is performed. In connection with the Company’s acquisition of a 49.99% equity interest in Rayliant Global Advisors Limited (“Rayliant”) during the third quarter of 2023, the Company granted 349,138 shares of performance-based restricted stock units (“RSUs”) as part of its consideration, in addition to $95 million in cash. The vesting of these equity contracts on September 1, 2028, is contingent on Rayliant meeting certain financial performance targets during the performance period. The fair value of liability-classified equity contracts varies based on the operating revenue and operating EBITDA of Rayliant to be achieved during the future performance period, and these performance-based RSUs are expected to vest into a variable number of the Company’s common stock, ranging from 20% to 200% of the target performance-based RSUs granted. Due to the unobservable nature of the input assumptions, these equity contracts are classified as Level 3. For additional information on the equity contracts, refer to Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q. Commodity Contracts — Commodity contracts consist of swaps and options referencing commodity products. 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 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. 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. 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 March 31, 2024 and December 31, 2023: Assets and Liabilities Measured at Fair Value on a Recurring Basis ($ in thousands) Level 1 Level 2 Level 3 Total AFS debt securities: U.S. Treasury securities $ 621,094 $ — $ — $ 621,094 U.S. government agency and U.S. government-sponsored enterprise debt securities — 360,802 — 360,802 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (1) : Commercial mortgage-backed securities — 455,619 — 455,619 Residential mortgage-backed securities — 4,992,399 — 4,992,399 Municipal securities — 258,495 — 258,495 Non-agency mortgage-backed securities: Commercial mortgage-backed securities — 333,996 — 333,996 Residential mortgage-backed securities — 519,657 — 519,657 Corporate debt securities — 502,647 — 502,647 Foreign government bonds — 227,196 — 227,196 Asset-backed securities — 40,712 — 40,712 Collateralized loan obligations (“CLOs”) — 87,851 — 87,851 Total AFS debt securities $ 621,094 $ 7,779,374 $ — $ 8,400,468 Affordable housing partnership, tax credit and CRA investments, net: Equity securities $ 20,402 $ 4,137 $ — $ 24,539 Total affordable housing partnership, tax credit and CRA investments, net $ 20,402 $ 4,137 $ — $ 24,539 Derivative assets: Interest rate contracts $ — $ 484,794 $ — $ 484,794 Foreign exchange contracts — 60,499 — 60,499 Equity contracts — — 330 330 Commodity contracts — 76,615 — 76,615 Gross derivative assets $ — $ 621,908 $ 330 $ 622,238 Netting adjustments (2) $ — $ (489,262) $ — $ (489,262) Net derivative assets $ — $ 132,646 $ 330 $ 132,976 Derivative liabilities: Interest rate contracts $ — $ 518,330 $ — $ 518,330 Foreign exchange contracts — 53,153 — 53,153 Equity contracts (3) — — 15,119 15,119 Credit contracts — 16 — 16 Commodity contracts — 106,930 — 106,930 Gross derivative liabilities $ — $ 678,429 $ 15,119 $ 693,548 Netting adjustments (2) $ — $ (134,963) $ — $ (134,963) Net derivative liabilities $ — $ 543,466 $ 15,119 $ 558,585 Assets and Liabilities Measured at Fair Value on a Recurring Basis ($ in thousands) Level 1 Level 2 Level 3 Total AFS debt securities: U.S. Treasury securities $ 1,060,375 $ — $ — $ 1,060,375 U.S. government agency and U.S. government-sponsored enterprise debt securities — 364,446 — 364,446 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (1) : Commercial mortgage-backed securities — 468,259 — 468,259 Residential mortgage-backed securities — 1,727,594 — 1,727,594 Municipal securities — 261,016 — 261,016 Non-agency mortgage-backed securities: Commercial mortgage-backed securities — 367,516 — 367,516 Residential mortgage-backed securities — 553,671 — 553,671 Corporate debt securities — 502,425 — 502,425 Foreign government bonds — 227,874 — 227,874 Asset-backed securities — 42,300 — 42,300 CLOs — 612,861 — 612,861 Total AFS debt securities $ 1,060,375 $ 5,127,962 $ — $ 6,188,337 Affordable housing partnership, tax credit and CRA investments, net: Equity securities $ 20,509 $ 4,150 $ — $ 24,659 Affordable housing partnership, tax credit and CRA investments, net $ 20,509 $ 4,150 $ — $ 24,659 Derivative assets: Interest rate contracts $ — $ 473,907 $ — $ 473,907 Foreign exchange contracts — 57,072 — 57,072 Credit contracts — 1 — 1 Equity contracts — — 336 336 Commodity contracts — 79,604 — 79,604 Gross derivative assets $ — $ 610,584 $ 336 $ 610,920 Netting adjustments (2) $ — $ (312,792) $ — $ (312,792) Net derivative assets $ — $ 297,792 $ 336 $ 298,128 Derivative liabilities: Interest rate contracts $ — $ 433,936 $ — $ 433,936 Foreign exchange contracts — 42,564 — 42,564 Equity contracts (3) — — 15,119 15,119 Credit contracts — 25 — 25 Commodity contracts — 121,670 — 121,670 Gross derivative liabilities $ — $ 598,195 $ 15,119 $ 613,314 Netting adjustments (2) $ — $ (76,170) $ — $ (76,170) Net derivative liabilities $ — $ 522,025 $ 15,119 $ 537,144 (1) Includes Government National Mortgage Association (“GNMA”) AFS debt securities totaling $4.4 billion and $1.2 billion of fair value as of March 31, 2024 and December 31, 2023, respectively. (2) Represents the balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information. (3) Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant. For the three months ended March 31, 2024 and 2023, Level 3 fair value measurements that were measured on a recurring basis consisted of warrant equity contracts issued by private companies and liability-classified contingently issuable shares of the Company. The following table provides a reconciliation of the beginning and ending balances of these equity contracts for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) 2024 2023 Derivative assets: Equity contracts Beginning balance $ 336 $ 323 Total losses included in earnings (1) (6) (46) Ending balance $ 330 $ 277 Derivative liabilities: Equity contracts (2) Beginning balance $ 15,119 $ — Total gains (losses) included in earnings — — Ending balance $ 15,119 $ — (1) Includes unrealized losses recorded in Lending fees on the Consolidated Statement of Income. (2) Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant. The following table presents quantitative information about the significant unobservable inputs used in the valuation of Level 3 fair value measurements as of March 31, 2024 and December 31, 2023. The significant unobservable inputs presented in the table below are those that the Company considers significant to the fair value of the Level 3 assets. The Company considers unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 assets would be impacted by a predetermined percentage change. ($ in thousands) Fair Value Measurements (Level 3) Valuation Technique Unobservable Inputs Range of Inputs Weighted-Average of Inputs March 31, 2024 Derivative assets: Equity contracts $ 330 Black-Scholes option pricing model Equity volatility 39% — 50% 46 % (1) Liquidity discount 47% 47 % Derivative liabilities: Equity contracts (2) $ 15,119 Internal model Payout % designated based on operating revenue and operating EBITDA of investee 84% 84 % December 31, 2023 Derivative assets: Equity contracts $ 336 Black-Scholes option pricing model Equity volatility 37% — 48% 45 % (1) Liquidity discount 47% 47 % Derivative liabilities: Equity contracts (2) $ 15,119 Internal model Payout % designated based on operating revenue and operating EBITDA of investee 84% 84 % (1) Weighted-average of inputs is calculated based on the fair value of equity contracts as of both March 31, 2024 and December 31, 2023. (2) Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant. 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, affordable housing partnership, tax credit and CRA investments, OREO, loans held-for-sale, and other nonperforming assets. Nonrecurring fair value adjustments result from the impairment on certain individually evaluated loans held-for-investment and affordable housing partnership, tax credit and CRA investments, from the write-downs of OREO and other nonperforming assets, 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 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 the repayment of an individually evaluated loan is dependent on the sale of the collateral, 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, or is unavailable. An internal valuation utilizes one or more valuation techniques such as the income, market and/or cost approaches. Affordable Housing Partnership, Tax Credit and CRA Investments, Net — The Company conducts due diligence on its affordable housing partnership, tax credit and CRA investments prior to the initial investment date and through the placed-in-service date. After these investments are either acquired or placed into service, the Company continues its periodic monitoring process to ensure book values are realizable and that there is no significant tax credit recapture risk. This monitoring process includes reviewing the investment entity’s quarterly financial statements and annual tax returns, the annual financial statements of the guarantor (if any) and a comparison of the actual performance of the investment against the financial projections prepared at the time the investment was made. The Company assesses its tax credit and other investments for possible other-than-temporary impairment 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: • expected future cash flows that are less than the carrying amoun t of the investment; • changes in the economic, market or technological environment that could adversely affect the investee’s operations; • the potential for tax credit recapture; 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 information 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, Investments — Equity Method and Joint Ventures, 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 such as an acceptance of a deed-in-lieu of foreclosure. 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. Loans Held-for-Sale — Loans held-for-investment subsequently transferred to held-for-sale are recorded at the lower of cost or fair value upon transfer. Loans held-for-sale may be measured at fair value on a nonrecurring basis when fair value is less than cost. Fair value is generally determined based on available market data for similar loans and therefore, loans held-for-sale are classified as Level 2. Other Nonperforming Assets — Other nonperforming assets are recorded at fair value upon transfer 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 estimated recovery of the foreclosed asset. The Company records an impairment when the foreclosed asset’s fair value declines below its carrying value. The fair value measurement of other nonperforming assets is classified within one of the three levels in a valuation hierarchy based upon the observability of inputs to the valuation as of the measurement date. The following tables present the carrying amounts of assets that were still held and had fair value adjustments measured on a nonrecurring basis as of March 31, 2024 and December 31, 2023: Assets Measured at Fair Value on a Nonrecurring Basis ($ in thousands) Level 1 Level 2 Level 3 Fair Value Measurements Loans held-for-investment: Commercial: Commercial and industrial (“C&I”) $ — $ — $ 25,914 $ 25,914 Commercial real estate (“CRE”): CRE — — 10,028 10,028 Construction and land — — 12,236 12,236 Total commercial — — 48,178 48,178 Consumer: Residential mortgage: Single-family residential — — 116 116 Total consumer — — 116 116 Total loans held-for-investment $ — $ — $ 48,294 $ 48,294 Assets Measured at Fair Value on a Nonrecurring Basis ($ in thousands) Level 1 Level 2 Level 3 Fair Value Measurements Loans held-for-investment: Commercial: C&I $ — $ — $ 22,035 $ 22,035 CRE: CRE — — 22,653 22,653 Total commercial — — 44,688 44,688 Consumer: Residential mortgage: Home equity lines of credit (“HELOCs”) — — 1,204 1,204 Total consumer — — 1,204 1,204 Total loans held-for-investment $ — $ — $ 45,892 $ 45,892 Affordable housing partnership, tax credit and CRA investments, net $ — $ — $ 868 $ 868 The following table presents the (decrease) increase in the fair value of certain assets held at the end of the respective reporting periods, for which a nonrecurring fair value adjustment was recognized for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) 2024 2023 Loans held-for-investment: Commercial: C&I $ (12,843) $ (1,255) CRE: CRE (2,006) — Construction and land (1,224) — Total commercial (16,073) (1,255) Consumer: Residential mortgage: Single-family residential (1,384) — Total consumer (1,384) — Total loans held-for-investment $ (17,457) $ (1,255) Affordable housing partnership, tax credit and CRA investments, net $ — $ 174 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 March 31, 2024 and December 31, 2023: ($ in thousands) Fair Value Measurements (Level 3) Valuation Techniques Unobservable Inputs Range of Inputs Weighted-Average of Inputs March 31, 2024 Loans held-for-investment $ 6,917 Fair value of collateral Discount 20% 20% $ 8,471 Fair value of collateral Contract value NM NM $ 32,906 Fair value of property Selling cost 8% 8% December 31, 2023 Loans held-for-investment $ 16,328 Fair value of collateral Discount 15% — 75% 45% (1) $ 3,009 Fair value of collateral Contract value NM NM $ 26,555 Fair value of property Selling cost 8% 8% Affordable housing partnership, tax credit and CRA investments, net $ 868 Individual analysis of each investment Expected future tax benefits and distributions 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, 2023. Disclosures about the Fair Value of Financial Instruments The following tables present the fair value estimates for financial instruments as of March 31, 2024 and December 31, 2023, 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, restricted equity securities, at cost, and mortgage servicing rights that are included in Other assets , and accrued interest payable which is included in Accrued expenses and other liabilities . These financial instruments are measured on an amortized cost basis on the Company’s Consolidated Balance Sheet. March 31, 2024 ($ in thousands) Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Financial assets: Cash and cash equivalents $ 4,210,801 $ 4,210,801 $ — $ — $ 4,210,801 Interest-bearing deposits with banks $ 24,593 $ — $ 24,593 $ — $ 24,593 Resale agreements $ 485,000 $ — $ 391,403 $ — $ 391,403 HTM debt securities $ 2,948,642 $ 485,400 $ 1,929,078 $ — $ 2,414,478 Restricted equity securities, at cost $ 164,402 $ — $ 164,402 $ — $ 164,402 Loans held-for-sale $ 13,280 $ — $ 13,280 $ — $ 13,280 Loans held-for-investment, net $ 51,322,224 $ — $ — $ 49,849,727 $ 49,849,727 Mortgage servicing rights $ 6,234 $ — $ — $ 10,787 $ 10,787 Accrued interest receivable $ 336,428 $ — $ 336,428 $ — $ 336,428 Financial liabilities: Demand, checking, savings and money market deposits $ 37,789,344 $ — $ 37,789,344 $ — $ 37,789,344 Time deposits $ 20,771,280 $ — $ 20,715,628 $ — $ 20,715,628 Short-term borrowings $ 19,173 $ — $ 19,173 $ — $ 19,173 FHLB advances $ 3,500,000 $ — $ 3,500,000 $ — $ 3,500,000 Long-term debt $ 31,768 $ — $ 30,201 $ — $ 30,201 Accrued interest payable $ 63,470 $ — $ 63,470 $ — $ 63,470 December 31, 2023 ($ in thousands) Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Financial assets: Cash and cash equivalents $ 4,614,984 $ 4,614,984 $ — $ — $ 4,614,984 Interest-bearing deposits with banks $ 10,498 $ — $ 10,498 $ — $ 10,498 Resale agreements $ 785,000 $ — $ 699,056 $ — $ 699,056 HTM debt securities $ 2,956,040 $ 488,551 $ 1,965,420 $ — $ 2,453,971 Restricted equity securities, at cost $ 79,811 $ — $ 79,811 $ — $ 79,811 Loans held-for-sale $ 116 $ — $ 116 $ — $ 116 Loans held-for-investment, net $ 51,542,039 $ — $ — $ 50,256,565 $ 50,256,565 Mortgage servicing rights $ 6,602 $ — $ — $ 9,470 $ 9,470 Accrued interest receivable $ 331,490 $ — $ 331,490 $ — $ 331,490 Financial liabilities: Demand, checking, savings and money market deposits $ 38,048,974 $ — $ 38,048,974 $ — $ 38,048,974 Time deposits $ 18,043,464 $ — $ 18,004,951 $ — $ 18,004,951 BTFP borrowings $ 4,500,000 $ — $ 4,500,000 $ — $ 4,500,000 Long-term debt $ 148,249 $ — $ 150,896 $ — $ 150,896 Accrued interest payable $ 205,430 $ — $ 205,430 $ — $ 205,430 |
Securities Purchased under Resa
Securities Purchased under Resale Agreements | 3 Months Ended |
Mar. 31, 2024 | |
RESALE AND REPURCHASE AGREEMENTS [Abstract] | |
Securities Purchased under Resale Agreements | Securities Purchased under Resale Agreements The Company’s resale agreements expose it to credit risk from both the counterparties and the underlying collateral. The Company manages credit exposure from certain transactions by entering into master netting agreements and collateral arrangements with the counterparties. The relevant agreements allow for an efficient closeout of the transaction, liquidation and set-off of collateral against the net amount owed by the counterparty following a default. It is 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 both March 31, 2024 and December 31, 2023. Securities Purchased under Resale Agreements — Total securities purchased under resale agreements were $485 million and $785 million as of March 31, 2024 and December 31, 2023, respectively. The weighted-average yields were 3.39% and 2.50% for the three months ended March 31, 2024 and 2023, respectively. Balance Sheet Offsetting The Company’s resale and repurchase agreements are transacted under legally enforceable master netting agreements that, in the event of default by the counterparty, provide the Company the right to liquidate securities held and to offset receivables and payables with the same counterparty. The Company nets resale and repurchase transactions with the same counterparty on the Consolidated Balance Sheet when it has a legally enforceable master netting agreement and the transactions are eligible for netting under ASC 210-20-45-11, Balance Sheet Offsetting Repurchase and Reverse Repurchase Agreements . Collateral received includes securities and loans that are not recognized on the Consolidated Balance Sheet. Collateral pledged consists of securities that are not netted on the Consolidated Balance Sheet against the related collateralized liability. Securities received or pledged as collateral in resale and repurchase agreements with other financial institutions may also be sold or re-pledged by the secured party, and are usually delivered to and held by the third-party trustees. The following table presents the resale agreements included on the Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023: Gross Amounts of Recognized Assets Gross Amounts Offset on the Consolidated Balance Sheet Net Amounts of Assets Presented on the Consolidated Balance Sheet Gross Amounts Not Offset on the Consolidated Balance Sheet ($ in thousands) Collateral Received (1) Net Amount Resale agreements as of March 31, 2024 $ 485,000 $ — $ 485,000 $ (404,004) $ 80,996 Resale agreements as of December 31, 2023 $ 785,000 $ — $ 785,000 $ (715,358) $ 69,642 (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. In addition to the amounts included in the table above, the Company also has balance sheet netting related to derivatives. Refer to Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2024 | |
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 and HTM debt securities as of March 31, 2024 and December 31, 2023: March 31, 2024 ($ in thousands) Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS debt securities: U.S. Treasury securities $ 676,290 $ — $ (55,196) $ 621,094 U.S. government agency and U.S. government-sponsored enterprise debt securities 410,676 — (49,874) 360,802 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2) : Commercial mortgage-backed securities 513,159 129 (57,669) 455,619 Residential mortgage-backed securities 5,229,549 4,212 (241,362) 4,992,399 Municipal securities 296,360 47 (37,912) 258,495 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 373,834 — (39,838) 333,996 Residential mortgage-backed securities 609,705 — (90,048) 519,657 Corporate debt securities 653,501 — (150,854) 502,647 Foreign government bonds 238,592 605 (12,001) 227,196 Asset-backed securities 41,287 — (575) 40,712 CLOs 89,000 — (1,149) 87,851 Total AFS debt securities 9,131,953 4,993 (736,478) 8,400,468 HTM debt securities: U.S. Treasury securities 530,921 — (45,521) 485,400 U.S. government agency and U.S. government-sponsored enterprise debt securities 1,002,697 — (196,898) 805,799 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3) : Commercial mortgage-backed securities 491,842 — (93,850) 397,992 Residential mortgage-backed securities 734,577 — (153,299) 581,278 Municipal securities 188,605 — (44,596) 144,009 Total HTM debt securities 2,948,642 — (534,164) 2,414,478 Total debt securities $ 12,080,595 $ 4,993 $ (1,270,642) $ 10,814,946 December 31, 2023 ($ in thousands) Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS debt securities: U.S. Treasury securities $ 1,112,587 $ 101 $ (52,313) $ 1,060,375 U.S. government agency and U.S. government-sponsored enterprise debt securities 412,086 — (47,640) 364,446 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2) : Commercial mortgage-backed securities 531,377 158 (63,276) 468,259 Residential mortgage-backed securities 1,956,927 380 (229,713) 1,727,594 Municipal securities 297,283 75 (36,342) 261,016 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 409,578 — (42,062) 367,516 Residential mortgage-backed securities 643,335 — (89,664) 553,671 Corporate debt securities 653,501 — (151,076) 502,425 Foreign government bonds 239,333 69 (11,528) 227,874 Asset-backed securities 43,234 — (934) 42,300 CLOs 617,250 — (4,389) 612,861 Total AFS debt securities 6,916,491 783 (728,937) 6,188,337 HTM debt securities: U.S. Treasury securities 529,548 — (40,997) 488,551 U.S. government agency and U.S. government-sponsored enterprise debt securities 1,001,836 — (186,904) 814,932 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3) : Commercial mortgage-backed securities 493,348 — (88,968) 404,380 Residential mortgage-backed securities 742,436 — (142,119) 600,317 Municipal securities 188,872 — (43,081) 145,791 Total HTM debt securities 2,956,040 — (502,069) 2,453,971 Total debt securities $ 9,872,531 $ 783 $ (1,231,006) $ 8,642,308 (1) Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of March 31, 2024 and December 31, 2023, the accrued interest receivables were $40 million and $44 million, respectively. For the Company’s accounting policy related to debt securities’ accrued interest receivables, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities and Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in the Company’s 2023 Form 10-K. (2) Includes GNMA AFS debt securities totaling $4.5 billion of amortized cost and $4.4 billion of fair value as of March 31, 2024, and $1.3 billion of amortized cost and $1.2 billion of fair value as of December 31, 2023. (3) Includes GNMA HTM debt securities totaling $91 million of amortized cost and $73 million of fair value as of March 31, 2024, and $92 million of amortized cost and $75 million of fair value of as of December 31, 2023. Unrealized Losses of Available-for-Sale Debt Securities The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of March 31, 2024 and December 31, 2023. March 31, 2024 Less Than 12 Months 12 Months or More Total ($ in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS debt securities: U.S. Treasury securities $ — $ — $ 621,094 $ (55,196) $ 621,094 $ (55,196) U.S. government agency and U.S. government sponsored enterprise debt securities — — 360,802 (49,874) 360,802 (49,874) U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities — — 450,965 (57,669) 450,965 (57,669) Residential mortgage-backed securities 1,577,361 (4,504) 1,642,455 (236,858) 3,219,816 (241,362) Municipal securities 4,189 (6) 252,268 (37,906) 256,457 (37,912) Non-agency mortgage-backed securities: Commercial mortgage-backed securities — — 333,996 (39,838) 333,996 (39,838) Residential mortgage-backed securities — — 519,657 (90,048) 519,657 (90,048) Corporate debt securities — — 502,647 (150,854) 502,647 (150,854) Foreign government bonds 18,567 (61) 88,060 (11,940) 106,627 (12,001) Asset-backed securities — — 40,712 (575) 40,712 (575) CLOs — — 87,851 (1,149) 87,851 (1,149) Total AFS debt securities $ 1,600,117 $ (4,571) $ 4,900,507 $ (731,907) $ 6,500,624 $ (736,478) December 31, 2023 Less Than 12 Months 12 Months or More Total ($ in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS debt securities: U.S. Treasury securities $ — $ — $ 623,978 $ (52,313) $ 623,978 $ (52,313) U.S. government agency and U.S. government-sponsored enterprise debt securities — — 364,446 (47,640) 364,446 (47,640) U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities — — 463,572 (63,276) 463,572 (63,276) Residential mortgage-backed securities 9,402 (558) 1,661,112 (229,155) 1,670,514 (229,713) Municipal securities 2,825 (15) 254,773 (36,327) 257,598 (36,342) Non-agency mortgage-backed securities: Commercial mortgage-backed securities 2,742 (4) 364,774 (42,058) 367,516 (42,062) Residential mortgage-backed securities — — 553,671 (89,664) 553,671 (89,664) Corporate debt securities — — 502,425 (151,076) 502,425 (151,076) Foreign government bonds 110,955 (144) 88,616 (11,384) 199,571 (11,528) Asset-backed securities — — 42,300 (934) 42,300 (934) CLOs — — 612,861 (4,389) 612,861 (4,389) Total AFS debt securities $ 125,924 $ (721) $ 5,532,528 $ (728,216) $ 5,658,452 $ (728,937) As of March 31, 2024, the Company had 560 AFS debt securities in a gross unrealized loss position with no credit impairment, primarily consisting of 288 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 66 corporate debt securities, and 95 non-agency mortgage-backed securities. In comparison, as of December 31, 2023, the Company had 547 AFS debt securities in a gross unrealized loss position with no credit impairment, primarily consisting of 255 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities, 66 corporate debt securities, and 99 non-agency mortgage-backed securities. Allowance for Credit Losses on Available-for-Sale Debt Securities The Company evaluates each AFS debt security where the fair value declines below amortized cost. 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 the Company’s 2023 Form 10-K. The gross unrealized losses presented in the preceding tables were primarily attributable to interest rate movement and the widening of liquidity and/or credit spreads. U.S. Treasury, U.S. government agency, U.S. government-sponsored agency, and U.S. government-sponsored enterprise debt and mortgage-backed securities are issued, guaranteed, or otherwise supported by the U.S. government and have a zero credit loss assumption. The remaining securities that were in an unrealized loss position as of March 31, 2024 were mainly comprised of the following: • Corporate debt securities — The market value decline as of March 31, 2024 was primarily due to interest rate movement and spread widening. A portion of the corporate debt securities is comprised of subordinated debt securities issued by U.S. banks. Despite the reduction of the market value of these securities after the banking sector disruption in 2023, these securities are nearly all rated investment grade by nationally recognized statistical rating organizations (“NRSROs”) or issued by well-capitalized financial institutions with strong profitability. The contractual payments from these corporate debt securities have been and are expected to be received on time. The Company will continue to monitor the market developments in the banking sector and the credit performance of these securities. • Non-agency mortgage-backed securities — The market value decline as of March 31, 2024 was primarily due to interest rate movement and spread widening. Since these securities are rated investment grade by NRSROs, or have high priority in the cash flow waterfall within the securitization structure, and the contractual payments have historically been on time, the Company believes the risk of credit losses on these securities is low. As of both March 31, 2024 and December 31, 2023, the Company intended to hold the AFS debt securities with unrealized losses through the anticipated recovery period and it was more-likely-than-not that the Company would not have to sell these securities before the 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 provided against these securities as of both March 31, 2024 and December 31, 2023. In addition, there was no provision for credit losses recognized for the three months ended March 31, 2024 and 2023. Allowance for Credit Losses on Held-to-Maturity Debt Securities The Company separately evaluates its HTM debt securities for any credit losses using an expected loss model, similar to the methodology used for loans. For additional information on the Company’s credit loss methodology, refer to Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in the Company’s 2023 Form 10-K. The Company monitors the credit quality of the HTM debt securities using external credit ratings. As of March 31, 2024, all HTM securities were rated investment grade by NRSROs and issued, guaranteed, or supported by U.S. government entities and agencies. Accordingly, the Company applied a zero credit loss assumption and no allowance for credit losses was recorded as of both March 31, 2024 and December 31, 2023. Overall, the Company believes that the credit support levels of the debt securities are strong, and based on current assessments and macroeconomic forecasts, expects that full contractual cash flows will be received. Realized Gains and Losses The following table presents the gross realized gains from the sales and impairment write-off of AFS debt securities and the related tax expense (benefit) included in earnings for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) 2024 2023 Gross realized gains from sales $ 49 $ — Impairment write-off (1) $ — $ (10,000) Related tax expense (benefit) $ 14 $ (2,956) (1) During the first quarter of 2023, the Company recognized a $10 million impairment write-off on a subordinated debt security as a component of noninterest income in the Company’s Consolidated Statement of Income. Interest Income The following table presents the composition of interest income on debt securities for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) 2024 2023 Taxable interest $ 70,328 $ 61,049 Nontaxable interest 5,064 4,882 Total interest income on debt securities $ 75,392 $ 65,931 Contractual Maturities of Available-for-Sale and Held-to-Maturity Debt Securities The following tables present the contractual maturities, amortized cost, fair value and weighted-average yields of AFS and HTM debt securities as of March 31, 2024. 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) Within One Year After One Year through Five Years After Five Years through Ten Years After Ten Years Total AFS debt securities: U.S. Treasury securities Amortized cost $ 34,901 $ 641,389 $ — $ — $ 676,290 Fair value 33,920 587,174 — — 621,094 Weighted-average yield (1) 1.83 % 1.17 % — % — % 1.20 % U.S. government agency and U.S. government-sponsored enterprise debt securities Amortized cost 51,238 94,159 127,833 137,446 410,676 Fair value 51,163 90,935 106,727 111,977 360,802 Weighted-average yield (1) 4.94 % 3.16 % 1.60 % 2.33 % 2.62 % U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities Amortized cost 3,219 36,135 137,555 5,565,799 5,742,708 Fair value 3,130 34,513 125,890 5,284,485 5,448,018 Weighted-average yield (1) (2) 2.68 % 3.15 % 2.73 % 5.32 % 5.24 % Municipal securities Amortized cost 2,240 34,998 9,621 249,501 296,360 Fair value 2,219 32,747 8,885 214,644 258,495 Weighted-average yield (1) (2) 3.39 % 2.23 % 3.22 % 2.23 % 2.27 % Non-agency mortgage-backed securities Amortized cost 82,941 46,116 — 854,482 983,539 Fair value 82,055 45,322 — 726,276 853,653 Weighted-average yield (1) 3.67 % 3.70 % — % 2.54 % 2.69 % Corporate debt securities Amortized cost — — 349,501 304,000 653,501 Fair value — — 294,845 207,802 502,647 Weighted-average yield (1) — % — % 3.50 % 1.97 % 2.79 % Foreign government bonds Amortized cost 32,724 105,868 50,000 50,000 238,592 Fair value 32,665 106,471 49,640 38,420 227,196 Weighted-average yield (1) 3.01 % 2.28 % 5.72 % 1.50 % 2.94 % Asset-backed securities Amortized cost — — — 41,287 41,287 Fair value — — — 40,712 40,712 Weighted-average yield (1) — % — % — % 6.06 % 6.06 % CLOs Amortized cost — — 69,000 20,000 89,000 Fair value — — 67,924 19,927 87,851 Weighted-average yield (1) — % — % 7.10 % 6.84 % 7.04 % Total AFS debt securities Amortized cost $ 207,263 $ 958,665 $ 743,510 $ 7,222,515 $ 9,131,953 Fair value $ 205,152 $ 897,162 $ 653,911 $ 6,644,243 $ 8,400,468 Weighted-average yield (1) 3.55 % 1.72 % 3.51 % 4.67 % 4.24 % ($ in thousands) Within One Year After One Year through Five Years After Five Years through Ten Years After Ten Years Total HTM debt securities: U.S. Treasury securities Amortized cost $ — $ 530,921 $ — $ — $ 530,921 Fair value — 485,400 — — 485,400 Weighted-average yield (1) — % 1.05 % — % — % 1.05 % U.S. government agency and U.S. government-sponsored enterprise debt securities Amortized cost — — 343,666 659,031 1,002,697 Fair value — — 291,586 514,213 805,799 Weighted-average yield (1) — % — % 1.90 % 1.89 % 1.90 % U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities Amortized cost — 4,852 94,536 1,127,031 1,226,419 Fair value — 4,401 79,571 895,298 979,270 Weighted-average yield (1) (2) — % 1.40 % 1.59 % 1.69 % 1.68 % Municipal securities Amortized cost — — — 188,605 188,605 Fair value — — — 144,009 144,009 Weighted-average yield (1) (2) — % — % — % 1.99 % 1.99 % Total HTM debt securities Amortized cost $ — $ 535,773 $ 438,202 $ 1,974,667 $ 2,948,642 Fair value $ — $ 489,801 $ 371,157 $ 1,553,520 $ 2,414,478 Weighted-average yield (1) — % 1.05 % 1.83 % 1.79 % 1.66 % (1) Weighted-average yields are computed based on amortized cost balances. (2) Yields on tax-exempt securities are not presented on a tax-equivalent basis. As of March 31, 2024 and December 31, 2023, AFS and HTM debt securities with carrying valu es of $5.8 billion and $7.0 billion, respectively, were pledged to secure borrowings, public deposits and for other purposes required or permitted by law. Restricted Equity Securities The following table presents the restricted equity securities included in Other assets on the Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Federal Reserve Bank of San Francisco (“FRBSF”) stock $ 62,858 $ 62,561 FHLB stock 101,544 17,250 Total restricted equity securities $ 164,402 $ 79,811 |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company uses derivative instruments to manage exposure to market risk, primarily interest rate and foreign currency risks, as well as to assist customers with their risk management objectives. The Company’s goal is to manage interest rate sensitivity and volatility to mitigate the effect of interest rate changes on 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 serve as 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 of the Company’s 2023 Form 10-K. The following table presents the notional amounts and fair values of the Company’s derivatives as of March 31, 2024 and December 31, 2023. Certain derivative contracts are cleared though central clearing organizations where variation margin is applied daily as settlement to the fair values of the contracts. The fair values are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the application of variation margin payments as settlement to fair values of contracts cleared through central clearing organizations. Applying variation margin payments as settlement to the fair values of derivative contracts cleared through the London Clearing House (“LCH”) and the Chicago Mercantile Exchange (“CME”) resulted in reductions in the derivative asset and liability fair values by $41 million and $47 million, respectively, as of March 31, 2024. In comparison, applying variation margin payments as settlement to LCH- and CME-cleared derivative transactions resulted in reductions in both the derivative asset and liability fair values by $43 million as of December 31, 2023. Total derivative asset and liability fair values are adjusted to reflect the effects of legally enforceable master netting agreements and cash collateral received or paid. The resulting net derivative asset and liability fair values are included in Other assets and Accrued expenses and other liabilities , respectively, on the Consolidated Balance Sheet. March 31, 2024 December 31, 2023 Fair Value Fair Value ($ in thousands) Notional Amount Assets Liabilities Notional Amount Assets Liabilities Derivatives designated as hedging instruments: Cash flow hedges: Interest rate contracts $ 5,250,000 $ 15,707 $ 49,616 $ 5,250,000 $ 50,421 $ 13,124 Net investment hedges: Foreign exchange contracts — — — 81,480 3,394 — Total derivatives designated as hedging instruments $ 5,250,000 $ 15,707 $ 49,616 $ 5,331,480 $ 53,815 $ 13,124 Derivatives not designated as hedging instruments: Interest rate contracts $ 16,910,462 $ 469,087 $ 468,714 $ 17,387,909 $ 423,486 $ 420,812 Commodity contracts (1) — 76,615 106,930 — 79,604 121,670 Foreign exchange contracts 4,898,429 60,499 53,153 5,827,149 53,678 42,564 Credit contracts (2) 118,144 — 16 118,391 1 25 Equity contracts — 330 (3) 15,119 (4) — 336 (3) 15,119 (4) Total derivatives not designated as hedging instruments $ 21,927,035 $ 606,531 $ 643,932 $ 23,333,449 $ 557,105 $ 600,190 Gross derivative assets/liabilities $ 622,238 $ 693,548 $ 610,920 $ 613,314 Less: Master netting agreements (132,555) (132,555) (75,534) (75,534) Less: Cash collateral received (356,707) (2,408) (237,258) (636) Net derivative assets/liabilities $ 132,976 $ 558,585 $ 298,128 $ 537,144 (1) The notional amount of the Company’s commodity contracts totaled 18,468 thousand barrels of crude oil and 350,942 thousand units of natural gas, measured in million British thermal units (“MMBTUs”) as of March 31, 2024. In comparison, the notional amount of the Company’s commodity contracts totaled 18,631 thousand barrels of crude oil and 328,844 thousand MMBTUs of natural gas as of December 31, 2023. (2) The notional amount of the credit contracts reflects the Company’s pro-rata share of the underlying derivative instruments in RPAs. (3) The Company held warrant equity contracts in 11 private companies and one public company as of both March 31, 2024 and December 31, 2023. (4) Equity contracts classified as derivative liabilities consist of 349,138 performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant. Derivatives Designated as Hedging Instruments Cash Flow Hedges — The Company uses interest rate swaps to hedge the variability in interest amount received on certain floating-rate commercial loans, or paid on certain floating-rate borrowings due to changes in contractually specified interest rates. As of March 31, 2024, interest rate contracts in notional amounts of $5.3 billion were designated as cash flow hedges to convert certain variable-rate loans from floating-rate payments to fixed-rate payments. Gains and losses on the hedging derivative instruments are recognized in AOCI and reclassified to earnings in the same period the hedged cash flows impact earnings and within the same income statement line item as the hedged cash flows. Considering the interest rates, yield curve and notional amount as of March 31, 2024, the Company expects to reclassify an estimated $50 million of after-tax net losses on derivative instruments designated as cash flow hedges from AOCI into earnings during the next 12 months. The following table presents the pre-tax changes in AOCI from cash flow hedges for the three months ended March 31, 2024 and 2023. The after-tax impact of cash flow hedges on AOCI is shown in Note 14 — Accumulated Other Comprehensive Income (Loss) to the Consolidated Financial Statements in this Form-10-Q. Three Months Ended March 31, ($ in thousands) 2024 2023 (Losses) gains recognized in AOCI: Interest rate contracts $ (90,376) $ 29,843 (Losses) gains reclassified from AOCI into earnings: Interest expense (for cash flow hedges on borrowings) $ — $ 696 Interest and dividend income (for cash flow hedges on loans) (24,605) (12,954) Noninterest income — 1,614 (1) Total $ (24,605) $ (10,644) (1) Represents the amounts in AOCI reclassified into earnings as a result that the forecasted cash flows were no longer probable to occur. Net Investment Hedges — 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 were used to hedge against the risk of adverse changes in the foreign currency exchange rate of the Chinese Renminbi (“RMB”). The net investment hedge in place as of December 31, 2023 expired during the three months ended March 31, 2024. The following table presents the pre-tax gains or losses recognized in AOCI on net investment hedges for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) 2024 2023 Gains (losses) recognized in AOCI $ 586 $ (1,076) Derivatives Not Designated as Hedging Instruments Customer-Related Positions and Economic Hedge Derivatives — The Company enters into interest rate, commodity, and foreign exchange derivatives at the request of its customers and generally enters into offsetting derivative contracts with third-party financial institutions to mitigate the inherent market risk. The Company also utilizes foreign exchange contracts to mitigate the effect of currency fluctuations on certain foreign currency-denominated on-balance sheet assets and liabilities, primarily foreign currency denominated deposits that it offers to its customers. A majority of the foreign exchange contracts had original maturities of one year or less as of both March 31, 2024 and December 31, 2023. The following table presents the notional amounts and the gross fair values of the interest rate and foreign exchange derivatives entered into with customers and with third-party financial institutions as economic hedges to customers’ positions as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Fair Value Fair Value ($ in thousands) Notional Amount Assets Liabilities Notional Amount Assets Liabilities Customer-related positions: Interest rate contracts: Swaps $ 6,874,132 $ 9,521 $ 442,960 $ 6,835,822 $ 25,649 $ 377,388 Written options 1,287,121 — 11,909 1,522,531 — 12,756 Collars and corridors 281,117 130 3,371 322,732 440 4,481 Subtotal 8,442,370 9,651 458,240 8,681,085 26,089 394,625 Foreign exchange contracts: Forwards and spot 643,298 4,124 7,548 956,618 9,466 6,756 Swaps 1,577,082 19,020 24,839 1,588,491 5,801 18,118 Purchased options 129,000 2,580 — 136,000 1,839 — Subtotal 2,349,380 25,724 32,387 2,681,109 17,106 24,874 Total $ 10,791,750 $ 35,375 $ 490,627 $ 11,362,194 $ 43,195 $ 419,499 Economic hedges: Interest rate contracts: Swaps $ 6,899,692 $ 444,094 $ 10,337 $ 6,861,561 $ 380,123 $ 25,731 Purchased options 1,287,283 11,962 — 1,522,531 12,783 — Collars and corridors 281,117 3,380 137 322,732 4,491 456 Subtotal 8,468,092 459,436 10,474 8,706,824 397,397 26,187 Foreign exchange contracts: Forwards and spot 33,003 42 18 148,003 292 94 Swaps 2,387,046 34,733 18,168 2,862,037 36,280 15,757 Written options 129,000 — 2,580 136,000 — 1,839 Subtotal 2,549,049 34,775 20,766 3,146,040 36,572 17,690 Total $ 11,017,141 $ 494,211 $ 31,240 $ 11,852,864 $ 433,969 $ 43,877 The Company enters into energy commodity contracts with its customers in the oil and gas sector, which allow them to hedge against the risk of fluctuation in energy commodity prices. Offsetting contracts entered with third-party financial institutions are used as economic hedges to manage the Company’s exposure on its customer-related positions. The following table presents the notional amounts in units and the gross fair values of the commodity derivatives issued for customer-related positions and economic hedges as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Fair Value Fair Value ($ and unit in thousands) Notional Units Assets Liabilities Notional Units Assets Liabilities Customer-related positions: Commodity contracts: Crude oil: Swaps 3,608 Barrels $ 15,370 $ 685 3,277 Barrels $ 3,735 $ 15,445 Collars 5,576 Barrels 11,901 115 5,966 Barrels 1,820 5,103 Subtotal 9,184 Barrels 27,271 800 9,243 Barrels 5,555 20,548 Natural gas: Swaps 127,102 MMBTUs 1,420 70,028 118,325 MMBTUs 438 73,793 Collars 47,953 MMBTUs 672 17,107 45,854 MMBTUs 21 20,400 Written options 1,976 MMBTUs 132 33 1,874 MMBTUs — 233 Subtotal 177,031 MMBTUs 2,224 87,168 166,053 MMBTUs 459 94,426 Total $ 29,495 $ 87,968 $ 6,014 $ 114,974 Economic hedges: Commodity contracts: Crude oil: Swaps 3,708 Barrels $ 1,788 $ 12,997 3,422 Barrels $ 9,166 $ 4,924 Collars 5,576 Barrels 1 4,902 5,966 Barrels 1,685 1,467 Subtotal 9,284 Barrels 1,789 17,899 9,388 Barrels 10,851 6,391 Natural gas: Swaps 124,582 MMBTUs 37,170 629 116,463 MMBTUs 49,941 305 Collars 47,353 MMBTUs 8,120 318 44,454 MMBTUs 12,565 — Purchased options 1,976 MMBTUs 41 116 1,874 MMBTUs 233 — Subtotal 173,911 MMBTUs 45,331 1,063 162,791 MMBTUs 62,739 305 Total $ 47,120 $ 18,962 $ 73,590 $ 6,696 Credit Contracts — The Company periodically enters into credit RPAs with institutional counterparties to manage the credit exposure of the interest rate contracts associated with syndication loans. Under the RPAs, a portion of the credit exposure is transferred from one party (the purchaser of credit protection) to another party (the seller of credit protection). The seller of credit protection is required to make payments to the purchaser of credit protection if the underlying borrower defaults on the related interest rate contract. The Company may enter into protection sold or protection purchased RPAs. Credit risk on RPAs is managed by monitoring the credit worthiness of the borrowers and the institutional counterparties, which is a part of the Company’s normal credit review and monitoring process. All referenced entities of the protection sold RPAs were investment grade and the weighted-average remaining maturity was 2.6 years and 2.8 years as of March 31, 2024 and December 31, 2023, respectively. Assuming the underlying borrowers referenced in the interest rate contracts defaulted, the maximum exposure in the protection sold RPAs would be $82 thousand and $177 thousand as of March 31, 2024 and December 31, 2023, respectively. As of both March 31, 2024 and December 31, 2023, the Company had one outstanding protection purchased RPA with notional amount of $25 million and minimal fair value. Equity Contracts — As part of the loan origination process, the Company may obtain warrants to purchase the preferred and/or common stock of the borrowers’ companies, which are mainly in the technology and life sciences sectors. Warrants grant the Company the right to buy a certain class of the underlying company’s equity at a certain price before expiration. In connection with the Company’s investment in Rayliant during the third quarter of 2023, the Company granted performance-based RSUs as part of its consideration. The vesting of these equity contracts is contingent on Rayliant meeting certain financial performance targets during the future performance period. For additional information on these equity contracts, refer to Note 3 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-Q. The following table presents the net gains (losses) recognized on the Company’s Consolidated Statement of Income related to derivatives not designated as hedging instruments for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) Classification on Consolidated Statement of Income 2024 2023 Derivatives not designated as hedging instruments: Interest rate contracts Customer derivative income $ 484 $ (2,484) Foreign exchange contracts Foreign exchange income 12,780 10,442 Credit contracts Customer derivative income (5) (5) Equity contracts - warrants Lending fees (6) (45) Commodity contracts Customer derivative income 134 6 Net gains $ 13,387 $ 7,914 Credit-Risk-Related Contingent Features — Certain of the Company’s over-the-counter derivative contracts contain early termination provisions that require the Company to settle any outstanding balances upon the occurrence of a specified credit-risk-related event. Such an event primarily relates to a downgrade of the credit rating of East West Bank to below investment grad e. As of March 31, 2024, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $2 million , for which $2 million collateral was posted to cover these positions. In comparison, a s of December 31, 2023, the aggregate fair value amounts of all derivative instruments with credit risk-related contingent features that were in a net liability position totaled $9 thousand, for which no collateral was posted to cover these positions. In the event that the credit rating of East West Bank had been downgraded to below investment grade, the Company would have been required to post minimal additional collateral as of both March 31, 2024 and December 31, 2023. Offsetting of Derivatives The following tables present the gross derivative fair values, the balance sheet netting adjustments, and the resulting net fair values recorded on the Consolidated Balance Sheet, as well as the cash and noncash collateral associated with master netting arrangements. The gross amounts of derivative assets and liabilities are presented after the application of variation margin payments as settlements to the fair values of contracts cleared through central clearing organizations, where applicable. The collateral amounts in the following tables are limited to the outstanding balances of the related asset or liability. Therefore, instances of over-collateralization are not shown: ($ in thousands) As of March 31, 2024 Gross Amounts Recognized (1) Gross Amounts Offset on the Consolidated Balance Sheet Net Amounts Presented on the Consolidated Balance Sheet Gross Amounts Not Offset on the Consolidated Balance Sheet Net Amount Master Netting Arrangements Cash Collateral Received (3) Security Collateral Received (5) Derivative assets $ 622,238 $ (132,555) $ (356,707) $ 132,976 $ (99,877) $ 33,099 Gross Amounts Recognized (2) Gross Amounts Offset on the Consolidated Balance Sheet Net Amounts Presented on the Consolidated Balance Sheet Gross Amounts Not Offset on the Consolidated Balance Sheet Net Amount Master Netting Arrangements Cash Collateral Pledged (4) Security Collateral Pledged (5) Derivative liabilities $ 693,548 $ (132,555) $ (2,408) $ 558,585 $ — $ 558,585 ($ in thousands) As of December 31, 2023 Gross Amounts Recognized (1) Gross Amounts Offset on the Consolidated Balance Sheet Net Amounts Presented on the Consolidated Balance Sheet Gross Amounts Not Offset on the Consolidated Balance Sheet Net Amount Master Netting Arrangements Cash Collateral Received (3) Security Collateral Received (5) Derivative assets $ 610,920 $ (75,534) $ (237,258) $ 298,128 $ (246,259) $ 51,869 Gross Amounts Recognized (2) Gross Amounts Offset on the Consolidated Balance Sheet Net Amounts Presented on the Consolidated Balance Sheet Gross Amounts Not Offset on the Consolidated Balance Sheet Net Amount Master Netting Arrangements Cash Collateral Pledged (4) Security Collateral Pledged (5) Derivative liabilities $ 613,314 $ (75,534) $ (636) $ 537,144 $ — $ 537,144 (1) Includes $2 million and $3 million of gross fair value assets with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of March 31, 2024 and December 31, 2023, respectively. (2) Includes $17 million and $16 million of gross fair value liabilities with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of March 31, 2024 and December 31, 2023, respectively. (3) Gross cash collateral received under master netting arrangements or similar agreements was $362 million and $244 million as of March 31, 2024 and December 31, 2023, respectively. Of the gross cash collateral received, $357 million and $237 million were used to offset derivative assets as of March 31, 2024 and December 31, 2023, respectively. (4) Gross cash collateral pledged under master netting arrangements or similar agreements was $3 million and $1 million as of March 31, 2024 and December 31, 2023, respectively. Of the gross cash collateral pledged, $2 million and $1 million were used to offset derivative liabilities as of March 31, 2024 and December 31, 2023, respectively. (5) Represents the fair value of security collateral received or pledged limited to derivative assets or liabilities that are subject to enforceable master netting arrangements or similar agreements. U.S. GAAP does not permit the netting of noncash collateral on the Consolidated Balance Sheet but requires the disclosure of such amounts. In addition to the amounts included in the tables above, the Company has balance sheet netting related to resale agreements. Refer to Note 4 — Securities Purchased under Resale Agreements to the Consolidated Financial Statements in this Form 10-Q for additional information. Refer to Note 3 — Fair Value Measurement and Fair Value of Financial Instruments to the Consolidated Financial Statements in this Form 10-Q for fair value measurement disclosures on derivatives. |
Loans Receivable and Allowance
Loans Receivable and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2024 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Loans Receivable and Allowance for Credit Losses | Loans Receivable and Allowance for Credit Losses The following table presents the composition of the Company’s loans held-for-investment outstanding as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Commercial: C&I $ 16,350,191 $ 16,581,079 CRE: CRE 14,609,655 14,777,081 Multifamily residential 5,010,245 5,023,163 Construction and land 673,939 663,868 Total CRE 20,293,839 20,464,112 Total commercial 36,644,030 37,045,191 Consumer: Residential mortgage: Single-family residential 13,563,738 13,383,060 HELOCs 1,731,233 1,722,204 Total residential mortgage 15,294,971 15,105,264 Other consumer 53,503 60,327 Total consumer 15,348,474 15,165,591 Total loans held-for-investment (1) $ 51,992,504 $ 52,210,782 Allowance for loan losses (670,280) (668,743) Loans held-for-investment, net (1) $ 51,322,224 $ 51,542,039 (1) Includes Accrued interest receivable on loans held-for-investment was $268 million and $267 million as of March 31, 2024 and December 31, 2023, respectively, and was included in Other assets on the Consolidated Balance Sheet. The interest income reversed was insignificant for both the three months ended March 31, 2024 and 2023. For the Company’s accounting policy on accrued interest receivable related to loans held-for-investment, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Loans Held-for-Investment to the Consolidated Financial Statements of the Company’s 2023 Form 10-K. The Company also has loans held-for-sale. For the Company’s accounting policy on loans held-for-sale, refer to Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Loans Held-for-Sale to the Consolidated Financial Statements in the Company’s 2023 Form 10-K. The Company’s FRBSF and FHLB borrowings are primarily secured by loans held-for-investment. Loans held-for-investment totaling $37.1 billion and $37.2 billion, respectively, were pledged to secure borrowings and provide additional borrowing capacity as of March 31, 2024 and December 31, 2023. Credit Quality Indicators All loans are subject to the Company’s credit review and monitoring process. For the commercial loan 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 consumer loan portfolio, payment performance or delinquency is typically the driving indicator for risk ratings. The Company utilizes internal credit risk ratings to assign each individual loan a risk rating of 1 through 10: • Pass — loans risk rated 1 through 5 are assigned an internal risk rating category of “Pass.” Loans risk rated 1 are typically loans fully secured by cash. Pass loans have sufficient sources of repayment to repay the loan in full, in accordance with all terms and conditions. • Special mention — loans assigned a risk rating of 6 have potential weaknesses that warrant closer attention by management; these are assigned an internal risk rating category of “Special Mention.” • Substandard — 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 category of “Substandard.” • Doubtful — 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 category of “Doubtful.” • Loss — loans assigned a risk rating of 10 are uncollectible and of such little value that they are no longer considered bankable assets; these are assigned an internal risk rating category of “Loss.” Loan 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 basis, and adjusts the ratings based on changes in the borrowers’ financial status and the collectability of the loans. The following tables summarize the Company’s loans held-for-investment and year-to-date gross write-offs by loan portfolio segments, internal risk ratings and vintage year as of the periods presented. The vintage year is the year of loan origination, renewal or major modification. Revolving loans that are converted to term loans presented in the tables below are excluded from term loans by vintage year columns. March 31, 2024 Term Loans by Origination Year ($ in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Loans (1) Total Commercial: C&I: Pass $ 494,511 $ 2,181,627 $ 1,390,042 $ 1,162,380 $ 290,790 $ 357,396 $ 9,858,874 $ 23,801 $ 15,759,421 Criticized (accrual) 15 80,137 146,122 126,563 8,378 61,936 118,657 — 541,808 Criticized (nonaccrual) — 15,676 10,179 631 4,193 17,313 970 — 48,962 Total C&I 494,526 2,277,440 1,546,343 1,289,574 303,361 436,645 9,978,501 23,801 16,350,191 Gross write-offs for the three months ended March 31, 2024 (2) — 221 11,550 3,047 488 1,528 (56) (3) — 16,778 CRE: Pass 310,715 2,415,104 3,940,346 2,125,414 1,412,088 3,815,741 90,300 48,880 14,158,588 Criticized (accrual) — 66,187 54,141 26,402 53,926 200,610 — 14,795 416,061 Criticized (nonaccrual) — 1,750 — — — 33,256 — — 35,006 Subtotal CRE 310,715 2,483,041 3,994,487 2,151,816 1,466,014 4,049,607 90,300 63,675 14,609,655 Gross write-offs for the three months ended March 31, 2024 — — — — — 2,398 — — 2,398 Multifamily residential: Pass 43,746 652,947 1,482,963 794,023 645,391 1,329,341 6,831 1,275 4,956,517 Criticized (accrual) — 13,939 — 31,882 — 3,261 — — 49,082 Criticized (nonaccrual) — — — — — 4,646 — — 4,646 Subtotal multifamily residential 43,746 666,886 1,482,963 825,905 645,391 1,337,248 6,831 1,275 5,010,245 Gross write-offs for the three months ended March 31, 2024 — — — — — 6 — — 6 Construction and land: Pass 2,980 266,224 234,093 124,830 1,603 6,290 8,795 — 644,815 Criticized (accrual) — — 16,888 — — — — — 16,888 Criticized (nonaccrual) — — 12,236 — — — — — 12,236 Subtotal construction and land 2,980 266,224 263,217 124,830 1,603 6,290 8,795 — 673,939 Gross write-offs for the three months ended March 31, 2024 — — 1,224 — — — — — 1,224 Total CRE 357,441 3,416,151 5,740,667 3,102,551 2,113,008 5,393,145 105,926 64,950 20,293,839 Total CRE gross write-offs for the three months ended March 31, 2024 — — 1,224 — — 2,404 — — 3,628 Total commercial $ 851,967 $ 5,693,591 $ 7,287,010 $ 4,392,125 $ 2,416,369 $ 5,829,790 $ 10,084,427 $ 88,751 $ 36,644,030 Total commercial gross write-offs for the three months ended March 31, 2024 (2) $ — $ 221 $ 12,774 $ 3,047 $ 488 $ 3,932 $ (56) (3) $ — $ 20,406 March 31, 2024 Term Loans by Origination Year ($ in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Loans (1) Total Consumer: Residential mortgage: Single-family residential: Pass (4) $ 547,073 $ 3,077,628 $ 3,285,262 $ 2,236,107 $ 1,553,848 $ 2,814,348 $ — $ — $ 13,514,266 Criticized (accrual) — 3,196 — 1,764 3,910 5,583 — — 14,453 Criticized (nonaccrual) (4) — 7,860 5,874 3,389 3,718 14,178 — — 35,019 Subtotal single-family residential mortgage 547,073 3,088,684 3,291,136 2,241,260 1,561,476 2,834,109 — — 13,563,738 HELOCs: Pass 4,798 3,655 3,394 2,817 5,107 9,288 1,561,308 123,131 1,713,498 Criticized (accrual) — 808 2,435 360 — 670 718 1,246 6,237 Criticized (nonaccrual) — 65 518 219 — 5,906 — 4,790 11,498 Subtotal HELOCs 4,798 4,528 6,347 3,396 5,107 15,864 1,562,026 129,167 1,731,233 Total residential mortgage 551,871 3,093,212 3,297,483 2,244,656 1,566,583 2,849,973 1,562,026 129,167 15,294,971 Other consumer: Pass 2,132 632 18,101 134 — 6,861 22,481 — 50,341 Criticized (accrual) — — — — — — 3,000 — 3,000 Criticized (nonaccrual) — — — — — — 162 — 162 Total other consumer 2,132 632 18,101 134 — 6,861 25,643 — 53,503 Gross write-offs for the three months ended March 31, 2024 (2) — — — — — — 2 — 2 Total consumer $ 554,003 $ 3,093,844 $ 3,315,584 $ 2,244,790 $ 1,566,583 $ 2,856,834 $ 1,587,669 $ 129,167 $ 15,348,474 Total consumer gross write-offs for the three months ended March 31, 2024 (2) $ — $ — $ — $ — $ — $ — $ 2 $ — $ 2 Total loans held-for-investment: Pass $ 1,405,955 $ 8,597,817 $ 10,354,201 $ 6,445,705 $ 3,908,827 $ 8,339,265 $ 11,548,589 $ 197,087 $ 50,797,446 Criticized (accrual) 15 164,267 219,586 186,971 66,214 272,060 122,375 16,041 1,047,529 Criticized (nonaccrual) — 25,351 28,807 4,239 7,911 75,299 1,132 4,790 147,529 Total $ 1,405,970 $ 8,787,435 $ 10,602,594 $ 6,636,915 $ 3,982,952 $ 8,686,624 $ 11,672,096 $ 217,918 $ 51,992,504 Total loans held-for-investment gross write-offs for the three months ended March 31, 2024 (2) $ — $ 221 $ 12,774 $ 3,047 $ 488 $ 3,932 $ (54) (3) $ — $ 20,408 December 31, 2023 Term Loans by Origination Year ($ in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans (1) Total Commercial: C&I: Pass $ 2,314,463 $ 1,628,560 $ 1,296,936 $ 331,982 $ 245,173 $ 164,159 $ 10,053,757 $ 20,143 $ 16,055,173 Criticized (accrual) 105,119 67,899 120,574 15,064 40,920 22,098 117,196 — 488,870 Criticized (nonaccrual) 2,104 7,916 131 4,819 2,979 18,137 950 — 37,036 Total C&I 2,421,686 1,704,375 1,417,641 351,865 289,072 204,394 10,171,903 20,143 16,581,079 Gross write-offs for the year ended December 31, 2023 (2) 350 10,454 424 3,758 9,748 2,648 1,593 — 28,975 CRE: Pass 2,492,915 4,086,385 2,216,257 1,428,724 1,600,844 2,494,382 92,851 62,771 14,475,129 Criticized (accrual) 36,855 34,485 30,336 48,250 24,437 104,340 — — 278,703 Criticized (nonaccrual) — — — — 444 22,805 — — 23,249 Subtotal CRE 2,529,770 4,120,870 2,246,593 1,476,974 1,625,725 2,621,527 92,851 62,771 14,777,081 Gross write-offs for the year ended December 31, 2023 (2) — — — — — 1,329 — — 1,329 Multifamily residential: Pass 665,780 1,481,161 808,333 612,408 498,491 857,713 8,690 1,281 4,933,857 Criticized (accrual) — 3,356 54,614 — 693 25,974 — — 84,637 Criticized (nonaccrual) — — — — — 4,669 — — 4,669 Subtotal multifamily residential 665,780 1,484,517 862,947 612,408 499,184 888,356 8,690 1,281 5,023,163 Gross write-offs for the year ended December 31, 2023 — — — — — 3 — — 3 Construction and land: Pass 209,775 280,151 120,724 39,928 808 5,501 6,981 — 663,868 Subtotal construction and land 209,775 280,151 120,724 39,928 808 5,501 6,981 — 663,868 Total CRE 3,405,325 5,885,538 3,230,264 2,129,310 2,125,717 3,515,384 108,522 64,052 20,464,112 Total CRE gross write-offs for the year ended December 31, 2023 (2) — — — — — 1,332 — — 1,332 Total commercial $ 5,827,011 $ 7,589,913 $ 4,647,905 $ 2,481,175 $ 2,414,789 $ 3,719,778 $ 10,280,425 $ 84,195 $ 37,045,191 Total commercial gross write-offs for the year ended December 31, 2023 (2) 350 10,454 424 3,758 9,748 3,980 1,593 — 30,307 December 31, 2023 Term Loans by Origination Year ($ in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans (1) Total Consumer: Residential mortgage: Single-family residential: Pass (4) $ 3,188,830 $ 3,340,789 $ 2,279,802 $ 1,594,525 $ 980,686 $ 1,959,974 $ — $ — $ 13,344,606 Criticized (accrual) 2,680 4,471 566 1,440 1,503 4,167 — — 14,827 Criticized (nonaccrual) (4) 4,466 837 3,902 2,081 3,626 8,715 — — 23,627 Subtotal single-family residential mortgage 3,195,976 3,346,097 2,284,270 1,598,046 985,815 1,972,856 — — 13,383,060 HELOCs: Pass 3,641 3,882 1,734 3,153 729 9,251 1,551,074 126,280 1,699,744 Criticized (accrual) 565 1,219 1,872 101 185 1,470 2,548 1,089 9,049 Criticized (nonaccrual) 815 856 413 72 584 6,863 279 3,529 13,411 Subtotal HELOCs 5,021 5,957 4,019 3,326 1,498 17,584 1,553,901 130,898 1,722,204 Gross write-offs for the year ended December 31, 2023 (2) — — — — — 41 — 6 47 Total residential mortgage 3,200,997 3,352,054 2,288,289 1,601,372 987,313 1,990,440 1,553,901 130,898 15,105,264 Total residential mortgage gross write-offs for the year ended December 31, 2023 (2) — — — — — 41 — 6 47 Other consumer: Pass 2,286 18,098 135 — — 13,244 26,432 — 60,195 Criticized (nonaccrual) — — — — — — 132 — 132 Total other consumer 2,286 18,098 135 — — 13,244 26,564 — 60,327 Total consumer $ 3,203,283 $ 3,370,152 $ 2,288,424 $ 1,601,372 $ 987,313 $ 2,003,684 $ 1,580,465 $ 130,898 $ 15,165,591 Total consumer gross write-offs for the year ended December 31, 2023 (2) $ — $ — $ — $ — $ — $ 41 $ — $ 6 $ 47 Total by Risk Rating: Pass $ 8,877,690 $ 10,839,026 $ 6,723,921 $ 4,010,720 $ 3,326,731 $ 5,504,224 $ 11,739,785 $ 210,475 $ 51,232,572 Criticized (accrual) 145,219 111,430 207,962 64,855 67,738 158,049 119,744 1,089 876,086 Criticized (nonaccrual) 7,385 9,609 4,446 6,972 7,633 61,189 1,361 3,529 102,124 Total $ 9,030,294 $ 10,960,065 $ 6,936,329 $ 4,082,547 $ 3,402,102 $ 5,723,462 $ 11,860,890 $ 215,093 $ 52,210,782 Total loans held-for-investment gross write-offs for the year ended December 31, 2023 (2) $ 350 $ 10,454 $ 424 $ 3,758 $ 9,748 $ 4,021 $ 1,593 $ 6 $ 30,354 (1) $7 million and $12 million of total commercial loans, comprised of C&I and CRE revolving loans, converted to term loans during the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024 and 2023, respectively, $15 million and $5 million of total consumer loans, comprised of HELOCs, converted to term loans. (2) Excludes gross write-offs associated with loans the Company sold or settled. (3) Represents the remaining unamortized deferred loan fee related to a zero balance loan with no previous charge-offs. (4) As of both March 31, 2024 and December 31, 2023, $1 million of nonaccrual loans whose payments were guaranteed by the Federal Housing Administration were classified with a “Pass” rating. Nonaccrual and Past Due Loans Loans that are 90 or more days past due are generally placed on nonaccrual status unless the loan is well-collateralized and in the process of collection. Loans that are less than 90 days past due but have identified deficiencies, such as when the full collection of principal or interest becomes uncertain, are also placed on nonaccrual status. The following tables present the aging analysis of loans held-for-investment as of March 31, 2024 and December 31, 2023: March 31, 2024 ($ in thousands) Current Accruing Loans Accruing Loans 30-59 Days Past Due Accruing Loans 60-89 Days Past Due Total Accruing Past Due Loans Total Nonaccrual Loans Total Loans Commercial: C&I $ 16,281,903 $ 4,559 $ 14,767 $ 19,326 $ 48,962 $ 16,350,191 CRE: CRE 14,555,923 18,726 — 18,726 35,006 14,609,655 Multifamily residential 5,005,231 368 — 368 4,646 5,010,245 Construction and land 661,703 — — — 12,236 673,939 Total CRE 20,222,857 19,094 — 19,094 51,888 20,293,839 Total commercial 36,504,760 23,653 14,767 38,420 100,850 36,644,030 Consumer: Residential mortgage: Single-family residential 13,478,789 33,911 15,369 49,280 35,669 13,563,738 HELOCs 1,699,628 13,877 6,230 20,107 11,498 1,731,233 Total residential mortgage 15,178,417 47,788 21,599 69,387 47,167 15,294,971 Other consumer 53,224 60 57 117 162 53,503 Total consumer 15,231,641 47,848 21,656 69,504 47,329 15,348,474 Total $ 51,736,401 $ 71,501 $ 36,423 $ 107,924 $ 148,179 $ 51,992,504 December 31, 2023 ($ in thousands) Current Accruing Loans Accruing Loans 30-59 Days Past Due Accruing Loans 60-89 Days Past Due Total Accruing Past Due Loans Total Nonaccrual Loans Total Loans Commercial: C&I $ 16,508,394 $ 28,550 $ 7,099 $ 35,649 $ 37,036 $ 16,581,079 CRE: CRE 14,750,315 1,719 1,798 3,517 23,249 14,777,081 Multifamily residential 5,017,897 597 — 597 4,669 5,023,163 Construction and land 650,617 13,251 — 13,251 — 663,868 Total CRE 20,418,829 15,567 1,798 17,365 27,918 20,464,112 Total commercial 36,927,223 44,117 8,897 53,014 64,954 37,045,191 Consumer: Residential mortgage: Single-family residential 13,313,455 29,285 15,943 45,228 24,377 13,383,060 HELOCs 1,687,301 12,266 9,226 21,492 13,411 1,722,204 Total residential mortgage 15,000,756 41,551 25,169 66,720 37,788 15,105,264 Other consumer 56,930 3,123 142 3,265 132 60,327 Total consumer 15,057,686 44,674 25,311 69,985 37,920 15,165,591 Total $ 51,984,909 $ 88,791 $ 34,208 $ 122,999 $ 102,874 $ 52,210,782 The following table presents the amortized cost of loans on nonaccrual status for which there was no related allowance for loan losses as of both March 31, 2024 and December 31, 2023. Nonaccrual loans may not have an allowance for credit losses if the loan balances are well secured by collateral values and there is no loss expectation. ($ in thousands) March 31, 2024 December 31, 2023 Commercial: C&I $ 40,617 $ 33,089 CRE 34,431 22,653 Multifamily residential 4,235 4,235 Construction and land 12,236 — Total commercial 91,519 59,977 Consumer: Single-family residential 15,380 4,852 HELOCs 6,287 7,256 Total consumer 21,667 12,108 Total nonaccrual loans with no related allowance for loan losses $ 113,186 $ 72,085 Foreclosed Assets The Company acquires assets from borrowers through loan restructurings, workouts, or foreclosures. Assets acquired may include real properties (e.g., real estate, land, and buildings) and commercial and personal properties. The Company recognizes foreclosed assets upon receiving assets in satisfaction of a loan (e.g., taking legal title or physical possession). Foreclosed assets, consisting of OREO and other nonperforming assets, are included in Other assets on the Consolidated Balance Sheet. The Company had $17 million of foreclosed assets as of March 31, 2024, compared with $11 million as of December 31, 2023. The Company commences the foreclosure process on consumer mortgage loans after a borrower becomes more than 120 days delinquent in accordance with the CFPB guidelines. The carrying value of the consumer real estate loans that were in an active or suspended foreclosure process was $8 million as of both March 31, 2024 and December 31, 2023. Loan Modifications to Borrowers Experiencing Financial Difficulty As part of the Company’s loss mitigation efforts, the Company may agree to modify the contractual terms of a loan to assist borrowers experiencing financial difficulty. The Company negotiates loan modifications on a case-by-case basis to achieve mutually agreeable terms that maximize loan collectability and meet the borrower’s financial needs. The Company considers various factors to identify borrowers experiencing financial difficulty. The primary factor for consumer borrowers is delinquency status. For commercial loan borrowers, these factors include credit risk ratings, the probability of loan risk rating downgrades, and overall risk profile changes. The modification may include, but is not limited to, payment deferrals, interest rate reductions, term extensions, principal forgiveness, or a combination of such modifications. Commercial loan borrowers that require immaterial modifications such as insignificant interest rate changes, short-term extensions (90 days or less) from the original maturity date, or temporary waivers or extensions of financial covenants which would not constitute material credit actions, are generally not considered to be experiencing financial difficulty and are not included in the disclosure. Insignificant payment deferrals (three months or less in the last 12 months) are also not included in the disclosure. The following tables present the amortized cost of loans that were modified during the three months ended March 31, 2024 and 2023 by loan class and modification type: Three Months Ended March 31, 2024 Modification Type ($ in thousands) Term Extension Payment Delay Combination: Rate Reduction/ Payment Delay Total Modification as a % of Loan Class Commercial: C&I $ 4,013 $ 22,155 $ — $ 26,168 0.16 % CRE 24,488 — 19,325 43,813 0.22 % Total commercial 28,501 22,155 19,325 69,981 Consumer: Single-family residential — 3,996 — 3,996 0.03 % HELOCs — 5,501 517 6,018 0.35 % Total consumer — 9,497 517 10,014 Total $ 28,501 $ 31,652 $ 19,842 $ 79,995 Three Months Ended March 31, 2023 Modification Type ($ in thousands) Term Extension Payment Delay Combination: Rate Reduction/ Payment Delay Total Modification as a % of Loan Class Commercial: C&I $ 19,974 $ 14,364 $ — $ 34,338 0.22 % CRE 543 — — 543 — % Total commercial 20,517 14,364 — 34,881 Consumer: HELOCs 738 — — 738 0.04 % Total consumer 738 — — 738 Total $ 21,255 $ 14,364 $ — $ 35,619 The following tables present the financial effects of the loan modifications for the three months ended March 31, 2024 and 2023 by loan class and modification type: Financial Effects of Loan Modifications Three Months Ended March 31, 2024 ($ in thousands) Weighted-Average Interest Rate Reduction Weighted-Average Term Extension Weighted-Average Payment Delay Commercial: C&I — 1.8 1.7 CRE 2.75 % 1.5 1.7 Consumer: Single-family residential — 0.0 0.7 HELOCs 0.25 % 0.0 3.2 Financial Effects of Loan Modifications Three Months Ended March 31, 2023 ($ in thousands) Weighted-Average Interest Rate Reduction Weighted-Average Term Extension Weighted-Average Payment Delay Commercial: C&I — 0.9 1.0 CRE — 2.0 0.0 Consumer: HELOCs — 14.8 0.0 A modified loan may become delinquent and result in a payment default (generally 90 days past due) subsequent to modification. The following table presents information on loans that defaulted during the three months ended March 31, 2024 that received modifications during the 12 months preceding payment default: Loans Modified Subsequently Defaulted Three Months Ended March 31, 2024 ($ in thousands) Term Extension Payment Delay Combination: Term Extension/ Payment Delay Total Commercial: C&I $ 7,828 $ — — $ 7,828 Total commercial 7,828 — — 7,828 Consumer: Single-family residential — 3,972 383 4,355 Total consumer — 3,972 383 4,355 Total $ 7,828 $ 3,972 $ 383 $ 12,183 In comparison, there were no loans that received modifications, which subsequently defaulted during the three months ended March 31, 2023. The Company closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables present the performance of loans that were modified in the twelve months ended March 31, 2024. For the comparative period, the amounts represent the performance of loans that were modified in the three months ended March 31, 2023, subsequent to the adoption of ASU 2022-02 on January 1, 2023: Payment Performance as of March 31, 2024 ($ in thousands) Current 30 - 89 Days Past Due 90+ Days Past Due Total Commercial: C&I $ 75,193 $ — $ 7,829 $ 83,022 CRE 76,028 — — 76,028 Total commercial 151,221 — 7,829 159,050 Consumer: Single-family residential 8,455 4,239 5,075 17,769 HELOCs 6,994 2,536 — 9,530 Total consumer 15,449 6,775 5,075 27,299 Total $ 166,670 $ 6,775 $ 12,904 $ 186,349 Payment Performance as of March 31, 2023 ($ in thousands) Current 30 - 89 Days Past Due 90+ Days Past Due Total Commercial: C&I $ 27,393 $ 6,945 $ — $ 34,338 CRE 543 — — 543 Total commercial 27,936 6,945 — 34,881 Consumer: HELOCs 738 — — 738 Total consumer 738 — — 738 Total $ 28,674 $ 6,945 $ — $ 35,619 As of March 31, 2024 and December 31, 2023, commitments to lend additional funds to borrowers whose loans were modified were $10 million and $4 million, respectively. Allowance for Credit Losses The Company has a current expected credit losses framework for all financial assets measured at amortized cost and certain off-balance sheet credit exposures. The Company’s allowance for credit losses, which includes both the allowance for loan losses and the allowance for unfunded credit commitments, is calculated with the objective of maintaining a reserve sufficient to absorb losses inherent in our credit portfolios. The measurement of the allowance for credit losses is based on management’s best estimate of lifetime expected credit losses, periodic evaluation of the loan portfolio, lending-related commitments and other relevant factors. 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, deferred fees and costs, and escrow advances. Subsequent changes in expected credit losses are recognized in net income as a provision for, or a reversal of, credit loss expense. The allowance for credit losses estimation involves procedures to consider the unique risk characteristics of the portfolio segments. The majority of the Company’s credit exposures that share risk characteristics with other similar exposures are collectively evaluated. The collectively evaluated loans include performing 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. Allowance for Collectively Evaluated Loans The allowance for collectively evaluated loans consists of a quantitative component that assesses the different risk factors 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 Company applies quantitative methods to estimate loan losses by considering a variety of factors such as historical loss experience, the current credit quality of the portfolio, and an economic outlook over the life of the loan. The Company incorporates forward-looking information using macroeconomic scenarios which 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 or upside scenarios reflecting possible worsening or improving economic conditions. The quantitative models incorporate a probability-weighted calculation of these macroeconomic scenarios over a reasonable and supportable forecast period. If the life of the loans extends beyond the reasonable and supportable forecast period, the Company will consider historical experience or long-run macroeconomic trends over the remaining life of the loans to estimate the allowance for loan losses. There were no changes to the reasonable and supportable forecast period, except to the C&I segment, and no changes to the reversion to the historical loss experience method for the three months ended March 31, 2024 and 2023. The reasonable and supportable forecast period for the C&I segment changed from 11 quarters to eight quarters due to model redevelopment during the third quarter of 2023. 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 Age percentage, size at origination, delinquency status, sector and risk rating Unemployment rate, Gross Domestic Product (“GDP”), and U.S. Treasury rates (1) 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 score, delinquency status, maturity date, collateral value, and geographic location Unemployment rate, GDP, and Home Price Indices Other consumer Loss rate approach Immaterial (2) (1) Macroeconomic variables were updated due to model redevelopment. (2) Macroeconomic variables are included in the qualitative estimate. Quantitative Component — Allowance for Loan Losses for the Commercial Loan Portfolio The Company’s C&I lifetime loss rate model estimates the 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. To generate estimates of expected loss at the loan level for CRE, multifamily residential, and construction and land loans, projected probabilities of default (“PDs”) and loss given defaults (“LGDs”) are applied to the estimated exposure at default, considering the term and payment structure of the loan. The forecast of future economic conditions returns to long-run historical economic trends within the reasonable and supportable period. To estimate the life of a loan under both models, the contractual term of the loan is adjusted for estimated prepayments based on historical prepayment experience. Quantitative Component — 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. The forecast of future economic conditions returns to long-run historical economic trends after the reasonable and supportable period. To estimate the life of a loan for the single-family residential and HELOC loan portfolios, the contractual term of the loan is adjusted for estimated prepayments based on historical prepayment experience. For other consumer loans, the Company uses a loss rate approach. Qualitative Component — The Company 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 are not limited to: • loan growth trends; • the volume and severity of past due financial assets, and criticized or adversely classified financial assets; • the Company’s lending policies and procedures, including changes in lending strategies, underwriting standards, collection, write-off and recovery practices; • knowledge of a borrower’s operations; • the quality of the Company’s credit review system; • the experience, ability and depth of the Company’s management and associates; • the effect of other external factors such as the regulatory and legal environments, or changes in technology; • actual and expected changes in international, national, regional, and local economic and business conditions in which the Company operates; and • risk factors in certain industry sectors not captured by the quantitative models. 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 to which changes in these factors diverge from period to period. 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. Allowance for Individually Evaluated Loans When a loan no longer shares similar risk characteristics with other loans, such as in the case of certain nonaccrual 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; or (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 — The allowance of a collateral-dependent loan is limited to the difference between the recorded value and fair value of |
Affordable Housing Partnership,
Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net | 3 Months Ended |
Mar. 31, 2024 | |
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities [Abstract] | |
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities | Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net The CRA encourages banks to meet the credit needs of their communities, particularly 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 consideration 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 affordable housing regulatory requirements for a 15-year minimum compliance period. The Company also invests in small business investment companies and new markets tax credit projects that qualify for CRA consideration, as well as eligible projects that qualify for production, historic and renewable energy tax credits. Investments in new markets tax credits promote development in low-income communities, investments in production and renewable energy tax credits help promote the development of renewable energy sources, and investments in historic tax credits promote the rehabilitation of historic buildings and economic revitalization of the surrounding areas. The majority of affordable housing partnership, tax credit and CRA investments discussed above are variable interest entities where the Company is a limited partner in these investments, and an unrelated third party is typically the general partner or managing member who has control over the significant activities of these 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 investments due to the general partner’s or managing member’s ability to manage the entity, which is indicative of the general partner’s or managing member’s power over the entity. The Company’s maximum exposure to loss in connection with these partnerships consists of the unamortized investment balance and any tax credits claimed that may become subject to recapture. The Company records its investments in qualifying affordable housing partnerships, net, using PAM. Following the adoption of ASU 2023-02 on January 1, 2024, the Company elects to account for its tax credit investments using PAM on a program-by-program basis if certain conditions are met. For the Company’s accounting policies on PAM, see Note 2 — Current Accounting Developments and Summary of Significant Accounting Policies — Significant Accounting Policies Update — Income Taxes to the Consolidated Financial Statements in this Form 10-Q. For discussion on the Company’s impairment evaluation and monitoring process of tax credit investments, refer to Note 3 — Fair Value Measurement and Fair Value of Financial Instruments — Affordable Housing Partnerships, Tax Credit and Community Reinvestment Act Investments, Net to the Consolidated Financial Statements in this Form 10-Q. The following table presents the investments and unfunded commitments of the Company’s affordable housing partnership, tax credit, and CRA investments, net as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 ($ in thousands) Assets Liabilities - Unfunded Commitments (1) Assets Liabilities - Unfunded Commitments (1) PAM: Affordable housing partnership investments $ 432,073 $ 255,217 $ 419,785 $ 251,746 Tax credit and CRA investments 228,901 117,022 — — Equity method of accounting and other: Tax credits and CRA investments 272,213 147,147 485,251 298,990 Total $ 933,187 $ 519,386 $ 905,036 $ 550,736 (1) Included in Accrued expenses and other liabilities on the Consolidated Balance Sheet. The following table presents additional information related to the investments in affordable housing partnership, tax credit and CRA investments for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) 2024 2023 Tax credits and benefits (1) : PAM: Affordable housing partnership investments $ 18,419 $ 16,094 Tax credit and CRA investments 27,149 — Equity method of accounting and other: Tax credit and CRA investments 12,594 14,498 Total tax credits and benefits $ 58,162 $ 30,592 Amortization: PAM: Affordable housing partnership investments (2) $ 13,869 $ 12,666 Tax credit and CRA investments (3) 23,301 — Equity method of accounting and other: Tax credit and CRA investments (4) 13,207 10,110 Total amortization $ 50,377 $ 22,776 (1) Included in Income tax expense on the Consolidated Statement of Income for the three months ended March 31, 2024 and 2023. (2) Amortization related to investments in qualified affordable housing partnerships under PAM was recorded in Income tax expense on the Consolidated Statement of Income for the three months ended March 31, 2024 and 2023. (3) Due to the adoption of ASU 2023-02 on January 1, 2024, amortization related to qualifying tax credit investments under PAM was recorded in Income tax expense on the Consolidated Statement of Income for the three months ended March 31, 2024. (4) Amortization related to tax credit and CRA investments was recognized in Amortization of tax credit and CRA investments as part of noninterest expense on the Consolidated Statement Income for the three months ended March 31, 2024 and 2023. The Company also held equity securities without readily determinable fair values totaling $147 million and $146 million as of March 31, 2024 and December 31, 2023, respectively. Equity securities without readily determinable fair values are included in Other Assets and Affordable housing partnership, tax credit and CRA investments, net on the Consolidated Balance Sheet. |
Goodwill
Goodwill | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | Goodwill Total goodwill was $466 million as of both March 31, 2024 and December 31, 2023. The Company’s goodwill impairment test is performed annually, as of December 31, or more frequently as events occur or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. Based on the Company’s annual goodwill impairment test as of December 31, 2023, there was no impairment. Additional information pertaining to the Company’s accounting policy for goodwill is summarized in Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Goodwill to the Consolidated Financial Statements in the Company’s 2023 Form 10-K. The Company performed an analysis of goodwill during the first quarter of 2024 that consisted of a qualitative assessment to determine if it was more likely than not that the carrying values of each reporting unit exceeded their estimated fair values. The results of this analysis indicated that no impairment of goodwill existed as of March 31, 2024. The Company has an equity method investment in Rayliant and its carrying value was $110 million as of March 31, 2024, of which $101 million was comprised of equity method goodwill. For additional information on this investment, Note 7 - Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities |
Short-Term Borrowings and Long-
Short-Term Borrowings and Long-Term Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Short-Term Borrowings and Long-Term Debt | Short-Term Borrowings and Long-Term Debt The following table presents details of the Company’s short-term and BTFP borrowings, FHLB advances, and long-term debt as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 ($ in thousands) Interest Rates Maturity Dates Amount Amount Bank Short-term borrowings 4.75% — 4.83% April 2024 $ 19,173 $ — BTFP borrowings 4.37% 3/19/2024 $ — $ 4,500,000 FHLB advances (1) — floating (2) 5.49% — 5.56% 2024 — 2025 $ 3,500,000 $ — Parent company Junior subordinated debt (3) — floating (2) 7.14% 12/15/2035 $ 31,768 $ 148,249 (1) The weighted-average interest rates for FHLB advances were 5.52% as of March 31, 2024. (2) Floating interest rates are based on the Secured Overnight Financing Rate plus the established spread. (3) The weighted-average interest rates for junior subordinated debt were 7.14% and 6.87% as of March 31, 2024 and December 31, 2023, respectively. The Bank’s available borrowing capacity from FHLB advances totaled $7.6 billion as of March 31, 2024. The Bank’s available borrowing capacity from the FHLB is derived from its portfolio of loans that are pledged to the FHLB, reduced by any outstanding FHLB advances. As of March 31, 2024, all advances were secured by real estate loans. During the first quarter of 2024, the Company redeemed approximately $117 million of junior subordinated debt and r epaid $4.5 billion of BTFP borrowings upon maturity. For additional information on the BTFP and junior subordinated debt, refer to Note 10 — Short-Term Borrowings and Long-Term Debt to the Consolidated Financial Statements in the Company’s 2023 Form 10-K. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Commitments to Extend Credit — In the normal course of business, the Company provides loan commitments and letters of credit to customers on predetermined terms. These outstanding commitments to extend credit are not reflected in the accompanying Consolidated Financial Statements. While the Company does not anticipate losses from these transactions, commitments to extend credit are included in determining the appropriate level of allowance for unfunded credit commitments. The following table presents the Company’s credit-related commitments as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 ($ in thousands) Expire in One Year or Less Expire After One Year Through Three Years Expire After Three Years Through Five Years Expire After Five Years Total Total Loan commitments $ 4,794,033 $ 3,622,191 $ 799,699 $ 151,877 $ 9,367,800 $ 9,141,447 Commercial letters of credit and standby letters of credit (“SBLCs”) 1,025,797 434,373 143,006 1,140,456 2,743,632 2,610,761 Total $ 5,819,830 $ 4,056,564 $ 942,705 $ 1,292,333 $ 12,111,432 $ 11,752,208 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 commitment fees. 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 existing accounts. As of March 31, 2024, total letters of credit of $2.7 billion consisted of SBLCs of $2.7 billion and commercial letters of credit of $26 million. In comparison, as of December 31, 2023, total letters of credit of $2.6 billion consisted of SBLCs of $2.6 billion and commercial letters of credit of $24 million. As of both March 31, 2024 and December 31, 2023, substantially all letters of credit were graded “Pass” using the Bank’s internal credit risk rating system. 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 risk. Collateral may include cash, accounts receivable, inventory, personal property, plant and equipment, and real estate property. Estimated exposure to loss from these commitments is included in the allowance for unfunded credit commitments and amounted to $39 million and $38 million as of March 31, 2024 and December 31, 2023, respectively. Guarantees — From time to time, the Company sells or securitizes single-family and multifamily residential loans with recourse in the ordinary course of business. The Company is obligated to repurchase up to the recourse component of the loans if the loans default. The following table presents the carrying amounts of loans sold or securitized with recourse and the maximum potential future payments as of March 31, 2024 and December 31, 2023: Maximum Potential Future Payments Carrying Value March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 ($ in thousands) Expire in One Year or Less Expire After One Year Through Three Years Expire After Three Years Through Five Years Expire After Five Years Total Total Total Total Single-family residential loans sold or securitized with recourse $ 7 $ 17 $ 26 $ 5,363 $ 5,413 $ 5,888 $ 5,413 $ 5,888 Multifamily residential loans sold or securitized with recourse — — 160 14,836 14,996 14,996 18,756 19,020 Total $ 7 $ 17 $ 186 $ 20,199 $ 20,409 $ 20,884 $ 24,169 $ 24,908 The Company’s recourse reserve related to these guarantees is included in the allowance for unfunded credit commitments and totaled $40 thousand as of both March 31, 2024 and December 31, 2023. 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 ordinary 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. |
Stock Compensation Plans
Stock Compensation Plans | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Compensation Plans | Stock Compensation Plans Pursuant to the Company’s 2021 Stock Incentive Plan, as amended, the Company may issue stock, stock options, restricted stock, RSUs including performance-based RSUs, stock purchase warrants, stock appreciation rights, phantom stock and dividend equivalents to eligible employees, non-employee directors, consultants, and other service providers of East West and its subsidiaries. The Company has granted RSUs as its primary incentive awards. There were no outstanding awards other than RSUs as of both March 31, 2024 and December 31, 2023. The following table presents a summary of the total share-based compensation expense and the related net tax benefits associated with the Company’s various employee share-based compensation plans for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) 2024 2023 Stock compensation costs $ 12,988 $ 11,075 Related net tax benefits for stock compensation plans $ 783 $ 8,290 Restricted Stock Units — RSUs are granted under the Company’s long-term incentive plan at no cost to the recipient. RSUs generally cliff vest after three years of continued employment from the date of the grant, and are authorized to settle in shares of the Company’s common stock. Dividends are accrued during the vesting period and paid at the time of vesting. While a portion of RSUs are time-based vesting awards, others vest subject to the attainment of additional specified performance goals, referred to as “performance-based RSUs.” Performance-based RSUs are granted annually upon approval by the Company’s Compensation and Management Development Committee based on the performance in the year prior to the grant date of the award. The number of awards that vest can range from zero percent to a maximum of 200% of the granted number of awards based on the Company’s achievement of specified performance criteria over a performance period of three years. For information on accounting on stock-based compensation plans, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Stock-Based Compensation to the Consolidated Financial Statements of the Company’s 2023 Form 10-K. The following table presents a summary of the activities for the Company’s time- and performance-based RSUs that were settled in shares for the three months ended March 31, 2024. The number of performance-based RSUs stated below reflects the number of awards granted on the grant date. Time-Based RSUs Performance-Based RSUs Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Outstanding, January 1, 2024 1,206,518 $ 74.29 276,223 $ 78.59 Granted 515,235 75.79 97,798 80.28 Vested (299,381) 71.68 (91,960) 77.67 Forfeited (12,163) 75.24 — — Outstanding, March 31, 2024 1,410,209 $ 75.39 282,061 $ 79.48 As of March 31, 2024, there were $51 million of unrecognized compensation costs related to unvested time-based RSUs expected to be recognized over a weighted-average period of 2.3 years, and $25 million of unrecognized compensation costs related to unvested performance-based RSUs expected to be recognized over a weighted-average period of 2.3 years. |
Stockholders' Equity and Earnin
Stockholders' Equity and Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity and Earnings Per Share [Abstract] | |
Stockholders' Equity and Earnings Per Share | Stockholders’ Equity and Earnings Per Share The following table presents the basic and diluted EPS calculations for the three months ended March 31, 2024 and 2023. For more information on the calculation of EPS, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Earnings Per Share to the Consolidated Financial Statements in the Company’s 2023 Form 10-K. ($ and shares in thousands, except per share data) Three months ended March 31, 2024 2023 Basic: Net income $ 285,075 $ 322,439 Weighted-average number of shares outstanding 139,409 141,112 Basic EPS $ 2.04 $ 2.28 Diluted: Net income $ 285,075 $ 322,439 Weighted-average number of shares outstanding 139,409 141,112 Add: Dilutive impact of unvested RSUs 852 801 Diluted weighted-average number of shares outstanding 140,261 141,913 Diluted EPS $ 2.03 $ 2.27 Approximately 170 thousand and 417 thousand weighted-average shares of anti-dilutive RSUs were excluded from the diluted EPS computations for the three months ended March 31, 2024 and 2023, respectively. Stock Repurchase Program — In 2020, the Company’s Board of Directors authorized a stock repurchase program to buy ba ck up to $500 million of the Company’s common stock. For the three months ended March 31, 2024, the Company repurchased 1,181,851 shares at an average price of $69.76 per share at $82 million. The Company did not repurchase any shares during the three months ended March 31, 2023. As of March 31, 2024, the Company had approximately $89 million available for repurchases under its stock repurchase program. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table presents the changes in the components of AOCI balances for the three months ended March 31, 2024 and 2023: ($ in thousands) Debt Securities (1) Cash Flow Hedges Foreign Currency Translation Adjustments (2) Total Balance, January 1, 2023 $ (694,815) $ (49,531) $ (21,283) $ (765,629) Net unrealized gains arising during the period 44,275 21,086 2,941 68,302 Amounts reclassified from AOCI 9,806 7,527 — 17,333 Changes, net of tax 54,081 28,613 2,941 85,635 Balance, March 31, 2023 $ (640,734) $ (20,918) $ (18,342) $ (679,994) Balance, January 1, 2024 $ (601,881) $ 2,624 $ (21,339) $ (620,596) Net unrealized (losses) gains arising during the period (2,282) (63,662) 3,822 (62,122) Amounts reclassified from AOCI 2,653 17,332 — 19,985 Changes, net of tax 371 (46,330) 3,822 (42,137) Balance, March 31, 2024 $ (601,510) $ (43,706) $ (17,517) $ (662,733) (1) Includes after-tax unamortized losses related to AFS debt securities that were transferred to HTM in 2022. (2) 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. The following table presents the components of other comprehensive income (loss), reclassifications to net income and the related tax effects for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 ($ in thousands) Before-Tax Tax Effect Net-of-Tax Before-Tax Tax Effect Net-of-Tax Debt securities: Net unrealized (losses) gains on AFS debt securities arising during the period $ (3,282) $ 1,000 $ (2,282) $ 62,860 $ (18,585) $ 44,275 Reclassification adjustments: Net realized (gains) losses on AFS debt securities reclassified into net income (1) (49) 14 (35) 10,000 (2) (2,956) 7,044 Amortization of unrealized losses on transferred debt securities (3) 3,816 (1,128) 2,688 3,921 (1,159) 2,762 Net change 485 (114) 371 76,781 (22,700) 54,081 Cash flow hedges: Net unrealized (losses) gains arising during the period (90,376) 26,714 (63,662) 29,843 (8,757) 21,086 Net realized losses reclassified into net income (4) 24,605 (7,273) 17,332 10,644 (3,117) 7,527 Net change (65,771) 19,441 (46,330) 40,487 (11,874) 28,613 Foreign currency translation adjustments, net of hedges: Net unrealized gains arising during the period 3,995 (173) 3,822 2,626 315 2,941 Net change 3,995 (173) 3,822 2,626 315 2,941 Other comprehensive (loss) income $ (61,291) $ 19,154 $ (42,137) $ 119,894 $ (34,259) $ 85,635 (1) Pre-tax amounts were reported in Net gains (losses) on AFS debt securities on the Consolidated Statement of Income. (2) Represents the loss related to an AFS debt security that was written off in the first quarter of 2023. (3) Represents unrealized losses amortized over the remaining lives of securities that were transferred from the AFS to HTM portfolio in 2022. (4) Pre-tax amounts related to cash flow hedges on variable rate loans and long-term borrowings, where applicable, were reported in Interest and dividend income and in Interest expense, respectively , on the Consolidated Statement of Income. In the first quarter of 2023, the pre-tax amount also included the terminated cash flow hedge where the forecasted cash flows were no longer probable to occur and was reported in Noninterest income on the Consolidated Statement of Income. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2024 | |
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. The Consumer and Business Banking segment primarily provides financial products and services to consumer and commercial customers through the Company’s domestic branch network and digital banking platforms. 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, interest rate risk hedging and foreign exchange services. The Commercial Banking segment primarily generates commercial loan and deposit products. Commercial loan products include CRE lending, construction financing, commercial business lending, working capital lines of credit, trade finance, letters of credit, affordable housing lending, asset-based lending, asset-backed finance, project finance 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 recorded to the segment directly associated with the respective loans charged off, and provision for credit losses is recorded to the segments based on the 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 the Company’s liquidity and interest rate management, and the internal FTP process. The FTP 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. The following tables present the operating results and other key financial measures for the individual operating segments as of and for the three months ended March 31, 2024 and 2023: ($ in thousands) Consumer and Business Banking Commercial Banking Other Total Three Months Ended March 31, 2024 Net interest income before provision for credit losses $ 291,764 $ 260,349 $ 13,026 $ 565,139 Provision for credit losses 2,565 22,435 — 25,000 Noninterest income 25,542 46,466 6,980 78,988 Noninterest expense 119,300 106,307 21,268 246,875 Segment income (loss) before income taxes 195,441 178,073 (1,262) 372,252 Segment net income $ 137,672 $ 125,581 $ 21,822 $ 285,075 As of March 31, 2024 Segment assets $ 19,629,076 $ 35,049,899 $ 16,196,695 $ 70,875,670 ($ in thousands) Consumer and Business Banking Commercial Banking Other Total Three Months Ended March 31, 2023 Net interest income before provision for credit losses $ 304,242 $ 236,723 $ 58,896 $ 599,861 Provision for credit losses 15,012 4,988 — 20,000 Noninterest income (loss) 26,002 43,599 (9,623) 59,978 Noninterest expense 113,823 87,248 17,376 218,447 Segment income before income taxes 201,409 188,086 31,897 421,392 Segment net income $ 142,247 $ 134,457 $ 45,735 $ 322,439 As of March 31, 2023 Segment assets $ 17,880,525 $ 33,647,465 $ 15,716,908 $ 67,244,898 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Pay vs Performance Disclosure | ||
Net income | $ 285,075 | $ 322,439 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Current Accounting Developmen_2
Current Accounting Developments and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Consolidation | East West Bancorp, Inc. is a registered bank holding company that offers a full range of banking services to individuals and businesses through its subsidiary bank, East West Bank and its subsidiaries (“East West Bank” or the “Bank”). The unaudited interim Consolidated Financial Statements in this Form 10-Q include the accounts of East West, East West Bank and East West’s subsidiaries. Intercompany transactions and accounts have been eliminated in consolidation. As of March 31, 2024, East West also has one wholly-owned subsidiary that is a statutory business trust (the “Trust”). In accordance with FASB Accounting Standards Codification (“ASC”) Topic 810, Consolidation , the Trust is not included on the Consolidated Financial Statements. |
Basis of Presentation | The unaudited interim Consolidated Financial Statements are presented in accordance with U.S. Generally Accepted Accounting Principles (“GAAP”), applicable guidelines prescribed by regulatory authorities and general practices in the banking industry. While the unaudited interim Consolidated Financial Statements reflect all adjustments that, in the opinion of management, are necessary for fair presentation, they primarily serve to update the most recently filed annual report on Form 10-K, and may not include all the information and notes necessary to constitute a complete set of financial statements. Accordingly, they should be read in conjunction with the audited Consolidated Financial Statements and notes thereto included in the Company’s 2023 Form 10-K. |
Accounting Pronouncements | Accounting Pronouncements Adopted in 2024 Standard Required Date of Adoption Description Effect on Financial Statements ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method January 1, 2024 ASU 2023-02 expands the scope of the proportional amortization method (“PAM”) to equity tax credit investment programs if certain conditions are met. Previously, PAM could only be used for investments in low-income housing tax credit structures. Under this guidance, companies are able to elect, on a tax credit program-by-tax credit program basis, to apply PAM to all equity investments meeting the criteria in ASC 323-740-25-1. The amendments in this guidance must be applied on a modified retrospective or a retrospective basis. The Company adopted ASU 2023-02 on January 1, 2024, for all tax credit investments under a modified retrospective basis. The impact of the adoption decreased opening retained earnings on January 1, 2024 by $9 million. |
Income Taxes | Income Taxes — The Company has elected to apply PAM to qualifying affordable housing partnership, new markets, historic, production and renewable energy tax credit investments. Under PAM, the Company amortizes the initial cost of the investment in proportion to the income tax credits and other income tax benefits received, and recognizes the amortization in Income tax expense on the Consolidated Statement of Income. |
Balance Sheet Offsetting | The Company’s resale and repurchase agreements are transacted under legally enforceable master netting agreements that, in the event of default by the counterparty, provide the Company the right to liquidate securities held and to offset receivables and payables with the same counterparty. The Company nets resale and repurchase transactions with the same counterparty on the Consolidated Balance Sheet when it has a legally enforceable master netting agreement and the transactions are eligible for netting under ASC 210-20-45-11, Balance Sheet Offsetting Repurchase and Reverse Repurchase Agreements |
Goodwill | The Company’s goodwill impairment test is performed annually, as of December 31, or more frequently as events occur or circumstances change that would more-likely-than-not reduce the fair value of a reporting unit below its carrying value. |
Litigation | Litigation — The Company is a party to various legal actions arising in the ordinary course of its business. In accordance with ASC 450, Contingencies, |
Credit Quality Indicators | Credit Quality Indicators All loans are subject to the Company’s credit review and monitoring process. For the commercial loan 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 consumer loan portfolio, payment performance or delinquency is typically the driving indicator for risk ratings. The Company utilizes internal credit risk ratings to assign each individual loan a risk rating of 1 through 10: • Pass — loans risk rated 1 through 5 are assigned an internal risk rating category of “Pass.” Loans risk rated 1 are typically loans fully secured by cash. Pass loans have sufficient sources of repayment to repay the loan in full, in accordance with all terms and conditions. • Special mention — loans assigned a risk rating of 6 have potential weaknesses that warrant closer attention by management; these are assigned an internal risk rating category of “Special Mention.” • Substandard — 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 category of “Substandard.” • Doubtful — 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 category of “Doubtful.” • Loss — loans assigned a risk rating of 10 are uncollectible and of such little value that they are no longer considered bankable assets; these are assigned an internal risk rating category of “Loss.” Loan 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 basis, and adjusts the ratings based on changes in the borrowers’ financial status and the collectability of the loans. |
Allowance for Credit Losses | Allowance for Credit Losses The Company has a current expected credit losses framework for all financial assets measured at amortized cost and certain off-balance sheet credit exposures. The Company’s allowance for credit losses, which includes both the allowance for loan losses and the allowance for unfunded credit commitments, is calculated with the objective of maintaining a reserve sufficient to absorb losses inherent in our credit portfolios. The measurement of the allowance for credit losses is based on management’s best estimate of lifetime expected credit losses, periodic evaluation of the loan portfolio, lending-related commitments and other relevant factors. 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, deferred fees and costs, and escrow advances. Subsequent changes in expected credit losses are recognized in net income as a provision for, or a reversal of, credit loss expense. The allowance for credit losses estimation involves procedures to consider the unique risk characteristics of the portfolio segments. The majority of the Company’s credit exposures that share risk characteristics with other similar exposures are collectively evaluated. The collectively evaluated loans include performing 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. Allowance for Collectively Evaluated Loans The allowance for collectively evaluated loans consists of a quantitative component that assesses the different risk factors 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 Company applies quantitative methods to estimate loan losses by considering a variety of factors such as historical loss experience, the current credit quality of the portfolio, and an economic outlook over the life of the loan. The Company incorporates forward-looking information using macroeconomic scenarios which 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 or upside scenarios reflecting possible worsening or improving economic conditions. The quantitative models incorporate a probability-weighted calculation of these macroeconomic scenarios over a reasonable and supportable forecast period. If the life of the loans extends beyond the reasonable and supportable forecast period, the Company will consider historical experience or long-run macroeconomic trends over the remaining life of the loans to estimate the allowance for loan losses. There were no changes to the reasonable and supportable forecast period, except to the C&I segment, and no changes to the reversion to the historical loss experience method for the three months ended March 31, 2024 and 2023. The reasonable and supportable forecast period for the C&I segment changed from 11 quarters to eight quarters due to model redevelopment during the third quarter of 2023. 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 Age percentage, size at origination, delinquency status, sector and risk rating Unemployment rate, Gross Domestic Product (“GDP”), and U.S. Treasury rates (1) 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 score, delinquency status, maturity date, collateral value, and geographic location Unemployment rate, GDP, and Home Price Indices Other consumer Loss rate approach Immaterial (2) (1) Macroeconomic variables were updated due to model redevelopment. (2) Macroeconomic variables are included in the qualitative estimate. Quantitative Component — Allowance for Loan Losses for the Commercial Loan Portfolio The Company’s C&I lifetime loss rate model estimates the 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. To generate estimates of expected loss at the loan level for CRE, multifamily residential, and construction and land loans, projected probabilities of default (“PDs”) and loss given defaults (“LGDs”) are applied to the estimated exposure at default, considering the term and payment structure of the loan. The forecast of future economic conditions returns to long-run historical economic trends within the reasonable and supportable period. To estimate the life of a loan under both models, the contractual term of the loan is adjusted for estimated prepayments based on historical prepayment experience. Quantitative Component — 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. The forecast of future economic conditions returns to long-run historical economic trends after the reasonable and supportable period. To estimate the life of a loan for the single-family residential and HELOC loan portfolios, the contractual term of the loan is adjusted for estimated prepayments based on historical prepayment experience. For other consumer loans, the Company uses a loss rate approach. Qualitative Component — The Company 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 are not limited to: • loan growth trends; • the volume and severity of past due financial assets, and criticized or adversely classified financial assets; • the Company’s lending policies and procedures, including changes in lending strategies, underwriting standards, collection, write-off and recovery practices; • knowledge of a borrower’s operations; • the quality of the Company’s credit review system; • the experience, ability and depth of the Company’s management and associates; • the effect of other external factors such as the regulatory and legal environments, or changes in technology; • actual and expected changes in international, national, regional, and local economic and business conditions in which the Company operates; and • risk factors in certain industry sectors not captured by the quantitative models. 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 to which changes in these factors diverge from period to period. 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. Allowance for Individually Evaluated Loans When a loan no longer shares similar risk characteristics with other loans, such as in the case of certain nonaccrual 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; or (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 — |
Current Accounting Developmen_3
Current Accounting Developments and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Schedule of New Accounting Pronouncements Adopted and Recent Accounting Pronouncements | Accounting Pronouncements Adopted in 2024 Standard Required Date of Adoption Description Effect on Financial Statements ASU 2023-02, Investments — Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method January 1, 2024 ASU 2023-02 expands the scope of the proportional amortization method (“PAM”) to equity tax credit investment programs if certain conditions are met. Previously, PAM could only be used for investments in low-income housing tax credit structures. Under this guidance, companies are able to elect, on a tax credit program-by-tax credit program basis, to apply PAM to all equity investments meeting the criteria in ASC 323-740-25-1. The amendments in this guidance must be applied on a modified retrospective or a retrospective basis. The Company adopted ASU 2023-02 on January 1, 2024, for all tax credit investments under a modified retrospective basis. The impact of the adoption decreased opening retained earnings on January 1, 2024 by $9 million. |
Fair Value Measurement and Fa_2
Fair Value Measurement and Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Financial Assets (Liabilities) Measured At Fair Value On a Recurring Basis | The following tables present financial assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023: Assets and Liabilities Measured at Fair Value on a Recurring Basis ($ in thousands) Level 1 Level 2 Level 3 Total AFS debt securities: U.S. Treasury securities $ 621,094 $ — $ — $ 621,094 U.S. government agency and U.S. government-sponsored enterprise debt securities — 360,802 — 360,802 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (1) : Commercial mortgage-backed securities — 455,619 — 455,619 Residential mortgage-backed securities — 4,992,399 — 4,992,399 Municipal securities — 258,495 — 258,495 Non-agency mortgage-backed securities: Commercial mortgage-backed securities — 333,996 — 333,996 Residential mortgage-backed securities — 519,657 — 519,657 Corporate debt securities — 502,647 — 502,647 Foreign government bonds — 227,196 — 227,196 Asset-backed securities — 40,712 — 40,712 Collateralized loan obligations (“CLOs”) — 87,851 — 87,851 Total AFS debt securities $ 621,094 $ 7,779,374 $ — $ 8,400,468 Affordable housing partnership, tax credit and CRA investments, net: Equity securities $ 20,402 $ 4,137 $ — $ 24,539 Total affordable housing partnership, tax credit and CRA investments, net $ 20,402 $ 4,137 $ — $ 24,539 Derivative assets: Interest rate contracts $ — $ 484,794 $ — $ 484,794 Foreign exchange contracts — 60,499 — 60,499 Equity contracts — — 330 330 Commodity contracts — 76,615 — 76,615 Gross derivative assets $ — $ 621,908 $ 330 $ 622,238 Netting adjustments (2) $ — $ (489,262) $ — $ (489,262) Net derivative assets $ — $ 132,646 $ 330 $ 132,976 Derivative liabilities: Interest rate contracts $ — $ 518,330 $ — $ 518,330 Foreign exchange contracts — 53,153 — 53,153 Equity contracts (3) — — 15,119 15,119 Credit contracts — 16 — 16 Commodity contracts — 106,930 — 106,930 Gross derivative liabilities $ — $ 678,429 $ 15,119 $ 693,548 Netting adjustments (2) $ — $ (134,963) $ — $ (134,963) Net derivative liabilities $ — $ 543,466 $ 15,119 $ 558,585 Assets and Liabilities Measured at Fair Value on a Recurring Basis ($ in thousands) Level 1 Level 2 Level 3 Total AFS debt securities: U.S. Treasury securities $ 1,060,375 $ — $ — $ 1,060,375 U.S. government agency and U.S. government-sponsored enterprise debt securities — 364,446 — 364,446 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (1) : Commercial mortgage-backed securities — 468,259 — 468,259 Residential mortgage-backed securities — 1,727,594 — 1,727,594 Municipal securities — 261,016 — 261,016 Non-agency mortgage-backed securities: Commercial mortgage-backed securities — 367,516 — 367,516 Residential mortgage-backed securities — 553,671 — 553,671 Corporate debt securities — 502,425 — 502,425 Foreign government bonds — 227,874 — 227,874 Asset-backed securities — 42,300 — 42,300 CLOs — 612,861 — 612,861 Total AFS debt securities $ 1,060,375 $ 5,127,962 $ — $ 6,188,337 Affordable housing partnership, tax credit and CRA investments, net: Equity securities $ 20,509 $ 4,150 $ — $ 24,659 Affordable housing partnership, tax credit and CRA investments, net $ 20,509 $ 4,150 $ — $ 24,659 Derivative assets: Interest rate contracts $ — $ 473,907 $ — $ 473,907 Foreign exchange contracts — 57,072 — 57,072 Credit contracts — 1 — 1 Equity contracts — — 336 336 Commodity contracts — 79,604 — 79,604 Gross derivative assets $ — $ 610,584 $ 336 $ 610,920 Netting adjustments (2) $ — $ (312,792) $ — $ (312,792) Net derivative assets $ — $ 297,792 $ 336 $ 298,128 Derivative liabilities: Interest rate contracts $ — $ 433,936 $ — $ 433,936 Foreign exchange contracts — 42,564 — 42,564 Equity contracts (3) — — 15,119 15,119 Credit contracts — 25 — 25 Commodity contracts — 121,670 — 121,670 Gross derivative liabilities $ — $ 598,195 $ 15,119 $ 613,314 Netting adjustments (2) $ — $ (76,170) $ — $ (76,170) Net derivative liabilities $ — $ 522,025 $ 15,119 $ 537,144 (1) Includes Government National Mortgage Association (“GNMA”) AFS debt securities totaling $4.4 billion and $1.2 billion of fair value as of March 31, 2024 and December 31, 2023, respectively. (2) Represents the balance sheet netting of derivative assets and liabilities and related cash collateral under master netting agreements or similar agreements. See Note 6 — Derivatives to the Consolidated Financial Statements in this Form 10-Q for additional information. (3) Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant. |
Reconciliation Of The Beginning And Ending Balances Of Equity Contracts Measured At Fair Value On a Recurring Basis Using Significant Unobservable Inputs (Level 3) | The following table provides a reconciliation of the beginning and ending balances of these equity contracts for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) 2024 2023 Derivative assets: Equity contracts Beginning balance $ 336 $ 323 Total losses included in earnings (1) (6) (46) Ending balance $ 330 $ 277 Derivative liabilities: Equity contracts (2) Beginning balance $ 15,119 $ — Total gains (losses) included in earnings — — Ending balance $ 15,119 $ — (1) Includes unrealized losses recorded in Lending fees on the Consolidated Statement of Income. (2) Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant. |
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 March 31, 2024 and December 31, 2023. The significant unobservable inputs presented in the table below are those that the Company considers significant to the fair value of the Level 3 assets. The Company considers unobservable inputs to be significant if, by their exclusion, the fair value of the Level 3 assets would be impacted by a predetermined percentage change. ($ in thousands) Fair Value Measurements (Level 3) Valuation Technique Unobservable Inputs Range of Inputs Weighted-Average of Inputs March 31, 2024 Derivative assets: Equity contracts $ 330 Black-Scholes option pricing model Equity volatility 39% — 50% 46 % (1) Liquidity discount 47% 47 % Derivative liabilities: Equity contracts (2) $ 15,119 Internal model Payout % designated based on operating revenue and operating EBITDA of investee 84% 84 % December 31, 2023 Derivative assets: Equity contracts $ 336 Black-Scholes option pricing model Equity volatility 37% — 48% 45 % (1) Liquidity discount 47% 47 % Derivative liabilities: Equity contracts (2) $ 15,119 Internal model Payout % designated based on operating revenue and operating EBITDA of investee 84% 84 % (1) Weighted-average of inputs is calculated based on the fair value of equity contracts as of both March 31, 2024 and December 31, 2023. (2) Equity contracts classified as derivative liabilities consist of performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant. 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 March 31, 2024 and December 31, 2023: ($ in thousands) Fair Value Measurements (Level 3) Valuation Techniques Unobservable Inputs Range of Inputs Weighted-Average of Inputs March 31, 2024 Loans held-for-investment $ 6,917 Fair value of collateral Discount 20% 20% $ 8,471 Fair value of collateral Contract value NM NM $ 32,906 Fair value of property Selling cost 8% 8% December 31, 2023 Loans held-for-investment $ 16,328 Fair value of collateral Discount 15% — 75% 45% (1) $ 3,009 Fair value of collateral Contract value NM NM $ 26,555 Fair value of property Selling cost 8% 8% Affordable housing partnership, tax credit and CRA investments, net $ 868 Individual analysis of each investment Expected future tax benefits and distributions 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, 2023. |
Schedule Of Carrying Amounts Of Assets That Were Still Held And Had Fair Value Adjustments Measured On a Nonrecurring Basis | The following tables present the carrying amounts of assets that were still held and had fair value adjustments measured on a nonrecurring basis as of March 31, 2024 and December 31, 2023: Assets Measured at Fair Value on a Nonrecurring Basis ($ in thousands) Level 1 Level 2 Level 3 Fair Value Measurements Loans held-for-investment: Commercial: Commercial and industrial (“C&I”) $ — $ — $ 25,914 $ 25,914 Commercial real estate (“CRE”): CRE — — 10,028 10,028 Construction and land — — 12,236 12,236 Total commercial — — 48,178 48,178 Consumer: Residential mortgage: Single-family residential — — 116 116 Total consumer — — 116 116 Total loans held-for-investment $ — $ — $ 48,294 $ 48,294 Assets Measured at Fair Value on a Nonrecurring Basis ($ in thousands) Level 1 Level 2 Level 3 Fair Value Measurements Loans held-for-investment: Commercial: C&I $ — $ — $ 22,035 $ 22,035 CRE: CRE — — 22,653 22,653 Total commercial — — 44,688 44,688 Consumer: Residential mortgage: Home equity lines of credit (“HELOCs”) — — 1,204 1,204 Total consumer — — 1,204 1,204 Total loans held-for-investment $ — $ — $ 45,892 $ 45,892 Affordable housing partnership, tax credit and CRA investments, net $ — $ — $ 868 $ 868 |
Schedule Of Increase (Decrease) In Fair Value Of Assets For Which a Fair Value Adjustment Was Recognized, Nonrecurring Basis | The following table presents the (decrease) increase in the fair value of certain assets held at the end of the respective reporting periods, for which a nonrecurring fair value adjustment was recognized for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) 2024 2023 Loans held-for-investment: Commercial: C&I $ (12,843) $ (1,255) CRE: CRE (2,006) — Construction and land (1,224) — Total commercial (16,073) (1,255) Consumer: Residential mortgage: Single-family residential (1,384) — Total consumer (1,384) — Total loans held-for-investment $ (17,457) $ (1,255) Affordable housing partnership, tax credit and CRA investments, net $ — $ 174 |
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 March 31, 2024 and December 31, 2023, 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, restricted equity securities, at cost, and mortgage servicing rights that are included in Other assets , and accrued interest payable which is included in Accrued expenses and other liabilities . These financial instruments are measured on an amortized cost basis on the Company’s Consolidated Balance Sheet. March 31, 2024 ($ in thousands) Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Financial assets: Cash and cash equivalents $ 4,210,801 $ 4,210,801 $ — $ — $ 4,210,801 Interest-bearing deposits with banks $ 24,593 $ — $ 24,593 $ — $ 24,593 Resale agreements $ 485,000 $ — $ 391,403 $ — $ 391,403 HTM debt securities $ 2,948,642 $ 485,400 $ 1,929,078 $ — $ 2,414,478 Restricted equity securities, at cost $ 164,402 $ — $ 164,402 $ — $ 164,402 Loans held-for-sale $ 13,280 $ — $ 13,280 $ — $ 13,280 Loans held-for-investment, net $ 51,322,224 $ — $ — $ 49,849,727 $ 49,849,727 Mortgage servicing rights $ 6,234 $ — $ — $ 10,787 $ 10,787 Accrued interest receivable $ 336,428 $ — $ 336,428 $ — $ 336,428 Financial liabilities: Demand, checking, savings and money market deposits $ 37,789,344 $ — $ 37,789,344 $ — $ 37,789,344 Time deposits $ 20,771,280 $ — $ 20,715,628 $ — $ 20,715,628 Short-term borrowings $ 19,173 $ — $ 19,173 $ — $ 19,173 FHLB advances $ 3,500,000 $ — $ 3,500,000 $ — $ 3,500,000 Long-term debt $ 31,768 $ — $ 30,201 $ — $ 30,201 Accrued interest payable $ 63,470 $ — $ 63,470 $ — $ 63,470 December 31, 2023 ($ in thousands) Carrying Amount Level 1 Level 2 Level 3 Estimated Fair Value Financial assets: Cash and cash equivalents $ 4,614,984 $ 4,614,984 $ — $ — $ 4,614,984 Interest-bearing deposits with banks $ 10,498 $ — $ 10,498 $ — $ 10,498 Resale agreements $ 785,000 $ — $ 699,056 $ — $ 699,056 HTM debt securities $ 2,956,040 $ 488,551 $ 1,965,420 $ — $ 2,453,971 Restricted equity securities, at cost $ 79,811 $ — $ 79,811 $ — $ 79,811 Loans held-for-sale $ 116 $ — $ 116 $ — $ 116 Loans held-for-investment, net $ 51,542,039 $ — $ — $ 50,256,565 $ 50,256,565 Mortgage servicing rights $ 6,602 $ — $ — $ 9,470 $ 9,470 Accrued interest receivable $ 331,490 $ — $ 331,490 $ — $ 331,490 Financial liabilities: Demand, checking, savings and money market deposits $ 38,048,974 $ — $ 38,048,974 $ — $ 38,048,974 Time deposits $ 18,043,464 $ — $ 18,004,951 $ — $ 18,004,951 BTFP borrowings $ 4,500,000 $ — $ 4,500,000 $ — $ 4,500,000 Long-term debt $ 148,249 $ — $ 150,896 $ — $ 150,896 Accrued interest payable $ 205,430 $ — $ 205,430 $ — $ 205,430 |
Securities Purchased under Re_2
Securities Purchased under Resale Agreements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
RESALE AND REPURCHASE AGREEMENTS [Abstract] | |
Schedule Of Balance Sheet Offsetting For Resale And Repurchase Agreements | The following table presents the resale agreements included on the Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023: Gross Amounts of Recognized Assets Gross Amounts Offset on the Consolidated Balance Sheet Net Amounts of Assets Presented on the Consolidated Balance Sheet Gross Amounts Not Offset on the Consolidated Balance Sheet ($ in thousands) Collateral Received (1) Net Amount Resale agreements as of March 31, 2024 $ 485,000 $ — $ 485,000 $ (404,004) $ 80,996 Resale agreements as of December 31, 2023 $ 785,000 $ — $ 785,000 $ (715,358) $ 69,642 (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. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Debt Securities, Available-for-Sale | The following tables present the amortized cost, gross unrealized gains and losses and fair value by major categories of AFS and HTM debt securities as of March 31, 2024 and December 31, 2023: March 31, 2024 ($ in thousands) Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS debt securities: U.S. Treasury securities $ 676,290 $ — $ (55,196) $ 621,094 U.S. government agency and U.S. government-sponsored enterprise debt securities 410,676 — (49,874) 360,802 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2) : Commercial mortgage-backed securities 513,159 129 (57,669) 455,619 Residential mortgage-backed securities 5,229,549 4,212 (241,362) 4,992,399 Municipal securities 296,360 47 (37,912) 258,495 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 373,834 — (39,838) 333,996 Residential mortgage-backed securities 609,705 — (90,048) 519,657 Corporate debt securities 653,501 — (150,854) 502,647 Foreign government bonds 238,592 605 (12,001) 227,196 Asset-backed securities 41,287 — (575) 40,712 CLOs 89,000 — (1,149) 87,851 Total AFS debt securities 9,131,953 4,993 (736,478) 8,400,468 HTM debt securities: U.S. Treasury securities 530,921 — (45,521) 485,400 U.S. government agency and U.S. government-sponsored enterprise debt securities 1,002,697 — (196,898) 805,799 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3) : Commercial mortgage-backed securities 491,842 — (93,850) 397,992 Residential mortgage-backed securities 734,577 — (153,299) 581,278 Municipal securities 188,605 — (44,596) 144,009 Total HTM debt securities 2,948,642 — (534,164) 2,414,478 Total debt securities $ 12,080,595 $ 4,993 $ (1,270,642) $ 10,814,946 December 31, 2023 ($ in thousands) Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS debt securities: U.S. Treasury securities $ 1,112,587 $ 101 $ (52,313) $ 1,060,375 U.S. government agency and U.S. government-sponsored enterprise debt securities 412,086 — (47,640) 364,446 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2) : Commercial mortgage-backed securities 531,377 158 (63,276) 468,259 Residential mortgage-backed securities 1,956,927 380 (229,713) 1,727,594 Municipal securities 297,283 75 (36,342) 261,016 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 409,578 — (42,062) 367,516 Residential mortgage-backed securities 643,335 — (89,664) 553,671 Corporate debt securities 653,501 — (151,076) 502,425 Foreign government bonds 239,333 69 (11,528) 227,874 Asset-backed securities 43,234 — (934) 42,300 CLOs 617,250 — (4,389) 612,861 Total AFS debt securities 6,916,491 783 (728,937) 6,188,337 HTM debt securities: U.S. Treasury securities 529,548 — (40,997) 488,551 U.S. government agency and U.S. government-sponsored enterprise debt securities 1,001,836 — (186,904) 814,932 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3) : Commercial mortgage-backed securities 493,348 — (88,968) 404,380 Residential mortgage-backed securities 742,436 — (142,119) 600,317 Municipal securities 188,872 — (43,081) 145,791 Total HTM debt securities 2,956,040 — (502,069) 2,453,971 Total debt securities $ 9,872,531 $ 783 $ (1,231,006) $ 8,642,308 (1) Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of March 31, 2024 and December 31, 2023, the accrued interest receivables were $40 million and $44 million, respectively. For the Company’s accounting policy related to debt securities’ accrued interest receivables, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities and Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in the Company’s 2023 Form 10-K. (2) Includes GNMA AFS debt securities totaling $4.5 billion of amortized cost and $4.4 billion of fair value as of March 31, 2024, and $1.3 billion of amortized cost and $1.2 billion of fair value as of December 31, 2023. (3) Includes GNMA HTM debt securities totaling $91 million of amortized cost and $73 million of fair value as of March 31, 2024, and $92 million of amortized cost and $75 million of fair value of as of December 31, 2023. |
Schedule of Debt Securities, Held-to-Maturity | The following tables present the amortized cost, gross unrealized gains and losses and fair value by major categories of AFS and HTM debt securities as of March 31, 2024 and December 31, 2023: March 31, 2024 ($ in thousands) Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS debt securities: U.S. Treasury securities $ 676,290 $ — $ (55,196) $ 621,094 U.S. government agency and U.S. government-sponsored enterprise debt securities 410,676 — (49,874) 360,802 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2) : Commercial mortgage-backed securities 513,159 129 (57,669) 455,619 Residential mortgage-backed securities 5,229,549 4,212 (241,362) 4,992,399 Municipal securities 296,360 47 (37,912) 258,495 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 373,834 — (39,838) 333,996 Residential mortgage-backed securities 609,705 — (90,048) 519,657 Corporate debt securities 653,501 — (150,854) 502,647 Foreign government bonds 238,592 605 (12,001) 227,196 Asset-backed securities 41,287 — (575) 40,712 CLOs 89,000 — (1,149) 87,851 Total AFS debt securities 9,131,953 4,993 (736,478) 8,400,468 HTM debt securities: U.S. Treasury securities 530,921 — (45,521) 485,400 U.S. government agency and U.S. government-sponsored enterprise debt securities 1,002,697 — (196,898) 805,799 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3) : Commercial mortgage-backed securities 491,842 — (93,850) 397,992 Residential mortgage-backed securities 734,577 — (153,299) 581,278 Municipal securities 188,605 — (44,596) 144,009 Total HTM debt securities 2,948,642 — (534,164) 2,414,478 Total debt securities $ 12,080,595 $ 4,993 $ (1,270,642) $ 10,814,946 December 31, 2023 ($ in thousands) Amortized Cost (1) Gross Unrealized Gains Gross Unrealized Losses Fair Value AFS debt securities: U.S. Treasury securities $ 1,112,587 $ 101 $ (52,313) $ 1,060,375 U.S. government agency and U.S. government-sponsored enterprise debt securities 412,086 — (47,640) 364,446 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (2) : Commercial mortgage-backed securities 531,377 158 (63,276) 468,259 Residential mortgage-backed securities 1,956,927 380 (229,713) 1,727,594 Municipal securities 297,283 75 (36,342) 261,016 Non-agency mortgage-backed securities: Commercial mortgage-backed securities 409,578 — (42,062) 367,516 Residential mortgage-backed securities 643,335 — (89,664) 553,671 Corporate debt securities 653,501 — (151,076) 502,425 Foreign government bonds 239,333 69 (11,528) 227,874 Asset-backed securities 43,234 — (934) 42,300 CLOs 617,250 — (4,389) 612,861 Total AFS debt securities 6,916,491 783 (728,937) 6,188,337 HTM debt securities: U.S. Treasury securities 529,548 — (40,997) 488,551 U.S. government agency and U.S. government-sponsored enterprise debt securities 1,001,836 — (186,904) 814,932 U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities (3) : Commercial mortgage-backed securities 493,348 — (88,968) 404,380 Residential mortgage-backed securities 742,436 — (142,119) 600,317 Municipal securities 188,872 — (43,081) 145,791 Total HTM debt securities 2,956,040 — (502,069) 2,453,971 Total debt securities $ 9,872,531 $ 783 $ (1,231,006) $ 8,642,308 (1) Amortized cost excludes accrued interest receivables which are presented within Other assets on the Consolidated Balance Sheet. As of March 31, 2024 and December 31, 2023, the accrued interest receivables were $40 million and $44 million, respectively. For the Company’s accounting policy related to debt securities’ accrued interest receivables, see Note 1 — Summary of Significant Accounting Policies — Significant Accounting Policies — Allowance for Credit Losses on Available-for-Sale Debt Securities and Allowance for Credit Losses on Held-to-Maturity Debt Securities to the Consolidated Financial Statements in the Company’s 2023 Form 10-K. (2) Includes GNMA AFS debt securities totaling $4.5 billion of amortized cost and $4.4 billion of fair value as of March 31, 2024, and $1.3 billion of amortized cost and $1.2 billion of fair value as of December 31, 2023. (3) Includes GNMA HTM debt securities totaling $91 million of amortized cost and $73 million of fair value as of March 31, 2024, and $92 million of amortized cost and $75 million of fair value of as of December 31, 2023. |
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following tables present the fair value and the associated gross unrealized losses of the Company’s AFS debt securities, aggregated by investment category and the length of time that the securities have been in a continuous unrealized loss position as of March 31, 2024 and December 31, 2023. March 31, 2024 Less Than 12 Months 12 Months or More Total ($ in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS debt securities: U.S. Treasury securities $ — $ — $ 621,094 $ (55,196) $ 621,094 $ (55,196) U.S. government agency and U.S. government sponsored enterprise debt securities — — 360,802 (49,874) 360,802 (49,874) U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities — — 450,965 (57,669) 450,965 (57,669) Residential mortgage-backed securities 1,577,361 (4,504) 1,642,455 (236,858) 3,219,816 (241,362) Municipal securities 4,189 (6) 252,268 (37,906) 256,457 (37,912) Non-agency mortgage-backed securities: Commercial mortgage-backed securities — — 333,996 (39,838) 333,996 (39,838) Residential mortgage-backed securities — — 519,657 (90,048) 519,657 (90,048) Corporate debt securities — — 502,647 (150,854) 502,647 (150,854) Foreign government bonds 18,567 (61) 88,060 (11,940) 106,627 (12,001) Asset-backed securities — — 40,712 (575) 40,712 (575) CLOs — — 87,851 (1,149) 87,851 (1,149) Total AFS debt securities $ 1,600,117 $ (4,571) $ 4,900,507 $ (731,907) $ 6,500,624 $ (736,478) December 31, 2023 Less Than 12 Months 12 Months or More Total ($ in thousands) Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses AFS debt securities: U.S. Treasury securities $ — $ — $ 623,978 $ (52,313) $ 623,978 $ (52,313) U.S. government agency and U.S. government-sponsored enterprise debt securities — — 364,446 (47,640) 364,446 (47,640) U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities: Commercial mortgage-backed securities — — 463,572 (63,276) 463,572 (63,276) Residential mortgage-backed securities 9,402 (558) 1,661,112 (229,155) 1,670,514 (229,713) Municipal securities 2,825 (15) 254,773 (36,327) 257,598 (36,342) Non-agency mortgage-backed securities: Commercial mortgage-backed securities 2,742 (4) 364,774 (42,058) 367,516 (42,062) Residential mortgage-backed securities — — 553,671 (89,664) 553,671 (89,664) Corporate debt securities — — 502,425 (151,076) 502,425 (151,076) Foreign government bonds 110,955 (144) 88,616 (11,384) 199,571 (11,528) Asset-backed securities — — 42,300 (934) 42,300 (934) CLOs — — 612,861 (4,389) 612,861 (4,389) Total AFS debt securities $ 125,924 $ (721) $ 5,532,528 $ (728,216) $ 5,658,452 $ (728,937) |
Schedule of the Gross Realized Gains and Tax Expense, Available-for-Sale | The following table presents the gross realized gains from the sales and impairment write-off of AFS debt securities and the related tax expense (benefit) included in earnings for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) 2024 2023 Gross realized gains from sales $ 49 $ — Impairment write-off (1) $ — $ (10,000) Related tax expense (benefit) $ 14 $ (2,956) (1) During the first quarter of 2023, the Company recognized a $10 million impairment write-off on a subordinated debt security as a component of noninterest income in the Company’s Consolidated Statement of Income. |
Schedule of Composition of Interest Income on Debt Securities | The following table presents the composition of interest income on debt securities for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) 2024 2023 Taxable interest $ 70,328 $ 61,049 Nontaxable interest 5,064 4,882 Total interest income on debt securities $ 75,392 $ 65,931 |
Schedule Of Contractual Maturities And Weighted Average Yields Of AFS And HTM Debt Securities | The following tables present the contractual maturities, amortized cost, fair value and weighted-average yields of AFS and HTM debt securities as of March 31, 2024. 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) Within One Year After One Year through Five Years After Five Years through Ten Years After Ten Years Total AFS debt securities: U.S. Treasury securities Amortized cost $ 34,901 $ 641,389 $ — $ — $ 676,290 Fair value 33,920 587,174 — — 621,094 Weighted-average yield (1) 1.83 % 1.17 % — % — % 1.20 % U.S. government agency and U.S. government-sponsored enterprise debt securities Amortized cost 51,238 94,159 127,833 137,446 410,676 Fair value 51,163 90,935 106,727 111,977 360,802 Weighted-average yield (1) 4.94 % 3.16 % 1.60 % 2.33 % 2.62 % U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities Amortized cost 3,219 36,135 137,555 5,565,799 5,742,708 Fair value 3,130 34,513 125,890 5,284,485 5,448,018 Weighted-average yield (1) (2) 2.68 % 3.15 % 2.73 % 5.32 % 5.24 % Municipal securities Amortized cost 2,240 34,998 9,621 249,501 296,360 Fair value 2,219 32,747 8,885 214,644 258,495 Weighted-average yield (1) (2) 3.39 % 2.23 % 3.22 % 2.23 % 2.27 % Non-agency mortgage-backed securities Amortized cost 82,941 46,116 — 854,482 983,539 Fair value 82,055 45,322 — 726,276 853,653 Weighted-average yield (1) 3.67 % 3.70 % — % 2.54 % 2.69 % Corporate debt securities Amortized cost — — 349,501 304,000 653,501 Fair value — — 294,845 207,802 502,647 Weighted-average yield (1) — % — % 3.50 % 1.97 % 2.79 % Foreign government bonds Amortized cost 32,724 105,868 50,000 50,000 238,592 Fair value 32,665 106,471 49,640 38,420 227,196 Weighted-average yield (1) 3.01 % 2.28 % 5.72 % 1.50 % 2.94 % Asset-backed securities Amortized cost — — — 41,287 41,287 Fair value — — — 40,712 40,712 Weighted-average yield (1) — % — % — % 6.06 % 6.06 % CLOs Amortized cost — — 69,000 20,000 89,000 Fair value — — 67,924 19,927 87,851 Weighted-average yield (1) — % — % 7.10 % 6.84 % 7.04 % Total AFS debt securities Amortized cost $ 207,263 $ 958,665 $ 743,510 $ 7,222,515 $ 9,131,953 Fair value $ 205,152 $ 897,162 $ 653,911 $ 6,644,243 $ 8,400,468 Weighted-average yield (1) 3.55 % 1.72 % 3.51 % 4.67 % 4.24 % ($ in thousands) Within One Year After One Year through Five Years After Five Years through Ten Years After Ten Years Total HTM debt securities: U.S. Treasury securities Amortized cost $ — $ 530,921 $ — $ — $ 530,921 Fair value — 485,400 — — 485,400 Weighted-average yield (1) — % 1.05 % — % — % 1.05 % U.S. government agency and U.S. government-sponsored enterprise debt securities Amortized cost — — 343,666 659,031 1,002,697 Fair value — — 291,586 514,213 805,799 Weighted-average yield (1) — % — % 1.90 % 1.89 % 1.90 % U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities Amortized cost — 4,852 94,536 1,127,031 1,226,419 Fair value — 4,401 79,571 895,298 979,270 Weighted-average yield (1) (2) — % 1.40 % 1.59 % 1.69 % 1.68 % Municipal securities Amortized cost — — — 188,605 188,605 Fair value — — — 144,009 144,009 Weighted-average yield (1) (2) — % — % — % 1.99 % 1.99 % Total HTM debt securities Amortized cost $ — $ 535,773 $ 438,202 $ 1,974,667 $ 2,948,642 Fair value $ — $ 489,801 $ 371,157 $ 1,553,520 $ 2,414,478 Weighted-average yield (1) — % 1.05 % 1.83 % 1.79 % 1.66 % (1) Weighted-average yields are computed based on amortized cost balances. (2) Yields on tax-exempt securities are not presented on a tax-equivalent basis. |
Schedule Of Restricted Equity Securities | The following table presents the restricted equity securities included in Other assets on the Consolidated Balance Sheet as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Federal Reserve Bank of San Francisco (“FRBSF”) stock $ 62,858 $ 62,561 FHLB stock 101,544 17,250 Total restricted equity securities $ 164,402 $ 79,811 |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule Of Notional And Gross Fair Values Of Derivatives | The following table presents the notional amounts and fair values of the Company’s derivatives as of March 31, 2024 and December 31, 2023. Certain derivative contracts are cleared though central clearing organizations where variation margin is applied daily as settlement to the fair values of the contracts. The fair values are presented on a gross basis prior to the application of bilateral collateral and master netting agreements, but after the application of variation margin payments as settlement to fair values of contracts cleared through central clearing organizations. Applying variation margin payments as settlement to the fair values of derivative contracts cleared through the London Clearing House (“LCH”) and the Chicago Mercantile Exchange (“CME”) resulted in reductions in the derivative asset and liability fair values by $41 million and $47 million, respectively, as of March 31, 2024. In comparison, applying variation margin payments as settlement to LCH- and CME-cleared derivative transactions resulted in reductions in both the derivative asset and liability fair values by $43 million as of December 31, 2023. Total derivative asset and liability fair values are adjusted to reflect the effects of legally enforceable master netting agreements and cash collateral received or paid. The resulting net derivative asset and liability fair values are included in Other assets and Accrued expenses and other liabilities , respectively, on the Consolidated Balance Sheet. March 31, 2024 December 31, 2023 Fair Value Fair Value ($ in thousands) Notional Amount Assets Liabilities Notional Amount Assets Liabilities Derivatives designated as hedging instruments: Cash flow hedges: Interest rate contracts $ 5,250,000 $ 15,707 $ 49,616 $ 5,250,000 $ 50,421 $ 13,124 Net investment hedges: Foreign exchange contracts — — — 81,480 3,394 — Total derivatives designated as hedging instruments $ 5,250,000 $ 15,707 $ 49,616 $ 5,331,480 $ 53,815 $ 13,124 Derivatives not designated as hedging instruments: Interest rate contracts $ 16,910,462 $ 469,087 $ 468,714 $ 17,387,909 $ 423,486 $ 420,812 Commodity contracts (1) — 76,615 106,930 — 79,604 121,670 Foreign exchange contracts 4,898,429 60,499 53,153 5,827,149 53,678 42,564 Credit contracts (2) 118,144 — 16 118,391 1 25 Equity contracts — 330 (3) 15,119 (4) — 336 (3) 15,119 (4) Total derivatives not designated as hedging instruments $ 21,927,035 $ 606,531 $ 643,932 $ 23,333,449 $ 557,105 $ 600,190 Gross derivative assets/liabilities $ 622,238 $ 693,548 $ 610,920 $ 613,314 Less: Master netting agreements (132,555) (132,555) (75,534) (75,534) Less: Cash collateral received (356,707) (2,408) (237,258) (636) Net derivative assets/liabilities $ 132,976 $ 558,585 $ 298,128 $ 537,144 (1) The notional amount of the Company’s commodity contracts totaled 18,468 thousand barrels of crude oil and 350,942 thousand units of natural gas, measured in million British thermal units (“MMBTUs”) as of March 31, 2024. In comparison, the notional amount of the Company’s commodity contracts totaled 18,631 thousand barrels of crude oil and 328,844 thousand MMBTUs of natural gas as of December 31, 2023. (2) The notional amount of the credit contracts reflects the Company’s pro-rata share of the underlying derivative instruments in RPAs. (3) The Company held warrant equity contracts in 11 private companies and one public company as of both March 31, 2024 and December 31, 2023. (4) Equity contracts classified as derivative liabilities consist of 349,138 performance-based RSUs granted as part of EWBC’s consideration in its investment in Rayliant. The following table presents the notional amounts and the gross fair values of the interest rate and foreign exchange derivatives entered into with customers and with third-party financial institutions as economic hedges to customers’ positions as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Fair Value Fair Value ($ in thousands) Notional Amount Assets Liabilities Notional Amount Assets Liabilities Customer-related positions: Interest rate contracts: Swaps $ 6,874,132 $ 9,521 $ 442,960 $ 6,835,822 $ 25,649 $ 377,388 Written options 1,287,121 — 11,909 1,522,531 — 12,756 Collars and corridors 281,117 130 3,371 322,732 440 4,481 Subtotal 8,442,370 9,651 458,240 8,681,085 26,089 394,625 Foreign exchange contracts: Forwards and spot 643,298 4,124 7,548 956,618 9,466 6,756 Swaps 1,577,082 19,020 24,839 1,588,491 5,801 18,118 Purchased options 129,000 2,580 — 136,000 1,839 — Subtotal 2,349,380 25,724 32,387 2,681,109 17,106 24,874 Total $ 10,791,750 $ 35,375 $ 490,627 $ 11,362,194 $ 43,195 $ 419,499 Economic hedges: Interest rate contracts: Swaps $ 6,899,692 $ 444,094 $ 10,337 $ 6,861,561 $ 380,123 $ 25,731 Purchased options 1,287,283 11,962 — 1,522,531 12,783 — Collars and corridors 281,117 3,380 137 322,732 4,491 456 Subtotal 8,468,092 459,436 10,474 8,706,824 397,397 26,187 Foreign exchange contracts: Forwards and spot 33,003 42 18 148,003 292 94 Swaps 2,387,046 34,733 18,168 2,862,037 36,280 15,757 Written options 129,000 — 2,580 136,000 — 1,839 Subtotal 2,549,049 34,775 20,766 3,146,040 36,572 17,690 Total $ 11,017,141 $ 494,211 $ 31,240 $ 11,852,864 $ 433,969 $ 43,877 The Company enters into energy commodity contracts with its customers in the oil and gas sector, which allow them to hedge against the risk of fluctuation in energy commodity prices. Offsetting contracts entered with third-party financial institutions are used as economic hedges to manage the Company’s exposure on its customer-related positions. The following table presents the notional amounts in units and the gross fair values of the commodity derivatives issued for customer-related positions and economic hedges as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 Fair Value Fair Value ($ and unit in thousands) Notional Units Assets Liabilities Notional Units Assets Liabilities Customer-related positions: Commodity contracts: Crude oil: Swaps 3,608 Barrels $ 15,370 $ 685 3,277 Barrels $ 3,735 $ 15,445 Collars 5,576 Barrels 11,901 115 5,966 Barrels 1,820 5,103 Subtotal 9,184 Barrels 27,271 800 9,243 Barrels 5,555 20,548 Natural gas: Swaps 127,102 MMBTUs 1,420 70,028 118,325 MMBTUs 438 73,793 Collars 47,953 MMBTUs 672 17,107 45,854 MMBTUs 21 20,400 Written options 1,976 MMBTUs 132 33 1,874 MMBTUs — 233 Subtotal 177,031 MMBTUs 2,224 87,168 166,053 MMBTUs 459 94,426 Total $ 29,495 $ 87,968 $ 6,014 $ 114,974 Economic hedges: Commodity contracts: Crude oil: Swaps 3,708 Barrels $ 1,788 $ 12,997 3,422 Barrels $ 9,166 $ 4,924 Collars 5,576 Barrels 1 4,902 5,966 Barrels 1,685 1,467 Subtotal 9,284 Barrels 1,789 17,899 9,388 Barrels 10,851 6,391 Natural gas: Swaps 124,582 MMBTUs 37,170 629 116,463 MMBTUs 49,941 305 Collars 47,353 MMBTUs 8,120 318 44,454 MMBTUs 12,565 — Purchased options 1,976 MMBTUs 41 116 1,874 MMBTUs 233 — Subtotal 173,911 MMBTUs 45,331 1,063 162,791 MMBTUs 62,739 305 Total $ 47,120 $ 18,962 $ 73,590 $ 6,696 |
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 three months ended March 31, 2024 and 2023. 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 this Form-10-Q. Three Months Ended March 31, ($ in thousands) 2024 2023 (Losses) gains recognized in AOCI: Interest rate contracts $ (90,376) $ 29,843 (Losses) gains reclassified from AOCI into earnings: Interest expense (for cash flow hedges on borrowings) $ — $ 696 Interest and dividend income (for cash flow hedges on loans) (24,605) (12,954) Noninterest income — 1,614 (1) Total $ (24,605) $ (10,644) (1) Represents the amounts in AOCI reclassified into earnings as a result that the forecasted cash flows were no longer probable to occur. |
Tabular Disclosure Of Gains and Losses On Derivative Instruments Qualified And Designated In Net Investment Hedges | The following table presents the pre-tax gains or losses recognized in AOCI on net investment hedges for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) 2024 2023 Gains (losses) recognized in AOCI $ 586 $ (1,076) |
Schedule Of The Net (Losses) Gains Recognized On The Company’s Consolidated Statement of Income Related To Derivatives Not Designated as Hedging Instruments | The following table presents the net gains (losses) recognized on the Company’s Consolidated Statement of Income related to derivatives not designated as hedging instruments for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) Classification on Consolidated Statement of Income 2024 2023 Derivatives not designated as hedging instruments: Interest rate contracts Customer derivative income $ 484 $ (2,484) Foreign exchange contracts Foreign exchange income 12,780 10,442 Credit contracts Customer derivative income (5) (5) Equity contracts - warrants Lending fees (6) (45) Commodity contracts Customer derivative income 134 6 Net gains $ 13,387 $ 7,914 |
Schedule Of Gross Derivative Fair Values, The Balance Sheet Netting Adjustments And The Resulting Net Fair Values Recorded On The Consolidated Balance Sheet, As Well As The Cash and Non-Cash Collateral Associated With Master Netting Arrangements | The following tables present the gross derivative fair values, the balance sheet netting adjustments, and the resulting net fair values recorded on the Consolidated Balance Sheet, as well as the cash and 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 to the fair values of contracts cleared through central clearing organizations, where applicable. The collateral amounts in the following tables are limited to the outstanding balances of the related asset or liability. Therefore, instances of over-collateralization are not shown: ($ in thousands) As of March 31, 2024 Gross Amounts Recognized (1) Gross Amounts Offset on the Consolidated Balance Sheet Net Amounts Presented on the Consolidated Balance Sheet Gross Amounts Not Offset on the Consolidated Balance Sheet Net Amount Master Netting Arrangements Cash Collateral Received (3) Security Collateral Received (5) Derivative assets $ 622,238 $ (132,555) $ (356,707) $ 132,976 $ (99,877) $ 33,099 Gross Amounts Recognized (2) Gross Amounts Offset on the Consolidated Balance Sheet Net Amounts Presented on the Consolidated Balance Sheet Gross Amounts Not Offset on the Consolidated Balance Sheet Net Amount Master Netting Arrangements Cash Collateral Pledged (4) Security Collateral Pledged (5) Derivative liabilities $ 693,548 $ (132,555) $ (2,408) $ 558,585 $ — $ 558,585 ($ in thousands) As of December 31, 2023 Gross Amounts Recognized (1) Gross Amounts Offset on the Consolidated Balance Sheet Net Amounts Presented on the Consolidated Balance Sheet Gross Amounts Not Offset on the Consolidated Balance Sheet Net Amount Master Netting Arrangements Cash Collateral Received (3) Security Collateral Received (5) Derivative assets $ 610,920 $ (75,534) $ (237,258) $ 298,128 $ (246,259) $ 51,869 Gross Amounts Recognized (2) Gross Amounts Offset on the Consolidated Balance Sheet Net Amounts Presented on the Consolidated Balance Sheet Gross Amounts Not Offset on the Consolidated Balance Sheet Net Amount Master Netting Arrangements Cash Collateral Pledged (4) Security Collateral Pledged (5) Derivative liabilities $ 613,314 $ (75,534) $ (636) $ 537,144 $ — $ 537,144 (1) Includes $2 million and $3 million of gross fair value assets with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of March 31, 2024 and December 31, 2023, respectively. (2) Includes $17 million and $16 million of gross fair value liabilities with counterparties that were not subject to enforceable master netting arrangements or similar agreements as of March 31, 2024 and December 31, 2023, respectively. (3) Gross cash collateral received under master netting arrangements or similar agreements was $362 million and $244 million as of March 31, 2024 and December 31, 2023, respectively. Of the gross cash collateral received, $357 million and $237 million were used to offset derivative assets as of March 31, 2024 and December 31, 2023, respectively. (4) Gross cash collateral pledged under master netting arrangements or similar agreements was $3 million and $1 million as of March 31, 2024 and December 31, 2023, respectively. Of the gross cash collateral pledged, $2 million and $1 million were used to offset derivative liabilities as of March 31, 2024 and December 31, 2023, respectively. (5) Represents the fair value of security collateral received or pledged limited to derivative assets or liabilities that are subject to enforceable master netting arrangements or similar agreements. U.S. GAAP does not permit the netting of noncash collateral on the Consolidated Balance Sheet but requires the disclosure of such amounts. |
Loans Receivable and Allowanc_2
Loans Receivable and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Loans and Leases Receivable Disclosure [Abstract] | |
Schedule Of Composition Of Loans Held-For-Investment | The following table presents the composition of the Company’s loans held-for-investment outstanding as of March 31, 2024 and December 31, 2023: ($ in thousands) March 31, 2024 December 31, 2023 Commercial: C&I $ 16,350,191 $ 16,581,079 CRE: CRE 14,609,655 14,777,081 Multifamily residential 5,010,245 5,023,163 Construction and land 673,939 663,868 Total CRE 20,293,839 20,464,112 Total commercial 36,644,030 37,045,191 Consumer: Residential mortgage: Single-family residential 13,563,738 13,383,060 HELOCs 1,731,233 1,722,204 Total residential mortgage 15,294,971 15,105,264 Other consumer 53,503 60,327 Total consumer 15,348,474 15,165,591 Total loans held-for-investment (1) $ 51,992,504 $ 52,210,782 Allowance for loan losses (670,280) (668,743) Loans held-for-investment, net (1) $ 51,322,224 $ 51,542,039 (1) Includes |
Schedule Of Loans Held-For-Investment By Loan Portfolio Segments, Internal Risk Ratings, Gross Write-Offs And Vintage Year | The following tables summarize the Company’s loans held-for-investment and year-to-date gross write-offs by loan portfolio segments, internal risk ratings and vintage year as of the periods presented. The vintage year is the year of loan origination, renewal or major modification. Revolving loans that are converted to term loans presented in the tables below are excluded from term loans by vintage year columns. March 31, 2024 Term Loans by Origination Year ($ in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Loans (1) Total Commercial: C&I: Pass $ 494,511 $ 2,181,627 $ 1,390,042 $ 1,162,380 $ 290,790 $ 357,396 $ 9,858,874 $ 23,801 $ 15,759,421 Criticized (accrual) 15 80,137 146,122 126,563 8,378 61,936 118,657 — 541,808 Criticized (nonaccrual) — 15,676 10,179 631 4,193 17,313 970 — 48,962 Total C&I 494,526 2,277,440 1,546,343 1,289,574 303,361 436,645 9,978,501 23,801 16,350,191 Gross write-offs for the three months ended March 31, 2024 (2) — 221 11,550 3,047 488 1,528 (56) (3) — 16,778 CRE: Pass 310,715 2,415,104 3,940,346 2,125,414 1,412,088 3,815,741 90,300 48,880 14,158,588 Criticized (accrual) — 66,187 54,141 26,402 53,926 200,610 — 14,795 416,061 Criticized (nonaccrual) — 1,750 — — — 33,256 — — 35,006 Subtotal CRE 310,715 2,483,041 3,994,487 2,151,816 1,466,014 4,049,607 90,300 63,675 14,609,655 Gross write-offs for the three months ended March 31, 2024 — — — — — 2,398 — — 2,398 Multifamily residential: Pass 43,746 652,947 1,482,963 794,023 645,391 1,329,341 6,831 1,275 4,956,517 Criticized (accrual) — 13,939 — 31,882 — 3,261 — — 49,082 Criticized (nonaccrual) — — — — — 4,646 — — 4,646 Subtotal multifamily residential 43,746 666,886 1,482,963 825,905 645,391 1,337,248 6,831 1,275 5,010,245 Gross write-offs for the three months ended March 31, 2024 — — — — — 6 — — 6 Construction and land: Pass 2,980 266,224 234,093 124,830 1,603 6,290 8,795 — 644,815 Criticized (accrual) — — 16,888 — — — — — 16,888 Criticized (nonaccrual) — — 12,236 — — — — — 12,236 Subtotal construction and land 2,980 266,224 263,217 124,830 1,603 6,290 8,795 — 673,939 Gross write-offs for the three months ended March 31, 2024 — — 1,224 — — — — — 1,224 Total CRE 357,441 3,416,151 5,740,667 3,102,551 2,113,008 5,393,145 105,926 64,950 20,293,839 Total CRE gross write-offs for the three months ended March 31, 2024 — — 1,224 — — 2,404 — — 3,628 Total commercial $ 851,967 $ 5,693,591 $ 7,287,010 $ 4,392,125 $ 2,416,369 $ 5,829,790 $ 10,084,427 $ 88,751 $ 36,644,030 Total commercial gross write-offs for the three months ended March 31, 2024 (2) $ — $ 221 $ 12,774 $ 3,047 $ 488 $ 3,932 $ (56) (3) $ — $ 20,406 March 31, 2024 Term Loans by Origination Year ($ in thousands) 2024 2023 2022 2021 2020 Prior Revolving Loans Revolving Loans Converted to Term Loans (1) Total Consumer: Residential mortgage: Single-family residential: Pass (4) $ 547,073 $ 3,077,628 $ 3,285,262 $ 2,236,107 $ 1,553,848 $ 2,814,348 $ — $ — $ 13,514,266 Criticized (accrual) — 3,196 — 1,764 3,910 5,583 — — 14,453 Criticized (nonaccrual) (4) — 7,860 5,874 3,389 3,718 14,178 — — 35,019 Subtotal single-family residential mortgage 547,073 3,088,684 3,291,136 2,241,260 1,561,476 2,834,109 — — 13,563,738 HELOCs: Pass 4,798 3,655 3,394 2,817 5,107 9,288 1,561,308 123,131 1,713,498 Criticized (accrual) — 808 2,435 360 — 670 718 1,246 6,237 Criticized (nonaccrual) — 65 518 219 — 5,906 — 4,790 11,498 Subtotal HELOCs 4,798 4,528 6,347 3,396 5,107 15,864 1,562,026 129,167 1,731,233 Total residential mortgage 551,871 3,093,212 3,297,483 2,244,656 1,566,583 2,849,973 1,562,026 129,167 15,294,971 Other consumer: Pass 2,132 632 18,101 134 — 6,861 22,481 — 50,341 Criticized (accrual) — — — — — — 3,000 — 3,000 Criticized (nonaccrual) — — — — — — 162 — 162 Total other consumer 2,132 632 18,101 134 — 6,861 25,643 — 53,503 Gross write-offs for the three months ended March 31, 2024 (2) — — — — — — 2 — 2 Total consumer $ 554,003 $ 3,093,844 $ 3,315,584 $ 2,244,790 $ 1,566,583 $ 2,856,834 $ 1,587,669 $ 129,167 $ 15,348,474 Total consumer gross write-offs for the three months ended March 31, 2024 (2) $ — $ — $ — $ — $ — $ — $ 2 $ — $ 2 Total loans held-for-investment: Pass $ 1,405,955 $ 8,597,817 $ 10,354,201 $ 6,445,705 $ 3,908,827 $ 8,339,265 $ 11,548,589 $ 197,087 $ 50,797,446 Criticized (accrual) 15 164,267 219,586 186,971 66,214 272,060 122,375 16,041 1,047,529 Criticized (nonaccrual) — 25,351 28,807 4,239 7,911 75,299 1,132 4,790 147,529 Total $ 1,405,970 $ 8,787,435 $ 10,602,594 $ 6,636,915 $ 3,982,952 $ 8,686,624 $ 11,672,096 $ 217,918 $ 51,992,504 Total loans held-for-investment gross write-offs for the three months ended March 31, 2024 (2) $ — $ 221 $ 12,774 $ 3,047 $ 488 $ 3,932 $ (54) (3) $ — $ 20,408 December 31, 2023 Term Loans by Origination Year ($ in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans (1) Total Commercial: C&I: Pass $ 2,314,463 $ 1,628,560 $ 1,296,936 $ 331,982 $ 245,173 $ 164,159 $ 10,053,757 $ 20,143 $ 16,055,173 Criticized (accrual) 105,119 67,899 120,574 15,064 40,920 22,098 117,196 — 488,870 Criticized (nonaccrual) 2,104 7,916 131 4,819 2,979 18,137 950 — 37,036 Total C&I 2,421,686 1,704,375 1,417,641 351,865 289,072 204,394 10,171,903 20,143 16,581,079 Gross write-offs for the year ended December 31, 2023 (2) 350 10,454 424 3,758 9,748 2,648 1,593 — 28,975 CRE: Pass 2,492,915 4,086,385 2,216,257 1,428,724 1,600,844 2,494,382 92,851 62,771 14,475,129 Criticized (accrual) 36,855 34,485 30,336 48,250 24,437 104,340 — — 278,703 Criticized (nonaccrual) — — — — 444 22,805 — — 23,249 Subtotal CRE 2,529,770 4,120,870 2,246,593 1,476,974 1,625,725 2,621,527 92,851 62,771 14,777,081 Gross write-offs for the year ended December 31, 2023 (2) — — — — — 1,329 — — 1,329 Multifamily residential: Pass 665,780 1,481,161 808,333 612,408 498,491 857,713 8,690 1,281 4,933,857 Criticized (accrual) — 3,356 54,614 — 693 25,974 — — 84,637 Criticized (nonaccrual) — — — — — 4,669 — — 4,669 Subtotal multifamily residential 665,780 1,484,517 862,947 612,408 499,184 888,356 8,690 1,281 5,023,163 Gross write-offs for the year ended December 31, 2023 — — — — — 3 — — 3 Construction and land: Pass 209,775 280,151 120,724 39,928 808 5,501 6,981 — 663,868 Subtotal construction and land 209,775 280,151 120,724 39,928 808 5,501 6,981 — 663,868 Total CRE 3,405,325 5,885,538 3,230,264 2,129,310 2,125,717 3,515,384 108,522 64,052 20,464,112 Total CRE gross write-offs for the year ended December 31, 2023 (2) — — — — — 1,332 — — 1,332 Total commercial $ 5,827,011 $ 7,589,913 $ 4,647,905 $ 2,481,175 $ 2,414,789 $ 3,719,778 $ 10,280,425 $ 84,195 $ 37,045,191 Total commercial gross write-offs for the year ended December 31, 2023 (2) 350 10,454 424 3,758 9,748 3,980 1,593 — 30,307 December 31, 2023 Term Loans by Origination Year ($ in thousands) 2023 2022 2021 2020 2019 Prior Revolving Loans Revolving Loans Converted to Term Loans (1) Total Consumer: Residential mortgage: Single-family residential: Pass (4) $ 3,188,830 $ 3,340,789 $ 2,279,802 $ 1,594,525 $ 980,686 $ 1,959,974 $ — $ — $ 13,344,606 Criticized (accrual) 2,680 4,471 566 1,440 1,503 4,167 — — 14,827 Criticized (nonaccrual) (4) 4,466 837 3,902 2,081 3,626 8,715 — — 23,627 Subtotal single-family residential mortgage 3,195,976 3,346,097 2,284,270 1,598,046 985,815 1,972,856 — — 13,383,060 HELOCs: Pass 3,641 3,882 1,734 3,153 729 9,251 1,551,074 126,280 1,699,744 Criticized (accrual) 565 1,219 1,872 101 185 1,470 2,548 1,089 9,049 Criticized (nonaccrual) 815 856 413 72 584 6,863 279 3,529 13,411 Subtotal HELOCs 5,021 5,957 4,019 3,326 1,498 17,584 1,553,901 130,898 1,722,204 Gross write-offs for the year ended December 31, 2023 (2) — — — — — 41 — 6 47 Total residential mortgage 3,200,997 3,352,054 2,288,289 1,601,372 987,313 1,990,440 1,553,901 130,898 15,105,264 Total residential mortgage gross write-offs for the year ended December 31, 2023 (2) — — — — — 41 — 6 47 Other consumer: Pass 2,286 18,098 135 — — 13,244 26,432 — 60,195 Criticized (nonaccrual) — — — — — — 132 — 132 Total other consumer 2,286 18,098 135 — — 13,244 26,564 — 60,327 Total consumer $ 3,203,283 $ 3,370,152 $ 2,288,424 $ 1,601,372 $ 987,313 $ 2,003,684 $ 1,580,465 $ 130,898 $ 15,165,591 Total consumer gross write-offs for the year ended December 31, 2023 (2) $ — $ — $ — $ — $ — $ 41 $ — $ 6 $ 47 Total by Risk Rating: Pass $ 8,877,690 $ 10,839,026 $ 6,723,921 $ 4,010,720 $ 3,326,731 $ 5,504,224 $ 11,739,785 $ 210,475 $ 51,232,572 Criticized (accrual) 145,219 111,430 207,962 64,855 67,738 158,049 119,744 1,089 876,086 Criticized (nonaccrual) 7,385 9,609 4,446 6,972 7,633 61,189 1,361 3,529 102,124 Total $ 9,030,294 $ 10,960,065 $ 6,936,329 $ 4,082,547 $ 3,402,102 $ 5,723,462 $ 11,860,890 $ 215,093 $ 52,210,782 Total loans held-for-investment gross write-offs for the year ended December 31, 2023 (2) $ 350 $ 10,454 $ 424 $ 3,758 $ 9,748 $ 4,021 $ 1,593 $ 6 $ 30,354 (1) $7 million and $12 million of total commercial loans, comprised of C&I and CRE revolving loans, converted to term loans during the three months ended March 31, 2024 and 2023, respectively. During the three months ended March 31, 2024 and 2023, respectively, $15 million and $5 million of total consumer loans, comprised of HELOCs, converted to term loans. (2) Excludes gross write-offs associated with loans the Company sold or settled. (3) Represents the remaining unamortized deferred loan fee related to a zero balance loan with no previous charge-offs. (4) As of both March 31, 2024 and December 31, 2023, $1 million of nonaccrual loans whose payments were guaranteed by the Federal Housing Administration were classified with a “Pass” rating. |
Schedule Of Aging Analysis Of Loans | The following tables present the aging analysis of loans held-for-investment as of March 31, 2024 and December 31, 2023: March 31, 2024 ($ in thousands) Current Accruing Loans Accruing Loans 30-59 Days Past Due Accruing Loans 60-89 Days Past Due Total Accruing Past Due Loans Total Nonaccrual Loans Total Loans Commercial: C&I $ 16,281,903 $ 4,559 $ 14,767 $ 19,326 $ 48,962 $ 16,350,191 CRE: CRE 14,555,923 18,726 — 18,726 35,006 14,609,655 Multifamily residential 5,005,231 368 — 368 4,646 5,010,245 Construction and land 661,703 — — — 12,236 673,939 Total CRE 20,222,857 19,094 — 19,094 51,888 20,293,839 Total commercial 36,504,760 23,653 14,767 38,420 100,850 36,644,030 Consumer: Residential mortgage: Single-family residential 13,478,789 33,911 15,369 49,280 35,669 13,563,738 HELOCs 1,699,628 13,877 6,230 20,107 11,498 1,731,233 Total residential mortgage 15,178,417 47,788 21,599 69,387 47,167 15,294,971 Other consumer 53,224 60 57 117 162 53,503 Total consumer 15,231,641 47,848 21,656 69,504 47,329 15,348,474 Total $ 51,736,401 $ 71,501 $ 36,423 $ 107,924 $ 148,179 $ 51,992,504 December 31, 2023 ($ in thousands) Current Accruing Loans Accruing Loans 30-59 Days Past Due Accruing Loans 60-89 Days Past Due Total Accruing Past Due Loans Total Nonaccrual Loans Total Loans Commercial: C&I $ 16,508,394 $ 28,550 $ 7,099 $ 35,649 $ 37,036 $ 16,581,079 CRE: CRE 14,750,315 1,719 1,798 3,517 23,249 14,777,081 Multifamily residential 5,017,897 597 — 597 4,669 5,023,163 Construction and land 650,617 13,251 — 13,251 — 663,868 Total CRE 20,418,829 15,567 1,798 17,365 27,918 20,464,112 Total commercial 36,927,223 44,117 8,897 53,014 64,954 37,045,191 Consumer: Residential mortgage: Single-family residential 13,313,455 29,285 15,943 45,228 24,377 13,383,060 HELOCs 1,687,301 12,266 9,226 21,492 13,411 1,722,204 Total residential mortgage 15,000,756 41,551 25,169 66,720 37,788 15,105,264 Other consumer 56,930 3,123 142 3,265 132 60,327 Total consumer 15,057,686 44,674 25,311 69,985 37,920 15,165,591 Total $ 51,984,909 $ 88,791 $ 34,208 $ 122,999 $ 102,874 $ 52,210,782 |
Schedule Of Amortized Cost Of Loans On Nonaccrual Status With No Related Allowance For Loan Losses | The following table presents the amortized cost of loans on nonaccrual status for which there was no related allowance for loan losses as of both March 31, 2024 and December 31, 2023. Nonaccrual loans may not have an allowance for credit losses if the loan balances are well secured by collateral values and there is no loss expectation. ($ in thousands) March 31, 2024 December 31, 2023 Commercial: C&I $ 40,617 $ 33,089 CRE 34,431 22,653 Multifamily residential 4,235 4,235 Construction and land 12,236 — Total commercial 91,519 59,977 Consumer: Single-family residential 15,380 4,852 HELOCs 6,287 7,256 Total consumer 21,667 12,108 Total nonaccrual loans with no related allowance for loan losses $ 113,186 $ 72,085 |
Summary Of Modified Loans/TDRs | The following tables present the amortized cost of loans that were modified during the three months ended March 31, 2024 and 2023 by loan class and modification type: Three Months Ended March 31, 2024 Modification Type ($ in thousands) Term Extension Payment Delay Combination: Rate Reduction/ Payment Delay Total Modification as a % of Loan Class Commercial: C&I $ 4,013 $ 22,155 $ — $ 26,168 0.16 % CRE 24,488 — 19,325 43,813 0.22 % Total commercial 28,501 22,155 19,325 69,981 Consumer: Single-family residential — 3,996 — 3,996 0.03 % HELOCs — 5,501 517 6,018 0.35 % Total consumer — 9,497 517 10,014 Total $ 28,501 $ 31,652 $ 19,842 $ 79,995 Three Months Ended March 31, 2023 Modification Type ($ in thousands) Term Extension Payment Delay Combination: Rate Reduction/ Payment Delay Total Modification as a % of Loan Class Commercial: C&I $ 19,974 $ 14,364 $ — $ 34,338 0.22 % CRE 543 — — 543 — % Total commercial 20,517 14,364 — 34,881 Consumer: HELOCs 738 — — 738 0.04 % Total consumer 738 — — 738 Total $ 21,255 $ 14,364 $ — $ 35,619 The following tables present the financial effects of the loan modifications for the three months ended March 31, 2024 and 2023 by loan class and modification type: Financial Effects of Loan Modifications Three Months Ended March 31, 2024 ($ in thousands) Weighted-Average Interest Rate Reduction Weighted-Average Term Extension Weighted-Average Payment Delay Commercial: C&I — 1.8 1.7 CRE 2.75 % 1.5 1.7 Consumer: Single-family residential — 0.0 0.7 HELOCs 0.25 % 0.0 3.2 Financial Effects of Loan Modifications Three Months Ended March 31, 2023 ($ in thousands) Weighted-Average Interest Rate Reduction Weighted-Average Term Extension Weighted-Average Payment Delay Commercial: C&I — 0.9 1.0 CRE — 2.0 0.0 Consumer: HELOCs — 14.8 0.0 Loans Modified Subsequently Defaulted Three Months Ended March 31, 2024 ($ in thousands) Term Extension Payment Delay Combination: Term Extension/ Payment Delay Total Commercial: C&I $ 7,828 $ — — $ 7,828 Total commercial 7,828 — — 7,828 Consumer: Single-family residential — 3,972 383 4,355 Total consumer — 3,972 383 4,355 Total $ 7,828 $ 3,972 $ 383 $ 12,183 |
Financing Receivable, Modified, Payment Performance | The Company closely monitors the performance of modified loans to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following tables present the performance of loans that were modified in the twelve months ended March 31, 2024. For the comparative period, the amounts represent the performance of loans that were modified in the three months ended March 31, 2023, subsequent to the adoption of ASU 2022-02 on January 1, 2023: Payment Performance as of March 31, 2024 ($ in thousands) Current 30 - 89 Days Past Due 90+ Days Past Due Total Commercial: C&I $ 75,193 $ — $ 7,829 $ 83,022 CRE 76,028 — — 76,028 Total commercial 151,221 — 7,829 159,050 Consumer: Single-family residential 8,455 4,239 5,075 17,769 HELOCs 6,994 2,536 — 9,530 Total consumer 15,449 6,775 5,075 27,299 Total $ 166,670 $ 6,775 $ 12,904 $ 186,349 Payment Performance as of March 31, 2023 ($ in thousands) Current 30 - 89 Days Past Due 90+ Days Past Due Total Commercial: C&I $ 27,393 $ 6,945 $ — $ 34,338 CRE 543 — — 543 Total commercial 27,936 6,945 — 34,881 Consumer: HELOCs 738 — — 738 Total consumer 738 — — 738 Total $ 28,674 $ 6,945 $ — $ 35,619 |
Financing Receivable Credit Quality Indicators, Key Credit Risk Characteristics and Macroeconomic Variables | 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 Age percentage, size at origination, delinquency status, sector and risk rating Unemployment rate, Gross Domestic Product (“GDP”), and U.S. Treasury rates (1) 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 score, delinquency status, maturity date, collateral value, and geographic location Unemployment rate, GDP, and Home Price Indices Other consumer Loss rate approach Immaterial (2) (1) Macroeconomic variables were updated due to model redevelopment. (2) Macroeconomic variables are included in the qualitative estimate. |
Summary Of Activity In The Allowance For Credit Losses | The following tables summarize the activity in the allowance for loan losses by portfolio segments for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 Commercial Consumer CRE Residential Mortgage ($ in thousands) C&I CRE Multifamily Residential Construction and Land Single-Family Residential HELOCs Other Consumer Total Allowance for loan losses, beginning of period $ 392,685 $ 170,592 $ 34,375 $ 10,469 $ 55,018 $ 3,947 $ 1,657 $ 668,743 Provision for (reversal of) credit losses on loans (a) 275 18,939 3,032 1,574 899 (432) (132) 24,155 Gross charge-offs (20,998) (2,398) (6) (1,224) — — (58) (24,684) Gross recoveries 1,710 327 17 — 5 48 — 2,107 Total net (charge-offs) recoveries (19,288) (2,071) 11 (1,224) 5 48 (58) (22,577) Foreign currency translation adjustment (41) — — — — — — (41) Allowance for loan losses, end of period $ 373,631 $ 187,460 $ 37,418 $ 10,819 $ 55,922 $ 3,563 $ 1,467 $ 670,280 Three Months Ended March 31, 2023 Commercial Consumer CRE Residential Mortgage ($ in thousands) C&I CRE Multifamily Residential Construction and Land Single-Family Residential HELOCs Other Consumer Total Allowance for loan losses, December 31, 2022 $ 371,700 $ 149,864 $ 23,373 $ 9,109 $ 35,564 $ 4,475 $ 1,560 $ 595,645 Impact of ASU 2022-02 adoption 5,683 337 6 — 1 1 — 6,028 Allowance for loan losses, January 1, 2023 377,383 150,201 23,379 9,109 35,565 4,476 1,560 601,673 (Reversal of) provision for credit losses on loans (a) (678) 4,676 1,135 210 12,442 580 155 18,520 Gross charge-offs (1,900) (6) — — — (91) (40) (2,037) Gross recoveries 1,211 196 12 3 — 6 — 1,428 Total net (charge-offs) recoveries (689) 190 12 3 — (85) (40) (609) Foreign currency translation adjustment 309 — — — — — — 309 Allowance for loan losses, end of period $ 376,325 $ 155,067 $ 24,526 $ 9,322 $ 48,007 $ 4,971 $ 1,675 $ 619,893 Three Months Ended March 31, ($ in thousands) 2024 2023 Unfunded credit facilities Allowance for unfunded credit commitments, beginning of period $ 37,699 $ 26,264 Provision for credit losses on unfunded credit commitments (b) 845 1,480 Foreign currency translation adjustment — (3) Allowance for unfunded credit commitments, end of period $ 38,544 $ 27,741 Provision for credit losses (a) + (b) $ 25,000 $ 20,000 |
Schedule Of Carrying Value Of Loans Transferred, Loans Sold and Purchased For the Held-For-Investment Portfolio | The following tables provide information on the carrying value of loans transferred, sold and purchased for the held-for-investment portfolio, during the three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 Commercial Consumer Residential Mortgage ($ in thousands) C&I Single-Family Residential Total Loans transferred from held-for-investment to held-for-sale (1) $ 199,974 $ — $ 199,974 Sales (2)(3) $ 187,202 $ 965 $ 188,167 Purchases $ 33,344 (4) $ 74,736 $ 108,080 Three Months Ended March 31, 2023 Commercial Consumer CRE Residential Mortgage ($ in thousands) C&I CRE Single-Family Residential Total Loans transferred from held-for-investment to held-for-sale (1) $ 156,876 $ 3,600 $ — $ 160,476 Sales (2)(3) $ 175,932 $ 3,600 $ — $ 179,532 Purchases $ 22,683 (4) $ — $ 131,999 $ 154,682 (1) Includes write-downs of $1 million and $273 thousand to the allowance for loan losses related to loans transferred from held-for-investment to held-for-sale for the three months ended March 31, 2024, and 2023, respectively. (2) Includes originated loans sold of $92 million and $111 million for the three months ended March 31, 2024 and 2023, respectively. Originated loans sold consisted primarily of C&I loans for both periods. (3) Includes $96 million and $69 million of purchased loans sold in the secondary market for the three months ended March 31, 2024 and 2023, respectively. (4) C&I loan purchases were comprised primarily of syndicated C&I term loans. |
Affordable Housing Partnershi_2
Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Investments in Qualified Affordable Housing Partnerships, Tax Credit and Other Investments, Net and Variable Interest Entities [Abstract] | |
Schedule of Affordable Housing, Tax Credit and CRA Investments, Net and Related Unfunded Commitments | The following table presents the investments and unfunded commitments of the Company’s affordable housing partnership, tax credit, and CRA investments, net as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 ($ in thousands) Assets Liabilities - Unfunded Commitments (1) Assets Liabilities - Unfunded Commitments (1) PAM: Affordable housing partnership investments $ 432,073 $ 255,217 $ 419,785 $ 251,746 Tax credit and CRA investments 228,901 117,022 — — Equity method of accounting and other: Tax credits and CRA investments 272,213 147,147 485,251 298,990 Total $ 933,187 $ 519,386 $ 905,036 $ 550,736 (1) Included in Accrued expenses and other liabilities on the Consolidated Balance Sheet. |
Schedule of Additional Information related to the Affordable Housing, Tax Credit and CRA Investments, Net | The following table presents additional information related to the investments in affordable housing partnership, tax credit and CRA investments for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) 2024 2023 Tax credits and benefits (1) : PAM: Affordable housing partnership investments $ 18,419 $ 16,094 Tax credit and CRA investments 27,149 — Equity method of accounting and other: Tax credit and CRA investments 12,594 14,498 Total tax credits and benefits $ 58,162 $ 30,592 Amortization: PAM: Affordable housing partnership investments (2) $ 13,869 $ 12,666 Tax credit and CRA investments (3) 23,301 — Equity method of accounting and other: Tax credit and CRA investments (4) 13,207 10,110 Total amortization $ 50,377 $ 22,776 (1) Included in Income tax expense on the Consolidated Statement of Income for the three months ended March 31, 2024 and 2023. (2) Amortization related to investments in qualified affordable housing partnerships under PAM was recorded in Income tax expense on the Consolidated Statement of Income for the three months ended March 31, 2024 and 2023. (3) Due to the adoption of ASU 2023-02 on January 1, 2024, amortization related to qualifying tax credit investments under PAM was recorded in Income tax expense on the Consolidated Statement of Income for the three months ended March 31, 2024. (4) Amortization related to tax credit and CRA investments was recognized in Amortization of tax credit and CRA investments as part of noninterest expense on the Consolidated Statement Income for the three months ended March 31, 2024 and 2023. |
Short-Term Borrowings and Lon_2
Short-Term Borrowings and Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table presents details of the Company’s short-term and BTFP borrowings, FHLB advances, and long-term debt as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 ($ in thousands) Interest Rates Maturity Dates Amount Amount Bank Short-term borrowings 4.75% — 4.83% April 2024 $ 19,173 $ — BTFP borrowings 4.37% 3/19/2024 $ — $ 4,500,000 FHLB advances (1) — floating (2) 5.49% — 5.56% 2024 — 2025 $ 3,500,000 $ — Parent company Junior subordinated debt (3) — floating (2) 7.14% 12/15/2035 $ 31,768 $ 148,249 (1) The weighted-average interest rates for FHLB advances were 5.52% as of March 31, 2024. (2) Floating interest rates are based on the Secured Overnight Financing Rate plus the established spread. (3) The weighted-average interest rates for junior subordinated debt were 7.14% and 6.87% as of March 31, 2024 and December 31, 2023, respectively. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Credit-Related Commitments | The following table presents the Company’s credit-related commitments as of March 31, 2024 and December 31, 2023: March 31, 2024 December 31, 2023 ($ in thousands) Expire in One Year or Less Expire After One Year Through Three Years Expire After Three Years Through Five Years Expire After Five Years Total Total Loan commitments $ 4,794,033 $ 3,622,191 $ 799,699 $ 151,877 $ 9,367,800 $ 9,141,447 Commercial letters of credit and standby letters of credit (“SBLCs”) 1,025,797 434,373 143,006 1,140,456 2,743,632 2,610,761 Total $ 5,819,830 $ 4,056,564 $ 942,705 $ 1,292,333 $ 12,111,432 $ 11,752,208 |
Schedule of Guarantees Outstanding | The following table presents the carrying amounts of loans sold or securitized with recourse and the maximum potential future payments as of March 31, 2024 and December 31, 2023: Maximum Potential Future Payments Carrying Value March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 ($ in thousands) Expire in One Year or Less Expire After One Year Through Three Years Expire After Three Years Through Five Years Expire After Five Years Total Total Total Total Single-family residential loans sold or securitized with recourse $ 7 $ 17 $ 26 $ 5,363 $ 5,413 $ 5,888 $ 5,413 $ 5,888 Multifamily residential loans sold or securitized with recourse — — 160 14,836 14,996 14,996 18,756 19,020 Total $ 7 $ 17 $ 186 $ 20,199 $ 20,409 $ 20,884 $ 24,169 $ 24,908 |
Stock Compensation Plans (Table
Stock Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Stock Compensation Expense and Related Net Tax (Deficiency) Benefit | The following table presents a summary of the total share-based compensation expense and the related net tax benefits associated with the Company’s various employee share-based compensation plans for the three months ended March 31, 2024 and 2023: Three Months Ended March 31, ($ in thousands) 2024 2023 Stock compensation costs $ 12,988 $ 11,075 Related net tax benefits for stock compensation plans $ 783 $ 8,290 |
Summary of Activity for Time-Based and Performance-Based Restricted Stock Units | The following table presents a summary of the activities for the Company’s time- and performance-based RSUs that were settled in shares for the three months ended March 31, 2024. The number of performance-based RSUs stated below reflects the number of awards granted on the grant date. Time-Based RSUs Performance-Based RSUs Shares Weighted-Average Grant Date Fair Value Shares Weighted-Average Grant Date Fair Value Outstanding, January 1, 2024 1,206,518 $ 74.29 276,223 $ 78.59 Granted 515,235 75.79 97,798 80.28 Vested (299,381) 71.68 (91,960) 77.67 Forfeited (12,163) 75.24 — — Outstanding, March 31, 2024 1,410,209 $ 75.39 282,061 $ 79.48 |
Stockholders' Equity and Earn_2
Stockholders' Equity and Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Stockholders' Equity and Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share Calculations | The following table presents the basic and diluted EPS calculations for the three months ended March 31, 2024 and 2023. 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 the Company’s 2023 Form 10-K. ($ and shares in thousands, except per share data) Three months ended March 31, 2024 2023 Basic: Net income $ 285,075 $ 322,439 Weighted-average number of shares outstanding 139,409 141,112 Basic EPS $ 2.04 $ 2.28 Diluted: Net income $ 285,075 $ 322,439 Weighted-average number of shares outstanding 139,409 141,112 Add: Dilutive impact of unvested RSUs 852 801 Diluted weighted-average number of shares outstanding 140,261 141,913 Diluted EPS $ 2.03 $ 2.27 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Schedule Of The Changes In Components Of Accumulated Other Comprehensive Income (Loss) Balances | The following table presents the changes in the components of AOCI balances for the three months ended March 31, 2024 and 2023: ($ in thousands) Debt Securities (1) Cash Flow Hedges Foreign Currency Translation Adjustments (2) Total Balance, January 1, 2023 $ (694,815) $ (49,531) $ (21,283) $ (765,629) Net unrealized gains arising during the period 44,275 21,086 2,941 68,302 Amounts reclassified from AOCI 9,806 7,527 — 17,333 Changes, net of tax 54,081 28,613 2,941 85,635 Balance, March 31, 2023 $ (640,734) $ (20,918) $ (18,342) $ (679,994) Balance, January 1, 2024 $ (601,881) $ 2,624 $ (21,339) $ (620,596) Net unrealized (losses) gains arising during the period (2,282) (63,662) 3,822 (62,122) Amounts reclassified from AOCI 2,653 17,332 — 19,985 Changes, net of tax 371 (46,330) 3,822 (42,137) Balance, March 31, 2024 $ (601,510) $ (43,706) $ (17,517) $ (662,733) (1) Includes after-tax unamortized losses related to AFS debt securities that were transferred to HTM in 2022. (2) 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. |
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 three months ended March 31, 2024 and 2023: Three Months Ended March 31, 2024 2023 ($ in thousands) Before-Tax Tax Effect Net-of-Tax Before-Tax Tax Effect Net-of-Tax Debt securities: Net unrealized (losses) gains on AFS debt securities arising during the period $ (3,282) $ 1,000 $ (2,282) $ 62,860 $ (18,585) $ 44,275 Reclassification adjustments: Net realized (gains) losses on AFS debt securities reclassified into net income (1) (49) 14 (35) 10,000 (2) (2,956) 7,044 Amortization of unrealized losses on transferred debt securities (3) 3,816 (1,128) 2,688 3,921 (1,159) 2,762 Net change 485 (114) 371 76,781 (22,700) 54,081 Cash flow hedges: Net unrealized (losses) gains arising during the period (90,376) 26,714 (63,662) 29,843 (8,757) 21,086 Net realized losses reclassified into net income (4) 24,605 (7,273) 17,332 10,644 (3,117) 7,527 Net change (65,771) 19,441 (46,330) 40,487 (11,874) 28,613 Foreign currency translation adjustments, net of hedges: Net unrealized gains arising during the period 3,995 (173) 3,822 2,626 315 2,941 Net change 3,995 (173) 3,822 2,626 315 2,941 Other comprehensive (loss) income $ (61,291) $ 19,154 $ (42,137) $ 119,894 $ (34,259) $ 85,635 (1) Pre-tax amounts were reported in Net gains (losses) on AFS debt securities on the Consolidated Statement of Income. (2) Represents the loss related to an AFS debt security that was written off in the first quarter of 2023. (3) Represents unrealized losses amortized over the remaining lives of securities that were transferred from the AFS to HTM portfolio in 2022. (4) Pre-tax amounts related to cash flow hedges on variable rate loans and long-term borrowings, where applicable, were reported in Interest and dividend income and in Interest expense, respectively , on the Consolidated Statement of Income. In the first quarter of 2023, the pre-tax amount also included the terminated cash flow hedge where the forecasted cash flows were no longer probable to occur and was reported in Noninterest income on the Consolidated Statement of Income. |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Schedule Of Operating Results And Other Key Financial Measures For The Individual Operating Segments | The following tables present the operating results and other key financial measures for the individual operating segments as of and for the three months ended March 31, 2024 and 2023: ($ in thousands) Consumer and Business Banking Commercial Banking Other Total Three Months Ended March 31, 2024 Net interest income before provision for credit losses $ 291,764 $ 260,349 $ 13,026 $ 565,139 Provision for credit losses 2,565 22,435 — 25,000 Noninterest income 25,542 46,466 6,980 78,988 Noninterest expense 119,300 106,307 21,268 246,875 Segment income (loss) before income taxes 195,441 178,073 (1,262) 372,252 Segment net income $ 137,672 $ 125,581 $ 21,822 $ 285,075 As of March 31, 2024 Segment assets $ 19,629,076 $ 35,049,899 $ 16,196,695 $ 70,875,670 ($ in thousands) Consumer and Business Banking Commercial Banking Other Total Three Months Ended March 31, 2023 Net interest income before provision for credit losses $ 304,242 $ 236,723 $ 58,896 $ 599,861 Provision for credit losses 15,012 4,988 — 20,000 Noninterest income (loss) 26,002 43,599 (9,623) 59,978 Noninterest expense 113,823 87,248 17,376 218,447 Segment income before income taxes 201,409 188,086 31,897 421,392 Segment net income $ 142,247 $ 134,457 $ 45,735 $ 322,439 As of March 31, 2023 Segment assets $ 17,880,525 $ 33,647,465 $ 15,716,908 $ 67,244,898 |
Basis of Presentation (Details)
Basis of Presentation (Details) | Mar. 31, 2024 trust |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of wholly-owned subsidiaries that are statutory business trusts (the Trusts) | 1 |
Current Accounting Developmen_4
Current Accounting Developments and Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Jan. 01, 2024 | Dec. 31, 2023 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ (6,662,919) | $ (6,465,230) | |
Accounting Standards Update 2023-02 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Retained earnings | $ (9,000) |
Fair Value Measurement and Fa_3
Fair Value Measurement and Fair Value of Financial Instruments - Narrative (Details) - Rayliant Global Advisors Limited $ in Millions | 3 Months Ended |
Sep. 30, 2023 USD ($) shares | |
Schedule of Equity Method Investments [Line Items] | |
Equity method investment, ownership (percent) | 49.99% |
Number of shares (in shares) | shares | 349,138 |
Payments to acquire equity method investments | $ | $ 95 |
Performance-based RSUs | Minimum | |
Schedule of Equity Method Investments [Line Items] | |
Shares based upon Rayliant’s achievement of specified financial performance conditions (as percentage) | 20% |
Performance-based RSUs | Maximum | |
Schedule of Equity Method Investments [Line Items] | |
Shares based upon Rayliant’s achievement of specified financial performance conditions (as percentage) | 200% |
Fair Value Measurement and Fa_4
Fair Value Measurement and Fair Value of Financial Instruments - Financial Assets and Liabilities Measurement on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Affordable housing partnership, tax credit and CRA investments, net: | ||
Total affordable housing partnership, tax credit and CRA investments, net | $ 933,187 | $ 905,036 |
Derivative | ||
Derivative assets - Fair value | 622,238 | 610,920 |
Net derivative assets | 132,976 | 298,128 |
Derivative liabilities - Fair value | 693,548 | 613,314 |
Net derivative liabilities | 558,585 | 537,144 |
Fair Value | 8,400,468 | 6,188,337 |
Government National Mortgage Association (GNMA) | ||
Derivative | ||
Fair Value | 4,400,000 | 1,200,000 |
U.S. Treasury securities | ||
Derivative | ||
Fair Value | 621,094 | 1,060,375 |
U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
Derivative | ||
Fair Value | 360,802 | 364,446 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Derivative | ||
Fair Value | 455,619 | 468,259 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Derivative | ||
Fair Value | 4,992,399 | 1,727,594 |
Municipal securities | ||
Derivative | ||
Fair Value | 258,495 | 261,016 |
Non-agency commercial mortgage-backed securities | ||
Derivative | ||
Fair Value | 333,996 | 367,516 |
Non-agency residential mortgage-backed securities | ||
Derivative | ||
Fair Value | 519,657 | 553,671 |
Corporate debt securities | ||
Derivative | ||
Fair Value | 502,647 | 502,425 |
Foreign government bonds | ||
Derivative | ||
Fair Value | 227,196 | 227,874 |
Asset-backed securities | ||
Derivative | ||
Fair Value | 40,712 | 42,300 |
Collateralized loan obligations (“CLOs”) | ||
Derivative | ||
Fair Value | 87,851 | 612,861 |
Fair Value, Measurements, Recurring | ||
Available-for-sale debt securities | ||
Fair Value | 8,400,468 | 6,188,337 |
Affordable housing partnership, tax credit and CRA investments, net: | ||
Equity securities | 24,539 | 24,659 |
Total affordable housing partnership, tax credit and CRA investments, net | 24,539 | 24,659 |
Derivative | ||
Derivative assets - Fair value | 622,238 | 610,920 |
Netting adjustments | (489,262) | (312,792) |
Net derivative assets | 132,976 | 298,128 |
Derivative liabilities - Fair value | 693,548 | 613,314 |
Netting adjustments | (134,963) | (76,170) |
Net derivative liabilities | 558,585 | 537,144 |
Fair Value, Measurements, Recurring | Interest rate contracts | ||
Derivative | ||
Derivative assets - Fair value | 484,794 | 473,907 |
Derivative liabilities - Fair value | 518,330 | 433,936 |
Fair Value, Measurements, Recurring | Foreign exchange contracts | ||
Derivative | ||
Derivative assets - Fair value | 60,499 | 57,072 |
Derivative liabilities - Fair value | 53,153 | 42,564 |
Fair Value, Measurements, Recurring | Equity contracts | ||
Derivative | ||
Derivative assets - Fair value | 330 | 336 |
Derivative liabilities - Fair value | 15,119 | 15,119 |
Fair Value, Measurements, Recurring | Commodity contracts | ||
Derivative | ||
Derivative assets - Fair value | 76,615 | 79,604 |
Derivative liabilities - Fair value | 106,930 | 121,670 |
Fair Value, Measurements, Recurring | Credit contracts | ||
Derivative | ||
Derivative assets - Fair value | 1 | |
Derivative liabilities - Fair value | 16 | 25 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | ||
Available-for-sale debt securities | ||
Fair Value | 621,094 | 1,060,375 |
Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
Available-for-sale debt securities | ||
Fair Value | 360,802 | 364,446 |
Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 455,619 | 468,259 |
Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 4,992,399 | 1,727,594 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Available-for-sale debt securities | ||
Fair Value | 258,495 | 261,016 |
Fair Value, Measurements, Recurring | Non-agency commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 333,996 | 367,516 |
Fair Value, Measurements, Recurring | Non-agency residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 519,657 | 553,671 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available-for-sale debt securities | ||
Fair Value | 502,647 | 502,425 |
Fair Value, Measurements, Recurring | Foreign government bonds | ||
Available-for-sale debt securities | ||
Fair Value | 227,196 | 227,874 |
Fair Value, Measurements, Recurring | Asset-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 40,712 | 42,300 |
Fair Value, Measurements, Recurring | Collateralized loan obligations (“CLOs”) | ||
Available-for-sale debt securities | ||
Fair Value | 87,851 | 612,861 |
Level 1 | Fair Value, Measurements, Recurring | ||
Available-for-sale debt securities | ||
Fair Value | 621,094 | 1,060,375 |
Affordable housing partnership, tax credit and CRA investments, net: | ||
Equity securities | 20,402 | 20,509 |
Total affordable housing partnership, tax credit and CRA investments, net | 20,402 | 20,509 |
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Netting adjustments | 0 | 0 |
Net derivative assets | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Netting adjustments | 0 | 0 |
Net derivative liabilities | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Interest rate contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Foreign exchange contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Equity contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Commodity contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Credit contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | |
Derivative liabilities - Fair value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | U.S. Treasury securities | ||
Available-for-sale debt securities | ||
Fair Value | 621,094 | 1,060,375 |
Level 1 | Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Municipal securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Non-agency commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Non-agency residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Foreign government bonds | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Asset-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 1 | Fair Value, Measurements, Recurring | Collateralized loan obligations (“CLOs”) | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | ||
Available-for-sale debt securities | ||
Fair Value | 7,779,374 | 5,127,962 |
Affordable housing partnership, tax credit and CRA investments, net: | ||
Equity securities | 4,137 | 4,150 |
Total affordable housing partnership, tax credit and CRA investments, net | 4,137 | 4,150 |
Derivative | ||
Derivative assets - Fair value | 621,908 | 610,584 |
Netting adjustments | (489,262) | (312,792) |
Net derivative assets | 132,646 | 297,792 |
Derivative liabilities - Fair value | 678,429 | 598,195 |
Netting adjustments | (134,963) | (76,170) |
Net derivative liabilities | 543,466 | 522,025 |
Level 2 | Fair Value, Measurements, Recurring | Interest rate contracts | ||
Derivative | ||
Derivative assets - Fair value | 484,794 | 473,907 |
Derivative liabilities - Fair value | 518,330 | 433,936 |
Level 2 | Fair Value, Measurements, Recurring | Foreign exchange contracts | ||
Derivative | ||
Derivative assets - Fair value | 60,499 | 57,072 |
Derivative liabilities - Fair value | 53,153 | 42,564 |
Level 2 | Fair Value, Measurements, Recurring | Equity contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | Commodity contracts | ||
Derivative | ||
Derivative assets - Fair value | 76,615 | 79,604 |
Derivative liabilities - Fair value | 106,930 | 121,670 |
Level 2 | Fair Value, Measurements, Recurring | Credit contracts | ||
Derivative | ||
Derivative assets - Fair value | 1 | |
Derivative liabilities - Fair value | 16 | 25 |
Level 2 | Fair Value, Measurements, Recurring | U.S. Treasury securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 2 | Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
Available-for-sale debt securities | ||
Fair Value | 360,802 | 364,446 |
Level 2 | Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 455,619 | 468,259 |
Level 2 | Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 4,992,399 | 1,727,594 |
Level 2 | Fair Value, Measurements, Recurring | Municipal securities | ||
Available-for-sale debt securities | ||
Fair Value | 258,495 | 261,016 |
Level 2 | Fair Value, Measurements, Recurring | Non-agency commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 333,996 | 367,516 |
Level 2 | Fair Value, Measurements, Recurring | Non-agency residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 519,657 | 553,671 |
Level 2 | Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available-for-sale debt securities | ||
Fair Value | 502,647 | 502,425 |
Level 2 | Fair Value, Measurements, Recurring | Foreign government bonds | ||
Available-for-sale debt securities | ||
Fair Value | 227,196 | 227,874 |
Level 2 | Fair Value, Measurements, Recurring | Asset-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 40,712 | 42,300 |
Level 2 | Fair Value, Measurements, Recurring | Collateralized loan obligations (“CLOs”) | ||
Available-for-sale debt securities | ||
Fair Value | 87,851 | 612,861 |
Level 3 | Fair Value, Measurements, Recurring | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Affordable housing partnership, tax credit and CRA investments, net: | ||
Equity securities | 0 | 0 |
Total affordable housing partnership, tax credit and CRA investments, net | 0 | 0 |
Derivative | ||
Derivative assets - Fair value | 330 | 336 |
Netting adjustments | 0 | 0 |
Net derivative assets | 330 | 336 |
Derivative liabilities - Fair value | 15,119 | 15,119 |
Netting adjustments | 0 | 0 |
Net derivative liabilities | 15,119 | 15,119 |
Level 3 | Fair Value, Measurements, Recurring | Interest rate contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Foreign exchange contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Equity contracts | ||
Derivative | ||
Derivative assets - Fair value | 330 | 336 |
Derivative liabilities - Fair value | 15,119 | 15,119 |
Level 3 | Fair Value, Measurements, Recurring | Commodity contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | 0 |
Derivative liabilities - Fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Credit contracts | ||
Derivative | ||
Derivative assets - Fair value | 0 | |
Derivative liabilities - Fair value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | U.S. Treasury securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Municipal securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Non-agency commercial mortgage-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Non-agency residential mortgage-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Corporate debt securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Foreign government bonds | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Asset-backed securities | ||
Available-for-sale debt securities | ||
Fair Value | 0 | 0 |
Level 3 | Fair Value, Measurements, Recurring | Collateralized loan obligations (“CLOs”) | ||
Available-for-sale debt securities | ||
Fair Value | $ 0 | $ 0 |
Fair Value Measurement and Fa_5
Fair Value Measurement and Fair Value of Financial Instruments - Reconciliation of Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative liabilities: | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Lending fees | |
Equity contracts | Level 3 | Fair Value, Measurements, Recurring | ||
Derivative assets: | ||
Beginning balance | $ 336 | $ 323 |
Total losses included in earnings | (6) | (46) |
Ending balance | 330 | 277 |
Derivative liabilities: | ||
Beginning balance | 15,119 | 0 |
Total gains (losses) included in earnings | 0 | 0 |
Ending balance | $ 15,119 | $ 0 |
Fair Value Measurement and Fa_6
Fair Value Measurement and Fair Value of Financial Instruments - Quantitative Information for Significant Unobservable Inputs (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative Assets | ||
Derivative assets - Fair value | $ 622,238 | $ 610,920 |
Derivative Liabilities | ||
Derivative liabilities - Fair value | 693,548 | 613,314 |
Fair Value, Measurements, Recurring | ||
Derivative Assets | ||
Derivative assets - Fair value | 622,238 | 610,920 |
Derivative Liabilities | ||
Derivative liabilities - Fair value | 693,548 | 613,314 |
Fair Value, Measurements, Nonrecurring | ||
Derivative Liabilities | ||
Loans held-for-investment, fair value disclosure | 48,294 | 45,892 |
Fair Value, Measurements, Nonrecurring | Tax credit investments | ||
Derivative Liabilities | ||
Affordable housing partnership, tax credit and CRA investments, net | 868 | |
Level 3 | Fair Value, Measurements, Recurring | ||
Derivative Assets | ||
Derivative assets - Fair value | 330 | 336 |
Derivative Liabilities | ||
Derivative liabilities - Fair value | 15,119 | 15,119 |
Level 3 | Fair Value, Measurements, Nonrecurring | ||
Derivative Liabilities | ||
Loans held-for-investment, fair value disclosure | 48,294 | 45,892 |
Level 3 | Fair Value, Measurements, Nonrecurring | Tax credit investments | ||
Derivative Liabilities | ||
Affordable housing partnership, tax credit and CRA investments, net | 868 | |
Level 3 | Fair Value, Measurements, Nonrecurring | Fair value of collateral | ||
Derivative Liabilities | ||
Loans held-for-investment, fair value disclosure | 6,917 | 16,328 |
Level 3 | Fair Value, Measurements, Nonrecurring | Fair value of collateral | ||
Derivative Liabilities | ||
Loans held-for-investment, fair value disclosure | 8,471 | 3,009 |
Level 3 | Fair Value, Measurements, Nonrecurring | Individual analysis of each investment | Tax credit investments | ||
Derivative Liabilities | ||
Affordable housing partnership, tax credit and CRA investments, net | 868 | |
Level 3 | Fair Value, Measurements, Nonrecurring | Fair value of property | ||
Derivative Liabilities | ||
Loans held-for-investment, fair value disclosure | $ 32,906 | $ 26,555 |
Level 3 | Fair Value, Measurements, Nonrecurring | Selling cost | Fair value of property | ||
Derivative Liabilities | ||
Loans held-for-investment, measurement input | 8% | 8% |
Level 3 | Fair Value, Measurements, Nonrecurring | Minimum | Discount | Fair value of collateral | ||
Derivative Liabilities | ||
Loans held-for-investment, measurement input | 20% | 15% |
Level 3 | Fair Value, Measurements, Nonrecurring | Maximum | Discount | Fair value of collateral | ||
Derivative Liabilities | ||
Loans held-for-investment, measurement input | 75% | |
Level 3 | Fair Value, Measurements, Nonrecurring | Weighted Average | Discount | Fair value of collateral | ||
Derivative Liabilities | ||
Loans held-for-investment, measurement input | 20% | 45% |
Level 3 | Fair Value, Measurements, Nonrecurring | Weighted Average | Selling cost | Fair value of property | ||
Derivative Liabilities | ||
Loans held-for-investment, measurement input | 8% | 8% |
Equity contracts | Fair Value, Measurements, Recurring | ||
Derivative Assets | ||
Derivative assets - Fair value | $ 330 | $ 336 |
Derivative Liabilities | ||
Derivative liabilities - Fair value | 15,119 | 15,119 |
Equity contracts | Level 3 | Fair Value, Measurements, Recurring | ||
Derivative Assets | ||
Derivative assets - Fair value | 330 | 336 |
Derivative Liabilities | ||
Derivative liabilities - Fair value | $ 15,119 | $ 15,119 |
Equity contracts | Level 3 | Fair Value, Measurements, Recurring | Liquidity discount | ||
Derivative Liabilities | ||
Measurement input | 47% | 47% |
Equity contracts | Level 3 | Fair Value, Measurements, Recurring | Payout % designated based on operating revenue and operating EBITDA of investee | ||
Derivative Liabilities | ||
Measurement input | 84% | 84% |
Equity contracts | Level 3 | Fair Value, Measurements, Recurring | Minimum | Equity volatility | Black-Scholes option pricing model | ||
Derivative Liabilities | ||
Measurement input | 39% | 37% |
Equity contracts | Level 3 | Fair Value, Measurements, Recurring | Maximum | Equity volatility | Black-Scholes option pricing model | ||
Derivative Liabilities | ||
Measurement input | 50% | 48% |
Equity contracts | Level 3 | Fair Value, Measurements, Recurring | Weighted Average | Equity volatility | Black-Scholes option pricing model | ||
Derivative Liabilities | ||
Measurement input | 46% | 45% |
Equity contracts | Level 3 | Fair Value, Measurements, Recurring | Weighted Average | Liquidity discount | ||
Derivative Liabilities | ||
Measurement input | 47% | 47% |
Equity contracts | Level 3 | Fair Value, Measurements, Recurring | Weighted Average | Payout % designated based on operating revenue and operating EBITDA of investee | ||
Derivative Liabilities | ||
Measurement input | 84% | 84% |
Fair Value Measurement and Fa_7
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 | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | $ 48,294 | $ 45,892 |
Tax credit investments | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Affordable housing partnership, tax credit and CRA investments, net | 868 | |
Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 48,178 | 44,688 |
Commercial lending | Commercial and industrial (“C&I”) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 25,914 | 22,035 |
Commercial lending | CRE | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 10,028 | 22,653 |
Commercial lending | Construction and land | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 12,236 | |
Consumer lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 116 | 1,204 |
Consumer lending | Single Family Residential | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 116 | |
Consumer lending | HELOCs | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 1,204 | |
Level 1 | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 0 | 0 |
Level 1 | Tax credit investments | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Affordable housing partnership, tax credit and CRA investments, net | 0 | |
Level 1 | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 0 | 0 |
Level 1 | Commercial lending | Commercial and industrial (“C&I”) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 0 | 0 |
Level 1 | Commercial lending | CRE | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 0 | 0 |
Level 1 | Commercial lending | Construction and land | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 0 | |
Level 1 | Consumer lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 0 | 0 |
Level 1 | Consumer lending | Single Family Residential | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 0 | |
Level 1 | Consumer lending | HELOCs | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 0 | |
Level 2 | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 0 | 0 |
Level 2 | Tax credit investments | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Affordable housing partnership, tax credit and CRA investments, net | 0 | |
Level 2 | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 0 | 0 |
Level 2 | Commercial lending | Commercial and industrial (“C&I”) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 0 | 0 |
Level 2 | Commercial lending | CRE | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 0 | 0 |
Level 2 | Commercial lending | Construction and land | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 0 | |
Level 2 | Consumer lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 0 | 0 |
Level 2 | Consumer lending | Single Family Residential | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 0 | |
Level 2 | Consumer lending | HELOCs | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 0 | |
Level 3 | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 48,294 | 45,892 |
Level 3 | Tax credit investments | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Affordable housing partnership, tax credit and CRA investments, net | 868 | |
Level 3 | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 48,178 | 44,688 |
Level 3 | Commercial lending | Commercial and industrial (“C&I”) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 25,914 | 22,035 |
Level 3 | Commercial lending | CRE | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 10,028 | 22,653 |
Level 3 | Commercial lending | Construction and land | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 12,236 | |
Level 3 | Consumer lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | 116 | 1,204 |
Level 3 | Consumer lending | Single Family Residential | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | $ 116 | |
Level 3 | Consumer lending | HELOCs | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Loans held-for-investment, fair value disclosure | $ 1,204 |
Fair Value Measurement and Fa_8
Fair Value Measurement and Fair Value of Financial Instruments - Increase (Decrease) in Fair Value of Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Loans held-for-investment | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Increase (decrease) in value of assets | $ (17,457) | $ (1,255) |
Loans held-for-investment | Commercial lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Increase (decrease) in value of assets | (16,073) | (1,255) |
Loans held-for-investment | Commercial lending | Commercial and industrial (“C&I”) | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Increase (decrease) in value of assets | (12,843) | (1,255) |
Loans held-for-investment | Commercial lending | CRE | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Increase (decrease) in value of assets | (2,006) | 0 |
Loans held-for-investment | Commercial lending | Construction and land | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Increase (decrease) in value of assets | (1,224) | 0 |
Loans held-for-investment | Consumer lending | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Increase (decrease) in value of assets | (1,384) | 0 |
Loans held-for-investment | Consumer lending | Single Family Residential | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Increase (decrease) in value of assets | (1,384) | 0 |
Tax credit investments | ||
Fair Value, Assets Measured on a Nonrecurring Basis | ||
Increase (decrease) in value of assets | $ 0 | $ 174 |
Fair Value Measurement and Fa_9
Fair Value Measurement and Fair Value of Financial Instruments - Carrying and Fair Value Estimates per the Fair Value Hierarchy of Financial Instruments Measured on a Nonrecurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financial assets: | ||
Cash and cash equivalents | $ 4,210,801 | $ 4,614,984 |
Interest-bearing deposits with banks | 24,593 | 10,498 |
Securities purchased under resale agreements (“resale agreements”) | 485,000 | 785,000 |
HTM debt securities | 2,948,642 | 2,956,040 |
Restricted equity securities, at cost | 164,402 | 79,811 |
Financial liabilities: | ||
Federal Home Loan Bank (“FHLB”) advances | 3,500,000 | 0 |
Carrying Amount | ||
Financial assets: | ||
Cash and cash equivalents | 4,210,801 | 4,614,984 |
Interest-bearing deposits with banks | 24,593 | 10,498 |
Securities purchased under resale agreements (“resale agreements”) | 485,000 | 785,000 |
HTM debt securities | 2,948,642 | 2,956,040 |
Restricted equity securities, at cost | 164,402 | 79,811 |
Loans held-for-sale | 13,280 | 116 |
Loans held-for-investment, net | 51,322,224 | 51,542,039 |
Mortgage servicing rights | 6,234 | 6,602 |
Accrued interest receivable | 336,428 | 331,490 |
Financial liabilities: | ||
Demand, checking, savings and money market deposits | 37,789,344 | 38,048,974 |
Time deposits | 20,771,280 | 18,043,464 |
Short-term borrowings | 19,173 | |
Federal Home Loan Bank (“FHLB”) advances | 3,500,000 | |
BTFP borrowings | 4,500,000 | |
Long-term debt | 31,768 | 148,249 |
Accrued interest payable | 63,470 | 205,430 |
Estimated Fair Value | ||
Financial assets: | ||
Cash and cash equivalents | 4,210,801 | 4,614,984 |
Interest-bearing deposits with banks | 24,593 | 10,498 |
Securities purchased under resale agreements (“resale agreements”) | 391,403 | 699,056 |
HTM debt securities | 2,414,478 | 2,453,971 |
Restricted equity securities, at cost | 164,402 | 79,811 |
Loans held-for-sale | 13,280 | 116 |
Loans held-for-investment, net | 49,849,727 | 50,256,565 |
Mortgage servicing rights | 10,787 | 9,470 |
Accrued interest receivable | 336,428 | 331,490 |
Financial liabilities: | ||
Demand, checking, savings and money market deposits | 37,789,344 | 38,048,974 |
Time deposits | 20,715,628 | 18,004,951 |
Short-term borrowings | 19,173 | |
Federal Home Loan Bank (“FHLB”) advances | 3,500,000 | |
BTFP borrowings | 4,500,000 | |
Long-term debt | 30,201 | 150,896 |
Accrued interest payable | 63,470 | 205,430 |
Estimated Fair Value | Level 1 | ||
Financial assets: | ||
Cash and cash equivalents | 4,210,801 | 4,614,984 |
Interest-bearing deposits with banks | 0 | 0 |
Securities purchased under resale agreements (“resale agreements”) | 0 | 0 |
HTM debt securities | 485,400 | 488,551 |
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 | |
Federal Home Loan Bank (“FHLB”) advances | 0 | |
BTFP borrowings | 0 | |
Long-term debt | 0 | 0 |
Accrued interest payable | 0 | 0 |
Estimated Fair Value | Level 2 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Interest-bearing deposits with banks | 24,593 | 10,498 |
Securities purchased under resale agreements (“resale agreements”) | 391,403 | 699,056 |
HTM debt securities | 1,929,078 | 1,965,420 |
Restricted equity securities, at cost | 164,402 | 79,811 |
Loans held-for-sale | 13,280 | 116 |
Loans held-for-investment, net | 0 | 0 |
Mortgage servicing rights | 0 | 0 |
Accrued interest receivable | 336,428 | 331,490 |
Financial liabilities: | ||
Demand, checking, savings and money market deposits | 37,789,344 | 38,048,974 |
Time deposits | 20,715,628 | 18,004,951 |
Short-term borrowings | 19,173 | |
Federal Home Loan Bank (“FHLB”) advances | 3,500,000 | |
BTFP borrowings | 4,500,000 | |
Long-term debt | 30,201 | 150,896 |
Accrued interest payable | 63,470 | 205,430 |
Estimated Fair Value | Level 3 | ||
Financial assets: | ||
Cash and cash equivalents | 0 | 0 |
Interest-bearing deposits with banks | 0 | 0 |
Securities purchased under resale agreements (“resale agreements”) | 0 | 0 |
HTM debt securities | 0 | 0 |
Restricted equity securities, at cost | 0 | 0 |
Loans held-for-sale | 0 | 0 |
Loans held-for-investment, net | 49,849,727 | 50,256,565 |
Mortgage servicing rights | 10,787 | 9,470 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Demand, checking, savings and money market deposits | 0 | 0 |
Time deposits | 0 | 0 |
Short-term borrowings | 0 | |
Federal Home Loan Bank (“FHLB”) advances | 0 | |
BTFP borrowings | 0 | |
Long-term debt | 0 | 0 |
Accrued interest payable | $ 0 | $ 0 |
Securities Purchased under Re_3
Securities Purchased under Resale Agreements - Resale Agreements (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
RESALE AND REPURCHASE AGREEMENTS | |||
Gross resale agreements | $ 485,000 | $ 785,000 | |
Average yield | 3.39% | 2.50% |
Securities Purchased under Re_4
Securities Purchased under Resale Agreements - Balance Sheet Offsetting (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Resale Agreements | ||
Gross Amounts of Recognized Assets | $ 485,000 | $ 785,000 |
Gross Amounts Offset on the Consolidated Balance Sheet | 0 | 0 |
Securities Purchased under Agreements to Resell, Total | 485,000 | 785,000 |
Securities Purchased under Agreements to Resell Gross Amounts Not Offset [Abstract] | ||
Gross Amounts Not Offset on the Collateral Received | (404,004) | (715,358) |
Net Amount | $ 80,996 | $ 69,642 |
Securities - Schedule of Debt S
Securities - Schedule of Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
AFS debt securities: | ||
Amortized Cost | $ 9,131,953 | $ 6,916,491 |
Gross Unrealized Gains | 4,993 | 783 |
Gross Unrealized Losses | (736,478) | (728,937) |
Fair Value | 8,400,468 | 6,188,337 |
HTM debt securities: | ||
Amortized Cost | 2,948,642 | 2,956,040 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (534,164) | (502,069) |
Fair Value | 2,414,478 | 2,453,971 |
Total debt securities | ||
Amortized Cost | 12,080,595 | 9,872,531 |
Gross Unrealized Gains | 4,993 | 783 |
Gross Unrealized Losses | (1,270,642) | (1,231,006) |
Fair Value | 10,814,946 | 8,642,308 |
AFS and HTM, accrued interest | 40,000 | 44,000 |
Government National Mortgage Association (GNMA) | ||
AFS debt securities: | ||
Amortized Cost | 4,500,000 | 1,300,000 |
Fair Value | 4,400,000 | 1,200,000 |
HTM debt securities: | ||
Amortized Cost | 91,000 | 92,000 |
Fair Value | 73,000 | 75,000 |
U.S. Treasury securities | ||
AFS debt securities: | ||
Amortized Cost | 676,290 | 1,112,587 |
Gross Unrealized Gains | 0 | 101 |
Gross Unrealized Losses | (55,196) | (52,313) |
Fair Value | 621,094 | 1,060,375 |
HTM debt securities: | ||
Amortized Cost | 530,921 | 529,548 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (45,521) | (40,997) |
Fair Value | 485,400 | 488,551 |
U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
AFS debt securities: | ||
Amortized Cost | 410,676 | 412,086 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (49,874) | (47,640) |
Fair Value | 360,802 | 364,446 |
HTM debt securities: | ||
Amortized Cost | 1,002,697 | 1,001,836 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (196,898) | (186,904) |
Fair Value | 805,799 | 814,932 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
AFS debt securities: | ||
Amortized Cost | 513,159 | 531,377 |
Gross Unrealized Gains | 129 | 158 |
Gross Unrealized Losses | (57,669) | (63,276) |
Fair Value | 455,619 | 468,259 |
HTM debt securities: | ||
Amortized Cost | 491,842 | 493,348 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (93,850) | (88,968) |
Fair Value | 397,992 | 404,380 |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
AFS debt securities: | ||
Amortized Cost | 5,229,549 | 1,956,927 |
Gross Unrealized Gains | 4,212 | 380 |
Gross Unrealized Losses | (241,362) | (229,713) |
Fair Value | 4,992,399 | 1,727,594 |
HTM debt securities: | ||
Amortized Cost | 734,577 | 742,436 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (153,299) | (142,119) |
Fair Value | 581,278 | 600,317 |
Municipal securities | ||
AFS debt securities: | ||
Amortized Cost | 296,360 | 297,283 |
Gross Unrealized Gains | 47 | 75 |
Gross Unrealized Losses | (37,912) | (36,342) |
Fair Value | 258,495 | 261,016 |
HTM debt securities: | ||
Amortized Cost | 188,605 | 188,872 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (44,596) | (43,081) |
Fair Value | 144,009 | 145,791 |
Non-agency commercial mortgage-backed securities | ||
AFS debt securities: | ||
Amortized Cost | 373,834 | 409,578 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (39,838) | (42,062) |
Fair Value | 333,996 | 367,516 |
Non-agency residential mortgage-backed securities | ||
AFS debt securities: | ||
Amortized Cost | 609,705 | 643,335 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (90,048) | (89,664) |
Fair Value | 519,657 | 553,671 |
Corporate debt securities | ||
AFS debt securities: | ||
Amortized Cost | 653,501 | 653,501 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (150,854) | (151,076) |
Fair Value | 502,647 | 502,425 |
Foreign government bonds | ||
AFS debt securities: | ||
Amortized Cost | 238,592 | 239,333 |
Gross Unrealized Gains | 605 | 69 |
Gross Unrealized Losses | (12,001) | (11,528) |
Fair Value | 227,196 | 227,874 |
Asset-backed securities | ||
AFS debt securities: | ||
Amortized Cost | 41,287 | 43,234 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (575) | (934) |
Fair Value | 40,712 | 42,300 |
Collateralized loan obligations (“CLOs”) | ||
AFS debt securities: | ||
Amortized Cost | 89,000 | 617,250 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1,149) | (4,389) |
Fair Value | $ 87,851 | $ 612,861 |
Securities - Narrative (Details
Securities - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2024 USD ($) security | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) security | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Number of available-for-sale debt securities in an unrealized loss position | security | 560 | 547 | |
Debt Securities, AFS, allowance for credit loss | $ | $ 0 | $ 0 | |
Provision (reversal of provision) for credit losses | $ | 0 | $ 0 | |
HTM securities allowance for credit loss | $ | 0 | 0 | |
Asset Pledged as Collateral | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
AFS and HTM debt securities carrying value | $ | $ 5,800,000,000 | $ 7,000,000,000 | |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Number of available-for-sale debt securities in an unrealized loss position | security | 288 | 255 | |
Non-agency mortgage-backed securities | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Number of available-for-sale debt securities in an unrealized loss position | security | 95 | 99 | |
Corporate debt securities | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Number of available-for-sale debt securities in an unrealized loss position | security | 66 | 66 |
Securities - Continuous Unreali
Securities - Continuous Unrealized Losses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | $ 1,600,117 | $ 125,924 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (4,571) | (721) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 4,900,507 | 5,532,528 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (731,907) | (728,216) |
Available-for-sale debt securities fair value, Total | 6,500,624 | 5,658,452 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (736,478) | (728,937) |
U.S. Treasury securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | 0 | 0 |
Available-for-sale debt securities, 12 Months or More, Fair Value | 621,094 | 623,978 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (55,196) | (52,313) |
Available-for-sale debt securities fair value, Total | 621,094 | 623,978 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (55,196) | (52,313) |
U.S. government agency and U.S. government-sponsored enterprise debt securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | 0 | 0 |
Available-for-sale debt securities, 12 Months or More, Fair Value | 360,802 | 364,446 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (49,874) | (47,640) |
Available-for-sale debt securities fair value, Total | 360,802 | 364,446 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (49,874) | (47,640) |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Commercial mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | 0 | 0 |
Available-for-sale debt securities, 12 Months or More, Fair Value | 450,965 | 463,572 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (57,669) | (63,276) |
Available-for-sale debt securities fair value, Total | 450,965 | 463,572 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (57,669) | (63,276) |
U.S. government agency and U.S. government-sponsored enterprise mortgage-backed securities - Residential mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 1,577,361 | 9,402 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (4,504) | (558) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 1,642,455 | 1,661,112 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (236,858) | (229,155) |
Available-for-sale debt securities fair value, Total | 3,219,816 | 1,670,514 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (241,362) | (229,713) |
Municipal securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 4,189 | 2,825 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (6) | (15) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 252,268 | 254,773 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (37,906) | (36,327) |
Available-for-sale debt securities fair value, Total | 256,457 | 257,598 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (37,912) | (36,342) |
Non-agency commercial mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 0 | 2,742 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | 0 | (4) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 333,996 | 364,774 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (39,838) | (42,058) |
Available-for-sale debt securities fair value, Total | 333,996 | 367,516 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (39,838) | (42,062) |
Non-agency residential mortgage-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | 0 | 0 |
Available-for-sale debt securities, 12 Months or More, Fair Value | 519,657 | 553,671 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (90,048) | (89,664) |
Available-for-sale debt securities fair value, Total | 519,657 | 553,671 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (90,048) | (89,664) |
Corporate debt securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | 0 | 0 |
Available-for-sale debt securities, 12 Months or More, Fair Value | 502,647 | 502,425 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (150,854) | (151,076) |
Available-for-sale debt securities fair value, Total | 502,647 | 502,425 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (150,854) | (151,076) |
Foreign government bonds | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 18,567 | 110,955 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | (61) | (144) |
Available-for-sale debt securities, 12 Months or More, Fair Value | 88,060 | 88,616 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (11,940) | (11,384) |
Available-for-sale debt securities fair value, Total | 106,627 | 199,571 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (12,001) | (11,528) |
Asset-backed securities | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | 0 | 0 |
Available-for-sale debt securities, 12 Months or More, Fair Value | 40,712 | 42,300 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (575) | (934) |
Available-for-sale debt securities fair value, Total | 40,712 | 42,300 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | (575) | (934) |
Collateralized loan obligations (“CLOs”) | ||
Schedule of Available-for-sale Debt Securities | ||
Available-for-sale debt securities, Less than 12 Months, Fair Value | 0 | 0 |
Available-for-sale debt securities, Gross Unrealized Loss, Less than 12 Months | 0 | 0 |
Available-for-sale debt securities, 12 Months or More, Fair Value | 87,851 | 612,861 |
Available-for-sale debt securities, Gross Unrealized Loss, 12 Months or More | (1,149) | (4,389) |
Available-for-sale debt securities fair value, Total | 87,851 | 612,861 |
Available-for-sale debt securities, Gross Unrealized Loss, Total | $ (1,149) | $ (4,389) |
Securities - Gross Realized Gai
Securities - Gross Realized Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gross realized gains from sales | $ 49 | $ 0 |
Impairment write-off | 0 | (10,000) |
Related tax expense (benefit) | $ 14 | (2,956) |
Available-for-sale, impairment write-off on subordinated debt | $ (10,000) |
Securities - Composition of Int
Securities - Composition of Interest Income on Debt Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | ||
Taxable interest | $ 70,328 | $ 61,049 |
Nontaxable interest | 5,064 | 4,882 |
Total interest income on debt securities | $ 75,392 | $ 65,931 |
Securities - Scheduled Contract
Securities - Scheduled Contractual Maturities of AFS (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized cost | ||
Within One Year | $ 207,263 | |
After One Year through Five Years | 958,665 | |
After Five Years through Ten Years | 743,510 | |
After Ten Years | 7,222,515 | |
Amortized Cost | 9,131,953 | $ 6,916,491 |
Fair value | ||
Within One Year | 205,152 | |
After One Year through Five Years | 897,162 | |
After Five Years through Ten Years | 653,911 | |
After Ten Years | 6,644,243 | |
Total | $ 8,400,468 | |
Weighted Average Yield | ||
Within One Year | 3.55% | |
After One Year through Five Years | 1.72% | |
After Five Years through Ten Years | 3.51% | |
After Ten Years | 4.67% | |
Total | 4.24% | |
U.S. Treasury securities | ||
Amortized cost | ||
Within One Year | $ 34,901 | |
After One Year through Five Years | 641,389 | |
After Five Years through Ten Years | 0 | |
After Ten Years | 0 | |
Amortized Cost | 676,290 | |
Fair value | ||
Within One Year | 33,920 | |
After One Year through Five Years | 587,174 | |
After Five Years through Ten Years | 0 | |
After Ten Years | 0 | |
Total | $ 621,094 | |
Weighted Average Yield | ||
Within One Year | 1.83% | |
After One Year through Five Years | 1.17% | |
After Five Years through Ten Years | 0% | |
After Ten Years | 0% | |
Total | 1.20% | |
U.S. government-sponsored enterprises debt securities | ||
Amortized cost | ||
Within One Year | $ 51,238 | |
After One Year through Five Years | 94,159 | |
After Five Years through Ten Years | 127,833 | |
After Ten Years | 137,446 | |
Amortized Cost | 410,676 | |
Fair value | ||
Within One Year | 51,163 | |
After One Year through Five Years | 90,935 | |
After Five Years through Ten Years | 106,727 | |
After Ten Years | 111,977 | |
Total | $ 360,802 | |
Weighted Average Yield | ||
Within One Year | 4.94% | |
After One Year through Five Years | 3.16% | |
After Five Years through Ten Years | 1.60% | |
After Ten Years | 2.33% | |
Total | 2.62% | |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities | ||
Amortized cost | ||
Within One Year | $ 3,219 | |
After One Year through Five Years | 36,135 | |
After Five Years through Ten Years | 137,555 | |
After Ten Years | 5,565,799 | |
Amortized Cost | 5,742,708 | |
Fair value | ||
Within One Year | 3,130 | |
After One Year through Five Years | 34,513 | |
After Five Years through Ten Years | 125,890 | |
After Ten Years | 5,284,485 | |
Total | $ 5,448,018 | |
Weighted Average Yield | ||
Within One Year | 2.68% | |
After One Year through Five Years | 3.15% | |
After Five Years through Ten Years | 2.73% | |
After Ten Years | 5.32% | |
Total | 5.24% | |
Municipal securities | ||
Amortized cost | ||
Within One Year | $ 2,240 | |
After One Year through Five Years | 34,998 | |
After Five Years through Ten Years | 9,621 | |
After Ten Years | 249,501 | |
Amortized Cost | 296,360 | |
Fair value | ||
Within One Year | 2,219 | |
After One Year through Five Years | 32,747 | |
After Five Years through Ten Years | 8,885 | |
After Ten Years | 214,644 | |
Total | $ 258,495 | |
Weighted Average Yield | ||
Within One Year | 3.39% | |
After One Year through Five Years | 2.23% | |
After Five Years through Ten Years | 3.22% | |
After Ten Years | 2.23% | |
Total | 2.27% | |
Non-agency mortgage-backed securities | ||
Amortized cost | ||
Within One Year | $ 82,941 | |
After One Year through Five Years | 46,116 | |
After Five Years through Ten Years | 0 | |
After Ten Years | 854,482 | |
Amortized Cost | 983,539 | |
Fair value | ||
Within One Year | 82,055 | |
After One Year through Five Years | 45,322 | |
After Five Years through Ten Years | 0 | |
After Ten Years | 726,276 | |
Total | $ 853,653 | |
Weighted Average Yield | ||
Within One Year | 3.67% | |
After One Year through Five Years | 3.70% | |
After Five Years through Ten Years | 0% | |
After Ten Years | 2.54% | |
Total | 2.69% | |
Corporate debt securities | ||
Amortized cost | ||
Within One Year | $ 0 | |
After One Year through Five Years | 0 | |
After Five Years through Ten Years | 349,501 | |
After Ten Years | 304,000 | |
Amortized Cost | 653,501 | |
Fair value | ||
Within One Year | 0 | |
After One Year through Five Years | 0 | |
After Five Years through Ten Years | 294,845 | |
After Ten Years | 207,802 | |
Total | $ 502,647 | |
Weighted Average Yield | ||
Within One Year | 0% | |
After One Year through Five Years | 0% | |
After Five Years through Ten Years | 3.50% | |
After Ten Years | 1.97% | |
Total | 2.79% | |
Foreign government bonds | ||
Amortized cost | ||
Within One Year | $ 32,724 | |
After One Year through Five Years | 105,868 | |
After Five Years through Ten Years | 50,000 | |
After Ten Years | 50,000 | |
Amortized Cost | 238,592 | |
Fair value | ||
Within One Year | 32,665 | |
After One Year through Five Years | 106,471 | |
After Five Years through Ten Years | 49,640 | |
After Ten Years | 38,420 | |
Total | $ 227,196 | |
Weighted Average Yield | ||
Within One Year | 3.01% | |
After One Year through Five Years | 2.28% | |
After Five Years through Ten Years | 5.72% | |
After Ten Years | 1.50% | |
Total | 2.94% | |
Asset-backed securities | ||
Amortized cost | ||
Within One Year | $ 0 | |
After One Year through Five Years | 0 | |
After Five Years through Ten Years | 0 | |
After Ten Years | 41,287 | |
Amortized Cost | 41,287 | |
Fair value | ||
Within One Year | 0 | |
After One Year through Five Years | 0 | |
After Five Years through Ten Years | 0 | |
After Ten Years | 40,712 | |
Total | $ 40,712 | |
Weighted Average Yield | ||
Within One Year | 0% | |
After One Year through Five Years | 0% | |
After Five Years through Ten Years | 0% | |
After Ten Years | 6.06% | |
Total | 6.06% | |
Collateralized loan obligations (“CLOs”) | ||
Amortized cost | ||
Within One Year | $ 0 | |
After One Year through Five Years | 0 | |
After Five Years through Ten Years | 69,000 | |
After Ten Years | 20,000 | |
Amortized Cost | 89,000 | |
Fair value | ||
Within One Year | 0 | |
After One Year through Five Years | 0 | |
After Five Years through Ten Years | 67,924 | |
After Ten Years | 19,927 | |
Total | $ 87,851 | |
Weighted Average Yield | ||
Within One Year | 0% | |
After One Year through Five Years | 0% | |
After Five Years through Ten Years | 7.10% | |
After Ten Years | 6.84% | |
Total | 7.04% |
Securities - Scheduled Contra_2
Securities - Scheduled Contractual Maturities of HTM Debt Securities (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Amortized cost | |
Within One Year | $ 0 |
After One Year through Five Years | 535,773 |
After Five Years through Ten Years | 438,202 |
After Ten Years | 1,974,667 |
Total | 2,948,642 |
Fair value | |
Within One Year | 0 |
After One Year through Five Years | 489,801 |
After Five Years through Ten Years | 371,157 |
After Ten Years | 1,553,520 |
Total | $ 2,414,478 |
Weighted Average Yield | |
Within One Year | 0% |
After One Year through Five Years | 1.05% |
After Five Years through Ten Years | 1.83% |
After Ten Years | 1.79% |
Total | 1.66% |
U.S. Treasury securities | |
Amortized cost | |
Within One Year | $ 0 |
After One Year through Five Years | 530,921 |
After Five Years through Ten Years | 0 |
After Ten Years | 0 |
Total | 530,921 |
Fair value | |
Within One Year | 0 |
After One Year through Five Years | 485,400 |
After Five Years through Ten Years | 0 |
After Ten Years | 0 |
Total | $ 485,400 |
Weighted Average Yield | |
Within One Year | 0% |
After One Year through Five Years | 1.05% |
After Five Years through Ten Years | 0% |
After Ten Years | 0% |
Total | 1.05% |
U.S. government-sponsored enterprises debt securities | |
Amortized cost | |
Within One Year | $ 0 |
After One Year through Five Years | 0 |
After Five Years through Ten Years | 343,666 |
After Ten Years | 659,031 |
Total | 1,002,697 |
Fair value | |
Within One Year | 0 |
After One Year through Five Years | 0 |
After Five Years through Ten Years | 291,586 |
After Ten Years | 514,213 |
Total | $ 805,799 |
Weighted Average Yield | |
Within One Year | 0% |
After One Year through Five Years | 0% |
After Five Years through Ten Years | 1.90% |
After Ten Years | 1.89% |
Total | 1.90% |
U.S. government agency and U.S. government sponsored enterprise mortgage-backed securities | |
Amortized cost | |
Within One Year | $ 0 |
After One Year through Five Years | 4,852 |
After Five Years through Ten Years | 94,536 |
After Ten Years | 1,127,031 |
Total | 1,226,419 |
Fair value | |
Within One Year | 0 |
After One Year through Five Years | 4,401 |
After Five Years through Ten Years | 79,571 |
After Ten Years | 895,298 |
Total | $ 979,270 |
Weighted Average Yield | |
Within One Year | 0% |
After One Year through Five Years | 1.40% |
After Five Years through Ten Years | 1.59% |
After Ten Years | 1.69% |
Total | 1.68% |
Municipal securities | |
Amortized cost | |
Within One Year | $ 0 |
After One Year through Five Years | 0 |
After Five Years through Ten Years | 0 |
After Ten Years | 188,605 |
Total | 188,605 |
Fair value | |
Within One Year | 0 |
After One Year through Five Years | 0 |
After Five Years through Ten Years | 0 |
After Ten Years | 144,009 |
Total | $ 144,009 |
Weighted Average Yield | |
Within One Year | 0% |
After One Year through Five Years | 0% |
After Five Years through Ten Years | 0% |
After Ten Years | 1.99% |
Total | 1.99% |
Securities - Restricted Equity
Securities - Restricted Equity Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Investments, Debt and Equity Securities [Abstract] | ||
Federal Reserve Bank of San Francisco (“FRBSF”) stock | $ 62,858 | $ 62,561 |
FHLB stock | 101,544 | 17,250 |
Total restricted equity securities | $ 164,402 | $ 79,811 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) Contract | Dec. 31, 2023 USD ($) Contract | |
Derivative [Line Items] | ||
Gross amounts recognized | $ 622,238,000 | $ 610,920,000 |
Derivative liabilities - Fair value | 693,548,000 | 613,314,000 |
Derivative instruments designated as hedging instruments | ||
Derivative [Line Items] | ||
Gross amounts recognized | 15,707,000 | 53,815,000 |
Derivative liabilities - Fair value | 49,616,000 | 13,124,000 |
Notional amount | 5,250,000,000 | 5,331,480,000 |
Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Gross amounts recognized | 606,531,000 | 557,105,000 |
Derivative liabilities - Fair value | 643,932,000 | 600,190,000 |
Notional amount | 21,927,035,000 | 23,333,449,000 |
Interest rate contracts | Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Gross amounts recognized | 469,087,000 | 423,486,000 |
Derivative liabilities - Fair value | 468,714,000 | 420,812,000 |
Notional amount | 16,910,462,000 | 17,387,909,000 |
Interest rate contracts | Derivatives not designated as hedging instruments | LCH | ||
Derivative [Line Items] | ||
Gross amounts recognized | 41,000,000 | 43,000,000 |
Derivative liabilities - Fair value | 47,000,000 | 43,000,000 |
Interest rate contracts | Cash Flow Hedging | Derivative instruments designated as hedging instruments | ||
Derivative [Line Items] | ||
Gross amounts recognized | 15,707,000 | 50,421,000 |
Derivative liabilities - Fair value | 49,616,000 | 13,124,000 |
Notional amount | 5,250,000,000 | 5,250,000,000 |
Net unrealized losses, net of tax, recorded in AOCI expected to be reclassified into earnings during next 12 months | 50,000,000 | |
Foreign exchange contracts | Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Gross amounts recognized | 60,499,000 | 53,678,000 |
Derivative liabilities - Fair value | 53,153,000 | 42,564,000 |
Notional amount | $ 4,898,429,000 | $ 5,827,149,000 |
Foreign exchange contracts | Derivatives not designated as hedging instruments | Maximum | ||
Derivative [Line Items] | ||
Original maturity (in years) | 1 year | 1 year |
Credit contracts | Derivatives not designated as hedging instruments | ||
Derivative [Line Items] | ||
Gross amounts recognized | $ 0 | $ 1,000 |
Derivative liabilities - Fair value | 16,000 | 25,000 |
Notional amount | $ 118,144,000 | $ 118,391,000 |
Credit contracts | Derivatives not designated as hedging instruments | RPAs | ||
Derivative [Line Items] | ||
Weighted average remaining maturity of outstanding RPAs | 2 years 7 months 6 days | 2 years 9 months 18 days |
Maximum exposure of RPAs with protection sold | $ 82,000 | $ 177,000 |
Credit contracts | Derivatives not designated as hedging instruments | Long | ||
Derivative [Line Items] | ||
Notional amount | $ 25,000,000 | $ 25,000,000 |
Number of instruments held | Contract | 1 | 1 |
Credit-risk-related contingent features | ||
Derivative [Line Items] | ||
Aggregate fair value of derivative instruments in net liability position | $ 2,000,000 | $ 9,000 |
Collateral posted | 2,000,000 | $ 0 |
Commercial Banking | Interest rate contracts | Cash Flow Hedging | Derivative instruments designated as hedging instruments | ||
Derivative [Line Items] | ||
Notional amount | $ 5,300,000,000 |
Derivatives - Notional and Fair
Derivatives - Notional and Fair Values (Details) MMBTU in Thousands, Boe in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) MMBTU Boe company shares | Dec. 31, 2023 USD ($) Boe MMBTU company | |
Derivative Assets | ||
Derivative assets - Fair value | $ 622,238 | $ 610,920 |
Less: Master Netting Arrangements | (132,555) | (75,534) |
Less: Cash collateral received | (356,707) | (237,258) |
Net derivative assets | 132,976 | 298,128 |
Derivative Liabilities | ||
Gross amounts recognized | 693,548 | 613,314 |
Less: Master Netting Arrangements | (132,555) | (75,534) |
Amount used to offset against derivative liabilities | (2,408) | (636) |
Net derivative liabilities | $ 558,585 | $ 537,144 |
Performance-Based RSUs | Rayliant Global Advisors Limited | ||
Derivative Liabilities | ||
Derivative liability granted number of shares | shares | 349,138 | |
Crude oil | ||
Derivative Liabilities | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 18,468 | 18,631 |
Natural gas | ||
Derivative Liabilities | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 350,942 | 328,844 |
Derivative instruments designated as hedging instruments | ||
Derivative Instruments | ||
Notional amount | $ 5,250,000 | $ 5,331,480 |
Derivative Assets | ||
Derivative assets - Fair value | 15,707 | 53,815 |
Derivative Liabilities | ||
Gross amounts recognized | 49,616 | 13,124 |
Derivatives not designated as hedging instruments | ||
Derivative Instruments | ||
Notional amount | 21,927,035 | 23,333,449 |
Derivative Assets | ||
Derivative assets - Fair value | 606,531 | 557,105 |
Derivative Liabilities | ||
Gross amounts recognized | 643,932 | 600,190 |
Interest rate contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments | ||
Notional amount | 16,910,462 | 17,387,909 |
Derivative Assets | ||
Derivative assets - Fair value | 469,087 | 423,486 |
Derivative Liabilities | ||
Gross amounts recognized | 468,714 | 420,812 |
Interest rate contracts | Cash Flow Hedging | Derivative instruments designated as hedging instruments | ||
Derivative Instruments | ||
Notional amount | 5,250,000 | 5,250,000 |
Derivative Assets | ||
Derivative assets - Fair value | 15,707 | 50,421 |
Derivative Liabilities | ||
Gross amounts recognized | 49,616 | 13,124 |
Foreign exchange contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments | ||
Notional amount | 4,898,429 | 5,827,149 |
Derivative Assets | ||
Derivative assets - Fair value | 60,499 | 53,678 |
Derivative Liabilities | ||
Gross amounts recognized | 53,153 | 42,564 |
Foreign exchange contracts | Net Investment Hedging | Derivative instruments designated as hedging instruments | ||
Derivative Instruments | ||
Notional amount | 0 | 81,480 |
Derivative Assets | ||
Derivative assets - Fair value | 0 | 3,394 |
Derivative Liabilities | ||
Gross amounts recognized | 0 | 0 |
Commodity contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments | ||
Notional amount | 0 | 0 |
Derivative Assets | ||
Derivative assets - Fair value | 76,615 | 79,604 |
Derivative Liabilities | ||
Gross amounts recognized | 106,930 | 121,670 |
Credit contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments | ||
Notional amount | 118,144 | 118,391 |
Derivative Assets | ||
Derivative assets - Fair value | 0 | 1 |
Derivative Liabilities | ||
Gross amounts recognized | 16 | 25 |
Equity contracts | Derivatives not designated as hedging instruments | ||
Derivative Instruments | ||
Notional amount | 0 | 0 |
Derivative Assets | ||
Derivative assets - Fair value | 330 | 336 |
Derivative Liabilities | ||
Gross amounts recognized | $ 15,119 | $ 15,119 |
Public Companies | Derivatives not designated as hedging instruments | ||
Derivative Liabilities | ||
Number of companies that issued the equity (issuers portion only) | company | 1 | 1 |
Private Companies | Derivatives not designated as hedging instruments | ||
Derivative Liabilities | ||
Number of companies that issued the equity (issuers portion only) | company | 11 | 11 |
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 | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Interest rate contracts | Cash Flow Hedging | ||
Derivative [Line Items] | ||
(Losses) gains recognized in AOCI: | $ (90,376) | $ 29,843 |
(Losses) gains reclassified from AOCI into earnings: | (24,605) | (10,644) |
Interest rate contracts | Cash Flow Hedging | Interest expense (for cash flow hedges on borrowings) | ||
Derivative [Line Items] | ||
(Losses) gains reclassified from AOCI into earnings: | 0 | 696 |
Interest rate contracts | Cash Flow Hedging | Interest and dividend income (for cash flow hedges on loans) | ||
Derivative [Line Items] | ||
(Losses) gains reclassified from AOCI into earnings: | (24,605) | (12,954) |
Interest rate contracts | Cash Flow Hedging | Noninterest income | ||
Derivative [Line Items] | ||
(Losses) gains reclassified from AOCI into earnings: | 0 | 1,614 |
Foreign exchange contracts | Net Investment Hedging | ||
Derivative [Line Items] | ||
Gains (losses) recognized in AOCI | $ 586 | $ (1,076) |
Derivatives - Derivatives Not D
Derivatives - Derivatives Not Designated as Hedging Instruments (Details) MMBTU in Thousands, Boe in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 USD ($) MMBTU Boe | Dec. 31, 2023 USD ($) Boe MMBTU | |
Derivative [Line Items] | ||
Gross amounts recognized | $ 622,238 | $ 610,920 |
Derivative liabilities - Fair value | $ 693,548 | $ 613,314 |
Crude oil | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | Boe | 18,468 | 18,631 |
Natural gas | ||
Derivative [Line Items] | ||
Derivative, nonmonetary notional amount, energy measure | MMBTU | 350,942 | 328,844 |
Customer-related positions: | ||
Derivative [Line Items] | ||
Notional amount | $ 10,791,750 | $ 11,362,194 |
Gross amounts recognized | 35,375 | 43,195 |
Derivative liabilities - Fair value | 490,627 | 419,499 |
Other economic hedges: | ||
Derivative [Line Items] | ||
Notional amount | 11,017,141 | 11,852,864 |
Gross amounts recognized | 494,211 | 433,969 |
Derivative liabilities - Fair value | 31,240 | 43,877 |
Interest rate contracts | Customer-related positions: | ||
Derivative [Line Items] | ||
Notional amount | 8,442,370 | 8,681,085 |
Gross amounts recognized | 9,651 | 26,089 |
Derivative liabilities - Fair value | 458,240 | 394,625 |
Interest rate contracts | Other economic hedges: | ||
Derivative [Line Items] | ||
Notional amount | 8,468,092 | 8,706,824 |
Gross amounts recognized | 459,436 | 397,397 |
Derivative liabilities - Fair value | 10,474 | 26,187 |
Interest rate contracts | Swaps | Customer-related positions: | ||
Derivative [Line Items] | ||
Notional amount | 6,874,132 | 6,835,822 |
Gross amounts recognized | 9,521 | 25,649 |
Derivative liabilities - Fair value | 442,960 | 377,388 |
Interest rate contracts | Swaps | Other economic hedges: | ||
Derivative [Line Items] | ||
Notional amount | 6,899,692 | 6,861,561 |
Gross amounts recognized | 444,094 | 380,123 |
Derivative liabilities - Fair value | 10,337 | 25,731 |
Interest rate contracts | Written options | Customer-related positions: | ||
Derivative [Line Items] | ||
Notional amount | 1,287,121 | 1,522,531 |
Gross amounts recognized | 0 | 0 |
Derivative liabilities - Fair value | 11,909 | 12,756 |
Interest rate contracts | Collars and corridors | Customer-related positions: | ||
Derivative [Line Items] | ||
Notional amount | 281,117 | 322,732 |
Gross amounts recognized | 130 | 440 |
Derivative liabilities - Fair value | 3,371 | 4,481 |
Interest rate contracts | Collars and corridors | Other economic hedges: | ||
Derivative [Line Items] | ||
Notional amount | 281,117 | 322,732 |
Gross amounts recognized | 3,380 | 4,491 |
Derivative liabilities - Fair value | 137 | 456 |
Interest rate contracts | Purchased options | Other economic hedges: | ||
Derivative [Line Items] | ||
Notional amount | 1,287,283 | 1,522,531 |
Gross amounts recognized | 11,962 | 12,783 |
Derivative liabilities - Fair value | 0 | 0 |
Foreign exchange contracts | Customer-related positions: | ||
Derivative [Line Items] | ||
Notional amount | 2,349,380 | 2,681,109 |
Gross amounts recognized | 25,724 | 17,106 |
Derivative liabilities - Fair value | 32,387 | 24,874 |
Foreign exchange contracts | Other economic hedges: | ||
Derivative [Line Items] | ||
Notional amount | 2,549,049 | 3,146,040 |
Gross amounts recognized | 34,775 | 36,572 |
Derivative liabilities - Fair value | 20,766 | 17,690 |
Foreign exchange contracts | Swaps | Customer-related positions: | ||
Derivative [Line Items] | ||
Notional amount | 1,577,082 | 1,588,491 |
Gross amounts recognized | 19,020 | 5,801 |
Derivative liabilities - Fair value | 24,839 | 18,118 |
Foreign exchange contracts | Swaps | Other economic hedges: | ||
Derivative [Line Items] | ||
Notional amount | 2,387,046 | 2,862,037 |
Gross amounts recognized | 34,733 | 36,280 |
Derivative liabilities - Fair value | 18,168 | 15,757 |
Foreign exchange contracts | Written options | Other economic hedges: | ||
Derivative [Line Items] | ||
Notional amount | 129,000 | 136,000 |
Gross amounts recognized | 0 | 0 |
Derivative liabilities - Fair value | 2,580 | 1,839 |
Foreign exchange contracts | Forwards and spot | Customer-related positions: | ||
Derivative [Line Items] | ||
Notional amount | 643,298 | 956,618 |
Gross amounts recognized | 4,124 | 9,466 |
Derivative liabilities - Fair value | 7,548 | 6,756 |
Foreign exchange contracts | Forwards and spot | Other economic hedges: | ||
Derivative [Line Items] | ||
Notional amount | 33,003 | 148,003 |
Gross amounts recognized | 42 | 292 |
Derivative liabilities - Fair value | 18 | 94 |
Foreign exchange contracts | Purchased options | Customer-related positions: | ||
Derivative [Line Items] | ||
Notional amount | 129,000 | 136,000 |
Gross amounts recognized | 2,580 | 1,839 |
Derivative liabilities - Fair value | 0 | 0 |
Commodity contracts | Customer-related positions: | ||
Derivative [Line Items] | ||
Gross amounts recognized | 29,495 | 6,014 |
Derivative liabilities - Fair value | 87,968 | 114,974 |
Commodity contracts | Customer-related positions: | Crude oil | ||
Derivative [Line Items] | ||
Gross amounts recognized | 27,271 | 5,555 |
Derivative liabilities - Fair value | $ 800 | $ 20,548 |
Derivative, nonmonetary notional amount, energy measure | Boe | 9,184 | 9,243 |
Commodity contracts | Customer-related positions: | Natural gas | ||
Derivative [Line Items] | ||
Gross amounts recognized | $ 2,224 | $ 459 |
Derivative liabilities - Fair value | $ 87,168 | $ 94,426 |
Derivative, nonmonetary notional amount, energy measure | MMBTU | 177,031 | 166,053 |
Commodity contracts | Other economic hedges: | ||
Derivative [Line Items] | ||
Gross amounts recognized | $ 47,120 | $ 73,590 |
Derivative liabilities - Fair value | 18,962 | 6,696 |
Commodity contracts | Other economic hedges: | Crude oil | ||
Derivative [Line Items] | ||
Gross amounts recognized | 1,789 | 10,851 |
Derivative liabilities - Fair value | $ 17,899 | $ 6,391 |
Derivative, nonmonetary notional amount, energy measure | Boe | 9,284 | 9,388 |
Commodity contracts | Other economic hedges: | Natural gas | ||
Derivative [Line Items] | ||
Gross amounts recognized | $ 45,331 | $ 62,739 |
Derivative liabilities - Fair value | $ 1,063 | $ 305 |
Derivative, nonmonetary notional amount, energy measure | MMBTU | 173,911 | 162,791 |
Commodity contracts | Swaps | Customer-related positions: | Crude oil | ||
Derivative [Line Items] | ||
Gross amounts recognized | $ 15,370 | $ 3,735 |
Derivative liabilities - Fair value | $ 685 | $ 15,445 |
Derivative, nonmonetary notional amount, energy measure | Boe | 3,608 | 3,277 |
Commodity contracts | Swaps | Customer-related positions: | Natural gas | ||
Derivative [Line Items] | ||
Gross amounts recognized | $ 1,420 | $ 438 |
Derivative liabilities - Fair value | $ 70,028 | $ 73,793 |
Derivative, nonmonetary notional amount, energy measure | MMBTU | 127,102 | 118,325 |
Commodity contracts | Swaps | Other economic hedges: | Crude oil | ||
Derivative [Line Items] | ||
Gross amounts recognized | $ 1,788 | $ 9,166 |
Derivative liabilities - Fair value | $ 12,997 | $ 4,924 |
Derivative, nonmonetary notional amount, energy measure | Boe | 3,708 | 3,422 |
Commodity contracts | Swaps | Other economic hedges: | Natural gas | ||
Derivative [Line Items] | ||
Gross amounts recognized | $ 37,170 | $ 49,941 |
Derivative liabilities - Fair value | $ 629 | $ 305 |
Derivative, nonmonetary notional amount, energy measure | MMBTU | 124,582 | 116,463 |
Commodity contracts | Written options | Customer-related positions: | Natural gas | ||
Derivative [Line Items] | ||
Gross amounts recognized | $ 132 | $ 0 |
Derivative liabilities - Fair value | $ 33 | $ 233 |
Derivative, nonmonetary notional amount, energy measure | MMBTU | 1,976 | 1,874 |
Commodity contracts | Purchased options | Other economic hedges: | Natural gas | ||
Derivative [Line Items] | ||
Gross amounts recognized | $ 41 | $ 233 |
Derivative liabilities - Fair value | $ 116 | $ 0 |
Derivative, nonmonetary notional amount, energy measure | MMBTU | 1,976 | 1,874 |
Commodity contracts | Collars | Customer-related positions: | Crude oil | ||
Derivative [Line Items] | ||
Gross amounts recognized | $ 11,901 | $ 1,820 |
Derivative liabilities - Fair value | $ 115 | $ 5,103 |
Derivative, nonmonetary notional amount, energy measure | Boe | 5,576 | 5,966 |
Commodity contracts | Collars | Customer-related positions: | Natural gas | ||
Derivative [Line Items] | ||
Gross amounts recognized | $ 672 | $ 21 |
Derivative liabilities - Fair value | $ 17,107 | $ 20,400 |
Derivative, nonmonetary notional amount, energy measure | MMBTU | 47,953 | 45,854 |
Commodity contracts | Collars | Other economic hedges: | Crude oil | ||
Derivative [Line Items] | ||
Gross amounts recognized | $ 1 | $ 1,685 |
Derivative liabilities - Fair value | $ 4,902 | $ 1,467 |
Derivative, nonmonetary notional amount, energy measure | Boe | 5,576 | 5,966 |
Commodity contracts | Collars | Other economic hedges: | Natural gas | ||
Derivative [Line Items] | ||
Gross amounts recognized | $ 8,120 | $ 12,565 |
Derivative liabilities - Fair value | $ 318 | $ 0 |
Derivative, nonmonetary notional amount, energy measure | MMBTU | 47,353 | 44,454 |
Derivatives - Net Gains (Losses
Derivatives - Net Gains (Losses) on Derivatives Not Designated as Hedging Instruments (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gains | $ 13,387 | $ 7,914 |
Interest rate contracts | Customer derivative income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gains | 484 | (2,484) |
Foreign exchange contracts | Foreign exchange income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gains | 12,780 | 10,442 |
Credit contracts | Customer derivative income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gains | (5) | (5) |
Equity contracts | Lending fees | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gains | (6) | (45) |
Commodity contracts | Customer derivative income | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Net gains | $ 134 | $ 6 |
Derivatives - Offsetting of Der
Derivatives - Offsetting of Derivatives (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Derivative assets | ||
Derivative assets - Fair value | $ 622,238 | $ 610,920 |
Less: Master netting agreements | (132,555) | (75,534) |
Less: Cash collateral received | (356,707) | (237,258) |
Net derivative assets | 132,976 | 298,128 |
Less: Security Collateral Received | (99,877) | (246,259) |
Net Amount | 33,099 | 51,869 |
Contracts not subject to master netting arrangements, gross amounts recognized | 2,000 | 3,000 |
Derivative, cash collateral received, including amount offset by fair value assets, and excess cash amount | (362,000) | (244,000) |
Derivative liabilities | ||
Gross amounts recognized | 693,548 | 613,314 |
Less: Master netting agreements | (132,555) | (75,534) |
Less: Cash collateral received | (2,408) | (636) |
Net derivative liabilities | 558,585 | 537,144 |
Less: Security Collateral Pledged | 0 | 0 |
Net Amount | 558,585 | 537,144 |
Contracts not subject to master netting arrangements, gross amounts recognized | 17,000 | 16,000 |
Derivative, cash collateral posted against derivative liabilities, including amount offset the derivative fair value liabilities, and excess cash amount | $ 3,000 | $ 1,000 |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Other assets | Other assets |
Derivative Liability, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Loans Receivable and Allowanc_3
Loans Receivable and Allowance for Credit Losses - Composition of Loans Held-for-Investment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Jan. 01, 2023 | Dec. 31, 2022 |
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||
Loans held-for-investment | $ 51,992,504 | $ 52,210,782 | |||
Allowance for loan losses | (670,280) | (668,743) | $ (619,893) | $ (601,673) | $ (595,645) |
Loans held-for-investment, net | 51,322,224 | 51,542,039 | |||
Net deferred loan fees and net unamortized premiums | (63,000) | (71,000) | |||
Commercial lending | |||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||
Loans held-for-investment | 36,644,030 | 37,045,191 | |||
Commercial lending | Commercial and industrial (“C&I”) | |||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||
Loans held-for-investment | 16,350,191 | 16,581,079 | |||
Allowance for loan losses | (373,631) | (392,685) | (376,325) | (377,383) | (371,700) |
Commercial lending | CRE | |||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||
Loans held-for-investment | 14,609,655 | 14,777,081 | |||
Allowance for loan losses | (187,460) | (170,592) | (155,067) | (150,201) | (149,864) |
Commercial lending | Real estate loan | Multifamily residential | |||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||
Loans held-for-investment | 5,010,245 | 5,023,163 | |||
Allowance for loan losses | (37,418) | (34,375) | (24,526) | (23,379) | (23,373) |
Commercial lending | Construction and land | |||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||
Loans held-for-investment | 673,939 | 663,868 | |||
Allowance for loan losses | (10,819) | (10,469) | (9,322) | (9,109) | (9,109) |
Commercial lending | Total CRE | |||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||
Loans held-for-investment | 20,293,839 | 20,464,112 | |||
Consumer lending | |||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||
Loans held-for-investment | 15,348,474 | 15,165,591 | |||
Consumer lending | Real estate loan | Single-family residential | |||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||
Loans held-for-investment | 13,563,738 | 13,383,060 | |||
Allowance for loan losses | (55,922) | (55,018) | (48,007) | (35,565) | (35,564) |
Consumer lending | HELOCs | |||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||
Loans held-for-investment | 1,731,233 | 1,722,204 | |||
Allowance for loan losses | (3,563) | (3,947) | (4,971) | (4,476) | (4,475) |
Consumer lending | Total residential mortgage | |||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||
Loans held-for-investment | 15,294,971 | 15,105,264 | |||
Consumer lending | Other consumer | |||||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | |||||
Loans held-for-investment | 53,503 | 60,327 | |||
Allowance for loan losses | $ (1,467) | $ (1,657) | $ (1,675) | $ (1,560) | $ (1,560) |
Loans Receivable and Allowanc_4
Loans Receivable and Allowance for Credit Losses - Composition of Loans Held-for-Investment- Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Accrued interest receivable | $ 268,000 | $ 267,000 |
Total | 51,992,504 | 52,210,782 |
Asset Pledged as Collateral | ||
LOANS RECEIVABLE AND ALLOWANCE FOR LOAN LOSSES | ||
Total | $ 37,100,000 | $ 37,200,000 |
Loans Receivable and Allowanc_5
Loans Receivable and Allowance for Credit Losses - Credit Risk Ratings , Vintage Years and/or Gross Write-offs for Loans Held-for-Investment by Portfolio Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | $ 1,405,970 | $ 9,030,294 | |
One Year before Current Fiscal Year | 8,787,435 | 10,960,065 | |
Two Years before Current Fiscal Year | 10,602,594 | 6,936,329 | |
Three Years before Current Fiscal Year | 6,636,915 | 4,082,547 | |
Four Years before Current Fiscal Year | 3,982,952 | 3,402,102 | |
Prior | 8,686,624 | 5,723,462 | |
Revolving Loans | 11,672,096 | 11,860,890 | |
Revolving Loans Converted to Term Loans | 217,918 | 215,093 | |
Total | 51,992,504 | 52,210,782 | |
YTD gross write-offs Total | 1,000 | $ 273 | |
Pass | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 1,405,955 | 8,877,690 | |
One Year before Current Fiscal Year | 8,597,817 | 10,839,026 | |
Two Years before Current Fiscal Year | 10,354,201 | 6,723,921 | |
Three Years before Current Fiscal Year | 6,445,705 | 4,010,720 | |
Four Years before Current Fiscal Year | 3,908,827 | 3,326,731 | |
Prior | 8,339,265 | 5,504,224 | |
Revolving Loans | 11,548,589 | 11,739,785 | |
Revolving Loans Converted to Term Loans | 197,087 | 210,475 | |
Total | 50,797,446 | 51,232,572 | |
Pass | Federal Housing Administration Loan | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Total Nonaccrual Loans | 1,000 | 1,000 | |
Criticized (accrual) | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 15 | 145,219 | |
One Year before Current Fiscal Year | 164,267 | 111,430 | |
Two Years before Current Fiscal Year | 219,586 | 207,962 | |
Three Years before Current Fiscal Year | 186,971 | 64,855 | |
Four Years before Current Fiscal Year | 66,214 | 67,738 | |
Prior | 272,060 | 158,049 | |
Revolving Loans | 122,375 | 119,744 | |
Revolving Loans Converted to Term Loans | 16,041 | 1,089 | |
Total | 1,047,529 | 876,086 | |
Criticized (nonaccrual) | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 0 | 7,385 | |
One Year before Current Fiscal Year | 25,351 | 9,609 | |
Two Years before Current Fiscal Year | 28,807 | 4,446 | |
Three Years before Current Fiscal Year | 4,239 | 6,972 | |
Four Years before Current Fiscal Year | 7,911 | 7,633 | |
Prior | 75,299 | 61,189 | |
Revolving Loans | 1,132 | 1,361 | |
Revolving Loans Converted to Term Loans | 4,790 | 3,529 | |
Total | 147,529 | 102,124 | |
YTD gross write-offs | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
YTD gross write-offs Current Fiscal Year | 0 | 350 | |
YTD gross write-offs One Year before Current Fiscal Year | 221 | 10,454 | |
YTD gross write-offs Two Years before Current Fiscal Year | 12,774 | 424 | |
YTD gross write-offs Three Years before Current Fiscal Year | 3,047 | 3,758 | |
YTD gross write-offs Four Years before Current Fiscal Year | 488 | 9,748 | |
YTD gross write-offs Prior | 3,932 | 4,021 | |
YTD gross write-offs Revolving Loans | 1,593 | ||
YTD gross write-offs, including adjustments | (54) | ||
YTD gross write-offs Revolving Loans Converted to Term Loans | 0 | 6 | |
YTD gross write-offs Total | 20,408 | 30,354 | |
Consumer Loan | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Converted to term loan | 15,000 | 5,000 | |
Commercial lending | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 851,967 | 5,827,011 | |
One Year before Current Fiscal Year | 5,693,591 | 7,589,913 | |
Two Years before Current Fiscal Year | 7,287,010 | 4,647,905 | |
Three Years before Current Fiscal Year | 4,392,125 | 2,481,175 | |
Four Years before Current Fiscal Year | 2,416,369 | 2,414,789 | |
Prior | 5,829,790 | 3,719,778 | |
Revolving Loans | 10,084,427 | 10,280,425 | |
Revolving Loans Converted to Term Loans | 88,751 | 84,195 | |
Total | 36,644,030 | 37,045,191 | |
Converted to term loan | 7,000 | $ 12,000 | |
Commercial lending | YTD gross write-offs | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
YTD gross write-offs Current Fiscal Year | 0 | 350 | |
YTD gross write-offs One Year before Current Fiscal Year | 221 | 10,454 | |
YTD gross write-offs Two Years before Current Fiscal Year | 12,774 | 424 | |
YTD gross write-offs Three Years before Current Fiscal Year | 3,047 | 3,758 | |
YTD gross write-offs Four Years before Current Fiscal Year | 488 | 9,748 | |
YTD gross write-offs Prior | 3,932 | 3,980 | |
YTD gross write-offs Revolving Loans | 1,593 | ||
YTD gross write-offs, including adjustments | (56) | ||
YTD gross write-offs Revolving Loans Converted to Term Loans | 0 | 0 | |
YTD gross write-offs Total | 20,406 | 30,307 | |
Commercial lending | Commercial and industrial (“C&I”) | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 494,526 | 2,421,686 | |
One Year before Current Fiscal Year | 2,277,440 | 1,704,375 | |
Two Years before Current Fiscal Year | 1,546,343 | 1,417,641 | |
Three Years before Current Fiscal Year | 1,289,574 | 351,865 | |
Four Years before Current Fiscal Year | 303,361 | 289,072 | |
Prior | 436,645 | 204,394 | |
Revolving Loans | 9,978,501 | 10,171,903 | |
Revolving Loans Converted to Term Loans | 23,801 | 20,143 | |
Total | 16,350,191 | 16,581,079 | |
Commercial lending | Commercial and industrial (“C&I”) | Pass | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 494,511 | 2,314,463 | |
One Year before Current Fiscal Year | 2,181,627 | 1,628,560 | |
Two Years before Current Fiscal Year | 1,390,042 | 1,296,936 | |
Three Years before Current Fiscal Year | 1,162,380 | 331,982 | |
Four Years before Current Fiscal Year | 290,790 | 245,173 | |
Prior | 357,396 | 164,159 | |
Revolving Loans | 9,858,874 | 10,053,757 | |
Revolving Loans Converted to Term Loans | 23,801 | 20,143 | |
Total | 15,759,421 | 16,055,173 | |
Commercial lending | Commercial and industrial (“C&I”) | Criticized (accrual) | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 15 | 105,119 | |
One Year before Current Fiscal Year | 80,137 | 67,899 | |
Two Years before Current Fiscal Year | 146,122 | 120,574 | |
Three Years before Current Fiscal Year | 126,563 | 15,064 | |
Four Years before Current Fiscal Year | 8,378 | 40,920 | |
Prior | 61,936 | 22,098 | |
Revolving Loans | 118,657 | 117,196 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 541,808 | 488,870 | |
Commercial lending | Commercial and industrial (“C&I”) | Criticized (nonaccrual) | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 0 | 2,104 | |
One Year before Current Fiscal Year | 15,676 | 7,916 | |
Two Years before Current Fiscal Year | 10,179 | 131 | |
Three Years before Current Fiscal Year | 631 | 4,819 | |
Four Years before Current Fiscal Year | 4,193 | 2,979 | |
Prior | 17,313 | 18,137 | |
Revolving Loans | 970 | 950 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 48,962 | 37,036 | |
Commercial lending | Commercial and industrial (“C&I”) | YTD gross write-offs | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
YTD gross write-offs Current Fiscal Year | 0 | 350 | |
YTD gross write-offs One Year before Current Fiscal Year | 221 | 10,454 | |
YTD gross write-offs Two Years before Current Fiscal Year | 11,550 | 424 | |
YTD gross write-offs Three Years before Current Fiscal Year | 3,047 | 3,758 | |
YTD gross write-offs Four Years before Current Fiscal Year | 488 | 9,748 | |
YTD gross write-offs Prior | 1,528 | 2,648 | |
YTD gross write-offs Revolving Loans | 1,593 | ||
YTD gross write-offs, including adjustments | (56) | ||
YTD gross write-offs Revolving Loans Converted to Term Loans | 0 | 0 | |
YTD gross write-offs Total | 16,778 | 28,975 | |
Commercial lending | CRE | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 310,715 | 2,529,770 | |
One Year before Current Fiscal Year | 2,483,041 | 4,120,870 | |
Two Years before Current Fiscal Year | 3,994,487 | 2,246,593 | |
Three Years before Current Fiscal Year | 2,151,816 | 1,476,974 | |
Four Years before Current Fiscal Year | 1,466,014 | 1,625,725 | |
Prior | 4,049,607 | 2,621,527 | |
Revolving Loans | 90,300 | 92,851 | |
Revolving Loans Converted to Term Loans | 63,675 | 62,771 | |
Total | 14,609,655 | 14,777,081 | |
Commercial lending | CRE | Pass | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 310,715 | 2,492,915 | |
One Year before Current Fiscal Year | 2,415,104 | 4,086,385 | |
Two Years before Current Fiscal Year | 3,940,346 | 2,216,257 | |
Three Years before Current Fiscal Year | 2,125,414 | 1,428,724 | |
Four Years before Current Fiscal Year | 1,412,088 | 1,600,844 | |
Prior | 3,815,741 | 2,494,382 | |
Revolving Loans | 90,300 | 92,851 | |
Revolving Loans Converted to Term Loans | 48,880 | 62,771 | |
Total | 14,158,588 | 14,475,129 | |
Commercial lending | CRE | Criticized (accrual) | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 0 | 36,855 | |
One Year before Current Fiscal Year | 66,187 | 34,485 | |
Two Years before Current Fiscal Year | 54,141 | 30,336 | |
Three Years before Current Fiscal Year | 26,402 | 48,250 | |
Four Years before Current Fiscal Year | 53,926 | 24,437 | |
Prior | 200,610 | 104,340 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 14,795 | 0 | |
Total | 416,061 | 278,703 | |
Commercial lending | CRE | Criticized (nonaccrual) | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 0 | 0 | |
One Year before Current Fiscal Year | 1,750 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 444 | |
Prior | 33,256 | 22,805 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 35,006 | 23,249 | |
Commercial lending | CRE | YTD gross write-offs | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
YTD gross write-offs Current Fiscal Year | 0 | 0 | |
YTD gross write-offs One Year before Current Fiscal Year | 0 | 0 | |
YTD gross write-offs Two Years before Current Fiscal Year | 0 | 0 | |
YTD gross write-offs Three Years before Current Fiscal Year | 0 | 0 | |
YTD gross write-offs Four Years before Current Fiscal Year | 0 | 0 | |
YTD gross write-offs Prior | 2,398 | 1,329 | |
YTD gross write-offs Revolving Loans | 0 | 0 | |
YTD gross write-offs Revolving Loans Converted to Term Loans | 0 | 0 | |
YTD gross write-offs Total | 2,398 | 1,329 | |
Commercial lending | Real estate loan | Multifamily residential | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 43,746 | 665,780 | |
One Year before Current Fiscal Year | 666,886 | 1,484,517 | |
Two Years before Current Fiscal Year | 1,482,963 | 862,947 | |
Three Years before Current Fiscal Year | 825,905 | 612,408 | |
Four Years before Current Fiscal Year | 645,391 | 499,184 | |
Prior | 1,337,248 | 888,356 | |
Revolving Loans | 6,831 | 8,690 | |
Revolving Loans Converted to Term Loans | 1,275 | 1,281 | |
Total | 5,010,245 | 5,023,163 | |
Commercial lending | Real estate loan | Pass | Multifamily residential | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 43,746 | 665,780 | |
One Year before Current Fiscal Year | 652,947 | 1,481,161 | |
Two Years before Current Fiscal Year | 1,482,963 | 808,333 | |
Three Years before Current Fiscal Year | 794,023 | 612,408 | |
Four Years before Current Fiscal Year | 645,391 | 498,491 | |
Prior | 1,329,341 | 857,713 | |
Revolving Loans | 6,831 | 8,690 | |
Revolving Loans Converted to Term Loans | 1,275 | 1,281 | |
Total | 4,956,517 | 4,933,857 | |
Commercial lending | Real estate loan | Criticized (accrual) | Multifamily residential | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 0 | 0 | |
One Year before Current Fiscal Year | 13,939 | 3,356 | |
Two Years before Current Fiscal Year | 0 | 54,614 | |
Three Years before Current Fiscal Year | 31,882 | 0 | |
Four Years before Current Fiscal Year | 0 | 693 | |
Prior | 3,261 | 25,974 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 49,082 | 84,637 | |
Commercial lending | Real estate loan | Criticized (nonaccrual) | Multifamily residential | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 0 | 0 | |
One Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
Prior | 4,646 | 4,669 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 4,646 | 4,669 | |
Commercial lending | Real estate loan | YTD gross write-offs | Multifamily residential | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
YTD gross write-offs Current Fiscal Year | 0 | 0 | |
YTD gross write-offs One Year before Current Fiscal Year | 0 | 0 | |
YTD gross write-offs Two Years before Current Fiscal Year | 0 | 0 | |
YTD gross write-offs Three Years before Current Fiscal Year | 0 | 0 | |
YTD gross write-offs Four Years before Current Fiscal Year | 0 | 0 | |
YTD gross write-offs Prior | 6 | 3 | |
YTD gross write-offs Revolving Loans | 0 | 0 | |
YTD gross write-offs Revolving Loans Converted to Term Loans | 0 | 0 | |
YTD gross write-offs Total | 6 | 3 | |
Commercial lending | Construction and land | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 2,980 | 209,775 | |
One Year before Current Fiscal Year | 266,224 | 280,151 | |
Two Years before Current Fiscal Year | 263,217 | 120,724 | |
Three Years before Current Fiscal Year | 124,830 | 39,928 | |
Four Years before Current Fiscal Year | 1,603 | 808 | |
Prior | 6,290 | 5,501 | |
Revolving Loans | 8,795 | 6,981 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 673,939 | 663,868 | |
Commercial lending | Construction and land | Pass | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 2,980 | 209,775 | |
One Year before Current Fiscal Year | 266,224 | 280,151 | |
Two Years before Current Fiscal Year | 234,093 | 120,724 | |
Three Years before Current Fiscal Year | 124,830 | 39,928 | |
Four Years before Current Fiscal Year | 1,603 | 808 | |
Prior | 6,290 | 5,501 | |
Revolving Loans | 8,795 | 6,981 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 644,815 | 663,868 | |
Commercial lending | Construction and land | Criticized (accrual) | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 0 | ||
One Year before Current Fiscal Year | 0 | ||
Two Years before Current Fiscal Year | 16,888 | ||
Three Years before Current Fiscal Year | 0 | ||
Four Years before Current Fiscal Year | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | 16,888 | ||
Commercial lending | Construction and land | Criticized (nonaccrual) | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 0 | ||
One Year before Current Fiscal Year | 0 | ||
Two Years before Current Fiscal Year | 12,236 | ||
Three Years before Current Fiscal Year | 0 | ||
Four Years before Current Fiscal Year | 0 | ||
Prior | 0 | ||
Revolving Loans | 0 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | 12,236 | ||
Commercial lending | Construction and land | YTD gross write-offs | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
YTD gross write-offs Current Fiscal Year | 0 | ||
YTD gross write-offs One Year before Current Fiscal Year | 0 | ||
YTD gross write-offs Two Years before Current Fiscal Year | 1,224 | ||
YTD gross write-offs Three Years before Current Fiscal Year | 0 | ||
YTD gross write-offs Four Years before Current Fiscal Year | 0 | ||
YTD gross write-offs Prior | 0 | ||
YTD gross write-offs Revolving Loans | 0 | ||
YTD gross write-offs Revolving Loans Converted to Term Loans | 0 | ||
YTD gross write-offs Total | 1,224 | ||
Commercial lending | Total CRE | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 357,441 | 3,405,325 | |
One Year before Current Fiscal Year | 3,416,151 | 5,885,538 | |
Two Years before Current Fiscal Year | 5,740,667 | 3,230,264 | |
Three Years before Current Fiscal Year | 3,102,551 | 2,129,310 | |
Four Years before Current Fiscal Year | 2,113,008 | 2,125,717 | |
Prior | 5,393,145 | 3,515,384 | |
Revolving Loans | 105,926 | 108,522 | |
Revolving Loans Converted to Term Loans | 64,950 | 64,052 | |
Total | 20,293,839 | 20,464,112 | |
Commercial lending | Total CRE | YTD gross write-offs | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
YTD gross write-offs Current Fiscal Year | 0 | 0 | |
YTD gross write-offs One Year before Current Fiscal Year | 0 | 0 | |
YTD gross write-offs Two Years before Current Fiscal Year | 1,224 | 0 | |
YTD gross write-offs Three Years before Current Fiscal Year | 0 | 0 | |
YTD gross write-offs Four Years before Current Fiscal Year | 0 | 0 | |
YTD gross write-offs Prior | 2,404 | 1,332 | |
YTD gross write-offs Revolving Loans | 0 | 0 | |
YTD gross write-offs Revolving Loans Converted to Term Loans | 0 | 0 | |
YTD gross write-offs Total | 3,628 | 1,332 | |
Consumer lending | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 554,003 | 3,203,283 | |
One Year before Current Fiscal Year | 3,093,844 | 3,370,152 | |
Two Years before Current Fiscal Year | 3,315,584 | 2,288,424 | |
Three Years before Current Fiscal Year | 2,244,790 | 1,601,372 | |
Four Years before Current Fiscal Year | 1,566,583 | 987,313 | |
Prior | 2,856,834 | 2,003,684 | |
Revolving Loans | 1,587,669 | 1,580,465 | |
Revolving Loans Converted to Term Loans | 129,167 | 130,898 | |
Total | 15,348,474 | 15,165,591 | |
Consumer lending | YTD gross write-offs | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
YTD gross write-offs Current Fiscal Year | 0 | 0 | |
YTD gross write-offs One Year before Current Fiscal Year | 0 | 0 | |
YTD gross write-offs Two Years before Current Fiscal Year | 0 | 0 | |
YTD gross write-offs Three Years before Current Fiscal Year | 0 | 0 | |
YTD gross write-offs Four Years before Current Fiscal Year | 0 | 0 | |
YTD gross write-offs Prior | 0 | 41 | |
YTD gross write-offs Revolving Loans | 2 | 0 | |
YTD gross write-offs Revolving Loans Converted to Term Loans | 0 | 6 | |
YTD gross write-offs Total | 2 | 47 | |
Consumer lending | Real estate loan | Single-family residential | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 547,073 | 3,195,976 | |
One Year before Current Fiscal Year | 3,088,684 | 3,346,097 | |
Two Years before Current Fiscal Year | 3,291,136 | 2,284,270 | |
Three Years before Current Fiscal Year | 2,241,260 | 1,598,046 | |
Four Years before Current Fiscal Year | 1,561,476 | 985,815 | |
Prior | 2,834,109 | 1,972,856 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 13,563,738 | 13,383,060 | |
Consumer lending | Real estate loan | Pass | Single-family residential | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 547,073 | 3,188,830 | |
One Year before Current Fiscal Year | 3,077,628 | 3,340,789 | |
Two Years before Current Fiscal Year | 3,285,262 | 2,279,802 | |
Three Years before Current Fiscal Year | 2,236,107 | 1,594,525 | |
Four Years before Current Fiscal Year | 1,553,848 | 980,686 | |
Prior | 2,814,348 | 1,959,974 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 13,514,266 | 13,344,606 | |
Consumer lending | Real estate loan | Criticized (accrual) | Single-family residential | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 0 | 2,680 | |
One Year before Current Fiscal Year | 3,196 | 4,471 | |
Two Years before Current Fiscal Year | 0 | 566 | |
Three Years before Current Fiscal Year | 1,764 | 1,440 | |
Four Years before Current Fiscal Year | 3,910 | 1,503 | |
Prior | 5,583 | 4,167 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 14,453 | 14,827 | |
Consumer lending | Real estate loan | Criticized (nonaccrual) | Single-family residential | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 0 | 4,466 | |
One Year before Current Fiscal Year | 7,860 | 837 | |
Two Years before Current Fiscal Year | 5,874 | 3,902 | |
Three Years before Current Fiscal Year | 3,389 | 2,081 | |
Four Years before Current Fiscal Year | 3,718 | 3,626 | |
Prior | 14,178 | 8,715 | |
Revolving Loans | 0 | 0 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 35,019 | 23,627 | |
Consumer lending | HELOCs | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 4,798 | 5,021 | |
One Year before Current Fiscal Year | 4,528 | 5,957 | |
Two Years before Current Fiscal Year | 6,347 | 4,019 | |
Three Years before Current Fiscal Year | 3,396 | 3,326 | |
Four Years before Current Fiscal Year | 5,107 | 1,498 | |
Prior | 15,864 | 17,584 | |
Revolving Loans | 1,562,026 | 1,553,901 | |
Revolving Loans Converted to Term Loans | 129,167 | 130,898 | |
Total | 1,731,233 | 1,722,204 | |
Consumer lending | HELOCs | Pass | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 4,798 | 3,641 | |
One Year before Current Fiscal Year | 3,655 | 3,882 | |
Two Years before Current Fiscal Year | 3,394 | 1,734 | |
Three Years before Current Fiscal Year | 2,817 | 3,153 | |
Four Years before Current Fiscal Year | 5,107 | 729 | |
Prior | 9,288 | 9,251 | |
Revolving Loans | 1,561,308 | 1,551,074 | |
Revolving Loans Converted to Term Loans | 123,131 | 126,280 | |
Total | 1,713,498 | 1,699,744 | |
Consumer lending | HELOCs | Criticized (accrual) | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 0 | 565 | |
One Year before Current Fiscal Year | 808 | 1,219 | |
Two Years before Current Fiscal Year | 2,435 | 1,872 | |
Three Years before Current Fiscal Year | 360 | 101 | |
Four Years before Current Fiscal Year | 0 | 185 | |
Prior | 670 | 1,470 | |
Revolving Loans | 718 | 2,548 | |
Revolving Loans Converted to Term Loans | 1,246 | 1,089 | |
Total | 6,237 | 9,049 | |
Consumer lending | HELOCs | Criticized (nonaccrual) | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 0 | 815 | |
One Year before Current Fiscal Year | 65 | 856 | |
Two Years before Current Fiscal Year | 518 | 413 | |
Three Years before Current Fiscal Year | 219 | 72 | |
Four Years before Current Fiscal Year | 0 | 584 | |
Prior | 5,906 | 6,863 | |
Revolving Loans | 0 | 279 | |
Revolving Loans Converted to Term Loans | 4,790 | 3,529 | |
Total | 11,498 | 13,411 | |
Consumer lending | HELOCs | YTD gross write-offs | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
YTD gross write-offs Current Fiscal Year | 0 | ||
YTD gross write-offs One Year before Current Fiscal Year | 0 | ||
YTD gross write-offs Two Years before Current Fiscal Year | 0 | ||
YTD gross write-offs Three Years before Current Fiscal Year | 0 | ||
YTD gross write-offs Four Years before Current Fiscal Year | 0 | ||
YTD gross write-offs Prior | 41 | ||
YTD gross write-offs Revolving Loans | 0 | ||
YTD gross write-offs Revolving Loans Converted to Term Loans | 6 | ||
YTD gross write-offs Total | 47 | ||
Consumer lending | Total residential mortgage | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 551,871 | 3,200,997 | |
One Year before Current Fiscal Year | 3,093,212 | 3,352,054 | |
Two Years before Current Fiscal Year | 3,297,483 | 2,288,289 | |
Three Years before Current Fiscal Year | 2,244,656 | 1,601,372 | |
Four Years before Current Fiscal Year | 1,566,583 | 987,313 | |
Prior | 2,849,973 | 1,990,440 | |
Revolving Loans | 1,562,026 | 1,553,901 | |
Revolving Loans Converted to Term Loans | 129,167 | 130,898 | |
Total | 15,294,971 | 15,105,264 | |
Consumer lending | Total residential mortgage | YTD gross write-offs | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
YTD gross write-offs Current Fiscal Year | 0 | ||
YTD gross write-offs One Year before Current Fiscal Year | 0 | ||
YTD gross write-offs Two Years before Current Fiscal Year | 0 | ||
YTD gross write-offs Three Years before Current Fiscal Year | 0 | ||
YTD gross write-offs Four Years before Current Fiscal Year | 0 | ||
YTD gross write-offs Prior | 41 | ||
YTD gross write-offs Revolving Loans | 0 | ||
YTD gross write-offs Revolving Loans Converted to Term Loans | 6 | ||
YTD gross write-offs Total | 47 | ||
Consumer lending | Other consumer | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 2,132 | 2,286 | |
One Year before Current Fiscal Year | 632 | 18,098 | |
Two Years before Current Fiscal Year | 18,101 | 135 | |
Three Years before Current Fiscal Year | 134 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
Prior | 6,861 | 13,244 | |
Revolving Loans | 25,643 | 26,564 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 53,503 | 60,327 | |
Consumer lending | Other consumer | Pass | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 2,132 | 2,286 | |
One Year before Current Fiscal Year | 632 | 18,098 | |
Two Years before Current Fiscal Year | 18,101 | 135 | |
Three Years before Current Fiscal Year | 134 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
Prior | 6,861 | 13,244 | |
Revolving Loans | 22,481 | 26,432 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 50,341 | 60,195 | |
Consumer lending | Other consumer | Criticized (accrual) | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 0 | ||
One Year before Current Fiscal Year | 0 | ||
Two Years before Current Fiscal Year | 0 | ||
Three Years before Current Fiscal Year | 0 | ||
Four Years before Current Fiscal Year | 0 | ||
Prior | 0 | ||
Revolving Loans | 3,000 | ||
Revolving Loans Converted to Term Loans | 0 | ||
Total | 3,000 | ||
Consumer lending | Other consumer | Criticized (nonaccrual) | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
Current Fiscal Year | 0 | 0 | |
One Year before Current Fiscal Year | 0 | 0 | |
Two Years before Current Fiscal Year | 0 | 0 | |
Three Years before Current Fiscal Year | 0 | 0 | |
Four Years before Current Fiscal Year | 0 | 0 | |
Prior | 0 | 0 | |
Revolving Loans | 162 | 132 | |
Revolving Loans Converted to Term Loans | 0 | 0 | |
Total | 162 | $ 132 | |
Consumer lending | Other consumer | YTD gross write-offs | |||
Financing Receivable, Vintage Year/Credit Quality Indicator [Line Items] | |||
YTD gross write-offs Current Fiscal Year | 0 | ||
YTD gross write-offs One Year before Current Fiscal Year | 0 | ||
YTD gross write-offs Two Years before Current Fiscal Year | 0 | ||
YTD gross write-offs Three Years before Current Fiscal Year | 0 | ||
YTD gross write-offs Four Years before Current Fiscal Year | 0 | ||
YTD gross write-offs Prior | 0 | ||
YTD gross write-offs Revolving Loans | 2 | ||
YTD gross write-offs Revolving Loans Converted to Term Loans | 0 | ||
YTD gross write-offs Total | $ 2 |
Loans Receivable and Allowanc_6
Loans Receivable and Allowance for Credit Losses - Aging Analysis on Loans Held-for-Investment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current, Past Due or Nonaccrual Loans | ||
Total | $ 51,992,504 | $ 52,210,782 |
Current Accruing Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 51,736,401 | 51,984,909 |
Total Accruing Past Due Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 107,924 | 122,999 |
Accruing Loans 30-59 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 71,501 | 88,791 |
Accruing Loans 60-89 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 36,423 | 34,208 |
Nonperforming Financial Instruments | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 148,179 | 102,874 |
Commercial lending | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 36,644,030 | 37,045,191 |
Commercial lending | Current Accruing Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 36,504,760 | 36,927,223 |
Commercial lending | Total Accruing Past Due Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 38,420 | 53,014 |
Commercial lending | Accruing Loans 30-59 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 23,653 | 44,117 |
Commercial lending | Accruing Loans 60-89 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 14,767 | 8,897 |
Commercial lending | Nonperforming Financial Instruments | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 100,850 | 64,954 |
Commercial lending | Commercial and industrial (“C&I”) | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 16,350,191 | 16,581,079 |
Commercial lending | Commercial and industrial (“C&I”) | Current Accruing Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 16,281,903 | 16,508,394 |
Commercial lending | Commercial and industrial (“C&I”) | Total Accruing Past Due Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 19,326 | 35,649 |
Commercial lending | Commercial and industrial (“C&I”) | Accruing Loans 30-59 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 4,559 | 28,550 |
Commercial lending | Commercial and industrial (“C&I”) | Accruing Loans 60-89 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 14,767 | 7,099 |
Commercial lending | Commercial and industrial (“C&I”) | Nonperforming Financial Instruments | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 48,962 | 37,036 |
Commercial lending | CRE | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 14,609,655 | 14,777,081 |
Commercial lending | CRE | Current Accruing Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 14,555,923 | 14,750,315 |
Commercial lending | CRE | Total Accruing Past Due Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 18,726 | 3,517 |
Commercial lending | CRE | Accruing Loans 30-59 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 18,726 | 1,719 |
Commercial lending | CRE | Accruing Loans 60-89 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 0 | 1,798 |
Commercial lending | CRE | Nonperforming Financial Instruments | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 35,006 | 23,249 |
Commercial lending | Real estate loan | Multifamily residential | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 5,010,245 | 5,023,163 |
Commercial lending | Real estate loan | Current Accruing Loans | Multifamily residential | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 5,005,231 | 5,017,897 |
Commercial lending | Real estate loan | Total Accruing Past Due Loans | Multifamily residential | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 368 | 597 |
Commercial lending | Real estate loan | Accruing Loans 30-59 Days Past Due | Multifamily residential | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 368 | 597 |
Commercial lending | Real estate loan | Accruing Loans 60-89 Days Past Due | Multifamily residential | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 0 | 0 |
Commercial lending | Real estate loan | Nonperforming Financial Instruments | Multifamily residential | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 4,646 | 4,669 |
Commercial lending | Construction and land | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 673,939 | 663,868 |
Commercial lending | Construction and land | Current Accruing Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 661,703 | 650,617 |
Commercial lending | Construction and land | Total Accruing Past Due Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 0 | 13,251 |
Commercial lending | Construction and land | Accruing Loans 30-59 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 0 | 13,251 |
Commercial lending | Construction and land | Accruing Loans 60-89 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 0 | 0 |
Commercial lending | Construction and land | Nonperforming Financial Instruments | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 12,236 | 0 |
Commercial lending | Total CRE | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 20,293,839 | 20,464,112 |
Commercial lending | Total CRE | Current Accruing Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 20,222,857 | 20,418,829 |
Commercial lending | Total CRE | Total Accruing Past Due Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 19,094 | 17,365 |
Commercial lending | Total CRE | Accruing Loans 30-59 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 19,094 | 15,567 |
Commercial lending | Total CRE | Accruing Loans 60-89 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 0 | 1,798 |
Commercial lending | Total CRE | Nonperforming Financial Instruments | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 51,888 | 27,918 |
Consumer lending | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 15,348,474 | 15,165,591 |
Consumer lending | Current Accruing Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 15,231,641 | 15,057,686 |
Consumer lending | Total Accruing Past Due Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 69,504 | 69,985 |
Consumer lending | Accruing Loans 30-59 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 47,848 | 44,674 |
Consumer lending | Accruing Loans 60-89 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 21,656 | 25,311 |
Consumer lending | Nonperforming Financial Instruments | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 47,329 | 37,920 |
Consumer lending | Real estate loan | Single-family residential | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 13,563,738 | 13,383,060 |
Consumer lending | Real estate loan | Current Accruing Loans | Single-family residential | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 13,478,789 | 13,313,455 |
Consumer lending | Real estate loan | Total Accruing Past Due Loans | Single-family residential | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 49,280 | 45,228 |
Consumer lending | Real estate loan | Accruing Loans 30-59 Days Past Due | Single-family residential | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 33,911 | 29,285 |
Consumer lending | Real estate loan | Accruing Loans 60-89 Days Past Due | Single-family residential | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 15,369 | 15,943 |
Consumer lending | Real estate loan | Nonperforming Financial Instruments | Single-family residential | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 35,669 | 24,377 |
Consumer lending | HELOCs | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 1,731,233 | 1,722,204 |
Consumer lending | HELOCs | Current Accruing Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 1,699,628 | 1,687,301 |
Consumer lending | HELOCs | Total Accruing Past Due Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 20,107 | 21,492 |
Consumer lending | HELOCs | Accruing Loans 30-59 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 13,877 | 12,266 |
Consumer lending | HELOCs | Accruing Loans 60-89 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 6,230 | 9,226 |
Consumer lending | HELOCs | Nonperforming Financial Instruments | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 11,498 | 13,411 |
Consumer lending | Total residential mortgage | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 15,294,971 | 15,105,264 |
Consumer lending | Total residential mortgage | Current Accruing Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 15,178,417 | 15,000,756 |
Consumer lending | Total residential mortgage | Total Accruing Past Due Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 69,387 | 66,720 |
Consumer lending | Total residential mortgage | Accruing Loans 30-59 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 47,788 | 41,551 |
Consumer lending | Total residential mortgage | Accruing Loans 60-89 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 21,599 | 25,169 |
Consumer lending | Total residential mortgage | Nonperforming Financial Instruments | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 47,167 | 37,788 |
Consumer lending | Other consumer | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 53,503 | 60,327 |
Consumer lending | Other consumer | Current Accruing Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 53,224 | 56,930 |
Consumer lending | Other consumer | Total Accruing Past Due Loans | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 117 | 3,265 |
Consumer lending | Other consumer | Accruing Loans 30-59 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 60 | 3,123 |
Consumer lending | Other consumer | Accruing Loans 60-89 Days Past Due | ||
Current, Past Due or Nonaccrual Loans | ||
Total | 57 | 142 |
Consumer lending | Other consumer | Nonperforming Financial Instruments | ||
Current, Past Due or Nonaccrual Loans | ||
Total | $ 162 | $ 132 |
Loans Receivable and Allowanc_7
Loans Receivable and Allowance for Credit Losses - Amortized Cost of Loans on Nonaccrual Status (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans with no related allowance for loan losses | $ 113,186 | $ 72,085 |
Commercial lending | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans with no related allowance for loan losses | 91,519 | 59,977 |
Commercial lending | Commercial and industrial (“C&I”) | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans with no related allowance for loan losses | 40,617 | 33,089 |
Commercial lending | CRE | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans with no related allowance for loan losses | 34,431 | 22,653 |
Commercial lending | Real estate loan | Multifamily residential | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans with no related allowance for loan losses | 4,235 | 4,235 |
Commercial lending | Construction and land | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans with no related allowance for loan losses | 12,236 | 0 |
Consumer lending | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans with no related allowance for loan losses | 21,667 | 12,108 |
Consumer lending | Real estate loan | Single-family residential | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans with no related allowance for loan losses | 15,380 | 4,852 |
Consumer lending | HELOCs | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Total nonaccrual loans with no related allowance for loan losses | $ 6,287 | $ 7,256 |
Loans Receivable and Allowanc_8
Loans Receivable and Allowance for Credit Losses - Loans Receivable Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Foreclosed assets | ||
Other assets, foreclosed assets | $ 17 | $ 11 |
Residential real estate properties | ||
Foreclosed assets | ||
Recorded investment in consumer mortgage loans secured by residential real estate properties for which formal foreclosure proceedings were in process | $ 8 | $ 8 |
Loans Receivable and Allowanc_9
Loans Receivable and Allowance for Credit Losses - Modifications of Outstanding Balance (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Loans Modified as TDRs | ||
Total | $ 79,995 | $ 35,619 |
Term Extension | ||
Loans Modified as TDRs | ||
Total | 28,501 | 21,255 |
Payment Delay | ||
Loans Modified as TDRs | ||
Total | 31,652 | 14,364 |
Rate Reduction /Payment Delay | ||
Loans Modified as TDRs | ||
Total | 19,842 | 0 |
Commercial lending | ||
Loans Modified as TDRs | ||
Total | 69,981 | 34,881 |
Commercial lending | Term Extension | ||
Loans Modified as TDRs | ||
Total | 28,501 | 20,517 |
Commercial lending | Payment Delay | ||
Loans Modified as TDRs | ||
Total | 22,155 | 14,364 |
Commercial lending | Rate Reduction /Payment Delay | ||
Loans Modified as TDRs | ||
Total | 19,325 | 0 |
Commercial lending | Commercial and industrial (“C&I”) | ||
Loans Modified as TDRs | ||
Total | $ 26,168 | $ 34,338 |
Modification as a % of Loan Class | 0.16% | 0.22% |
Commercial lending | Commercial and industrial (“C&I”) | Term Extension | ||
Loans Modified as TDRs | ||
Total | $ 4,013 | $ 19,974 |
Commercial lending | Commercial and industrial (“C&I”) | Payment Delay | ||
Loans Modified as TDRs | ||
Total | 22,155 | 14,364 |
Commercial lending | Commercial and industrial (“C&I”) | Rate Reduction /Payment Delay | ||
Loans Modified as TDRs | ||
Total | 0 | 0 |
Commercial lending | CRE | ||
Loans Modified as TDRs | ||
Total | $ 43,813 | $ 543 |
Modification as a % of Loan Class | 0.22% | 0% |
Commercial lending | CRE | Term Extension | ||
Loans Modified as TDRs | ||
Total | $ 24,488 | $ 543 |
Commercial lending | CRE | Payment Delay | ||
Loans Modified as TDRs | ||
Total | 0 | 0 |
Commercial lending | CRE | Rate Reduction /Payment Delay | ||
Loans Modified as TDRs | ||
Total | 19,325 | 0 |
Consumer lending | ||
Loans Modified as TDRs | ||
Total | 10,014 | 738 |
Consumer lending | Term Extension | ||
Loans Modified as TDRs | ||
Total | 0 | 738 |
Consumer lending | Payment Delay | ||
Loans Modified as TDRs | ||
Total | 9,497 | 0 |
Consumer lending | Rate Reduction /Payment Delay | ||
Loans Modified as TDRs | ||
Total | 517 | 0 |
Consumer lending | HELOCs | ||
Loans Modified as TDRs | ||
Total | $ 6,018 | $ 738 |
Modification as a % of Loan Class | 0.35% | 0.04% |
Consumer lending | HELOCs | Term Extension | ||
Loans Modified as TDRs | ||
Total | $ 0 | $ 738 |
Consumer lending | HELOCs | Payment Delay | ||
Loans Modified as TDRs | ||
Total | 5,501 | 0 |
Consumer lending | HELOCs | Rate Reduction /Payment Delay | ||
Loans Modified as TDRs | ||
Total | 517 | $ 0 |
Consumer lending | Real estate loan | Single-family residential | ||
Loans Modified as TDRs | ||
Total | $ 3,996 | |
Modification as a % of Loan Class | 0.03% | |
Consumer lending | Real estate loan | Term Extension | Single-family residential | ||
Loans Modified as TDRs | ||
Total | $ 0 | |
Consumer lending | Real estate loan | Payment Delay | Single-family residential | ||
Loans Modified as TDRs | ||
Total | 3,996 | |
Consumer lending | Real estate loan | Rate Reduction /Payment Delay | Single-family residential | ||
Loans Modified as TDRs | ||
Total | $ 0 |
Loans Receivable and Allowan_10
Loans Receivable and Allowance for Credit Losses - Financial Effects of Loan Modifications (Details) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Commercial lending | Commercial and industrial (“C&I”) | Term Extension | ||
Loans Modified as TDRs | ||
Weighted average of loans (in years) | 1 year 9 months 18 days | 10 months 24 days |
Commercial lending | Commercial and industrial (“C&I”) | Payment Delay | ||
Loans Modified as TDRs | ||
Weighted average of loans (in years) | 1 year 8 months 12 days | 1 year |
Commercial lending | CRE | Term Extension | ||
Loans Modified as TDRs | ||
Weighted average of loans (in years) | 1 year 6 months | 2 years |
Commercial lending | CRE | Payment Delay | ||
Loans Modified as TDRs | ||
Weighted average of loans (in years) | 1 year 8 months 12 days | 0 years |
Commercial lending | CRE | Interest Rate Below Market Reduction | ||
Loans Modified as TDRs | ||
Weighted-Average Interest Rate Reduction | 2.75% | |
Consumer lending | HELOCs | Term Extension | ||
Loans Modified as TDRs | ||
Weighted average of loans (in years) | 0 years | 14 years 9 months 18 days |
Consumer lending | HELOCs | Payment Delay | ||
Loans Modified as TDRs | ||
Weighted average of loans (in years) | 3 years 2 months 12 days | 0 years |
Consumer lending | HELOCs | Interest Rate Below Market Reduction | ||
Loans Modified as TDRs | ||
Weighted-Average Interest Rate Reduction | 0.25% | 0% |
Consumer lending | Real estate loan | Term Extension | Single-family residential | ||
Loans Modified as TDRs | ||
Weighted average of loans (in years) | 0 years | |
Consumer lending | Real estate loan | Payment Delay | Single-family residential | ||
Loans Modified as TDRs | ||
Weighted average of loans (in years) | 8 months 12 days | |
Consumer lending | Real estate loan | Interest Rate Below Market Reduction | Single-family residential | ||
Loans Modified as TDRs | ||
Weighted-Average Interest Rate Reduction | 0% |
Loans Receivable and Allowan_11
Loans Receivable and Allowance for Credit Losses - Loans Modification (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | $ 12,183,000 | $ 0 |
Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 7,828,000 | |
Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 3,972,000 | |
Rate Reduction /Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 383,000 | |
Commercial lending | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 7,828,000 | |
Commercial lending | Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 7,828,000 | |
Commercial lending | Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 0 | |
Commercial lending | Rate Reduction /Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 0 | |
Commercial lending | Commercial and industrial (“C&I”) | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 7,828,000 | |
Commercial lending | Commercial and industrial (“C&I”) | Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 7,828,000 | |
Commercial lending | Commercial and industrial (“C&I”) | Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 0 | |
Commercial lending | Commercial and industrial (“C&I”) | Rate Reduction /Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 0 | |
Consumer lending | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 4,355,000 | |
Consumer lending | Term Extension | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 0 | |
Consumer lending | Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 3,972,000 | |
Consumer lending | Rate Reduction /Payment Delay | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 383,000 | |
Consumer lending | Real estate loan | Single-family residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 4,355,000 | |
Consumer lending | Real estate loan | Term Extension | Single-family residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 0 | |
Consumer lending | Real estate loan | Payment Delay | Single-family residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | 3,972,000 | |
Consumer lending | Real estate loan | Rate Reduction /Payment Delay | Single-family residential | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Loans Modified Subsequently Defaulted | $ 383,000 |
Loans Receivable and Allowan_12
Loans Receivable and Allowance for Credit Losses - Loans Modification Narrative (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Loans and Leases Receivable Disclosure [Abstract] | ||
Loans Modified Subsequently Defaulted | $ 12,183,000 | $ 0 |
Loans Receivable and Allowan_13
Loans Receivable and Allowance for Credit Losses - Payment Status Recorded Investment (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 |
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | $ 186,349 | $ 35,619 | |
Commitment to lend | 10,000 | $ 4,000 | |
Current Accruing Loans | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 166,670 | 28,674 | |
30 - 89 Days Past Due | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 6,775 | 6,945 | |
90+ Days Past Due | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 12,904 | 0 | |
Commercial lending | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 159,050 | 34,881 | |
Commercial lending | Current Accruing Loans | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 151,221 | 27,936 | |
Commercial lending | 30 - 89 Days Past Due | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 0 | 6,945 | |
Commercial lending | 90+ Days Past Due | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 7,829 | 0 | |
Commercial lending | Commercial and industrial (“C&I”) | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 83,022 | 34,338 | |
Commercial lending | Commercial and industrial (“C&I”) | Current Accruing Loans | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 75,193 | 27,393 | |
Commercial lending | Commercial and industrial (“C&I”) | 30 - 89 Days Past Due | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 0 | 6,945 | |
Commercial lending | Commercial and industrial (“C&I”) | 90+ Days Past Due | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 7,829 | 0 | |
Commercial lending | CRE | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 76,028 | 543 | |
Commercial lending | CRE | Current Accruing Loans | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 76,028 | 543 | |
Commercial lending | CRE | 30 - 89 Days Past Due | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 0 | 0 | |
Commercial lending | CRE | 90+ Days Past Due | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 0 | 0 | |
Consumer lending | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 27,299 | 738 | |
Consumer lending | Current Accruing Loans | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 15,449 | 738 | |
Consumer lending | 30 - 89 Days Past Due | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 6,775 | 0 | |
Consumer lending | 90+ Days Past Due | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 5,075 | 0 | |
Consumer lending | Real estate loan | Single-family residential | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 17,769 | ||
Consumer lending | Real estate loan | Current Accruing Loans | Single-family residential | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 8,455 | ||
Consumer lending | Real estate loan | 30 - 89 Days Past Due | Single-family residential | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 4,239 | ||
Consumer lending | Real estate loan | 90+ Days Past Due | Single-family residential | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 5,075 | ||
Consumer lending | HELOCs | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 9,530 | 738 | |
Consumer lending | HELOCs | Current Accruing Loans | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 6,994 | 738 | |
Consumer lending | HELOCs | 30 - 89 Days Past Due | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | 2,536 | 0 | |
Consumer lending | HELOCs | 90+ Days Past Due | |||
Financing Receivable Allowance for Credit Losses | |||
Financing receivable, modified, accumulated | $ 0 | $ 0 |
Loans Receivable and Allowan_14
Loans Receivable and Allowance for Credit Losses - Allowance for Credit Losses Narrative (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2024 USD ($) qtr | Dec. 31, 2023 USD ($) | Sep. 30, 2023 qtr | Jun. 30, 2023 qtr | |
Financing Receivable Allowance for Credit Losses | ||||
Life time loss rate, period span | qtr | 8 | |||
Allowance for credit losses | $ | $ 709 | $ 706 | ||
Increase in allowance for credit losses | $ | $ 3 | |||
Commercial and industrial (“C&I”) | ||||
Financing Receivable Allowance for Credit Losses | ||||
Life time loss rate, period span | qtr | 8 | 11 |
Loans Receivable and Allowan_15
Loans Receivable and Allowance for Credit Losses - Collateral-Dependent Loans Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Commercial lending | ||
Financing Receivable Allowance for Credit Losses | ||
Collateral dependent loan | $ 63 | $ 30 |
Consumer lending | ||
Financing Receivable Allowance for Credit Losses | ||
Collateral dependent loan | $ 23 | $ 12 |
Loans Receivable and Allowan_16
Loans Receivable and Allowance for Credit Losses - Summary of Activities in Allowance for Loan Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2022 | |
Allowance for loan losses | |||
Allowance for loan losses, start of period | $ 668,743 | $ 595,645 | |
(Reversal of) provision for credit losses on loans | 24,155 | 18,520 | |
Gross charge-offs | (24,684) | (2,037) | |
Gross recoveries | 2,107 | 1,428 | |
Total net (charge-offs) recoveries | (22,577) | (609) | |
Foreign currency translation adjustment | (41) | 309 | |
Allowance for loan losses, end of period | 670,280 | 619,893 | |
Commercial lending | Commercial and industrial (“C&I”) | |||
Allowance for loan losses | |||
Allowance for loan losses, start of period | 392,685 | 371,700 | |
(Reversal of) provision for credit losses on loans | 275 | (678) | |
Gross charge-offs | (20,998) | (1,900) | |
Gross recoveries | 1,710 | 1,211 | |
Total net (charge-offs) recoveries | (19,288) | (689) | |
Foreign currency translation adjustment | (41) | 309 | |
Allowance for loan losses, end of period | 373,631 | 376,325 | |
Commercial lending | CRE | |||
Allowance for loan losses | |||
Allowance for loan losses, start of period | 170,592 | 149,864 | |
(Reversal of) provision for credit losses on loans | 18,939 | 4,676 | |
Gross charge-offs | (2,398) | (6) | |
Gross recoveries | 327 | 196 | |
Total net (charge-offs) recoveries | (2,071) | 190 | |
Foreign currency translation adjustment | 0 | 0 | |
Allowance for loan losses, end of period | 187,460 | 155,067 | |
Commercial lending | Residential loan | Multifamily residential | |||
Allowance for loan losses | |||
Allowance for loan losses, start of period | 34,375 | 23,373 | |
(Reversal of) provision for credit losses on loans | 3,032 | 1,135 | |
Gross charge-offs | (6) | 0 | |
Gross recoveries | 17 | 12 | |
Total net (charge-offs) recoveries | 11 | 12 | |
Foreign currency translation adjustment | 0 | 0 | |
Allowance for loan losses, end of period | 37,418 | 24,526 | |
Commercial lending | Construction and land | |||
Allowance for loan losses | |||
Allowance for loan losses, start of period | 10,469 | 9,109 | |
(Reversal of) provision for credit losses on loans | 1,574 | 210 | |
Gross charge-offs | (1,224) | 0 | |
Gross recoveries | 0 | 3 | |
Total net (charge-offs) recoveries | (1,224) | 3 | |
Foreign currency translation adjustment | 0 | 0 | |
Allowance for loan losses, end of period | 10,819 | 9,322 | |
Consumer lending | Residential loan | Single-family residential | |||
Allowance for loan losses | |||
Allowance for loan losses, start of period | 55,018 | 35,564 | |
(Reversal of) provision for credit losses on loans | 899 | 12,442 | |
Gross charge-offs | 0 | 0 | |
Gross recoveries | 5 | 0 | |
Total net (charge-offs) recoveries | 5 | 0 | |
Foreign currency translation adjustment | 0 | 0 | |
Allowance for loan losses, end of period | 55,922 | 48,007 | |
Consumer lending | HELOCs | |||
Allowance for loan losses | |||
Allowance for loan losses, start of period | 3,947 | 4,475 | |
(Reversal of) provision for credit losses on loans | (432) | 580 | |
Gross charge-offs | 0 | (91) | |
Gross recoveries | 48 | 6 | |
Total net (charge-offs) recoveries | 48 | (85) | |
Foreign currency translation adjustment | 0 | 0 | |
Allowance for loan losses, end of period | 3,563 | 4,971 | |
Consumer lending | Other consumer | |||
Allowance for loan losses | |||
Allowance for loan losses, start of period | 1,657 | 1,560 | |
(Reversal of) provision for credit losses on loans | (132) | 155 | |
Gross charge-offs | (58) | (40) | |
Gross recoveries | 0 | 0 | |
Total net (charge-offs) recoveries | (58) | (40) | |
Foreign currency translation adjustment | 0 | 0 | |
Allowance for loan losses, end of period | $ 1,467 | $ 1,675 | |
Accounting Standards Update 2022-02 | |||
Allowance for loan losses | |||
Impact of ASU 2022-02 adoption | $ 6,028 | ||
Accounting Standards Update 2022-02 | Commercial lending | Commercial and industrial (“C&I”) | |||
Allowance for loan losses | |||
Impact of ASU 2022-02 adoption | 5,683 | ||
Accounting Standards Update 2022-02 | Commercial lending | CRE | |||
Allowance for loan losses | |||
Impact of ASU 2022-02 adoption | 337 | ||
Accounting Standards Update 2022-02 | Commercial lending | Residential loan | Multifamily residential | |||
Allowance for loan losses | |||
Impact of ASU 2022-02 adoption | 6 | ||
Accounting Standards Update 2022-02 | Commercial lending | Construction and land | |||
Allowance for loan losses | |||
Impact of ASU 2022-02 adoption | 0 | ||
Accounting Standards Update 2022-02 | Consumer lending | Residential loan | Single-family residential | |||
Allowance for loan losses | |||
Impact of ASU 2022-02 adoption | 1 | ||
Accounting Standards Update 2022-02 | Consumer lending | HELOCs | |||
Allowance for loan losses | |||
Impact of ASU 2022-02 adoption | 1 | ||
Accounting Standards Update 2022-02 | Consumer lending | Other consumer | |||
Allowance for loan losses | |||
Impact of ASU 2022-02 adoption | $ 0 |
Loans Receivable and Allowan_17
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 | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Allowance for unfunded credit reserves | ||
Allowance for unfunded credit commitments, beginning of period | $ 38,000 | |
Allowance for unfunded credit commitments, end of period | 39,000 | |
Provision for credit losses | 25,000 | $ 20,000 |
Unfunded Credit Commitments | ||
Allowance for unfunded credit reserves | ||
Allowance for unfunded credit commitments, beginning of period | 37,699 | 26,264 |
Provision for credit losses on unfunded credit commitments | 845 | 1,480 |
Foreign currency translation adjustment | 0 | (3) |
Allowance for unfunded credit commitments, end of period | $ 38,544 | $ 27,741 |
Loans Receivable and Allowan_18
Loans Receivable and Allowance for Credit Losses - Loan Purchases, Sales and Transfers (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Loans Receivable and Allowance for Credit Losses | ||
Loans transferred from held-for-investment to held-for-sale | $ 199,974 | $ 160,476 |
Sales | 188,167 | 179,532 |
Purchases | 108,080 | 154,682 |
Writeoff | 1,000 | 273 |
Originated | ||
Loans Receivable and Allowance for Credit Losses | ||
Sales | 92,000 | 111,000 |
Loans sold in secondary market | Purchased | ||
Loans Receivable and Allowance for Credit Losses | ||
Sales | 96,000 | 69,000 |
Commercial lending | Commercial and industrial (“C&I”) | ||
Loans Receivable and Allowance for Credit Losses | ||
Loans transferred from held-for-investment to held-for-sale | 199,974 | 156,876 |
Sales | 187,202 | 175,932 |
Purchases | 33,344 | 22,683 |
Commercial lending | CRE | ||
Loans Receivable and Allowance for Credit Losses | ||
Loans transferred from held-for-investment to held-for-sale | 3,600 | |
Sales | 3,600 | |
Purchases | 0 | |
Consumer lending | Real estate loan | Single-family residential | ||
Loans Receivable and Allowance for Credit Losses | ||
Loans transferred from held-for-investment to held-for-sale | 0 | 0 |
Sales | 965 | 0 |
Purchases | $ 74,736 | $ 131,999 |
Affordable Housing Partnershi_3
Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net -Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Investments in Tax Credit and Other Investments, Net [Line Items] | ||
Minimum compliance period for qualified affordable housing partnerships to fully utilize the tax credits (in years) | 15 years | |
Investments in Tax Credit and Other Investments and Other Assets | ||
Investments in Tax Credit and Other Investments, Net [Line Items] | ||
Equity securities without readily determinable fair values | $ 147 | $ 146 |
Affordable Housing Partnershi_4
Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net - Schedule of Investments and Unfunded Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
PAM - Affordable housing partnership investments | $ 432,073 | $ 419,785 |
PAM Tax credits and CRA investors | 228,901 | 0 |
Tax credits and CRA investments | 272,213 | 485,251 |
Total | 933,187 | 905,036 |
Liabilities - Unfunded Commitments | ||
PAM - Affordable housing partnership investments | 255,217 | 251,746 |
PAM - Tax Credit and CRA Investments | 117,022 | 0 |
Tax credits and CRA investments | 147,147 | 298,990 |
Total | $ 519,386 | $ 550,736 |
Affordable Housing Partnershi_5
Affordable Housing Partnership, Tax Credit and Community Reinvestment Act Investments, Net - Summary of Additional Information Related to the Investments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Tax credits and benefits | ||
PAM - Affordable housing partnership investments | $ 18,419 | $ 16,094 |
PAM - Tax credit and CRA investments | 27,149 | 0 |
Equity Method Accounting and Other [Abstract] | ||
Tax credit and CRA Investments | 12,594 | 14,498 |
Total tax credits and benefits | 58,162 | 30,592 |
Amortization | ||
PAM - Affordable housing partnership investments | 13,869 | 12,666 |
PAM - Tax credit and CRA investments | 23,301 | 0 |
Equity Method Accounting and Other [Abstract] | ||
Tax credit and CRA Investments | 13,207 | 10,110 |
Total amortization | $ 50,377 | $ 22,776 |
Goodwill (Details)
Goodwill (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Goodwill [Line Items] | ||
Goodwill | $ 465,697,000 | $ 465,697,000 |
Goodwill impairment | 0 | $ 0 |
Rayliant Global Advisors Limited | ||
Goodwill [Line Items] | ||
Equity securities without readily determinable fair values | 110,000,000 | |
Equity method investment, difference between carrying amount and underlying equity | $ 101,000,000 |
Short-Term Borrowings and Lon_3
Short-Term Borrowings and Long-Term Debt - Short-Term Borrowings and FHLB Advances (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Short-Term Debt [Line Items] | ||
Short-term borrowings | $ 19,173 | $ 0 |
FHLB Advances - floating | $ 3,500,000 | 0 |
Weighted-average contractual interest rates for FHLB advances | 5.52% | |
Bank Term Funding Program | ||
Short-Term Debt [Line Items] | ||
Interest rate short-term borrowings | 4.37% | |
Short-term borrowings | $ 0 | $ 4,500,000 |
Parent Company | Junior Subordinated Debt | ||
Short-Term Debt [Line Items] | ||
Weighted-average rate (as a percent) | 7.14% | 6.87% |
Long-term debt total | $ 31,768 | $ 148,249 |
Minimum | ||
Short-Term Debt [Line Items] | ||
Interest rate short-term borrowings | 4.75% | |
Interest Rates | 5.49% | |
Maximum | ||
Short-Term Debt [Line Items] | ||
Interest rate short-term borrowings | 4.83% | |
Interest Rates | 5.56% |
Short-Term Borrowings and Lon_4
Short-Term Borrowings and Long-Term Debt - Narrative (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Debt Instrument [Line Items] | |
FHLB advances borrowing capacity | $ 7,600 |
Repayments of borrowing | 4,500 |
Junior Subordinated Debt | |
Debt Instrument [Line Items] | |
Repayments of subordinated debt | $ 117 |
Commitments and Contingencies -
Commitments and Contingencies - Credit-Related Commitments (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Loan commitments | ||
Commitments to Extend Credit | ||
Expire in One Year or Less | $ 4,794,033 | |
Expire After One Year Through Three Years | 3,622,191 | |
Expire After Three Years Through Five Years | 799,699 | |
Expire After Five Years | 151,877 | |
Total | 9,367,800 | $ 9,141,447 |
Commercial letters of credit and standby letters of credit (“SBLCs”) | ||
Commitments to Extend Credit | ||
Expire in One Year or Less | 1,025,797 | |
Expire After One Year Through Three Years | 434,373 | |
Expire After Three Years Through Five Years | 143,006 | |
Expire After Five Years | 1,140,456 | |
Total | 2,743,632 | 2,610,761 |
Commitments to Extend Credit | ||
Commitments to Extend Credit | ||
Expire in One Year or Less | 5,819,830 | |
Expire After One Year Through Three Years | 4,056,564 | |
Expire After Three Years Through Five Years | 942,705 | |
Expire After Five Years | 1,292,333 | |
Total | $ 12,111,432 | $ 11,752,208 |
Commitments and Contingencies_2
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Commitments to Extend Credit | ||
Letters of credit | $ 2,700,000 | $ 2,600,000 |
Allowance for unfunded credit commitments | 39,000 | 38,000 |
Loans Sold or Securitized With Recourse | Single Family and Multi-family Residential Loans | Loans Sold or Securitized with Recourse | ||
Commitments to Extend Credit | ||
Allowance for unfunded credit commitments | 40 | 40 |
Standby Letters of Credit | ||
Commitments to Extend Credit | ||
Letters of credit | 2,700,000 | 2,600,000 |
Commercial Letters of Credit | ||
Commitments to Extend Credit | ||
Letters of credit | $ 26,000 | $ 24,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Guarantees Outstanding (Details) - Loans Sold or Securitized With Recourse - Loans Sold or Securitized with Recourse - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Guarantor obligation, maximum potential future payment [Abstract] | ||
Expire in One Year or Less | $ 7 | |
Expire After One Year Through Three Years | 17 | |
Expire After Three Years Through Five Years | 186 | |
Expire After Five Years | 20,199 | |
Total | 20,409 | $ 20,884 |
Carrying Value | 24,169 | 24,908 |
Single Family Residential | ||
Guarantor obligation, maximum potential future payment [Abstract] | ||
Expire in One Year or Less | 7 | |
Expire After One Year Through Three Years | 17 | |
Expire After Three Years Through Five Years | 26 | |
Expire After Five Years | 5,363 | |
Total | 5,413 | 5,888 |
Carrying Value | 5,413 | 5,888 |
Multifamily residential | ||
Guarantor obligation, maximum potential future payment [Abstract] | ||
Expire in One Year or Less | 0 | |
Expire After One Year Through Three Years | 0 | |
Expire After Three Years Through Five Years | 160 | |
Expire After Five Years | 14,836 | |
Total | 14,996 | 14,996 |
Carrying Value | $ 18,756 | $ 19,020 |
Stock Compensation Plans - Narr
Stock Compensation Plans - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
RSUs | Cliff | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
Performance-Based RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation cost | $ 25 | |
Weighted average period to recognize unrecognized compensation cost | 2 years 3 months 18 days | |
Performance-Based RSUs | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Potential for awards to vest (as a percent) | 0% | |
Performance-Based RSUs | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Potential for awards to vest (as a percent) | 200% | |
Performance-Based RSUs | Cliff | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period (in years) | 3 years | |
Time-Based RSUs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation cost | $ 51 | |
Weighted average period to recognize unrecognized compensation cost | 2 years 3 months 18 days | |
Two Thousand And Twenty One Stock Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock options outstanding (in shares) | 0 | 0 |
Stock Compensation Plans - Summ
Stock Compensation Plans - Summary of Total Share-Based Compensation Expense and Related Net Tax (Deficiencies) Benefits (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | ||
Stock compensation costs | $ 12,988 | $ 11,075 |
Related net tax benefits for stock compensation plans | $ 783 | $ 8,290 |
Stock Compensation Plans - Su_2
Stock Compensation Plans - Summary of Activity for Time-Based and Performance-Based RSUs (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Time-Based RSUs | |
Shares | |
Outstanding, at beginning of period (in shares) | shares | 1,206,518 |
Granted (in shares) | shares | 515,235 |
Vested (in shares) | shares | (299,381) |
Forfeited (in shares) | shares | (12,163) |
Outstanding, at end of period (in shares) | shares | 1,410,209 |
Weighted-Average Grant Date Fair Value | |
Outstanding, at beginning of period (in dollars per share) | $ / shares | $ 74.29 |
Granted (in dollars per share) | $ / shares | 75.79 |
Vested (in dollars per share) | $ / shares | 71.68 |
Forfeited (in dollars per share) | $ / shares | 75.24 |
Outstanding, at end of period (in dollars per share) | $ / shares | $ 75.39 |
Performance-Based RSUs | |
Shares | |
Outstanding, at beginning of period (in shares) | shares | 276,223 |
Granted (in shares) | shares | 97,798 |
Vested (in shares) | shares | (91,960) |
Forfeited (in shares) | shares | 0 |
Outstanding, at end of period (in shares) | shares | 282,061 |
Weighted-Average Grant Date Fair Value | |
Outstanding, at beginning of period (in dollars per share) | $ / shares | $ 78.59 |
Granted (in dollars per share) | $ / shares | 80.28 |
Vested (in dollars per share) | $ / shares | 77.67 |
Forfeited (in dollars per share) | $ / shares | 0 |
Outstanding, at end of period (in dollars per share) | $ / shares | $ 79.48 |
Stockholders' Equity and Earn_3
Stockholders' Equity and Earnings Per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic: | ||
Net income | $ 285,075 | $ 322,439 |
Weighted-average number of shares outstanding (in shares) | 139,409 | 141,112 |
Basic EPS (in dollars per share) | $ 2.04 | $ 2.28 |
Diluted: | ||
Net income | $ 285,075 | $ 322,439 |
Weighted-average number of shares outstanding (in shares) | 139,409 | 141,112 |
Add: Dilutive impact of unvested RSUs (in shares) | 852 | 801 |
Diluted weighted-average number of shares outstanding (in shares) | 140,261 | 141,913 |
Diluted EPS (in dollars per share) | $ 2.03 | $ 2.27 |
Stockholders' Equity and Earn_4
Stockholders' Equity and Earnings Per Share - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2020 | |
Stockholders' Equity and Earnings Per Share [Line Items] | |||
Stock repurchase program, amount authorized | $ 500 | ||
Repurchased by company (in shares) | 1,181,851 | ||
Average price (in dollars per share) | $ 69.76 | ||
Repurchase of common stock pursuant to the stock repurchase program | $ 82 | ||
Available for repurchase amount | $ 89 | ||
RSUs | |||
Stockholders' Equity and Earnings Per Share [Line Items] | |||
Weighted-average anti-dilutive shares (in shares) | 170,000 | 417,000 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Components of AOCI (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 6,950,834 | $ 5,984,612 |
Other comprehensive (loss) income | (42,137) | 85,635 |
Ending balance | 7,023,232 | 6,309,331 |
Debt Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (601,881) | (694,815) |
Net unrealized (losses) gains arising during the period | (2,282) | 44,275 |
Amounts reclassified from AOCI | 2,653 | 9,806 |
Other comprehensive (loss) income | 371 | 54,081 |
Ending balance | (601,510) | (640,734) |
Cash Flow Hedges | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 2,624 | (49,531) |
Net unrealized (losses) gains arising during the period | (63,662) | 21,086 |
Amounts reclassified from AOCI | 17,332 | 7,527 |
Other comprehensive (loss) income | (46,330) | 28,613 |
Ending balance | (43,706) | (20,918) |
Foreign Currency Translation Adjustments | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (21,339) | (21,283) |
Net unrealized (losses) gains arising during the period | 3,822 | 2,941 |
Amounts reclassified from AOCI | 0 | 0 |
Other comprehensive (loss) income | 3,822 | 2,941 |
Ending balance | (17,517) | (18,342) |
AOCI, Net of Tax | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (620,596) | (765,629) |
Net unrealized (losses) gains arising during the period | (62,122) | 68,302 |
Amounts reclassified from AOCI | 19,985 | 17,333 |
Other comprehensive (loss) income | (42,137) | 85,635 |
Ending balance | $ (662,733) | $ (679,994) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Components of Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Before-Tax | ||
Net change | $ (61,291) | $ 119,894 |
Tax Effect | ||
Net change | 19,154 | (34,259) |
Net-of-Tax | ||
Other comprehensive (loss) income | (42,137) | 85,635 |
Debt Securities | ||
Before-Tax | ||
Net unrealized (losses) gains on AFS debt securities arising during the period | (3,282) | 62,860 |
Net realized losses (gains) on AFS debt securities reclassified into net income | (49) | 10,000 |
Amortization of unrealized losses on transferred securities | 3,816 | 3,921 |
Net change | 485 | 76,781 |
Tax Effect | ||
Net unrealized (losses) gains on AFS debt securities arising during the period | 1,000 | (18,585) |
Net realized losses (gains) on AFS debt securities reclassified into net income | 14 | (2,956) |
Amortization of unrealized losses on transferred securities | (1,128) | (1,159) |
Net change | (114) | (22,700) |
Net-of-Tax | ||
Net unrealized (losses) gains on AFS debt securities arising during the period | (2,282) | 44,275 |
Net realized losses (gains) on AFS debt securities reclassified into net income | (35) | 7,044 |
Amortization of unrealized losses on transferred securities | 2,688 | 2,762 |
Net unrealized (losses) gains arising during the period | (2,282) | 44,275 |
Net realized losses reclassified into net income | 2,653 | 9,806 |
Other comprehensive (loss) income | 371 | 54,081 |
Cash Flow Hedges | ||
Before-Tax | ||
Net unrealized (losses) gains arising during the period | (90,376) | 29,843 |
Net realized losses reclassified into net income | 24,605 | 10,644 |
Net change | (65,771) | 40,487 |
Tax Effect | ||
Net unrealized (losses) gains arising during the period | 26,714 | (8,757) |
Net realized losses reclassified into net income | (7,273) | (3,117) |
Net change | 19,441 | (11,874) |
Net-of-Tax | ||
Net unrealized (losses) gains arising during the period | (63,662) | 21,086 |
Net realized losses reclassified into net income | 17,332 | 7,527 |
Other comprehensive (loss) income | (46,330) | 28,613 |
Foreign Currency Translation Adjustments | ||
Before-Tax | ||
Net unrealized (losses) gains arising during the period | 3,995 | 2,626 |
Net change | 3,995 | 2,626 |
Tax Effect | ||
Net unrealized (losses) gains arising during the period | (173) | 315 |
Net change | (173) | 315 |
Net-of-Tax | ||
Net unrealized (losses) gains arising during the period | 3,822 | 2,941 |
Net realized losses reclassified into net income | 0 | 0 |
Other comprehensive (loss) income | $ 3,822 | $ 2,941 |
Business Segments - Narrative (
Business Segments - Narrative (Details) | 3 Months Ended |
Mar. 31, 2024 segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Number of core segments | 2 |
Business Segments - Operating R
Business Segments - Operating Results and Other Key Financial Measures (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Segment Reporting Information | |||
Net interest income before provision for credit losses | $ 565,139 | $ 599,861 | |
Provision for credit losses | 25,000 | 20,000 | |
Noninterest income (loss) | 78,988 | 59,978 | |
Noninterest expense | 246,875 | 218,447 | |
INCOME BEFORE INCOME TAXES | 372,252 | 421,392 | |
Segment net income | 285,075 | 322,439 | |
Segment assets | 70,875,670 | 67,244,898 | $ 69,612,884 |
Consumer and Business Banking | |||
Segment Reporting Information | |||
Net interest income before provision for credit losses | 291,764 | 304,242 | |
Provision for credit losses | 2,565 | 15,012 | |
Noninterest income (loss) | 25,542 | 26,002 | |
Noninterest expense | 119,300 | 113,823 | |
INCOME BEFORE INCOME TAXES | 195,441 | 201,409 | |
Segment net income | 137,672 | 142,247 | |
Segment assets | 19,629,076 | 17,880,525 | |
Commercial Banking | |||
Segment Reporting Information | |||
Net interest income before provision for credit losses | 260,349 | 236,723 | |
Provision for credit losses | 22,435 | 4,988 | |
Noninterest income (loss) | 46,466 | 43,599 | |
Noninterest expense | 106,307 | 87,248 | |
INCOME BEFORE INCOME TAXES | 178,073 | 188,086 | |
Segment net income | 125,581 | 134,457 | |
Segment assets | 35,049,899 | 33,647,465 | |
Other | |||
Segment Reporting Information | |||
Net interest income before provision for credit losses | 13,026 | 58,896 | |
Provision for credit losses | 0 | 0 | |
Noninterest income (loss) | 6,980 | (9,623) | |
Noninterest expense | 21,268 | 17,376 | |
INCOME BEFORE INCOME TAXES | (1,262) | 31,897 | |
Segment net income | 21,822 | 45,735 | |
Segment assets | $ 16,196,695 | $ 15,716,908 |