Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 30, 2019 | |
Document Information [Line Items] | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Entity Address, City or Town | Beverly Hills | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 90212 | |
City Area Code | 310 | |
Local Phone Number | 887-8500 | |
Entity Current Reporting Status | Yes | |
Trading Symbol | PACW | |
Entity Incorporation, State or Country Code | DE | |
Entity Registrant Name | PACWEST BANCORP | |
Entity Address, Address Line One | 9701 Wilshire Blvd., Suite 700 | |
Entity Central Index Key | 0001102112 | |
Document Period End Date | Jun. 30, 2019 | |
Entity Filer Category | Large Accelerated Filer | |
Document Type | 10-Q | |
Entity File Number | 001-36408 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 118,205,610 | |
Entity Tax Identification Number | 33-0885320 | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
ASSETS: | ||
Cash and due from banks | $ 185,075 | $ 175,830 |
Interest-earning deposits in financial institutions | 422,663 | 209,937 |
Total cash, cash equivalents, and restricted cash | 607,738 | 385,767 |
Securities available-for-sale, at fair value | 3,807,244 | 4,009,431 |
Federal Home Loan Bank stock, at cost | 43,146 | 32,103 |
Total investment securities | 3,850,390 | 4,041,534 |
Gross loans and leases held for investment | 18,532,740 | 18,026,365 |
Deferred fees, net | (59,888) | (68,652) |
Allowance for loan and lease losses | (135,037) | (132,472) |
Total loans and leases held for investment, net | 18,337,815 | 17,825,241 |
Equipment leased to others under operating leases | 300,668 | 292,677 |
Premises and equipment, net | 38,162 | 34,661 |
Foreclosed assets, net | 1,472 | 5,299 |
Deferred tax asset, net | 0 | 17,489 |
Goodwill | 2,548,670 | 2,548,670 |
Core deposit and customer relationship intangibles, net | 47,380 | 57,120 |
Other assets | 612,119 | 522,896 |
Total assets | 26,344,414 | 25,731,354 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Noninterest-bearing deposits | 7,299,213 | 7,888,915 |
Interest-bearing deposits | 11,506,543 | 10,981,586 |
Total deposits | 18,805,756 | 18,870,501 |
Borrowings | 1,913,059 | 1,371,114 |
Subordinated debentures | 456,112 | 453,846 |
Accrued interest payable and other liabilities | 317,477 | 210,305 |
Total liabilities | 21,492,404 | 20,905,766 |
Commitments and contingencies | ||
Preferred stock ($0.01 par value; 5,000,000 shares authorized; none issued and outstanding) | 0 | 0 |
Common stock ($0.01 par value, 200,000,000 shares authorized at March 31, 2019 and December 31, 2018; 122,204,565 and 125,079,705 shares issued, respectively, including 1,241,543 and 1,888,872 shares of unvested restricted stock, respectively) | 1,219 | 1,251 |
Additional paid-in capital | 3,435,679 | 3,722,723 |
Retained earnings | 1,424,341 | 1,182,674 |
Treasury stock, at cost (2,077,845 and 1,889,872 shares at June 30, 2019 and December 31, 2018) | (82,295) | (74,985) |
Accumulated other comprehensive income (loss), net | 73,066 | (6,075) |
Total stockholders' equity | 4,852,010 | 4,825,588 |
Total liabilities and stockholders' equity | $ 26,344,414 | $ 25,731,354 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
Preferred stock par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred stock authorized (shares) | 5,000,000 | 5,000,000 |
Preferred stock issued (shares) | 0 | 0 |
Preferred stock outstanding (shares) | 0 | 0 |
Common Stock par value (usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 200,000,000 | 200,000,000 |
Common stock issued (shares) | 121,906,949 | 125,079,705 |
Unvested restricted shares (shares) | 1,623,494 | 1,889,872 |
Treasury Stock (shares) | 2,077,845 | 1,889,872 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Interest expense: | |||||
Deposits | $ 38,720 | $ 34,235 | $ 16,367 | $ 72,955 | $ 30,185 |
Borrowings | 7,210 | 7,710 | 2,649 | 14,920 | 3,569 |
Subordinated debentures | 7,705 | 7,738 | 7,166 | 15,443 | 13,703 |
Total interest expense | 53,635 | 49,683 | 26,182 | 103,318 | 47,457 |
Loans and leases | 284,236 | 274,229 | 260,300 | 558,465 | 511,385 |
Investment securities | 28,948 | 29,680 | 27,730 | 58,628 | 53,868 |
Deposits in financial institutions | 1,349 | 650 | 484 | 1,999 | 1,036 |
Total interest income | 314,533 | 304,559 | 288,514 | 619,092 | 566,289 |
Net interest income | 260,898 | 254,876 | 262,332 | 515,774 | 518,832 |
Provision for credit losses | 8,000 | 4,000 | 17,500 | 12,000 | 21,500 |
Net interest income after provision for credit losses | 252,898 | 250,876 | 244,832 | 503,774 | 497,332 |
Noninterest income: | |||||
Other commissions and fees | 11,590 | 11,008 | 11,767 | 22,598 | 22,032 |
Leased equipment income | 9,182 | 9,282 | 9,790 | 18,464 | 19,377 |
Service charges on deposit accounts | 3,771 | 3,730 | 4,265 | 7,501 | 8,439 |
Gain on sale of loans and leases | 326 | 0 | 106 | 326 | 4,675 |
Gain on sale of securities | 22,192 | 2,161 | 253 | 24,353 | 6,564 |
Other income | 3,832 | 4,883 | 13,457 | 8,715 | 17,110 |
Total noninterest income | 50,893 | 31,064 | 39,638 | 81,957 | 78,197 |
Noninterest expense: | |||||
Compensation | 68,956 | 70,845 | 69,913 | 139,801 | 140,936 |
Occupancy | 14,457 | 14,320 | 13,575 | 28,777 | 26,798 |
Data processing | 6,817 | 6,925 | 6,896 | 13,742 | 13,555 |
Leased equipment depreciation | 5,558 | 5,651 | 5,237 | 11,209 | 10,612 |
Intangible asset amortization | 4,870 | 4,870 | 5,587 | 9,740 | 11,933 |
Other professional services | 4,629 | 4,513 | 5,257 | 9,142 | 9,696 |
Insurance and assessments | 4,098 | 4,038 | 5,330 | 8,136 | 11,057 |
Loan expense | 3,451 | 2,885 | 3,058 | 6,336 | 5,329 |
Acquisition, integration and reorganization costs | 0 | 618 | 0 | 618 | 0 |
Foreclosed assets (income) expense, net | (146) | 29 | (61) | (117) | (183) |
Other expense | 12,737 | 11,593 | 11,657 | 24,330 | 24,111 |
Total noninterest expense | 125,427 | 126,287 | 126,449 | 251,714 | 253,844 |
Earnings before income taxes | 178,364 | 155,653 | 158,021 | 334,017 | 321,685 |
Income tax expense | (50,239) | (43,049) | (42,286) | (93,288) | (87,674) |
Net earnings | $ 128,125 | $ 112,604 | $ 115,735 | $ 240,729 | $ 234,011 |
Earnings per share: | |||||
Net earnings (usd per share) | $ 1.07 | $ 0.92 | $ 0.92 | $ 1.99 | $ 1.85 |
Net earnings (usd per share) | $ 1.07 | $ 0.92 | $ 0.92 | $ 1.99 | $ 1.85 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||||
Statement of Comprehensive Income [Abstract] | ||||||||
Net earnings | $ 128,125 | $ 112,604 | $ 115,735 | $ 240,729 | $ 234,011 | |||
Other comprehensive income (loss), net of tax: | ||||||||
Unrealized net holding gains (losses) on securities available-for-sale arising during the period | 72,168 | 62,639 | (14,325) | 134,807 | (76,994) | |||
Income tax (expense) benefit related to unrealized holding gains (losses) arising during the period | (20,459) | (17,758) | 4,102 | (38,217) | 22,033 | |||
Unrealized net holding gains (losses) on securities available-for-sale, net of tax | 51,709 | 44,881 | (10,223) | 96,590 | (54,961) | |||
Reclassification adjustment for net (gains) losses included in net earnings | (22,192) | [1] | (2,161) | [1] | (253) | [1] | (24,353) | (6,564) |
Income tax expense (benefit) related to reclassification adjustment | 6,291 | 613 | 72 | 6,904 | 1,878 | |||
Reclassification adjustment for net (gains) losses included in net earnings, net of tax | (15,901) | (1,548) | (181) | (17,449) | (4,686) | |||
Other comprehensive income (loss), net of tax | 35,808 | 43,333 | (10,404) | 79,141 | (59,647) | |||
Comprehensive income | $ 163,933 | $ 155,937 | $ 105,331 | $ 319,870 | $ 174,364 | |||
[1] | Entire amounts are recognized in "Gain on sale of securities" on the Condensed Consolidated Statements of Earnings. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Shares Of Common Stock | Accumulated Other Comprehensive Income (Loss) | |
Beginning Period Balance at Dec. 31, 2017 | $ 4,977,598 | $ 1,305 | $ 4,287,487 | $ 723,471 | $ (65,836) | $ 31,171 | ||
Shares outstanding, beginning balance (shares) at Dec. 31, 2017 | 128,782,878 | |||||||
Stockholders' Equity Disclosure [Rollforward] | ||||||||
Cumulative effect of change in accounting principle | [1] | 0 | (6,136) | 6,136 | ||||
Net earnings | 118,276 | 118,276 | ||||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | (49,243) | (49,243) | ||||||
Restricted stock awarded and earned compensation, net of shares forfeited (shares) | 96,034 | |||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 7,199 | $ 1 | 7,198 | |||||
Restricted stock surrendered (shares) | (55,186) | (2,285,855) | ||||||
Restricted stock surrendered | (2,858) | (2,858) | ||||||
Common stock repurchased under Stock Repurchase Program | (23) | |||||||
Common stock repurchased under Stock Repurchase Program | (119,793) | (119,770) | ||||||
Cash dividends paid | (63,689) | (63,689) | ||||||
Ending Period Balance at Mar. 31, 2018 | 4,867,490 | $ 1,283 | 4,111,226 | 835,611 | (68,694) | (11,936) | ||
Shares outstanding, ending balance (shares) at Mar. 31, 2018 | 126,537,871 | |||||||
Beginning Period Balance at Dec. 31, 2017 | 4,977,598 | $ 1,305 | 4,287,487 | 723,471 | (65,836) | 31,171 | ||
Shares outstanding, beginning balance (shares) at Dec. 31, 2017 | 128,782,878 | |||||||
Stockholders' Equity Disclosure [Rollforward] | ||||||||
Net earnings | 234,011 | |||||||
Ending Period Balance at Jun. 30, 2018 | $ 4,777,959 | $ 1,264 | 3,920,715 | 951,346 | (73,026) | (22,340) | ||
Shares outstanding, ending balance (shares) at Jun. 30, 2018 | 124,567,950 | |||||||
Dividends declared per share (usd per share) | $ 0.50 | |||||||
Beginning Period Balance at Mar. 31, 2018 | $ 4,867,490 | $ 1,283 | 4,111,226 | 835,611 | (68,694) | (11,936) | ||
Shares outstanding, beginning balance (shares) at Mar. 31, 2018 | 126,537,871 | |||||||
Stockholders' Equity Disclosure [Rollforward] | ||||||||
Net earnings | 115,735 | 115,735 | ||||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | (10,404) | (10,404) | ||||||
Restricted stock awarded and earned compensation, net of shares forfeited (shares) | 398,132 | |||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 7,546 | $ 4 | 7,542 | |||||
Restricted stock surrendered (shares) | (81,172) | (2,286,881) | ||||||
Restricted stock surrendered | (4,332) | (4,332) | ||||||
Common stock repurchased under Stock Repurchase Program | (23) | |||||||
Common stock repurchased under Stock Repurchase Program | (122,024) | (122,001) | ||||||
Cash dividends paid | (76,052) | (76,052) | ||||||
Ending Period Balance at Jun. 30, 2018 | 4,777,959 | $ 1,264 | 3,920,715 | 951,346 | (73,026) | (22,340) | ||
Shares outstanding, ending balance (shares) at Jun. 30, 2018 | 124,567,950 | |||||||
Beginning Period Balance at Dec. 31, 2018 | 4,825,588 | $ 1,251 | 3,722,723 | 1,182,674 | (74,985) | (6,075) | ||
Shares outstanding, beginning balance (shares) at Dec. 31, 2018 | 123,189,833 | |||||||
Stockholders' Equity Disclosure [Rollforward] | ||||||||
Cumulative effect of change in accounting principle | [1] | 938 | ||||||
Net earnings | 112,604 | 112,604 | ||||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | 43,333 | 43,333 | ||||||
Restricted stock awarded and earned compensation, net of shares forfeited (shares) | 195,536 | |||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 5,808 | $ 2 | 5,806 | |||||
Restricted stock surrendered (shares) | (113,544) | (3,070,676) | ||||||
Restricted stock surrendered | (4,522) | (4,522) | ||||||
Common stock repurchased under Stock Repurchase Program | (31) | |||||||
Common stock repurchased under Stock Repurchase Program | (119,587) | (119,556) | ||||||
Cash dividends paid | (73,180) | (73,180) | ||||||
Ending Period Balance at Mar. 31, 2019 | 4,790,982 | $ 1,222 | 3,535,793 | 1,296,216 | (79,507) | 37,258 | ||
Shares outstanding, ending balance (shares) at Mar. 31, 2019 | 120,201,149 | |||||||
Beginning Period Balance at Dec. 31, 2018 | 4,825,588 | $ 1,251 | 3,722,723 | 1,182,674 | (74,985) | (6,075) | ||
Shares outstanding, beginning balance (shares) at Dec. 31, 2018 | 123,189,833 | |||||||
Stockholders' Equity Disclosure [Rollforward] | ||||||||
Net earnings | 240,729 | |||||||
Ending Period Balance at Jun. 30, 2019 | $ 4,852,010 | $ 1,219 | 3,435,679 | 1,424,341 | (82,295) | 73,066 | ||
Shares outstanding, ending balance (shares) at Jun. 30, 2019 | 119,829,104 | |||||||
Dividends declared per share (usd per share) | $ 0.60 | |||||||
Beginning Period Balance at Mar. 31, 2019 | $ 4,790,982 | $ 1,222 | 3,535,793 | 1,296,216 | (79,507) | 37,258 | ||
Shares outstanding, beginning balance (shares) at Mar. 31, 2019 | 120,201,149 | |||||||
Stockholders' Equity Disclosure [Rollforward] | ||||||||
Net earnings | 128,125 | 128,125 | ||||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | 35,808 | 35,808 | ||||||
Restricted stock awarded and earned compensation, net of shares forfeited (shares) | 619,653 | |||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 6,721 | $ 6 | 6,715 | |||||
Restricted stock surrendered (shares) | (74,429) | (917,269) | ||||||
Restricted stock surrendered | (2,788) | (2,788) | ||||||
Common stock repurchased under Stock Repurchase Program | (9) | |||||||
Common stock repurchased under Stock Repurchase Program | (34,929) | (34,920) | 0 | |||||
Cash dividends paid | (71,909) | (71,909) | ||||||
Ending Period Balance at Jun. 30, 2019 | $ 4,852,010 | $ 1,219 | $ 3,435,679 | $ 1,424,341 | $ (82,295) | $ 73,066 | ||
Shares outstanding, ending balance (shares) at Jun. 30, 2019 | 119,829,104 | |||||||
[1] |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net earnings | $ 240,729 | $ 234,011 |
Depreciation and amortization | 18,607 | 17,512 |
Amortization of net premiums on securities available-for-sale | 7,933 | 14,164 |
Amortization of intangible assets | 9,740 | 11,933 |
Amortization of operating lease ROU assets | 14,723 | 0 |
Provision for credit losses | 12,000 | 21,500 |
(Gain) loss on sale of foreclosed assets | (320) | 35 |
Provision for losses on foreclosed assets | 0 | 65 |
Gain on sale of loans and leases | (326) | (4,675) |
Gain on sale of premises and equipment | (37) | (8) |
Gain on sale of securities | (24,353) | (6,564) |
Gain on BOLI death benefit | 0 | (387) |
Unrealized (gain) loss on derivatives and foreign currencies, net | (40) | 20 |
Earned stock compensation | 12,529 | 14,745 |
Decrease (increase) in deferred income taxes, net | 14,714 | (1,640) |
Decrease in other assets | 29,635 | 53,534 |
Decrease in accrued interest payable and other liabilities | (55,550) | (47,696) |
Net cash provided by operating activities | 279,984 | 306,549 |
Cash flows from investing activities: | ||
Net increase in loans and leases | (605,228) | (95,306) |
Proceeds from sales of loans and leases | 80,440 | 643,261 |
Proceeds from maturities and paydowns of securities available-for-sale | 150,766 | 157,806 |
Proceeds from sales of securities available-for-sale | 1,410,510 | 368,775 |
Purchases of securities available-for-sale | (1,232,214) | (708,167) |
Net purchases of Federal Home Loan Bank stock | (11,043) | (5,481) |
Proceeds from sales of foreclosed assets | 4,184 | 57 |
Proceeds from sales of premises and equipment | 54 | 32 |
Proceeds from BOLI death benefit | 555 | 313 |
Purchases of premises and equipment, net | (8,621) | (7,332) |
Net (increase) decrease in equipment leased to others under operating leases | (18,986) | 7,746 |
Net cash (used in) provided by investing activities | (229,583) | 361,704 |
Cash flows from financing activities: | ||
Net decrease in noninterest-bearing deposits | (588,417) | (379,436) |
Net increase (decrease) in interest-bearing deposits | 524,957 | (554,453) |
Net increase in borrowings | 541,945 | 719,884 |
Net decrease in subordinated debentures | 0 | (12,372) |
Common stock repurchased and restricted stock surrendered | (161,826) | (249,007) |
Cash dividends paid | (145,089) | (139,741) |
Net cash provided by (used in) financing activities | 171,570 | (615,125) |
Net increase in cash, cash equivalents, and restricted cash | 221,971 | 53,128 |
Cash, cash equivalents, and restricted cash, beginning of period | 385,767 | 398,437 |
Cash, cash equivalents, and restricted cash, end of period | 607,738 | 451,565 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 97,238 | 47,569 |
Cash paid for income taxes | 68,305 | 23,273 |
Loans transferred to foreclosed assets | 37 | 1,059 |
Transfers from loans held for investment to loans held for sale | $ 25,124 | $ 0 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION PacWest Bancorp, a Delaware corporation, is a bank holding company registered under the BHCA, with our corporate headquarters located in Beverly Hills, California. Our principal business is to serve as the holding company for our wholly-owned subsidiary, Pacific Western Bank. References to "Pacific Western" or the "Bank" refer to Pacific Western Bank together with its wholly-owned subsidiaries. References to "we," "us," or the "Company" refer to PacWest Bancorp together with its subsidiaries on a consolidated basis. When we refer to "PacWest" or to the "holding company," we are referring to PacWest Bancorp, the parent company, on a stand-alone basis. We are focused on relationship-based business banking to small, middle-market and venture-backed businesses nationwide. The Bank offers a broad range of loan and lease and deposit products and services through 74 full-service branches located throughout the State of California, one branch located in Durham, North Carolina, and numerous loan production offices across the country through its Community Banking, National Lending and Venture Banking groups. Community Banking provides real estate loans, commercial loans, and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California-based branch offices. National Lending provides asset-based, equipment, real estate, and security monitoring cash flow loans and treasury management services to established middle-market businesses on a national basis. Venture Banking offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. In addition, we provide investment advisory and asset management services to select clients through Pacific Western Asset Management Inc., a wholly-owned subsidiary of the Bank and a SEC-registered investment adviser. We generate our revenue primarily from interest received on loans and leases and, to a lesser extent, from interest received on investment securities, and fees received in connection with deposit services, extending credit and other services offered, including foreign exchange services. Our major operating expenses are interest paid by the Bank on deposits and borrowings, compensation, occupancy, and general operating expenses. We have completed 29 acquisitions from May 1, 2000 through June 30, 2019 . Our acquisitions have been accounted for using the acquisition method of accounting and, accordingly, the operating results of the acquired entities have been included in the consolidated financial statements from their respective acquisition dates. Significant Accounting Policies Our accounting policies are described in Note 1. Nature of Operations and Summary of Significant Accounting Policies , of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 as filed with the Securities and Exchange Commission ("Form 10-K"). Accounting Standards Adopted in 2019 Effective January 1, 2019, the Company adopted ASU 2016-02, " Leases (Topic 842), " and the related amendments to this new standard issued in 2018. ASU 2016-02 supersedes Topic 840, “ Leases,” and is intended to increase transparency and comparability among organizations by requiring the recognition of right-of-use (“ROU”) assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of the financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the new standard using the optional transition method under ASU 2018-11, “ Leases (Topic 842): Targeted Improvements, ” and recognized a cumulative effect adjustment to increase retained earnings by $938,000 , net of taxes, without restating prior periods and applying the requirements of the new standard prospectively. The Company has elected the following practical expedients: (1) to not separate lease and non-lease components for facilities leases; (2) to not reassess whether any expired or existing contracts are or contain leases and to maintain existing lease classifications; (3) to not record short-term leases (initial term less than 12 months) on the balance sheet; and (4) to present sales tax on a net basis for those transactions in which the Company is the lessor. The standard had a more significant impact on our condensed consolidated balance sheet than on our condensed consolidated statement of earnings. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while the accounting for leases as a lessor remained substantially unchanged. The ROU asset is included within "Other assets," while the ROU liability is included within "Accrued interest payable and other liabilities". See Note 8. Leases and Note 7. Other Assets for further details. Effective January 1, 2019, the Company early-adopted any removed or modified disclosures as permitted by ASU 2018-13, “ Fair Value Measurement (Topic 820): Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurements,” but will defer adoption of the additional disclosures until the effective date of January 1, 2020 as permitted in the transition guidance in ASU 2018-13. Effective January 1, 2019, the Company early-adopted ASU 2018-15, “ Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (a consensus of the FASB Emerging Issues Task Force)," which aligns the requirements for capitalizing implementation costs in a cloud computing arrangement service contract with the requirements for capitalizing implementation costs incurred for an internal-use software license. The new guidance also prescribes the balance sheet, income statement, and cash flow classification of the capitalized implementation costs and related amortization expense, and requires additional quantitative and qualitative disclosures. The Company opted to apply ASU 2018-15 prospectively. The primary effect of the provisions is to capitalize eligible implementation costs during the application development phase and to amortize those costs over the life of the agreement. There was no impact to our condensed consolidated financial statements from the adoption of this new standard. Basis of Presentation Our interim condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K. Use of Estimates We have made a number of estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these condensed consolidated financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowance for credit losses (the combination of the allowance for loan and lease losses and the reserve for unfunded loan commitments), the carrying value of intangible assets, the realization of deferred tax assets, and the fair value estimates of assets acquired and liabilities assumed in acquisitions. These estimates may be adjusted as more current information becomes available, and any adjustment may be significant. Reclassifications |
Restricted Cash Balances
Restricted Cash Balances | 6 Months Ended |
Jun. 30, 2019 | |
Restricted Cash [Abstract] | |
Restricted Cash Balances | RESTRICTED CASH BALANCES The Company is required to maintain reserve balances with the FRBSF. Such reserve requirements are based on a percentage of deposit liabilities and may be satisfied by cash on hand. The average reserves required to be held at the FRBSF for the six months ended June 30, 2019 and year ended December 31, 2018 were $108.8 million and $77.0 million . As of June 30, 2019 and December 31, 2018 , we pledged cash collateral for our derivative contracts of $2.1 million and $2.6 million . |
Investment Securities
Investment Securities | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES Securities Available-for-Sale The following table presents amortized cost, gross unrealized gains and losses, and fair values of securities available-for-sale as of the dates indicated: June 30, 2019 December 31, 2018 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Security Type Cost Gains Losses Value Cost Gains Losses Value (In thousands) Agency residential CMOs $ 1,125,267 $ 25,513 $ (306 ) $ 1,150,474 $ 634,774 $ 3,448 $ (5,372 ) $ 632,850 Agency commercial MBS 1,033,895 25,046 (95 ) 1,058,846 1,133,846 383 (21,525 ) 1,112,704 Municipal securities 700,470 36,594 (494 ) 736,570 1,298,514 21,000 (7,320 ) 1,312,194 Agency residential MBS 343,131 8,381 (152 ) 351,360 281,486 1,902 (2,300 ) 281,088 Asset-backed securities 226,693 866 (438 ) 227,121 81,762 104 (481 ) 81,385 Private label residential CMOs 108,526 3,610 (99 ) 112,037 101,313 1,985 (2,093 ) 101,205 Collateralized loan obligations 94,149 — (347 ) 93,802 — — — — SBA securities 51,154 670 (12 ) 51,812 68,158 — (1,111 ) 67,047 Corporate debt securities 17,000 3,034 — 20,034 17,000 553 — 17,553 U.S. Treasury securities 4,983 205 — 5,188 401,056 2,437 (88 ) 403,405 Total $ 3,705,268 $ 103,919 $ (1,943 ) $ 3,807,244 $ 4,017,909 $ 31,812 $ (40,290 ) $ 4,009,431 See Note 11. Fair Value Measurements for information on fair value measurements and methodology. As of June 30, 2019 , securities available-for-sale with a fair value of $493.8 million were pledged as collateral for borrowings, public deposits, and other purposes as required by various statutes and agreements. Realized Gains and Losses on Securities Available-for-Sale During the three months ended June 30, 2019 , we sold $980.4 million of securities available-for-sale for a gross realized gain of $24.2 million and a gross realized loss of $2.0 million . During the three months ended June 30, 2018 , we sold $62.3 million of securities available-for-sale for a gross realized gain of $0.3 million and a gross realized loss of $60,000 . During the six months ended June 30, 2019 , we sold $1.4 billion of securities available-for-sale for a gross realized gain of $28.2 million and a gross realized loss of $3.9 million . During the six months ended June 30, 2018 , we sold $362.2 million of securities available-for-sale for a gross realized gain of $7.1 million and a gross realized loss of $0.6 million . Unrealized Losses on Securities Available-for-Sale The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions, for which other-than-temporary impairments have not been recognized in earnings, as of the dates indicated: June 30, 2019 Less Than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Security Type Value Losses Value Losses Value Losses (In thousands) Agency residential CMOs $ 85,397 $ (267 ) $ 7,696 $ (39 ) $ 93,093 $ (306 ) Agency commercial MBS — — 29,902 (95 ) 29,902 (95 ) Municipal securities 4,044 (12 ) 25,874 (482 ) 29,918 (494 ) Agency residential MBS — — 9,533 (152 ) 9,533 (152 ) Asset-backed securities 84,083 (426 ) 3,915 (12 ) 87,998 (438 ) Private label residential CMOs — — 18,008 (99 ) 18,008 (99 ) Collateralized loan obligations 93,802 (347 ) — — 93,802 (347 ) SBA securities — — 2,063 (12 ) 2,063 (12 ) Total $ 267,326 $ (1,052 ) $ 96,991 $ (891 ) $ 364,317 $ (1,943 ) December 31, 2018 Less Than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Security Type Value Losses Value Losses Value Losses (In thousands) Agency residential CMOs $ 69,859 $ (326 ) $ 164,097 $ (5,046 ) $ 233,956 $ (5,372 ) Agency commercial MBS 40,641 (341 ) 1,020,684 (21,184 ) 1,061,325 (21,525 ) Municipal securities 52,386 (238 ) 284,915 (7,082 ) 337,301 (7,320 ) Agency residential MBS 60,164 (169 ) 85,245 (2,131 ) 145,409 (2,300 ) Asset-backed securities 11,548 (38 ) 35,859 (443 ) 47,407 (481 ) Private label residential CMOs 32,170 (831 ) 49,237 (1,262 ) 81,407 (2,093 ) SBA securities 249 (1 ) 66,798 (1,110 ) 67,047 (1,111 ) U.S. Treasury securities 49,729 (88 ) — — 49,729 (88 ) Total $ 316,746 $ (2,032 ) $ 1,706,835 $ (38,258 ) $ 2,023,581 $ (40,290 ) We reviewed the securities that were in an unrealized loss position at June 30, 2019 , and concluded their unrealized losses were a result of the level of market interest rates relative to the types of securities and pricing changes caused by shifting supply and demand dynamics and not a result of downgraded credit ratings or other indicators of deterioration of the underlying issuers' ability to repay. Accordingly, we determined the securities were temporarily impaired and we did not recognize such impairment in the condensed consolidated statements of earnings. Although we periodically sell securities for portfolio management purposes, we do not foresee having to sell any temporarily impaired securities strictly for liquidity needs and believe that it is more likely than not we would not be required to sell any temporarily impaired securities before recovery of their amortized cost. Contractual Maturities of Securities Available-for-Sale The following table presents the contractual maturities of our securities available-for-sale portfolio based on amortized cost and carrying value as of the date indicated: June 30, 2019 Amortized Fair Maturities Cost Value (In thousands) Due in one year or less $ 14,660 $ 14,647 Due after one year through five years 194,493 197,141 Due after five years through ten years 1,028,156 1,054,251 Due after ten years 2,467,959 2,541,205 Total securities available-for-sale $ 3,705,268 $ 3,807,244 Mortgage-backed securities have contractual terms to maturity, but require periodic payments to reduce principal. In addition, expected maturities may differ from contractual maturities because obligors and/or issuers may have the right to call or prepay obligations with or without call or prepayment penalties. Interest Income on Investment Securities The following table presents the composition of our interest income on investment securities for the periods indicated: Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2019 2019 2018 2019 2018 (In thousands) Taxable interest $ 20,944 $ 19,742 $ 17,106 $ 40,686 $ 31,705 Non-taxable interest 7,547 9,593 10,276 17,140 21,383 Dividend income 457 345 348 802 780 Total interest income on investment securities $ 28,948 $ 29,680 $ 27,730 $ 58,628 $ 53,868 |
Loans and Leases
Loans and Leases | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Loans and Leases | LOANS AND LEASES Our loans are carried at the principal amount outstanding, net of deferred fees and costs, and in the case of acquired and purchased loans, net of purchase discounts and premiums. Deferred fees and costs and purchase discounts and premiums on acquired non-impaired loans are recognized as an adjustment to interest income over the contractual life of the loans primarily using the effective interest method or taken into income when the related loans are paid off or included in the carrying amount of loans that are sold. Loans and Leases Held for Investment The following table summarizes the composition of our loans and leases held for investment as of the dates indicated: June 30, December 31, 2019 2018 (In thousands) Real estate mortgage $ 8,087,586 $ 7,933,859 Real estate construction and land 2,405,073 2,262,710 Commercial 7,593,728 7,428,500 Consumer 446,353 401,296 Total gross loans and leases held for investment 18,532,740 18,026,365 Deferred fees, net (59,888 ) (68,652 ) Total loans and leases held for investment, net of deferred fees 18,472,852 17,957,713 Allowance for loan and lease losses (135,037 ) (132,472 ) Total loans and leases held for investment, net $ 18,337,815 $ 17,825,241 The following tables present an aging analysis of our loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of the dates indicated: June 30, 2019 30 - 89 90 or More Days Days Total Past Due Past Due Past Due Current Total (In thousands) Real estate mortgage: Commercial $ 4,516 $ 6,632 $ 11,148 $ 4,424,126 $ 4,435,274 Income producing and other residential 3,692 422 4,114 3,636,638 3,640,752 Total real estate mortgage 8,208 7,054 15,262 8,060,764 8,076,026 Real estate construction and land: Commercial — — — 972,891 972,891 Residential 4,672 — 4,672 1,398,567 1,403,239 Total real estate construction and land 4,672 — 4,672 2,371,458 2,376,130 Commercial: Asset-based 12,382 1,624 14,006 3,592,001 3,606,007 Venture capital 447 — 447 2,194,296 2,194,743 Other commercial 2,329 928 3,257 1,770,307 1,773,564 Total commercial 15,158 2,552 17,710 7,556,604 7,574,314 Consumer 964 169 1,133 445,249 446,382 Total $ 29,002 $ 9,775 $ 38,777 $ 18,434,075 $ 18,472,852 December 31, 2018 30 - 89 90 or More Days Days Total Past Due Past Due Past Due Current Total (In thousands) Real estate mortgage: Commercial $ 3,487 $ 7,541 $ 11,028 $ 4,813,270 $ 4,824,298 Income producing and other residential 1,557 476 2,033 3,091,810 3,093,843 Total real estate mortgage 5,044 8,017 13,061 7,905,080 7,918,141 Real estate construction and land: Commercial — 442 442 912,141 912,583 Residential 1,527 — 1,527 1,319,546 1,321,073 Total real estate construction and land 1,527 442 1,969 2,231,687 2,233,656 Commercial: Asset-based 47 646 693 3,304,728 3,305,421 Venture capital 4,705 — 4,705 2,034,043 2,038,748 Other commercial 5,181 1,285 6,466 2,053,960 2,060,426 Total commercial 9,933 1,931 11,864 7,392,731 7,404,595 Consumer 581 333 914 400,407 401,321 Total $ 17,085 $ 10,723 $ 27,808 $ 17,929,905 $ 17,957,713 It is our policy to discontinue accruing interest when principal or interest payments are past due 90 days or more (unless the loan is both well secured and in the process of collection) or when, in the opinion of management, there is a reasonable doubt as to the collectability of a loan or lease in the normal course of business. Interest income on nonaccrual loans is recognized only to the extent cash is received and the principal balance of the loan is deemed collectable. The following table presents our nonaccrual and performing loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of the dates indicated: June 30, 2019 December 31, 2018 Nonaccrual Performing Total Nonaccrual Performing Total (In thousands) Real estate mortgage: Commercial $ 17,012 $ 4,418,262 $ 4,435,274 $ 15,321 $ 4,808,977 $ 4,824,298 Income producing and other residential 2,883 3,637,869 3,640,752 2,524 3,091,319 3,093,843 Total real estate mortgage 19,895 8,056,131 8,076,026 17,845 7,900,296 7,918,141 Real estate construction and land: Commercial 390 972,501 972,891 442 912,141 912,583 Residential — 1,403,239 1,403,239 — 1,321,073 1,321,073 Total real estate construction and land 390 2,375,740 2,376,130 442 2,233,214 2,233,656 Commercial: Asset-based 32,236 3,573,771 3,606,007 32,324 3,273,097 3,305,421 Venture capital 22,501 2,172,242 2,194,743 20,299 2,018,449 2,038,748 Other commercial 5,799 1,767,765 1,773,564 7,380 2,053,046 2,060,426 Total commercial 60,536 7,513,778 7,574,314 60,003 7,344,592 7,404,595 Consumer 444 445,938 446,382 1,043 400,278 401,321 Total $ 81,265 $ 18,391,587 $ 18,472,852 $ 79,333 $ 17,878,380 $ 17,957,713 At June 30, 2019 , nonaccrual loans and leases totaled $81.3 million and included $9.8 million of loans and leases 90 or more days past due, $3.3 million of loans and leases 30 to 89 days past due, and $68.2 million of loans and leases current with respect to contractual payments that were placed on nonaccrual status based on management’s judgment regarding their collectability. Nonaccrual loans and leases totaled $79.3 million at December 31, 2018 , including $10.7 million of loans and leases 90 or more days past due, $6.6 million of loans and leases 30 to 89 days past due, and $62.0 million of current loans and leases that were placed on nonaccrual status based on management’s judgment regarding their collectability. As of June 30, 2019 , our three largest loan relationships on nonaccrual status had an aggregate carrying value of $45.0 million and represented 55% of total nonaccrual loans and leases. The following tables present the credit risk rating categories for loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of the dates indicated. Classified loans and leases are those with a credit risk rating of either substandard or doubtful. June 30, 2019 Classified Special Mention Pass Total (In thousands) Real estate mortgage: Commercial $ 32,926 $ 52,477 $ 4,349,871 $ 4,435,274 Income producing and other residential 8,693 355 3,631,704 3,640,752 Total real estate mortgage 41,619 52,832 7,981,575 8,076,026 Real estate construction and land: Commercial 390 — 972,501 972,891 Residential — 5,268 1,397,971 1,403,239 Total real estate construction and land 390 5,268 2,370,472 2,376,130 Commercial: Asset-based 41,151 48,324 3,516,532 3,606,007 Venture capital 42,105 68,426 2,084,212 2,194,743 Other commercial 65,139 63,591 1,644,834 1,773,564 Total commercial 148,395 180,341 7,245,578 7,574,314 Consumer 575 863 444,944 446,382 Total $ 190,979 $ 239,304 $ 18,042,569 $ 18,472,852 December 31, 2018 Classified Special Mention Pass Total (In thousands) Real estate mortgage: Commercial $ 57,734 $ 74,785 $ 4,691,779 $ 4,824,298 Income producing and other residential 10,521 968 3,082,354 3,093,843 Total real estate mortgage 68,255 75,753 7,774,133 7,918,141 Real estate construction and land: Commercial 442 7,041 905,100 912,583 Residential — 1,527 1,319,546 1,321,073 Total real estate construction and land 442 8,568 2,224,646 2,233,656 Commercial: Asset-based 45,957 48,338 3,211,126 3,305,421 Venture capital 28,731 77,588 1,932,429 2,038,748 Other commercial 92,526 50,136 1,917,764 2,060,426 Total commercial 167,214 176,062 7,061,319 7,404,595 Consumer 1,199 1,015 399,107 401,321 Total $ 237,110 $ 261,398 $ 17,459,205 $ 17,957,713 Nonaccrual loans and leases and performing TDRs are considered impaired for reporting purposes. TDRs are a result of rate reductions, term extensions, fee concessions, and debt forgiveness, or a combination thereof. The following table presents the composition of our impaired loans and leases held for investment, net of deferred fees, by loan portfolio segment as of the dates indicated: June 30, 2019 December 31, 2018 Total Total Nonaccrual Impaired Nonaccrual Impaired Loans Loans Loans Loans and Performing and and Performing and Leases TDRs Leases Leases TDRs Leases (In thousands) Real estate mortgage $ 19,895 $ 10,457 $ 30,352 $ 17,845 $ 11,484 $ 29,329 Real estate construction and land 390 4,986 5,376 442 5,420 5,862 Commercial 60,536 931 61,467 60,003 692 60,695 Consumer 444 90 534 1,043 105 1,148 Total $ 81,265 $ 16,464 $ 97,729 $ 79,333 $ 17,701 $ 97,034 The following tables present information regarding our impaired loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of and for the dates indicated: June 30, 2019 December 31, 2018 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Impaired Loans and Leases Investment Balance Allowance Investment Balance Allowance (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 493 $ 493 $ 69 $ 1,736 $ 1,648 $ 170 Income producing and other residential 2,066 2,061 191 2,569 2,563 247 Commercial: Asset based — — — — — — Venture capital 22,265 24,353 4,482 11,621 13,255 3,141 Other commercial 618 618 — 473 482 473 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 19,994 $ 34,694 $ 17,783 $ 32,035 Income producing and other residential 7,799 10,234 7,241 9,425 Real estate construction and land: Commercial 5,376 5,419 5,862 5,870 Commercial: Asset-based 32,236 49,853 32,324 38,100 Venture capital 237 26,531 8,678 41,335 Other commercial 6,111 26,562 7,599 25,740 Consumer 534 702 1,148 1,470 Total Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 30,352 $ 47,482 $ 260 $ 29,329 $ 45,671 $ 417 Real estate construction and land 5,376 5,419 — 5,862 5,870 — Commercial 61,467 127,917 4,482 60,695 118,912 3,614 Consumer 534 702 — 1,148 1,470 — Total $ 97,729 $ 181,520 $ 4,742 $ 97,034 $ 171,923 $ 4,031 Three Months Ended June 30, 2019 2018 Weighted Interest Weighted Interest Average Income Average Income Impaired Loans and Leases Balance (1) Recognized Balance (1) Recognized (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 493 $ 8 $ 7,786 $ 103 Income producing and other residential 2,066 15 2,419 21 Commercial: Venture capital 19,242 — 18,449 — Other commercial 619 9 688 — With No Related Allowance Recorded: Real estate mortgage: Commercial $ 16,716 $ 54 $ 58,733 $ 725 Income producing and other residential 7,738 57 8,293 44 Real estate construction and land: Commercial 5,376 98 5,549 93 Residential — — 10,450 — Commercial: Asset-based 31,148 — 29,677 — Venture capital 237 — 2,800 — Other commercial 6,111 20 8,508 335 Consumer 511 1 355 2 Total Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 27,013 $ 134 $ 77,231 $ 893 Real estate construction and land 5,376 98 15,999 93 Commercial 57,357 29 60,122 335 Consumer 511 1 355 2 Total $ 90,257 $ 262 $ 153,707 $ 1,323 _________________________ (1) For loans and leases reported as impaired at June 30, 2019 and 2018 , amounts were calculated based on the period of time such loans and leases were impaired during the reported period. Six Months Ended June 30, 2019 2018 Weighted Interest Weighted Interest Average Income Average Income Impaired Loans and Leases Balance (1) Recognized Balance (1) Recognized (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 493 $ 16 $ 7,786 $ 204 Income producing and other residential 2,066 29 2,419 42 Commercial: Venture capital 15,359 — 15,715 — Other commercial 619 18 346 — With No Related Allowance Recorded: Real estate mortgage: Commercial $ 16,016 $ 106 $ 55,214 $ 1,378 Income producing and other residential 7,647 110 8,277 88 Real estate construction and land: Commercial 5,376 196 5,549 184 Commercial: Asset-based 30,881 — 29,677 — Venture capital 237 — 2,645 — Other commercial 6,052 51 7,946 1,377 Consumer 485 3 341 4 Total Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 26,222 $ 261 $ 73,696 $ 1,712 Real estate construction and land 5,376 196 10,803 184 Commercial 53,148 69 56,329 1,377 Consumer 485 3 341 4 Total $ 85,231 $ 529 $ 141,169 $ 3,277 _________________________ (1) For loans and leases reported as impaired at June 30, 2019 and 2018 , amounts were calculated based on the period of time such loans and leases were impaired during the reported period. The following table presents our troubled debt restructurings of loans held for investment by loan portfolio segment and class for the periods indicated: Three Months Ended June 30, 2019 2018 Pre- Post- Pre- Post- Modification Modification Modification Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded Troubled Debt Restructurings Loans Investment Investment Loans Investment Investment (Dollars in thousands) Real estate mortgage: Income producing and other residential 3 $ 456 $ 456 3 $ 1,704 $ 645 Commercial: Asset-based 1 620 620 — — — Venture capital 4 13,971 14,972 4 5,236 5,236 Other commercial 3 107 107 2 31 31 Consumer — — — 1 27 27 Total 11 $ 15,154 $ 16,155 10 $ 6,998 $ 5,939 Six Months Ended June 30, 2019 2018 Pre- Post- Pre- Post- Modification Modification Modification Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded Troubled Debt Restructurings Loans Investment Investment Loans Investment Investment (Dollars in thousands) Real estate mortgage: Commercial 1 $ 37 $ — — $ — $ — Income producing and other residential 6 1,245 1,245 3 1,704 645 Commercial: Asset-based 1 620 620 — — — Venture capital 10 16,076 16,214 4 5,236 5,236 Other commercial 11 692 692 4 11,814 11,814 Consumer — — — 1 27 27 Total 29 $ 18,670 $ 18,771 12 $ 18,781 $ 17,722 During the three months ended June 30, 2019 , two venture capital loans totaling $447,000 and one other commercial loan of $81,000 were restructured in the preceding 12-month period and subsequently defaulted after being restructured. During the six months ended June 30, 2019 , two venture capital loans totaling $447,000 and three other commercial loans totaling $140,000 were restructured in the preceding 12-month period and subsequently defaulted after being restructured. During the three months ended June 30, 2018 , there were no loans restructured in the preceding 12-month period that subsequently defaulted after being restructured. Due the six months ended June 30, 2018 , one other commercial loan of $2.1 million was restructured in the preceding 12-month period and subsequently defaulted after being restructured. Leases Receivable We provide equipment financing to our customers primarily with operating and direct financing leases. For direct financing leases, lease receivables are recorded on the balance sheet but the leased equipment is not, although we generally retain legal title to the leased equipment until the end of each lease. Direct financing leases are stated at the net amount of minimum lease payments receivable, plus any unguaranteed residual value, less the amount of unearned income and net acquisition discount at the reporting date. Direct lease origination costs are amortized using the effective interest method over the life of the leases. Direct financing leases are subject to our allowance for loan and lease losses. See Note 8. Leases for information regarding operating leases where we are the lessor. The following table provides the components of leases receivable income for the period indicated: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 (In thousands) Component of leases receivable income: Interest income on net investments in leases $ 2,886 $ 6,026 The following table presents the components of leases receivable as of the date indicated: June 30, 2019 (In thousands) Net investment in direct financing leases: Lease payments receivable $ 180,179 Unguaranteed residual assets 26,238 Deferred fees and other 849 Aggregate net investment in leases $ 207,266 The following table presents maturities of leases receivable as of the date indicated: June 30, 2019 (In thousands) Period Ending December 31, 2019 $ 35,758 2020 71,453 2021 50,719 2022 19,333 2023 11,265 Thereafter 8,763 Total undiscounted cash flows 197,291 Less: Unearned income (17,112 ) Present value of lease payments $ 180,179 Allowance for Loan and Lease Losses The following tables present a summary of the activity in the allowance for loan and lease losses on loans and leases held for investment by loan portfolio segment for the periods indicated: Three Months Ended June 30, 2019 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 45,754 $ 27,208 $ 61,496 $ 1,823 $ 136,281 Charge-offs (534 ) — (16,927 ) (176 ) (17,637 ) Recoveries 240 — 6,080 73 6,393 Net charge-offs (294 ) — (10,847 ) (103 ) (11,244 ) Provision (negative provision) 1,366 (830 ) 8,752 712 10,000 Balance, end of period $ 46,826 $ 26,378 $ 59,401 $ 2,432 $ 135,037 Six Months Ended June 30, 2019 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 46,021 $ 28,209 $ 56,360 $ 1,882 $ 132,472 Charge-offs (730 ) — (19,930 ) (442 ) (21,102 ) Recoveries 383 — 9,186 98 9,667 Net charge-offs (347 ) — (10,744 ) (344 ) (11,435 ) Provision (negative provision) 1,152 (1,831 ) 13,785 894 14,000 Balance, end of period $ 46,826 $ 26,378 $ 59,401 $ 2,432 $ 135,037 Ending Allowance by Impairment Methodology: Individually evaluated for impairment $ 260 $ — $ 4,482 $ — $ 4,742 Collectively evaluated for impairment $ 46,566 $ 26,378 $ 54,919 $ 2,432 $ 130,295 Ending Loans and Leases by Impairment Methodology: Individually evaluated for impairment $ 27,594 $ 5,376 $ 60,380 $ — $ 93,350 Collectively evaluated for impairment 8,048,432 2,370,754 7,513,934 446,382 18,379,502 Ending balance $ 8,076,026 $ 2,376,130 $ 7,574,314 $ 446,382 $ 18,472,852 Three Months Ended June 30, 2018 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 40,158 $ 18,190 $ 73,780 $ 2,147 $ 134,275 Charge-offs (4,747 ) — (13,425 ) (63 ) (18,235 ) Recoveries 120 17 912 50 1,099 Net (charge-offs) recoveries (4,627 ) 17 (12,513 ) (13 ) (17,136 ) Provision (negative provision) 9,936 8,003 (2,461 ) (478 ) 15,000 Balance, end of period $ 45,467 $ 26,210 $ 58,806 $ 1,656 $ 132,139 Six Months Ended June 30, 2018 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period (1) $ 40,051 $ 13,055 $ 84,022 $ 2,328 $ 139,456 Charge-offs (7,345 ) — (22,949 ) (94 ) (30,388 ) Recoveries 1,777 26 6,399 95 8,297 Net (charge-offs) recoveries (5,568 ) 26 (16,550 ) 1 (22,091 ) Provision (negative provision) 10,984 13,129 (8,666 ) (673 ) 14,774 Balance, end of period $ 45,467 $ 26,210 $ 58,806 $ 1,656 $ 132,139 Ending Allowance by Impairment Methodology: Individually evaluated for impairment $ 472 $ — $ 8,480 $ — $ 8,952 Collectively evaluated for impairment $ 44,995 $ 26,210 $ 50,326 $ 1,656 $ 123,187 Ending Loans and Leases by Impairment Methodology: Individually evaluated for impairment $ 83,931 $ 15,998 $ 67,228 $ — $ 167,157 Collectively evaluated for impairment 7,482,443 1,858,028 6,998,884 378,680 16,718,035 Ending balance $ 7,566,374 $ 1,874,026 $ 7,066,112 $ 378,680 $ 16,885,192 _______________________________________ (1) The allowance for loan losses related to PCI loans of $6.4 million as of December 31, 2017 is reflected in the beginning balance of the allowance for loan and lease losses for the six months ended June 30, 2018 . Allowance for Credit Losses The allowance for credit losses is the combination of the allowance for loan and lease losses and the reserve for unfunded loan commitments. The reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities" on the condensed consolidated balance sheets. The following tables present a summary of the activity in the allowance for loan and lease losses and reserve for unfunded loan commitments for the periods indicated: Three Months Ended June 30, 2019 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of period $ 136,281 $ 36,861 $ 173,142 Charge-offs (17,637 ) — (17,637 ) Recoveries 6,393 — 6,393 Net charge-offs (11,244 ) — (11,244 ) Provision (negative provision) 10,000 (2,000 ) 8,000 Balance, end of period $ 135,037 $ 34,861 $ 169,898 Six Months Ended June 30, 2019 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of period $ 132,472 $ 36,861 $ 169,333 Charge-offs (21,102 ) — (21,102 ) Recoveries 9,667 — 9,667 Net charge-offs (11,435 ) — (11,435 ) Provision (negative provision) 14,000 (2,000 ) 12,000 Balance, end of period $ 135,037 $ 34,861 $ 169,898 Three Months Ended June 30, 2018 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of period $ 134,275 $ 32,861 $ 167,136 Charge-offs (18,235 ) — (18,235 ) Recoveries 1,099 — 1,099 Net charge-offs (17,136 ) — (17,136 ) Provision 15,000 2,500 17,500 Balance, end of period $ 132,139 $ 35,361 $ 167,500 Six Months Ended June 30, 2018 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of period (1) $ 139,456 $ 28,635 $ 168,091 Charge-offs (30,388 ) — (30,388 ) Recoveries 8,297 — 8,297 Net charge-offs (22,091 ) — (22,091 ) Provision 14,774 6,726 21,500 Balance, end of period $ 132,139 $ 35,361 $ 167,500 _______________________________________ (1) The allowance for loan losses related to PCI loans of $6.4 million as of December 31, 2017 is reflected in the beginning balance of the allowance for loan and lease losses for the six months ended June 30, 2018 |
Foreclosed Assets
Foreclosed Assets | 6 Months Ended |
Jun. 30, 2019 | |
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | |
Foreclosed Assets | FORECLOSED ASSETS The following table summarizes foreclosed assets as of the dates indicated: June 30, December 31, Property Type 2019 2018 (In thousands) Commercial real estate $ 253 $ 2,004 Single-family residence 953 953 Construction and land development 219 219 Multi‑family — 1,059 Total other real estate owned, net 1,425 4,235 Other foreclosed assets 47 1,064 Total foreclosed assets, net $ 1,472 $ 5,299 The following table presents the changes in foreclosed assets, net of the valuation allowance, for the period indicated: Foreclosed Assets (In thousands) Balance, December 31, 2018 $ 5,299 Transfers to foreclosed assets from loans 37 Provision for losses — Reductions related to sales (3,864 ) Balance, June 30, 2019 $ 1,472 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets arise from the acquisition method of accounting for business combinations. Goodwill and other intangible assets generated from business combinations and deemed to have indefinite lives are not subject to amortization and instead are tested for impairment at least annually. Goodwill represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. Impairment exists when the carrying value of the goodwill exceeds its implied fair value. An impairment loss would be recognized in an amount equal to that excess as a charge to "Noninterest expense" in the condensed consolidated statements of earnings. Our other intangible assets with definite lives include CDI and CRI. CDI and CRI are amortized over their respective estimated useful lives and reviewed for impairment at least quarterly. The amortization expense represents the estimated decline in the value of the underlying deposits or customer relationships acquired. The aggregate amortization expense is expected to be $18.7 million for 2019 . The estimated aggregate amortization expense related to our current intangible assets for each of the next five years is $14.6 million for 2020 , $10.8 million for 2021 , $7.5 million for 2022 , $3.8 million for 2023 , and $1.7 million for 2024 . The following table presents the changes in CDI and CRI and the related accumulated amortization for the periods indicated: Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2019 2019 2018 2019 2018 (In thousands) Gross Amount of CDI and CRI: Balance, beginning of period $ 119,497 $ 119,497 $ 119,497 $ 119,497 $ 119,497 Balance, end of period 119,497 119,497 119,497 119,497 119,497 Accumulated Amortization: Balance, beginning of period (67,247 ) (62,377 ) (46,217 ) (62,377 ) (39,871 ) Amortization (4,870 ) (4,870 ) (5,587 ) (9,740 ) (11,933 ) Balance, end of period (72,117 ) (67,247 ) (51,804 ) (72,117 ) (51,804 ) Net CDI and CRI, end of period $ 47,380 $ 52,250 $ 67,693 $ 47,380 $ 67,693 |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2019 | |
Other Assets [Abstract] | |
Other Assets | OTHER ASSETS The following table presents the detail of our other assets as of the dates indicated: June 30, December 31, Other Assets 2019 2018 (In thousands) Cash surrender value of BOLI $ 196,745 $ 194,897 Operating lease ROU assets, net 119,086 — Interest receivable 83,308 88,754 LIHTC investments 63,151 59,507 CRA investments (1) 58,892 59,062 Taxes receivable 28,326 39,096 Prepaid expenses 19,576 18,006 Equity investments without readily determinable fair values 14,827 14,758 Equity warrants 3,931 4,793 Equity investments with readily determinable fair values 3,284 4,891 Other receivables/assets 20,993 39,132 Total other assets $ 612,119 $ 522,896 ________________________ (1) Includes equity investments without readily determinable fair values of $14.0 million and $12.5 million at June 30, 2019 and December 31, 2018 . The increase in the operating lease ROU assets in 2019 was due to the adoption of ASU 2016-02 effective January 1, 2019. See Note 8. Leases for further details. Regarding our equity investments without readily determinable fair values, there were no impairments and no upward adjustments during the six months ended June 30, 2019 . On a cumulative basis since January 1, 2018 and through June 30, 2019 , we recorded impairments of $278,000 and upward adjustments of $286,000 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | LEASES The Company adopted ASU 2016-02, " Leases (Topic 842), " effective January 1, 2019 and applied the guidance to all leases within the scope of Topic 842 as of that date. We have adopted the guidance using the optional transition method under ASU 2018-11, “ Leases (Topic 842): Targeted Improvements, ” and recognized a cumulative effect adjustment to retained earnings without prior periods restated, effectively applying the requirements of the new standard prospectively. We determine if an arrangement is a lease at inception by assessing whether there is an identified asset, and whether the contract conveys the right to control the use of the identified asset for a period of time in exchange for consideration. Topic 842 also requires a lessee to classify a lease as either finance or operating. The Company only has operating leases related to our facilities as of June 30, 2019 , which consists of 75 full-service branch offices and 76 other offices. ROU assets represent a lessee's right to use an underlying asset for the lease term and lease liabilities represent a lessee's obligation to make lease payments arising from the lease. On January 1, 2019, ROU assets and operating lease liabilities were initially recognized based on the present value of future minimum lease payments over the remaining lease terms. We used our incremental borrowing rates on January 1, 2019 to determine the present value of future payments. The ROU assets also include any prepaid lease payments and initial direct costs incurred less any lease incentives received. We amortize the operating lease ROU assets and record interest expense on the operating lease liabilities over the lease terms. Our leases have remaining terms ranging from 1 to 28 years . Short-term leases (initial term of less than 12 months) are not recorded on the balance sheet and lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are accounted for as a single lease component. Most leases include one or more options to renew, with renewal terms that can extend the lease from one to ten years . The exercise of lease renewal options is at our sole discretion. Some of our leases also include termination options. We have determined that we do not meet the reasonably certain threshold to exercise any renewal or termination options, therefore our lease terms do not reflect any optional periods. We rent or sublease certain office space to third parties. Our subleases consist of operating leases for offices that we have fully or partially vacated. Certain of our lease agreements also include rental payments that adjust periodically based on changes in the CPI. We initially measured our lease payments using the index at the lease commencement date. Subsequent increases in the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred. The ROU assets and lease liabilities are not re-measured as a result of changes in the CPI. Our lease agreements do not contain any purchase options, residual value guarantees, or restrictive covenants. Operating Leases as a Lessee Our lease expense is a component of "Occupancy expense" on our condensed consolidated statements of earnings. The following table presents the components of lease expense for the period indicated: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 (In thousands) Operating lease expense: Fixed costs $ 8,534 $ 16,836 Variable costs 46 70 Short-term lease costs 203 723 Sublease income (1,054 ) (2,180 ) Net lease expense $ 7,729 $ 15,449 The following table presents supplemental cash flow information related to leases for the period indicated: Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,408 ROU assets obtained in exchange for lease obligations: Operating leases $ 149,621 The following table presents supplemental balance sheet and other information related to operating leases as of the date indicated: June 30, 2019 (Dollars in thousands) Operating leases: Operating lease right-of-use assets, net $ 119,086 Operating lease liabilities $ 133,887 Weighted average remaining lease term (in years) 5.6 Weighted average discount rate 2.93 % The following table presents maturities of operating lease liabilities as of the date indicated: June 30, 2019 (In thousands) Period ending December 31, 2019 $ 16,440 2020 30,764 2021 27,348 2022 21,645 2023 18,735 Thereafter 31,185 Total operating lease liabilities 146,117 Less: Imputed interest (12,230 ) Present value of operating lease liabilities $ 133,887 Operating Leases as a Lessor We provide equipment financing through operating leases where we facilitate the purchase of equipment leased to our customers. The equipment is on our balance sheet as "Equipment leased to others under operating leases" and is depreciated to its estimated residual value at the end of the lease term, shown as "Leased equipment depreciation" in the condensed consolidated statements of earnings, according to our fixed asset accounting policy. We receive periodic rental income payments under the leases, which are recorded as "Noninterest Income" in the condensed consolidated statements of earnings. The following table presents the rental payments to be received on operating leases as of the date indicated: June 30, 2019 (In thousands) Period Ending December 31, 2019 $ 18,620 2020 35,919 2021 28,199 2022 21,337 2023 18,604 Thereafter 50,214 Total undiscounted cash flows $ 172,893 |
Leases | LEASES The Company adopted ASU 2016-02, " Leases (Topic 842), " effective January 1, 2019 and applied the guidance to all leases within the scope of Topic 842 as of that date. We have adopted the guidance using the optional transition method under ASU 2018-11, “ Leases (Topic 842): Targeted Improvements, ” and recognized a cumulative effect adjustment to retained earnings without prior periods restated, effectively applying the requirements of the new standard prospectively. We determine if an arrangement is a lease at inception by assessing whether there is an identified asset, and whether the contract conveys the right to control the use of the identified asset for a period of time in exchange for consideration. Topic 842 also requires a lessee to classify a lease as either finance or operating. The Company only has operating leases related to our facilities as of June 30, 2019 , which consists of 75 full-service branch offices and 76 other offices. ROU assets represent a lessee's right to use an underlying asset for the lease term and lease liabilities represent a lessee's obligation to make lease payments arising from the lease. On January 1, 2019, ROU assets and operating lease liabilities were initially recognized based on the present value of future minimum lease payments over the remaining lease terms. We used our incremental borrowing rates on January 1, 2019 to determine the present value of future payments. The ROU assets also include any prepaid lease payments and initial direct costs incurred less any lease incentives received. We amortize the operating lease ROU assets and record interest expense on the operating lease liabilities over the lease terms. Our leases have remaining terms ranging from 1 to 28 years . Short-term leases (initial term of less than 12 months) are not recorded on the balance sheet and lease expense is recognized on a straight-line basis over the lease term. We have lease agreements with lease and non-lease components, which are accounted for as a single lease component. Most leases include one or more options to renew, with renewal terms that can extend the lease from one to ten years . The exercise of lease renewal options is at our sole discretion. Some of our leases also include termination options. We have determined that we do not meet the reasonably certain threshold to exercise any renewal or termination options, therefore our lease terms do not reflect any optional periods. We rent or sublease certain office space to third parties. Our subleases consist of operating leases for offices that we have fully or partially vacated. Certain of our lease agreements also include rental payments that adjust periodically based on changes in the CPI. We initially measured our lease payments using the index at the lease commencement date. Subsequent increases in the CPI are treated as variable lease payments and recognized in the period in which the obligation for those payments is incurred. The ROU assets and lease liabilities are not re-measured as a result of changes in the CPI. Our lease agreements do not contain any purchase options, residual value guarantees, or restrictive covenants. Operating Leases as a Lessee Our lease expense is a component of "Occupancy expense" on our condensed consolidated statements of earnings. The following table presents the components of lease expense for the period indicated: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 (In thousands) Operating lease expense: Fixed costs $ 8,534 $ 16,836 Variable costs 46 70 Short-term lease costs 203 723 Sublease income (1,054 ) (2,180 ) Net lease expense $ 7,729 $ 15,449 The following table presents supplemental cash flow information related to leases for the period indicated: Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,408 ROU assets obtained in exchange for lease obligations: Operating leases $ 149,621 The following table presents supplemental balance sheet and other information related to operating leases as of the date indicated: June 30, 2019 (Dollars in thousands) Operating leases: Operating lease right-of-use assets, net $ 119,086 Operating lease liabilities $ 133,887 Weighted average remaining lease term (in years) 5.6 Weighted average discount rate 2.93 % The following table presents maturities of operating lease liabilities as of the date indicated: June 30, 2019 (In thousands) Period ending December 31, 2019 $ 16,440 2020 30,764 2021 27,348 2022 21,645 2023 18,735 Thereafter 31,185 Total operating lease liabilities 146,117 Less: Imputed interest (12,230 ) Present value of operating lease liabilities $ 133,887 Operating Leases as a Lessor We provide equipment financing through operating leases where we facilitate the purchase of equipment leased to our customers. The equipment is on our balance sheet as "Equipment leased to others under operating leases" and is depreciated to its estimated residual value at the end of the lease term, shown as "Leased equipment depreciation" in the condensed consolidated statements of earnings, according to our fixed asset accounting policy. We receive periodic rental income payments under the leases, which are recorded as "Noninterest Income" in the condensed consolidated statements of earnings. The following table presents the rental payments to be received on operating leases as of the date indicated: June 30, 2019 (In thousands) Period Ending December 31, 2019 $ 18,620 2020 35,919 2021 28,199 2022 21,337 2023 18,604 Thereafter 50,214 Total undiscounted cash flows $ 172,893 |
Borrowings and Subordinated Deb
Borrowings and Subordinated Debentures | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings and Subordinated Debentures | BORROWINGS AND SUBORDINATED DEBENTURES Borrowings The following table summarizes our borrowings as of the dates indicated: June 30, 2019 December 31, 2018 Weighted Weighted Average Average Amount Rate Amount Rate (Dollars in thousands) Non‑recourse debt $ 59 7.50 % $ 114 7.50 % FHLB secured advances 1,522,000 2.52 % 1,040,000 2.56 % FHLB unsecured overnight advance 141,000 2.41 % 141,000 2.53 % AFX borrowings 250,000 2.43 % 190,000 2.56 % Total borrowings $ 1,913,059 2.50 % $ 1,371,114 2.56 % The non‑recourse debt represents the payment stream of certain equipment leases sold to third parties. The debt is secured by the leased equipment and all interest rates are fixed. As of June 30, 2019 , this debt had a weighted average remaining maturity of 0.5 years. The Bank has established secured and unsecured lines of credit under which it may borrow funds from time to time on a term or overnight basis from the FHLB, the FRBSF, and other financial institutions. FHLB Secured Line of Credit. The Bank had secured financing capacity with the FHLB as of June 30, 2019 of $4.2 billion , collateralized by a blanket lien on $6.0 billion of qualifying loans. As of June 30, 2019 , the balance outstanding was a $1.5 billion overnight advance. As of December 31, 2018 , the balance outstanding was a $1.0 billion overnight advance. FRBSF Secured Line of Credit. The Bank has a secured line of credit with the FRBSF. As of June 30, 2019 , the Bank had secured borrowing capacity of $2.0 billion collateralized by liens covering $2.7 billion of qualifying loans. As of June 30, 2019 and December 31, 2018 , there were no balances outstanding. FHLB Unsecured Line of Credit. The Bank has a $141.0 million unsecured line of credit with the FHLB for the purchase of overnight funds, of which $141.0 million was outstanding at June 30, 2019 . At December 31, 2018 , the balance outstanding was $141.0 million . Federal Funds Arrangements with Commercial Banks. As of June 30, 2019 , the Bank had unsecured lines of credit of $180.0 million in the aggregate with several correspondent banks for the purchase of overnight funds, subject to availability of funds. These lines are renewable annually and have no unused commitment fees. As of June 30, 2019 and December 31, 2018 , there were no balances outstanding. The Bank is a member of the AFX, through which it may either borrow or lend funds on an overnight or short-term basis with a group of pre-approved commercial banks. The availability of funds changes daily. As of June 30, 2019 , the balance outstanding was $250.0 million , which consisted of $240.0 million in overnight borrowings and a $10.0 million one-month borrowing with a maturity date of July 22, 2019 . As of December 31, 2018 , there was a $190.0 million overnight borrowing outstanding. Subordinated Debentures The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated: June 30, 2019 December 31, 2018 Date Maturity Rate Index Series Amount Rate Amount Rate Issued Date (Quarterly Reset) (Dollars in thousands) Trust V $ 10,310 5.51 % $ 10,310 5.89 % 8/15/2003 9/17/2033 3-month LIBOR + 3.10 Trust VI 10,310 5.46 % 10,310 5.84 % 9/3/2003 9/15/2033 3-month LIBOR + 3.05 Trust CII 5,155 5.36 % 5,155 5.74 % 9/17/2003 9/17/2033 3-month LIBOR + 2.95 Trust VII 61,856 5.33 % 61,856 5.27 % 2/5/2004 4/23/2034 3-month LIBOR + 2.75 Trust CIII 20,619 4.10 % 20,619 4.48 % 8/15/2005 9/15/2035 3-month LIBOR + 1.69 Trust FCCI 16,495 4.01 % 16,495 4.39 % 1/25/2007 3/15/2037 3-month LIBOR + 1.60 Trust FCBI 10,310 3.96 % 10,310 4.34 % 9/30/2005 12/15/2035 3-month LIBOR + 1.55 Trust CS 2005-1 82,475 4.36 % 82,475 4.74 % 11/21/2005 12/15/2035 3-month LIBOR + 1.95 Trust CS 2005-2 128,866 4.53 % 128,866 4.47 % 12/14/2005 1/30/2036 3-month LIBOR + 1.95 Trust CS 2006-1 51,545 4.53 % 51,545 4.47 % 2/22/2006 4/30/2036 3-month LIBOR + 1.95 Trust CS 2006-2 51,550 4.53 % 51,550 4.47 % 9/27/2006 10/30/2036 3-month LIBOR + 1.95 Trust CS 2006-3 (1) 29,314 1.74 % 29,556 1.73 % 9/29/2006 10/30/2036 3-month EURIBOR + 2.05 Trust CS 2006-4 16,470 4.53 % 16,470 4.47 % 12/5/2006 1/30/2037 3-month LIBOR + 1.95 Trust CS 2006-5 6,650 4.53 % 6,650 4.47 % 12/19/2006 1/30/2037 3-month LIBOR + 1.95 Trust CS 2007-2 39,177 4.53 % 39,177 4.47 % 6/13/2007 7/30/2037 3-month LIBOR + 1.95 Gross subordinated debentures 541,102 4.45 % 541,344 4.51 % Unamortized discount (2) (84,990 ) (87,498 ) Net subordinated debentures $ 456,112 $ 453,846 ___________________ (1) Denomination is in Euros with a value of €25.8 million . (2) Amount represents the fair value adjustment on trust preferred securities assumed in acquisitions. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The following table presents a summary of commitments described below as of the dates indicated: June 30, December 31, 2019 2018 (In thousands) Loan commitments to extend credit $ 7,610,899 $ 7,528,248 Standby letters of credit 387,012 364,210 Commitments to contribute capital to low income housing project partnerships and small business investment companies 109,103 101,991 Commitments to contribute capital to private equity funds 50 50 Total $ 8,107,064 $ 7,994,499 The Company is a party to financial instruments with off‑balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the condensed consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement that the Company has in particular classes of financial instruments. Commitments to extend credit are contractual agreements to lend to our customers when customers are in compliance with their contractual credit agreements and when customers have contractual availability to borrow under such agreements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. We provide standby letters of credit in conjunction with several of our lending arrangements and property lease obligations. Most guarantees expire within one year from the date of issuance. If a borrower defaults on its commitments subject to any letter of credit issued under these arrangements, we would be required to meet the borrower's financial obligation but would seek repayment of that financial obligation from the borrower. In some cases, borrowers have pledged cash and investment securities as collateral with us under these arrangements. In addition, the Company invests in low income housing project partnerships, which provide income tax credits, and in small business investment companies that call for capital contributions up to an amount specified in the partnership agreements. As of June 30, 2019 and December 31, 2018 , we had commitments to contribute capital to these entities totaling $109.1 million and $102.0 million . We also had commitments to contribute up to an additional $50,000 to private equity funds at June 30, 2019 and December 31, 2018 . Legal Matters In the ordinary course of our business, the Company is party to various legal actions, which we believe are incidental to the operation of our business. The outcome of such legal actions and the timing of ultimate resolution are inherently difficult to predict. In the opinion of management, based upon currently available information, any resulting liability, in addition to amounts already accrued, and taking into consideration insurance which may be applicable, would not have a material adverse effect on the Company’s financial statements or operations. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS ASC Topic 820, “ Fair Value Measurement ,” defines fair value, establishes a framework for measuring fair value including a three‑level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date reflecting assumptions that a market participant would use when pricing an asset or liability. The hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: • Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Observable inputs other than Level 1, including quoted prices for similar assets and liabilities in active markets, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data, either directly or indirectly, for substantially the full term of the financial instrument. This category generally includes municipal securities, agency residential and commercial MBS, collateralized loan obligations, registered publicly rated private label CMOs, corporate debt securities, SBA securities, and asset-backed securitizations. • Level 3: Inputs to a valuation methodology that are unobservable, supported by little or no market activity, and significant to the fair value measurement. These valuation methodologies generally include pricing models, discounted cash flow models, or a determination of fair value that requires significant management judgment or estimation. This category also includes observable inputs from a pricing service not corroborated by observable market data, and includes our non-rated private label CMOs, non-rated private label asset-backed securities, and equity warrants. The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily securities available‑for‑sale and derivatives. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period and such measurements are therefore considered “nonrecurring” for purposes of disclosing our fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for impaired loans and other real estate owned and also to record impairment on certain assets, such as goodwill, CDI, and other long‑lived assets. The following tables present information on the assets and liabilities measured and recorded at fair value on a recurring basis as of the dates indicated: Fair Value Measurements as of June 30, 2019 Measured on a Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Securities available‑for‑sale: Agency residential CMOs $ 1,150,474 $ — $ 1,150,474 $ — Agency commercial MBS 1,058,846 — 1,058,846 — Municipal securities 736,570 — 736,570 — Agency residential MBS 351,360 — 351,360 — Asset-backed securities 227,121 — 193,624 33,497 Private label residential CMOs 112,037 — 105,138 6,899 Collateralized loan obligations 93,802 — 93,802 — SBA securities 51,812 — 51,812 — Corporate debt securities 20,034 — 20,034 — U.S. Treasury securities 5,188 5,188 — — Total securities available-for-sale 3,807,244 5,188 3,761,660 40,396 Equity warrants 3,931 — — 3,931 Other derivative assets 1,459 — 1,459 — Equity investments with readily determinable fair values 3,284 3,284 — — Total recurring assets $ 3,815,918 $ 8,472 $ 3,763,119 $ 44,327 Derivative liabilities $ 317 $ — $ 317 $ — Fair Value Measurements as of December 31, 2018 Measured on a Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Securities available‑for‑sale: Municipal securities $ 1,312,194 $ — $ 1,312,194 $ — Agency commercial MBS 1,112,704 — 1,112,704 — Agency residential CMOs 632,850 — 632,850 — U.S. Treasury securities 403,405 403,405 — — Agency residential MBS 281,088 — 281,088 — Private label residential CMOs 101,205 — 93,917 7,288 Asset-backed securities 81,385 — 41,440 39,945 SBA securities 67,047 — 67,047 — Corporate debt securities 17,553 — 17,553 — Total securities available-for-sale 4,009,431 403,405 3,558,793 47,233 Equity warrants 4,793 — — 4,793 Other derivative assets 3,292 — 3,292 — Equity investments with readily determinable fair values 4,891 4,891 — — Total recurring assets $ 4,022,407 $ 408,296 $ 3,562,085 $ 52,026 Derivative liabilities $ 142 $ — $ 142 $ — During the six months ended June 30, 2019 , there was a $63,000 transfer from Level 3 equity warrants to Level 1 equity investments with readily determinable fair values measured on a recurring basis. The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 private label CMOs and asset-backed securities available-for-sale measured at fair value on a recurring basis as of the date indicated: June 30, 2019 Private Label CMOs Asset-Backed Securities Weighted Input or Weighted Range Average Range Average Unobservable Inputs of Inputs Input of Inputs Input Voluntary annual prepayment speeds 3.6% - 100.0% 11.2% 12.0% - 15.0% 13.7% Annual default rates (1) 0.4% - 82.0% 1.9% 2.0% 2.0% Loss severity rates (1) 1.5% - 145.8% 57.8% 60.0% 60.0% Discount rates 2.5% - 9.3% 6.4% 3.2% - 5.2% 4.3% ____________________ (1) The annual default rates and loss severity rates were the same for all of the asset-backed securities. The following table presents information about quantitative inputs and assumptions used in the modified Black-Scholes option pricing model to determine the fair value for our Level 3 equity warrants measured at fair value on a recurring basis as of the date indicated: June 30, 2019 Equity Warrants Weighted Average Unobservable Inputs Input Volatility 16.7% Risk-free interest rate 1.7% Remaining life assumption (in years) 3.36 The following table summarizes activity for our Level 3 private label CMOs available-for-sale, asset-backed securities available-for-sale, and equity warrants measured at fair value on a recurring basis for the period indicated: Private Asset-Backed Equity Label CMOs Securities Warrants (In thousands) Balance, December 31, 2018 $ 7,288 $ 39,945 $ 4,793 Total included in earnings 224 (56 ) 3,493 Total included in other comprehensive income (64 ) 559 — Issuances — — 161 Sales and dispositions (1) — — (4,453 ) Net settlements (549 ) (6,951 ) — Transfers to Level 1 — — (63 ) Balance, June 30, 2019 $ 6,899 $ 33,497 $ 3,931 ______________________ (1) Includes the exercise of warrants that upon exercise become equity securities in public companies. These are often subject to lock-up restrictions that must be met before the equity security can be sold, during which time they are reported as equity investments with readily determinable fair values. The following tables present assets measured at fair value on a non‑recurring basis as of the dates indicated: Fair Value Measurement as of June 30, 2019 Measured on a Non‑Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Impaired loans $ 23,517 $ — $ — $ 23,517 Total non-recurring $ 23,517 $ — $ — $ 23,517 Fair Value Measurement as of December 31, 2018 Measured on a Non‑Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Impaired loans $ 24,432 $ — $ 1,800 $ 22,632 OREO 1,136 — 1,136 — Total non-recurring $ 25,568 $ — $ 2,936 $ 22,632 The following table presents losses recognized on assets measured on a nonrecurring basis for the periods indicated: Three Months Ended Six Months Ended Losses on Assets June 30, June 30, Measured on a Non‑Recurring Basis 2019 2018 2019 2018 (In thousands) Impaired loans $ 1,842 $ 12,076 $ 3,038 $ 15,994 OREO — — — 65 Total losses $ 1,842 $ 12,076 $ 3,038 $ 16,059 The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of the date indicated: June 30, 2019 Valuation Unobservable Weighted Asset Fair Value Technique Inputs Range Average (In thousands) Impaired loans $ 17,073 Discounted cash flows Discount rates 3.75% - 8.00% 6.48% Impaired loans 6,444 Third party appraisals No discounts Total non-recurring Level 3 $ 23,517 The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated: June 30, 2019 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 185,075 $ 185,075 $ 185,075 $ — $ — Interest‑earning deposits in financial institutions 422,663 422,663 422,663 — — Securities available‑for‑sale 3,807,244 3,807,244 5,188 3,761,660 40,396 Investment in FHLB stock 43,146 43,146 — 43,146 — Loans and leases held for investment, net 18,337,815 17,841,445 — — 17,841,445 Equity warrants 3,931 3,931 — — 3,931 Other derivative assets 1,459 1,459 — 1,459 — Equity investments with readily determinable fair values 3,284 3,284 3,284 — — Financial Liabilities: Core deposits 15,617,488 15,617,488 — 15,617,488 — Non-core non-maturity deposits 436,833 436,833 — 436,833 — Time deposits 2,751,435 2,749,828 — 2,749,828 — Borrowings 1,913,059 1,913,059 1,903,000 10,059 — Subordinated debentures 456,112 439,635 — 439,635 — Derivative liabilities 317 317 — 317 — December 31, 2018 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 175,830 $ 175,830 $ 175,830 $ — $ — Interest‑earning deposits in financial institutions 209,937 209,937 209,937 — — Securities available‑for‑sale 4,009,431 4,009,431 403,405 3,558,793 47,233 Investment in FHLB stock 32,103 32,103 — 32,103 — Loans and leases held for investment, net 17,825,241 17,013,860 — 1,800 17,012,060 Equity warrants 4,793 4,793 — — 4,793 Other derivative assets 3,292 3,292 — 3,292 — Equity investments with readily determinable fair values 4,891 4,891 4,891 — — Financial Liabilities: Core deposits 16,346,671 16,346,671 — 16,346,671 — Non-core non-maturity deposits 518,192 518,192 — 518,192 — Time deposits 2,005,638 2,017,137 — 2,017,137 — Borrowings 1,371,114 1,371,114 1,371,000 114 — Subordinated debentures 453,846 435,251 — 435,251 — Derivative liabilities 142 142 — 142 — For information regarding the valuation methodologies used to measure our assets recorded at fair value (under ASC Topic 820), and for estimating fair value for financial instruments not recorded at fair value (under ASC Topic 825, as amended by ASU 2016-01 and ASU 2018-03), see Note 1. Nature of Operations and Summary of Significant Accounting Policies, and Note 13. Fair Value Measurements, to the Consolidated Financial Statements of the Company's 2018 Annual Report on Form 10-K. Limitations Fair value estimates are made at a specific point in time and are based on relevant market information and information about the financial instrument. These estimates do not reflect income taxes or any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a portion of the Company’s financial instruments, fair value estimates are based on what management believes to be reasonable judgments regarding expected future cash flows, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimated fair values are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Since the fair values have been estimated as of June 30, 2019 , the amounts that will actually be realized or paid at settlement or maturity of the instruments could be significantly different. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE The following table presents the computations of basic and diluted net earnings per share for the periods indicated: Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2019 2019 2018 2019 2018 (Dollars in thousands, except per share data) Basic Earnings Per Share: Net earnings $ 128,125 $ 112,604 $ 115,735 $ 240,729 $ 234,011 Less: Earnings allocated to unvested restricted stock (1) (1,190 ) (1,163 ) (1,348 ) (2,343 ) (2,469 ) Net earnings allocated to common shares $ 126,935 $ 111,441 $ 114,387 $ 238,386 $ 231,542 Weighted-average basic shares and unvested restricted stock outstanding 120,042 122,227 126,082 121,128 126,780 Less: Weighted-average unvested restricted stock outstanding (1,462 ) (1,352 ) (1,466 ) (1,407 ) (1,439 ) Weighted-average basic shares outstanding 118,580 120,875 124,616 119,721 125,341 Basic earnings per share $ 1.07 $ 0.92 $ 0.92 $ 1.99 $ 1.85 Diluted Earnings Per Share: Net earnings allocated to common shares $ 126,935 $ 111,441 $ 114,387 $ 238,386 $ 231,542 Weighted-average basic shares outstanding 118,580 120,875 124,616 119,721 125,341 Diluted earnings per share $ 1.07 $ 0.92 $ 0.92 $ 1.99 $ 1.85 ________________________ (1) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any. |
Revenue From Contracts With Cus
Revenue From Contracts With Customers | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contracts With Customers [Abstract] | |
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue The following table presents interest income and noninterest income, the components of total revenue, as disclosed in the condensed consolidated statements of earnings and the related amounts which are from contracts with customers within the scope of Topic 606 for the periods indicated. As illustrated here, substantially all of our revenue is specifically excluded from the scope of Topic 606. Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Total Revenue from Total Revenue from Recorded Contracts with Recorded Contracts with Revenue Customers Revenue Customers (In thousands) Total interest income $ 314,533 $ — $ 288,514 $ — Noninterest income: Service charges on deposit accounts 3,771 3,771 4,265 4,265 Other commissions and fees 11,590 5,158 11,767 5,101 Leased equipment income 9,182 — 9,790 — Gain on sale of loans 326 — 106 — Gain on sale of securities 22,192 — 253 — Other income 3,832 454 13,457 436 Total noninterest income 50,893 9,383 39,638 9,802 Total revenue $ 365,426 $ 9,383 $ 328,152 $ 9,802 The following table presents revenue from contracts with customers based on the timing of revenue recognition for the periods indicated: Three Months Ended June 30, 2019 2018 (In thousands) Products and services transferred at a point in time $ 4,987 $ 4,930 Products and services transferred over time 4,396 4,872 Total revenue from contracts with customers $ 9,383 $ 9,802 The following table presents interest income and noninterest income, the components of total revenue, as disclosed in the condensed consolidated statements of earnings and the related amounts which are from contracts with customers within the scope of Topic 606 for the periods indicated: Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Total Revenue from Total Revenue from Recorded Contracts with Recorded Contracts with Revenue Customers Revenue Customers (In thousands) Total interest income $ 619,092 $ — $ 566,289 $ — Noninterest income: Service charges on deposit accounts 7,501 7,501 8,439 8,439 Other commissions and fees 22,598 9,696 22,032 9,752 Leased equipment income 18,464 — 19,377 — Gain on sale of loans 326 — 4,675 — Gain on sale of securities 24,353 — 6,564 — Other income 8,715 825 17,110 897 Total noninterest income 81,957 18,022 78,197 19,088 Total revenue $ 701,049 $ 18,022 $ 644,486 $ 19,088 The following table presents revenue from contracts with customers based on the timing of revenue recognition for the periods indicated: Six Months Ended June 30, 2019 2018 (In thousands) Products and services transferred at a point in time $ 9,533 $ 9,591 Products and services transferred over time 8,489 9,497 Total revenue from contracts with customers $ 18,022 $ 19,088 Contract Balances The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers: June 30, 2019 December 31, 2018 (In thousands) Receivables, which are included in "Other assets" $ 1,494 $ 1,334 Contract assets, which are included in "Other assets" $ — $ — Contract liabilities, which are included in "Accrued interest payable and other liabilities" $ 556 $ 621 Contract liabilities relate to advance consideration received from customers for which revenue is recognized over the life of the contract. The change in contract liabilities for the six months ended June 30, 2019 due to revenue recognized that was included in the contract liability balance at the beginning of the period was $65,000 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION The Company’s 2017 Stock Incentive Plan, or the 2017 Plan, permits stock-based compensation awards to officers, directors, employees, and consultants. The 2017 Plan authorized grants of stock‑based compensation instruments to purchase or issue up to 4,000,000 shares of Company common stock. As of June 30, 2019 , there were 2,438,627 shares available for grant under the 2017 Plan. Though frozen for new issuances, certain awards issued under the 2003 Stock Incentive Plan, or the 2003 Plan, remain outstanding. Restricted Stock Restricted stock amortization totaled $6.2 million , $5.8 million , and $6.9 million for the three months ended June 30, 2019 , March 31, 2019 , and June 30, 2018 , and $12.0 million and $14.1 million for the six months ended June 30, 2019 and 2018 . Such amounts are included in "Compensation expense" on the condensed consolidated statements of earnings. The amount of unrecognized compensation expense related to unvested TRSAs and PRSUs as of June 30, 2019 totaled $66.5 million . Time-Based Restricted Stock Awards At June 30, 2019 , there were 1,623,494 shares of unvested TRSAs outstanding pursuant to the Company's 2003 and 2017 Stock Incentive Plans. The TRSAs generally vest ratably over a service period of three or four years from the date of the grant or immediately upon death of an employee. Compensation expense related to TRSAs is based on the fair value of the underlying stock on the award date and is recognized over the vesting period using the straight‑line method. Performance-Based Restricted Stock Units At June 30, 2019 , there were 276,386 unvested PRSUs. The PRSUs will vest only if performance goals with respect to certain financial metrics are met over a three -year performance period. The PRSUs are not considered issued and outstanding until they vest. PRSUs are granted and initially expensed based on a target number. The number of shares that will ultimately vest based on actual performance will range from zero to a maximum of either 150% or 200% of target. Compensation expense related to PRSUs is based on the fair value of the underlying stock on the award date and is amortized over the vesting period using the straight-line method unless it is determined that: (1) attainment of the financial metrics is less than probable, in which case a portion of the amortization is suspended, or (2) attainment of the financial metrics is improbable, in which case a portion of the previously recognized amortization is reversed and also suspended. If it is determined that attainment of a financial measure higher than target is probable, the amortization will increase to up to 150% or 200% of the target amortization amount. Annual PRSU expense may vary during the three |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 6 Months Ended |
Jun. 30, 2019 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards | RECENTLY ISSUED ACCOUNTING STANDARDS Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2016-13, " Measurement of Credit Losses on Financial Instruments, " ASU 2018-19, “ Codification Improvements to Topic 326, Financial Instruments - Credit Losses,” and ASU 2019-05, " Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief " 1. This Update changes the accounting and recognition of credit losses and impairment of financial assets recorded at amortized cost. Under the CECL model, the standard requires immediate recognition of estimated credit losses expected to occur over the remaining life of the asset. The forward-looking concept of CECL requires loss estimates for the remaining estimated life of the financial assets using historical experience, current conditions and reasonable and supportable forecasts. 2. The Update amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. Receivables arising from operating leases are not within the scope of CECL. 3. The Update must be applied using the modified retrospective method with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. A prospective transition approach is required for available-for-sale debt securities for which an other-than-temporary impairment had been recognized before the adoption date. Early adoption is permitted. January 1, 2020 1. The Company has established a multidisciplinary project team and implementation plan, selected a software solution, reached accounting decisions on various matters, developed a conceptual framework, and developed econometric regression models for the reasonable and supportable ("R&S") forecast period. 2. The Company continues to test and refine the CECL models and has completed three preliminary calculations with two more scheduled before adoption. The Company continues to perform testing and sensitivity analysis on its modeling assumptions and results. 3. Our planned approach for estimating expected life-time credit losses include the following key components for all loan portfolio segments: a. The use of a probability of default/loss given default methodology; b. A single scenario based on the consensus forecast from Moody's to develop an economic forecast for the R&S period; c. An initial R&S forecast period of four quarters for all loan portfolio segments, which reflects management's expectation of losses based on forward-looking economic scenarios over that time; d. A post-R&S reversion period of two quarters using a straight-line approach; e. A historical loss period of at least 40 quarters, which represents a full economic credit cycle; and f. Prepayments rates based on our historical experience. 4. The ultimate impact is influenced by our portfolio characteristics, of which the vast majority is comprised of short-duration commercial loans; the macroeconomic conditions and forecasts at adoption; and other management judgments. 5. We plan to adopt this new standard on January 1, 2020. The new standard will be significant to the policies, processes, and methodology used to determine credit losses; however, we are not yet in a position to disclose the quantitative effect on the Company's consolidated financial position and results of operations as the calculations and models continue to be evaluated and assumptions are subject to change. Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2017-04, " Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" 1. This Update simplifies goodwill impairment testing by eliminating the second step of the analysis under which the implied fair value of goodwill is determined as if the reporting unit were being acquired in a business combination. 2. The goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and an impairment charge would be recognized for any amount by which the carrying amount exceeds the reporting unit's fair value, to the extent that the loss recognized does not exceed the amount of goodwill allocated to that reporting unit. 3. The Update must be applied prospectively and early adoption is permitted. January 1, 2020 The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial position or results of operations and we plan to adopt this standard on January 1, 2020. Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2018-13, “ Fair Value Measurement (Topic 820): Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurements” 1. This Update modified the disclosure requirements in Topic 820 to add disclosures regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty. 2. Certain disclosure requirements in Topic 820 are also removed or modified. Certain disclosures in ASU 2018-13 would need to be applied on a retrospective basis and others on a prospective basis and early adoption is permitted. January 1, 2020 The adoption of this guidance will modify disclosures but will not have an impact on the Company’s consolidated financial position or results of operations. The Company has early adopted any removed or modified disclosures effective January 1, 2019 but will defer adoption of the additional disclosures until January 1, 2020 as permitted in the transition guidance of the standard. Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2019-04, " Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments " 1. This Update made clarifications and amendments to five topics: (i) Topic A: Codification Improvements Resulting from the June and November 2018 Credit Losses Transition Resource Group ("TRG") Meetings, (ii) Topic B: Codification Improvements to ASU 2016-13, (iii) Topic C: Codification Improvements to ASU 2017-12, " Derivatives and Hedging (Topic 815) " and Other Hedging Items, (iv) Topic D: Codification Improvements to ASU 2016-01, " Financial Instruments - Overall (Subtopic 825-10) ," and (v) Topic E: Codification Improvements Resulting from the November 2018 Credit Losses TRG Meeting. 2. In addition to conforming amendments that correct for errors and oversights, the Update in Topics A, B, and E, which impacts CECL implementation, amends or clarifies guidance for accrued interest; transfers between classifications or categories of loans and debt securities; recoveries; effect of prepayments in determining the effective interest rate; estimated costs to sell when foreclosure is probable; vintage disclosure presentation related to line-of-credit arrangements converted to term loans; contractual extensions or renewals; and others. 3. Transition requirements for the amendments are the same as ASU 2016-13 for the Update in Topics A, B, and E. The Update in Topic C may be applied retrospectively as of the date of initial adoption of ASU 2017-12 or prospectively. The Update in Topic D must be applied on a modified retrospective method with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption and early adoption is permitted. January 1, 2020; except for Topic C - January 1, 2019 1. Impacts from the adoption of Topics A, B, and E within this Update will be considered in the Company's overall CECL implementation and we plan to adopt this Update concurrent with the adoption of ASU 2016-13. 2. The adoption of Topic D within this Update is not expected to have a material impact on the Company's consolidated financial position or results of operations and we plan to adopt this standard on January 1, 2020. 3. Topic C within this Update is not applicable to us and therefore there is no impact on the Company's consolidated financial position or results of operations. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS Common Stock Dividends On August 1, 2019 , the Company announced that the Board of Directors had declared a quarterly cash dividend of $0.60 per common share. The cash dividend is payable on August 30, 2019 to stockholders of record at the close of business on August 20, 2019 . The Company has evaluated events that have occurred subsequent to June 30, 2019 and have concluded there are no other subsequent events that would require recognition in the accompanying consolidated financial statements. |
Organization Organization (Poli
Organization Organization (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Our accounting policies are described in Note 1. Nature of Operations and Summary of Significant Accounting Policies , of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 as filed with the Securities and Exchange Commission ("Form 10-K"). |
Recently Issued Accounting Standards | ORGANIZATION PacWest Bancorp, a Delaware corporation, is a bank holding company registered under the BHCA, with our corporate headquarters located in Beverly Hills, California. Our principal business is to serve as the holding company for our wholly-owned subsidiary, Pacific Western Bank. References to "Pacific Western" or the "Bank" refer to Pacific Western Bank together with its wholly-owned subsidiaries. References to "we," "us," or the "Company" refer to PacWest Bancorp together with its subsidiaries on a consolidated basis. When we refer to "PacWest" or to the "holding company," we are referring to PacWest Bancorp, the parent company, on a stand-alone basis. We are focused on relationship-based business banking to small, middle-market and venture-backed businesses nationwide. The Bank offers a broad range of loan and lease and deposit products and services through 74 full-service branches located throughout the State of California, one branch located in Durham, North Carolina, and numerous loan production offices across the country through its Community Banking, National Lending and Venture Banking groups. Community Banking provides real estate loans, commercial loans, and comprehensive deposit and treasury management services to small and medium-sized businesses conducted primarily through our California-based branch offices. National Lending provides asset-based, equipment, real estate, and security monitoring cash flow loans and treasury management services to established middle-market businesses on a national basis. Venture Banking offers a comprehensive suite of financial services focused on entrepreneurial businesses and their venture capital and private equity investors, with offices located in key innovation hubs across the United States. In addition, we provide investment advisory and asset management services to select clients through Pacific Western Asset Management Inc., a wholly-owned subsidiary of the Bank and a SEC-registered investment adviser. We generate our revenue primarily from interest received on loans and leases and, to a lesser extent, from interest received on investment securities, and fees received in connection with deposit services, extending credit and other services offered, including foreign exchange services. Our major operating expenses are interest paid by the Bank on deposits and borrowings, compensation, occupancy, and general operating expenses. We have completed 29 acquisitions from May 1, 2000 through June 30, 2019 . Our acquisitions have been accounted for using the acquisition method of accounting and, accordingly, the operating results of the acquired entities have been included in the consolidated financial statements from their respective acquisition dates. Significant Accounting Policies Our accounting policies are described in Note 1. Nature of Operations and Summary of Significant Accounting Policies , of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 as filed with the Securities and Exchange Commission ("Form 10-K"). Accounting Standards Adopted in 2019 Effective January 1, 2019, the Company adopted ASU 2016-02, " Leases (Topic 842), " and the related amendments to this new standard issued in 2018. ASU 2016-02 supersedes Topic 840, “ Leases,” and is intended to increase transparency and comparability among organizations by requiring the recognition of right-of-use (“ROU”) assets and lease liabilities by lessees for those leases classified as operating leases. Under the standard, disclosures are required to meet the objective of enabling users of the financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. The Company adopted the new standard using the optional transition method under ASU 2018-11, “ Leases (Topic 842): Targeted Improvements, ” and recognized a cumulative effect adjustment to increase retained earnings by $938,000 , net of taxes, without restating prior periods and applying the requirements of the new standard prospectively. The Company has elected the following practical expedients: (1) to not separate lease and non-lease components for facilities leases; (2) to not reassess whether any expired or existing contracts are or contain leases and to maintain existing lease classifications; (3) to not record short-term leases (initial term less than 12 months) on the balance sheet; and (4) to present sales tax on a net basis for those transactions in which the Company is the lessor. The standard had a more significant impact on our condensed consolidated balance sheet than on our condensed consolidated statement of earnings. The most significant impact was the recognition of ROU assets and lease liabilities for operating leases, while the accounting for leases as a lessor remained substantially unchanged. The ROU asset is included within "Other assets," while the ROU liability is included within "Accrued interest payable and other liabilities". See Note 8. Leases and Note 7. Other Assets for further details. Effective January 1, 2019, the Company early-adopted any removed or modified disclosures as permitted by ASU 2018-13, “ Fair Value Measurement (Topic 820): Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurements,” but will defer adoption of the additional disclosures until the effective date of January 1, 2020 as permitted in the transition guidance in ASU 2018-13. Effective January 1, 2019, the Company early-adopted ASU 2018-15, “ Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract (a consensus of the FASB Emerging Issues Task Force)," which aligns the requirements for capitalizing implementation costs in a cloud computing arrangement service contract with the requirements for capitalizing implementation costs incurred for an internal-use software license. The new guidance also prescribes the balance sheet, income statement, and cash flow classification of the capitalized implementation costs and related amortization expense, and requires additional quantitative and qualitative disclosures. The Company opted to apply ASU 2018-15 prospectively. The primary effect of the provisions is to capitalize eligible implementation costs during the application development phase and to amortize those costs over the life of the agreement. There was no impact to our condensed consolidated financial statements from the adoption of this new standard. Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2016-13, " Measurement of Credit Losses on Financial Instruments, " ASU 2018-19, “ Codification Improvements to Topic 326, Financial Instruments - Credit Losses,” and ASU 2019-05, " Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief " 1. This Update changes the accounting and recognition of credit losses and impairment of financial assets recorded at amortized cost. Under the CECL model, the standard requires immediate recognition of estimated credit losses expected to occur over the remaining life of the asset. The forward-looking concept of CECL requires loss estimates for the remaining estimated life of the financial assets using historical experience, current conditions and reasonable and supportable forecasts. 2. The Update amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. Receivables arising from operating leases are not within the scope of CECL. 3. The Update must be applied using the modified retrospective method with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. A prospective transition approach is required for available-for-sale debt securities for which an other-than-temporary impairment had been recognized before the adoption date. Early adoption is permitted. January 1, 2020 1. The Company has established a multidisciplinary project team and implementation plan, selected a software solution, reached accounting decisions on various matters, developed a conceptual framework, and developed econometric regression models for the reasonable and supportable ("R&S") forecast period. 2. The Company continues to test and refine the CECL models and has completed three preliminary calculations with two more scheduled before adoption. The Company continues to perform testing and sensitivity analysis on its modeling assumptions and results. 3. Our planned approach for estimating expected life-time credit losses include the following key components for all loan portfolio segments: a. The use of a probability of default/loss given default methodology; b. A single scenario based on the consensus forecast from Moody's to develop an economic forecast for the R&S period; c. An initial R&S forecast period of four quarters for all loan portfolio segments, which reflects management's expectation of losses based on forward-looking economic scenarios over that time; d. A post-R&S reversion period of two quarters using a straight-line approach; e. A historical loss period of at least 40 quarters, which represents a full economic credit cycle; and f. Prepayments rates based on our historical experience. 4. The ultimate impact is influenced by our portfolio characteristics, of which the vast majority is comprised of short-duration commercial loans; the macroeconomic conditions and forecasts at adoption; and other management judgments. 5. We plan to adopt this new standard on January 1, 2020. The new standard will be significant to the policies, processes, and methodology used to determine credit losses; however, we are not yet in a position to disclose the quantitative effect on the Company's consolidated financial position and results of operations as the calculations and models continue to be evaluated and assumptions are subject to change. Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2017-04, " Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" 1. This Update simplifies goodwill impairment testing by eliminating the second step of the analysis under which the implied fair value of goodwill is determined as if the reporting unit were being acquired in a business combination. 2. The goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and an impairment charge would be recognized for any amount by which the carrying amount exceeds the reporting unit's fair value, to the extent that the loss recognized does not exceed the amount of goodwill allocated to that reporting unit. 3. The Update must be applied prospectively and early adoption is permitted. January 1, 2020 The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial position or results of operations and we plan to adopt this standard on January 1, 2020. Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2018-13, “ Fair Value Measurement (Topic 820): Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurements” 1. This Update modified the disclosure requirements in Topic 820 to add disclosures regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty. 2. Certain disclosure requirements in Topic 820 are also removed or modified. Certain disclosures in ASU 2018-13 would need to be applied on a retrospective basis and others on a prospective basis and early adoption is permitted. January 1, 2020 The adoption of this guidance will modify disclosures but will not have an impact on the Company’s consolidated financial position or results of operations. The Company has early adopted any removed or modified disclosures effective January 1, 2019 but will defer adoption of the additional disclosures until January 1, 2020 as permitted in the transition guidance of the standard. Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2019-04, " Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments " 1. This Update made clarifications and amendments to five topics: (i) Topic A: Codification Improvements Resulting from the June and November 2018 Credit Losses Transition Resource Group ("TRG") Meetings, (ii) Topic B: Codification Improvements to ASU 2016-13, (iii) Topic C: Codification Improvements to ASU 2017-12, " Derivatives and Hedging (Topic 815) " and Other Hedging Items, (iv) Topic D: Codification Improvements to ASU 2016-01, " Financial Instruments - Overall (Subtopic 825-10) ," and (v) Topic E: Codification Improvements Resulting from the November 2018 Credit Losses TRG Meeting. 2. In addition to conforming amendments that correct for errors and oversights, the Update in Topics A, B, and E, which impacts CECL implementation, amends or clarifies guidance for accrued interest; transfers between classifications or categories of loans and debt securities; recoveries; effect of prepayments in determining the effective interest rate; estimated costs to sell when foreclosure is probable; vintage disclosure presentation related to line-of-credit arrangements converted to term loans; contractual extensions or renewals; and others. 3. Transition requirements for the amendments are the same as ASU 2016-13 for the Update in Topics A, B, and E. The Update in Topic C may be applied retrospectively as of the date of initial adoption of ASU 2017-12 or prospectively. The Update in Topic D must be applied on a modified retrospective method with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption and early adoption is permitted. January 1, 2020; except for Topic C - January 1, 2019 1. Impacts from the adoption of Topics A, B, and E within this Update will be considered in the Company's overall CECL implementation and we plan to adopt this Update concurrent with the adoption of ASU 2016-13. 2. The adoption of Topic D within this Update is not expected to have a material impact on the Company's consolidated financial position or results of operations and we plan to adopt this standard on January 1, 2020. 3. Topic C within this Update is not applicable to us and therefore there is no impact on the Company's consolidated financial position or results of operations. |
Basis of Presentation | Basis of Presentation Our interim condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K. |
Use of Estimates | Use of Estimates We have made a number of estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these condensed consolidated financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowance for credit losses (the combination of the allowance for loan and lease losses and the reserve for unfunded loan commitments), the carrying value of intangible assets, the realization of deferred tax assets, and the fair value estimates of assets acquired and liabilities assumed in acquisitions. These estimates may be adjusted as more current information becomes available, and any adjustment may be significant. |
Reclassifications | Reclassifications None. |
Fair Value Disclosures (Policie
Fair Value Disclosures (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement, Policy | FAIR VALUE MEASUREMENTS ASC Topic 820, “ Fair Value Measurement ,” defines fair value, establishes a framework for measuring fair value including a three‑level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date reflecting assumptions that a market participant would use when pricing an asset or liability. The hierarchy uses three levels of inputs to measure the fair value of assets and liabilities as follows: • Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets. • Level 2: Observable inputs other than Level 1, including quoted prices for similar assets and liabilities in active markets, quoted prices in less active markets, or other observable inputs that can be corroborated by observable market data, either directly or indirectly, for substantially the full term of the financial instrument. This category generally includes municipal securities, agency residential and commercial MBS, collateralized loan obligations, registered publicly rated private label CMOs, corporate debt securities, SBA securities, and asset-backed securitizations. • Level 3: Inputs to a valuation methodology that are unobservable, supported by little or no market activity, and significant to the fair value measurement. These valuation methodologies generally include pricing models, discounted cash flow models, or a determination of fair value that requires significant management judgment or estimation. This category also includes observable inputs from a pricing service not corroborated by observable market data, and includes our non-rated private label CMOs, non-rated private label asset-backed securities, and equity warrants. The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily securities available‑for‑sale and derivatives. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period and such measurements are therefore considered “nonrecurring” for purposes of disclosing our fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for impaired loans and other real estate owned and also to record impairment on certain assets, such as goodwill, CDI, and other long‑lived assets. |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of available-for-sale securities reconciliation | The following table presents amortized cost, gross unrealized gains and losses, and fair values of securities available-for-sale as of the dates indicated: June 30, 2019 December 31, 2018 Gross Gross Gross Gross Amortized Unrealized Unrealized Fair Amortized Unrealized Unrealized Fair Security Type Cost Gains Losses Value Cost Gains Losses Value (In thousands) Agency residential CMOs $ 1,125,267 $ 25,513 $ (306 ) $ 1,150,474 $ 634,774 $ 3,448 $ (5,372 ) $ 632,850 Agency commercial MBS 1,033,895 25,046 (95 ) 1,058,846 1,133,846 383 (21,525 ) 1,112,704 Municipal securities 700,470 36,594 (494 ) 736,570 1,298,514 21,000 (7,320 ) 1,312,194 Agency residential MBS 343,131 8,381 (152 ) 351,360 281,486 1,902 (2,300 ) 281,088 Asset-backed securities 226,693 866 (438 ) 227,121 81,762 104 (481 ) 81,385 Private label residential CMOs 108,526 3,610 (99 ) 112,037 101,313 1,985 (2,093 ) 101,205 Collateralized loan obligations 94,149 — (347 ) 93,802 — — — — SBA securities 51,154 670 (12 ) 51,812 68,158 — (1,111 ) 67,047 Corporate debt securities 17,000 3,034 — 20,034 17,000 553 — 17,553 U.S. Treasury securities 4,983 205 — 5,188 401,056 2,437 (88 ) 403,405 Total $ 3,705,268 $ 103,919 $ (1,943 ) $ 3,807,244 $ 4,017,909 $ 31,812 $ (40,290 ) $ 4,009,431 See Note 11. Fair Value Measurements for information on fair value measurements and methodology. |
Unrealized losses on investment securities | The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions, for which other-than-temporary impairments have not been recognized in earnings, as of the dates indicated: June 30, 2019 Less Than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Security Type Value Losses Value Losses Value Losses (In thousands) Agency residential CMOs $ 85,397 $ (267 ) $ 7,696 $ (39 ) $ 93,093 $ (306 ) Agency commercial MBS — — 29,902 (95 ) 29,902 (95 ) Municipal securities 4,044 (12 ) 25,874 (482 ) 29,918 (494 ) Agency residential MBS — — 9,533 (152 ) 9,533 (152 ) Asset-backed securities 84,083 (426 ) 3,915 (12 ) 87,998 (438 ) Private label residential CMOs — — 18,008 (99 ) 18,008 (99 ) Collateralized loan obligations 93,802 (347 ) — — 93,802 (347 ) SBA securities — — 2,063 (12 ) 2,063 (12 ) Total $ 267,326 $ (1,052 ) $ 96,991 $ (891 ) $ 364,317 $ (1,943 ) December 31, 2018 Less Than 12 Months 12 Months or More Total Gross Gross Gross Fair Unrealized Fair Unrealized Fair Unrealized Security Type Value Losses Value Losses Value Losses (In thousands) Agency residential CMOs $ 69,859 $ (326 ) $ 164,097 $ (5,046 ) $ 233,956 $ (5,372 ) Agency commercial MBS 40,641 (341 ) 1,020,684 (21,184 ) 1,061,325 (21,525 ) Municipal securities 52,386 (238 ) 284,915 (7,082 ) 337,301 (7,320 ) Agency residential MBS 60,164 (169 ) 85,245 (2,131 ) 145,409 (2,300 ) Asset-backed securities 11,548 (38 ) 35,859 (443 ) 47,407 (481 ) Private label residential CMOs 32,170 (831 ) 49,237 (1,262 ) 81,407 (2,093 ) SBA securities 249 (1 ) 66,798 (1,110 ) 67,047 (1,111 ) U.S. Treasury securities 49,729 (88 ) — — 49,729 (88 ) Total $ 316,746 $ (2,032 ) $ 1,706,835 $ (38,258 ) $ 2,023,581 $ (40,290 ) |
Investments classified by contractual maturity date | The following table presents the contractual maturities of our securities available-for-sale portfolio based on amortized cost and carrying value as of the date indicated: June 30, 2019 Amortized Fair Maturities Cost Value (In thousands) Due in one year or less $ 14,660 $ 14,647 Due after one year through five years 194,493 197,141 Due after five years through ten years 1,028,156 1,054,251 Due after ten years 2,467,959 2,541,205 Total securities available-for-sale $ 3,705,268 $ 3,807,244 |
Investment income | The following table presents the composition of our interest income on investment securities for the periods indicated: Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2019 2019 2018 2019 2018 (In thousands) Taxable interest $ 20,944 $ 19,742 $ 17,106 $ 40,686 $ 31,705 Non-taxable interest 7,547 9,593 10,276 17,140 21,383 Dividend income 457 345 348 802 780 Total interest income on investment securities $ 28,948 $ 29,680 $ 27,730 $ 58,628 $ 53,868 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Schedule of composition of loans portfolio | The following table summarizes the composition of our loans and leases held for investment as of the dates indicated: June 30, December 31, 2019 2018 (In thousands) Real estate mortgage $ 8,087,586 $ 7,933,859 Real estate construction and land 2,405,073 2,262,710 Commercial 7,593,728 7,428,500 Consumer 446,353 401,296 Total gross loans and leases held for investment 18,532,740 18,026,365 Deferred fees, net (59,888 ) (68,652 ) Total loans and leases held for investment, net of deferred fees 18,472,852 17,957,713 Allowance for loan and lease losses (135,037 ) (132,472 ) Total loans and leases held for investment, net $ 18,337,815 $ 17,825,241 |
Delinquent loans in loan portfolio | The following tables present an aging analysis of our loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of the dates indicated: June 30, 2019 30 - 89 90 or More Days Days Total Past Due Past Due Past Due Current Total (In thousands) Real estate mortgage: Commercial $ 4,516 $ 6,632 $ 11,148 $ 4,424,126 $ 4,435,274 Income producing and other residential 3,692 422 4,114 3,636,638 3,640,752 Total real estate mortgage 8,208 7,054 15,262 8,060,764 8,076,026 Real estate construction and land: Commercial — — — 972,891 972,891 Residential 4,672 — 4,672 1,398,567 1,403,239 Total real estate construction and land 4,672 — 4,672 2,371,458 2,376,130 Commercial: Asset-based 12,382 1,624 14,006 3,592,001 3,606,007 Venture capital 447 — 447 2,194,296 2,194,743 Other commercial 2,329 928 3,257 1,770,307 1,773,564 Total commercial 15,158 2,552 17,710 7,556,604 7,574,314 Consumer 964 169 1,133 445,249 446,382 Total $ 29,002 $ 9,775 $ 38,777 $ 18,434,075 $ 18,472,852 December 31, 2018 30 - 89 90 or More Days Days Total Past Due Past Due Past Due Current Total (In thousands) Real estate mortgage: Commercial $ 3,487 $ 7,541 $ 11,028 $ 4,813,270 $ 4,824,298 Income producing and other residential 1,557 476 2,033 3,091,810 3,093,843 Total real estate mortgage 5,044 8,017 13,061 7,905,080 7,918,141 Real estate construction and land: Commercial — 442 442 912,141 912,583 Residential 1,527 — 1,527 1,319,546 1,321,073 Total real estate construction and land 1,527 442 1,969 2,231,687 2,233,656 Commercial: Asset-based 47 646 693 3,304,728 3,305,421 Venture capital 4,705 — 4,705 2,034,043 2,038,748 Other commercial 5,181 1,285 6,466 2,053,960 2,060,426 Total commercial 9,933 1,931 11,864 7,392,731 7,404,595 Consumer 581 333 914 400,407 401,321 Total $ 17,085 $ 10,723 $ 27,808 $ 17,929,905 $ 17,957,713 |
Schedule of non accrual and performing restructured impaired financing receivables | The following table presents our nonaccrual and performing loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of the dates indicated: June 30, 2019 December 31, 2018 Nonaccrual Performing Total Nonaccrual Performing Total (In thousands) Real estate mortgage: Commercial $ 17,012 $ 4,418,262 $ 4,435,274 $ 15,321 $ 4,808,977 $ 4,824,298 Income producing and other residential 2,883 3,637,869 3,640,752 2,524 3,091,319 3,093,843 Total real estate mortgage 19,895 8,056,131 8,076,026 17,845 7,900,296 7,918,141 Real estate construction and land: Commercial 390 972,501 972,891 442 912,141 912,583 Residential — 1,403,239 1,403,239 — 1,321,073 1,321,073 Total real estate construction and land 390 2,375,740 2,376,130 442 2,233,214 2,233,656 Commercial: Asset-based 32,236 3,573,771 3,606,007 32,324 3,273,097 3,305,421 Venture capital 22,501 2,172,242 2,194,743 20,299 2,018,449 2,038,748 Other commercial 5,799 1,767,765 1,773,564 7,380 2,053,046 2,060,426 Total commercial 60,536 7,513,778 7,574,314 60,003 7,344,592 7,404,595 Consumer 444 445,938 446,382 1,043 400,278 401,321 Total $ 81,265 $ 18,391,587 $ 18,472,852 $ 79,333 $ 17,878,380 $ 17,957,713 The following table presents the composition of our impaired loans and leases held for investment, net of deferred fees, by loan portfolio segment as of the dates indicated: June 30, 2019 December 31, 2018 Total Total Nonaccrual Impaired Nonaccrual Impaired Loans Loans Loans Loans and Performing and and Performing and Leases TDRs Leases Leases TDRs Leases (In thousands) Real estate mortgage $ 19,895 $ 10,457 $ 30,352 $ 17,845 $ 11,484 $ 29,329 Real estate construction and land 390 4,986 5,376 442 5,420 5,862 Commercial 60,536 931 61,467 60,003 692 60,695 Consumer 444 90 534 1,043 105 1,148 Total $ 81,265 $ 16,464 $ 97,729 $ 79,333 $ 17,701 $ 97,034 |
CV of loans held for investment by class by performing and nonperforming | The following tables present the credit risk rating categories for loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of the dates indicated. Classified loans and leases are those with a credit risk rating of either substandard or doubtful. June 30, 2019 Classified Special Mention Pass Total (In thousands) Real estate mortgage: Commercial $ 32,926 $ 52,477 $ 4,349,871 $ 4,435,274 Income producing and other residential 8,693 355 3,631,704 3,640,752 Total real estate mortgage 41,619 52,832 7,981,575 8,076,026 Real estate construction and land: Commercial 390 — 972,501 972,891 Residential — 5,268 1,397,971 1,403,239 Total real estate construction and land 390 5,268 2,370,472 2,376,130 Commercial: Asset-based 41,151 48,324 3,516,532 3,606,007 Venture capital 42,105 68,426 2,084,212 2,194,743 Other commercial 65,139 63,591 1,644,834 1,773,564 Total commercial 148,395 180,341 7,245,578 7,574,314 Consumer 575 863 444,944 446,382 Total $ 190,979 $ 239,304 $ 18,042,569 $ 18,472,852 December 31, 2018 Classified Special Mention Pass Total (In thousands) Real estate mortgage: Commercial $ 57,734 $ 74,785 $ 4,691,779 $ 4,824,298 Income producing and other residential 10,521 968 3,082,354 3,093,843 Total real estate mortgage 68,255 75,753 7,774,133 7,918,141 Real estate construction and land: Commercial 442 7,041 905,100 912,583 Residential — 1,527 1,319,546 1,321,073 Total real estate construction and land 442 8,568 2,224,646 2,233,656 Commercial: Asset-based 45,957 48,338 3,211,126 3,305,421 Venture capital 28,731 77,588 1,932,429 2,038,748 Other commercial 92,526 50,136 1,917,764 2,060,426 Total commercial 167,214 176,062 7,061,319 7,404,595 Consumer 1,199 1,015 399,107 401,321 Total $ 237,110 $ 261,398 $ 17,459,205 $ 17,957,713 |
Impaired financing receivables, average balances and interest income recognized | The following tables present information regarding our impaired loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of and for the dates indicated: June 30, 2019 December 31, 2018 Unpaid Unpaid Recorded Principal Related Recorded Principal Related Impaired Loans and Leases Investment Balance Allowance Investment Balance Allowance (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 493 $ 493 $ 69 $ 1,736 $ 1,648 $ 170 Income producing and other residential 2,066 2,061 191 2,569 2,563 247 Commercial: Asset based — — — — — — Venture capital 22,265 24,353 4,482 11,621 13,255 3,141 Other commercial 618 618 — 473 482 473 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 19,994 $ 34,694 $ 17,783 $ 32,035 Income producing and other residential 7,799 10,234 7,241 9,425 Real estate construction and land: Commercial 5,376 5,419 5,862 5,870 Commercial: Asset-based 32,236 49,853 32,324 38,100 Venture capital 237 26,531 8,678 41,335 Other commercial 6,111 26,562 7,599 25,740 Consumer 534 702 1,148 1,470 Total Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 30,352 $ 47,482 $ 260 $ 29,329 $ 45,671 $ 417 Real estate construction and land 5,376 5,419 — 5,862 5,870 — Commercial 61,467 127,917 4,482 60,695 118,912 3,614 Consumer 534 702 — 1,148 1,470 — Total $ 97,729 $ 181,520 $ 4,742 $ 97,034 $ 171,923 $ 4,031 Three Months Ended June 30, 2019 2018 Weighted Interest Weighted Interest Average Income Average Income Impaired Loans and Leases Balance (1) Recognized Balance (1) Recognized (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 493 $ 8 $ 7,786 $ 103 Income producing and other residential 2,066 15 2,419 21 Commercial: Venture capital 19,242 — 18,449 — Other commercial 619 9 688 — With No Related Allowance Recorded: Real estate mortgage: Commercial $ 16,716 $ 54 $ 58,733 $ 725 Income producing and other residential 7,738 57 8,293 44 Real estate construction and land: Commercial 5,376 98 5,549 93 Residential — — 10,450 — Commercial: Asset-based 31,148 — 29,677 — Venture capital 237 — 2,800 — Other commercial 6,111 20 8,508 335 Consumer 511 1 355 2 Total Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 27,013 $ 134 $ 77,231 $ 893 Real estate construction and land 5,376 98 15,999 93 Commercial 57,357 29 60,122 335 Consumer 511 1 355 2 Total $ 90,257 $ 262 $ 153,707 $ 1,323 _________________________ (1) For loans and leases reported as impaired at June 30, 2019 and 2018 , amounts were calculated based on the period of time such loans and leases were impaired during the reported period. Six Months Ended June 30, 2019 2018 Weighted Interest Weighted Interest Average Income Average Income Impaired Loans and Leases Balance (1) Recognized Balance (1) Recognized (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 493 $ 16 $ 7,786 $ 204 Income producing and other residential 2,066 29 2,419 42 Commercial: Venture capital 15,359 — 15,715 — Other commercial 619 18 346 — With No Related Allowance Recorded: Real estate mortgage: Commercial $ 16,016 $ 106 $ 55,214 $ 1,378 Income producing and other residential 7,647 110 8,277 88 Real estate construction and land: Commercial 5,376 196 5,549 184 Commercial: Asset-based 30,881 — 29,677 — Venture capital 237 — 2,645 — Other commercial 6,052 51 7,946 1,377 Consumer 485 3 341 4 Total Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 26,222 $ 261 $ 73,696 $ 1,712 Real estate construction and land 5,376 196 10,803 184 Commercial 53,148 69 56,329 1,377 Consumer 485 3 341 4 Total $ 85,231 $ 529 $ 141,169 $ 3,277 _________________________ (1) For loans and leases reported as impaired at June 30, 2019 and 2018 , amounts were calculated based on the period of time such loans and leases were impaired during the reported period. |
Troubled debt restructurings on financing receivables | The following table presents our troubled debt restructurings of loans held for investment by loan portfolio segment and class for the periods indicated: Three Months Ended June 30, 2019 2018 Pre- Post- Pre- Post- Modification Modification Modification Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded Troubled Debt Restructurings Loans Investment Investment Loans Investment Investment (Dollars in thousands) Real estate mortgage: Income producing and other residential 3 $ 456 $ 456 3 $ 1,704 $ 645 Commercial: Asset-based 1 620 620 — — — Venture capital 4 13,971 14,972 4 5,236 5,236 Other commercial 3 107 107 2 31 31 Consumer — — — 1 27 27 Total 11 $ 15,154 $ 16,155 10 $ 6,998 $ 5,939 Six Months Ended June 30, 2019 2018 Pre- Post- Pre- Post- Modification Modification Modification Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded Troubled Debt Restructurings Loans Investment Investment Loans Investment Investment (Dollars in thousands) Real estate mortgage: Commercial 1 $ 37 $ — — $ — $ — Income producing and other residential 6 1,245 1,245 3 1,704 645 Commercial: Asset-based 1 620 620 — — — Venture capital 10 16,076 16,214 4 5,236 5,236 Other commercial 11 692 692 4 11,814 11,814 Consumer — — — 1 27 27 Total 29 $ 18,670 $ 18,771 12 $ 18,781 $ 17,722 During the three months ended June 30, 2019 , two venture capital loans totaling $447,000 and one other commercial loan of $81,000 were restructured in the preceding 12-month period and subsequently defaulted after being restructured. During the six months ended June 30, 2019 , two venture capital loans totaling $447,000 and three other commercial loans totaling $140,000 were restructured in the preceding 12-month period and subsequently defaulted after being restructured. During the three months ended June 30, 2018 , there were no loans restructured in the preceding 12-month period that subsequently defaulted after being restructured. Due the six months ended June 30, 2018 , one other commercial loan of $2.1 million was restructured in the preceding 12-month period and subsequently defaulted after being restructured. |
Allowance for credit losses on financing receivables | The following tables present a summary of the activity in the allowance for loan and lease losses and reserve for unfunded loan commitments for the periods indicated: Three Months Ended June 30, 2019 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of period $ 136,281 $ 36,861 $ 173,142 Charge-offs (17,637 ) — (17,637 ) Recoveries 6,393 — 6,393 Net charge-offs (11,244 ) — (11,244 ) Provision (negative provision) 10,000 (2,000 ) 8,000 Balance, end of period $ 135,037 $ 34,861 $ 169,898 Six Months Ended June 30, 2019 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of period $ 132,472 $ 36,861 $ 169,333 Charge-offs (21,102 ) — (21,102 ) Recoveries 9,667 — 9,667 Net charge-offs (11,435 ) — (11,435 ) Provision (negative provision) 14,000 (2,000 ) 12,000 Balance, end of period $ 135,037 $ 34,861 $ 169,898 Three Months Ended June 30, 2018 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of period $ 134,275 $ 32,861 $ 167,136 Charge-offs (18,235 ) — (18,235 ) Recoveries 1,099 — 1,099 Net charge-offs (17,136 ) — (17,136 ) Provision 15,000 2,500 17,500 Balance, end of period $ 132,139 $ 35,361 $ 167,500 Six Months Ended June 30, 2018 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of period (1) $ 139,456 $ 28,635 $ 168,091 Charge-offs (30,388 ) — (30,388 ) Recoveries 8,297 — 8,297 Net charge-offs (22,091 ) — (22,091 ) Provision 14,774 6,726 21,500 Balance, end of period $ 132,139 $ 35,361 $ 167,500 The following tables present a summary of the activity in the allowance for loan and lease losses on loans and leases held for investment by loan portfolio segment for the periods indicated: Three Months Ended June 30, 2019 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 45,754 $ 27,208 $ 61,496 $ 1,823 $ 136,281 Charge-offs (534 ) — (16,927 ) (176 ) (17,637 ) Recoveries 240 — 6,080 73 6,393 Net charge-offs (294 ) — (10,847 ) (103 ) (11,244 ) Provision (negative provision) 1,366 (830 ) 8,752 712 10,000 Balance, end of period $ 46,826 $ 26,378 $ 59,401 $ 2,432 $ 135,037 Six Months Ended June 30, 2019 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 46,021 $ 28,209 $ 56,360 $ 1,882 $ 132,472 Charge-offs (730 ) — (19,930 ) (442 ) (21,102 ) Recoveries 383 — 9,186 98 9,667 Net charge-offs (347 ) — (10,744 ) (344 ) (11,435 ) Provision (negative provision) 1,152 (1,831 ) 13,785 894 14,000 Balance, end of period $ 46,826 $ 26,378 $ 59,401 $ 2,432 $ 135,037 Ending Allowance by Impairment Methodology: Individually evaluated for impairment $ 260 $ — $ 4,482 $ — $ 4,742 Collectively evaluated for impairment $ 46,566 $ 26,378 $ 54,919 $ 2,432 $ 130,295 Ending Loans and Leases by Impairment Methodology: Individually evaluated for impairment $ 27,594 $ 5,376 $ 60,380 $ — $ 93,350 Collectively evaluated for impairment 8,048,432 2,370,754 7,513,934 446,382 18,379,502 Ending balance $ 8,076,026 $ 2,376,130 $ 7,574,314 $ 446,382 $ 18,472,852 Three Months Ended June 30, 2018 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 40,158 $ 18,190 $ 73,780 $ 2,147 $ 134,275 Charge-offs (4,747 ) — (13,425 ) (63 ) (18,235 ) Recoveries 120 17 912 50 1,099 Net (charge-offs) recoveries (4,627 ) 17 (12,513 ) (13 ) (17,136 ) Provision (negative provision) 9,936 8,003 (2,461 ) (478 ) 15,000 Balance, end of period $ 45,467 $ 26,210 $ 58,806 $ 1,656 $ 132,139 Six Months Ended June 30, 2018 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period (1) $ 40,051 $ 13,055 $ 84,022 $ 2,328 $ 139,456 Charge-offs (7,345 ) — (22,949 ) (94 ) (30,388 ) Recoveries 1,777 26 6,399 95 8,297 Net (charge-offs) recoveries (5,568 ) 26 (16,550 ) 1 (22,091 ) Provision (negative provision) 10,984 13,129 (8,666 ) (673 ) 14,774 Balance, end of period $ 45,467 $ 26,210 $ 58,806 $ 1,656 $ 132,139 Ending Allowance by Impairment Methodology: Individually evaluated for impairment $ 472 $ — $ 8,480 $ — $ 8,952 Collectively evaluated for impairment $ 44,995 $ 26,210 $ 50,326 $ 1,656 $ 123,187 Ending Loans and Leases by Impairment Methodology: Individually evaluated for impairment $ 83,931 $ 15,998 $ 67,228 $ — $ 167,157 Collectively evaluated for impairment 7,482,443 1,858,028 6,998,884 378,680 16,718,035 Ending balance $ 7,566,374 $ 1,874,026 $ 7,066,112 $ 378,680 $ 16,885,192 _______________________________________ (1) The allowance for loan losses related to PCI loans of $6.4 million as of December 31, 2017 is reflected in the beginning balance of the allowance for loan and lease losses for the six months ended June 30, 2018 . |
Lease Income of Direct Financing Leases | The following table provides the components of leases receivable income for the period indicated: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 (In thousands) Component of leases receivable income: Interest income on net investments in leases $ 2,886 $ 6,026 |
Assets and Liabilities, Lessor | The following table presents the components of leases receivable as of the date indicated: June 30, 2019 (In thousands) Net investment in direct financing leases: Lease payments receivable $ 180,179 Unguaranteed residual assets 26,238 Deferred fees and other 849 Aggregate net investment in leases $ 207,266 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | The following table presents maturities of leases receivable as of the date indicated: June 30, 2019 (In thousands) Period Ending December 31, 2019 $ 35,758 2020 71,453 2021 50,719 2022 19,333 2023 11,265 Thereafter 8,763 Total undiscounted cash flows 197,291 Less: Unearned income (17,112 ) Present value of lease payments $ 180,179 |
Foreclosed Assets (Tables)
Foreclosed Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | |
Other real estate and foreclosed assets | The following table summarizes foreclosed assets as of the dates indicated: June 30, December 31, Property Type 2019 2018 (In thousands) Commercial real estate $ 253 $ 2,004 Single-family residence 953 953 Construction and land development 219 219 Multi‑family — 1,059 Total other real estate owned, net 1,425 4,235 Other foreclosed assets 47 1,064 Total foreclosed assets, net $ 1,472 $ 5,299 |
Other foreclosed assets rollforward | The following table presents the changes in foreclosed assets, net of the valuation allowance, for the period indicated: Foreclosed Assets (In thousands) Balance, December 31, 2018 $ 5,299 Transfers to foreclosed assets from loans 37 Provision for losses — Reductions related to sales (3,864 ) Balance, June 30, 2019 $ 1,472 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets disclosure | The following table presents the changes in CDI and CRI and the related accumulated amortization for the periods indicated: Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2019 2019 2018 2019 2018 (In thousands) Gross Amount of CDI and CRI: Balance, beginning of period $ 119,497 $ 119,497 $ 119,497 $ 119,497 $ 119,497 Balance, end of period 119,497 119,497 119,497 119,497 119,497 Accumulated Amortization: Balance, beginning of period (67,247 ) (62,377 ) (46,217 ) (62,377 ) (39,871 ) Amortization (4,870 ) (4,870 ) (5,587 ) (9,740 ) (11,933 ) Balance, end of period (72,117 ) (67,247 ) (51,804 ) (72,117 ) (51,804 ) Net CDI and CRI, end of period $ 47,380 $ 52,250 $ 67,693 $ 47,380 $ 67,693 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The following table presents the detail of our other assets as of the dates indicated: June 30, December 31, Other Assets 2019 2018 (In thousands) Cash surrender value of BOLI $ 196,745 $ 194,897 Operating lease ROU assets, net 119,086 — Interest receivable 83,308 88,754 LIHTC investments 63,151 59,507 CRA investments (1) 58,892 59,062 Taxes receivable 28,326 39,096 Prepaid expenses 19,576 18,006 Equity investments without readily determinable fair values 14,827 14,758 Equity warrants 3,931 4,793 Equity investments with readily determinable fair values 3,284 4,891 Other receivables/assets 20,993 39,132 Total other assets $ 612,119 $ 522,896 ________________________ (1) Includes equity investments without readily determinable fair values of $14.0 million and $12.5 million at June 30, 2019 and December 31, 2018 . |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Schedule of Occupancy Expense and Supplemental Cash Flow Information Related to Operating Leases | The following table presents supplemental cash flow information related to leases for the period indicated: Six Months Ended June 30, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 16,408 ROU assets obtained in exchange for lease obligations: Operating leases $ 149,621 Our lease expense is a component of "Occupancy expense" on our condensed consolidated statements of earnings. The following table presents the components of lease expense for the period indicated: Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 (In thousands) Operating lease expense: Fixed costs $ 8,534 $ 16,836 Variable costs 46 70 Short-term lease costs 203 723 Sublease income (1,054 ) (2,180 ) Net lease expense $ 7,729 $ 15,449 |
Schedule of Supplemental Balance Sheet Information Related to Operating Leases | The following table presents supplemental balance sheet and other information related to operating leases as of the date indicated: June 30, 2019 (Dollars in thousands) Operating leases: Operating lease right-of-use assets, net $ 119,086 Operating lease liabilities $ 133,887 Weighted average remaining lease term (in years) 5.6 Weighted average discount rate 2.93 % |
Schedule of Maturities of Operating Leases | The following table presents maturities of operating lease liabilities as of the date indicated: June 30, 2019 (In thousands) Period ending December 31, 2019 $ 16,440 2020 30,764 2021 27,348 2022 21,645 2023 18,735 Thereafter 31,185 Total operating lease liabilities 146,117 Less: Imputed interest (12,230 ) Present value of operating lease liabilities $ 133,887 |
Schedule of Payments to be Received on Operating Leases | The following table presents the rental payments to be received on operating leases as of the date indicated: June 30, 2019 (In thousands) Period Ending December 31, 2019 $ 18,620 2020 35,919 2021 28,199 2022 21,337 2023 18,604 Thereafter 50,214 Total undiscounted cash flows $ 172,893 |
Borrowings and Subordinated D_2
Borrowings and Subordinated Debentures (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of debt | The following table summarizes our borrowings as of the dates indicated: June 30, 2019 December 31, 2018 Weighted Weighted Average Average Amount Rate Amount Rate (Dollars in thousands) Non‑recourse debt $ 59 7.50 % $ 114 7.50 % FHLB secured advances 1,522,000 2.52 % 1,040,000 2.56 % FHLB unsecured overnight advance 141,000 2.41 % 141,000 2.53 % AFX borrowings 250,000 2.43 % 190,000 2.56 % Total borrowings $ 1,913,059 2.50 % $ 1,371,114 2.56 % |
Borrowings subordinated debentures and brokered deposits disclosure | The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated: June 30, 2019 December 31, 2018 Date Maturity Rate Index Series Amount Rate Amount Rate Issued Date (Quarterly Reset) (Dollars in thousands) Trust V $ 10,310 5.51 % $ 10,310 5.89 % 8/15/2003 9/17/2033 3-month LIBOR + 3.10 Trust VI 10,310 5.46 % 10,310 5.84 % 9/3/2003 9/15/2033 3-month LIBOR + 3.05 Trust CII 5,155 5.36 % 5,155 5.74 % 9/17/2003 9/17/2033 3-month LIBOR + 2.95 Trust VII 61,856 5.33 % 61,856 5.27 % 2/5/2004 4/23/2034 3-month LIBOR + 2.75 Trust CIII 20,619 4.10 % 20,619 4.48 % 8/15/2005 9/15/2035 3-month LIBOR + 1.69 Trust FCCI 16,495 4.01 % 16,495 4.39 % 1/25/2007 3/15/2037 3-month LIBOR + 1.60 Trust FCBI 10,310 3.96 % 10,310 4.34 % 9/30/2005 12/15/2035 3-month LIBOR + 1.55 Trust CS 2005-1 82,475 4.36 % 82,475 4.74 % 11/21/2005 12/15/2035 3-month LIBOR + 1.95 Trust CS 2005-2 128,866 4.53 % 128,866 4.47 % 12/14/2005 1/30/2036 3-month LIBOR + 1.95 Trust CS 2006-1 51,545 4.53 % 51,545 4.47 % 2/22/2006 4/30/2036 3-month LIBOR + 1.95 Trust CS 2006-2 51,550 4.53 % 51,550 4.47 % 9/27/2006 10/30/2036 3-month LIBOR + 1.95 Trust CS 2006-3 (1) 29,314 1.74 % 29,556 1.73 % 9/29/2006 10/30/2036 3-month EURIBOR + 2.05 Trust CS 2006-4 16,470 4.53 % 16,470 4.47 % 12/5/2006 1/30/2037 3-month LIBOR + 1.95 Trust CS 2006-5 6,650 4.53 % 6,650 4.47 % 12/19/2006 1/30/2037 3-month LIBOR + 1.95 Trust CS 2007-2 39,177 4.53 % 39,177 4.47 % 6/13/2007 7/30/2037 3-month LIBOR + 1.95 Gross subordinated debentures 541,102 4.45 % 541,344 4.51 % Unamortized discount (2) (84,990 ) (87,498 ) Net subordinated debentures $ 456,112 $ 453,846 ___________________ (1) Denomination is in Euros with a value of €25.8 million . (2) Amount represents the fair value adjustment on trust preferred securities assumed in acquisitions. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments disclosure | June 30, December 31, 2019 2018 (In thousands) Loan commitments to extend credit $ 7,610,899 $ 7,528,248 Standby letters of credit 387,012 364,210 Commitments to contribute capital to low income housing project partnerships and small business investment companies 109,103 101,991 Commitments to contribute capital to private equity funds 50 50 Total $ 8,107,064 $ 7,994,499 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair value, assets measured on recurring basis | The following tables present information on the assets and liabilities measured and recorded at fair value on a recurring basis as of the dates indicated: Fair Value Measurements as of June 30, 2019 Measured on a Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Securities available‑for‑sale: Agency residential CMOs $ 1,150,474 $ — $ 1,150,474 $ — Agency commercial MBS 1,058,846 — 1,058,846 — Municipal securities 736,570 — 736,570 — Agency residential MBS 351,360 — 351,360 — Asset-backed securities 227,121 — 193,624 33,497 Private label residential CMOs 112,037 — 105,138 6,899 Collateralized loan obligations 93,802 — 93,802 — SBA securities 51,812 — 51,812 — Corporate debt securities 20,034 — 20,034 — U.S. Treasury securities 5,188 5,188 — — Total securities available-for-sale 3,807,244 5,188 3,761,660 40,396 Equity warrants 3,931 — — 3,931 Other derivative assets 1,459 — 1,459 — Equity investments with readily determinable fair values 3,284 3,284 — — Total recurring assets $ 3,815,918 $ 8,472 $ 3,763,119 $ 44,327 Derivative liabilities $ 317 $ — $ 317 $ — Fair Value Measurements as of December 31, 2018 Measured on a Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Securities available‑for‑sale: Municipal securities $ 1,312,194 $ — $ 1,312,194 $ — Agency commercial MBS 1,112,704 — 1,112,704 — Agency residential CMOs 632,850 — 632,850 — U.S. Treasury securities 403,405 403,405 — — Agency residential MBS 281,088 — 281,088 — Private label residential CMOs 101,205 — 93,917 7,288 Asset-backed securities 81,385 — 41,440 39,945 SBA securities 67,047 — 67,047 — Corporate debt securities 17,553 — 17,553 — Total securities available-for-sale 4,009,431 403,405 3,558,793 47,233 Equity warrants 4,793 — — 4,793 Other derivative assets 3,292 — 3,292 — Equity investments with readily determinable fair values 4,891 4,891 — — Total recurring assets $ 4,022,407 $ 408,296 $ 3,562,085 $ 52,026 Derivative liabilities $ 142 $ — $ 142 $ — |
Fair value, assets and liabilities measured on nonrecurring basis, valuation techniques | The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 private label CMOs and asset-backed securities available-for-sale measured at fair value on a recurring basis as of the date indicated: June 30, 2019 Private Label CMOs Asset-Backed Securities Weighted Input or Weighted Range Average Range Average Unobservable Inputs of Inputs Input of Inputs Input Voluntary annual prepayment speeds 3.6% - 100.0% 11.2% 12.0% - 15.0% 13.7% Annual default rates (1) 0.4% - 82.0% 1.9% 2.0% 2.0% Loss severity rates (1) 1.5% - 145.8% 57.8% 60.0% 60.0% Discount rates 2.5% - 9.3% 6.4% 3.2% - 5.2% 4.3% ____________________ (1) The annual default rates and loss severity rates were the same for all of the asset-backed securities. |
Fair value inputs, assets, quantitative information | The following table presents information about quantitative inputs and assumptions used in the modified Black-Scholes option pricing model to determine the fair value for our Level 3 equity warrants measured at fair value on a recurring basis as of the date indicated: June 30, 2019 Equity Warrants Weighted Average Unobservable Inputs Input Volatility 16.7% Risk-free interest rate 1.7% Remaining life assumption (in years) 3.36 The following table presents the valuation methodology and unobservable inputs for Level 3 assets measured at fair value on a nonrecurring basis as of the date indicated: June 30, 2019 Valuation Unobservable Weighted Asset Fair Value Technique Inputs Range Average (In thousands) Impaired loans $ 17,073 Discounted cash flows Discount rates 3.75% - 8.00% 6.48% Impaired loans 6,444 Third party appraisals No discounts Total non-recurring Level 3 $ 23,517 |
Fair value, assets measured on recurring basis, significant unobservable inputs (level 3) reconciliation | The following table summarizes activity for our Level 3 private label CMOs available-for-sale, asset-backed securities available-for-sale, and equity warrants measured at fair value on a recurring basis for the period indicated: Private Asset-Backed Equity Label CMOs Securities Warrants (In thousands) Balance, December 31, 2018 $ 7,288 $ 39,945 $ 4,793 Total included in earnings 224 (56 ) 3,493 Total included in other comprehensive income (64 ) 559 — Issuances — — 161 Sales and dispositions (1) — — (4,453 ) Net settlements (549 ) (6,951 ) — Transfers to Level 1 — — (63 ) Balance, June 30, 2019 $ 6,899 $ 33,497 $ 3,931 |
Assets carried at fair value on a nonrecurring basis | The following tables present assets measured at fair value on a non‑recurring basis as of the dates indicated: Fair Value Measurement as of June 30, 2019 Measured on a Non‑Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Impaired loans $ 23,517 $ — $ — $ 23,517 Total non-recurring $ 23,517 $ — $ — $ 23,517 Fair Value Measurement as of December 31, 2018 Measured on a Non‑Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Impaired loans $ 24,432 $ — $ 1,800 $ 22,632 OREO 1,136 — 1,136 — Total non-recurring $ 25,568 $ — $ 2,936 $ 22,632 |
Net losses (gains) on nonrecurring assets | The following table presents losses recognized on assets measured on a nonrecurring basis for the periods indicated: Three Months Ended Six Months Ended Losses on Assets June 30, June 30, Measured on a Non‑Recurring Basis 2019 2018 2019 2018 (In thousands) Impaired loans $ 1,842 $ 12,076 $ 3,038 $ 15,994 OREO — — — 65 Total losses $ 1,842 $ 12,076 $ 3,038 $ 16,059 |
Fair value, by balance sheet grouping | The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated: June 30, 2019 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 185,075 $ 185,075 $ 185,075 $ — $ — Interest‑earning deposits in financial institutions 422,663 422,663 422,663 — — Securities available‑for‑sale 3,807,244 3,807,244 5,188 3,761,660 40,396 Investment in FHLB stock 43,146 43,146 — 43,146 — Loans and leases held for investment, net 18,337,815 17,841,445 — — 17,841,445 Equity warrants 3,931 3,931 — — 3,931 Other derivative assets 1,459 1,459 — 1,459 — Equity investments with readily determinable fair values 3,284 3,284 3,284 — — Financial Liabilities: Core deposits 15,617,488 15,617,488 — 15,617,488 — Non-core non-maturity deposits 436,833 436,833 — 436,833 — Time deposits 2,751,435 2,749,828 — 2,749,828 — Borrowings 1,913,059 1,913,059 1,903,000 10,059 — Subordinated debentures 456,112 439,635 — 439,635 — Derivative liabilities 317 317 — 317 — December 31, 2018 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 175,830 $ 175,830 $ 175,830 $ — $ — Interest‑earning deposits in financial institutions 209,937 209,937 209,937 — — Securities available‑for‑sale 4,009,431 4,009,431 403,405 3,558,793 47,233 Investment in FHLB stock 32,103 32,103 — 32,103 — Loans and leases held for investment, net 17,825,241 17,013,860 — 1,800 17,012,060 Equity warrants 4,793 4,793 — — 4,793 Other derivative assets 3,292 3,292 — 3,292 — Equity investments with readily determinable fair values 4,891 4,891 4,891 — — Financial Liabilities: Core deposits 16,346,671 16,346,671 — 16,346,671 — Non-core non-maturity deposits 518,192 518,192 — 518,192 — Time deposits 2,005,638 2,017,137 — 2,017,137 — Borrowings 1,371,114 1,371,114 1,371,000 114 — Subordinated debentures 453,846 435,251 — 435,251 — Derivative liabilities 142 142 — 142 — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net income per share | The following table presents the computations of basic and diluted net earnings per share for the periods indicated: Three Months Ended Six Months Ended June 30, March 31, June 30, June 30, 2019 2019 2018 2019 2018 (Dollars in thousands, except per share data) Basic Earnings Per Share: Net earnings $ 128,125 $ 112,604 $ 115,735 $ 240,729 $ 234,011 Less: Earnings allocated to unvested restricted stock (1) (1,190 ) (1,163 ) (1,348 ) (2,343 ) (2,469 ) Net earnings allocated to common shares $ 126,935 $ 111,441 $ 114,387 $ 238,386 $ 231,542 Weighted-average basic shares and unvested restricted stock outstanding 120,042 122,227 126,082 121,128 126,780 Less: Weighted-average unvested restricted stock outstanding (1,462 ) (1,352 ) (1,466 ) (1,407 ) (1,439 ) Weighted-average basic shares outstanding 118,580 120,875 124,616 119,721 125,341 Basic earnings per share $ 1.07 $ 0.92 $ 0.92 $ 1.99 $ 1.85 Diluted Earnings Per Share: Net earnings allocated to common shares $ 126,935 $ 111,441 $ 114,387 $ 238,386 $ 231,542 Weighted-average basic shares outstanding 118,580 120,875 124,616 119,721 125,341 Diluted earnings per share $ 1.07 $ 0.92 $ 0.92 $ 1.99 $ 1.85 ________________________ (1) Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any. |
Revenue From Contracts With C_2
Revenue From Contracts With Customers (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Revenue From Contracts With Customers [Abstract] | |
Revenue From Contracts With Customers | As illustrated here, substantially all of our revenue is specifically excluded from the scope of Topic 606. Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Total Revenue from Total Revenue from Recorded Contracts with Recorded Contracts with Revenue Customers Revenue Customers (In thousands) Total interest income $ 314,533 $ — $ 288,514 $ — Noninterest income: Service charges on deposit accounts 3,771 3,771 4,265 4,265 Other commissions and fees 11,590 5,158 11,767 5,101 Leased equipment income 9,182 — 9,790 — Gain on sale of loans 326 — 106 — Gain on sale of securities 22,192 — 253 — Other income 3,832 454 13,457 436 Total noninterest income 50,893 9,383 39,638 9,802 Total revenue $ 365,426 $ 9,383 $ 328,152 $ 9,802 |
Revenue Recognition of Contracts With Customers | The following table presents revenue from contracts with customers based on the timing of revenue recognition for the periods indicated: Three Months Ended June 30, 2019 2018 (In thousands) Products and services transferred at a point in time $ 4,987 $ 4,930 Products and services transferred over time 4,396 4,872 Total revenue from contracts with customers $ 9,383 $ 9,802 |
Contract with Customer, Asset and Liability | The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers: June 30, 2019 December 31, 2018 (In thousands) Receivables, which are included in "Other assets" $ 1,494 $ 1,334 Contract assets, which are included in "Other assets" $ — $ — Contract liabilities, which are included in "Accrued interest payable and other liabilities" $ 556 $ 621 |
Recently Issued Accounting St_2
Recently Issued Accounting Standards (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Recently Issued Accounting Standards [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2016-13, " Measurement of Credit Losses on Financial Instruments, " ASU 2018-19, “ Codification Improvements to Topic 326, Financial Instruments - Credit Losses,” and ASU 2019-05, " Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief " 1. This Update changes the accounting and recognition of credit losses and impairment of financial assets recorded at amortized cost. Under the CECL model, the standard requires immediate recognition of estimated credit losses expected to occur over the remaining life of the asset. The forward-looking concept of CECL requires loss estimates for the remaining estimated life of the financial assets using historical experience, current conditions and reasonable and supportable forecasts. 2. The Update amends the accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. Receivables arising from operating leases are not within the scope of CECL. 3. The Update must be applied using the modified retrospective method with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption. A prospective transition approach is required for available-for-sale debt securities for which an other-than-temporary impairment had been recognized before the adoption date. Early adoption is permitted. January 1, 2020 1. The Company has established a multidisciplinary project team and implementation plan, selected a software solution, reached accounting decisions on various matters, developed a conceptual framework, and developed econometric regression models for the reasonable and supportable ("R&S") forecast period. 2. The Company continues to test and refine the CECL models and has completed three preliminary calculations with two more scheduled before adoption. The Company continues to perform testing and sensitivity analysis on its modeling assumptions and results. 3. Our planned approach for estimating expected life-time credit losses include the following key components for all loan portfolio segments: a. The use of a probability of default/loss given default methodology; b. A single scenario based on the consensus forecast from Moody's to develop an economic forecast for the R&S period; c. An initial R&S forecast period of four quarters for all loan portfolio segments, which reflects management's expectation of losses based on forward-looking economic scenarios over that time; d. A post-R&S reversion period of two quarters using a straight-line approach; e. A historical loss period of at least 40 quarters, which represents a full economic credit cycle; and f. Prepayments rates based on our historical experience. 4. The ultimate impact is influenced by our portfolio characteristics, of which the vast majority is comprised of short-duration commercial loans; the macroeconomic conditions and forecasts at adoption; and other management judgments. 5. We plan to adopt this new standard on January 1, 2020. The new standard will be significant to the policies, processes, and methodology used to determine credit losses; however, we are not yet in a position to disclose the quantitative effect on the Company's consolidated financial position and results of operations as the calculations and models continue to be evaluated and assumptions are subject to change. Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2017-04, " Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment" 1. This Update simplifies goodwill impairment testing by eliminating the second step of the analysis under which the implied fair value of goodwill is determined as if the reporting unit were being acquired in a business combination. 2. The goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and an impairment charge would be recognized for any amount by which the carrying amount exceeds the reporting unit's fair value, to the extent that the loss recognized does not exceed the amount of goodwill allocated to that reporting unit. 3. The Update must be applied prospectively and early adoption is permitted. January 1, 2020 The adoption of this guidance is not expected to have a material impact on the Company’s consolidated financial position or results of operations and we plan to adopt this standard on January 1, 2020. Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2018-13, “ Fair Value Measurement (Topic 820): Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurements” 1. This Update modified the disclosure requirements in Topic 820 to add disclosures regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty. 2. Certain disclosure requirements in Topic 820 are also removed or modified. Certain disclosures in ASU 2018-13 would need to be applied on a retrospective basis and others on a prospective basis and early adoption is permitted. January 1, 2020 The adoption of this guidance will modify disclosures but will not have an impact on the Company’s consolidated financial position or results of operations. The Company has early adopted any removed or modified disclosures effective January 1, 2019 but will defer adoption of the additional disclosures until January 1, 2020 as permitted in the transition guidance of the standard. Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2019-04, " Codification Improvements to Topic 326, Financial Instruments - Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825, Financial Instruments " 1. This Update made clarifications and amendments to five topics: (i) Topic A: Codification Improvements Resulting from the June and November 2018 Credit Losses Transition Resource Group ("TRG") Meetings, (ii) Topic B: Codification Improvements to ASU 2016-13, (iii) Topic C: Codification Improvements to ASU 2017-12, " Derivatives and Hedging (Topic 815) " and Other Hedging Items, (iv) Topic D: Codification Improvements to ASU 2016-01, " Financial Instruments - Overall (Subtopic 825-10) ," and (v) Topic E: Codification Improvements Resulting from the November 2018 Credit Losses TRG Meeting. 2. In addition to conforming amendments that correct for errors and oversights, the Update in Topics A, B, and E, which impacts CECL implementation, amends or clarifies guidance for accrued interest; transfers between classifications or categories of loans and debt securities; recoveries; effect of prepayments in determining the effective interest rate; estimated costs to sell when foreclosure is probable; vintage disclosure presentation related to line-of-credit arrangements converted to term loans; contractual extensions or renewals; and others. 3. Transition requirements for the amendments are the same as ASU 2016-13 for the Update in Topics A, B, and E. The Update in Topic C may be applied retrospectively as of the date of initial adoption of ASU 2017-12 or prospectively. The Update in Topic D must be applied on a modified retrospective method with a cumulative-effect adjustment to retained earnings as of the beginning of the year of adoption and early adoption is permitted. January 1, 2020; except for Topic C - January 1, 2019 1. Impacts from the adoption of Topics A, B, and E within this Update will be considered in the Company's overall CECL implementation and we plan to adopt this Update concurrent with the adoption of ASU 2016-13. 2. The adoption of Topic D within this Update is not expected to have a material impact on the Company's consolidated financial position or results of operations and we plan to adopt this standard on January 1, 2020. 3. Topic C within this Update is not applicable to us and therefore there is no impact on the Company's consolidated financial position or results of operations. |
Organization (Details Textual)
Organization (Details Textual) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2019USD ($) | Mar. 31, 2018USD ($) | Jun. 30, 2019acquisitionbank_branch | ||
Business Acquisition [Line Items] | ||||
Number of Businesses Acquired | acquisition | 29 | |||
Cumulative effect of change in accounting principle | $ | [1] | $ 938 | $ 0 | |
CALIFORNIA | ||||
Business Acquisition [Line Items] | ||||
Retail Branch Locations | 74 | |||
NORTH CAROLINA | ||||
Business Acquisition [Line Items] | ||||
Retail Branch Locations | 1 | |||
[1] |
Restricted Cash Balances (Detai
Restricted Cash Balances (Details Textual) - USD ($) $ in Millions | Jun. 30, 2019 | Dec. 31, 2018 |
Restricted Cash [Abstract] | ||
Restricted Cash and Cash Equivalents | $ 108.8 | $ 77 |
Pledged Cash for Derivative Contracts | $ 2.1 | $ 2.6 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | $ 3,705,268 | $ 4,017,909 |
Available-for-sale Securities, Gross Unrealized Gain | 103,919 | 31,812 |
Available-for-sale Securities, Gross Unrealized Loss | (1,943) | (40,290) |
Securities available‑for‑sale | 3,807,244 | 4,009,431 |
Government agency and government-sponsored enterprise pass through securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 343,131 | 281,486 |
Available-for-sale Securities, Gross Unrealized Gain | 8,381 | 1,902 |
Available-for-sale Securities, Gross Unrealized Loss | (152) | (2,300) |
Securities available‑for‑sale | 351,360 | 281,088 |
Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 1,125,267 | 634,774 |
Available-for-sale Securities, Gross Unrealized Gain | 25,513 | 3,448 |
Available-for-sale Securities, Gross Unrealized Loss | (306) | (5,372) |
Securities available‑for‑sale | 1,150,474 | 632,850 |
Private label collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 108,526 | 101,313 |
Available-for-sale Securities, Gross Unrealized Gain | 3,610 | 1,985 |
Available-for-sale Securities, Gross Unrealized Loss | (99) | (2,093) |
Securities available‑for‑sale | 112,037 | 101,205 |
Municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 700,470 | 1,298,514 |
Available-for-sale Securities, Gross Unrealized Gain | 36,594 | 21,000 |
Available-for-sale Securities, Gross Unrealized Loss | (494) | (7,320) |
Securities available‑for‑sale | 736,570 | 1,312,194 |
Government agency and government-sponsored enterprise commercial mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 1,033,895 | 1,133,846 |
Available-for-sale Securities, Gross Unrealized Gain | 25,046 | 383 |
Available-for-sale Securities, Gross Unrealized Loss | (95) | (21,525) |
Securities available‑for‑sale | 1,058,846 | 1,112,704 |
US Treasury Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 4,983 | 401,056 |
Available-for-sale Securities, Gross Unrealized Gain | 205 | 2,437 |
Available-for-sale Securities, Gross Unrealized Loss | 0 | (88) |
Securities available‑for‑sale | 5,188 | 403,405 |
Asset-backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 226,693 | 81,762 |
Available-for-sale Securities, Gross Unrealized Gain | 866 | 104 |
Available-for-sale Securities, Gross Unrealized Loss | (438) | (481) |
Securities available‑for‑sale | 227,121 | 81,385 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 94,149 | 0 |
Available-for-sale Securities, Gross Unrealized Gain | 0 | 0 |
Available-for-sale Securities, Gross Unrealized Loss | (347) | 0 |
Securities available‑for‑sale | 93,802 | 0 |
SBA asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 51,154 | 68,158 |
Available-for-sale Securities, Gross Unrealized Gain | 670 | 0 |
Available-for-sale Securities, Gross Unrealized Loss | (12) | (1,111) |
Securities available‑for‑sale | 51,812 | 67,047 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 17,000 | 17,000 |
Available-for-sale Securities, Gross Unrealized Gain | 3,034 | 553 |
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 |
Securities available‑for‑sale | $ 20,034 | $ 17,553 |
Investment Securities (Details
Investment Securities (Details 1) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | $ 267,326 | $ 316,746 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (1,052) | (2,032) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 96,991 | 1,706,835 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (891) | (38,258) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 364,317 | 2,023,581 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (1,943) | (40,290) |
Government agency and government-sponsored enterprise pass through securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 0 | 60,164 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | 0 | (169) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 9,533 | 85,245 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (152) | (2,131) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 9,533 | 145,409 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (152) | (2,300) |
Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 85,397 | 69,859 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (267) | (326) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 7,696 | 164,097 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (39) | (5,046) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 93,093 | 233,956 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (306) | (5,372) |
Private label collateralized mortgage obligations | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 0 | 32,170 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | 0 | (831) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 18,008 | 49,237 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (99) | (1,262) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 18,008 | 81,407 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (99) | (2,093) |
Collateralized loan obligations | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 93,802 | |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (347) | |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 0 | |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | 0 | |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 93,802 | |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (347) | |
Municipal securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 4,044 | 52,386 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (12) | (238) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 25,874 | 284,915 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (482) | (7,082) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 29,918 | 337,301 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (494) | (7,320) |
Government agency and government-sponsored enterprise commercial mortgage-backed securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 0 | 40,641 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | 0 | (341) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 29,902 | 1,020,684 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (95) | (21,184) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 29,902 | 1,061,325 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (95) | (21,525) |
US Treasury Securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 49,729 | |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (88) | |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 0 | |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | 0 | |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 49,729 | |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (88) | |
Asset-backed Securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 84,083 | 11,548 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (426) | (38) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 3,915 | 35,859 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (12) | (443) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 87,998 | 47,407 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (438) | (481) |
SBA asset-backed securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 0 | 249 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | 0 | (1) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 2,063 | 66,798 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (12) | (1,110) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 2,063 | 67,047 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | $ (12) | $ (1,111) |
Investment Securities (Detail_2
Investment Securities (Details 2) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Due in one year or less | $ 14,660 | |
Due after one year through five years | 194,493 | |
Due after five years through ten years | 1,028,156 | |
Due after ten years | 2,467,959 | |
Total securities available-for-sale | 3,705,268 | $ 4,017,909 |
Fair Value | ||
Due in one year or less | 14,647 | |
Due after one year through five years | 197,141 | |
Due after five years through ten years | 1,054,251 | |
Due after ten years | 2,541,205 | |
Total securities available-for-sale | $ 3,807,244 | $ 4,009,431 |
Investment Securities (Detail_3
Investment Securities (Details 3) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Taxable interest | $ 20,944 | $ 19,742 | $ 17,106 | $ 40,686 | $ 31,705 |
Non-taxable interest | 7,547 | 9,593 | 10,276 | 17,140 | 21,383 |
Dividend income | 457 | 345 | 348 | 802 | 780 |
Total interest income on investment securities | $ 28,948 | $ 29,680 | $ 27,730 | $ 58,628 | $ 53,868 |
Investment Securities (Detail_4
Investment Securities (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||||
AFS securities pledged as collateral | $ 493,800,000 | $ 493,800,000 | ||
Proceeds from sales of securities available-for-sale | $ 1,410,510,000 | $ 368,775,000 | ||
Gross realized gains on sale of securities | 24,200,000 | $ 300,000 | ||
Gross realized losses on sale of securities | (2,000,000) | (60,000) | ||
Available-for-sale Securities [Member] | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from sales of securities available-for-sale | $ 980,400,000 | $ 62,300,000 |
Loans and Leases (Details)
Loans and Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Gross loans and leases held for investment | $ 18,532,740 | $ 18,026,365 | ||||
Deferred fees, net | (59,888) | (68,652) | ||||
Loans held for investment, net | 18,472,852 | 17,957,713 | ||||
Allowance for loan and lease losses | (135,037) | $ (136,281) | (132,472) | $ (132,139) | $ (134,275) | |
Total loans and leases held for investment, net | 18,337,815 | 17,825,241 | ||||
Non Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Loans held for investment, net | 18,472,852 | 17,957,713 | 16,885,192 | |||
Allowance for loan and lease losses | (135,037) | (136,281) | (132,472) | (132,139) | (134,275) | $ (139,456) |
Real Estate Mortgage | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Gross loans and leases held for investment | 8,087,586 | |||||
Loans held for investment, net | 8,076,026 | 7,918,141 | ||||
Real Estate Mortgage | NonPCI and PCI Loans | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Gross loans and leases held for investment | 7,933,859 | |||||
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Loans held for investment, net | 8,076,026 | 7,918,141 | 7,566,374 | |||
Allowance for loan and lease losses | (46,826) | (45,754) | (46,021) | (45,467) | (40,158) | (40,051) |
Real Estate Construction and Land | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Gross loans and leases held for investment | 2,405,073 | |||||
Loans held for investment, net | 2,376,130 | 2,233,656 | ||||
Real Estate Construction and Land | NonPCI and PCI Loans | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Gross loans and leases held for investment | 2,262,710 | |||||
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Loans held for investment, net | 2,376,130 | 2,233,656 | 1,874,026 | |||
Allowance for loan and lease losses | (26,378) | (27,208) | (28,209) | (26,210) | (18,190) | (13,055) |
Commercial | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Gross loans and leases held for investment | 7,593,728 | |||||
Loans held for investment, net | 7,574,314 | 7,404,595 | ||||
Commercial | NonPCI and PCI Loans | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Gross loans and leases held for investment | 7,428,500 | |||||
Commercial | Non Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Loans held for investment, net | 7,574,314 | 7,404,595 | 7,066,112 | |||
Allowance for loan and lease losses | (59,401) | (61,496) | (56,360) | (58,806) | (73,780) | (84,022) |
Consumer | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Gross loans and leases held for investment | 446,353 | |||||
Loans held for investment, net | 401,321 | |||||
Consumer | NonPCI and PCI Loans | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Gross loans and leases held for investment | 401,296 | |||||
Consumer | Non Purchased Credit Impaired Loans and Leases | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Loans held for investment, net | 446,382 | 401,321 | 378,680 | |||
Allowance for loan and lease losses | $ (2,432) | $ (1,823) | $ (1,882) | $ (1,656) | $ (2,147) | $ (2,328) |
Loans and Leases (Details 1)
Loans and Leases (Details 1) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | $ 29,002 | $ 6,600 | |
90 or More Days Past Due | 9,775 | 10,700 | |
Total Past Due | 38,777 | ||
Current | 18,434,075 | ||
Loans held for investment, net | 18,472,852 | 17,957,713 | |
Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 17,085 | ||
90 or More Days Past Due | 10,723 | ||
Total Past Due | 27,808 | ||
Current | 17,929,905 | ||
Loans held for investment, net | 18,472,852 | 17,957,713 | $ 16,885,192 |
Real Estate Mortgage | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 8,208 | ||
90 or More Days Past Due | 7,054 | ||
Total Past Due | 15,262 | ||
Current | 8,060,764 | ||
Loans held for investment, net | 8,076,026 | 7,918,141 | |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 5,044 | ||
90 or More Days Past Due | 8,017 | ||
Total Past Due | 13,061 | ||
Current | 7,905,080 | ||
Loans held for investment, net | 8,076,026 | 7,918,141 | 7,566,374 |
Real Estate Mortgage | Commercial | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 4,516 | ||
90 or More Days Past Due | 6,632 | ||
Total Past Due | 11,148 | ||
Current | 4,424,126 | ||
Loans held for investment, net | 4,435,274 | 4,824,298 | |
Real Estate Mortgage | Commercial | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 3,487 | ||
90 or More Days Past Due | 7,541 | ||
Total Past Due | 11,028 | ||
Current | 4,813,270 | ||
Loans held for investment, net | 4,824,298 | ||
Real Estate Mortgage | Residential Real Estate | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 3,692 | ||
90 or More Days Past Due | 422 | ||
Total Past Due | 4,114 | ||
Current | 3,636,638 | ||
Loans held for investment, net | 3,640,752 | 3,093,843 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 1,557 | ||
90 or More Days Past Due | 476 | ||
Total Past Due | 2,033 | ||
Current | 3,091,810 | ||
Loans held for investment, net | 3,093,843 | ||
Real Estate Construction and Land | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 4,672 | ||
90 or More Days Past Due | 0 | ||
Total Past Due | 4,672 | ||
Current | 2,371,458 | ||
Loans held for investment, net | 2,376,130 | 2,233,656 | |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 1,527 | ||
90 or More Days Past Due | 442 | ||
Total Past Due | 1,969 | ||
Current | 2,231,687 | ||
Loans held for investment, net | 2,376,130 | 2,233,656 | 1,874,026 |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | ||
90 or More Days Past Due | 0 | ||
Total Past Due | 0 | ||
Current | 972,891 | ||
Loans held for investment, net | 972,891 | 912,583 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | ||
90 or More Days Past Due | 442 | ||
Total Past Due | 442 | ||
Current | 912,141 | ||
Loans held for investment, net | 912,583 | ||
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 4,672 | ||
90 or More Days Past Due | 0 | ||
Total Past Due | 4,672 | ||
Current | 1,398,567 | ||
Loans held for investment, net | 1,403,239 | 1,321,073 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 1,527 | ||
90 or More Days Past Due | 0 | ||
Total Past Due | 1,527 | ||
Current | 1,319,546 | ||
Loans held for investment, net | 1,321,073 | ||
Commercial | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 15,158 | ||
90 or More Days Past Due | 2,552 | ||
Total Past Due | 17,710 | ||
Current | 7,556,604 | ||
Loans held for investment, net | 7,574,314 | 7,404,595 | |
Commercial | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 9,933 | ||
90 or More Days Past Due | 1,931 | ||
Total Past Due | 11,864 | ||
Current | 7,392,731 | ||
Loans held for investment, net | 7,574,314 | 7,404,595 | 7,066,112 |
Commercial | Asset-based | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 12,382 | ||
90 or More Days Past Due | 1,624 | ||
Total Past Due | 14,006 | ||
Current | 3,592,001 | ||
Loans held for investment, net | 3,606,007 | 3,305,421 | |
Commercial | Asset-based | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 47 | ||
90 or More Days Past Due | 646 | ||
Total Past Due | 693 | ||
Current | 3,304,728 | ||
Loans held for investment, net | 3,305,421 | ||
Commercial | Venture Capital Loans | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 447 | ||
90 or More Days Past Due | 0 | ||
Total Past Due | 447 | ||
Current | 2,194,296 | ||
Loans held for investment, net | 2,194,743 | 2,038,748 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 4,705 | ||
90 or More Days Past Due | 0 | ||
Total Past Due | 4,705 | ||
Current | 2,034,043 | ||
Loans held for investment, net | 2,038,748 | ||
Commercial | Other Commercial | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 2,329 | ||
90 or More Days Past Due | 928 | ||
Total Past Due | 3,257 | ||
Current | 1,770,307 | ||
Loans held for investment, net | 1,773,564 | 2,060,426 | |
Commercial | Other Commercial | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 5,181 | ||
90 or More Days Past Due | 1,285 | ||
Total Past Due | 6,466 | ||
Current | 2,053,960 | ||
Loans held for investment, net | 2,060,426 | ||
Consumer | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 964 | ||
90 or More Days Past Due | 169 | ||
Total Past Due | 1,133 | ||
Current | 445,249 | ||
Loans held for investment, net | 401,321 | ||
Consumer | Non Purchased Credit Impaired Loans and Leases | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 581 | ||
90 or More Days Past Due | 333 | ||
Total Past Due | 914 | ||
Current | 400,407 | ||
Loans held for investment, net | $ 446,382 | $ 401,321 | $ 378,680 |
Loans and Leases (Details 2)
Loans and Leases (Details 2) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | $ 81,265 | $ 79,333 | |
Loans held for investment | 18,472,852 | 17,957,713 | |
Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 79,333 | ||
Loans held for investment | 18,472,852 | 17,957,713 | $ 16,885,192 |
Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 18,391,587 | ||
Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 17,878,380 | ||
Real Estate Mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 19,895 | ||
Loans held for investment | 8,076,026 | 7,918,141 | |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 17,845 | ||
Loans held for investment | 8,076,026 | 7,918,141 | 7,566,374 |
Real Estate Mortgage | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 8,056,131 | ||
Real Estate Mortgage | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 7,900,296 | ||
Real Estate Mortgage | Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 17,012 | ||
Loans held for investment | 4,435,274 | 4,824,298 | |
Real Estate Mortgage | Commercial | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 15,321 | ||
Loans held for investment | 4,824,298 | ||
Real Estate Mortgage | Commercial | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 4,418,262 | ||
Real Estate Mortgage | Commercial | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 4,808,977 | ||
Real Estate Mortgage | Residential Real Estate | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 2,883 | ||
Loans held for investment | 3,640,752 | 3,093,843 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 2,524 | ||
Loans held for investment | 3,093,843 | ||
Real Estate Mortgage | Residential Real Estate | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 3,637,869 | ||
Real Estate Mortgage | Residential Real Estate | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 3,091,319 | ||
Real Estate Construction and Land | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 390 | ||
Loans held for investment | 2,376,130 | 2,233,656 | |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 442 | ||
Loans held for investment | 2,376,130 | 2,233,656 | 1,874,026 |
Real Estate Construction and Land | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 2,375,740 | ||
Real Estate Construction and Land | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 2,233,214 | ||
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 390 | ||
Loans held for investment | 972,891 | 912,583 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 442 | ||
Loans held for investment | 912,583 | ||
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 972,501 | ||
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 912,141 | ||
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 0 | ||
Loans held for investment | 1,403,239 | 1,321,073 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 0 | ||
Loans held for investment | 1,321,073 | ||
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 1,403,239 | ||
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 1,321,073 | ||
Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 60,536 | ||
Loans held for investment | 7,574,314 | 7,404,595 | |
Commercial | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 60,003 | ||
Loans held for investment | 7,574,314 | 7,404,595 | 7,066,112 |
Commercial | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 7,513,778 | ||
Commercial | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 7,344,592 | ||
Commercial | Asset-based | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 32,236 | ||
Loans held for investment | 3,606,007 | 3,305,421 | |
Commercial | Asset-based | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 32,324 | ||
Loans held for investment | 3,305,421 | ||
Commercial | Asset-based | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 3,573,771 | ||
Commercial | Asset-based | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 3,273,097 | ||
Commercial | Venture Capital Loans | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 22,501 | ||
Loans held for investment | 2,194,743 | 2,038,748 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 20,299 | ||
Loans held for investment | 2,038,748 | ||
Commercial | Venture Capital Loans | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 2,172,242 | ||
Commercial | Venture Capital Loans | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 2,018,449 | ||
Commercial | Other Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 5,799 | ||
Loans held for investment | 1,773,564 | 2,060,426 | |
Commercial | Other Commercial | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 7,380 | ||
Loans held for investment | 2,060,426 | ||
Commercial | Other Commercial | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 1,767,765 | ||
Commercial | Other Commercial | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | 2,053,046 | ||
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 444 | ||
Loans held for investment | 401,321 | ||
Consumer | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 1,043 | ||
Loans held for investment | 446,382 | 401,321 | $ 378,680 |
Consumer | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | $ 445,938 | ||
Consumer | Performing | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment | $ 400,278 |
Loans and Leases (Details 3)
Loans and Leases (Details 3) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 |
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | $ 18,472,852 | $ 17,957,713 | |
Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 190,979 | 237,110 | |
Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 239,304 | 261,398 | |
Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 18,042,569 | 17,459,205 | |
Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 18,472,852 | 17,957,713 | $ 16,885,192 |
Real Estate Mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 8,076,026 | 7,918,141 | |
Real Estate Mortgage | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 41,619 | 68,255 | |
Real Estate Mortgage | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 52,832 | 75,753 | |
Real Estate Mortgage | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 7,981,575 | 7,774,133 | |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 8,076,026 | 7,918,141 | 7,566,374 |
Real Estate Mortgage | Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 4,435,274 | 4,824,298 | |
Real Estate Mortgage | Commercial | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 32,926 | 57,734 | |
Real Estate Mortgage | Commercial | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 52,477 | 74,785 | |
Real Estate Mortgage | Commercial | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 4,349,871 | 4,691,779 | |
Real Estate Mortgage | Commercial | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 4,824,298 | ||
Real Estate Mortgage | Residential Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 3,640,752 | 3,093,843 | |
Real Estate Mortgage | Residential Real Estate | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 8,693 | 10,521 | |
Real Estate Mortgage | Residential Real Estate | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 355 | 968 | |
Real Estate Mortgage | Residential Real Estate | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 3,631,704 | 3,082,354 | |
Real Estate Mortgage | Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 3,093,843 | ||
Real Estate Construction and Land | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 2,376,130 | 2,233,656 | |
Real Estate Construction and Land | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 390 | 442 | |
Real Estate Construction and Land | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 5,268 | 8,568 | |
Real Estate Construction and Land | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 2,370,472 | 2,224,646 | |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 2,376,130 | 2,233,656 | 1,874,026 |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 972,891 | 912,583 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 390 | 442 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 0 | 7,041 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 972,501 | 905,100 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 912,583 | ||
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 1,403,239 | 1,321,073 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 0 | 0 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 5,268 | 1,527 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 1,397,971 | 1,319,546 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 1,321,073 | ||
Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 7,574,314 | 7,404,595 | |
Commercial | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 148,395 | 167,214 | |
Commercial | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 180,341 | 176,062 | |
Commercial | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 7,245,578 | 7,061,319 | |
Commercial | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 7,574,314 | 7,404,595 | 7,066,112 |
Commercial | Asset-based | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 3,606,007 | 3,305,421 | |
Commercial | Asset-based | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 41,151 | 45,957 | |
Commercial | Asset-based | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 48,324 | 48,338 | |
Commercial | Asset-based | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 3,516,532 | 3,211,126 | |
Commercial | Asset-based | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 3,305,421 | ||
Commercial | Venture Capital Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 2,194,743 | 2,038,748 | |
Commercial | Venture Capital Loans | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 42,105 | 28,731 | |
Commercial | Venture Capital Loans | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 68,426 | 77,588 | |
Commercial | Venture Capital Loans | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 2,084,212 | 1,932,429 | |
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 2,038,748 | ||
Commercial | Other Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 1,773,564 | 2,060,426 | |
Commercial | Other Commercial | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 65,139 | 92,526 | |
Commercial | Other Commercial | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 63,591 | 50,136 | |
Commercial | Other Commercial | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 1,644,834 | 1,917,764 | |
Commercial | Other Commercial | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 2,060,426 | ||
Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 401,321 | ||
Consumer | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 575 | 1,199 | |
Consumer | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 863 | 1,015 | |
Consumer | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | 444,944 | 399,107 | |
Consumer | Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment | $ 446,382 | $ 401,321 | $ 378,680 |
Loans and Leases (Details 4)
Loans and Leases (Details 4) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual loans and leases | $ 81,265 | $ 79,333 |
Performing Restructured Loans | 16,464 | 17,701 |
Total Impaired Loans and Leases | 97,729 | 97,034 |
Non Purchased Credit Impaired Loans and Leases | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual loans and leases | 79,333 | |
Total Impaired Loans and Leases | 97,034 | |
Real Estate Mortgage | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual loans and leases | 19,895 | |
Performing Restructured Loans | 10,457 | |
Total Impaired Loans and Leases | 30,352 | |
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual loans and leases | 17,845 | |
Performing Restructured Loans | 11,484 | |
Total Impaired Loans and Leases | 29,329 | |
Real Estate Construction and Land | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual loans and leases | 390 | |
Performing Restructured Loans | 4,986 | |
Total Impaired Loans and Leases | 5,376 | |
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual loans and leases | 442 | |
Performing Restructured Loans | 5,420 | |
Total Impaired Loans and Leases | 5,862 | |
Commercial | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual loans and leases | 60,536 | |
Performing Restructured Loans | 931 | |
Total Impaired Loans and Leases | 61,467 | |
Commercial | Non Purchased Credit Impaired Loans and Leases | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual loans and leases | 60,003 | |
Performing Restructured Loans | 692 | |
Total Impaired Loans and Leases | 60,695 | |
Consumer | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual loans and leases | 444 | |
Performing Restructured Loans | 90 | |
Total Impaired Loans and Leases | $ 534 | |
Consumer | Non Purchased Credit Impaired Loans and Leases | ||
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables [Line Items] | ||
Nonaccrual loans and leases | 1,043 | |
Performing Restructured Loans | 105 | |
Total Impaired Loans and Leases | $ 1,148 |
Loans and Leases (Details 5)
Loans and Leases (Details 5) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | $ 4,742 | $ 4,742 | |||
Total Impaired Loans and Leases | 97,729 | 97,729 | $ 97,034 | ||
Impaired Financing Receivable, Unpaid Principal Balance | 181,520 | 181,520 | |||
Impaired Financing Receivable, Average Recorded Investment | 90,257 | 85,231 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 262 | 529 | |||
Real Estate Mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 260 | 260 | |||
Total Impaired Loans and Leases | 30,352 | 30,352 | |||
Impaired Financing Receivable, Unpaid Principal Balance | 47,482 | 47,482 | |||
Impaired Financing Receivable, Average Recorded Investment | 27,013 | 26,222 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 134 | 261 | |||
Real Estate Construction and Land | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 0 | 0 | |||
Total Impaired Loans and Leases | 5,376 | 5,376 | |||
Impaired Financing Receivable, Unpaid Principal Balance | 5,419 | 5,419 | |||
Impaired Financing Receivable, Average Recorded Investment | 5,376 | 5,376 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 98 | 196 | |||
Commercial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 4,482 | 4,482 | |||
Total Impaired Loans and Leases | 61,467 | 61,467 | |||
Impaired Financing Receivable, Unpaid Principal Balance | 127,917 | 127,917 | |||
Impaired Financing Receivable, Average Recorded Investment | 57,357 | 53,148 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 29 | 69 | |||
Consumer | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 534 | 534 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 702 | 702 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 511 | 485 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 1 | 3 | |||
Total Impaired Loans and Leases | 534 | 534 | |||
Impaired Financing Receivable, Unpaid Principal Balance | 702 | 702 | |||
Impaired Financing Receivable, Average Recorded Investment | 511 | 485 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 1 | 3 | |||
Non Purchased Credit Impaired Loans and Leases | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 4,031 | ||||
Total Impaired Loans and Leases | 97,034 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 171,923 | ||||
Impaired Financing Receivable, Average Recorded Investment | $ 153,707 | $ 141,169 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 1,323 | 3,277 | |||
Non Purchased Credit Impaired Loans and Leases | Real Estate Mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 417 | ||||
Total Impaired Loans and Leases | 29,329 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 45,671 | ||||
Impaired Financing Receivable, Average Recorded Investment | 77,231 | 73,696 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 893 | 1,712 | |||
Non Purchased Credit Impaired Loans and Leases | Real Estate Construction and Land | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 0 | ||||
Total Impaired Loans and Leases | 5,862 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 5,870 | ||||
Impaired Financing Receivable, Average Recorded Investment | 15,999 | 10,803 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 93 | 184 | |||
Non Purchased Credit Impaired Loans and Leases | Commercial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 3,614 | ||||
Total Impaired Loans and Leases | 60,695 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 118,912 | ||||
Impaired Financing Receivable, Average Recorded Investment | 60,122 | 56,329 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 335 | 1,377 | |||
Non Purchased Credit Impaired Loans and Leases | Consumer | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 0 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,148 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,470 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 355 | 341 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 2 | 4 | |||
Total Impaired Loans and Leases | 1,148 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 1,470 | ||||
Impaired Financing Receivable, Average Recorded Investment | 355 | 341 | |||
Impaired Financing Receivable, Interest Income, Accrual Method | 2 | 4 | |||
Asset-based | Commercial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 32,236 | 32,236 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 49,853 | 49,853 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 31,148 | 30,881 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | |||
Asset-based | Non Purchased Credit Impaired Loans and Leases | Commercial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 0 | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 0 | 0 | 0 | ||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 0 | 0 | 0 | ||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 32,324 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 38,100 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 29,677 | 29,677 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | |||
Venture Capital Loans | Commercial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 22,265 | 22,265 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 24,353 | 24,353 | |||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 4,482 | 4,482 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 237 | 237 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 26,531 | 26,531 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 19,242 | 15,359 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 237 | 237 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | |||
Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | Commercial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 11,621 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 13,255 | ||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 3,141 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 8,678 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 41,335 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 18,449 | 15,715 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 2,800 | 2,645 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | |||
Other Commercial | Commercial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 618 | 618 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 618 | 618 | |||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 6,111 | 6,111 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 26,562 | 26,562 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 619 | 619 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 9 | 18 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 6,111 | 6,052 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 20 | 51 | |||
Other Commercial | Non Purchased Credit Impaired Loans and Leases | Commercial | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 473 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 482 | ||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 473 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,599 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 25,740 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 688 | 346 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 0 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 8,508 | 7,946 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 335 | 1,377 | |||
Commercial Real Estate Construction Loan Receivable | Real Estate Construction and Land | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,376 | 5,376 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,419 | 5,419 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 5,376 | 5,376 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 98 | 196 | |||
Commercial Real Estate Construction Loan Receivable | Non Purchased Credit Impaired Loans and Leases | Real Estate Construction and Land | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,862 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 5,870 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 5,549 | 5,549 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 93 | 184 | |||
Residential Real Estate Construction Financing Receivable | Real Estate Construction and Land | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 0 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | ||||
Residential Real Estate Construction Financing Receivable | Non Purchased Credit Impaired Loans and Leases | Real Estate Construction and Land | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 10,450 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | ||||
Commercial | Real Estate Mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 493 | 493 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 493 | 493 | |||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 69 | 69 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 19,994 | 19,994 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 34,694 | 34,694 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 493 | 493 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 8 | 16 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 16,716 | 16,016 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 54 | 106 | |||
Commercial | Non Purchased Credit Impaired Loans and Leases | Real Estate Mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 1,736 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 1,648 | ||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 170 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 17,783 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 32,035 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 7,786 | 7,786 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 103 | 204 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 58,733 | 55,214 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 725 | 1,378 | |||
Residential Real Estate | Real Estate Mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,066 | 2,066 | |||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2,061 | 2,061 | |||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 191 | 191 | |||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,799 | 7,799 | |||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 10,234 | 10,234 | |||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 2,066 | 2,066 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 15 | 29 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 7,738 | 7,647 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | $ 57 | $ 110 | |||
Residential Real Estate | Non Purchased Credit Impaired Loans and Leases | Real Estate Mortgage | |||||
Financing Receivable, Impaired [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,569 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2,563 | ||||
Impaired Financing Receivable, with Related Allowance, Related Allowance | 247 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,241 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | $ 9,425 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 2,419 | 2,419 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 21 | 42 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 8,293 | 8,277 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | $ 44 | $ 88 |
Loans and Leases (Details 6)
Loans and Leases (Details 6) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)contract | Jun. 30, 2018USD ($)contract | Jun. 30, 2019USD ($)contract | Jun. 30, 2018USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | contract | 11 | 10 | 29 | 12 |
Pre-Modification Outstanding Recorded Investment | $ 15,154 | $ 6,998 | $ 18,670 | $ 18,781 |
Post-Modification Outstanding Recorded Investment | $ 16,155 | $ 5,939 | $ 18,771 | $ 17,722 |
Real Estate Mortgage | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | contract | 3 | 3 | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 456 | $ 1,704 | $ 37 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 456 | $ 645 | $ 0 | $ 0 |
Real Estate Mortgage | Residential Real Estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | contract | 6 | 3 | ||
Pre-Modification Outstanding Recorded Investment | $ 1,245 | $ 1,704 | ||
Post-Modification Outstanding Recorded Investment | $ 1,245 | $ 645 | ||
Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | contract | 0 | |||
Commercial | Other Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | contract | 1 | 3 | 1 | |
Commercial | Asset-based | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | contract | 1 | 0 | 1 | 0 |
Pre-Modification Outstanding Recorded Investment | $ 620 | $ 0 | $ 620 | $ 0 |
Post-Modification Outstanding Recorded Investment | $ 620 | $ 0 | $ 620 | $ 0 |
Commercial | Venture Capital Loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | contract | 4 | 4 | 10 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 13,971 | $ 5,236 | $ 16,076 | $ 5,236 |
Post-Modification Outstanding Recorded Investment | $ 14,972 | $ 5,236 | $ 16,214 | $ 5,236 |
Commercial | Other Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | contract | 3 | 2 | 11 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 107 | $ 31 | $ 692 | $ 11,814 |
Post-Modification Outstanding Recorded Investment | $ 107 | $ 31 | $ 692 | $ 11,814 |
Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | contract | 0 | 1 | 0 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 27 | $ 0 | $ 27 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 27 | $ 0 | $ 27 |
Loans and Leases (Details 7)
Loans and Leases (Details 7) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2018 | |
Direct Financing Lease, Lease Income [Abstract] | ||
Interest income on net investments in leases | $ 2,886 | $ 6,026 |
Direct Financing Lease, Net Investment in Leases [Abstract] | ||
Lease payments receivable | 180,179 | |
Unguaranteed residual assets | 26,238 | |
Deferred fees and other | 849 | |
Aggregate net investment in leases | 207,266 | |
Sales-type and Direct Financing Leases, Lease Receivable, Rolling Maturity [Abstract] | ||
2019 | 35,758 | |
2020 | 71,453 | |
2021 | 50,719 | |
2022 | 19,333 | |
2023 | 11,265 | |
Thereafter | 8,763 | |
Total undiscounted cash flows | 197,291 | |
Less: Unearned income | (17,112) | |
Present value of lease payments | $ 180,179 |
Loans and Leases (Details 8)
Loans and Leases (Details 8) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | $ 136,281 | $ 134,275 | $ 132,472 | ||
Charge-offs | (17,637) | (18,235) | (21,102) | ||
Recoveries | 6,393 | 1,099 | 9,667 | ||
Allowance for Loan and Lease Losses, Net charge-offs | (11,244) | (17,136) | (11,435) | ||
Provision | 10,000 | 15,000 | 14,000 | ||
Balance, end of period | 135,037 | 132,139 | 135,037 | $ 132,139 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Ending balance of loans and leases | 18,472,852 | 18,472,852 | $ 17,957,713 | ||
Non Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 136,281 | 134,275 | 132,472 | 139,456 | |
Charge-offs | (17,637) | (18,235) | (21,102) | (30,388) | |
Recoveries | 6,393 | 1,099 | 9,667 | 8,297 | |
Allowance for Loan and Lease Losses, Net charge-offs | (22,091) | ||||
Provision | 10,000 | 15,000 | 14,000 | 14,774 | |
Balance, end of period | 135,037 | 132,139 | 135,037 | 132,139 | |
Amount of the allowance applicable to loans and leases: | |||||
Individually evaluated for impairment | 4,742 | 8,952 | 4,742 | 8,952 | |
Collectively evaluated for impairment | 130,295 | 123,187 | 130,295 | 123,187 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Individually evaluated for impairment | 93,350 | 167,157 | 93,350 | 167,157 | |
Collectively evaluated for impairment | 18,379,502 | 16,718,035 | 18,379,502 | 16,718,035 | |
Ending balance of loans and leases | 18,472,852 | 16,885,192 | 18,472,852 | 16,885,192 | 17,957,713 |
Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 6,400 | ||||
Real Estate Mortgage | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for Loan and Lease Losses, Net charge-offs | (294) | (4,627) | (347) | (5,568) | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Ending balance of loans and leases | 8,076,026 | 8,076,026 | 7,918,141 | ||
Real Estate Mortgage | Non Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 45,754 | 40,158 | 46,021 | 40,051 | |
Charge-offs | (534) | (4,747) | (730) | (7,345) | |
Recoveries | 240 | 120 | 383 | 1,777 | |
Provision | 1,366 | 9,936 | 1,152 | 10,984 | |
Balance, end of period | 46,826 | 45,467 | 46,826 | 45,467 | |
Amount of the allowance applicable to loans and leases: | |||||
Individually evaluated for impairment | 260 | 472 | 260 | 472 | |
Collectively evaluated for impairment | 46,566 | 44,995 | 46,566 | 44,995 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Individually evaluated for impairment | 27,594 | 83,931 | 27,594 | 83,931 | |
Collectively evaluated for impairment | 8,048,432 | 7,482,443 | 8,048,432 | 7,482,443 | |
Ending balance of loans and leases | 8,076,026 | 7,566,374 | 8,076,026 | 7,566,374 | 7,918,141 |
Real Estate Construction and Land | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for Loan and Lease Losses, Net charge-offs | 0 | 17 | 0 | 26 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Ending balance of loans and leases | 2,376,130 | 2,376,130 | 2,233,656 | ||
Real Estate Construction and Land | Non Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 27,208 | 18,190 | 28,209 | 13,055 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 17 | 0 | 26 | |
Provision | (830) | 8,003 | (1,831) | 13,129 | |
Balance, end of period | 26,378 | 26,210 | 26,378 | 26,210 | |
Amount of the allowance applicable to loans and leases: | |||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Collectively evaluated for impairment | 26,378 | 26,210 | 26,378 | 26,210 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Individually evaluated for impairment | 5,376 | 15,998 | 5,376 | 15,998 | |
Collectively evaluated for impairment | 2,370,754 | 1,858,028 | 2,370,754 | 1,858,028 | |
Ending balance of loans and leases | 2,376,130 | 1,874,026 | 2,376,130 | 1,874,026 | 2,233,656 |
Commercial | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for Loan and Lease Losses, Net charge-offs | (10,847) | (12,513) | (10,744) | (16,550) | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Ending balance of loans and leases | 7,574,314 | 7,574,314 | 7,404,595 | ||
Commercial | Non Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 61,496 | 73,780 | 56,360 | 84,022 | |
Charge-offs | (16,927) | (13,425) | (19,930) | (22,949) | |
Recoveries | 6,080 | 912 | 9,186 | 6,399 | |
Provision | 8,752 | (2,461) | 13,785 | (8,666) | |
Balance, end of period | 59,401 | 58,806 | 59,401 | 58,806 | |
Amount of the allowance applicable to loans and leases: | |||||
Individually evaluated for impairment | 4,482 | 8,480 | 4,482 | 8,480 | |
Collectively evaluated for impairment | 54,919 | 50,326 | 54,919 | 50,326 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Individually evaluated for impairment | 60,380 | 67,228 | 60,380 | 67,228 | |
Collectively evaluated for impairment | 7,513,934 | 6,998,884 | 7,513,934 | 6,998,884 | |
Ending balance of loans and leases | 7,574,314 | 7,066,112 | 7,574,314 | 7,066,112 | 7,404,595 |
Consumer | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for Loan and Lease Losses, Net charge-offs | (103) | (13) | (344) | 1 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Ending balance of loans and leases | 401,321 | ||||
Consumer | Non Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 1,823 | 2,147 | 1,882 | 2,328 | |
Charge-offs | (176) | (63) | (442) | (94) | |
Recoveries | 73 | 50 | 98 | 95 | |
Provision | 712 | (478) | 894 | (673) | |
Balance, end of period | 2,432 | 1,656 | 2,432 | 1,656 | |
Amount of the allowance applicable to loans and leases: | |||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Collectively evaluated for impairment | 2,432 | 1,656 | 2,432 | 1,656 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Individually evaluated for impairment | 0 | 0 | 0 | 0 | |
Collectively evaluated for impairment | 446,382 | 378,680 | 446,382 | 378,680 | |
Ending balance of loans and leases | 446,382 | 378,680 | 446,382 | 378,680 | $ 401,321 |
Non Purchased Credit Impaired Loans and Leases | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Allowance for Loan and Lease Losses, Net charge-offs | $ (11,244) | $ (17,136) | $ (11,435) | $ (22,091) |
Loans and Leases (Details 9)
Loans and Leases (Details 9) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance, beginning of period | $ 136,281 | $ 132,472 | $ 134,275 | $ 132,472 | |
Reserve for Unfunded Loan Commitments, Balance, beginning of period | 36,861 | 36,861 | 32,861 | 36,861 | $ 28,635 |
Allowance for Credit Losses, Balance, beginning of period | 173,142 | 169,333 | 167,136 | 169,333 | |
Allowance for Loan and Lease Losses, Charge-offs | (17,637) | (18,235) | (21,102) | ||
Reserve for Unfunded Loan Commitments, Charge-offs | 0 | 0 | 0 | 0 | |
Allowance for Credit Losses, Charge-offs | (17,637) | (18,235) | (21,102) | ||
Allowance for Loan and Lease Loss, Recoveries | 6,393 | 1,099 | 9,667 | ||
Reserve for Unfunded Loan Commitments, Recoveries | 0 | 0 | 0 | 0 | |
Allowance for Credit Losses, Recoveries | 6,393 | 1,099 | 9,667 | ||
Allowance for Loan and Lease Losses, Net charge-offs | (11,244) | (17,136) | (11,435) | ||
Reserve for Unfunded Loan Commitments, Net charge-offs | 0 | 0 | 0 | 0 | |
Allowance For Credit Losses, Net charge-offs | (11,244) | (17,136) | (11,435) | ||
Allowance for Loan and Lease Losses, Provision (negative provision) | 10,000 | 15,000 | 14,000 | ||
Reserve for Unfunded Commitments, Provision (negative provision) | 2,000 | (2,500) | 2,000 | (6,726) | |
Allowance for Credit Losses, Provision (negative provision) | 8,000 | 4,000 | 17,500 | 12,000 | 21,500 |
Balance, end of period | 135,037 | 136,281 | 132,139 | 135,037 | 132,139 |
Reserve for Unfunded Loan Commitments, Balance, end of period | 34,861 | 36,861 | 35,361 | 34,861 | 35,361 |
Allowance for Credit Losses, Balance, end of period | 169,898 | 173,142 | 167,500 | 169,898 | 167,500 |
Non Purchased Credit Impaired Loans and Leases | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance, beginning of period | 136,281 | 132,472 | 134,275 | 132,472 | 139,456 |
Allowance for Credit Losses, Balance, beginning of period | 168,091 | ||||
Allowance for Loan and Lease Losses, Charge-offs | (17,637) | (18,235) | (21,102) | (30,388) | |
Allowance for Credit Losses, Charge-offs | (30,388) | ||||
Allowance for Loan and Lease Loss, Recoveries | 6,393 | 1,099 | 9,667 | 8,297 | |
Allowance for Credit Losses, Recoveries | 8,297 | ||||
Allowance for Loan and Lease Losses, Net charge-offs | (22,091) | ||||
Allowance For Credit Losses, Net charge-offs | (22,091) | ||||
Allowance for Loan and Lease Losses, Provision (negative provision) | 10,000 | 15,000 | 14,000 | 14,774 | |
Allowance for Credit Losses, Provision (negative provision) | 21,500 | ||||
Balance, end of period | $ 135,037 | $ 136,281 | 132,139 | $ 135,037 | 132,139 |
Allowance for Credit Losses, Balance, end of period | $ 167,500 | 167,500 | |||
Purchased Credit Impaired Loans and Leases | |||||
Financing Receivable, Allowance for Credit Loss [Line Items] | |||||
Balance, beginning of period | $ 6,400 |
Loans and Leases (Details Textu
Loans and Leases (Details Textual) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019USD ($)contract | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)contract | Jun. 30, 2018USD ($)contract | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Pre-Modification Outstanding Recorded Investment | $ 15,154,000 | $ 6,998,000 | $ 18,670,000 | $ 18,781,000 | |
Post-Modification Outstanding Recorded Investment | 16,155,000 | 5,939,000 | 18,771,000 | $ 17,722,000 | |
Nonaccrual loans and leases | 81,265,000 | 81,265,000 | $ 79,333,000 | ||
Receivable, 90 or more days past due | 9,775,000 | 9,775,000 | 10,700,000 | ||
Receivable, 30-89 days past due | 29,002,000 | 29,002,000 | 6,600,000 | ||
Financing receivable, nonaccrual status, current | 62,000,000 | ||||
Credit Concentration Risk | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual loans and leases | 45,000,000 | $ 45,000,000 | |||
Percentage of nonaccrual loans and leases | 55.00% | ||||
Non Purchased Credit Impaired Loans and Leases | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual loans and leases | 79,333,000 | ||||
Receivable, 90 or more days past due | 10,723,000 | ||||
Receivable, 30-89 days past due | 17,085,000 | ||||
Nonaccrual | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Receivable, 90 or more days past due | 9,800,000 | $ 9,800,000 | |||
Receivable, 30-89 days past due | 3,300,000 | 3,300,000 | |||
Financing receivable, nonaccrual status, current | 68,200,000 | 68,200,000 | |||
Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of Loans | contract | 0 | ||||
Nonaccrual loans and leases | 60,536,000 | 60,536,000 | |||
Receivable, 90 or more days past due | 2,552,000 | 2,552,000 | |||
Receivable, 30-89 days past due | 15,158,000 | 15,158,000 | |||
Commercial | Non Purchased Credit Impaired Loans and Leases | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual loans and leases | 60,003,000 | ||||
Receivable, 90 or more days past due | 1,931,000 | ||||
Receivable, 30-89 days past due | 9,933,000 | ||||
Commercial | Venture Capital Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Pre-Modification Outstanding Recorded Investment | 13,971,000 | 5,236,000 | 16,076,000 | $ 5,236,000 | |
Post-Modification Outstanding Recorded Investment | 14,972,000 | 5,236,000 | 16,214,000 | 5,236,000 | |
Nonaccrual loans and leases | 22,501,000 | 22,501,000 | |||
Receivable, 90 or more days past due | 0 | 0 | |||
Receivable, 30-89 days past due | 447,000 | 447,000 | |||
Commercial | Venture Capital Loans | Non Purchased Credit Impaired Loans and Leases | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual loans and leases | 20,299,000 | ||||
Receivable, 90 or more days past due | 0 | ||||
Receivable, 30-89 days past due | 4,705,000 | ||||
Commercial | Other Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Pre-Modification Outstanding Recorded Investment | 107,000 | 31,000 | 692,000 | 11,814,000 | |
Post-Modification Outstanding Recorded Investment | 107,000 | 31,000 | 692,000 | 11,814,000 | |
Nonaccrual loans and leases | 5,799,000 | 5,799,000 | |||
Receivable, 90 or more days past due | 928,000 | 928,000 | |||
Receivable, 30-89 days past due | 2,329,000 | 2,329,000 | |||
Commercial | Other Commercial | Non Purchased Credit Impaired Loans and Leases | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual loans and leases | 7,380,000 | ||||
Receivable, 90 or more days past due | 1,285,000 | ||||
Receivable, 30-89 days past due | 5,181,000 | ||||
Commercial | Asset-based | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Pre-Modification Outstanding Recorded Investment | 620,000 | 0 | 620,000 | 0 | |
Post-Modification Outstanding Recorded Investment | 620,000 | $ 0 | 620,000 | $ 0 | |
Nonaccrual loans and leases | 32,236,000 | 32,236,000 | |||
Receivable, 90 or more days past due | 1,624,000 | 1,624,000 | |||
Receivable, 30-89 days past due | $ 12,382,000 | $ 12,382,000 | |||
Commercial | Asset-based | Non Purchased Credit Impaired Loans and Leases | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Nonaccrual loans and leases | 32,324,000 | ||||
Receivable, 90 or more days past due | 646,000 | ||||
Receivable, 30-89 days past due | $ 47,000 | ||||
Equipment Finance Commercial Financing Receivable | Venture Capital Loans | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of Loans | contract | 2 | 2 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 447,000 | $ 447,000 | |||
Other Commercial | Commercial | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of Loans | contract | 1 | 3 | 1 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 81,000 | $ 140,000 | $ 2,100,000 |
Foreclosed Assets (Details)
Foreclosed Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Total other real estate owned, net | $ 1,425 | $ 4,235 |
Other foreclosed assets | 47 | 1,064 |
Foreclosed assets, net | 1,472 | 5,299 |
Commercial real estate | ||
Total other real estate owned, net | 253 | 2,004 |
Single-family residence | ||
Total other real estate owned, net | 953 | 953 |
Construction and land development | ||
Total other real estate owned, net | 219 | 219 |
Multi‑family | ||
Total other real estate owned, net | $ 0 | $ 1,059 |
Foreclosed Assets (Details 1)
Foreclosed Assets (Details 1) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | ||
Balance, beginning of period | $ 5,299 | |
Loans transferred to foreclosed assets | 37 | $ 1,059 |
Provision for losses | 0 | |
Reductions related to sales | (3,864) | |
Balance, end of period | $ 1,472 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Finite-lived Intangible Assets [Roll Forward] | |||||
CDI and CRI Balance, beginning of period | $ 119,497 | $ 119,497 | $ 119,497 | $ 119,497 | $ 119,497 |
Accumulated Amortization, beginning of period | (67,247) | (62,377) | (46,217) | (62,377) | (39,871) |
Amortization | (4,870) | (4,870) | (5,587) | (9,740) | (11,933) |
CDI and CRI Balance, end of period | 119,497 | 119,497 | 119,497 | 119,497 | 119,497 |
Accumulated Amortization, end of period | (72,117) | (67,247) | (51,804) | (72,117) | (51,804) |
Net CDI and CRI, end of period | $ 47,380 | $ 52,250 | $ 67,693 | $ 47,380 | $ 67,693 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2019 | |
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible asset amortization | $ 4,870 | $ 4,870 | $ 5,587 | $ 9,740 | $ 11,933 | |
Aggregate amortization expense 2019 | 14,600 | 14,600 | ||||
Aggregate amortization expense 2020 | 10,800 | 10,800 | ||||
Aggregate amortization expense 2021 | 7,500 | 7,500 | ||||
Aggregate amortization expense 2022 | 3,800 | 3,800 | ||||
Aggregate amortization expense 2023 | $ 1,700 | $ 1,700 | ||||
Scenario, Forecast | ||||||
Finite-Lived Intangible Assets [Line Items] | ||||||
Intangible asset amortization | $ 18,700 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Other Assets [Abstract] | ||
Cash Surrender Value of Life Insurance | $ 196,745 | $ 194,897 |
Finance Lease, Right-of-Use Asset | 119,086 | 0 |
Interest and fees receivable income | 83,308 | 88,754 |
Low Income Housing Tax Credit - LIHTC | 63,151 | 59,507 |
Equity Method Investments, Other Asset Investments | 58,892 | 59,062 |
Income Taxes Receivable | 28,326 | 39,096 |
Prepaid Expense | 19,576 | 18,006 |
Equity Investments Without Readily Determinable Fair Value | 14,827 | 14,758 |
Equity Warrants | 3,931 | 4,793 |
Equity Investments With Readily Determinable Fair Value | 3,284 | 4,891 |
Other Assets, Miscellaneous | 20,993 | 39,132 |
Other Assets | $ 612,119 | $ 522,896 |
Other Assets (Details Textual)
Other Assets (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | 18 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Other Investment Not Readily Marketable [Line Items] | ||||
Equity Investments Without Readily Determinable Fair Value | $ 14,827,000 | $ 14,827,000 | $ 14,827,000 | $ 14,758,000 |
Equity Investments Without Readily Determinable Fair Value Other than Non-temporary Impairments | 0 | |||
Equity Method Investment, Amount Sold | 0 | 286,000 | ||
Equity Method Investment, Other than Temporary Impairment | 278,000 | |||
Community Reinvestment Act Investments [Member] | ||||
Other Investment Not Readily Marketable [Line Items] | ||||
Equity Investments Without Readily Determinable Fair Value | $ 14,000,000 | $ 14,000,000 | $ 14,000,000 | $ 12,500,000 |
Leases - Narrative (Details)
Leases - Narrative (Details) | 6 Months Ended |
Jun. 30, 2019bank_branchother_office | |
Lessee, Lease, Description [Line Items] | |
Number of full-service branch offices related to operating leases | bank_branch | 75 |
Number of other offices related to operating leases | other_office | 76 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 1 year |
Lease renewal term | 1 year |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term | 28 years |
Lease renewal term | 10 years |
Leases - Schedule of Occupancy
Leases - Schedule of Occupancy Expense and Supplemental Cash Flow Information Related to Operating Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Lease, Cost [Abstract] | ||
Fixed costs | $ 8,534 | $ 16,836 |
Variable costs | 46 | 70 |
Short-term lease costs | 203 | 723 |
Sublease income | (1,054) | (2,180) |
Net lease expense | $ 7,729 | 15,449 |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | 16,408 | |
ROU assets obtained in exchange for lease obligations: | ||
Operating leases | $ 149,621 |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Balance Sheet Information Related to Operating Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Operating leases: | |
Operating Lease, Right-of-Use Asset | $ 119,086 |
Operating Lease, Liability | $ 133,887 |
Weighted average remaining lease term (in years) | 5 years 7 months 6 days |
Weighted average discount rate | 2.93% |
Leases - Schedule of Maturities
Leases - Schedule of Maturities of Operating Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |
2019 | $ 16,440 |
2020 | 30,764 |
2021 | 27,348 |
2022 | 21,645 |
2023 | 18,735 |
Thereafter | 31,185 |
Total operating lease liabilities | 146,117 |
Less: Imputed interest | (12,230) |
Present value of operating lease liabilities | $ 133,887 |
Leases - Schedule of Payments t
Leases - Schedule of Payments to be Received on Operating Leases (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2019 | $ 18,620 |
2020 | 35,919 |
2021 | 28,199 |
2022 | 21,337 |
2023 | 18,604 |
Thereafter | 50,214 |
Total undiscounted cash flows | $ 172,893 |
Borrowings and Subordinated D_3
Borrowings and Subordinated Debentures (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Borrowings | $ 1,913,059 | $ 1,371,114 |
Rate | 2.50% | 2.56% |
Non‑recourse debt | ||
Debt Instrument [Line Items] | ||
Amount | $ 59 | $ 114 |
Rate | 7.50% | 7.50% |
AFX borrowings | ||
Debt Instrument [Line Items] | ||
Amount | $ 250,000 | $ 190,000 |
Rate | 2.43% | 2.56% |
Federal Home Loan Bank of San Francisco | FHLB secured advances | ||
Debt Instrument [Line Items] | ||
Amount | $ 1,522,000 | $ 1,040,000 |
Rate | 2.52% | 2.56% |
Federal Home Loan Bank of San Francisco | FHLB unsecured overnight advance | ||
Debt Instrument [Line Items] | ||
Amount | $ 141,000 | $ 141,000 |
Rate | 2.41% | 2.53% |
Borrowings and Subordinated D_4
Borrowings and Subordinated Debentures (Details 1) $ in Thousands, € in Millions | 6 Months Ended | ||
Jun. 30, 2019USD ($) | Jun. 30, 2019EUR (€) | Dec. 31, 2018USD ($) | |
Subordinated Borrowing [Line Items] | |||
Rate | 2.50% | 2.50% | 2.56% |
Net subordinated debentures | $ 456,112 | $ 453,846 | |
Trust Preferred Securities Two Thousand Six Series Three | |||
Subordinated Borrowing [Line Items] | |||
Denomination value | € | € 25.8 | ||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust V Due September 2033 | |||
Subordinated Borrowing [Line Items] | |||
Rate Index (Quarterly Reset) | 3.10% | ||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust VI Due September 2033 | |||
Subordinated Borrowing [Line Items] | |||
Rate Index (Quarterly Reset) | 3.05% | ||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust CII Due September 2033 | |||
Subordinated Borrowing [Line Items] | |||
Rate Index (Quarterly Reset) | 2.95% | ||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust VII Due April 2034 | |||
Subordinated Borrowing [Line Items] | |||
Rate Index (Quarterly Reset) | 2.75% | ||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust CIII Due September 2035 | |||
Subordinated Borrowing [Line Items] | |||
Rate Index (Quarterly Reset) | 1.69% | ||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust FCCI Due March 2037 | |||
Subordinated Borrowing [Line Items] | |||
Rate Index (Quarterly Reset) | 1.60% | ||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust FCBI Due December 2035 | |||
Subordinated Borrowing [Line Items] | |||
Rate Index (Quarterly Reset) | 1.55% | ||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Five Series One | |||
Subordinated Borrowing [Line Items] | |||
Rate Index (Quarterly Reset) | 1.95% | ||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Five Series Two | |||
Subordinated Borrowing [Line Items] | |||
Rate Index (Quarterly Reset) | 1.95% | ||
London Interbank Offered Rate (LIBOR) | Two Thousand Six One Term Debt Securitization | |||
Subordinated Borrowing [Line Items] | |||
Rate Index (Quarterly Reset) | 1.95% | ||
London Interbank Offered Rate (LIBOR) | Two Thousand Six Two Term Debt Securitization | |||
Subordinated Borrowing [Line Items] | |||
Rate Index (Quarterly Reset) | 1.95% | ||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Six Series Four | |||
Subordinated Borrowing [Line Items] | |||
Rate Index (Quarterly Reset) | 1.95% | ||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Six Series Five | |||
Subordinated Borrowing [Line Items] | |||
Rate Index (Quarterly Reset) | 1.95% | ||
London Interbank Offered Rate (LIBOR) | Two Thousand Seven One Term Debt Securitization | |||
Subordinated Borrowing [Line Items] | |||
Rate Index (Quarterly Reset) | 1.95% | ||
Euribor Rate | Trust Preferred Securities Two Thousand Six Series Three | |||
Subordinated Borrowing [Line Items] | |||
Rate Index (Quarterly Reset) | 2.05% | ||
Subordinated Debentures | |||
Subordinated Borrowing [Line Items] | |||
Amount | $ 541,102 | $ 541,344 | |
Rate | 4.45% | 4.45% | 4.51% |
Unamortized discount | $ (84,990) | $ (87,498) | |
Subordinated Debentures | Subordinated Debt Trust V Due September 2033 | |||
Subordinated Borrowing [Line Items] | |||
Amount | $ 10,310 | $ 10,310 | |
Rate | 5.51% | 5.51% | 5.89% |
Date Issued | Aug. 15, 2003 | ||
Maturity Date | Sep. 17, 2033 | ||
Description of variable rate basis | 3-month LIBOR + 3.10 | ||
Subordinated Debentures | Subordinated Debt Trust VI Due September 2033 | |||
Subordinated Borrowing [Line Items] | |||
Amount | $ 10,310 | $ 10,310 | |
Rate | 5.46% | 5.46% | 5.84% |
Date Issued | Sep. 3, 2003 | ||
Maturity Date | Sep. 15, 2033 | ||
Description of variable rate basis | 3-month LIBOR + 3.05 | ||
Subordinated Debentures | Subordinated Debt Trust CII Due September 2033 | |||
Subordinated Borrowing [Line Items] | |||
Amount | $ 5,155 | $ 5,155 | |
Rate | 5.36% | 5.36% | 5.74% |
Date Issued | Sep. 17, 2003 | ||
Maturity Date | Sep. 17, 2033 | ||
Description of variable rate basis | 3-month LIBOR + 2.95 | ||
Subordinated Debentures | Subordinated Debt Trust VII Due April 2034 | |||
Subordinated Borrowing [Line Items] | |||
Amount | $ 61,856 | $ 61,856 | |
Rate | 5.33% | 5.33% | 5.27% |
Date Issued | Feb. 5, 2004 | ||
Maturity Date | Apr. 23, 2034 | ||
Description of variable rate basis | 3-month LIBOR + 2.75 | ||
Subordinated Debentures | Subordinated Debt Trust CIII Due September 2035 | |||
Subordinated Borrowing [Line Items] | |||
Amount | $ 20,619 | $ 20,619 | |
Rate | 4.10% | 4.10% | 4.48% |
Date Issued | Aug. 15, 2005 | ||
Maturity Date | Sep. 15, 2035 | ||
Description of variable rate basis | 3-month LIBOR + 1.69 | ||
Subordinated Debentures | Subordinated Debt Trust FCCI Due March 2037 | |||
Subordinated Borrowing [Line Items] | |||
Amount | $ 16,495 | $ 16,495 | |
Rate | 4.01% | 4.01% | 4.39% |
Date Issued | Jan. 25, 2007 | ||
Maturity Date | Mar. 15, 2037 | ||
Description of variable rate basis | 3-month LIBOR + 1.60 | ||
Subordinated Debentures | Subordinated Debt Trust FCBI Due December 2035 | |||
Subordinated Borrowing [Line Items] | |||
Amount | $ 10,310 | $ 10,310 | |
Rate | 3.96% | 3.96% | 4.34% |
Date Issued | Sep. 30, 2005 | ||
Maturity Date | Dec. 15, 2035 | ||
Description of variable rate basis | 3-month LIBOR + 1.55 | ||
Subordinated Debentures | Trust Preferred Securities Two Thousand Five Series One | |||
Subordinated Borrowing [Line Items] | |||
Amount | $ 82,475 | $ 82,475 | |
Rate | 4.36% | 4.36% | 4.74% |
Date Issued | Nov. 21, 2005 | ||
Maturity Date | Dec. 15, 2035 | ||
Description of variable rate basis | 3-month LIBOR + 1.95 | ||
Subordinated Debentures | Trust Preferred Securities Two Thousand Five Series Two | |||
Subordinated Borrowing [Line Items] | |||
Amount | $ 128,866 | $ 128,866 | |
Rate | 4.53% | 4.53% | 4.47% |
Date Issued | Dec. 14, 2005 | ||
Maturity Date | Jan. 30, 2036 | ||
Description of variable rate basis | 3-month LIBOR + 1.95 | ||
Subordinated Debentures | Two Thousand Six One Term Debt Securitization | |||
Subordinated Borrowing [Line Items] | |||
Amount | $ 51,545 | $ 51,545 | |
Rate | 4.53% | 4.53% | 4.47% |
Date Issued | Feb. 22, 2006 | ||
Maturity Date | Apr. 30, 2036 | ||
Description of variable rate basis | 3-month LIBOR + 1.95 | ||
Subordinated Debentures | Two Thousand Six Two Term Debt Securitization | |||
Subordinated Borrowing [Line Items] | |||
Amount | $ 51,550 | $ 51,550 | |
Rate | 4.53% | 4.53% | 4.47% |
Date Issued | Sep. 27, 2006 | ||
Maturity Date | Oct. 30, 2036 | ||
Description of variable rate basis | 3-month LIBOR + 1.95 | ||
Subordinated Debentures | Trust Preferred Securities Two Thousand Six Series Three | |||
Subordinated Borrowing [Line Items] | |||
Amount | $ 29,314 | $ 29,556 | |
Rate | 1.74% | 1.74% | 1.73% |
Date Issued | Sep. 29, 2006 | ||
Maturity Date | Oct. 30, 2036 | ||
Description of variable rate basis | 3-month EURIBOR + 2.05 | ||
Subordinated Debentures | Trust Preferred Securities Two Thousand Six Series Four | |||
Subordinated Borrowing [Line Items] | |||
Amount | $ 16,470 | $ 16,470 | |
Rate | 4.53% | 4.53% | 4.47% |
Date Issued | Dec. 5, 2006 | ||
Maturity Date | Jan. 30, 2037 | ||
Description of variable rate basis | 3-month LIBOR + 1.95 | ||
Subordinated Debentures | Trust Preferred Securities Two Thousand Six Series Five | |||
Subordinated Borrowing [Line Items] | |||
Amount | $ 6,650 | $ 6,650 | |
Rate | 4.53% | 4.53% | 4.47% |
Date Issued | Dec. 19, 2006 | ||
Maturity Date | Jan. 30, 2037 | ||
Description of variable rate basis | 3-month LIBOR + 1.95 | ||
Subordinated Debentures | Two Thousand Seven One Term Debt Securitization | |||
Subordinated Borrowing [Line Items] | |||
Amount | $ 39,177 | $ 39,177 | |
Rate | 4.53% | 4.53% | 4.47% |
Date Issued | Jun. 13, 2007 | ||
Maturity Date | Jul. 30, 2037 | ||
Description of variable rate basis | 3-month LIBOR + 1.95 |
Borrowings and Subordinated D_5
Borrowings and Subordinated Debentures (Details Textual) - USD ($) | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
Non‑recourse debt | ||
Debt Instrument [Line Items] | ||
Weighted average remaining maturity period | 6 months | |
Unused Lines of Credit | ||
Debt Instrument [Line Items] | ||
Amount outstanding | $ 0 | $ 0 |
Current borrowing capacity | 180,000,000 | |
Unused commitment fees | 0 | |
AFX borrowings | ||
Debt Instrument [Line Items] | ||
Amount outstanding | 250,000,000 | 190,000,000 |
Federal Reserve Bank Advances | ||
Debt Instrument [Line Items] | ||
Loans pledged as collateral | 2,700,000,000 | |
Amount outstanding | 0 | 0 |
Federal Reserve Bank Advances | FHLB secured advances | ||
Debt Instrument [Line Items] | ||
Borrowing capacity description | 2,000,000,000 | |
Federal Home Loan Bank of San Francisco | ||
Debt Instrument [Line Items] | ||
Loans pledged as collateral | 6,000,000,000 | |
Federal Home Loan Bank of San Francisco | FHLB secured advances | ||
Debt Instrument [Line Items] | ||
Borrowing capacity description | 4,200,000,000 | |
Current outstanding | 1,522,000,000 | 1,040,000,000 |
Federal Home Loan Bank of San Francisco | FHLB unsecured overnight advance | ||
Debt Instrument [Line Items] | ||
Current outstanding | 141,000,000 | 141,000,000 |
Federal Home Loan Bank of San Francisco | Unused Lines of Credit | ||
Debt Instrument [Line Items] | ||
Borrowing capacity description | 141,000,000 | |
Maturity Overnight [Member] | AFX borrowings | ||
Debt Instrument [Line Items] | ||
Amount outstanding | 240,000,000 | |
Short-term Debt [Member] | AFX borrowings | ||
Debt Instrument [Line Items] | ||
Amount outstanding | 10,000,000 | |
Maturity Overnight [Member] | Federal Home Loan Bank of San Francisco | ||
Debt Instrument [Line Items] | ||
Current outstanding | $ 1,500,000,000 | $ 1,000,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loans and Leases Commitments To Extend Credit | $ 7,610,899,000 | $ 7,528,248,000 |
Guarantor Obligations, Maximum Exposure, Undiscounted | 387,012,000 | 364,210,000 |
Commitment To Contribute Capital | 109,103,000 | 101,991,000 |
Remaining minimum amount committed | 50,000 | 50,000 |
Unused Commitments to Extend Credit | $ 8,107,064,000 | $ 7,994,499,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Textual) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitment To Contribute Capital | $ 109,103,000 | $ 101,991,000 |
Remaining minimum amount committed | $ 50,000 | $ 50,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | $ 3,807,244 | $ 4,009,431 |
Securities available-for-sale, at fair value | 3,807,244 | 4,009,431 |
Equity Securities, FV-NI | 3,284 | 4,891 |
Derivative Liability | 317 | 142 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity warrants | 4,793 | |
Government agency and government-sponsored enterprise pass through securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 351,360 | 281,088 |
Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 1,150,474 | 632,850 |
Private label collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 112,037 | 101,205 |
Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 93,802 | 0 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 736,570 | 1,312,194 |
Government agency and government-sponsored enterprise commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 1,058,846 | 1,112,704 |
US Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 5,188 | 403,405 |
Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 227,121 | 81,385 |
SBA asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 51,812 | 67,047 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 20,034 | 17,553 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 3,807,244 | |
Equity warrants | 3,931 | 4,793 |
Other derivative assets | 1,459 | 3,292 |
Total recurring assets | 3,815,918 | 4,022,407 |
Derivative liabilities | 317 | 142 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 5,188 | 403,405 |
Equity warrants | 0 | 0 |
Other derivative assets | 0 | 0 |
Equity Securities, FV-NI | 3,284 | 4,891 |
Total recurring assets | 8,472 | 408,296 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 3,761,660 | 3,558,793 |
Equity warrants | 0 | 0 |
Other derivative assets | 1,459 | 3,292 |
Equity Securities, FV-NI | 0 | 0 |
Total recurring assets | 3,763,119 | 3,562,085 |
Derivative liabilities | 317 | 142 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 40,396 | 47,233 |
Equity warrants | 3,931 | 4,793 |
Other derivative assets | 0 | 0 |
Equity Securities, FV-NI | 0 | 0 |
Total recurring assets | 44,327 | 52,026 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 351,360 | 281,088 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 351,360 | 281,088 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 1,150,474 | 632,850 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 1,150,474 | 632,850 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Private label collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 112,037 | 101,205 |
Fair Value, Measurements, Recurring | Private label collateralized mortgage obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Private label collateralized mortgage obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 105,138 | 93,917 |
Fair Value, Measurements, Recurring | Private label collateralized mortgage obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 6,899 | 7,288 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 93,802 | |
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | |
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 93,802 | |
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | |
Fair Value, Measurements, Recurring | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 736,570 | 1,312,194 |
Fair Value, Measurements, Recurring | Municipal securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Municipal securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 736,570 | 1,312,194 |
Fair Value, Measurements, Recurring | Municipal securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 1,058,846 | 1,112,704 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 1,058,846 | 1,112,704 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | US Treasury Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 5,188 | 403,405 |
Fair Value, Measurements, Recurring | US Treasury Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 5,188 | 403,405 |
Fair Value, Measurements, Recurring | US Treasury Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | US Treasury Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 227,121 | 81,385 |
Fair Value, Measurements, Recurring | Asset-backed Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Asset-backed Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 193,624 | 41,440 |
Fair Value, Measurements, Recurring | Asset-backed Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 33,497 | 39,945 |
Fair Value, Measurements, Recurring | SBA asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 51,812 | 67,047 |
Fair Value, Measurements, Recurring | SBA asset-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | SBA asset-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 51,812 | 67,047 |
Fair Value, Measurements, Recurring | SBA asset-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 20,034 | 17,553 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | 20,034 | 17,553 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available‑for‑sale | $ 0 | $ 0 |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 1) - Level 3 - Fair Value, Measurements, Recurring | 6 Months Ended |
Jun. 30, 2019 | |
Measurement Input, Prepayment Rate | Minimum | Covered Private Label Collateralized Mortgage Obligations Member [Domain] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.036 |
Measurement Input, Prepayment Rate | Minimum | Private label collateralized mortgage obligations | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.036 |
Measurement Input, Prepayment Rate | Minimum | Asset-backed Securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Asset-Backed Securities, Measurement Input | 0.120 |
Measurement Input, Prepayment Rate | Maximum | Covered Private Label Collateralized Mortgage Obligations Member [Domain] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 1 |
Measurement Input, Prepayment Rate | Maximum | Private label collateralized mortgage obligations | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.0100 |
Measurement Input, Prepayment Rate | Maximum | Asset-backed Securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Asset-Backed Securities, Measurement Input | 0.150 |
Measurement Input, Prepayment Rate | Weighted Average | Covered Private Label Collateralized Mortgage Obligations Member [Domain] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.112 |
Measurement Input, Prepayment Rate | Weighted Average | Private label collateralized mortgage obligations | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.112 |
Measurement Input, Prepayment Rate | Weighted Average | Asset-backed Securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Asset-Backed Securities, Measurement Input | 0.137 |
Measurement Input, Default Rate | Minimum | Covered Private Label Collateralized Mortgage Obligations Member [Domain] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.004 |
Measurement Input, Default Rate | Minimum | Private label collateralized mortgage obligations | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.004 |
Measurement Input, Default Rate | Minimum | Asset-backed Securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Asset-Backed Securities, Measurement Input | 0.020 |
Measurement Input, Default Rate | Maximum | Covered Private Label Collateralized Mortgage Obligations Member [Domain] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.820 |
Measurement Input, Default Rate | Maximum | Private label collateralized mortgage obligations | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.8200 |
Measurement Input, Default Rate | Maximum | Asset-backed Securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Asset-Backed Securities, Measurement Input | 0.02 |
Measurement Input, Default Rate | Weighted Average | Covered Private Label Collateralized Mortgage Obligations Member [Domain] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.019 |
Measurement Input, Default Rate | Weighted Average | Private label collateralized mortgage obligations | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.019 |
Measurement Input, Default Rate | Weighted Average | Asset-backed Securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Asset-Backed Securities, Measurement Input | 0.020 |
Measurement Input, Loss Severity | Minimum | Covered Private Label Collateralized Mortgage Obligations Member [Domain] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.015 |
Measurement Input, Loss Severity | Minimum | Private label collateralized mortgage obligations | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.015 |
Measurement Input, Loss Severity | Minimum | Asset-backed Securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Asset-Backed Securities, Measurement Input | 0.600 |
Measurement Input, Loss Severity | Maximum | Covered Private Label Collateralized Mortgage Obligations Member [Domain] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 1.458 |
Measurement Input, Loss Severity | Maximum | Private label collateralized mortgage obligations | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 1.4580 |
Measurement Input, Loss Severity | Maximum | Asset-backed Securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Asset-Backed Securities, Measurement Input | 0.60 |
Measurement Input, Loss Severity | Weighted Average | Covered Private Label Collateralized Mortgage Obligations Member [Domain] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.578 |
Measurement Input, Loss Severity | Weighted Average | Private label collateralized mortgage obligations | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.578 |
Measurement Input, Loss Severity | Weighted Average | Asset-backed Securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Asset-Backed Securities, Measurement Input | 0.600 |
Measurement Input, Discount Rate | Minimum | Covered Private Label Collateralized Mortgage Obligations Member [Domain] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.025 |
Measurement Input, Discount Rate | Minimum | Private label collateralized mortgage obligations | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.025 |
Measurement Input, Discount Rate | Minimum | Asset-backed Securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Asset-Backed Securities, Measurement Input | 0.032 |
Measurement Input, Discount Rate | Maximum | Covered Private Label Collateralized Mortgage Obligations Member [Domain] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.093 |
Measurement Input, Discount Rate | Maximum | Private label collateralized mortgage obligations | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.0930 |
Measurement Input, Discount Rate | Maximum | Asset-backed Securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Asset-Backed Securities, Measurement Input | 0.052 |
Measurement Input, Discount Rate | Weighted Average | Covered Private Label Collateralized Mortgage Obligations Member [Domain] | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.064 |
Measurement Input, Discount Rate | Weighted Average | Private label collateralized mortgage obligations | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.064 |
Measurement Input, Discount Rate | Weighted Average | Asset-backed Securities | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Asset-Backed Securities, Measurement Input | 0.043 |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details 2) - Weighted Average - Warrant - Fair Value, Measurements, Recurring - Level 3 | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Equity Warrants, Measurement Input, Remaining Life | 3 years 4 months 9 days |
Measurement Input, Price Volatility | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Volatility | 0.167 |
Measurement Input, Risk Free Interest Rate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Volatility | 0.017 |
Fair Value Measurements (Deta_4
Fair Value Measurements (Details 3) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Level 3 | |
Level 3 CMO [Roll Forward] | |
Equity warrants, Balance, beginning of period | $ 4,793,000 |
Total included in earnings, Equity Warrants | 3,493,000 |
Total included in other comprehensive income | 0 |
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 161,000 |
Sales, Equity Warrants | (4,453,000) |
Net settlements, Equity Warrants | 0 |
Fair Value, Measurements, Recurring | |
Level 3 CMO [Roll Forward] | |
Equity warrants, Balance, beginning of period | 4,793,000 |
Equity warrants, Balance, end of period | 3,931,000 |
Fair Value, Measurements, Recurring | Level 3 | |
Level 3 CMO [Roll Forward] | |
Equity warrants, Balance, beginning of period | 4,793,000 |
Equity warrants, Balance, end of period | 3,931,000 |
Private Label CMOs | Fair Value, Measurements, Recurring | Level 3 | |
Level 3 CMO [Roll Forward] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 7,288,000 |
Total included in earnings | 224,000 |
Total included in other comprehensive income | (64,000) |
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 |
Net settlements | (549,000) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 6,899,000 |
Asset-backed | Fair Value, Measurements, Recurring | Level 3 | |
Level 3 CMO [Roll Forward] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 39,945,000 |
Total included in earnings | (56,000) |
Total included in other comprehensive income | 559,000 |
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 0 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 |
Net settlements | (6,951,000) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 33,497,000 |
Private label collateralized mortgage obligations | |
Level 3 CMO [Roll Forward] | |
Fair value transfers of assets measured on a recurring basis | 0 |
Asset-backed Securities | |
Level 3 CMO [Roll Forward] | |
Fair value transfers of assets measured on a recurring basis | 0 |
Warrant | |
Level 3 CMO [Roll Forward] | |
Fair value transfers of assets measured on a recurring basis | $ 63,000 |
Fair Value Measurements (Deta_5
Fair Value Measurements (Details 4) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total recurring assets | $ 23,517 | $ 25,568 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total recurring assets | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total recurring assets | 0 | 2,936 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total recurring assets | 23,517 | 22,632 |
Non Purchased Credit Impaired Loans and Leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total recurring assets | 23,517 | 24,432 |
Non Purchased Credit Impaired Loans and Leases | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total recurring assets | 0 | 0 |
Non Purchased Credit Impaired Loans and Leases | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total recurring assets | 0 | 1,800 |
Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total recurring assets | $ 23,517 | 22,632 |
Other real estate and foreclosed assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total recurring assets | 1,136 | |
Other real estate and foreclosed assets | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total recurring assets | 0 | |
Other real estate and foreclosed assets | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total recurring assets | 1,136 | |
Third party appraisals | Other real estate and foreclosed assets | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total recurring assets | $ 0 |
Fair Value Measurements (Deta_6
Fair Value Measurements (Details 5) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total losses | $ 1,842 | $ 12,076 | $ 3,038 | $ 16,059 |
Non Purchased Credit Impaired Loans and Leases | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total losses | 1,842 | 12,076 | 3,038 | 15,994 |
Other real estate and foreclosed assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total losses | $ 0 | $ 0 | $ 0 | $ 65 |
Fair Value Measurements (Deta_7
Fair Value Measurements (Details 6) - Measurement Input, Discount Rate - Discounted Cash Flow - Non Purchased Credit Impaired Loans and Leases - Fair Value, Measurements, Nonrecurring - Level 3 | 6 Months Ended |
Jun. 30, 2019 | |
Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rates | 0.0375 |
Minimum | Discount Rates | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rates | 0.0375 |
Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rates | 0.0800 |
Maximum | Discount Rates | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rates | 0.0800 |
Weighted Average | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rates | 0.0648 |
Weighted Average | Discount Rates | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Discount rates | 0.0648 |
Fair Value Measurements (Deta_8
Fair Value Measurements (Details 7) - Fair Value, Measurements, Nonrecurring $ in Thousands | 6 Months Ended | |
Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 23,517 | $ 25,568 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 23,517 | 22,632 |
Non Purchased Credit Impaired Loans and Leases | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 23,517 | 24,432 |
Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 23,517 | $ 22,632 |
Discount Rates | Discounted Cash Flow | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | 17,073 | |
No Discounts | Third party appraisals | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value | $ 6,444 | |
Measurement Input, Discount Rate | Minimum | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 0.0375 | |
Measurement Input, Discount Rate | Maximum | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 0.0800 | |
Measurement Input, Discount Rate | Weighted Average | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 0.0648 | |
Measurement Input, Discount Rate | Discount Rates | Minimum | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 0.0375 | |
Measurement Input, Discount Rate | Discount Rates | Maximum | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 0.0800 | |
Measurement Input, Discount Rate | Discount Rates | Weighted Average | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Discount rates | 0.0648 |
Fair Value Measurements (Deta_9
Fair Value Measurements (Details 8) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | $ 185,075 | $ 175,830 |
Interest-earning deposits in financial institutions | 422,663 | 209,937 |
Securities available-for-sale, Carrying Amount | 3,807,244 | 4,009,431 |
Investment in FHLB stock, Carrying Amount | 43,146 | 32,103 |
Investment in FHLB stock, Fair Value | 43,146 | 32,103 |
Loans and leases, net | 18,337,815 | 17,825,241 |
Loans and leases held for investment, net | 17,841,445 | |
Warrants and Rights Outstanding | 4,793 | |
Other derivative assets, Carrying Amount | 1,459 | 3,292 |
Equity Securities, FV-NI | 3,284 | 4,891 |
Demand, interest checking, money market, and savings deposits | 15,617,488 | 16,346,671 |
Interest-bearing Domestic Deposit, Brokered | 436,833 | 518,192 |
Time deposits | 2,751,435 | 2,005,638 |
Time deposits | 2,749,828 | 2,017,137 |
Borrowings | 1,913,059 | 1,371,114 |
Borrowings | 1,913,059 | 1,371,114 |
Subordinated debentures | 456,112 | 453,846 |
Subordinated debentures | 439,635 | 435,251 |
Derivative Liability | 317 | 142 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 185,075 | 175,830 |
Interest-earning deposits in financial institutions | 422,663 | 209,937 |
Investment in FHLB stock, Fair Value | 0 | 0 |
Demand, interest checking, money market, and savings deposits | 0 | 0 |
Interest-bearing Domestic Deposit, Brokered | 0 | 0 |
Time deposits | 0 | 0 |
Borrowings | 1,903,000 | 1,371,000 |
Subordinated debentures | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 0 | 0 |
Interest-earning deposits in financial institutions | 0 | 0 |
Investment in FHLB stock, Fair Value | 43,146 | 32,103 |
Demand, interest checking, money market, and savings deposits | 15,617,488 | 16,346,671 |
Interest-bearing Domestic Deposit, Brokered | 436,833 | 518,192 |
Time deposits | 2,749,828 | 2,017,137 |
Borrowings | 10,059 | 114 |
Subordinated debentures | 439,635 | 435,251 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and due from banks | 0 | 0 |
Interest-earning deposits in financial institutions | 0 | 0 |
Investment in FHLB stock, Fair Value | 0 | 0 |
Loans and leases held for investment, net | 17,841,445 | |
Equity warrants | 4,793 | |
Demand, interest checking, money market, and savings deposits | 0 | 0 |
Interest-bearing Domestic Deposit, Brokered | 0 | 0 |
Time deposits | 0 | 0 |
Borrowings | 0 | 0 |
Subordinated debentures | 0 | 0 |
Fair Value, Measurements, Recurring | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Equity warrants | 3,931 | 4,793 |
Other derivative assets, Fair Value | 1,459 | 3,292 |
Derivative liabilities | 317 | 142 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, Carrying Amount | 5,188 | 403,405 |
Equity warrants | 0 | 0 |
Other derivative assets, Fair Value | 0 | 0 |
Equity Securities, FV-NI | 3,284 | 4,891 |
Derivative liabilities | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, Carrying Amount | 3,761,660 | 3,558,793 |
Equity warrants | 0 | 0 |
Other derivative assets, Fair Value | 1,459 | 3,292 |
Equity Securities, FV-NI | 0 | 0 |
Derivative liabilities | 317 | 142 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, Carrying Amount | 40,396 | 47,233 |
Equity warrants | 3,931 | 4,793 |
Other derivative assets, Fair Value | 0 | 0 |
Equity Securities, FV-NI | 0 | 0 |
Derivative liabilities | 0 | 0 |
NonPCI and PCI Loans | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases held for investment, net | 17,013,860 | |
NonPCI and PCI Loans | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases held for investment, net | 0 | 0 |
NonPCI and PCI Loans | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases held for investment, net | $ 0 | 1,800 |
NonPCI and PCI Loans | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Loans and leases held for investment, net | $ 17,012,060 |
Fair Value Measurements (Det_10
Fair Value Measurements (Details Textual) | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Private label collateralized mortgage obligations | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ 0 |
Warrant | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ (63,000) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||||
Earnings Per Share [Abstract] | ||||||||
Net earnings from continuing operations | $ 128,125 | $ 112,604 | $ 115,735 | $ 240,729 | $ 234,011 | |||
Less: Earnings allocated to unvested restricted stock | (1,190) | [1] | (1,163) | [1] | (1,348) | [1] | (2,343) | (2,469) |
Net earnings allocated to common shares | $ 126,935 | $ 111,441 | $ 114,387 | $ 238,386 | $ 231,542 | |||
Weighted-average basic shares and unvested restricted stock outstanding (shares) | 120,042 | 122,227 | 126,082 | 121,128 | 126,780 | |||
Weighted-average unvested restricted stock outstanding (shares) | (1,462) | (1,352) | (1,466) | (1,407) | (1,439) | |||
Weighted-average basic shares outstanding (shares) | 118,580 | 120,875 | 124,616 | 119,721 | 125,341 | |||
Basic net income per share (usd per share) | $ 1.07 | $ 0.92 | $ 0.92 | $ 1.99 | $ 1.85 | |||
Net earnings from continuing operations allocated to common shares | $ 126,935 | $ 111,441 | $ 114,387 | $ 238,386 | $ 231,542 | |||
Diluted net income per share (usd per share) | $ 1.07 | $ 0.92 | $ 0.92 | $ 1.99 | $ 1.85 | |||
[1] | Represents cash dividends paid to holders of unvested restricted stock, net of forfeitures, plus undistributed earnings amounts available to holders of unvested restricted stock, if any. |
Revenue From Contracts With C_3
Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | |||||
Total interest income | $ 314,533 | $ 304,559 | $ 288,514 | $ 619,092 | $ 566,289 |
Service charges on deposit accounts | 3,771 | 3,730 | 4,265 | 7,501 | 8,439 |
Other commissions and fees | 11,590 | 11,008 | 11,767 | 22,598 | 22,032 |
Leased equipment income | 9,182 | 9,282 | 9,790 | 18,464 | 19,377 |
Gain on sale of loans and leases | 326 | 0 | 106 | 326 | 4,675 |
Gain on sale of securities | 22,192 | 2,161 | 253 | 24,353 | 6,564 |
Other income | 3,832 | 4,883 | 13,457 | 8,715 | 17,110 |
Total noninterest income | 50,893 | $ 31,064 | 39,638 | 81,957 | 78,197 |
Revenues | 365,426 | 328,152 | 701,049 | 644,486 | |
Service charges on deposit accounts | 9,383 | 9,802 | 18,022 | 19,088 | |
Interest Income | |||||
Disaggregation of Revenue [Line Items] | |||||
Service charges on deposit accounts | 0 | 0 | 0 | 0 | |
Service charges on deposit accounts | |||||
Disaggregation of Revenue [Line Items] | |||||
Service charges on deposit accounts | 3,771 | 4,265 | 7,501 | 8,439 | |
Other commissions and fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Service charges on deposit accounts | 5,158 | 5,101 | 9,696 | 9,752 | |
Leased equipment income | |||||
Disaggregation of Revenue [Line Items] | |||||
Service charges on deposit accounts | 0 | 0 | 0 | 0 | |
Gain on sale of loans | |||||
Disaggregation of Revenue [Line Items] | |||||
Service charges on deposit accounts | 0 | 0 | 0 | 0 | |
Gain on sale of securities | |||||
Disaggregation of Revenue [Line Items] | |||||
Service charges on deposit accounts | 0 | 0 | 0 | 0 | |
Other income | |||||
Disaggregation of Revenue [Line Items] | |||||
Service charges on deposit accounts | 454 | 436 | 825 | 897 | |
Noninterest Income | |||||
Disaggregation of Revenue [Line Items] | |||||
Service charges on deposit accounts | $ 9,383 | $ 9,802 | $ 18,022 | $ 19,088 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue From Contracts With Customers [Abstract] | ||||
Products and services transferred at a point in time | $ 4,987 | $ 4,930 | $ 9,533 | $ 9,591 |
Products and services transferred over time | 4,396 | 4,872 | 8,489 | 9,497 |
Total revenue from contracts with customers | $ 9,383 | $ 9,802 | $ 18,022 | $ 19,088 |
Revenue From Contracts With C_5
Revenue From Contracts With Customers (Details 2) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Revenue From Contracts With Customers [Abstract] | ||
Receivables, which are included in Other assets | $ 1,494 | $ 1,334 |
Contract assets, which are included in Other assets | 0 | 0 |
Contract liabilities, which are included in Accrued interest payable and other liabilities | $ 556 | $ 621 |
Revenue From Contracts With C_6
Revenue From Contracts With Customers (Details Textual) | Dec. 31, 2018USD ($) |
Revenue From Contracts With Customers [Abstract] | |
Contract with Customer, Liability | $ 65,000 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested restricted shares (shares) | 1,623,494 | 1,623,494 | 1,889,872 | |||
Vesting period of time-based restricted stock, lower limit | 3 years | |||||
Vesting period of time-based restricted stock, higher limit | 4 years | |||||
Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance vesting percentage | 0.00% | |||||
Performance Target 1 | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance vesting percentage | 150.00% | |||||
Performance Target 2 | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Performance vesting percentage | 200.00% | |||||
Restricted Stock | Vesting Based On Service | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Allocated share-based compensation expense | $ 6.2 | $ 5.8 | $ 6.9 | $ 12 | $ 14.1 | |
Restricted Stock Awards And Performance Based Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized share based compensation expense | $ 66.5 | $ 66.5 | ||||
Performance Shares | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested restricted shares (shares) | 276,386 | 276,386 | ||||
Performance period | 3 years | |||||
PacWest 2003 Stock Incentive Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of shares authorized (shares) | 4,000,000 | 4,000,000 | ||||
Number of shares available for grant (shares) | 2,438,627 | 2,438,627 | ||||
PacWest 2003 Stock Incentive Plan | Time-Based Restricted Stock Awards | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unvested restricted shares (shares) | 1,623,494 | 1,623,494 |
Subsequent Events (Details Text
Subsequent Events (Details Textuals) - $ / shares | Aug. 01, 2019 | Jun. 30, 2019 | Jun. 30, 2018 |
Subsequent Event [Line Items] | |||
Dividends declared per share (usd per share) | $ 0.60 | $ 0.50 | |
Subsequent Event | Dividend Declared | |||
Subsequent Event [Line Items] | |||
Dividends declared per share (usd per share) | $ 0.60 |
Uncategorized Items - a06301910
Label | Element | Value | |
Retained Earnings [Member] | |||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | us-gaap_NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfChangeOnNetIncome | $ 938,000 | [1] |
[1] |