Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity File Number | 001-36408 | ||
Entity Registrant Name | PACWEST BANCORP | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 33-0885320 | ||
Entity Address, Address Line One | 9701 Wilshire Blvd. | ||
Entity Address, Address Line Two | Suite 700 | ||
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 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | PACW | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4.5 | ||
Entity Common Stock, Shares Outstanding | 116,859,317 | ||
Entity Central Index Key | 0001102112 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Documents Incorporated by Reference [Text Block] | The information required by Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K will be found in the Company's definitive proxy statement for its 2020 Annual Meeting of Stockholders, to be filed pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended, and such information is incorporated herein by this reference. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
ASSETS: | ||
Cash and due from banks | $ 172,585 | $ 175,830 |
Interest-earning deposits in financial institutions | 465,039 | 209,937 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 637,624 | 385,767 |
Securities available-for-sale, at fair value | 3,797,187 | 4,009,431 |
Federal Home Loan Bank stock, at cost | 40,924 | 32,103 |
Total investment securities | 3,838,111 | 4,041,534 |
Gross loans and leases held for investment | 18,910,740 | 18,026,365 |
Deferred fees, net | (63,868) | (68,652) |
Allowance for loan and lease losses | (138,785) | (132,472) |
Total loans and leases held for investment, net | 18,708,087 | 17,825,241 |
Equipment leased to others under operating leases | 324,084 | 292,677 |
Premises and equipment, net | 38,585 | 34,661 |
Foreclosed assets, net | 440 | 5,299 |
Deferred tax asset, net | 0 | 17,489 |
Goodwill | 2,548,670 | 2,548,670 |
Core deposit and customer relationship intangibles, net | 38,394 | 57,120 |
Other assets | 636,811 | 540,385 |
Total assets | 26,770,806 | 25,731,354 |
LIABILITIES: | ||
Noninterest-bearing deposits | 7,243,298 | 7,888,915 |
Interest-bearing deposits | 11,989,738 | 10,981,586 |
Total deposits | 19,233,036 | 18,870,501 |
Borrowings | 1,759,008 | 1,371,114 |
Subordinated debentures | 458,209 | 453,846 |
Accrued interest payable and other liabilities | 365,856 | 210,305 |
Total liabilities | 21,816,109 | 20,905,766 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY: | ||
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 December 31, 2019 and 2018; 121,890,008 and 125,179,705 shares issued, respectively, includes 1,513,197 and 1,344,656 shares of unvested restricted stock, respectively) | 1,219 | 1,251 |
Additional paid-in capital | 3,306,006 | 3,722,723 |
Retained earnings | 1,652,248 | 1,182,674 |
Treasury stock, at cost (2,108,403 and 1,889,872 shares at December 31, 2019 and 2018) | (83,434) | (74,985) |
Accumulated other comprehensive income (loss), net | 78,658 | (6,075) |
Total stockholders' equity | 4,954,697 | 4,825,588 |
Total liabilities and stockholders' equity | $ 26,770,806 | $ 25,731,354 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Shares Authorized | $ 0.01 | $ 0.01 |
Preferred Stock, Value, Outstanding | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares, Issued, Acquisitions | 121,890,008 | 125,079,705 |
Equity Instruments Other than Options, Nonvested, Number | 1,513,197 | 1,344,656 |
Treasury Stock, Shares | 2,108,403 | 1,889,872 |
Consolidated Statements of Earn
Consolidated Statements of Earnings - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income: | |||
Loans and leases | $ 1,097,845 | $ 1,047,969 | $ 952,771 |
Investment securities | 115,569 | 111,619 | 98,202 |
Deposits in financial institutions | 6,479 | 2,082 | 1,543 |
Total interest income | 1,219,893 | 1,161,670 | 1,052,516 |
Interest expense: | |||
Deposits | 148,460 | 80,140 | 45,694 |
Borrowings | 26,961 | 11,985 | 3,638 |
Subordinated debentures | 29,843 | 28,631 | 23,613 |
Total interest expense | 205,264 | 120,756 | 72,945 |
Net interest income | 1,014,629 | 1,040,914 | 979,571 |
Provision for credit losses | 22,000 | 45,000 | 57,752 |
Net interest income after provision for credit losses | 992,629 | 995,914 | 921,819 |
Noninterest income: | |||
Other commissions and fees | 43,623 | 45,543 | 41,422 |
Leased equipment income | 38,727 | 37,881 | 37,700 |
Service charges on deposit accounts | 14,637 | 16,509 | 15,307 |
Gain on sale of loans and leases | 1,114 | 4,675 | 6,197 |
Gain (loss) on sale of securities | 25,445 | 8,176 | (541) |
Other income | 19,016 | 35,851 | 28,488 |
Total noninterest income | 142,562 | 148,635 | 128,573 |
Noninterest expense: | |||
Compensation | 285,862 | 282,568 | 266,567 |
Occupancy | 57,407 | 53,223 | 48,863 |
Data processing | 27,556 | 27,225 | 26,575 |
Other professional services | 17,803 | 21,952 | 17,353 |
Insurance and assessments | 16,404 | 20,705 | 19,733 |
Customer related expense | 18,726 | 22,506 | 14,240 |
Loan expense | 24,016 | 21,371 | 20,767 |
Foreclosed assets (income) expense, net | (3,555) | (751) | 1,702 |
Customer Related Expense | 13,839 | 10,353 | 8,297 |
Loan expense | 12,931 | 10,569 | 13,832 |
Acquisition, integration and reorganization costs | 349 | 1,770 | 19,735 |
Other expense | 30,913 | 39,741 | 37,997 |
Total noninterest expense | 502,251 | 511,232 | 495,661 |
Earnings before income taxes | 632,940 | 633,317 | 554,731 |
Income tax expense | (164,304) | (167,978) | (196,913) |
Net earnings | $ 468,636 | $ 465,339 | $ 357,818 |
Earnings Per Share, Basic (usd per share) | $ 3.90 | $ 3.72 | $ 2.91 |
Diluted income per share (usd per share) | 3.90 | 3.72 | 2.91 |
Dividends declared per share (usd per share) | $ 2.40 | $ 2.30 | $ 2 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Statement of Comprehensive Income [Abstract] | ||||
Net earnings | $ 468,636 | $ 465,339 | $ 357,818 | |
arising during the year | 143,019 | (52,559) | 42,190 | |
(losses) arising during the year | (40,058) | 15,015 | (17,481) | |
net of tax | 102,961 | (37,544) | 24,709 | |
Reclassification adjustment for net (gains) losses included in net earnings (1) | (25,445) | (8,176) | 541 | [1] |
Income tax expense (benefit) related to reclassification adjustment | 7,217 | 2,338 | (61) | |
net earnings, net of tax | (18,228) | (5,838) | 480 | |
Other comprehensive income (loss), net of tax | 84,733 | (43,382) | 25,189 | |
Comprehensive income | $ 553,369 | $ 421,957 | $ 383,007 | |
[1] | Entire amount recognized in " Gain (loss) on sale of securities " on the Consolidated Statements of Earnings. |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Shares Of Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | |
Dividends declared per share (usd per share) | $ 2 | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | [1] | $ 291 | $ 711 | $ (420) | ||||
Shares, Outstanding at Dec. 31, 2016 | 121,283,669 | |||||||
Total stockholders' equity at Dec. 31, 2016 | 4,479,055 | $ 1,228 | 4,162,132 | 366,073 | $ (56,360) | $ 5,982 | ||
Net Income | 357,818 | 357,818 | ||||||
Other comprehensive income | 25,189 | 25,189 | ||||||
Stock Issued During Period, Shares, Acquisitions | 9,298,451 | |||||||
Issuance of common stock for merger with CapitalSource Inc. | 446,233 | $ 93 | 446,140 | |||||
Restricted stock awarded and earned stock compensation, net of shares forfeited, shares | 470,855 | |||||||
net of shares forfeited | 25,568 | $ 5 | 25,563 | |||||
Restricted stock surrendered, shares | (188,870) | |||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 21 | |||||||
Stock Repurchase Program | (9,476) | (9,476) | ||||||
Dividend reinvestment, shares | (2,081,227) | |||||||
Dividend reinvestment | (99,677) | 99,656 | ||||||
Common stock, $2.40/share | (247,403) | (247,403) | ||||||
Total stockholders' equity at Dec. 31, 2017 | $ 4,977,598 | $ 1,305 | 4,287,487 | 723,471 | (65,836) | 31,171 | ||
Shares, Outstanding at Dec. 31, 2017 | 128,782,878 | |||||||
Dividends declared per share (usd per share) | $ 2.30 | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | [2] | (6,136) | 6,136 | |||||
Net Income | $ 465,339 | 465,339 | ||||||
Other comprehensive income | (43,382) | (43,382) | ||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited, shares | 437,831 | |||||||
net of shares forfeited | 29,768 | $ 4 | 29,764 | |||||
Restricted stock surrendered, shares | (181,642) | 5,849,234 | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 58 | |||||||
Stock Repurchase Program | (9,149) | (9,149) | ||||||
Common Stock Repurchased Under Stock Repurchase Program, Amount Repurchased | 306,393 | 306,335 | ||||||
Common stock, $2.40/share | (288,193) | (288,193) | ||||||
Total stockholders' equity at Dec. 31, 2018 | $ 4,825,588 | $ 1,251 | 3,722,723 | 1,182,674 | (74,985) | (6,075) | ||
Shares, Outstanding at Dec. 31, 2018 | 123,189,833 | |||||||
Dividends declared per share (usd per share) | $ 2.40 | |||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | [3] | $ 938 | 938 | |||||
Net Income | 468,636 | 468,636 | ||||||
Other comprehensive income | 84,733 | 84,733 | ||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited, shares | 798,248 | |||||||
net of shares forfeited | 26,815 | $ 8 | 26,807 | |||||
Restricted stock surrendered, shares | (218,531) | 3,987,945 | ||||||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 40 | |||||||
Stock Repurchase Program | (8,449) | (8,449) | ||||||
Common Stock Repurchased Under Stock Repurchase Program, Amount Repurchased | 154,516 | 154,476 | ||||||
Common stock, $2.40/share | (289,048) | (289,048) | ||||||
Total stockholders' equity at Dec. 31, 2019 | $ 4,954,697 | $ 1,219 | $ 3,306,006 | $ 1,652,248 | $ (83,434) | $ 78,658 | ||
Shares, Outstanding at Dec. 31, 2019 | 119,781,605 | |||||||
[1] | Impact due to adoption on January 1, 2017 of ASU 2016-09, " Improvements to Employee Share-Based Payment Accounting ." | |||||||
[2] | Impact due to adoption on January 1, 2018 of ASU 2016-01, " Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities " and ASU 2018-02, " Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." | |||||||
[3] | Impact due to adoption on January 1, 2019 of ASU 2016-02, " Leases (Topic 842)," and the related amendments. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Cash Flow Statements, Captions [Line Items] | |||
PacWest common stock issued | $ 0 | $ 0 | |
Cash flows from operating activities: | |||
Net earnings | 468,636 | 465,339 | $ 357,818 |
Depreciation and amortization | 39,115 | 35,168 | 32,029 |
Accretion (Amortization) of Discounts and Premiums, Investments | 13,962 | 23,938 | 41,450 |
Customer related expense | 18,726 | 22,506 | 14,240 |
Operating Lease, Right-of-Use Asset, Amortization | 29,393 | 0 | 0 |
Provision for credit losses | 22,000 | 45,000 | 57,752 |
Gain on sale of foreclosed assets, net | (3,689) | (609) | (871) |
Provision for losses on foreclosed assets | 78 | 74 | 2,138 |
Gain on sale of loans and leases, net | (1,114) | (4,675) | (6,197) |
Loss (gain) on sale of premises and equipment | 599 | (20) | (386) |
(Gain) loss on sale of securities, net | (25,445) | (8,176) | 541 |
Gain (Loss) on Sale of Insurance Block | 0 | (1,338) | (1,050) |
Unrealized gain on derivatives and foreign currencies, net | (228) | (325) | (429) |
Earned stock compensation | 26,815 | 29,768 | 25,568 |
Decrease (increase) in deferred income taxes, net | 14,714 | (136) | 76,860 |
Decrease (increase) in other assets | 15,547 | 25,117 | (118,477) |
(Decrease) increase in accrued interest payable and other liabilities | (36,449) | (23,604) | 2,982 |
Net cash provided by operating activities | 582,660 | 608,027 | 483,968 |
Cash flows from investing activities: | |||
Cash acquired in acquisitions, net of cash consideration paid | 0 | 0 | 160,318 |
Net increase in loans and leases | (1,005,478) | (1,209,986) | (1,303,752) |
Proceeds from sales of loans and leases | 102,573 | 646,587 | 1,322,456 |
Proceeds from maturities and paydowns of securities available-for-sale | 325,863 | 290,177 | 435,925 |
Proceeds from sales of securities available-for-sale | 1,584,860 | 571,800 | 759,300 |
Purchases of securities available-for-sale | (1,569,421) | (1,180,545) | (1,298,105) |
Net (purchases) redemptions of Federal Home Loan Bank stock | (8,821) | (11,313) | 12,982 |
Proceeds from sales of foreclosed assets | 8,590 | 13,479 | 12,345 |
Purchases of premises and equipment, net | (15,104) | (12,385) | (7,919) |
Proceeds from sales of premises and equipment | 73 | 57 | 10,309 |
Proceeds from Life Insurance Policy | 555 | 3,546 | 2,478 |
Net increase in equipment leased to others under operating leases | (54,996) | (28,610) | (73,596) |
Net cash (used in) provided by investing activities | (631,306) | (917,193) | 32,741 |
Cash flows from financing activities: | |||
Net (decrease) increase in noninterest-bearing deposits | (643,530) | (615,263) | 343,663 |
Net increase (decrease) in interest-bearing deposits | 1,008,152 | 624,094 | (63,700) |
Net increase (decrease) in borrowings | 387,894 | 903,772 | (461,349) |
Net decrease in subordinated debentures | (12,372) | 0 | |
Common stock repurchased and restricted stock surrendered | (315,542) | (109,153) | |
Cash dividends paid, net | (288,193) | (247,403) | |
Net cash provided by (used in) financing activities | 300,503 | 296,496 | (537,942) |
Net increase (decrease) in cash and cash equivalents | 251,857 | (12,670) | (21,233) |
Cash and cash equivalents, beginning of year | 385,767 | 398,437 | 419,670 |
Cash and cash equivalents, end of year | 637,624 | 385,767 | 398,437 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 200,463 | 119,042 | 69,477 |
Cash paid for income taxes | 123,533 | 98,575 | 208,066 |
Real Estate Owned, Transfer to Real Estate Owned | 16,914 | ||
Loans transferred to foreclosed assets | 120 | 16,914 | 580 |
Transfer of Portfolio Loans and Leases to Held-for-sale | 25,124 | 0 | 481,100 |
PacWest common stock issued | 0 | 0 | |
Parent [Member] | |||
Cash flows from operating activities: | |||
(Gain) loss on sale of securities, net | 0 | 0 | (15) |
Earned stock compensation | 29,768 | 25,568 | |
Decrease (increase) in other assets | (35,510) | (36,362) | (34,274) |
Cash flows from investing activities: | |||
Cash acquired in acquisitions, net of cash consideration paid | 0 | 0 | (223,818) |
Purchases of securities available-for-sale | 0 | 0 | 426 |
Cash flows from financing activities: | |||
Common stock repurchased and restricted stock surrendered | (162,965) | (315,542) | (109,153) |
Cash dividends paid, net | (289,048) | (288,193) | (247,403) |
Cash and cash equivalents, beginning of year | 244,859 | 185,511 | 494,765 |
Cash and cash equivalents, end of year | $ 113,961 | $ 244,859 | 185,511 |
CU Bancorp | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
PacWest common stock issued | 446,233 | ||
Supplemental disclosures of cash flow information: | |||
PacWest common stock issued | $ 446,233 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | NOTE 1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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. The Bank is 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 in California, one branch located in Durham, North Carolina, one branch located in Denver, Colorado, 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 and Denver, Colorado branch office. National Lending provides asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses on a national basis. Venture Banking offers loans and a comprehensive suite of financial services focused on entrepreneurial and venture-backed 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 an 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 treasury management and investment management services. Our major operating expenses are the interest paid by the Bank on deposits and borrowings, compensation, occupancy, and general operating expenses. (a) 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 ASC 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 consolidated balance sheet than our 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 9. Other Assets and Note 10. Leases for further details. Effective January 1, 2019, the Company early-adopted and 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 deferred 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 consolidated financial statements from the adoption of this new standard. (b) Basis of Presentation The accounting and reporting policies of the Company are in accordance with U.S. generally accepted accounting principles, which we may refer to as U.S. GAAP. 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 have been included. (c) Use of Estimates We have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these 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. As described in Note 3. Acquisitions below, we completed the CUB acquisition on October 20, 2017 . The acquired assets and liabilities in this acquisition were measured at their estimated fair values. Management made significant estimates and exercised significant judgment in estimating such fair values and accounting for the acquired assets and assumed liabilities in this transaction. (d) Reclassifications Certain prior period amounts have been reclassified to conform to the current period's presentation format. On the consolidated balance sheets, the "Other assets" category includes "Deferred tax assets," which was previously reported as a separate category. On the consolidated statements of earnings, a new line is presented for "Customer related expense," as that category exceeded the disclosure materiality threshold in 2019, which previously had been included as part of "Other expense." Prior to January 1, 2018, our credit quality disclosures were only for Non-PCI loans and leases. As our gross PCI loan portfolio reduced to less than 0.4% of total loans and leases as of the end of 2017, beginning in 2018 the credit quality disclosures reflect our entire loan and lease portfolio. Accordingly, for the credit quality tables in Note 5. Loans and Leases, amounts related to 2019 and 2018 are for total loans and leases, while amounts related to 2017 are for Non-PCI loans and leases. (e) Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents consist of: (1) cash and due from banks, and (2) interest‑earning deposits in financial institutions. Interest‑earning deposits in financial institutions represent mostly cash held at the FRBSF, the majority of which is immediately available. (f) Investment Securities We determine the classification of securities at the time of purchase. If we have the intent and the ability at the time of purchase to hold securities until maturity, they are classified as held‑to‑maturity and stated at amortized cost. We do not classify any securities as held-to-maturity. Securities to be held for indefinite periods of time, but not necessarily to be held‑to‑maturity or on a long‑term basis, are classified as available‑for‑sale and carried at estimated fair value, with unrealized gains or losses reported as a separate component of stockholders’ equity in accumulated other comprehensive income, net of applicable income taxes. Securities available‑for‑sale include securities that management intends to use as part of its asset/liability management strategy and that may be sold in response to changes in interest rates, prepayment risk, and other related factors. Securities are individually evaluated for appropriate classification when acquired. As a result, similar types of securities may be classified differently depending on factors existing at the time of purchase. The carrying values of all securities are adjusted for amortization of premiums and accretion of discounts using the interest method. Premiums on callable securities are amortized to the earliest call date. Realized gains or losses on the sale of securities, if any, are determined using the amortized cost of the specific securities sold. Such gains or losses are included in "Gain (loss) on sale of securities" on the consolidated statements of earnings. Declines in the fair value of debt securities classified as available-for-sale are reviewed to determine whether the impairment is other-than-temporary. This review considers a number of factors, including the severity of the decline in fair value, current market conditions, historical performance of the security, risk ratings, and the length of time the security has been in an unrealized loss position. If we do not expect to recover the entire amortized cost basis of the security, then an other-than-temporary impairment is considered to have occurred. The cost basis of the security is written down to its estimated fair value and the amount of the write‑down is recognized through a charge to earnings. Investments in FHLB stock are carried at cost and evaluated regularly for impairment. FHLB stock is expected to be redeemed at par and is a required investment based on measurements of the Bank’s assets and/or borrowing levels. Our accounting policy for investment securities applied to both debt and equity securities in prior periods. Effective January 1, 2018, upon the adoption of ASU 2016-01, " Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , and ASU 2018-03, " Technical Corrections and Improvements to Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities ," our accounting policy for investment securities applies only to debt securities. Our accounting policy for equity investments is described below. (g) Equity Investments Investments in common or preferred stock that are not publicly traded and certain investments in limited partnerships are considered equity investments that do not have a readily determinable fair value. If we have the ability to significantly influence the operating and financial policies of the investee, the investment is accounted for pursuant to the equity method of accounting. This is generally presumed to exist when we own between 20% and 50% of a corporation, or when we own greater than 5% of a limited partnership or similarly structured entity. Our equity investment carrying values are included in other assets and our share of earnings and losses in equity method investees is included in "Noninterest income - other" on the consolidated statements of earnings. Prior to January 1, 2018 and the adoption of ASU 2016-01, if we did not have significant influence over the investee, the cost method was used to account for the equity interest. Effective January 1, 2018 with the adoption of ASU 2016-01, our accounting treatment for equity investments differs for those with and without readily determinable fair values. Equity investments with readily determinable fair values are recorded at fair value with changes in fair value recorded in “Noninterest income - other.” For equity investments without readily determinable fair values we have elected the “measurement alternative,” and therefore carry these investments at cost, less impairment (if any), plus or minus changes in observable prices. On a quarterly basis, we review our equity investments without readily determinable fair values for impairment. We consider a number of qualitative factors such as whether there is a significant deterioration in earnings performance, credit rating, asset quality, or business prospects of the investee in determining if impairment exists. If the investment is considered impaired, an impairment loss equal to the amount by which the carrying value exceeds its fair value is recorded through a charge to earnings. The impairment loss may be reversed in a subsequent period if there are observable transactions for the identical or similar investment of the same issuer at a higher amount than the carrying amount that was established when the impairment was recognized. Impairment as well as upward or downward adjustments resulting from observable price changes in orderly transactions for identical or similar investments are included in “Noninterest income - other.” Realized gains or losses resulting from the sale of equity investments are calculated using the specific identification method and are included in "Noninterest income - other." (h) Loans and Leases Originated loans. Loans are originated by the Company with the intent to hold them for investment and are stated at the principal amount outstanding, net of unearned income. Unearned income includes deferred unamortized nonrefundable loan fees and direct loan origination costs. Net deferred fees or costs 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 sold. The amortization of loan fees or costs is discontinued when a loan is placed on nonaccrual status. Interest income is recorded on an accrual basis in accordance with the terms of the respective loan. Purchased loans. Purchased loans are stated at the principal amount outstanding, net of unearned discounts or unamortized premiums. All loans acquired in our acquisitions are initially measured and recorded at their fair value on the acquisition date. A component of the initial fair value measurement is an estimate of the credit losses over the life of the purchased loans. Purchased loans are also evaluated for impairment as of the acquisition date and are accounted for as “acquired non‑impaired” or “purchased credit impaired” loans. Acquired non‑impaired loans. Acquired non‑impaired loans are those loans for which there was no evidence of credit deterioration at their acquisition date and it was probable that we would be able to collect all contractually required payments. Acquired non‑impaired loans, together with originated loans, are referred to as Non‑PCI loans. Purchase discounts or premiums on acquired non‑impaired loans are recognized as an adjustment to interest income over the contractual life of such loans using the effective interest method or taken into income when the related loans are paid off or sold. Purchased credit impaired loans. Purchased credit impaired loans are referred to as PCI loans and are accounted for in accordance with ASC Subtopic 310‑30, “ Loans and Debt Securities Acquired with Deteriorated Credit Quality.” A purchased loan is deemed to be credit impaired when there is evidence of credit deterioration since its origination and it is probable at the acquisition date that collection of all contractually required payments is unlikely. We apply PCI loan accounting when we acquire loans deemed to be impaired, and as a general policy election when we acquire a portfolio of loans in a distressed bank acquisition. As our gross PCI loan portfolio represented less than 0.4% of total loans as of the end of 2017, beginning in 2018 the PCI loans were accounted for as Non-PCI loans as the balance continued to decline and no purchases of credit impaired loans have occurred. Leases to customers. We provide equipment financing to our customers primarily with direct financing and operating leases. For direct financing leases, lease receivables are recorded on the balance sheet but the leased property is not, although we generally retain legal title to the leased property 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. Leases acquired in an acquisition are initially measured and recorded at their fair value on the acquisition date. Purchase discount or premium on acquired leases is recognized as an adjustment to interest income over the contractual life of the leases using the effective interest method or taken into income when the related leases are paid off. Direct financing leases are subject to our accounting for allowance for loans and leases. We provide equipment financing through operating leases where we facilitate the purchase of equipment leased to customers. The equipment is shown on our consolidated balance sheets 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 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 consolidated statements of earnings. Loans and leases held for sale. As part of our management of the loans and leases held in our portfolio, on occasion we will transfer loans from held for investment to held for sale. Upon transfer, any associated allowance for loan and lease loss is charged off and the carrying value of the loan is adjusted to the lower of cost or estimated fair value. The unamortized balance of net deferred fees and costs associated with loans held for sale is not accreted or amortized to interest income until the related loans are sold. Gains or losses on the sale of these loans are recorded as "Noninterest income" in the consolidated statements of earnings. Delinquent or past due loans and leases. Loans and leases are considered delinquent when principal or interest payments are past due 30 days or more. Delinquent loans may remain on accrual status between 30 days and 89 days past due. Nonaccrual loans and leases. When we discontinue the accrual of interest on a loan or lease it is designated as nonaccrual. We discontinue the accrual of interest on a loan or lease generally when a borrower's principal or interest payments or a lessee's payments are past due 90 days or when, in the opinion of management, there is a reasonable doubt as to collectability in the normal course of business. Loans with interest or principal payments past due 90 days or leases with payments past due 90 days may be accruing if the loans or leases are concluded to be well-secured and in the process of collection; however, these loans or leases are still reported as nonperforming. When loans or leases are placed on nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Interest on nonaccrual loans or leases is subsequently recognized only to the extent that cash is received and the loan principal balance or lease balance is deemed collectable. Loans or leases are restored to accrual status when the loans or leases become both well‑secured and are in the process of collection. Impaired loans and leases. A loan or lease is considered impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan or lease agreement. Impaired loans and leases include loans and leases on nonaccrual status and performing troubled debt restructured loans. Income from impaired loans is recognized on an accrual basis unless the loan is on nonaccrual status. Income from loans on nonaccrual status is recognized to the extent cash is received and when the loan’s principal balance is deemed collectable. We measure impairment of a loan or lease by using the estimated fair value of the collateral, less estimated costs to sell and other applicable costs, if the loan or lease is collateral‑dependent and the present value of the expected future cash flows discounted at the loan’s or lease’s effective interest rate if the loan or lease is not collateral‑dependent. The impairment amount on a collateral‑dependent loan or lease is charged‑off, and the impairment amount on a loan that is not collateral‑dependent is generally recorded as a specific reserve within our allowance for loan and lease losses. Troubled debt restructurings. A loan is classified as a troubled debt restructuring when we grant a concession to a borrower experiencing financial difficulties that we otherwise would not consider under our normal lending policies. These concessions may include a reduction of the interest rate, principal or accrued interest, extension of the maturity date or other actions intended to minimize potential losses. All modifications of criticized loans are evaluated to determine whether such modifications are troubled debt restructurings as outlined under ASC Subtopic 310‑40, “Troubled Debt Restructurings by Creditors.” Loans restructured with an interest rate equal to or greater than that of a new loan with comparable market risk at the time the loan is modified may be excluded from certain restructured loan disclosures in years subsequent to the restructuring if the loans are in compliance with their modified terms. A loan that has been placed on nonaccrual status that is subsequently restructured will usually remain on nonaccrual status until the borrower is able to demonstrate repayment performance in compliance with the restructured terms for a sustained period of time, typically for six months. A restructured loan may return to accrual status sooner based on other significant events or circumstances. A loan that has not been placed on nonaccrual status may be restructured and such loan may remain on accrual status after such restructuring. In these circumstances, the borrower has made payments before and after the restructuring. Generally, this restructuring involves maturity extensions, a reduction in the loan interest rate and/or a change to interest‑only payments for a period of time. The restructured loan is considered impaired despite the accrual status and a specific reserve is calculated based on the present value of expected cash flows discounted at the loan’s original effective interest rate or based on the fair value of the collateral if the loan is collateral-dependent. (i) Allowance for Credit Losses on Loans and Leases Held for Investment The allowance for credit losses on loans and leases held for investment is the combination of the allowance for loan and lease losses and the reserve for unfunded loan commitments. The allowance for loan and lease losses is reported as a reduction of outstanding loan and lease balances and the reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities" on the consolidated balance sheets. For loans and leases acquired and measured at fair value and deemed non-impaired on the acquisition date, our allowance methodology measures deterioration in credit quality or other inherent risks related to these acquired assets that may occur after the acquisition date. The allowance for credit losses is maintained at a level deemed appropriate by management to adequately provide for known and inherent risks in the loan and lease portfolio and other extensions of credit at the balance sheet date. The allowance is based upon our review of the credit quality of the loan and lease portfolio, which includes payment trends, borrowers' compliance with loan agreements, borrowers' current and budgeted financial performance, collateral valuation trends, and current economic factors and external conditions that may affect our borrowers' ability to make payments to us in accordance with contractual terms. Loans and leases that are deemed to be uncollectable are charged off and deducted from the allowance. The provision for loan and lease losses and recoveries on loans and leases previously charged off are added to the allowance. The allowance for loan and lease losses has a general reserve component for unimpaired loans and leases and a specific reserve component for impaired loans and leases. A loan or lease is considered impaired when it is probable that we will be unable to collect all amounts due according to the original contractual terms of the agreement. We assess our loans and leases for impairment on an ongoing basis using certain criteria such as payment performance, borrower reported financial results and budgets, and other external factors when appropriate. We measure impairment of a loan or lease based upon the fair value of the underlying collateral if the loan or lease is collateral-dependent or the present value of cash flows, discounted at the effective interest rate, if the loan or lease is not collateral-dependent. To the extent a loan or lease balance exceeds the estimated collectable value, a specific reserve or charge-off is recorded depending upon either the certainty of the estimate of loss or the fair value of the loan’s collateral if the loan is collateral-dependent. Impaired loans and leases with outstanding balances less than or equal to $250,000 may not be individually assessed for impairment but would be assessed with reserves based on the average loss severity on historical impaired loans with similar risk characteristics. Our allowance methodology for the general reserve component includes both quantitative and qualitative loss factors which are applied to our population of unimpaired loans and leases to estimate our general reserves. The quantitative loss factors determination is based on a probability of default/loss given default ("PD/LGD") methodology which considers the likelihood of loans defaulting based on the historical degree that similar loans defaulted and the degree of credit losses based on the historical average degree of loss experienced for these similar loans and leases pooled both by loan or lease type and credit risk rating; loans with more adverse credit risk ratings have higher quantitative loss factors. The qualitative loss factors consider, among other things, current economic trends and forecasts, current collateral values and performance trends, credit performance trends, and the loan portfolio's current composition. The quantitative estimation of the allowance for credit losses at December 31, 2019 considered actual historical loan and lease charge-off experience over a 44 -quarter look-back period starting with the first quarter of 2009. This look-back period is inclusive of the average timeframe over which charge-offs typically occur following loan or lease origination and allows for the capture of sufficient loss observations that are relevant to the current portfolio. When estimating the general reserve component for the various pools of similar loan types, the loss factors applied to the loan pools consider the current credit risk ratings, giving greater weight to loans with more adverse credit risk ratings. We recognize that the determination of the allowance for credit losses is sensitive to the assigned credit risk ratings and inherent loss rates at any given point in time. The qualitative criteria we consider when establishing the loss factors include the following: • current economic trends and forecasts; • current collateral values, performance trends, and overall outlook in the markets where we lend; • legal and regulatory matters that could impact our borrowers’ ability to repay loans and leases; • loan and lease portfolio composition and any loan concentrations; • current lending policies and the effects of any new policies or policy amendments; • loan and lease production volume and mix; • loan and lease portfolio credit performance trends; • results of independent credit reviews; and • changes in management related to credit administration functions. We estimate the reserve for unfunded loan commitments using the same loss factors as used for the allowance for loan and lease losses. The reserve for unfunded loan commitments is computed using expected future usage of the unfunded commitments based on historical usage of unfunded commitments for the various loan types. The allowance for credit losses is directly correlated to the credit risk ratings of our loans. To ensure the accuracy of our credit risk ratings, an independent credit review function assesses the appropriateness of the credit risk ratings assigned to loans on a regular basis. The credit risk ratings assigned to every loan and lease are either “pass,” “special mention,” “substandard,” or “doubtful” and defined as follows: • Pass : Loans and leases rated as "pass" are not adversely classified and collection and repayment in full are expected. • Special Mention : Loans and leases rated as "special mention" have a potential weakness that requires management's attention. If not addressed, these potential weaknesses may result in further deterioration in the borrower's ability to repay the loan or lease. • Substandard : Loans and leases rated as "substandard" have a well-defined weakness or weaknesses that jeopardize the collection of the debt. They are characterized by the possibility that we will sustain some loss if the weaknesses are not corrected. • Doubtful : Loans and leases rated as "doubtful" have all the weaknesses of those rated as "substandard," with the additional trait that the weaknesses make collection or repayment in full highly questionable and improbable. In addition, we may refer to the loans and leases with assigned credit risk ratings of "substandard" and "doubtful" together as "classified" loans and leases. For further information on classified loans and leases, see Note 5. Loans and Leases. Management believes the allowance for credit losses is appropriate for the known and inherent risks in our loan and lease portfolio and the credit risk ratings and inherent loss rates currently assigned are appropriate. It is possible that others, given the same information, may at any point in time reach different conclusions that could result in a significant impact to the Company's financial statements. In addition, current credit risk ratings are subject to change as we continue to monitor our loans and leases. To the extent we experience, for example, increased levels of borrower loan defaults, borrowers' noncompliance with our |
Restricted Cash Balances
Restricted Cash Balances | 12 Months Ended |
Dec. 31, 2019 | |
Restricted Cash Balances [Abstract] | |
Restricted Cash Balances | NOTE 2. 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 years ended December 31, 2019 and 2018 were $131.0 million and $77.0 million . As of December 31, 2019 and 2018 , we pledged cash collateral for our derivative contracts of $3.2 million and $2.6 million . |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Acquisitions | NOTE 3. ACQUISITIONS The following assets acquired and liabilities assumed of CUB are presented at estimated fair value as of the acquisition date: October 20, 2017 (In thousands) Assets Acquired: Cash and due from banks $ 51,857 Interest‑earning deposits in financial institutions 332,799 Total cash and cash equivalents 384,656 Securities available‑for‑sale 446,980 FHLB stock 11,902 Loans and leases 2,075,890 Premises and equipment 2,981 Goodwill 374,721 Core deposit and customer relationship intangibles 57,500 Other assets 103,498 Total assets acquired $ 3,458,128 Liabilities Assumed: Noninterest‑bearing deposits $ 1,510,285 Interest‑bearing deposits 1,209,597 Total deposits 2,719,882 Borrowings 22,879 Subordinated debentures 12,372 Accrued interest payable and other liabilities 32,424 Total liabilities assumed $ 2,787,557 Total consideration paid $ 670,571 Summary of consideration: Cash paid $ 224,338 PacWest common stock issued 446,233 Total $ 670,571 CUB Acquisition We acquired CUB on October 20, 2017 . As part of the acquisition, CU Bank, a wholly-owned subsidiary of CUB, was merged with and into PacWest's wholly-owned banking subsidiary, Pacific Western Bank. We completed the acquisition to, among other things, enhance our Southern California community bank franchise by adding a $2.1 billion loan portfolio and $2.7 billion of core deposits. The CUB acquisition has been accounted for under the acquisition method of accounting. We acquired $3.5 billion of assets and assumed $2.8 billion of liabilities upon closing of the acquisition. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the acquisition date. We made significant estimates and exercised significant judgment in estimating fair values and accounting for such acquired assets and liabilities. The application of the acquisition method of accounting resulted in goodwill of $374.7 million . All of the recognized goodwill is non-deductible fo r tax purposes. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment | NOTE 4. 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: December 31, 2019 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 $ 1,112,573 $ 24,403 $ (579 ) $ 1,136,397 $ 634,774 $ 3,448 $ (5,372 ) $ 632,850 Agency commercial MBS 1,083,182 25,579 (537 ) 1,108,224 1,133,846 383 (21,525 ) 1,112,704 Municipal securities 691,647 43,851 (339 ) 735,159 1,298,514 21,000 (7,320 ) 1,312,194 Agency residential MBS 294,606 10,593 (1 ) 305,198 281,486 1,902 (2,300 ) 281,088 Asset-backed securities 216,133 320 (1,670 ) 214,783 81,762 104 (481 ) 81,385 Collateralized loan obligations 124,134 25 (403 ) 123,756 — — — — Private label residential CMOs 96,066 3,430 (13 ) 99,483 101,313 1,985 (2,093 ) 101,205 SBA securities 47,765 506 (13 ) 48,258 68,158 — (1,111 ) 67,047 Corporate debt securities 17,000 3,748 — 20,748 17,000 553 — 17,553 U.S. Treasury securities 4,985 196 — 5,181 401,056 2,437 (88 ) 403,405 Total $ 3,688,091 $ 112,651 $ (3,555 ) $ 3,797,187 $ 4,017,909 $ 31,812 $ (40,290 ) $ 4,009,431 See Note 14. Fair Value Measurements for information on fair value measurements and methodology. As of December 31, 2019 , securities available‑for‑sale with a fair value of $486.2 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 The following table presents the amortized cost of securities sold with related gross realized gains, gross realized losses, and net realized gains (losses) for the years indicated: Year Ended December 31, Sales of Securities Available-for-Sale 2019 2018 2017 (In thousands) Amortized cost of securities sold (1) $ 1,559,415 $ 563,625 $ 759,841 Gross realized gains $ 29,584 $ 9,225 $ 3,295 Gross realized losses (4,139 ) (1,049 ) (3,836 ) Net realized gains (losses) $ 25,445 $ 8,176 $ (541 ) _______________________________- (1) The securities sold in 2017 included $404.5 million of the $447.0 million of securities obtained in the CUB acquisition that were sold for no gain or loss as they were marked to fair value at the time of acquisition. 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: December 31, 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 $ 180,071 $ (572 ) $ 1,456 $ (7 ) $ 181,527 $ (579 ) Agency commercial MBS 214,862 (537 ) — — 214,862 (537 ) Municipal securities 38,667 (339 ) — — 38,667 (339 ) Agency residential MBS — — 186 (1 ) 186 (1 ) Asset-backed securities 165,575 (1,670 ) — — 165,575 (1,670 ) Collateralized loan obligations 102,469 (403 ) — — 102,469 (403 ) Private label residential CMOs 9,872 (11 ) 114 (2 ) 9,986 (13 ) SBA securities 4,565 (13 ) — — 4,565 (13 ) Total $ 716,081 $ (3,545 ) $ 1,756 $ (10 ) $ 717,837 $ (3,555 ) 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 December 31, 2019 and 2018 , 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 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 available-for-sale securities portfolio based on amortized cost and carrying value as of the date indicated. December 31, 2019 Amortized Fair Maturity Cost Value (In thousands) Due in one year or less $ 7,870 $ 7,897 Due after one year through five years 278,393 283,059 Due after five years through ten years 988,421 1,013,054 Due after ten years 2,413,407 2,493,177 Total securities available-for-sale $ 3,688,091 $ 3,797,187 Mortgage-backed securities have contractual maturity dates that reflect the scheduled amortization terms of underlying loan collateral. Actual principal collections on mortgage-backed securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral. FHLB Stock In connection with outstanding FHLB advances, the Bank owned FHLB stock carried at cost of $40.9 million and $32.1 million at December 31, 2019 and 2018 . At December 31, 2019 and 2018 , the Bank was required to own FHLB stock equal to a percentage of outstanding FHLB advances. During the year ended December 31, 2019 , FHLB stock increased by $8.8 million due to $159.0 million in purchases, offset partially by $150.1 million in redemptions. We evaluated the carrying value of our FHLB stock investment at December 31, 2019 and determined that it was not impaired. Our evaluation considered the long-term nature of the investment, the current financial and liquidity position of the FHLB, repurchase activity of excess stock by the FHLB at its carrying value, the return on the investment from recurring dividends, and our intent and ability to hold this investment for a period of time sufficient to recover our recorded investment. Interest Income on Investment Securities The following table presents the composition of our interest income on investment securities for the years indicated: Year Ended December 31, 2019 2018 2017 (In thousands) Taxable interest $ 85,968 $ 68,504 $ 52,981 Non-taxable interest 27,955 41,376 43,355 Dividend income 1,646 1,739 1,866 Total interest income on investment securities $ 115,569 $ 111,619 $ 98,202 |
Foreclosed Assets
Foreclosed Assets | 12 Months Ended |
Dec. 31, 2019 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | |
Foreclosed Assets | NOTE 6. FORECLOSED ASSETS The following table summarizes foreclosed assets as of the dates indicated: December 31, Property Type 2019 2018 (In thousands) Commercial real estate $ 221 $ 2,004 Construction and land development 219 219 Multi‑family — 1,059 Single-family residence — 953 Total other real estate owned, net 440 4,235 Other foreclosed assets — 1,064 Total foreclosed assets, net $ 440 $ 5,299 The following table presents the changes in foreclosed assets, net of the valuation allowance, for the years indicated: Year Ended December 31, Foreclosed Assets 2019 2018 2017 (In thousands) Balance, beginning of year $ 5,299 $ 1,329 $ 12,976 Transfers to foreclosed assets from loans 120 16,914 580 Other additions — — 1,385 Provision for losses (78 ) (74 ) (2,138 ) Reductions related to sales (4,901 ) (12,870 ) (11,474 ) Balance, end of year $ 440 $ 5,299 $ 1,329 The following table presents the changes in the foreclosed assets valuation allowance for the years indicated: Year Ended December 31, Foreclosed Assets Valuation Allowance 2019 2018 2017 (In thousands) Balance, beginning of year $ 88 $ 14 $ 12,696 Provision for losses 78 74 2,138 Reductions related to sales (79 ) — (14,820 ) Balance, end of year $ 87 $ 88 $ 14 |
Premises and Equipment, Net
Premises and Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Premises and Equipment, Net [Abstract] | |
Premises and Equipment, Net | NOTE 7. PREMISES AND EQUIPMENT, NET The following table presents the components of premises and equipment as of the dates indicated: December 31, 2019 2018 (In thousands) Land $ 1,243 $ 1,243 Buildings 8,399 8,309 Furniture, fixtures and equipment 47,581 45,204 Leasehold improvements 55,335 50,214 Premises and equipment, gross 112,558 104,970 Less: accumulated depreciation and amortization (73,973 ) (70,309 ) Premises and equipment, net $ 38,585 $ 34,661 Depreciation and amortization expense was $10.5 million , $9.4 million , and $7.6 million for the years ended December 31, 2019 , 2018 , and 2017 . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | NOTE 8. GOODWILL AND OTHER INTANGIBLE ASSETS The carrying amount of our goodwill of $2.5 billion was unchanged for the last three years. We perform our annual goodwill impairment testing in the fourth quarter. We evaluated the carrying value of our goodwill and determined that it was not impaired. Our other intangible assets with definite lives are 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 estimated aggregate amortization expense related to our current intangible assets for each of the next five years is $14.7 million for 2020 , $10.8 million for 2021 , $7.4 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 years indicated: Year Ended December 31, 2019 2018 2017 (In thousands) Gross Amount of CDI and CRI: Balance, beginning of year $ 119,497 $ 119,497 $ 64,187 Addition from the CUB acquisition — — 57,500 Fully amortized portion (1,924 ) — (2,190 ) Balance, end of year 117,573 119,497 119,497 Accumulated Amortization: Balance, beginning of year (62,377 ) (39,871 ) (27,821 ) Amortization (18,726 ) (22,506 ) (14,240 ) Fully amortized portion 1,924 — 2,190 Balance, end of year (79,179 ) (62,377 ) (39,871 ) Net CDI and CRI, end of year $ 38,394 $ 57,120 $ 79,626 |
Other Assets Other Assets (Note
Other Assets Other Assets (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Other Assets | OTHER ASSETS The following table presents the detail of our other assets as of the dates indicated: December 31, Other Assets 2019 2018 (In thousands) Cash surrender value of BOLI $ 199,029 $ 194,897 Operating lease ROU assets, net 129,301 — Interest receivable 81,479 88,754 LIHTC investments 75,149 59,507 CRA investments (1) 65,152 59,062 Taxes receivable 31,591 39,096 Prepaid expenses 17,099 18,006 Equity investments without readily determinable fair values 14,890 14,758 Equity warrants 3,434 4,793 Equity investments with readily determinable fair values 2,998 4,891 Deferred tax asset, net — 17,489 Other receivables/assets 16,689 39,132 Total other assets $ 636,811 $ 540,385 ________________________ (1) Includes equity investments without readily determinable fair values of $17.8 million and $12.5 million at December 31, 2019 and 2018 . The Company has purchased life insurance policies on certain employees and has also acquired life insurance policies through acquisitions. BOLI is recorded at the amount that can be realized under the insurance contract, which is the cash surrender value. The increase in the cash surrender value each period and the receipt of death benefit proceeds in excess of the cash surrender value are recorded to " Noninterest income - other." The increase in the ROU assets, net in 2019 was due to the adoption of ASU 2016-02 effective January 1, 2019. See Note 10. Leases for further details. The Company makes various investments for CRA investment purposes including, but not limited to, CRA-related loan pool investments, CRA-related equity investments, and investments in LIHTC partnerships. The loan pool and other CRA equity investments primarily consist of investments in partnerships which provide affordable housing and participations in loan pools which provide low-cost loans to low and moderate income applicants. The Company invests as a limited partner in LIHTC partnerships that operate qualified affordable housing projects and generate tax benefits for investors, including federal low income housing tax credits. The partnerships are deemed to be VIEs because they do not have sufficient equity investment at risk and are structured with non-substantive voting rights; however, we are not the primary beneficiary of the VIEs and do not consolidate them. We amortize the investment in proportion to the allocated tax benefits using the proportional amortization method of accounting and record such benefits net of investment amortization in income tax expense. The Company's equity investments without readily determinable fair values include investments in privately held companies and limited partnerships as well as investments in entities from which we issued trust preferred securities. On January 1, 2018, we adopted ASU 2016-01 and ASU 2018-03 which changed the way we account for equity investments without readily determinable fair values previously accounted for using the cost method. Upon adoption, we elected to measure our equity investments without readily determinable fair values using the measurement alternative. Carrying values of these investments are adjusted to fair value upon observable transactions for identical or similar investments of the same issuer. Beginning January 1, 2018, unrealized and realized gains and losses on equity investments without readily determinable fair values are recorded in "Noninterest income - other." During the year ended December 31, 2019 , we recorded impairment of $764,000 in the aggregate on eight of our CRA equity investments without readily determinable fair values. On a cumulative basis since January 1, 2018 and through December 31, 2019 , we recorded impairments of $1.0 million and upward adjustments of $286,000 to our equity investments without readily determinable fair values. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | NOTE 10. 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 ASC Topic 842, " Leases ," 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 increase retained earnings by $938,000 , net of taxes, without restating prior periods and 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. ASC Topic 842 also requires a lessee to classify a lease as either finance or operating. As of December 31, 2019 , we only had operating leases related to our leased facilities, which consisted of 72 full-service branch offices and 75 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 one to 27 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 consolidated statements of earnings. The following table presents the components of lease expense for the period indicated: Year Ended December 31, 2019 (In thousands) Operating lease expense: Fixed costs $ 33,891 Variable costs 100 Short-term lease costs 926 Sublease income (4,202 ) Net lease expense $ 30,715 The following table presents supplemental cash flow information related to leases for the period indicated: Year Ended December 31, 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 32,991 ROU assets obtained in exchange for lease obligations: Operating leases $ 175,569 The following table presents supplemental balance sheet and other information related to operating leases as of the date indicated: December 31, 2019 (Dollars in thousands) Operating leases: Operating lease right-of-use assets, net $ 129,301 Operating lease liabilities $ 145,354 Weighted average remaining lease term (in years) 6.1 Weighted average discount rate 2.82 % The following table presents the maturities of operating lease liabilities as of the date indicated: December 31, 2019 (In thousands) Year Ending December 31, 2020 $ 32,898 2021 30,657 2022 24,849 2023 22,068 2024 14,885 2025 and thereafter 34,119 Total operating lease liabilities 159,476 Less: Imputed interest (14,122 ) Present value of operating lease liabilities $ 145,354 Prior to the adoption of ASC Topic 842, the Company's operating leases were not recognized on the balance sheet. The following table presents the undiscounted future minimum lease payments under the Company's operating leases as of December 31, 2018: December 31, 2018 (In thousands) Year Ending December 31, 2019 $ 32,845 2020 30,267 2021 26,852 2022 20,862 2023 17,745 2024 and thereafter 29,923 Total $ 158,494 Operating Leases as a Lessor We provide equipment financing to our customers through operating leases where we facilitate the purchase of equipment leased to our customers. The equipment is shown on our consolidated balance sheets 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 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 consolidated statements of earnings. The following table presents the rental payments to be received on operating leases as of the date indicated: December 31, 2019 (In thousands) Year Ending December 31, 2020 $ 41,296 2021 39,292 2022 32,240 2023 25,522 2024 20,912 2025 and thereafter 37,304 Total undiscounted cash flows $ 196,566 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Deposits | NOTE 11. DEPOSITS The following table presents the components of interest‑bearing deposits as of the dates indicated: December 31, Deposit Composition 2019 2018 (In thousands) Interest checking $ 3,818,002 $ 2,972,357 Money market 5,122,803 5,432,169 Savings 499,591 571,422 Time deposits $250,000 and under 2,065,733 1,593,453 Time deposits over $250,000 483,609 412,185 Total interest-bearing deposits $ 11,989,738 $ 10,981,586 Brokered time deposits totaled $1.2 billion and $729.4 million at December 31, 2019 and 2018 . Brokered non-maturity deposits totaled $496.4 million and $518.2 million at December 31, 2019 and 2018 . The following table summarizes the maturities of time deposits as of the date indicated: Time Deposits $250,000 Over December 31, 2019 and Under $250,000 Total (In thousands) Year of Maturity: 2020 $ 1,969,362 $ 461,294 $ 2,430,656 2021 81,070 20,610 101,680 2022 11,813 1,454 13,267 2023 1,682 — 1,682 2024 1,408 251 1,659 2025 398 — 398 Total $ 2,065,733 $ 483,609 $ 2,549,342 |
Borrowings and Subordinated Deb
Borrowings and Subordinated Debentures | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings and Subordinated Debentures | NOTE 12. BORROWINGS AND SUBORDINATED DEBENTURES Borrowings The following table summarizes our borrowings as of the dates indicated: December 31, 2019 2018 Weighted Weighted Average Average Borrowing Type Balance Rate Balance Rate (Dollars in thousands) Non‑recourse debt $ 8 7.50 % $ 114 7.50 % FHLB secured advances 1,318,000 1.66 % 1,040,000 2.56 % FHLB unsecured overnight advance 141,000 1.56 % 141,000 2.53 % AFX borrowings 300,000 1.61 % 190,000 2.56 % Total borrowings $ 1,759,008 1.64 % $ 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 equipment in the leases and all interest rates are fixed. As of December 31, 2019 , this debt had a weighted average remaining maturity of 0.2 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 borrowing capacity with the FHLB of $4.2 billion as of December 31, 2019 , collateralized by a blanket lien on $5.9 billion of qualifying loans. As of December 31, 2019 , the balance outstanding was a $1.3 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 had secured borrowing capacity with the FRBSF of $2.0 billion as of December 31, 2019 , collateralized by liens on $2.7 billion of qualifying loans. As of December 31, 2019 and 2018 , there were no balances outstanding. FHLB Unsecured Line of Credit. As of December 31, 2019 , the Bank had a $141.0 million unsecured line of credit with the FHLB for the borrowing of overnight funds, of which $141.0 million was outstanding. As of December 31, 2018 , the balance outstanding was $141.0 million . Federal Funds Arrangements with Commercial Banks. As of December 31, 2019 , the Bank had unsecured lines of credit of $180.0 million in the aggregate with several correspondent banks for the borrowing of overnight funds, subject to availability of funds. These lines are renewable annually and have no unused commitment fees. As of December 31, 2019 and 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 December 31, 2019 , the balance outstanding was $300.0 million , which consisted of a $300.0 million overnight borrowing. As of December 31, 2018 , there were $190.0 million in overnight borrowings outstanding. Subordinated Debentures The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated: December 31, 2019 2018 Issue Maturity Rate Index Series Balance Rate Balance Rate Date Date (Quarterly Reset) (Dollars in thousands) Trust V $ 10,310 5.00 % $ 10,310 5.89 % 8/15/2003 9/17/2033 3-month LIBOR + 3.10 Trust VI 10,310 4.94 % 10,310 5.84 % 9/3/2003 9/15/2033 3-month LIBOR + 3.05 Trust CII 5,155 4.85 % 5,155 5.74 % 9/17/2003 9/17/2033 3-month LIBOR + 2.95 Trust VII 61,856 4.69 % 61,856 5.27 % 2/5/2004 4/23/2034 3-month LIBOR + 2.75 Trust CIII 20,619 3.58 % 20,619 4.48 % 8/15/2005 9/15/2035 3-month LIBOR + 1.69 Trust FCCI 16,495 3.49 % 16,495 4.39 % 1/25/2007 3/15/2037 3-month LIBOR + 1.60 Trust FCBI 10,310 3.44 % 10,310 4.34 % 9/30/2005 12/15/2035 3-month LIBOR + 1.55 Trust CS 2005-1 82,475 3.85 % 82,475 4.74 % 11/21/2005 12/15/2035 3-month LIBOR + 1.95 Trust CS 2005-2 128,866 3.89 % 128,866 4.47 % 12/14/2005 1/30/2036 3-month LIBOR + 1.95 Trust CS 2006-1 51,545 3.89 % 51,545 4.47 % 2/22/2006 4/30/2036 3-month LIBOR + 1.95 Trust CS 2006-2 51,550 3.89 % 51,550 4.47 % 9/27/2006 10/30/2036 3-month LIBOR + 1.95 Trust CS 2006-3 (1) 28,902 1.64 % 29,556 1.73 % 9/29/2006 10/30/2036 3-month EURIBOR + 2.05 Trust CS 2006-4 16,470 3.89 % 16,470 4.47 % 12/5/2006 1/30/2037 3-month LIBOR + 1.95 Trust CS 2006-5 6,650 3.89 % 6,650 4.47 % 12/19/2006 1/30/2037 3-month LIBOR + 1.95 Trust CS 2007-2 39,177 3.89 % 39,177 4.47 % 6/13/2007 7/30/2037 3-month LIBOR + 1.95 Gross subordinated debentures 540,690 3.87 % 541,344 4.51 % Unamortized discount (2) (82,481 ) (87,498 ) Net subordinated debentures $ 458,209 $ 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 | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 13. COMMITMENTS AND CONTINGENCIES The following table presents a summary of commitments described below as of the dates indicated: December 31, 2019 2018 (In thousands) Loan commitments to extend credit $ 8,183,158 $ 7,528,248 Standby letters of credit 355,503 364,210 Commitments to contribute capital to low income housing project partnerships, small business investment companies, and CRA-related loan pools 129,213 101,991 Commitments to contribute capital to private equity funds 50 50 Total $ 8,667,924 $ 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 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 some 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, we invest in low income housing project partnerships, which provide income tax credits, in small business investment companies that call for capital contributions up to an amount specified in the partnership agreements, and in CRA-related loan pools. As of December 31, 2019 and 2018 , we had commitments to contribute capital to these entities totaling $129.2 million and $102.0 million . We also had commitments to contribute up to an additional $50,000 to private equity funds at December 31, 2019 and 2018 . The following table presents the years in which commitments are expected to be paid for our commitments to contribute capital to low income housing project partnerships, small business investment companies, and CRA-related loan pools as of the date indicated: December 31, 2019 (In thousands) Year Ending December 31, 2020 $ 78,106 2021 39,997 2022 4,812 2023 852 2024 503 2025 and thereafter 4,943 Total $ 129,213 Legal Matters In the ordinary course of our business, we are 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 information currently available to us, 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. The range of any reasonably possible liabilities is also not significant. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 14. 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 agency residential CMOs, agency commercial and residential MBS, municipal securities, 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. We use 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 December 31, 2019 Measured on a Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Securities available‑for‑sale: Agency residential CMOs $ 1,136,397 $ — $ 1,136,397 $ — Agency commercial MBS 1,108,224 — 1,108,224 — Municipal securities 735,159 — 735,159 — Agency residential MBS 305,198 — 305,198 — Asset-backed securities 214,783 — 198,348 16,435 Private label residential CMOs 99,483 — 93,219 6,264 Collateralized loan obligations 123,756 — 123,756 — SBA securities 48,258 — 48,258 — Corporate debt securities 20,748 — 20,748 — U.S. Treasury securities 5,181 5,181 — — Total securities available-for-sale 3,797,187 5,181 3,769,307 22,699 Equity warrants 3,434 — — 3,434 Other derivative assets 1,234 — 1,234 — Equity investments with readily determinable fair values 2,998 2,998 — — Total recurring assets $ 3,804,853 $ 8,179 $ 3,770,541 $ 26,133 Derivative liabilities $ 755 $ — $ 755 $ — 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 year ended December 31, 2019 , there was a $113,000 transfer from Level 3 equity warrants to Level 1 equity investments with readily determinable fair values measured on a recurring basis. During the year ended December 31, 2018 , there was a $78,000 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 the quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 private label residential CMOs and asset-backed securities available-for-sale measured at fair value on a recurring basis as of the date indicated: December 31, 2019 Private Label Residential CMOs Asset-Backed Securities Weighted Input or Weighted Range of Average Range of Average Unobservable Inputs Inputs Input Inputs Input Voluntary annual prepayment speeds 0.0% - 19.1% 11.3% 15.0% 15.0% Annual default rates (1) 0.8% - 35.7% 1.7% 2.0% 2.0% Loss severity rates (1) 1.6% - 132.6% 56.1% 60.0% 60.0% Discount rates 2.5% - 11.4% 6.6% 3.2% - 3.8% 3.6% ____________________ (1) The voluntary annual prepayment speeds, annual default rates, and loss severity rates were the same for all of the asset-backed securities. The following table presents information about the 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: December 31, 2019 Equity Warrants Weighted Average Unobservable Inputs Input Volatility 16.6% Risk-free interest rate 1.6% Remaining life assumption (in years) 3.2 The following table summarizes activity for our Level 3 private label residential CMOs measured at fair value on a recurring basis for the years indicated: Year Ended December 31, Level 3 Private Label Residential CMOs 2019 2018 2017 (In thousands) Balance, beginning of year $ 7,288 $ 22,874 $ 56,902 Total included in earnings 432 1,737 2,256 Total unrealized loss in comprehensive income (265 ) (1,146 ) (742 ) Sales — (4,880 ) (4,732 ) Transfer from Level 2 — — 574 Transfers to Level 2 — — (21,165 ) Net settlements (1,191 ) (11,297 ) (10,219 ) Balance, end of year $ 6,264 $ 7,288 $ 22,874 The following table summarizes activity for our Level 3 asset-backed securities measured at fair value on a recurring basis for the years indicated: Year Ended December 31, Level 3 Asset-Backed Securities 2019 2018 2017 (In thousands) Balance, beginning of year $ 39,945 $ 42,109 $ 8,373 Total included in earnings (77 ) (32 ) 367 Total unrealized gain (loss) in comprehensive income 463 495 (937 ) Purchases — 15,158 42,910 Net settlements (23,896 ) (17,785 ) (8,604 ) Balance, end of year $ 16,435 $ 39,945 $ 42,109 The following table summarizes activity for our Level 3 equity warrants measured at fair value on a recurring basis for the years indicated: Year Ended December 31, Level 3 Equity Warrants 2019 2018 2017 (In thousands) Balance, beginning of year $ 4,793 $ 5,161 $ 5,497 Total included in earnings 8,669 7,478 2,532 Exercises and settlements (1) (10,239 ) (8,589 ) (3,093 ) Issuances 324 821 1,407 Transfers to Level 1 (equity investments with readily determinable fair values) (113 ) (78 ) (1,182 ) Balance, end of year $ 3,434 $ 4,793 $ 5,161 ______________________ (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 December 31, 2019 Measured on a Non‑Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Impaired loans $ 28,706 $ — $ 1,083 $ 27,623 OREO 105 — — 105 Total non-recurring $ 28,811 $ — $ 1,083 $ 27,728 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 years indicated: Year Ended December 31, Loss on Assets Measured on a Non‑Recurring Basis 2019 2018 2017 (In thousands) Impaired loans $ 6,797 $ 9,198 $ 20,422 Loans held for sale — — 957 OREO 78 74 14 Total net loss $ 6,875 $ 9,272 $ 21,393 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: December 31, 2019 Valuation Unobservable Input or Weighted Asset Fair Value Technique Inputs Range Average (In thousands) Impaired loans $ 18,899 Discounted cash flows Discount rates 3.75% - 8.77% 7.62% Impaired loans 8,724 Third party appraisals No discounts OREO 105 Third party appraisals Discount (1) 43.00% 43.00% Total non-recurring Level 3 $ 27,728 ____________________ (1) Relates to one OREO property at December 31, 2019 . ASC Topic 825, “ Financial Instruments ,” requires disclosure of the estimated fair value of certain financial instruments and the methods and significant assumptions used to estimate such fair values. Additionally, certain financial instruments and all nonfinancial instruments are excluded from the applicable disclosure requirements. On January 1, 2018, we adopted ASU 2016-01 and ASU 2018-03 which requires the use of the exit price notion when measuring the fair values of financial instruments for disclosure purposes. Starting in the first quarter of 2018, we updated our methodology used to estimate the fair value for our loan portfolio to conform to the new requirements. The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated: December 31, 2019 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 172,585 $ 172,585 $ 172,585 $ — $ — Interest‑earning deposits in financial institutions 465,039 465,039 465,039 — — Securities available‑for‑sale 3,797,187 3,797,187 5,181 3,769,307 22,699 Investment in FHLB stock 40,924 40,924 — 40,924 — Loans and leases held for investment, net 18,708,087 19,055,004 — 1,083 19,053,921 Equity warrants 3,434 3,434 — — 3,434 Other derivative assets 1,234 1,234 — 1,234 — Equity investments with readily determinable fair values 2,998 2,998 2,998 — — Financial Liabilities: Core deposits 16,187,287 16,187,287 — 16,187,287 — Non-core non-maturity deposits 496,407 496,407 — 496,407 — Time deposits 2,549,342 2,549,260 — 2,549,260 — Borrowings 1,759,008 1,759,008 1,759,000 8 — Subordinated debentures 458,209 441,617 — 441,617 — Derivative liabilities 755 755 — 755 — 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 — The following is a description of the valuation methodologies used to measure our assets recorded at fair value (under ASC Topic 820, “ Fair Value Measurement ”) and for estimating fair value for financial instruments not recorded at fair value (under ASC Topic 825). Cash and due from banks. The carrying amount is assumed to be the fair value because of the liquidity of these instruments. Interest‑earning deposits in financial institutions. The carrying amount is assumed to be the fair value given the short‑term nature of these deposits. Securities available‑for‑sale. Securities available‑for‑sale are measured and carried at fair value on a recurring basis. Unrealized gains and losses on available‑for‑sale securities are reported as a component of “Accumulated other comprehensive income” in the consolidated balance sheets. See Note 4. Investment Securities for further information on unrealized gains and losses on securities available‑for‑sale. Fair value for securities categorized as Level 1, which are publicly traded securities, are based on readily available quoted prices. In determining the fair value of the securities categorized as Level 2, we obtain a report from a nationally recognized broker‑dealer detailing the fair value of each investment security we hold as of each reporting date. The broker‑dealer uses observable market information to value our securities, with the primary source being a nationally recognized pricing service. We review the market prices provided by the broker‑dealer for our securities for reasonableness based on our understanding of the marketplace and we consider any credit issues related to the securities. As we have not made any adjustments to the market quotes provided to us and they are based on observable market data, they have been categorized as Level 2 within the fair value hierarchy. Our non-rated private label CMOs and non-rated private label asset-backed securities (collectively, “the Level 3 AFS Securities”) were categorized as Level 3 due in part to the inactive market for such securities. There is a wide range of prices quoted for our Level 3 AFS Securities among independent third party pricing services, and this range reflects the significant judgment being exercised over the assumptions and variables that determine the pricing of such securities. We consider this subjectivity relating to our Level 3 AFS Securities to be a significant unobservable input. Had significant changes in default expectations, loss severity factors, or discount rates occurred all together or in isolation, it would have resulted in different fair value measurements at December 31, 2019 . FHLB stock. Investments in FHLB stock are recorded at cost and measured for impairment quarterly. Ownership of FHLB stock is restricted to member banks and the securities do not have a readily determinable market value. Purchases and sales of these securities are at par value with the issuer. The fair value of investments in FHLB stock is equal to the carrying amount. Loans and leases. As loans and leases are not measured at fair value, the following discussion relates to estimating the fair value disclosures under ASC Topic 825. Fair values are estimated for portfolios of loans and leases with similar characteristics. Loans are segregated by type and further segmented into fixed and adjustable rate interest buckets by credit risk categories and by maturity dates. To determine the exit price of a loan or lease, the cash flows are estimated using a model which utilizes credit spreads and illiquidity premiums. The credit spread for a loan is determined by mapping loans' credit risk ratings to an equivalent corporate bond rating. Once the corporate bond rating is assigned, the credit spread is determined using corporate credit curves for corporate bonds that have a similar corporate bond rating and remaining term as the loan being valued. Illiquidity premiums are assigned to individual loans in a similar manner as an illiquidity premium amount is determined for each corporate bond rating. The credit spread above the appropriate rate curve and the illiquidity premium are considered to arrive at the discount rate curve applied to loan cash flows. The Community Bank group originates and purchases a number of similar, homogeneous loans. For this portfolio, management may make adjustments to the discount rate arrived at using the previously described methodology based upon the pricing for recent loan pool purchases and/or rates on recent originations. Impaired loans and leases. Nonaccrual loans and leases and performing troubled debt restructured loans are considered impaired for reporting purposes and are measured and recorded at fair value on a non‑recurring basis. Impaired loans and leases with outstanding balances over $250,000 are reviewed individually for the amount of impairment, if any. Impaired loans and leases with outstanding balances less than or equal to $250,000 may not be individually assessed for impairment but are assessed with reserves based on the average loss severity on historical impaired loans with similar risk characteristics. To the extent a loan is collateral dependent, we measure such impaired loan based on the estimated fair value of the underlying collateral. The fair value of each loan’s collateral is generally based on estimated market prices from an independently prepared appraisal, which is then adjusted for the cost related to liquidating such collateral; such valuation inputs result in a nonrecurring fair value measurement that is categorized as a Level 2 measurement. The Level 2 measurement is based on appraisals obtained within the last 12 months and for which a charge‑off was recognized or a change in the specific valuation allowance was made during the year ended December 31, 2019 . When adjustments are made to an appraised value to reflect various factors such as the age of the appraisal or known changes in the market or the collateral, such valuation inputs are considered unobservable and the fair value measurement is categorized as a Level 3 measurement. The impaired loans categorized as Level 3 also include unsecured loans and other secured loans whose fair values are based significantly on unobservable inputs such as the strength of a guarantor, including an SBA government guarantee, cash flows discounted at the effective loan rate, and management’s judgment. The impaired loan and lease balances shown above as measured on a non-recurring basis represent those nonaccrual and restructured loans for which impairment was recognized during the year ended December 31, 2019 . The amounts shown as net losses include the impairment recognized during the year ended December 31, 2019 , for the loan and lease balances shown. OREO. The fair value of OREO is generally based on the lower of estimated market prices from independently prepared current appraisals or negotiated sales prices with potential buyers, less estimated costs to sell; such valuation inputs result in a fair value measurement that is categorized as a Level 2 measurement on a nonrecurring basis. As a matter of policy, appraisals are required annually and may be updated more frequently as circumstances require in the opinion of management. The Level 2 measurement for OREO is based on appraisals obtained within the last 12 months and for which a write‑down was recognized during the year ended December 31, 2019 . When a current appraised value is not available or management determines the fair value of the collateral is further impaired below the appraised value as a result of known changes in the market or the collateral and there is no observable market price, such valuation inputs result in a fair value measurement that is categorized as a Level 3 measurement. To the extent a negotiated sales price or reduced listing price represents a significant discount to an observable market price, such valuation input would result in a fair value measurement that is also considered a Level 3 measurement. The OREO losses disclosed are write‑downs based on either a recent appraisal obtained after foreclosure or an accepted purchase offer by an independent third party received after foreclosure. Equity warrants. Equity warrants with net settlement terms are received in connection with extending loan commitments to certain of our customers. We estimate the fair value of equity warrants using a Black-Scholes option pricing model to approximate fair market value. We typically classify our equity warrant derivatives in Level 3 of the fair value hierarchy. Equity investments with readily determinable fair values. Our equity investments with readily determinable fair values include investments in public companies and publicly-traded mutual funds. Equity investments with readily determinable fair values are recorded at fair value with changes in fair value recorded in “Noninterest income - other.” Fair value measurements related to these investments are typically classified within Level 1 of the fair value hierarchy. Deposits. Deposits are carried at historical cost. The fair values of deposits with no stated maturity, such as core deposits (defined as noninterest‑bearing demand, interest checking, money market, and savings accounts) and non-core non-maturity deposits, are equal to the amount payable on demand as of the balance sheet date and considered Level 2. The fair value of time deposits is based on the discounted value of contractual cash flows and considered Level 2. The discount rate is estimated using the rates currently offered for deposits of similar remaining maturities. No value has been separately assigned to the Company’s long‑term relationships with its deposit customers, such as a core deposit intangible. Borrowings. Borrowings include overnight FHLB advances and other fixed‑rate term borrowings. Borrowings are carried at amortized cost. The fair value of overnight FHLB advances is equal to the carrying value and considered Level 1. The fair value of fixed‑rate borrowings is calculated by discounting scheduled cash flows through the maturity dates or call dates, if applicable, using estimated market discount rates that reflect current rates offered for borrowings with similar remaining maturities and characteristics and are considered Level 2. Subordinated debentures. Subordinated debentures are carried at amortized cost. The fair value of subordinated debentures with variable rates is determined using a market discount rate on the expected cash flows and are considered Level 2. Derivative assets and liabilities. Derivatives are carried at fair value on a recurring basis and primarily relate to forward exchange contracts which we enter into to manage foreign exchange risk. Our derivatives are principally traded in over-the-counter markets where quoted market prices are not readily available. Instead, the fair value of derivatives is estimated using market observable inputs such as foreign exchange forward rates, interest rate yield curves, volatilities and basis spreads. We also consider counter-party credit risk in valuing our derivatives. We typically classify our foreign exchange derivatives in Level 2 of the fair value hierarchy. Commitments to extend credit. The majority of our commitments to extend credit carry current market interest rates if converted to loans. Because these commitments are generally not assignable by either the borrower or us, they only have value to the borrower and us. The estimated fair value approximates the recorded deferred fee amounts and is excluded from the table above because it is not material. 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 conservative 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 December 31, 2019 , the amounts that will actually be realized or paid at settlement or maturity of the instruments could be significantly different. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 15. INCOME TAXES The following table presents the components of income tax expense for the years indicated: Year Ended December 31, 2019 2018 2017 (In thousands) Current Income Tax Expense: Federal $ 113,807 $ 100,466 $ 74,769 State 34,575 69,909 38,933 Total current income tax expense 148,382 170,375 113,702 Deferred Income Tax Expense (Benefit): Federal 5,062 4,746 63,463 State 10,860 (7,143 ) 19,748 Total deferred income tax expense (benefit) 15,922 (2,397 ) 83,211 Total income tax expense $ 164,304 $ 167,978 $ 196,913 The following table presents a reconciliation of the recorded income tax expense to the amount of taxes computed by applying the applicable federal statutory income tax rates of 21% for 2019 and 2018 and 35% for 2017 to earnings before income taxes: Year Ended December 31, 2019 2018 2017 (In thousands) Computed expected income tax expense at federal statutory rate $ 132,917 $ 132,997 $ 194,156 State tax expense, net of federal tax benefit 43,575 45,945 33,729 Tax‑exempt interest benefit (8,092 ) (9,810 ) (15,510 ) Increase in cash surrender value of life insurance (1,298 ) (1,742 ) (1,853 ) Low income housing tax credits, net of amortization (3,217 ) (2,025 ) (2,054 ) Nondeductible employee compensation 4,430 2,552 1,781 Nondeductible acquisition‑related expense — 71 1,608 Nondeductible FDIC premiums 1,302 1,664 — Change in unrecognized tax benefits 941 (169 ) 1,157 Valuation allowance change (32,036 ) (15,721 ) (13,071 ) Expired capital loss carryforward 3,136 8,097 — Federal rate change — 1,859 (1,156 ) State rate and apportionment changes 19,138 3,736 (3,735 ) Other, net 3,508 524 1,861 Recorded income tax expense $ 164,304 $ 167,978 $ 196,913 The Company recognized $20.0 million , $14.0 million , and $8.4 million of tax credits and other tax benefits associated with its investments in LIHTC partnerships for the years ended December 31, 2019 , 2018 , and 2017 . The amount of amortization of such investments reported in income tax expense under the proportional amortization method of accounting was $16.7 million for 2019 , $11.9 million for 2018 , and $6.3 million for 2017 . At December 31, 2019 , we had no federal net operating loss carryforwards and approximately $669.3 million of unused state net operating loss carryforwards available to be applied against future taxable income. A majority of the state net operating loss carryforwards will expire in varying amounts beginning in 2020 through 2039 . A portion of the state net operating loss carryforwards generated after December 31, 2017 will carry forward indefinitely due to the state conformity to the federal net operating loss carryforward provisions as modified by the TCJA. As of December 31, 2019 , for federal tax purposes, we had foreign tax credit carryforwards of $3.4 million . The foreign tax credit carryforwards are available to offset federal taxes on future foreign source income. If not used, these carryforwards will fully expire in 2021 . The following table presents the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of the dates indicated: December 31, 2019 2018 (In thousands) Deferred Tax Assets: Book allowance for loan losses in excess of tax specific charge-offs $ 54,664 $ 58,375 Interest on nonaccrual loans 4,550 4,389 Deferred compensation 5,809 6,015 Premises and equipment, principally due to differences in depreciation 3,478 4,506 Foreclosed assets valuation allowance 263 263 State tax benefit 5,721 6,570 Net operating losses 39,517 68,026 Capital loss carryforwards — 4,212 Accrued liabilities 28,158 35,750 Unrealized loss from FDIC‑assisted acquisitions 1,678 3,559 Unrealized loss on securities available-for-sale — 2,435 Tax mark-to-market 5,052 — Equity investments 5,953 4,896 Goodwill 5,434 10,418 Tax credits 3,426 5,237 Lease liability 40,533 — Other — 4,887 Gross deferred tax assets 204,236 219,538 Valuation allowance (46,371 ) (78,407 ) Deferred tax assets, net of valuation allowance 157,865 141,131 Deferred Tax Liabilities: Core deposit and customer relationship intangibles 9,853 15,159 Deferred loan fees and costs 5,330 7,275 Unrealized gain on securities available‑for‑sale 30,438 — FHLB stock 647 658 Tax mark-to-market — 1,636 Subordinated debentures 20,183 23,164 Operating leases 83,878 75,750 ROU assets 36,359 — Other 2,830 — Gross deferred tax liabilities 189,518 123,642 Total net deferred tax (liabilities) assets $ (31,653 ) $ 17,489 Based upon our taxpaying history and estimates of taxable income over the years in which the items giving rise to the deferred tax assets are deductible, management believes it is more likely than not the Company will realize the benefits of these deferred tax assets. The Company had net income taxes receivable of $30.8 million and $38.9 million at December 31, 2019 and December 31, 2018 . As of December 31, 2019 and 2018 , the Company had a valuation allowance of $46.4 million and $78.4 million against DTAs. Periodic reviews of the carrying amount of DTAs are made to determine if a valuation allowance is necessary. A valuation allowance is required, based on available evidence, when it is more likely than not that all or a portion of a DTA will not be realized due to the inability to generate sufficient taxable income in the period and/or of the character necessary to utilize the benefit of the DTA. All available evidence, both positive and negative, that may affect the realizability of the DTA is identified and considered in determining the appropriate amount of the valuation allowance. It is more likely than not that these deferred tax assets subject to a valuation allowance will not be realized primarily due to their character and/or the expiration of the carryforward periods. The net reduction in the total valuation allowance during the year ended December 31, 2019 was $32.0 million . Of this amount, $27.3 million consisted principally of adjustments to state net operating loss DTAs. The adjustment to the state operating loss DTAs at December 31, 2019 , was a result of changes in state apportionments. The DTAs had been subjected to a full valuation allowance because the Company had previously determined that they were more likely than not to be expired unused. As a result, the change in the tax attributes supporting the $27.3 million of deferred tax assets had no impact on the Company's effective tax rate for the year ended December 31, 2019 . The remaining $4.7 million reduction in the valuation allowance was primarily due to an increase in the amount of foreign tax credit expected to be utilized prior to expiration and adjustments to capital loss carryforwards. The following table summarizes the activity related to the Company's unrecognized tax benefits for the years indicated: Year Ended December 31, Unrecognized Tax Benefits 2019 2018 (In thousands) Balance, beginning of year $ 9,572 $ 10,209 Increase based on tax positions related to prior years 1,733 1,278 Reductions related to settlements (255 ) (684 ) Reductions for tax positions as a result of a lapse of the applicable statute of limitations (302 ) (1,231 ) Balance, end of year $ 10,748 $ 9,572 Unrecognized tax benefits that would have impacted the effective tax rate if recognized $ 6,981 $ 5,806 Due to the potential for the resolution of federal and state examinations and the expiration of various statutes of limitations, it is reasonably possible that our gross unrecognized tax benefits may decrease within the next twelve months by as much as $4.5 million . We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense. For the year ended December 31, 2019 , we recognized $0.7 million in expense for interest expense and penalties. For the year ended December 31, 2018 , we recognized $0.2 million in expense related to these items. For the year ended December 31, 2017 , we recognized $0.2 million in expense for interest expense and penalties. We had $1.5 million and $0.8 million accrued for the payment of interest and penalties as of December 31, 2019 and 2018 . We file federal and state income tax returns with the Internal Revenue Service ("IRS") and various state and local jurisdictions and generally remain subject to examinations by these tax jurisdictions for tax years 2015 through 2018 . We are currently under examination by certain state jurisdictions for tax years 2012 through 2017 . |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 16. EARNINGS PER SHARE The following table presents the computation of basic and diluted net earnings per share for the years indicated: Year Ended December 31, 2019 2018 2017 (Dollars in thousands, except per share data) Basic Earnings Per Share: Net earnings $ 468,636 $ 465,339 $ 357,818 Less: earnings allocated to unvested restricted stock (1) (5,182 ) (5,119 ) (4,184 ) Net earnings allocated to common shares $ 463,454 $ 460,220 $ 353,634 Weighted-average basic shares and unvested restricted stock outstanding 120,468 125,100 123,060 Less: weighted-average unvested restricted stock outstanding (1,502 ) (1,460 ) (1,447 ) Weighted-average basic shares outstanding 118,966 123,640 121,613 Basic earnings per share $ 3.90 $ 3.72 $ 2.91 Diluted Earnings Per Share: Net earnings allocated to common shares $ 463,454 $ 460,220 $ 353,634 Weighted-average diluted shares outstanding 118,966 123,640 121,613 Diluted earnings per share $ 3.90 $ 3.72 $ 2.91 ________________________ (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 Revenue From Contracts With Customers (Notes) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contracts With Customers [Abstract] | |
Revenue From Contracts With Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS The Company adopted ASC Topic 606, " Revenue from Contracts with Customers," effective as of January 1, 2018, and has applied the guidance to all contracts within the scope of ASC Topic 606 as of that date. Revenue from contracts with customers in the scope of ASC Topic 606 is measured based on the consideration specified in the contract with a customer, and excludes amounts collected on behalf of third parties. The Company recognizes revenue from contracts with customers when it satisfies its performance obligations. The Company's performance obligations are typically satisfied as services are rendered and payment is generally collected at the time services are rendered, or on a monthly, quarterly, or annual basis. The Company had no material unsatisfied performance obligations as of December 31, 2019 . In certain cases, other parties are involved with providing products and services to our customers. If the Company is a principal in the transaction (providing goods or services itself), revenues are reported based on the gross consideration received from the customer and any related expenses are reported gross in noninterest expense. If the Company is an agent in the transaction (arranging for another party to provide goods or services), the Company reports its net fee or commission retained as revenue. Rebates, waivers, and reversals are recorded as a reduction of revenue either when the revenue is recognized by the Company or at the time the rebate, waiver, or reversal is earned by the customer. The Company has elected the following practical expedients: (1) we do not disclose information about remaining performance obligations that have original expected durations of one year or less; and (2) we do not adjust the consideration from customers for the effects of a significant financing component if at contract inception the period between when the Company transfers the goods or services and when the customer pays for that good or service will be one year or less. Nature of Goods and Service s Substantially all of the Company's revenue, such as interest income on loans, investment securities, and interest-earning deposits in financial institutions, is specifically out-of-scope of ASC Topic 606. For the revenue that is in-scope, the following is a description of principal activities, separated by the timing of revenue recognition, from which the Company generates its revenue from contracts with customers: • Revenue earned at a point in time. Examples of revenue earned at a point in time are ATM transaction fees, wire transfer fees, NSF fees, and credit and debit card interchange fees. Revenue is generally derived from transactional information accumulated by our systems and is recognized as revenue immediately as the transactions occur or upon providing the service to complete the customer's transaction. The Company is the principal in each of these contracts with the exception of credit and debit card interchange fees, in which case the Company is acting as the agent and records revenue net of expenses paid to the principal. • Revenue earned over time. The Company earns certain revenue from contracts with customers monthly. Examples of this type of revenue are deposit account service fees, investment management fees, merchant referral services, MasterCard marketing incentives, and safe deposit box fees. Account service charges, management fees, and referral fees are recognized on a monthly basis while any transaction-based revenue is recorded as the activity occurs. Revenue is primarily based on the number and type of transactions and is generally derived from transactional information accumulated by our systems. Revenue is recorded in the same period as the related transactions occur or services are rendered to the customer. Disaggregation of Revenue The following table presents interest income and noninterest income, the components of total revenue, as disclosed in the consolidated statements of earnings and the related amounts which are from contracts with customers within the scope of ASC Topic 606. As illustrated here, substantially all of our revenue is specifically excluded from the scope of ASC Topic 606. Year Ended December 31, 2019 2018 Total Revenue from Total Revenue from Recorded Contracts with Recorded Contracts with Revenue Customers Revenue Customers (In thousands) Total interest income $ 1,219,893 $ — $ 1,161,670 $ — Noninterest income: Other commissions and fees 43,623 19,216 45,543 19,080 Leased equipment income 38,727 — 37,881 — Service charges on deposit accounts 14,637 14,637 16,509 16,509 Gain on sale of loans 1,114 — 4,675 — Gain on sale of securities 25,445 — 8,176 — Other income 19,016 1,617 35,851 1,791 Total noninterest income 142,562 35,470 148,635 37,380 Total revenue $ 1,362,455 $ 35,470 $ 1,310,305 $ 37,380 The following table presents revenue from contracts with customers based on the timing of revenue recognition for the period indicated: Year Ended December 31, 2019 2018 (In thousands) Products and services transferred at a point in time $ 19,253 $ 18,681 Products and services transferred over time 16,217 18,699 Total revenue from contracts with customers $ 35,470 $ 37,380 Contract Balances The following table provides information about receivables, contract assets and contract liabilities from contracts with customers: December 31, 2019 2018 (In thousands) Receivables, which are included in "Other assets" $ 1,094 $ 1,334 Contract assets, which are included in "Other assets" $ — $ — Contract liabilities, which are included in "Accrued interest payable and other liabilities" $ 490 $ 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 year ended December 31, 2019 due to revenue recognized that was included in the contract liability balance at the beginning of the year was $131,000 |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | NOTE 18. STOCK-BASED COMPENSATION The Company’s 2017 Stock Incentive Plan, or the 2017 Plan, permits stock-based compensation awards to officers, directors, key employees, and consultants. The 2017 Plan authorized grants of stock‑based compensation instruments to issue up to 4,000,000 shares of Company common stock. As of December 31, 2019 , there were 2,453,216 shares available for grant under the 2017 Plan. Though frozen for new issuances, certain awards issued under the 2003 Stock Incentive Plan remain outstanding, but are due to vest no later than February 2021. Restricted Stock Restricted stock amortization totaled $26.2 million , $29.1 million , and $24.9 million for the years ended December 31, 2019 , 2018 , and 2017 . Such amounts are included in compensation expense on the accompanying consolidated statements of earnings. The income tax benefit recognized in the consolidated statements of earnings related to this expense was $6.8 million , $7.7 million , and $8.9 million for the years ended December 31, 2019 , 2018 , and 2017 . The amount of unrecognized compensation expense related to all unvested TRSAs and PRSUs as of December 31, 2019 totaled $51.6 million . Such expense is expected to be recognized over a weighted average period of 1.4 years . The following table presents a summary of restricted stock transactions during the year ended December 31, 2019 : TRSAs PRSUs Weighted Weighted Average Average Number Grant Date Number Grant Date of Fair Value of Fair Value Year Ended December 31, 2019 Shares (Per Share) Units (Per Unit) Unvested restricted stock, beginning of year 1,344,656 $47.43 325,741 $43.34 Granted 836,326 $38.66 112,815 $39.56 Vested (471,798 ) $44.12 (106,008 ) $32.01 Forfeited (195,987 ) $46.91 (56,162 ) $23.04 Unvested restricted stock, end of year 1,513,197 $43.68 276,386 $50.27 Time-Based Restricted Stock Awards At December 31, 2019 , there were 1,513,197 shares of unvested TRSAs outstanding pursuant to the Company's 2003 and 2017 Stock Incentive Plans (the "Plans"). The TRSAs generally vest over a service period of three to 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. TRSA grants are subject to "double-trigger" vesting in the event of a change in control of the Company, as defined in the Plans, and in the event an employee's employment is terminated within 24 months after the change in control by the Company without Cause or by the employee for Good Reason, as defined in the Plans, such awards will vest. The weighted average grant date fair value per share of TRSAs granted during 2019 , 2018 , and 2017 were $38.66 , $53.69 , and $50.08 . The vesting date fair value of TRSAs that vested during 2019 , 2018 , and 2017 were $18.1 million , $25.9 million , and $24.9 million . Performance-Based Restricted Stock Units At December 31, 2019 , there were 276,386 units of unvested PRSUs that have been granted. 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 up to 150% or 200% of the target amortization amount. Annual PRSU expense may vary during the three-year performance period based upon changes in management's estimate of the number of shares that may ultimately vest. In the case where the performance target for the PRSU’s is based on a market condition (such as total shareholder return), the amortization is neither reversed nor suspended if it is subsequently determined that the attainment of the performance target is less than probable or improbable and the employee continues to meet the service requirement of the award. Upon a change in control, each PRSU will (i) be deemed earned at the target level with respect to all open performance periods if the change in control occurs within six months after the grant date, and (ii) be deemed earned at the actual performance level as of the date of the change in control if a change in control occurs more than six months after the grant date, and in both cases, the PRSU will cease to be subject to any further performance conditions, but will be subject to time-based service vesting following the change in control in accordance with the original performance period. The weighted average grant date fair value per share of PRSUs granted during 2019 , 2018 , and 2017 was $39.56 , $57.52 and $57.80 . The vesting date fair value of PRSUs that vested during 2019 was $5.6 million . There were no PRSUs that vested during 2018 and 2017 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Benefit Plans [Abstract] | |
Benefits Plans | NOTE 19. BENEFIT PLANS 401(K) Plans The Company sponsors a defined contribution plan for the benefit of its employees. Participants are eligible to participate immediately as long as they are scheduled to work a minimum of 1,000 hours and are at least 18 years of age. Eligible participants may contribute up to 60% of their annual compensation, not to exceed the dollar limit imposed by the Internal Revenue Code. Employer contributions are determined annually by the Board of Directors in accordance with plan requirements and applicable tax code. Expense related to 401(k) employer matching contributions was $4.1 million , $4.3 million and $4.0 million for the years ended December 31, 2019 , 2018 , and 2017 . |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Disclosure [Abstract] | |
Stockholders' Equity | NOTE 20. STOCKHOLDERS' EQUITY Common Stock Repurchased The Company's common stock repurchased consisted of: (1) restricted stock surrendered as treasury shares and (2) stock purchased under the Company's Stock Repurchase Programs and retired. Treasury Shares As a Delaware corporation, the Company records treasury shares for shares surrendered to the Company resulting from statutory payroll tax obligations arising from the vesting of restricted stock. During the years ended December 31, 2019 , 2018 , and 2017 , the Company purchased 218,531 treasury shares at a weighted average price of $38.66 per share, 181,642 treasury shares at a weighted average price of $50.37 per share, and 188,870 treasury shares at a weighted average price of $50.17 per share. Stock Repurchase Programs The Stock Repurchase Program was initially authorized by PacWest's Board of Directors on October 17, 2016 , pursuant to which the Company could, until December 31, 2017 , purchase shares of its common stock for an aggregate purchase price not to exceed $400 million . On November 15, 2017 , PacWest's Board of Directors amended the Stock Repurchase Program to reduce the authorized purchase amount to $150 million and extend the maturity date to December 31, 2018 . On February 14, 2018 , PacWest's Board of Directors amended the Stock Repurchase Program to increase the authorized purchase amount to $350 million and extend the maturity date to February 28, 2019 . On February 24, 2019 , PacWest's Board of Directors authorized a new Stock Repurchase Program for an aggregate purchase price not to exceed $225 million until February 29, 2020 , effective upon the maturity of the previous Stock Repurchase Program. The common stock repurchases may be effected through open market purchases or in privately negotiated transactions and may utilize any derivative or similar instrument to effect share repurchase transactions (including, without limitation, accelerated share repurchase contracts, equity forward transactions, equity option transactions, equity swap transactions, cap transactions, collar transactions, floor transactions or other similar transactions or any combination of the foregoing transactions). The amount and exact timing of any repurchases will depend upon market conditions and other factors. The Stock Repurchase Program may be suspended or discontinued at any time. All shares repurchased under the various Stock Repurchase Programs were retired upon settlement. At December 31, 2019 , the remaining amount that could be used to repurchase shares under the then current Stock Repurchase Program was $124.7 million . The following table shows the repurchase amounts, shares repurchased, and weighted average price for stock repurchases under the various Stock Repurchase Programs for the years indicated: Year Ended December 31, Stock Repurchases Under Stock Repurchase Programs 2019 2018 2017 Dollar amount of repurchases ( in thousands ) $ 154,516 $ 306,393 $ 99,677 Number of shares repurchased 3,987,945 5,849,234 2,081,227 Weighted average price per share $ 38.75 $ 52.38 $ 47.89 |
Dividend Availability and Regul
Dividend Availability and Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Dividend Availability and Regulatory Matters [Abstract] | |
Dividend Availability and Regulatory Matters | NOTE 21. DIVIDEND AVAILABILITY AND REGULATORY MATTERS Holders of Company common stock may receive dividends declared by the Board of Directors out of funds legally available under DGCL and certain federal laws and regulations governing the banking and financial services business. Our ability to pay dividends to our stockholders is subject to the restrictions set forth in DGCL and certain covenants contained in our subordinated debentures and borrowing agreements. Notification to the FRB is also required prior to our declaring and paying dividends during any period in which our quarterly and/or cumulative twelve‑month net earnings are insufficient to fund the dividend amount, among other requirements. Should the FRB object to payment of dividends, we would not be able to make the payment until approval is received or we no longer need to provide notice under applicable regulations. It is possible, depending upon the financial condition of the Bank and other factors, that the FRB, the FDIC, or the DBO, could assert that payment of dividends or other payments is an unsafe or unsound practice. The Bank is subject to restrictions under certain federal and state laws and regulations governing banks which limit its ability to transfer funds to the holding company through intercompany loans, advances or cash dividends. Dividends paid by California state-chartered banks such as Pacific Western are regulated by the DBO and FDIC under their general supervisory authority as it relates to a bank’s capital requirements. The Bank may declare a dividend without the approval of the DBO and FDIC as long as the total dividends declared in a calendar year do not exceed either the retained earnings or the total of net earnings for the three previous fiscal years less any dividend paid during such period. The Bank's net earnings during the previous three fiscal years exceeded dividends paid by the Bank during that same period by $34.8 million . During 2019 , PacWest received $336.0 million in dividends from the Bank. Since the Bank had an accumulated deficit of $490.6 million at December 31, 2019 , for the foreseeable future, dividends from the Bank to PacWest will continue to require DBO and FDIC approval. PacWest, as a bank holding company, is subject to regulation by the FRB under the BHCA. The FDICIA required that the federal regulatory agencies adopt regulations defining capital tiers for banks: well capitalized, adequately capitalized, undercapitalized, significantly undercapitalized and critically undercapitalized. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities and certain off‑balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios of common equity Tier 1, Tier 1, and total capital to risk‑weighted assets ("total capital ratio"), and of Tier I capital to average assets, adjusted for goodwill and other non-qualifying intangible assets and other assets (“leverage ratio”). Common equity Tier 1 capital includes common stockholders’ equity less goodwill and certain other deductions (including a portion of servicing assets and the after‑tax unrealized net gains and losses on securities available‑for‑sale). Tier 1 capital includes common equity Tier 1 plus additional Tier 1 capital instruments meeting certain requirements. Total capital includes Tier 1 capital and other items such as subordinated debt and the allowance for credit losses. All three measures are stated as a percentage of risk‑weighted assets, which are measured based on their perceived credit risk and include certain off‑balance sheet exposures, such as unfunded loan commitments and letters of credit. Regulatory capital requirements limit the amount of deferred tax assets that may be included when determining the amount of regulatory capital. Deferred tax asset amounts in excess of the calculated limit are disallowed from regulatory capital. At December 31, 2019 , such disallowed amounts were $195,000 for the Company and none for the Bank. No assurance can be given that the regulatory capital deferred tax asset limitation will not increase in the future or that the Company or Bank will not have increased deferred tax assets that are disallowed. Banks considered to be “adequately capitalized” are required to maintain a minimum total capital ratio of 8.0% , a minimum Tier 1 capital ratio of 6.0% , a minimum common equity Tier 1 capital ratio of 4.5% , and a minimum leverage ratio of 4.0% . Banks considered to be “well capitalized” must maintain a minimum total capital ratio of 10.0% , a minimum Tier 1 capital ratio of 8.0% , a minimum common equity Tier 1 capital ratio of 6.5% , and a minimum leverage ratio of 5.0% . As of December 31, 2019 , the most recent notification date to the regulatory agencies, the Company and the Bank are each “well capitalized” under the regulatory framework for prompt corrective action. There are no conditions or events since that notification that management believes have changed the Company’s or any of the Bank’s categories. Management believes, as of December 31, 2019 , that the Company and the Bank met all capital adequacy requirements to which we are subject. Basel III, the comprehensive regulatory capital rules for U.S. banking organizations, requires all banking organizations to maintain a capital conservation buffer above the minimum risk-based capital requirements in order to avoid certain limitations on capital distributions, stock repurchases and discretionary bonus payments to executive officers. The capital conservation buffer is exclusively comprised of common equity tier 1 capital, and it applies to each of the three risk-based capital ratios but not to the leverage ratio. Effective January 1, 2019, the capital conservation buffer increased by 0.625% to its fully phased-in 2.5%, such that the common equity tier 1, tier 1 and total capital ratio minimums inclusive of the capital conservation buffer were 7.0%, 8.5%, and 10.5%. At December 31, 2019 , the Company and Bank were in compliance with the capital conservation buffer requirement. The following tables present actual capital amounts and ratios for the Company and the Bank as of the dates indicated: Well Capitalized Capital Minimum Conservation Actual Requirement Buffer Balance Ratio Balance Ratio Phase-In (1) (Dollars in thousands) December 31, 2019 Tier I leverage: PacWest Bancorp Consolidated $ 2,306,966 9.74% $ 1,184,347 5.00% 4.00% Pacific Western Bank $ 2,589,473 10.95% $ 1,182,683 5.00% 4.00% Common equity Tier I capital: PacWest Bancorp Consolidated $ 2,306,966 9.78% $ 1,532,971 6.50% 7.00% Pacific Western Bank $ 2,589,473 11.00% $ 1,530,088 6.50% 7.00% Tier I capital: PacWest Bancorp Consolidated $ 2,306,966 9.78% $ 1,886,734 8.00% 8.50% Pacific Western Bank $ 2,589,473 11.00% $ 1,883,185 8.00% 8.50% Total capital: PacWest Bancorp Consolidated $ 2,926,075 12.41% $ 2,358,417 10.00% 10.50% Pacific Western Bank $ 2,764,128 11.74% $ 2,353,981 10.00% 10.50% Well Capitalized Capital Minimum Conservation Actual Requirement Buffer Balance Ratio Balance Ratio Phase-In (1) (Dollars in thousands) December 31, 2018 Tier I leverage: PacWest Bancorp Consolidated $ 2,255,588 10.13% $ 1,113,341 5.00% 4.000% Pacific Western Bank $ 2,403,244 10.80% $ 1,112,356 5.00% 4.000% Common equity Tier I capital: PacWest Bancorp Consolidated $ 2,255,588 10.01% $ 1,464,131 6.50% 6.375% Pacific Western Bank $ 2,403,244 10.68% $ 1,462,083 6.50% 6.375% Tier I capital: PacWest Bancorp Consolidated $ 2,255,588 10.01% $ 1,802,008 8.00% 7.875% Pacific Western Bank $ 2,403,244 10.68% $ 1,799,487 8.00% 7.875% Total capital: PacWest Bancorp Consolidated $ 2,865,152 12.72% $ 2,252,510 10.00% 9.875% Pacific Western Bank $ 2,572,586 11.44% $ 2,249,359 10.00% 9.875% _______________________________________ (1) Ratios for December 31, 2019 reflect the minimum required plus the fully phased-in capital conservation buffer of 2.50% ; ratios for December 31, 2018 reflect the minimum required plus capital conservation buffer phase-in for 2018 of 1.875% . We issued or assumed through mergers subordinated debentures to trusts that were established by us or entities that we previously acquired, which, in turn, issued trust preferred securities. The carrying value of subordinated debentures totaled $458.2 million at December 31, 2019 . At December 31, 2019 , none of the trust preferred securities were included in the Company's Tier I capital under the phase-out limitations of Basel III, and $444.5 million was included in Tier II capital. Interest payments on subordinated debentures are considered dividend payments under the FRB regulations and subject to the same notification requirements for declaring and paying dividends on common stock. |
Condensed Financial Information
Condensed Financial Information Of Parent Company | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Of Parent Company [Abstract] | |
Condensed Financial Information Of Parent Company | NOTE 22. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY The following tables present the parent company only condensed balance sheets and the related condensed statements of earnings and condensed statements of cash flows as of and for the years indicated: Parent Company Only December 31, Condensed Balance Sheets 2019 2018 (In thousands) Assets: Cash and cash equivalents $ 113,961 $ 244,859 Investments in subsidiaries 4,905,033 4,641,649 Other assets 74,479 79,516 Total assets $ 5,093,473 $ 4,966,024 Liabilities: Subordinated debentures $ 135,055 $ 135,055 Other liabilities 3,721 5,381 Total liabilities 138,776 140,436 Stockholders’ equity 4,954,697 4,825,588 Total liabilities and stockholders’ equity $ 5,093,473 $ 4,966,024 Parent Company Only Year Ended December 31, Condensed Statements of Earnings 2019 2018 2017 (In thousands) Miscellaneous income $ 9,739 $ 8,358 $ 3,393 Dividends from Bank subsidiary 336,000 684,000 265,000 Total income 345,739 692,358 268,393 Interest expense 6,637 6,550 5,519 Operating expenses 9,833 10,068 8,273 Total expenses 16,470 16,618 13,792 Earnings before income taxes and equity in undistributed earnings of subsidiaries 329,269 675,740 254,601 Income tax benefit 2,202 7,262 19,957 Earnings before equity in undistributed earnings of subsidiaries 331,471 683,002 274,558 Equity in (distributions in excess of) undistributed earnings of subsidiaries 137,165 (217,663 ) 83,260 Net earnings $ 468,636 $ 465,339 $ 357,818 Parent Company Only Year Ended December 31, Condensed Statements of Cash Flows 2019 2018 2017 (In thousands) Cash flows from operating activities: Net earnings $ 468,636 $ 465,339 $ 357,818 Adjustments to reconcile net earnings to net cash provided by operating activities: Change in other assets (35,510 ) (36,362 ) (34,274 ) Change in liabilities (1,661 ) (953 ) 4,857 Gain on sale of securities, net — — (15 ) Earned stock compensation 26,815 29,768 25,568 (Equity in) distributions in excess of undistributed earnings of subsidiaries (137,165 ) 217,663 (83,260 ) Net cash provided by operating activities 321,115 675,455 270,694 Cash flows from investing activities: Proceeds from sales of securities available-for-sale — — 426 Net cash and cash equivalents paid in acquisitions — — (223,818 ) Net cash used in investing activities — — (223,392 ) Cash flows from financing activities: Common stock repurchased and restricted stock surrendered (162,965 ) (315,542 ) (109,153 ) Net decrease in subordinated debentures — (12,372 ) — Cash dividends paid, net (289,048 ) (288,193 ) (247,403 ) Net cash used in financing activities (452,013 ) (616,107 ) (356,556 ) Net (decrease) increase in cash and cash equivalents (130,898 ) 59,348 (309,254 ) Cash and cash equivalents, beginning of year 244,859 185,511 494,765 Cash and cash equivalents, end of year $ 113,961 $ 244,859 $ 185,511 Supplemental disclosure of noncash investing and financing activities: Common stock issued for acquisitions $ — $ — $ 446,233 |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | NOTE 23. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) The following tables set forth our unaudited quarterly results for the periods indicated: Three Months Ended December 31, September 30, June 30, March 31, 2019 2019 2019 2019 (Dollars in thousands, except per share data) Interest income $ 293,593 $ 307,208 $ 314,533 $ 304,559 Interest expense (46,974 ) (54,972 ) (53,635 ) (49,683 ) Net interest income 246,619 252,236 260,898 254,876 Provision for credit losses (3,000 ) (7,000 ) (8,000 ) (4,000 ) Net interest income after provision for credit losses 243,619 245,236 252,898 250,876 Gain on sale of securities 184 908 22,192 2,161 Other noninterest income 26,992 32,521 28,701 28,903 Total noninterest income 27,176 33,429 50,893 31,064 Foreclosed assets income (expense), net 3,446 (8 ) 146 (29 ) Acquisition, integration and reorganization costs 269 — — (618 ) Other noninterest expense (127,443 ) (126,801 ) (125,573 ) (125,640 ) Total noninterest expense (123,728 ) (126,809 ) (125,427 ) (126,287 ) Earnings before income taxes 147,067 151,856 178,364 155,653 Income tax expense (29,186 ) (41,830 ) (50,239 ) (43,049 ) Net earnings $ 117,881 $ 110,026 $ 128,125 $ 112,604 Basic and diluted earnings per share $ 0.98 $ 0.92 $ 1.07 $ 0.92 Cash dividends declared per share $ 0.60 $ 0.60 $ 0.60 $ 0.60 Three Months Ended December 31, September 30, June 30, March 31, 2018 2018 2018 2018 (Dollars in thousands, except per share data) Interest income $ 302,739 $ 292,642 $ 288,514 $ 277,775 Interest expense (40,974 ) (32,325 ) (26,182 ) (21,275 ) Net interest income 261,765 260,317 262,332 256,500 Provision for credit losses (12,000 ) (11,500 ) (17,500 ) (4,000 ) Net interest income after provision for credit losses 249,765 248,817 244,832 252,500 Gain on sale of securities 786 826 253 6,311 Other noninterest income 32,740 36,086 39,385 32,248 Total noninterest income 33,526 36,912 39,638 38,559 Foreclosed assets income, net 311 257 61 122 Acquisition, integration and reorganization costs (970 ) (800 ) — — Other noninterest expense (128,576 ) (127,610 ) (126,510 ) (127,517 ) Total noninterest expense (129,235 ) (128,153 ) (126,449 ) (127,395 ) Earnings before income taxes 154,056 157,576 158,021 163,664 Income tax expense (39,015 ) (41,289 ) (42,286 ) (45,388 ) Net earnings $ 115,041 $ 116,287 $ 115,735 $ 118,276 Basic and diluted earnings per share $ 0.93 $ 0.94 $ 0.92 $ 0.93 Cash dividends declared per share $ 0.60 $ 0.60 $ 0.60 $ 0.50 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 24. SUBSEQUENT EVENTS Stock Repurchase Programs On February 12, 2020 , PacWest's Board of Directors authorized a new Stock Repurchase Program to purchase shares of its common stock for an aggregate purchase price not to exceed $200 million until February 28, 2021 , effective upon the maturity of the current Stock Repurchase Program on February 29, 2020 . After the authorization of the new Stock Repurchase Program, the amount that could be used to repurchase shares will be $200 million as of March 1, 2020 . Common Stock Dividends On February 3, 2020 , 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 February 28, 2020 to stockholders of record at the close of business on February 20, 2020 . We have evaluated events that have occurred subsequent to December 31, 2019 and have concluded there are no subsequent events that would require recognition in the accompanying consolidated financial statements. |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Business Combinations and Other Purchase of Business Transactions | The Bank is 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 in California, one branch located in Durham, North Carolina, one branch located in Denver, Colorado, 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 and Denver, Colorado branch office. National Lending provides asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses on a national basis. Venture Banking offers loans and a comprehensive suite of financial services focused on entrepreneurial and venture-backed 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 an 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 treasury management and investment management services. Our major operating expenses are the interest paid by the Bank on deposits and borrowings, compensation, occupancy, and general operating expenses. |
Recently issued Accounting Standards | 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 ASC 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 consolidated balance sheet than our 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 9. Other Assets and Note 10. Leases for further details. Effective January 1, 2019, the Company early-adopted and 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 deferred 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 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,” ASU 2019-05, " Financial Instruments - Credit Losses (Topic 326): Targeted Transition Relief, " and ASU 2019-11, " Codification Improvements to Topic 326, Financial Instruments - Credit Losses " 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. The Update modifies the other-than-temporary impairment (OTTI) model for AFS debt securities to require an allowance for credit impairment instead of a direct write-down, which allows for reversal of credit improvements in future periods. In addition, the Update eliminates the existing guidance for PCI loans, but requires an allowance for purchased financial assets with credit deterioration. Receivables arising from operating leases are not within the scope of CECL. 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 OTTI had been recognized before the adoption date. Early adoption is permitted. January 1, 2020 The Company established a multidisciplinary project team in 2016 to work on the implementation of CECL. During this implementation project, we developed a detailed implementation plan, selected a new software solution, reached accounting decisions on various matters, developed econometric models for our reasonable and supportable ("R&S") forecast period, selected key assumptions used in the economic regression models of Real GDP, unemployment rates, CRE Price Index and BBB spreads, developed a prepayment model and framework based on our historical prepayment experience, completed the validation of new models, redesigned our qualitative framework, and conducted five preliminary calculations during 2019. Key decisions made in our planned approach under CECL include the use of a probability of default/loss given default methodology, the use of a single scenario based on the Moody's consensus forecast for our economic forecast over the R&S period, an R&S forecast period of four quarters, a post R&S reversion period of two quarters using a straight-line approach, and a historical loss period of at least 40 quarters among other decisions. As part of performing our preliminary calculations, we performed sensitivity analyses and other steps to assess modeling assumptions and results, while also updating our disclosures, internal controls, policies, and procedures. We adopted this new standard on January 1, 2020 and, using our December 31, 2019 loan and lease balances and other information, calculated the day one impact and transition adjustment to be an increase in our allowance for credit losses of approximately $7.3 million, or 4.2%. The day one impact is a decrease to retained earnings of $5.3 million, net of tax, or a decrease of approximately two basis points to our capital ratios. The impact reflects our loan composition, which is primarily a short-duration commercial portfolio. The calculation of the allowance for credit losses under CECL is sensitive and highly dependent on loan composition, model methodologies, the macroeconomic conditions, economic forecasts, model assumptions, and other decisions and judgments made by management. We expect the provisions for credit losses to be susceptible to more volatility post-adoption due to these same factors and influenced by the volume of new loan originations, loan payoffs, and the seasoning of the loan portfolio. |
Basis of Presentation | (b) Basis of Presentation The accounting and reporting policies of the Company are in accordance with U.S. generally accepted accounting principles, which we may refer to as U.S. GAAP. 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 have been included. |
Use of Estimates | Use of Estimates We have made a number of estimates and assumptions relating to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these 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. As described in Note 3. Acquisitions below, we completed the CUB acquisition on October 20, 2017 . The acquired assets and liabilities in this acquisition were measured at their estimated fair values. Management made significant estimates and exercised significant judgment in estimating such fair values and accounting for the acquired assets and assumed liabilities in this transaction. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the consolidated statements of cash flows, cash and cash equivalents consist of: (1) cash and due from banks, and (2) interest‑earning deposits in financial institutions. Interest‑earning deposits in financial institutions represent mostly cash held at the FRBSF, the majority of which is immediately available. |
Investment Securities | Investment Securities We determine the classification of securities at the time of purchase. If we have the intent and the ability at the time of purchase to hold securities until maturity, they are classified as held‑to‑maturity and stated at amortized cost. We do not classify any securities as held-to-maturity. Securities to be held for indefinite periods of time, but not necessarily to be held‑to‑maturity or on a long‑term basis, are classified as available‑for‑sale and carried at estimated fair value, with unrealized gains or losses reported as a separate component of stockholders’ equity in accumulated other comprehensive income, net of applicable income taxes. Securities available‑for‑sale include securities that management intends to use as part of its asset/liability management strategy and that may be sold in response to changes in interest rates, prepayment risk, and other related factors. Securities are individually evaluated for appropriate classification when acquired. As a result, similar types of securities may be classified differently depending on factors existing at the time of purchase. The carrying values of all securities are adjusted for amortization of premiums and accretion of discounts using the interest method. Premiums on callable securities are amortized to the earliest call date. Realized gains or losses on the sale of securities, if any, are determined using the amortized cost of the specific securities sold. Such gains or losses are included in "Gain (loss) on sale of securities" on the consolidated statements of earnings. Declines in the fair value of debt securities classified as available-for-sale are reviewed to determine whether the impairment is other-than-temporary. This review considers a number of factors, including the severity of the decline in fair value, current market conditions, historical performance of the security, risk ratings, and the length of time the security has been in an unrealized loss position. If we do not expect to recover the entire amortized cost basis of the security, then an other-than-temporary impairment is considered to have occurred. The cost basis of the security is written down to its estimated fair value and the amount of the write‑down is recognized through a charge to earnings. Investments in FHLB stock are carried at cost and evaluated regularly for impairment. FHLB stock is expected to be redeemed at par and is a required investment based on measurements of the Bank’s assets and/or borrowing levels. |
Loans and Leases | Loans and Leases Originated loans. Loans are originated by the Company with the intent to hold them for investment and are stated at the principal amount outstanding, net of unearned income. Unearned income includes deferred unamortized nonrefundable loan fees and direct loan origination costs. Net deferred fees or costs 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 sold. The amortization of loan fees or costs is discontinued when a loan is placed on nonaccrual status. Interest income is recorded on an accrual basis in accordance with the terms of the respective loan. Purchased loans. Purchased loans are stated at the principal amount outstanding, net of unearned discounts or unamortized premiums. All loans acquired in our acquisitions are initially measured and recorded at their fair value on the acquisition date. A component of the initial fair value measurement is an estimate of the credit losses over the life of the purchased loans. Purchased loans are also evaluated for impairment as of the acquisition date and are accounted for as “acquired non‑impaired” or “purchased credit impaired” loans. Acquired non‑impaired loans. Acquired non‑impaired loans are those loans for which there was no evidence of credit deterioration at their acquisition date and it was probable that we would be able to collect all contractually required payments. Acquired non‑impaired loans, together with originated loans, are referred to as Non‑PCI loans. Purchase discounts or premiums on acquired non‑impaired loans are recognized as an adjustment to interest income over the contractual life of such loans using the effective interest method or taken into income when the related loans are paid off or sold. Purchased credit impaired loans. Purchased credit impaired loans are referred to as PCI loans and are accounted for in accordance with ASC Subtopic 310‑30, “ Loans and Debt Securities Acquired with Deteriorated Credit Quality.” A purchased loan is deemed to be credit impaired when there is evidence of credit deterioration since its origination and it is probable at the acquisition date that collection of all contractually required payments is unlikely. We apply PCI loan accounting when we acquire loans deemed to be impaired, and as a general policy election when we acquire a portfolio of loans in a distressed bank acquisition. As our gross PCI loan portfolio represented less than 0.4% of total loans as of the end of 2017, beginning in 2018 the PCI loans were accounted for as Non-PCI loans as the balance continued to decline and no purchases of credit impaired loans have occurred. Leases to customers. We provide equipment financing to our customers primarily with direct financing and operating leases. For direct financing leases, lease receivables are recorded on the balance sheet but the leased property is not, although we generally retain legal title to the leased property 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. Leases acquired in an acquisition are initially measured and recorded at their fair value on the acquisition date. Purchase discount or premium on acquired leases is recognized as an adjustment to interest income over the contractual life of the leases using the effective interest method or taken into income when the related leases are paid off. Direct financing leases are subject to our accounting for allowance for loans and leases. We provide equipment financing through operating leases where we facilitate the purchase of equipment leased to customers. The equipment is shown on our consolidated balance sheets 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 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 consolidated statements of earnings. Loans and leases held for sale. As part of our management of the loans and leases held in our portfolio, on occasion we will transfer loans from held for investment to held for sale. Upon transfer, any associated allowance for loan and lease loss is charged off and the carrying value of the loan is adjusted to the lower of cost or estimated fair value. The unamortized balance of net deferred fees and costs associated with loans held for sale is not accreted or amortized to interest income until the related loans are sold. Gains or losses on the sale of these loans are recorded as "Noninterest income" in the consolidated statements of earnings. Delinquent or past due loans and leases. Loans and leases are considered delinquent when principal or interest payments are past due 30 days or more. Delinquent loans may remain on accrual status between 30 days and 89 days past due. Nonaccrual loans and leases. When we discontinue the accrual of interest on a loan or lease it is designated as nonaccrual. We discontinue the accrual of interest on a loan or lease generally when a borrower's principal or interest payments or a lessee's payments are past due 90 days or when, in the opinion of management, there is a reasonable doubt as to collectability in the normal course of business. Loans with interest or principal payments past due 90 days or leases with payments past due 90 days may be accruing if the loans or leases are concluded to be well-secured and in the process of collection; however, these loans or leases are still reported as nonperforming. When loans or leases are placed on nonaccrual status, all interest previously accrued but not collected is reversed against current period interest income. Interest on nonaccrual loans or leases is subsequently recognized only to the extent that cash is received and the loan principal balance or lease balance is deemed collectable. Loans or leases are restored to accrual status when the loans or leases become both well‑secured and are in the process of collection. Impaired loans and leases. A loan or lease is considered impaired when it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan or lease agreement. Impaired loans and leases include loans and leases on nonaccrual status and performing troubled debt restructured loans. Income from impaired loans is recognized on an accrual basis unless the loan is on nonaccrual status. Income from loans on nonaccrual status is recognized to the extent cash is received and when the loan’s principal balance is deemed collectable. We measure impairment of a loan or lease by using the estimated fair value of the collateral, less estimated costs to sell and other applicable costs, if the loan or lease is collateral‑dependent and the present value of the expected future cash flows discounted at the loan’s or lease’s effective interest rate if the loan or lease is not collateral‑dependent. The impairment amount on a collateral‑dependent loan or lease is charged‑off, and the impairment amount on a loan that is not collateral‑dependent is generally recorded as a specific reserve within our allowance for loan and lease losses. Troubled debt restructurings. A loan is classified as a troubled debt restructuring when we grant a concession to a borrower experiencing financial difficulties that we otherwise would not consider under our normal lending policies. These concessions may include a reduction of the interest rate, principal or accrued interest, extension of the maturity date or other actions intended to minimize potential losses. All modifications of criticized loans are evaluated to determine whether such modifications are troubled debt restructurings as outlined under ASC Subtopic 310‑40, “Troubled Debt Restructurings by Creditors.” Loans restructured with an interest rate equal to or greater than that of a new loan with comparable market risk at the time the loan is modified may be excluded from certain restructured loan disclosures in years subsequent to the restructuring if the loans are in compliance with their modified terms. A loan that has been placed on nonaccrual status that is subsequently restructured will usually remain on nonaccrual status until the borrower is able to demonstrate repayment performance in compliance with the restructured terms for a sustained period of time, typically for six months. A restructured loan may return to accrual status sooner based on other significant events or circumstances. A loan that has not been placed on nonaccrual status may be restructured and such loan may remain on accrual status after such restructuring. In these circumstances, the borrower has made payments before and after the restructuring. Generally, this restructuring involves maturity extensions, a reduction in the loan interest rate and/or a change to interest‑only payments for a period of time. The restructured loan is considered impaired despite the accrual status and a specific reserve is calculated based on the present value of expected cash flows discounted at the loan’s original effective interest rate or based on the fair value of the collateral if the loan is collateral-dependent. |
Allowance for Credit Losses | Allowance for Credit Losses on Loans and Leases Held for Investment The allowance for credit losses on loans and leases held for investment is the combination of the allowance for loan and lease losses and the reserve for unfunded loan commitments. The allowance for loan and lease losses is reported as a reduction of outstanding loan and lease balances and the reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities" on the consolidated balance sheets. For loans and leases acquired and measured at fair value and deemed non-impaired on the acquisition date, our allowance methodology measures deterioration in credit quality or other inherent risks related to these acquired assets that may occur after the acquisition date. The allowance for credit losses is maintained at a level deemed appropriate by management to adequately provide for known and inherent risks in the loan and lease portfolio and other extensions of credit at the balance sheet date. The allowance is based upon our review of the credit quality of the loan and lease portfolio, which includes payment trends, borrowers' compliance with loan agreements, borrowers' current and budgeted financial performance, collateral valuation trends, and current economic factors and external conditions that may affect our borrowers' ability to make payments to us in accordance with contractual terms. Loans and leases that are deemed to be uncollectable are charged off and deducted from the allowance. The provision for loan and lease losses and recoveries on loans and leases previously charged off are added to the allowance. The allowance for loan and lease losses has a general reserve component for unimpaired loans and leases and a specific reserve component for impaired loans and leases. A loan or lease is considered impaired when it is probable that we will be unable to collect all amounts due according to the original contractual terms of the agreement. We assess our loans and leases for impairment on an ongoing basis using certain criteria such as payment performance, borrower reported financial results and budgets, and other external factors when appropriate. We measure impairment of a loan or lease based upon the fair value of the underlying collateral if the loan or lease is collateral-dependent or the present value of cash flows, discounted at the effective interest rate, if the loan or lease is not collateral-dependent. To the extent a loan or lease balance exceeds the estimated collectable value, a specific reserve or charge-off is recorded depending upon either the certainty of the estimate of loss or the fair value of the loan’s collateral if the loan is collateral-dependent. Impaired loans and leases with outstanding balances less than or equal to $250,000 may not be individually assessed for impairment but would be assessed with reserves based on the average loss severity on historical impaired loans with similar risk characteristics. Our allowance methodology for the general reserve component includes both quantitative and qualitative loss factors which are applied to our population of unimpaired loans and leases to estimate our general reserves. The quantitative loss factors determination is based on a probability of default/loss given default ("PD/LGD") methodology which considers the likelihood of loans defaulting based on the historical degree that similar loans defaulted and the degree of credit losses based on the historical average degree of loss experienced for these similar loans and leases pooled both by loan or lease type and credit risk rating; loans with more adverse credit risk ratings have higher quantitative loss factors. The qualitative loss factors consider, among other things, current economic trends and forecasts, current collateral values and performance trends, credit performance trends, and the loan portfolio's current composition. The quantitative estimation of the allowance for credit losses at December 31, 2019 considered actual historical loan and lease charge-off experience over a 44 -quarter look-back period starting with the first quarter of 2009. This look-back period is inclusive of the average timeframe over which charge-offs typically occur following loan or lease origination and allows for the capture of sufficient loss observations that are relevant to the current portfolio. When estimating the general reserve component for the various pools of similar loan types, the loss factors applied to the loan pools consider the current credit risk ratings, giving greater weight to loans with more adverse credit risk ratings. We recognize that the determination of the allowance for credit losses is sensitive to the assigned credit risk ratings and inherent loss rates at any given point in time. The qualitative criteria we consider when establishing the loss factors include the following: • current economic trends and forecasts; • current collateral values, performance trends, and overall outlook in the markets where we lend; • legal and regulatory matters that could impact our borrowers’ ability to repay loans and leases; • loan and lease portfolio composition and any loan concentrations; • current lending policies and the effects of any new policies or policy amendments; • loan and lease production volume and mix; • loan and lease portfolio credit performance trends; • results of independent credit reviews; and • changes in management related to credit administration functions. We estimate the reserve for unfunded loan commitments using the same loss factors as used for the allowance for loan and lease losses. The reserve for unfunded loan commitments is computed using expected future usage of the unfunded commitments based on historical usage of unfunded commitments for the various loan types. The allowance for credit losses is directly correlated to the credit risk ratings of our loans. To ensure the accuracy of our credit risk ratings, an independent credit review function assesses the appropriateness of the credit risk ratings assigned to loans on a regular basis. The credit risk ratings assigned to every loan and lease are either “pass,” “special mention,” “substandard,” or “doubtful” and defined as follows: • Pass : Loans and leases rated as "pass" are not adversely classified and collection and repayment in full are expected. • Special Mention : Loans and leases rated as "special mention" have a potential weakness that requires management's attention. If not addressed, these potential weaknesses may result in further deterioration in the borrower's ability to repay the loan or lease. • Substandard : Loans and leases rated as "substandard" have a well-defined weakness or weaknesses that jeopardize the collection of the debt. They are characterized by the possibility that we will sustain some loss if the weaknesses are not corrected. • Doubtful : Loans and leases rated as "doubtful" have all the weaknesses of those rated as "substandard," with the additional trait that the weaknesses make collection or repayment in full highly questionable and improbable. In addition, we may refer to the loans and leases with assigned credit risk ratings of "substandard" and "doubtful" together as "classified" loans and leases. For further information on classified loans and leases, see Note 5. Loans and Leases. Management believes the allowance for credit losses is appropriate for the known and inherent risks in our loan and lease portfolio and the credit risk ratings and inherent loss rates currently assigned are appropriate. It is possible that others, given the same information, may at any point in time reach different conclusions that could result in a significant impact to the Company's financial statements. In addition, current credit risk ratings are subject to change as we continue to monitor our loans and leases. To the extent we experience, for example, increased levels of borrower loan defaults, borrowers' noncompliance with our loan agreements, adverse changes in collateral values, or negative changes in economic and business conditions that adversely affect our borrowers, our classified loans and leases may increase. Higher levels of classified loans and leases generally result in increased provisions for credit losses and an increased allowance for credit losses. Although we have established an allowance for credit losses that we consider appropriate, there can be no assurance that the established allowance will be sufficient to absorb future losses. |
Land, Premises and Equipment | Land, Premises and Equipment Premises and equipment are stated at cost less accumulated depreciation and amortization. Land is not depreciated. Depreciation and amortization is charged to "Noninterest expense" in the consolidated statements of earnings using the straight‑line method over the estimated useful lives of the assets. The estimated useful lives of furniture, fixtures and equipment range from 3 to 7 years and for buildings up to 30 years. Leasehold improvements are amortized over their estimated useful lives, or the life of the lease, whichever is shorter. |
Foreclosed Assets | Foreclosed Assets Foreclosed assets include OREO and repossessed non-real estate assets. Foreclosed assets are initially recorded at the estimated fair value of the property, based on current independent appraisals obtained at the time of acquisition, less estimated costs to sell, including senior obligations such as delinquent property taxes. The excess of the recorded loan balance over the estimated fair value of the property at the time of acquisition less estimated costs to sell is charged to the allowance for loan and lease losses. Any subsequent write‑downs are charged to "Noninterest expense" in the consolidated statements of earnings and recognized through a foreclosed assets valuation allowance. Subsequent increases in the fair value of the asset less selling costs reduce the foreclosed assets valuation allowance, but not below zero, and are credited to "Noninterest expense." Gains and losses on the sale of foreclosed assets and operating expenses of such assets are included in "Noninterest expense." |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in earnings in the period that includes the enactment date. Any interest or penalties assessed by the taxing authorities is classified in the financial statements as income tax expense. Deferred tax assets and liabilities of the same jurisdiction, net of valuation allowances, are grouped together and reported net on the consolidated balance sheets. On a periodic basis, the Company evaluates its deferred tax assets to assess whether they are expected to be realized in the future. This determination is based on currently available facts and circumstances, including our current and projected future tax positions, the historical level of our taxable income, and estimates of our future taxable income. In most cases, the realization of deferred tax assets is based on our future profitability. To the extent our deferred tax assets are not considered more likely than not to be realized, we are required to record a valuation allowance on our deferred tax assets by charging earnings. The Company also evaluates existing valuation allowances periodically to determine if sufficient evidence exists to support an increase or reduction in the allowance. |
Goodwill and 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 unless certain events occur or circumstances change. Goodwill represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. We test for goodwill impairment annually or earlier if events or changes in circumstances indicate goodwill might possibly be impaired. 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 consolidated statements of earnings. Intangible assets with estimable useful lives are amortized over such useful lives to their estimated residual values. CDI and CRI are recognized apart from goodwill at the time of acquisition based on market valuations. In preparing such valuations, variables considered included deposit servicing costs, attrition rates, and market discount rates. CDI assets are amortized to expense over their useful lives, which we have estimated to range from 7 to 10 years. CRI assets are amortized to expense over their useful lives, which we have estimated to range from 4 to 7 years. The amortization expense represents the estimated decline in the value of the underlying deposits or customer relationships acquired. Both CDI and CRI are reviewed for impairment quarterly or earlier if events or changes in circumstances indicate that their carrying values may not be recoverable. If the recoverable amount of either CDI or CRI is determined to be less than its carrying value, we would then measure the amount of impairment based on an estimate of the intangible asset’s fair value at that time. If the fair value is below the carrying value, then the intangible asset is reduced to such fair value; an impairment loss for such amount would be recognized as a charge to "Noninterest expense" in the consolidated statements of earnings. |
Stock-based Compensation | Stock-Based Compensation The Company issues stock-based compensation instruments consisting of TRSAs and PRSUs. 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. Forfeitures of stock-based awards are recognized when they occur. 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 up to 150% or 200% of the target amortization amount. Annual PRSU expense may vary during the three-year performance period based upon changes in management's estimate of the number of shares that may ultimately vest. In the case where the performance target for the PRSU’s is based on a market condition (such as total shareholder return), the amortization is neither reversed nor suspended if it is subsequently determined that the attainment of the performance target is less than probable or improbable and the employee continues to meet the service requirement of the award. |
Derivative Instruments | (p) Derivative Instruments Our derivative contracts primarily manage the foreign currency risk associated with certain assets and liabilities. As of December 31, 2019 , all of our derivatives were held for risk management purposes and none were designated as accounting hedges. The objective is to manage the uncertainty of future foreign exchange rate fluctuations. These derivatives provide for a fixed exchange rate which has the effect of reducing or eliminating changes to anticipated cash flows to be received on assets and liabilities denominated in foreign currencies as the result of changes to exchange rates. Our derivatives are carried at fair value and recorded in other assets or other liabilities, as appropriate. The changes in fair value of our derivatives and the related interest are recognized in "Noninterest income - other" in the consolidated statements of earnings. At December 31, 2019 , our derivative contracts had a notional value of $91.1 million . Derivative instruments expose us to credit risk in the event of nonperformance by counterparties. This risk exposure consists primarily of the termination value of agreements where we are in a favorable position. We manage the credit risk associated with various derivative agreements through counterparty credit review and monitoring procedures. |
Comprehensive Income | ative instruments expose us to credit risk in the event of nonperformance by counterparties. This risk exposure consists primarily of the termination value of agreements where we are in a favorable position. We manage |
Earnings Per Share | Earnings Per Share In accordance with ASC Topic 260, “ Earnings Per Share ,” all outstanding unvested share‑based payment awards that contain rights to nonforfeitable dividends are considered participating securities and are included in the two‑class method of determining basic and diluted earnings per share. All of our unvested restricted stock participates with our common stockholders in dividends. Accordingly, earnings allocated to unvested restricted stock are deducted from net earnings to determine that amount of earnings available to common stockholders. In the two‑class method, the amount of our earnings available to common stockholders is divided by the weighted average shares outstanding, excluding any unvested restricted stock, for both the basic and diluted earnings per share. |
Business Combinations | Business Combinations Business combinations are accounted for under the acquisition method of accounting in accordance with ASC Topic 805, “ Business Combinations .” Under the acquisition method, the acquiring entity in a business combination recognizes 100 percent of the acquired assets and assumed liabilities, regardless of the percentage owned, at their estimated fair values as of the date of acquisition. Any excess of the purchase price over the fair value of net assets and other identifiable intangible assets acquired is recorded as goodwill. To the extent the fair value of net assets acquired, including other identifiable assets, exceeds the purchase price, a bargain purchase gain is recognized. Assets acquired and liabilities assumed from contingencies must also be recognized at fair value, if the fair value can be determined during the measurement period. Results of operations of an acquired business are included in the statement of earnings from the date of acquisition. Acquisition‑related costs, including conversion and restructuring charges, are expensed as incurred. |
Business Segments | (t) Business Segments We regularly assess our strategic plans, operations and reporting structures to identify our reportable segments. Changes to our reportable segments are expected to be infrequent. As of December 31, 2019 and since December 31, 2015, we operated as one reportable segment. The factors considered in making this determination include the nature of products and offered services, geographic regions in which we operate, the applicable regulatory environment, and the discrete financial information reviewed by our key decision makers. Through our network of banking offices nationwide, our entire operations provide relationship-based banking products, services and solutions for small to mid-sized companies, entrepreneurial and venture-backed businesses, venture capital and private equity investors, real estate investors, professionals and other individuals. Our products and services include commercial real estate, multi-family, commercial business, construction and land, consumer and government-guaranteed small business loans, business and personal deposit products, and treasury cash management services. |
Loans and Leases | NOTE 5. LOANS AND LEASES 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: December 31, 2019 2018 (In thousands) Real estate mortgage $ 7,982,383 $ 7,933,859 Real estate construction and land 2,773,209 2,262,710 Commercial 7,714,358 7,428,500 Consumer 440,790 401,296 Total gross loans and leases held for investment 18,910,740 18,026,365 Deferred fees, net (63,868 ) (68,652 ) Total loans and leases held for investment, net of deferred fees 18,846,872 17,957,713 Allowance for loan and lease losses (138,785 ) (132,472 ) Total loans and leases held for investment, net $ 18,708,087 $ 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: December 31, 2019 30 - 89 90 or More Days Days Total Past Due Past Due Past Due Current Total (In thousands) Real estate mortgage: Commercial $ 2,448 $ 5,919 $ 8,367 $ 4,194,320 $ 4,202,687 Income producing and other residential 2,105 802 2,907 3,767,153 3,770,060 Total real estate mortgage 4,553 6,721 11,274 7,961,473 7,972,747 Real estate construction and land: Commercial — — — 1,082,368 1,082,368 Residential 1,429 — 1,429 1,654,005 1,655,434 Total real estate construction and land 1,429 — 1,429 2,736,373 2,737,802 Commercial: Asset-based 19 — 19 3,748,388 3,748,407 Venture capital — — — 2,179,422 2,179,422 Other commercial 2,781 4,164 6,945 1,760,722 1,767,667 Total commercial 2,800 4,164 6,964 7,688,532 7,695,496 Consumer 1,006 200 1,206 439,621 440,827 Total $ 9,788 $ 11,085 $ 20,873 $ 18,825,999 $ 18,846,872 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 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: December 31, 2019 2018 Nonaccrual Performing Total Nonaccrual Performing Total (In thousands) Real estate mortgage: Commercial $ 18,346 $ 4,184,341 $ 4,202,687 $ 15,321 $ 4,808,977 $ 4,824,298 Income producing and other residential 2,478 3,767,582 3,770,060 2,524 3,091,319 3,093,843 Total real estate mortgage 20,824 7,951,923 7,972,747 17,845 7,900,296 7,918,141 Real estate construction and land: Commercial 364 1,082,004 1,082,368 442 912,141 912,583 Residential — 1,655,434 1,655,434 — 1,321,073 1,321,073 Total real estate construction and land 364 2,737,438 2,737,802 442 2,233,214 2,233,656 Commercial: Asset-based 30,162 3,718,245 3,748,407 32,324 3,273,097 3,305,421 Venture capital 12,916 2,166,506 2,179,422 20,299 2,018,449 2,038,748 Other commercial 27,594 1,740,073 1,767,667 7,380 2,053,046 2,060,426 Total commercial 70,672 7,624,824 7,695,496 60,003 7,344,592 7,404,595 Consumer 493 440,334 440,827 1,043 400,278 401,321 Total $ 92,353 $ 18,754,519 $ 18,846,872 $ 79,333 $ 17,878,380 $ 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 amount of interest income that would have been recorded on nonaccrual loans and leases at December 31, 2019 and 2018 had such loans and leases been current in accordance with their original terms was $8.1 million and $9.3 million for 2019 and 2018 . At December 31, 2019 , nonaccrual loans and leases included $11.1 million of loans and leases 90 or more days past due, $1.2 million of loans 30 to 89 days past due and $80.0 million of current loans that were placed on nonaccrual status based on management’s judgment regarding their collectability. At December 31, 2018 , nonaccrual loans and leases included $10.7 million of loans and leases 90 or more days past due, $6.6 million of loans 30 to 89 days past due and $62.0 million of current loans that were placed on nonaccrual status based on management’s judgment regarding their collectability. As of December 31, 2019 , our three largest loan relationships on nonaccrual status had an aggregate carrying value of $50.3 million and represented 54% of total nonaccrual loans and leases. The following tables present the credit risk rating categories for loans and leases held for investment 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. December 31, 2019 Classified Special Mention Pass Total (In thousands) Real estate mortgage: Commercial $ 33,535 $ 30,070 $ 4,139,082 $ 4,202,687 Income producing and other residential 8,600 1,711 3,759,749 3,770,060 Total real estate mortgage 42,135 31,781 7,898,831 7,972,747 Real estate construction and land: Commercial 364 — 1,082,004 1,082,368 Residential — 1,429 1,654,005 1,655,434 Total real estate construction and land 364 1,429 2,736,009 2,737,802 Commercial: Asset-based 32,223 38,936 3,677,248 3,748,407 Venture capital 35,316 74,813 2,069,293 2,179,422 Other commercial 65,261 174,785 1,527,621 1,767,667 Total commercial 132,800 288,534 7,274,162 7,695,496 Consumer 613 1,212 439,002 440,827 Total $ 175,912 $ 322,956 $ 18,348,004 $ 18,846,872 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. At December 31, 2019 and 2018 , we had unfunded commitments related to TDRs of $1.2 million and $1.3 million . 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: December 31, 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 $ 20,824 $ 10,165 $ 30,989 $ 17,845 $ 11,484 $ 29,329 Real estate construction and land 364 1,470 1,834 442 5,420 5,862 Commercial 70,672 550 71,222 60,003 692 60,695 Consumer 493 72 565 1,043 105 1,148 Total $ 92,353 $ 12,257 $ 104,610 $ 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 years indicated: December 31, 2019 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 $ 479 $ 479 $ 71 $ 1,736 $ 1,648 $ 170 Income producing and other residential 2,002 2,005 160 2,569 2,563 247 Commercial: Venture capital 7,811 9,106 2,581 11,621 13,255 3,141 Other commercial 14,805 15,191 3,385 473 482 473 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 21,264 $ 36,247 $ — $ 17,783 $ 32,035 $ — Income producing and other residential 7,244 9,442 — 7,241 9,425 — Real estate construction and land: Commercial 1,834 1,887 — 5,862 5,870 — Commercial: Asset-based 30,162 52,139 — 32,324 38,100 — Venture capital 5,270 44,468 — 8,678 41,335 — Other commercial 13,174 32,242 — 7,599 25,740 — Consumer 565 728 — 1,148 1,470 — Total Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 30,989 $ 48,173 $ 231 $ 29,329 $ 45,671 $ 417 Real estate construction and land 1,834 1,887 — 5,862 5,870 — Commercial 71,222 153,146 5,966 60,695 118,912 3,614 Consumer 565 728 — 1,148 1,470 — Total $ 104,610 $ 203,934 $ 6,197 $ 97,034 $ 171,923 $ 4,031 Year Ended December 31, 2019 2018 2017 (2) Weighted Interest Weighted Interest Weighted Interest Average Income Average Income Average Income Impaired Loans and Leases Balance (1) Recognized Balance (1) Recognized Balance (1) Recognized (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 479 $ 31 $ 1,736 $ 72 $ 15,538 $ 881 Income producing and other residential 2,001 58 2,199 75 2,787 55 Commercial: Venture capital 7,008 — 9,449 — 10,228 — Other commercial 3,710 — 35 — 20,329 60 Consumer — — — — 100 8 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 16,252 $ 230 $ 15,714 $ 236 $ 89,554 $ 2,648 Income producing and other residential 6,898 217 7,191 181 3,842 59 Real estate construction and land: Commercial 1,834 118 5,460 383 5,690 306 Commercial: Asset-based 28,829 — 32,324 — 31,388 — Venture capital 4,735 — 689 — 2,860 — Other commercial 7,303 75 6,286 98 3,404 84 Consumer 413 5 844 7 20 — Total Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 25,630 $ 536 $ 26,840 $ 564 $ 111,721 $ 3,643 Real estate construction and land 1,834 118 5,460 383 5,690 306 Commercial 51,585 75 48,783 98 68,209 144 Consumer 413 5 844 7 120 8 Total $ 79,462 $ 734 $ 81,927 $ 1,052 $ 185,740 $ 4,101 _________________________ (1) For loans and leases reported as impaired at December 31, 2019 , 2018 , and 2017 , amounts were calculated based on the period of time such loans and leases were impaired during the reported period. (2) Excludes PCI loans. See Note 1(h). Nature of Operations and Summary of Significant Accounting Policies. The following table presents our troubled debt restructurings of loans held for investment and defaulted troubled debt restructurings of loans held for investment by loan portfolio segment and class for the years indicated: Troubled Debt Restructurings Troubled Debt Restructurings That Subsequently Defaulted (1) Pre-Modification Post-Modification Number Outstanding Outstanding Number of Recorded Recorded of Recorded Loans Investment Investment Loans Investment (1) (Dollars In thousands) Year Ended December 31, 2019 Real estate mortgage: Commercial 3 $ 121 $ — — $ — Income producing and other residential 9 1,591 1,591 1 254 Commercial: Asset-based 5 3,082 3,082 — — Venture capital 14 19,017 19,155 — — Other commercial 20 3,835 3,835 4 154 Total 51 $ 27,646 $ 27,663 5 $ 408 Year Ended December 31, 2018 Real estate mortgage: Commercial 10 $ 17,181 $ 2,604 — $ — Income producing and other residential 10 3,262 2,203 — — Commercial: Asset-based (2) 4 28,947 33,947 — — Venture capital 14 37,416 36,919 — — Other commercial 19 14,399 14,027 — — Consumer 3 673 673 — — Total 60 $ 101,878 $ 90,373 — $ — Year Ended December 31, 2017 Real estate mortgage: Commercial 5 $ 2,527 $ 2,463 — $ — Income producing and other residential 8 1,328 489 — — Real estate construction and land: Residential 1 362 — — — Commercial: Asset-based 5 4,219 4,219 — — Venture capital 11 29,733 29,733 — — Other commercial 19 31,471 22,236 1 1 Consumer 1 97 97 — — Total 50 $ 69,737 $ 59,237 1 $ 1 _________________________ (1) The population of defaulted TDRs for the period indicated includes only those loans restructured during the preceding 12-month period. For example, for the year ended December 31, 2019 , the population of defaulted TDRs includes only those loans restructured after December 31, 2018 . The table excludes defaulted TDRs in those classes for which the recorded investment was zero at the end of the period. (2) One commercial asset-based loan with a pre-modification balance of $27.3 million and a post-modification balance of $32.3 million was previously restructured in December 2017. 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 accounting for allowance for loan and lease losses. See Note 10. 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: Year Ended December 31, 2019 (In thousands) Component of leases receivable income: Interest income on net investments in leases $ 11,061 The following table presents the components of leases receivable as of the date indicated: December 31, 2019 (In thousands) Net investment in sales type and direct financing leases: Lease payments receivable $ 147,729 Unguaranteed residual assets 20,806 Deferred fees and other 655 Aggregate net investment in leases $ 169,190 The following table presents maturities of leases receivable as of the date indicated: December 31, 2019 (In thousands) Year Ending December 31, 2020 $ 66,113 2021 51,735 2022 20,562 2023 12,491 2024 8,856 2025 and thereafter 1,015 Total undiscounted cash flows 160,772 Less: Unearned income (13,043 ) Present value of lease payments $ 147,729 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 years indicated: Year Ended December 31, 2019 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and lease losses: Balance, beginning of year $ 46,021 $ 28,209 $ 56,360 $ 1,882 $ 132,472 Charge-offs (997 ) — (30,426 ) (839 ) (32,262 ) Recoveries 983 — 14,397 195 15,575 Net charge-offs (14 ) — (16,029 ) (644 ) (16,687 ) (Negative provision) provision (1,432 ) 2,335 21,197 900 23,000 Balance, end of year $ 44,575 $ 30,544 $ 61,528 $ 2,138 $ 138,785 Ending Allowance by Impairment Methodology: Individually evaluated for impairment $ 231 $ — $ 5,966 $ — $ 6,197 Collectively evaluated for impairment $ 44,344 $ 30,544 $ 55,562 $ 2,138 $ 132,588 Ending Loans and Leases by Impairment Methodology: Individually evaluated for impairment $ 28,038 $ 1,834 $ 69,674 $ — $ 99,546 Collectively evaluated for impairment 7,944,709 2,735,968 7,625,822 440,827 18,747,326 Ending balance $ 7,972,747 $ 2,737,802 $ 7,695,496 $ 440,827 $ 18,846,872 Year Ended December 31, 2018 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and lease losses: Balance, beginning of year (1) $ 40,051 $ 13,055 $ 84,022 $ 2,328 $ 139,456 Charge-offs (8,190 ) — (50,481 ) (371 ) (59,042 ) Recoveries 2,350 195 12,566 173 15,284 Net (charge-offs) recoveries (5,840 ) 195 (37,915 ) (198 ) (43,758 ) Provision (negative provision) 11,810 14,959 10,253 (248 ) 36,774 Balance, end of year $ 46,021 $ 28,209 $ 56,360 $ 1,882 $ 132,472 Ending Allowance by Impairment Methodology: Individually evaluated for impairment $ 417 $ — $ 3,614 $ — $ 4,031 Collectively evaluated for impairment $ 45,604 $ 28,209 $ 52,746 $ 1,882 $ 128,441 Ending Loans and Leases by Impairment Methodology: Individually evaluated for impairment $ 26,473 $ 5,862 $ 59,288 $ 444 $ 92,067 Collectively evaluated for impairment 7,891,668 2,227,794 7,345,307 400,877 17,865,646 Ending balance $ 7,918,141 $ 2,233,656 $ 7,404,595 $ 401,321 $ 17,957,713 ______________________________________ (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 year ended December 31, 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 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 years indicated: Year Ended December 31, 2019 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of year $ 132,472 $ 36,861 $ 169,333 Charge-offs (32,262 ) — (32,262 ) Recoveries 15,575 — 15,575 Net charge-offs (16,687 ) — (16,687 ) Provision (negative provision) 23,000 (1,000 ) 22,000 Balance, end of year $ 138,785 $ 35,861 $ 174,646 Year Ended December 31, 2018 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of year (1) $ 139,456 $ 28,635 $ 168,091 Charge-offs (59,042 ) — (59,042 ) Recoveries 15,284 — 15,284 Net charge-offs (43,758 ) — (43,758 ) Provision 36,774 8,226 45,000 Balance, end of year $ 132,472 $ 36,861 $ 169,333 _______________________________________ (1) The allowance for loan losses related to PCI loans of $6.4 million |
Leases policy | The Company adopted ASU 2016-02, " Leases (Topic 842), " effective January 1, 2019, and applied the guidance to all leases within the scope of ASC Topic 842, " Leases ," 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 increase retained earnings by $938,000 , net of taxes, without restating prior periods and 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. ASC Topic 842 also requires a lessee to classify a lease as either finance or operating. As of December 31, 2019 , we only had operating leases related to our leased facilities, which consisted of 72 full-service branch offices and 75 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 one to 27 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. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Business Acquisitions, by Acquisition | The following assets acquired and liabilities assumed of CUB are presented at estimated fair value as of the acquisition date: October 20, 2017 (In thousands) Assets Acquired: Cash and due from banks $ 51,857 Interest‑earning deposits in financial institutions 332,799 Total cash and cash equivalents 384,656 Securities available‑for‑sale 446,980 FHLB stock 11,902 Loans and leases 2,075,890 Premises and equipment 2,981 Goodwill 374,721 Core deposit and customer relationship intangibles 57,500 Other assets 103,498 Total assets acquired $ 3,458,128 Liabilities Assumed: Noninterest‑bearing deposits $ 1,510,285 Interest‑bearing deposits 1,209,597 Total deposits 2,719,882 Borrowings 22,879 Subordinated debentures 12,372 Accrued interest payable and other liabilities 32,424 Total liabilities assumed $ 2,787,557 Total consideration paid $ 670,571 Summary of consideration: Cash paid $ 224,338 PacWest common stock issued 446,233 Total $ 670,571 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2019 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 $ 1,112,573 $ 24,403 $ (579 ) $ 1,136,397 $ 634,774 $ 3,448 $ (5,372 ) $ 632,850 Agency commercial MBS 1,083,182 25,579 (537 ) 1,108,224 1,133,846 383 (21,525 ) 1,112,704 Municipal securities 691,647 43,851 (339 ) 735,159 1,298,514 21,000 (7,320 ) 1,312,194 Agency residential MBS 294,606 10,593 (1 ) 305,198 281,486 1,902 (2,300 ) 281,088 Asset-backed securities 216,133 320 (1,670 ) 214,783 81,762 104 (481 ) 81,385 Collateralized loan obligations 124,134 25 (403 ) 123,756 — — — — Private label residential CMOs 96,066 3,430 (13 ) 99,483 101,313 1,985 (2,093 ) 101,205 SBA securities 47,765 506 (13 ) 48,258 68,158 — (1,111 ) 67,047 Corporate debt securities 17,000 3,748 — 20,748 17,000 553 — 17,553 U.S. Treasury securities 4,985 196 — 5,181 401,056 2,437 (88 ) 403,405 Total $ 3,688,091 $ 112,651 $ (3,555 ) $ 3,797,187 $ 4,017,909 $ 31,812 $ (40,290 ) $ 4,009,431 |
Schedule of Realized Gain (Loss) | The following table presents the amortized cost of securities sold with related gross realized gains, gross realized losses, and net realized gains (losses) for the years indicated: Year Ended December 31, Sales of Securities Available-for-Sale 2019 2018 2017 (In thousands) Amortized cost of securities sold (1) $ 1,559,415 $ 563,625 $ 759,841 Gross realized gains $ 29,584 $ 9,225 $ 3,295 Gross realized losses (4,139 ) (1,049 ) (3,836 ) Net realized gains (losses) $ 25,445 $ 8,176 $ (541 ) _______________________________- (1) The securities sold in 2017 included $404.5 million of the $447.0 million of securities obtained in the CUB acquisition that were sold for no gain or loss as they were marked to fair value at the time of acquisition. |
Unrealized losses on investment securities | 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: December 31, 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 $ 180,071 $ (572 ) $ 1,456 $ (7 ) $ 181,527 $ (579 ) Agency commercial MBS 214,862 (537 ) — — 214,862 (537 ) Municipal securities 38,667 (339 ) — — 38,667 (339 ) Agency residential MBS — — 186 (1 ) 186 (1 ) Asset-backed securities 165,575 (1,670 ) — — 165,575 (1,670 ) Collateralized loan obligations 102,469 (403 ) — — 102,469 (403 ) Private label residential CMOs 9,872 (11 ) 114 (2 ) 9,986 (13 ) SBA securities 4,565 (13 ) — — 4,565 (13 ) Total $ 716,081 $ (3,545 ) $ 1,756 $ (10 ) $ 717,837 $ (3,555 ) 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 available-for-sale securities portfolio based on amortized cost and carrying value as of the date indicated. December 31, 2019 Amortized Fair Maturity Cost Value (In thousands) Due in one year or less $ 7,870 $ 7,897 Due after one year through five years 278,393 283,059 Due after five years through ten years 988,421 1,013,054 Due after ten years 2,413,407 2,493,177 Total securities available-for-sale $ 3,688,091 $ 3,797,187 |
Investment Income | The following table presents the composition of our interest income on investment securities for the years indicated: Year Ended December 31, 2019 2018 2017 (In thousands) Taxable interest $ 85,968 $ 68,504 $ 52,981 Non-taxable interest 27,955 41,376 43,355 Dividend income 1,646 1,739 1,866 Total interest income on investment securities $ 115,569 $ 111,619 $ 98,202 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 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: December 31, 2019 2018 (In thousands) Real estate mortgage $ 7,982,383 $ 7,933,859 Real estate construction and land 2,773,209 2,262,710 Commercial 7,714,358 7,428,500 Consumer 440,790 401,296 Total gross loans and leases held for investment 18,910,740 18,026,365 Deferred fees, net (63,868 ) (68,652 ) Total loans and leases held for investment, net of deferred fees 18,846,872 17,957,713 Allowance for loan and lease losses (138,785 ) (132,472 ) Total loans and leases held for investment, net $ 18,708,087 $ 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: December 31, 2019 30 - 89 90 or More Days Days Total Past Due Past Due Past Due Current Total (In thousands) Real estate mortgage: Commercial $ 2,448 $ 5,919 $ 8,367 $ 4,194,320 $ 4,202,687 Income producing and other residential 2,105 802 2,907 3,767,153 3,770,060 Total real estate mortgage 4,553 6,721 11,274 7,961,473 7,972,747 Real estate construction and land: Commercial — — — 1,082,368 1,082,368 Residential 1,429 — 1,429 1,654,005 1,655,434 Total real estate construction and land 1,429 — 1,429 2,736,373 2,737,802 Commercial: Asset-based 19 — 19 3,748,388 3,748,407 Venture capital — — — 2,179,422 2,179,422 Other commercial 2,781 4,164 6,945 1,760,722 1,767,667 Total commercial 2,800 4,164 6,964 7,688,532 7,695,496 Consumer 1,006 200 1,206 439,621 440,827 Total $ 9,788 $ 11,085 $ 20,873 $ 18,825,999 $ 18,846,872 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 |
Financing Receivable Non Accrual And Performing | 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: December 31, 2019 2018 Nonaccrual Performing Total Nonaccrual Performing Total (In thousands) Real estate mortgage: Commercial $ 18,346 $ 4,184,341 $ 4,202,687 $ 15,321 $ 4,808,977 $ 4,824,298 Income producing and other residential 2,478 3,767,582 3,770,060 2,524 3,091,319 3,093,843 Total real estate mortgage 20,824 7,951,923 7,972,747 17,845 7,900,296 7,918,141 Real estate construction and land: Commercial 364 1,082,004 1,082,368 442 912,141 912,583 Residential — 1,655,434 1,655,434 — 1,321,073 1,321,073 Total real estate construction and land 364 2,737,438 2,737,802 442 2,233,214 2,233,656 Commercial: Asset-based 30,162 3,718,245 3,748,407 32,324 3,273,097 3,305,421 Venture capital 12,916 2,166,506 2,179,422 20,299 2,018,449 2,038,748 Other commercial 27,594 1,740,073 1,767,667 7,380 2,053,046 2,060,426 Total commercial 70,672 7,624,824 7,695,496 60,003 7,344,592 7,404,595 Consumer 493 440,334 440,827 1,043 400,278 401,321 Total $ 92,353 $ 18,754,519 $ 18,846,872 $ 79,333 $ 17,878,380 $ 17,957,713 |
CV of Loans Held for Investment by Class by Classified and Nonclassiified | The following tables present the credit risk rating categories for loans and leases held for investment 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. December 31, 2019 Classified Special Mention Pass Total (In thousands) Real estate mortgage: Commercial $ 33,535 $ 30,070 $ 4,139,082 $ 4,202,687 Income producing and other residential 8,600 1,711 3,759,749 3,770,060 Total real estate mortgage 42,135 31,781 7,898,831 7,972,747 Real estate construction and land: Commercial 364 — 1,082,004 1,082,368 Residential — 1,429 1,654,005 1,655,434 Total real estate construction and land 364 1,429 2,736,009 2,737,802 Commercial: Asset-based 32,223 38,936 3,677,248 3,748,407 Venture capital 35,316 74,813 2,069,293 2,179,422 Other commercial 65,261 174,785 1,527,621 1,767,667 Total commercial 132,800 288,534 7,274,162 7,695,496 Consumer 613 1,212 439,002 440,827 Total $ 175,912 $ 322,956 $ 18,348,004 $ 18,846,872 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 |
Schedule Of Non Accrual and Performing Restructured Impaired Financing Receivables | 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. At December 31, 2019 and 2018 , we had unfunded commitments related to TDRs of $1.2 million and $1.3 million . 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: December 31, 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 $ 20,824 $ 10,165 $ 30,989 $ 17,845 $ 11,484 $ 29,329 Real estate construction and land 364 1,470 1,834 442 5,420 5,862 Commercial 70,672 550 71,222 60,003 692 60,695 Consumer 493 72 565 1,043 105 1,148 Total $ 92,353 $ 12,257 $ 104,610 $ 79,333 $ 17,701 $ 97,034 |
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 years indicated: December 31, 2019 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 $ 479 $ 479 $ 71 $ 1,736 $ 1,648 $ 170 Income producing and other residential 2,002 2,005 160 2,569 2,563 247 Commercial: Venture capital 7,811 9,106 2,581 11,621 13,255 3,141 Other commercial 14,805 15,191 3,385 473 482 473 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 21,264 $ 36,247 $ — $ 17,783 $ 32,035 $ — Income producing and other residential 7,244 9,442 — 7,241 9,425 — Real estate construction and land: Commercial 1,834 1,887 — 5,862 5,870 — Commercial: Asset-based 30,162 52,139 — 32,324 38,100 — Venture capital 5,270 44,468 — 8,678 41,335 — Other commercial 13,174 32,242 — 7,599 25,740 — Consumer 565 728 — 1,148 1,470 — Total Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 30,989 $ 48,173 $ 231 $ 29,329 $ 45,671 $ 417 Real estate construction and land 1,834 1,887 — 5,862 5,870 — Commercial 71,222 153,146 5,966 60,695 118,912 3,614 Consumer 565 728 — 1,148 1,470 — Total $ 104,610 $ 203,934 $ 6,197 $ 97,034 $ 171,923 $ 4,031 Year Ended December 31, 2019 2018 2017 (2) Weighted Interest Weighted Interest Weighted Interest Average Income Average Income Average Income Impaired Loans and Leases Balance (1) Recognized Balance (1) Recognized Balance (1) Recognized (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 479 $ 31 $ 1,736 $ 72 $ 15,538 $ 881 Income producing and other residential 2,001 58 2,199 75 2,787 55 Commercial: Venture capital 7,008 — 9,449 — 10,228 — Other commercial 3,710 — 35 — 20,329 60 Consumer — — — — 100 8 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 16,252 $ 230 $ 15,714 $ 236 $ 89,554 $ 2,648 Income producing and other residential 6,898 217 7,191 181 3,842 59 Real estate construction and land: Commercial 1,834 118 5,460 383 5,690 306 Commercial: Asset-based 28,829 — 32,324 — 31,388 — Venture capital 4,735 — 689 — 2,860 — Other commercial 7,303 75 6,286 98 3,404 84 Consumer 413 5 844 7 20 — Total Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 25,630 $ 536 $ 26,840 $ 564 $ 111,721 $ 3,643 Real estate construction and land 1,834 118 5,460 383 5,690 306 Commercial 51,585 75 48,783 98 68,209 144 Consumer 413 5 844 7 120 8 Total $ 79,462 $ 734 $ 81,927 $ 1,052 $ 185,740 $ 4,101 _________________________ (1) For loans and leases reported as impaired at December 31, 2019 , 2018 , and 2017 , amounts were calculated based on the period of time such loans and leases were impaired during the reported period. (2) Excludes PCI loans. See Note 1(h). Nature of Operations and Summary of Significant Accounting Policies. |
Troubled Debt Restructurings on Financing Receivables | The following table presents our troubled debt restructurings of loans held for investment and defaulted troubled debt restructurings of loans held for investment by loan portfolio segment and class for the years indicated: Troubled Debt Restructurings Troubled Debt Restructurings That Subsequently Defaulted (1) Pre-Modification Post-Modification Number Outstanding Outstanding Number of Recorded Recorded of Recorded Loans Investment Investment Loans Investment (1) (Dollars In thousands) Year Ended December 31, 2019 Real estate mortgage: Commercial 3 $ 121 $ — — $ — Income producing and other residential 9 1,591 1,591 1 254 Commercial: Asset-based 5 3,082 3,082 — — Venture capital 14 19,017 19,155 — — Other commercial 20 3,835 3,835 4 154 Total 51 $ 27,646 $ 27,663 5 $ 408 Year Ended December 31, 2018 Real estate mortgage: Commercial 10 $ 17,181 $ 2,604 — $ — Income producing and other residential 10 3,262 2,203 — — Commercial: Asset-based (2) 4 28,947 33,947 — — Venture capital 14 37,416 36,919 — — Other commercial 19 14,399 14,027 — — Consumer 3 673 673 — — Total 60 $ 101,878 $ 90,373 — $ — Year Ended December 31, 2017 Real estate mortgage: Commercial 5 $ 2,527 $ 2,463 — $ — Income producing and other residential 8 1,328 489 — — Real estate construction and land: Residential 1 362 — — — Commercial: Asset-based 5 4,219 4,219 — — Venture capital 11 29,733 29,733 — — Other commercial 19 31,471 22,236 1 1 Consumer 1 97 97 — — Total 50 $ 69,737 $ 59,237 1 $ 1 _________________________ (1) The population of defaulted TDRs for the period indicated includes only those loans restructured during the preceding 12-month period. For example, for the year ended December 31, 2019 , the population of defaulted TDRs includes only those loans restructured after December 31, 2018 . The table excludes defaulted TDRs in those classes for which the recorded investment was zero at the end of the period. (2) One commercial asset-based loan with a pre-modification balance of $27.3 million and a post-modification balance of $32.3 million was previously restructured in December 2017. |
Direct Financing Lease, Lease Income | The following table provides the components of leases receivable income for the period indicated: Year Ended December 31, 2019 (In thousands) Component of leases receivable income: Interest income on net investments in leases $ 11,061 |
Direct Finance Lease, Receivable Components | The following table presents the components of leases receivable as of the date indicated: December 31, 2019 (In thousands) Net investment in sales type and direct financing leases: Lease payments receivable $ 147,729 Unguaranteed residual assets 20,806 Deferred fees and other 655 Aggregate net investment in leases $ 169,190 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | The following table presents maturities of leases receivable as of the date indicated: December 31, 2019 (In thousands) Year Ending December 31, 2020 $ 66,113 2021 51,735 2022 20,562 2023 12,491 2024 8,856 2025 and thereafter 1,015 Total undiscounted cash flows 160,772 Less: Unearned income (13,043 ) Present value of lease payments $ 147,729 |
Allowance for Loan 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 years indicated: Year Ended December 31, 2019 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and lease losses: Balance, beginning of year $ 46,021 $ 28,209 $ 56,360 $ 1,882 $ 132,472 Charge-offs (997 ) — (30,426 ) (839 ) (32,262 ) Recoveries 983 — 14,397 195 15,575 Net charge-offs (14 ) — (16,029 ) (644 ) (16,687 ) (Negative provision) provision (1,432 ) 2,335 21,197 900 23,000 Balance, end of year $ 44,575 $ 30,544 $ 61,528 $ 2,138 $ 138,785 Ending Allowance by Impairment Methodology: Individually evaluated for impairment $ 231 $ — $ 5,966 $ — $ 6,197 Collectively evaluated for impairment $ 44,344 $ 30,544 $ 55,562 $ 2,138 $ 132,588 Ending Loans and Leases by Impairment Methodology: Individually evaluated for impairment $ 28,038 $ 1,834 $ 69,674 $ — $ 99,546 Collectively evaluated for impairment 7,944,709 2,735,968 7,625,822 440,827 18,747,326 Ending balance $ 7,972,747 $ 2,737,802 $ 7,695,496 $ 440,827 $ 18,846,872 Year Ended December 31, 2018 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and lease losses: Balance, beginning of year (1) $ 40,051 $ 13,055 $ 84,022 $ 2,328 $ 139,456 Charge-offs (8,190 ) — (50,481 ) (371 ) (59,042 ) Recoveries 2,350 195 12,566 173 15,284 Net (charge-offs) recoveries (5,840 ) 195 (37,915 ) (198 ) (43,758 ) Provision (negative provision) 11,810 14,959 10,253 (248 ) 36,774 Balance, end of year $ 46,021 $ 28,209 $ 56,360 $ 1,882 $ 132,472 Ending Allowance by Impairment Methodology: Individually evaluated for impairment $ 417 $ — $ 3,614 $ — $ 4,031 Collectively evaluated for impairment $ 45,604 $ 28,209 $ 52,746 $ 1,882 $ 128,441 Ending Loans and Leases by Impairment Methodology: Individually evaluated for impairment $ 26,473 $ 5,862 $ 59,288 $ 444 $ 92,067 Collectively evaluated for impairment 7,891,668 2,227,794 7,345,307 400,877 17,865,646 Ending balance $ 7,918,141 $ 2,233,656 $ 7,404,595 $ 401,321 $ 17,957,713 ______________________________________ (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 year ended December 31, 2018. |
Loans and Leases | NOTE 5. LOANS AND LEASES 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: December 31, 2019 2018 (In thousands) Real estate mortgage $ 7,982,383 $ 7,933,859 Real estate construction and land 2,773,209 2,262,710 Commercial 7,714,358 7,428,500 Consumer 440,790 401,296 Total gross loans and leases held for investment 18,910,740 18,026,365 Deferred fees, net (63,868 ) (68,652 ) Total loans and leases held for investment, net of deferred fees 18,846,872 17,957,713 Allowance for loan and lease losses (138,785 ) (132,472 ) Total loans and leases held for investment, net $ 18,708,087 $ 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: December 31, 2019 30 - 89 90 or More Days Days Total Past Due Past Due Past Due Current Total (In thousands) Real estate mortgage: Commercial $ 2,448 $ 5,919 $ 8,367 $ 4,194,320 $ 4,202,687 Income producing and other residential 2,105 802 2,907 3,767,153 3,770,060 Total real estate mortgage 4,553 6,721 11,274 7,961,473 7,972,747 Real estate construction and land: Commercial — — — 1,082,368 1,082,368 Residential 1,429 — 1,429 1,654,005 1,655,434 Total real estate construction and land 1,429 — 1,429 2,736,373 2,737,802 Commercial: Asset-based 19 — 19 3,748,388 3,748,407 Venture capital — — — 2,179,422 2,179,422 Other commercial 2,781 4,164 6,945 1,760,722 1,767,667 Total commercial 2,800 4,164 6,964 7,688,532 7,695,496 Consumer 1,006 200 1,206 439,621 440,827 Total $ 9,788 $ 11,085 $ 20,873 $ 18,825,999 $ 18,846,872 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 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: December 31, 2019 2018 Nonaccrual Performing Total Nonaccrual Performing Total (In thousands) Real estate mortgage: Commercial $ 18,346 $ 4,184,341 $ 4,202,687 $ 15,321 $ 4,808,977 $ 4,824,298 Income producing and other residential 2,478 3,767,582 3,770,060 2,524 3,091,319 3,093,843 Total real estate mortgage 20,824 7,951,923 7,972,747 17,845 7,900,296 7,918,141 Real estate construction and land: Commercial 364 1,082,004 1,082,368 442 912,141 912,583 Residential — 1,655,434 1,655,434 — 1,321,073 1,321,073 Total real estate construction and land 364 2,737,438 2,737,802 442 2,233,214 2,233,656 Commercial: Asset-based 30,162 3,718,245 3,748,407 32,324 3,273,097 3,305,421 Venture capital 12,916 2,166,506 2,179,422 20,299 2,018,449 2,038,748 Other commercial 27,594 1,740,073 1,767,667 7,380 2,053,046 2,060,426 Total commercial 70,672 7,624,824 7,695,496 60,003 7,344,592 7,404,595 Consumer 493 440,334 440,827 1,043 400,278 401,321 Total $ 92,353 $ 18,754,519 $ 18,846,872 $ 79,333 $ 17,878,380 $ 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 amount of interest income that would have been recorded on nonaccrual loans and leases at December 31, 2019 and 2018 had such loans and leases been current in accordance with their original terms was $8.1 million and $9.3 million for 2019 and 2018 . At December 31, 2019 , nonaccrual loans and leases included $11.1 million of loans and leases 90 or more days past due, $1.2 million of loans 30 to 89 days past due and $80.0 million of current loans that were placed on nonaccrual status based on management’s judgment regarding their collectability. At December 31, 2018 , nonaccrual loans and leases included $10.7 million of loans and leases 90 or more days past due, $6.6 million of loans 30 to 89 days past due and $62.0 million of current loans that were placed on nonaccrual status based on management’s judgment regarding their collectability. As of December 31, 2019 , our three largest loan relationships on nonaccrual status had an aggregate carrying value of $50.3 million and represented 54% of total nonaccrual loans and leases. The following tables present the credit risk rating categories for loans and leases held for investment 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. December 31, 2019 Classified Special Mention Pass Total (In thousands) Real estate mortgage: Commercial $ 33,535 $ 30,070 $ 4,139,082 $ 4,202,687 Income producing and other residential 8,600 1,711 3,759,749 3,770,060 Total real estate mortgage 42,135 31,781 7,898,831 7,972,747 Real estate construction and land: Commercial 364 — 1,082,004 1,082,368 Residential — 1,429 1,654,005 1,655,434 Total real estate construction and land 364 1,429 2,736,009 2,737,802 Commercial: Asset-based 32,223 38,936 3,677,248 3,748,407 Venture capital 35,316 74,813 2,069,293 2,179,422 Other commercial 65,261 174,785 1,527,621 1,767,667 Total commercial 132,800 288,534 7,274,162 7,695,496 Consumer 613 1,212 439,002 440,827 Total $ 175,912 $ 322,956 $ 18,348,004 $ 18,846,872 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. At December 31, 2019 and 2018 , we had unfunded commitments related to TDRs of $1.2 million and $1.3 million . 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: December 31, 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 $ 20,824 $ 10,165 $ 30,989 $ 17,845 $ 11,484 $ 29,329 Real estate construction and land 364 1,470 1,834 442 5,420 5,862 Commercial 70,672 550 71,222 60,003 692 60,695 Consumer 493 72 565 1,043 105 1,148 Total $ 92,353 $ 12,257 $ 104,610 $ 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 years indicated: December 31, 2019 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 $ 479 $ 479 $ 71 $ 1,736 $ 1,648 $ 170 Income producing and other residential 2,002 2,005 160 2,569 2,563 247 Commercial: Venture capital 7,811 9,106 2,581 11,621 13,255 3,141 Other commercial 14,805 15,191 3,385 473 482 473 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 21,264 $ 36,247 $ — $ 17,783 $ 32,035 $ — Income producing and other residential 7,244 9,442 — 7,241 9,425 — Real estate construction and land: Commercial 1,834 1,887 — 5,862 5,870 — Commercial: Asset-based 30,162 52,139 — 32,324 38,100 — Venture capital 5,270 44,468 — 8,678 41,335 — Other commercial 13,174 32,242 — 7,599 25,740 — Consumer 565 728 — 1,148 1,470 — Total Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 30,989 $ 48,173 $ 231 $ 29,329 $ 45,671 $ 417 Real estate construction and land 1,834 1,887 — 5,862 5,870 — Commercial 71,222 153,146 5,966 60,695 118,912 3,614 Consumer 565 728 — 1,148 1,470 — Total $ 104,610 $ 203,934 $ 6,197 $ 97,034 $ 171,923 $ 4,031 Year Ended December 31, 2019 2018 2017 (2) Weighted Interest Weighted Interest Weighted Interest Average Income Average Income Average Income Impaired Loans and Leases Balance (1) Recognized Balance (1) Recognized Balance (1) Recognized (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 479 $ 31 $ 1,736 $ 72 $ 15,538 $ 881 Income producing and other residential 2,001 58 2,199 75 2,787 55 Commercial: Venture capital 7,008 — 9,449 — 10,228 — Other commercial 3,710 — 35 — 20,329 60 Consumer — — — — 100 8 With No Related Allowance Recorded: Real estate mortgage: Commercial $ 16,252 $ 230 $ 15,714 $ 236 $ 89,554 $ 2,648 Income producing and other residential 6,898 217 7,191 181 3,842 59 Real estate construction and land: Commercial 1,834 118 5,460 383 5,690 306 Commercial: Asset-based 28,829 — 32,324 — 31,388 — Venture capital 4,735 — 689 — 2,860 — Other commercial 7,303 75 6,286 98 3,404 84 Consumer 413 5 844 7 20 — Total Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 25,630 $ 536 $ 26,840 $ 564 $ 111,721 $ 3,643 Real estate construction and land 1,834 118 5,460 383 5,690 306 Commercial 51,585 75 48,783 98 68,209 144 Consumer 413 5 844 7 120 8 Total $ 79,462 $ 734 $ 81,927 $ 1,052 $ 185,740 $ 4,101 _________________________ (1) For loans and leases reported as impaired at December 31, 2019 , 2018 , and 2017 , amounts were calculated based on the period of time such loans and leases were impaired during the reported period. (2) Excludes PCI loans. See Note 1(h). Nature of Operations and Summary of Significant Accounting Policies. The following table presents our troubled debt restructurings of loans held for investment and defaulted troubled debt restructurings of loans held for investment by loan portfolio segment and class for the years indicated: Troubled Debt Restructurings Troubled Debt Restructurings That Subsequently Defaulted (1) Pre-Modification Post-Modification Number Outstanding Outstanding Number of Recorded Recorded of Recorded Loans Investment Investment Loans Investment (1) (Dollars In thousands) Year Ended December 31, 2019 Real estate mortgage: Commercial 3 $ 121 $ — — $ — Income producing and other residential 9 1,591 1,591 1 254 Commercial: Asset-based 5 3,082 3,082 — — Venture capital 14 19,017 19,155 — — Other commercial 20 3,835 3,835 4 154 Total 51 $ 27,646 $ 27,663 5 $ 408 Year Ended December 31, 2018 Real estate mortgage: Commercial 10 $ 17,181 $ 2,604 — $ — Income producing and other residential 10 3,262 2,203 — — Commercial: Asset-based (2) 4 28,947 33,947 — — Venture capital 14 37,416 36,919 — — Other commercial 19 14,399 14,027 — — Consumer 3 673 673 — — Total 60 $ 101,878 $ 90,373 — $ — Year Ended December 31, 2017 Real estate mortgage: Commercial 5 $ 2,527 $ 2,463 — $ — Income producing and other residential 8 1,328 489 — — Real estate construction and land: Residential 1 362 — — — Commercial: Asset-based 5 4,219 4,219 — — Venture capital 11 29,733 29,733 — — Other commercial 19 31,471 22,236 1 1 Consumer 1 97 97 — — Total 50 $ 69,737 $ 59,237 1 $ 1 _________________________ (1) The population of defaulted TDRs for the period indicated includes only those loans restructured during the preceding 12-month period. For example, for the year ended December 31, 2019 , the population of defaulted TDRs includes only those loans restructured after December 31, 2018 . The table excludes defaulted TDRs in those classes for which the recorded investment was zero at the end of the period. (2) One commercial asset-based loan with a pre-modification balance of $27.3 million and a post-modification balance of $32.3 million was previously restructured in December 2017. 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 accounting for allowance for loan and lease losses. See Note 10. 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: Year Ended December 31, 2019 (In thousands) Component of leases receivable income: Interest income on net investments in leases $ 11,061 The following table presents the components of leases receivable as of the date indicated: December 31, 2019 (In thousands) Net investment in sales type and direct financing leases: Lease payments receivable $ 147,729 Unguaranteed residual assets 20,806 Deferred fees and other 655 Aggregate net investment in leases $ 169,190 The following table presents maturities of leases receivable as of the date indicated: December 31, 2019 (In thousands) Year Ending December 31, 2020 $ 66,113 2021 51,735 2022 20,562 2023 12,491 2024 8,856 2025 and thereafter 1,015 Total undiscounted cash flows 160,772 Less: Unearned income (13,043 ) Present value of lease payments $ 147,729 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 years indicated: Year Ended December 31, 2019 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and lease losses: Balance, beginning of year $ 46,021 $ 28,209 $ 56,360 $ 1,882 $ 132,472 Charge-offs (997 ) — (30,426 ) (839 ) (32,262 ) Recoveries 983 — 14,397 195 15,575 Net charge-offs (14 ) — (16,029 ) (644 ) (16,687 ) (Negative provision) provision (1,432 ) 2,335 21,197 900 23,000 Balance, end of year $ 44,575 $ 30,544 $ 61,528 $ 2,138 $ 138,785 Ending Allowance by Impairment Methodology: Individually evaluated for impairment $ 231 $ — $ 5,966 $ — $ 6,197 Collectively evaluated for impairment $ 44,344 $ 30,544 $ 55,562 $ 2,138 $ 132,588 Ending Loans and Leases by Impairment Methodology: Individually evaluated for impairment $ 28,038 $ 1,834 $ 69,674 $ — $ 99,546 Collectively evaluated for impairment 7,944,709 2,735,968 7,625,822 440,827 18,747,326 Ending balance $ 7,972,747 $ 2,737,802 $ 7,695,496 $ 440,827 $ 18,846,872 Year Ended December 31, 2018 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and lease losses: Balance, beginning of year (1) $ 40,051 $ 13,055 $ 84,022 $ 2,328 $ 139,456 Charge-offs (8,190 ) — (50,481 ) (371 ) (59,042 ) Recoveries 2,350 195 12,566 173 15,284 Net (charge-offs) recoveries (5,840 ) 195 (37,915 ) (198 ) (43,758 ) Provision (negative provision) 11,810 14,959 10,253 (248 ) 36,774 Balance, end of year $ 46,021 $ 28,209 $ 56,360 $ 1,882 $ 132,472 Ending Allowance by Impairment Methodology: Individually evaluated for impairment $ 417 $ — $ 3,614 $ — $ 4,031 Collectively evaluated for impairment $ 45,604 $ 28,209 $ 52,746 $ 1,882 $ 128,441 Ending Loans and Leases by Impairment Methodology: Individually evaluated for impairment $ 26,473 $ 5,862 $ 59,288 $ 444 $ 92,067 Collectively evaluated for impairment 7,891,668 2,227,794 7,345,307 400,877 17,865,646 Ending balance $ 7,918,141 $ 2,233,656 $ 7,404,595 $ 401,321 $ 17,957,713 ______________________________________ (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 year ended December 31, 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 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 years indicated: Year Ended December 31, 2019 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of year $ 132,472 $ 36,861 $ 169,333 Charge-offs (32,262 ) — (32,262 ) Recoveries 15,575 — 15,575 Net charge-offs (16,687 ) — (16,687 ) Provision (negative provision) 23,000 (1,000 ) 22,000 Balance, end of year $ 138,785 $ 35,861 $ 174,646 Year Ended December 31, 2018 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of year (1) $ 139,456 $ 28,635 $ 168,091 Charge-offs (59,042 ) — (59,042 ) Recoveries 15,284 — 15,284 Net charge-offs (43,758 ) — (43,758 ) Provision 36,774 8,226 45,000 Balance, end of year $ 132,472 $ 36,861 $ 169,333 _______________________________________ (1) The allowance for loan losses related to PCI loans of $6.4 million |
Foreclosed Assets Foreclosed As
Foreclosed Assets Foreclosed Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | |
Other Real Estate and Foreclosed Assets | The following table summarizes foreclosed assets as of the dates indicated: December 31, Property Type 2019 2018 (In thousands) Commercial real estate $ 221 $ 2,004 Construction and land development 219 219 Multi‑family — 1,059 Single-family residence — 953 Total other real estate owned, net 440 4,235 Other foreclosed assets — 1,064 Total foreclosed assets, net $ 440 $ 5,299 |
Other Foreclosed Assets Rollforward | The following table presents the changes in foreclosed assets, net of the valuation allowance, for the years indicated: Year Ended December 31, Foreclosed Assets 2019 2018 2017 (In thousands) Balance, beginning of year $ 5,299 $ 1,329 $ 12,976 Transfers to foreclosed assets from loans 120 16,914 580 Other additions — — 1,385 Provision for losses (78 ) (74 ) (2,138 ) Reductions related to sales (4,901 ) (12,870 ) (11,474 ) Balance, end of year $ 440 $ 5,299 $ 1,329 |
Foreclosed Assets Valuation Allowance Rollforward | The following table presents the changes in the foreclosed assets valuation allowance for the years indicated: Year Ended December 31, Foreclosed Assets Valuation Allowance 2019 2018 2017 (In thousands) Balance, beginning of year $ 88 $ 14 $ 12,696 Provision for losses 78 74 2,138 Reductions related to sales (79 ) — (14,820 ) Balance, end of year $ 87 $ 88 $ 14 |
Premises and Equipment, Net Pre
Premises and Equipment, Net Premises and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Premises and Equipment, Net [Abstract] | |
Property, Plant and Equipment | The following table presents the components of premises and equipment as of the dates indicated: December 31, 2019 2018 (In thousands) Land $ 1,243 $ 1,243 Buildings 8,399 8,309 Furniture, fixtures and equipment 47,581 45,204 Leasehold improvements 55,335 50,214 Premises and equipment, gross 112,558 104,970 Less: accumulated depreciation and amortization (73,973 ) (70,309 ) Premises and equipment, net $ 38,585 $ 34,661 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 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 years indicated: Year Ended December 31, 2019 2018 2017 (In thousands) Gross Amount of CDI and CRI: Balance, beginning of year $ 119,497 $ 119,497 $ 64,187 Addition from the CUB acquisition — — 57,500 Fully amortized portion (1,924 ) — (2,190 ) Balance, end of year 117,573 119,497 119,497 Accumulated Amortization: Balance, beginning of year (62,377 ) (39,871 ) (27,821 ) Amortization (18,726 ) (22,506 ) (14,240 ) Fully amortized portion 1,924 — 2,190 Balance, end of year (79,179 ) (62,377 ) (39,871 ) Net CDI and CRI, end of year $ 38,394 $ 57,120 $ 79,626 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Other Assets [Abstract] | |
Other Assets | The following table presents the detail of our other assets as of the dates indicated: December 31, Other Assets 2019 2018 (In thousands) Cash surrender value of BOLI $ 199,029 $ 194,897 Operating lease ROU assets, net 129,301 — Interest receivable 81,479 88,754 LIHTC investments 75,149 59,507 CRA investments (1) 65,152 59,062 Taxes receivable 31,591 39,096 Prepaid expenses 17,099 18,006 Equity investments without readily determinable fair values 14,890 14,758 Equity warrants 3,434 4,793 Equity investments with readily determinable fair values 2,998 4,891 Deferred tax asset, net — 17,489 Other receivables/assets 16,689 39,132 Total other assets $ 636,811 $ 540,385 ________________________ (1) Includes equity investments without readily determinable fair values of $17.8 million and $12.5 million at December 31, 2019 and 2018 . |
Leases Leases (Tables)
Leases Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Lease, Cost | The following table presents supplemental cash flow information related to leases for the period indicated: Year Ended December 31, 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 32,991 ROU assets obtained in exchange for lease obligations: Operating leases $ 175,569 Year Ended December 31, 2019 (In thousands) Operating lease expense: Fixed costs $ 33,891 Variable costs 100 Short-term lease costs 926 Sublease income (4,202 ) Net lease expense $ 30,715 |
Supplemental Balance Sheet Disclosures | The following table presents supplemental balance sheet and other information related to operating leases as of the date indicated: December 31, 2019 (Dollars in thousands) Operating leases: Operating lease right-of-use assets, net $ 129,301 Operating lease liabilities $ 145,354 Weighted average remaining lease term (in years) 6.1 Weighted average discount rate 2.82 % |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | The following table presents the maturities of operating lease liabilities as of the date indicated: December 31, 2019 (In thousands) Year Ending December 31, 2020 $ 32,898 2021 30,657 2022 24,849 2023 22,068 2024 14,885 2025 and thereafter 34,119 Total operating lease liabilities 159,476 Less: Imputed interest (14,122 ) Present value of operating lease liabilities $ 145,354 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The following table presents the undiscounted future minimum lease payments under the Company's operating leases as of December 31, 2018: December 31, 2018 (In thousands) Year Ending December 31, 2019 $ 32,845 2020 30,267 2021 26,852 2022 20,862 2023 17,745 2024 and thereafter 29,923 Total $ 158,494 |
Lessor, Operating Lease, Payments to be Received, Maturity [Table Text Block] | The following table presents the rental payments to be received on operating leases as of the date indicated: December 31, 2019 (In thousands) Year Ending December 31, 2020 $ 41,296 2021 39,292 2022 32,240 2023 25,522 2024 20,912 2025 and thereafter 37,304 Total undiscounted cash flows $ 196,566 |
Deposits Deposits (Tables)
Deposits Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deposits [Abstract] | |
Summary of Interest Bearing Deposits | The following table presents the components of interest‑bearing deposits as of the dates indicated: December 31, Deposit Composition 2019 2018 (In thousands) Interest checking $ 3,818,002 $ 2,972,357 Money market 5,122,803 5,432,169 Savings 499,591 571,422 Time deposits $250,000 and under 2,065,733 1,593,453 Time deposits over $250,000 483,609 412,185 Total interest-bearing deposits $ 11,989,738 $ 10,981,586 |
Schedule of Maturities Of Time Deposits | The following table summarizes the maturities of time deposits as of the date indicated: Time Deposits $250,000 Over December 31, 2019 and Under $250,000 Total (In thousands) Year of Maturity: 2020 $ 1,969,362 $ 461,294 $ 2,430,656 2021 81,070 20,610 101,680 2022 11,813 1,454 13,267 2023 1,682 — 1,682 2024 1,408 251 1,659 2025 398 — 398 Total $ 2,065,733 $ 483,609 $ 2,549,342 |
Borrowings and Subordinated D_2
Borrowings and Subordinated Debentures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The following table summarizes our borrowings as of the dates indicated: December 31, 2019 2018 Weighted Weighted Average Average Borrowing Type Balance Rate Balance Rate (Dollars in thousands) Non‑recourse debt $ 8 7.50 % $ 114 7.50 % FHLB secured advances 1,318,000 1.66 % 1,040,000 2.56 % FHLB unsecured overnight advance 141,000 1.56 % 141,000 2.53 % AFX borrowings 300,000 1.61 % 190,000 2.56 % Total borrowings $ 1,759,008 1.64 % $ 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: December 31, 2019 2018 Issue Maturity Rate Index Series Balance Rate Balance Rate Date Date (Quarterly Reset) (Dollars in thousands) Trust V $ 10,310 5.00 % $ 10,310 5.89 % 8/15/2003 9/17/2033 3-month LIBOR + 3.10 Trust VI 10,310 4.94 % 10,310 5.84 % 9/3/2003 9/15/2033 3-month LIBOR + 3.05 Trust CII 5,155 4.85 % 5,155 5.74 % 9/17/2003 9/17/2033 3-month LIBOR + 2.95 Trust VII 61,856 4.69 % 61,856 5.27 % 2/5/2004 4/23/2034 3-month LIBOR + 2.75 Trust CIII 20,619 3.58 % 20,619 4.48 % 8/15/2005 9/15/2035 3-month LIBOR + 1.69 Trust FCCI 16,495 3.49 % 16,495 4.39 % 1/25/2007 3/15/2037 3-month LIBOR + 1.60 Trust FCBI 10,310 3.44 % 10,310 4.34 % 9/30/2005 12/15/2035 3-month LIBOR + 1.55 Trust CS 2005-1 82,475 3.85 % 82,475 4.74 % 11/21/2005 12/15/2035 3-month LIBOR + 1.95 Trust CS 2005-2 128,866 3.89 % 128,866 4.47 % 12/14/2005 1/30/2036 3-month LIBOR + 1.95 Trust CS 2006-1 51,545 3.89 % 51,545 4.47 % 2/22/2006 4/30/2036 3-month LIBOR + 1.95 Trust CS 2006-2 51,550 3.89 % 51,550 4.47 % 9/27/2006 10/30/2036 3-month LIBOR + 1.95 Trust CS 2006-3 (1) 28,902 1.64 % 29,556 1.73 % 9/29/2006 10/30/2036 3-month EURIBOR + 2.05 Trust CS 2006-4 16,470 3.89 % 16,470 4.47 % 12/5/2006 1/30/2037 3-month LIBOR + 1.95 Trust CS 2006-5 6,650 3.89 % 6,650 4.47 % 12/19/2006 1/30/2037 3-month LIBOR + 1.95 Trust CS 2007-2 39,177 3.89 % 39,177 4.47 % 6/13/2007 7/30/2037 3-month LIBOR + 1.95 Gross subordinated debentures 540,690 3.87 % 541,344 4.51 % Unamortized discount (2) (82,481 ) (87,498 ) Net subordinated debentures $ 458,209 $ 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) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Other Commitments [Table Text Block] | The following table presents the years in which commitments are expected to be paid for our commitments to contribute capital to low income housing project partnerships, small business investment companies, and CRA-related loan pools as of the date indicated: December 31, 2019 (In thousands) Year Ending December 31, 2020 $ 78,106 2021 39,997 2022 4,812 2023 852 2024 503 2025 and thereafter 4,943 Total $ 129,213 |
Commitments Disclosure | The following table presents a summary of commitments described below as of the dates indicated: December 31, 2019 2018 (In thousands) Loan commitments to extend credit $ 8,183,158 $ 7,528,248 Standby letters of credit 355,503 364,210 Commitments to contribute capital to low income housing project partnerships, small business investment companies, and CRA-related loan pools 129,213 101,991 Commitments to contribute capital to private equity funds 50 50 Total $ 8,667,924 $ 7,994,499 |
Activity in Affordable Housing Program Obligation |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Carried at Fair Value on Recurring Basis | The following table summarizes activity for our Level 3 asset-backed securities measured at fair value on a recurring basis for the years indicated: Year Ended December 31, Level 3 Asset-Backed Securities 2019 2018 2017 (In thousands) Balance, beginning of year $ 39,945 $ 42,109 $ 8,373 Total included in earnings (77 ) (32 ) 367 Total unrealized gain (loss) in comprehensive income 463 495 (937 ) Purchases — 15,158 42,910 Net settlements (23,896 ) (17,785 ) (8,604 ) Balance, end of year $ 16,435 $ 39,945 $ 42,109 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 December 31, 2019 Measured on a Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Securities available‑for‑sale: Agency residential CMOs $ 1,136,397 $ — $ 1,136,397 $ — Agency commercial MBS 1,108,224 — 1,108,224 — Municipal securities 735,159 — 735,159 — Agency residential MBS 305,198 — 305,198 — Asset-backed securities 214,783 — 198,348 16,435 Private label residential CMOs 99,483 — 93,219 6,264 Collateralized loan obligations 123,756 — 123,756 — SBA securities 48,258 — 48,258 — Corporate debt securities 20,748 — 20,748 — U.S. Treasury securities 5,181 5,181 — — Total securities available-for-sale 3,797,187 5,181 3,769,307 22,699 Equity warrants 3,434 — — 3,434 Other derivative assets 1,234 — 1,234 — Equity investments with readily determinable fair values 2,998 2,998 — — Total recurring assets $ 3,804,853 $ 8,179 $ 3,770,541 $ 26,133 Derivative liabilities $ 755 $ — $ 755 $ — 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 Inputs, Assets, Quantitative Information | The following table presents information about the 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: December 31, 2019 Equity Warrants Weighted Average Unobservable Inputs Input Volatility 16.6% Risk-free interest rate 1.6% Remaining life assumption (in years) 3.2 The following table presents information about the quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 private label residential CMOs and asset-backed securities available-for-sale measured at fair value on a recurring basis as of the date indicated: December 31, 2019 Private Label Residential CMOs Asset-Backed Securities Weighted Input or Weighted Range of Average Range of Average Unobservable Inputs Inputs Input Inputs Input Voluntary annual prepayment speeds 0.0% - 19.1% 11.3% 15.0% 15.0% Annual default rates (1) 0.8% - 35.7% 1.7% 2.0% 2.0% Loss severity rates (1) 1.6% - 132.6% 56.1% 60.0% 60.0% Discount rates 2.5% - 11.4% 6.6% 3.2% - 3.8% 3.6% ____________________ (1) The voluntary annual prepayment speeds, annual default rates, and loss severity rates were the same for all of the asset-backed securities. |
Fair Value, Assets Measured on Recurring Basis, Significant Unobservable Inputs (Level 3) Reconciliation | The following table summarizes activity for our Level 3 private label residential CMOs measured at fair value on a recurring basis for the years indicated: Year Ended December 31, Level 3 Private Label Residential CMOs 2019 2018 2017 (In thousands) Balance, beginning of year $ 7,288 $ 22,874 $ 56,902 Total included in earnings 432 1,737 2,256 Total unrealized loss in comprehensive income (265 ) (1,146 ) (742 ) Sales — (4,880 ) (4,732 ) Transfer from Level 2 — — 574 Transfers to Level 2 — — (21,165 ) Net settlements (1,191 ) (11,297 ) (10,219 ) Balance, end of year $ 6,264 $ 7,288 $ 22,874 |
Schedule of Stockholders' Equity Note, Warrants or Rights | The following table summarizes activity for our Level 3 equity warrants measured at fair value on a recurring basis for the years indicated: Year Ended December 31, Level 3 Equity Warrants 2019 2018 2017 (In thousands) Balance, beginning of year $ 4,793 $ 5,161 $ 5,497 Total included in earnings 8,669 7,478 2,532 Exercises and settlements (1) (10,239 ) (8,589 ) (3,093 ) Issuances 324 821 1,407 Transfers to Level 1 (equity investments with readily determinable fair values) (113 ) (78 ) (1,182 ) Balance, end of year $ 3,434 $ 4,793 $ 5,161 ______________________ (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. |
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 December 31, 2019 Measured on a Non‑Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Impaired loans $ 28,706 $ — $ 1,083 $ 27,623 OREO 105 — — 105 Total non-recurring $ 28,811 $ — $ 1,083 $ 27,728 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 years indicated: Year Ended December 31, Loss on Assets Measured on a Non‑Recurring Basis 2019 2018 2017 (In thousands) Impaired loans $ 6,797 $ 9,198 $ 20,422 Loans held for sale — — 957 OREO 78 74 14 Total net loss $ 6,875 $ 9,272 $ 21,393 |
Fair Value Measurement Inputs and Valuations | 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: December 31, 2019 Valuation Unobservable Input or Weighted Asset Fair Value Technique Inputs Range Average (In thousands) Impaired loans $ 18,899 Discounted cash flows Discount rates 3.75% - 8.77% 7.62% Impaired loans 8,724 Third party appraisals No discounts OREO 105 Third party appraisals Discount (1) 43.00% 43.00% Total non-recurring Level 3 $ 27,728 ____________________ (1) Relates to one OREO property at December 31, 2019 . |
Fair Value, by Balance Sheet Grouping | December 31, 2019 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 172,585 $ 172,585 $ 172,585 $ — $ — Interest‑earning deposits in financial institutions 465,039 465,039 465,039 — — Securities available‑for‑sale 3,797,187 3,797,187 5,181 3,769,307 22,699 Investment in FHLB stock 40,924 40,924 — 40,924 — Loans and leases held for investment, net 18,708,087 19,055,004 — 1,083 19,053,921 Equity warrants 3,434 3,434 — — 3,434 Other derivative assets 1,234 1,234 — 1,234 — Equity investments with readily determinable fair values 2,998 2,998 2,998 — — Financial Liabilities: Core deposits 16,187,287 16,187,287 — 16,187,287 — Non-core non-maturity deposits 496,407 496,407 — 496,407 — Time deposits 2,549,342 2,549,260 — 2,549,260 — Borrowings 1,759,008 1,759,008 1,759,000 8 — Subordinated debentures 458,209 441,617 — 441,617 — Derivative liabilities 755 755 — 755 — 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 — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The following table presents the components of income tax expense for the years indicated: Year Ended December 31, 2019 2018 2017 (In thousands) Current Income Tax Expense: Federal $ 113,807 $ 100,466 $ 74,769 State 34,575 69,909 38,933 Total current income tax expense 148,382 170,375 113,702 Deferred Income Tax Expense (Benefit): Federal 5,062 4,746 63,463 State 10,860 (7,143 ) 19,748 Total deferred income tax expense (benefit) 15,922 (2,397 ) 83,211 Total income tax expense $ 164,304 $ 167,978 $ 196,913 |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of the recorded income tax expense to the amount of taxes computed by applying the applicable federal statutory income tax rates of 21% for 2019 and 2018 and 35% for 2017 to earnings before income taxes: Year Ended December 31, 2019 2018 2017 (In thousands) Computed expected income tax expense at federal statutory rate $ 132,917 $ 132,997 $ 194,156 State tax expense, net of federal tax benefit 43,575 45,945 33,729 Tax‑exempt interest benefit (8,092 ) (9,810 ) (15,510 ) Increase in cash surrender value of life insurance (1,298 ) (1,742 ) (1,853 ) Low income housing tax credits, net of amortization (3,217 ) (2,025 ) (2,054 ) Nondeductible employee compensation 4,430 2,552 1,781 Nondeductible acquisition‑related expense — 71 1,608 Nondeductible FDIC premiums 1,302 1,664 — Change in unrecognized tax benefits 941 (169 ) 1,157 Valuation allowance change (32,036 ) (15,721 ) (13,071 ) Expired capital loss carryforward 3,136 8,097 — Federal rate change — 1,859 (1,156 ) State rate and apportionment changes 19,138 3,736 (3,735 ) Other, net 3,508 524 1,861 Recorded income tax expense $ 164,304 $ 167,978 $ 196,913 |
Schedule of Deferred Tax Assets and Liabilities | The following table presents the tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities as of the dates indicated: December 31, 2019 2018 (In thousands) Deferred Tax Assets: Book allowance for loan losses in excess of tax specific charge-offs $ 54,664 $ 58,375 Interest on nonaccrual loans 4,550 4,389 Deferred compensation 5,809 6,015 Premises and equipment, principally due to differences in depreciation 3,478 4,506 Foreclosed assets valuation allowance 263 263 State tax benefit 5,721 6,570 Net operating losses 39,517 68,026 Capital loss carryforwards — 4,212 Accrued liabilities 28,158 35,750 Unrealized loss from FDIC‑assisted acquisitions 1,678 3,559 Unrealized loss on securities available-for-sale — 2,435 Tax mark-to-market 5,052 — Equity investments 5,953 4,896 Goodwill 5,434 10,418 Tax credits 3,426 5,237 Lease liability 40,533 — Other — 4,887 Gross deferred tax assets 204,236 219,538 Valuation allowance (46,371 ) (78,407 ) Deferred tax assets, net of valuation allowance 157,865 141,131 Deferred Tax Liabilities: Core deposit and customer relationship intangibles 9,853 15,159 Deferred loan fees and costs 5,330 7,275 Unrealized gain on securities available‑for‑sale 30,438 — FHLB stock 647 658 Tax mark-to-market — 1,636 Subordinated debentures 20,183 23,164 Operating leases 83,878 75,750 ROU assets 36,359 — Other 2,830 — Gross deferred tax liabilities 189,518 123,642 Total net deferred tax (liabilities) assets $ (31,653 ) $ 17,489 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity related to the Company's unrecognized tax benefits for the years indicated: Year Ended December 31, Unrecognized Tax Benefits 2019 2018 (In thousands) Balance, beginning of year $ 9,572 $ 10,209 Increase based on tax positions related to prior years 1,733 1,278 Reductions related to settlements (255 ) (684 ) Reductions for tax positions as a result of a lapse of the applicable statute of limitations (302 ) (1,231 ) Balance, end of year $ 10,748 $ 9,572 Unrecognized tax benefits that would have impacted the effective tax rate if recognized $ 6,981 $ 5,806 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Share | The following table presents the computation of basic and diluted net earnings per share for the years indicated: Year Ended December 31, 2019 2018 2017 (Dollars in thousands, except per share data) Basic Earnings Per Share: Net earnings $ 468,636 $ 465,339 $ 357,818 Less: earnings allocated to unvested restricted stock (1) (5,182 ) (5,119 ) (4,184 ) Net earnings allocated to common shares $ 463,454 $ 460,220 $ 353,634 Weighted-average basic shares and unvested restricted stock outstanding 120,468 125,100 123,060 Less: weighted-average unvested restricted stock outstanding (1,502 ) (1,460 ) (1,447 ) Weighted-average basic shares outstanding 118,966 123,640 121,613 Basic earnings per share $ 3.90 $ 3.72 $ 2.91 Diluted Earnings Per Share: Net earnings allocated to common shares $ 463,454 $ 460,220 $ 353,634 Weighted-average diluted shares outstanding 118,966 123,640 121,613 Diluted earnings per share $ 3.90 $ 3.72 $ 2.91 ________________________ (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 Revenue From Contracts With Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contracts With Customers [Abstract] | |
Revenue From Contracts With Customers [Table Text Block] | As illustrated here, substantially all of our revenue is specifically excluded from the scope of ASC Topic 606. Year Ended December 31, 2019 2018 Total Revenue from Total Revenue from Recorded Contracts with Recorded Contracts with Revenue Customers Revenue Customers (In thousands) Total interest income $ 1,219,893 $ — $ 1,161,670 $ — Noninterest income: Other commissions and fees 43,623 19,216 45,543 19,080 Leased equipment income 38,727 — 37,881 — Service charges on deposit accounts 14,637 14,637 16,509 16,509 Gain on sale of loans 1,114 — 4,675 — Gain on sale of securities 25,445 — 8,176 — Other income 19,016 1,617 35,851 1,791 Total noninterest income 142,562 35,470 148,635 37,380 Total revenue $ 1,362,455 $ 35,470 $ 1,310,305 $ 37,380 |
Revenue Recognition of Contracts With Customers [Table Text Block] | Year Ended December 31, 2019 2018 Total Revenue from Total Revenue from Recorded Contracts with Recorded Contracts with Revenue Customers Revenue Customers (In thousands) Total interest income $ 1,219,893 $ — $ 1,161,670 $ — Noninterest income: Other commissions and fees 43,623 19,216 45,543 19,080 Leased equipment income 38,727 — 37,881 — Service charges on deposit accounts 14,637 14,637 16,509 16,509 Gain on sale of loans 1,114 — 4,675 — Gain on sale of securities 25,445 — 8,176 — Other income 19,016 1,617 35,851 1,791 Total noninterest income 142,562 35,470 148,635 37,380 Total revenue $ 1,362,455 $ 35,470 $ 1,310,305 $ 37,380 The following table presents revenue from contracts with customers based on the timing of revenue recognition for the period indicated: Year Ended December 31, 2019 2018 (In thousands) Products and services transferred at a point in time $ 19,253 $ 18,681 Products and services transferred over time 16,217 18,699 Total revenue from contracts with customers $ 35,470 $ 37,380 |
Contract with Customer, Asset and Liability [Table Text Block] | The following table provides information about receivables, contract assets and contract liabilities from contracts with customers: December 31, 2019 2018 (In thousands) Receivables, which are included in "Other assets" $ 1,094 $ 1,334 Contract assets, which are included in "Other assets" $ — $ — Contract liabilities, which are included in "Accrued interest payable and other liabilities" $ 490 $ 621 |
Stock-Based Compensation Stock-
Stock-Based Compensation Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | The following table presents a summary of restricted stock transactions during the year ended December 31, 2019 : TRSAs PRSUs Weighted Weighted Average Average Number Grant Date Number Grant Date of Fair Value of Fair Value Year Ended December 31, 2019 Shares (Per Share) Units (Per Unit) Unvested restricted stock, beginning of year 1,344,656 $47.43 325,741 $43.34 Granted 836,326 $38.66 112,815 $39.56 Vested (471,798 ) $44.12 (106,008 ) $32.01 Forfeited (195,987 ) $46.91 (56,162 ) $23.04 Unvested restricted stock, end of year 1,513,197 $43.68 276,386 $50.27 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Repurchase Agreements, Collateral, Policy | The following table shows the repurchase amounts, shares repurchased, and weighted average price for stock repurchases under the various Stock Repurchase Programs for the years indicated: Year Ended December 31, Stock Repurchases Under Stock Repurchase Programs 2019 2018 2017 Dollar amount of repurchases ( in thousands ) $ 154,516 $ 306,393 $ 99,677 Number of shares repurchased 3,987,945 5,849,234 2,081,227 Weighted average price per share $ 38.75 $ 52.38 $ 47.89 |
Dividend Availability and Reg_2
Dividend Availability and Regulatory Matters Dividend Availability and Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Dividend Availability and Regulatory Matters [Abstract] | |
Schedule of Compliance with Regulatory Capital Requirements under Banking Regulations | The following tables present actual capital amounts and ratios for the Company and the Bank as of the dates indicated: Well Capitalized Capital Minimum Conservation Actual Requirement Buffer Balance Ratio Balance Ratio Phase-In (1) (Dollars in thousands) December 31, 2019 Tier I leverage: PacWest Bancorp Consolidated $ 2,306,966 9.74% $ 1,184,347 5.00% 4.00% Pacific Western Bank $ 2,589,473 10.95% $ 1,182,683 5.00% 4.00% Common equity Tier I capital: PacWest Bancorp Consolidated $ 2,306,966 9.78% $ 1,532,971 6.50% 7.00% Pacific Western Bank $ 2,589,473 11.00% $ 1,530,088 6.50% 7.00% Tier I capital: PacWest Bancorp Consolidated $ 2,306,966 9.78% $ 1,886,734 8.00% 8.50% Pacific Western Bank $ 2,589,473 11.00% $ 1,883,185 8.00% 8.50% Total capital: PacWest Bancorp Consolidated $ 2,926,075 12.41% $ 2,358,417 10.00% 10.50% Pacific Western Bank $ 2,764,128 11.74% $ 2,353,981 10.00% 10.50% Well Capitalized Capital Minimum Conservation Actual Requirement Buffer Balance Ratio Balance Ratio Phase-In (1) (Dollars in thousands) December 31, 2018 Tier I leverage: PacWest Bancorp Consolidated $ 2,255,588 10.13% $ 1,113,341 5.00% 4.000% Pacific Western Bank $ 2,403,244 10.80% $ 1,112,356 5.00% 4.000% Common equity Tier I capital: PacWest Bancorp Consolidated $ 2,255,588 10.01% $ 1,464,131 6.50% 6.375% Pacific Western Bank $ 2,403,244 10.68% $ 1,462,083 6.50% 6.375% Tier I capital: PacWest Bancorp Consolidated $ 2,255,588 10.01% $ 1,802,008 8.00% 7.875% Pacific Western Bank $ 2,403,244 10.68% $ 1,799,487 8.00% 7.875% Total capital: PacWest Bancorp Consolidated $ 2,865,152 12.72% $ 2,252,510 10.00% 9.875% Pacific Western Bank $ 2,572,586 11.44% $ 2,249,359 10.00% 9.875% _______________________________________ (1) Ratios for December 31, 2019 reflect the minimum required plus the fully phased-in capital conservation buffer of 2.50% ; ratios for December 31, 2018 reflect the minimum required plus capital conservation buffer phase-in for 2018 of 1.875% . |
Condensed Financial Informati_2
Condensed Financial Information Of Parent Company Condensed Financial Information Of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Of Parent Company [Abstract] | |
Condensed Balance Sheet | Parent Company Only December 31, Condensed Balance Sheets 2019 2018 (In thousands) Assets: Cash and cash equivalents $ 113,961 $ 244,859 Investments in subsidiaries 4,905,033 4,641,649 Other assets 74,479 79,516 Total assets $ 5,093,473 $ 4,966,024 Liabilities: Subordinated debentures $ 135,055 $ 135,055 Other liabilities 3,721 5,381 Total liabilities 138,776 140,436 Stockholders’ equity 4,954,697 4,825,588 Total liabilities and stockholders’ equity $ 5,093,473 $ 4,966,024 |
Condensed Income Statement | Parent Company Only Year Ended December 31, Condensed Statements of Earnings 2019 2018 2017 (In thousands) Miscellaneous income $ 9,739 $ 8,358 $ 3,393 Dividends from Bank subsidiary 336,000 684,000 265,000 Total income 345,739 692,358 268,393 Interest expense 6,637 6,550 5,519 Operating expenses 9,833 10,068 8,273 Total expenses 16,470 16,618 13,792 Earnings before income taxes and equity in undistributed earnings of subsidiaries 329,269 675,740 254,601 Income tax benefit 2,202 7,262 19,957 Earnings before equity in undistributed earnings of subsidiaries 331,471 683,002 274,558 Equity in (distributions in excess of) undistributed earnings of subsidiaries 137,165 (217,663 ) 83,260 Net earnings $ 468,636 $ 465,339 $ 357,818 |
Condensed Cash Flow Statement | Parent Company Only Year Ended December 31, Condensed Statements of Cash Flows 2019 2018 2017 (In thousands) Cash flows from operating activities: Net earnings $ 468,636 $ 465,339 $ 357,818 Adjustments to reconcile net earnings to net cash provided by operating activities: Change in other assets (35,510 ) (36,362 ) (34,274 ) Change in liabilities (1,661 ) (953 ) 4,857 Gain on sale of securities, net — — (15 ) Earned stock compensation 26,815 29,768 25,568 (Equity in) distributions in excess of undistributed earnings of subsidiaries (137,165 ) 217,663 (83,260 ) Net cash provided by operating activities 321,115 675,455 270,694 Cash flows from investing activities: Proceeds from sales of securities available-for-sale — — 426 Net cash and cash equivalents paid in acquisitions — — (223,818 ) Net cash used in investing activities — — (223,392 ) Cash flows from financing activities: Common stock repurchased and restricted stock surrendered (162,965 ) (315,542 ) (109,153 ) Net decrease in subordinated debentures — (12,372 ) — Cash dividends paid, net (289,048 ) (288,193 ) (247,403 ) Net cash used in financing activities (452,013 ) (616,107 ) (356,556 ) Net (decrease) increase in cash and cash equivalents (130,898 ) 59,348 (309,254 ) Cash and cash equivalents, beginning of year 244,859 185,511 494,765 Cash and cash equivalents, end of year $ 113,961 $ 244,859 $ 185,511 Supplemental disclosure of noncash investing and financing activities: Common stock issued for acquisitions $ — $ — $ 446,233 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following tables set forth our unaudited quarterly results for the periods indicated: Three Months Ended December 31, September 30, June 30, March 31, 2019 2019 2019 2019 (Dollars in thousands, except per share data) Interest income $ 293,593 $ 307,208 $ 314,533 $ 304,559 Interest expense (46,974 ) (54,972 ) (53,635 ) (49,683 ) Net interest income 246,619 252,236 260,898 254,876 Provision for credit losses (3,000 ) (7,000 ) (8,000 ) (4,000 ) Net interest income after provision for credit losses 243,619 245,236 252,898 250,876 Gain on sale of securities 184 908 22,192 2,161 Other noninterest income 26,992 32,521 28,701 28,903 Total noninterest income 27,176 33,429 50,893 31,064 Foreclosed assets income (expense), net 3,446 (8 ) 146 (29 ) Acquisition, integration and reorganization costs 269 — — (618 ) Other noninterest expense (127,443 ) (126,801 ) (125,573 ) (125,640 ) Total noninterest expense (123,728 ) (126,809 ) (125,427 ) (126,287 ) Earnings before income taxes 147,067 151,856 178,364 155,653 Income tax expense (29,186 ) (41,830 ) (50,239 ) (43,049 ) Net earnings $ 117,881 $ 110,026 $ 128,125 $ 112,604 Basic and diluted earnings per share $ 0.98 $ 0.92 $ 1.07 $ 0.92 Cash dividends declared per share $ 0.60 $ 0.60 $ 0.60 $ 0.60 Three Months Ended December 31, September 30, June 30, March 31, 2018 2018 2018 2018 (Dollars in thousands, except per share data) Interest income $ 302,739 $ 292,642 $ 288,514 $ 277,775 Interest expense (40,974 ) (32,325 ) (26,182 ) (21,275 ) Net interest income 261,765 260,317 262,332 256,500 Provision for credit losses (12,000 ) (11,500 ) (17,500 ) (4,000 ) Net interest income after provision for credit losses 249,765 248,817 244,832 252,500 Gain on sale of securities 786 826 253 6,311 Other noninterest income 32,740 36,086 39,385 32,248 Total noninterest income 33,526 36,912 39,638 38,559 Foreclosed assets income, net 311 257 61 122 Acquisition, integration and reorganization costs (970 ) (800 ) — — Other noninterest expense (128,576 ) (127,610 ) (126,510 ) (127,517 ) Total noninterest expense (129,235 ) (128,153 ) (126,449 ) (127,395 ) Earnings before income taxes 154,056 157,576 158,021 163,664 Income tax expense (39,015 ) (41,289 ) (42,286 ) (45,388 ) Net earnings $ 115,041 $ 116,287 $ 115,735 $ 118,276 Basic and diluted earnings per share $ 0.93 $ 0.94 $ 0.92 $ 0.93 Cash dividends declared per share $ 0.60 $ 0.60 $ 0.60 $ 0.50 |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Details Textual) | Jan. 01, 2020USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2019USD ($)reportable_segmentbank_branch | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |||
Business Acquisition [Line Items] | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 938,000 | [1] | $ 291,000 | [2] | ||||
Transfer of Portfolio Loans and Leases to Held-for-sale | $ 25,124,000 | $ 0 | 481,100,000 | |||||
Allowance For Credit Losses, Look-back Period for Estimation | 44 | |||||||
Fair Value Hedges, Net | $ 0 | |||||||
Derivative, Notional Amount | $ 91,100,000 | |||||||
Number of Reportable Segments | reportable_segment | 1 | |||||||
Provision for losses on foreclosed assets | $ 78,000 | 74,000 | 2,138,000 | |||||
Core Deposits [Member] | Minimum | ||||||||
Business Acquisition [Line Items] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||||||
Core Deposits [Member] | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||||||
Customer Relationships [Member] | Minimum | ||||||||
Business Acquisition [Line Items] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 4 years | |||||||
Customer Relationships [Member] | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||||||
Furniture and Fixtures [Member] | Minimum | ||||||||
Business Acquisition [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 3 years | |||||||
Furniture and Fixtures [Member] | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 7 years | |||||||
Building [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Property, Plant and Equipment, Useful Life | 30 years | |||||||
Loans Under $250,000 | ||||||||
Business Acquisition [Line Items] | ||||||||
Financing Receivable, Collectively Evaluated for Impairment | $ 250,000 | |||||||
CALIFORNIA | ||||||||
Business Acquisition [Line Items] | ||||||||
Retail Branch Locations | bank_branch | 74 | |||||||
NORTH CAROLINA | ||||||||
Business Acquisition [Line Items] | ||||||||
Retail Branch Locations | bank_branch | 1 | |||||||
COLORADO | ||||||||
Business Acquisition [Line Items] | ||||||||
Retail Branch Locations | bank_branch | 1 | |||||||
Retained Earnings [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ 938,000 | $ 938,000 | [1] | $ (6,136,000) | [3] | $ (420,000) | [2] | |
PRSU | ||||||||
Business Acquisition [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Performance Period | 3 years | |||||||
PRSU | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | |||||||
Target vesting 1 | PRSU | Minimum | ||||||||
Business Acquisition [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | |||||||
Target vesting 1 | PRSU | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 150.00% | |||||||
Target vesting 2 | PRSU | Minimum | ||||||||
Business Acquisition [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | |||||||
Target vesting 2 | PRSU | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | |||||||
Limited Partnership [Member] | Minimum | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 5.00% | |||||||
Purchased Credit Impaired Loans and Leases [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Concentration Risk, Percentage | 0.40% | |||||||
Equity Securities | Minimum | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 20.00% | |||||||
Equity Securities | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 50.00% | |||||||
Accounting Standards Update 2016-13 [Member] | ||||||||
Business Acquisition [Line Items] | ||||||||
Provision for losses on foreclosed assets | $ 7,300,000 | |||||||
Financing Receivable, Credit Loss, Adjustment, Percent | 4.20% | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 5,300,000 | |||||||
[1] | Impact due to adoption on January 1, 2019 of ASU 2016-02, " Leases (Topic 842)," and the related amendments. | |||||||
[2] | Impact due to adoption on January 1, 2017 of ASU 2016-09, " Improvements to Employee Share-Based Payment Accounting ." | |||||||
[3] | Impact due to adoption on January 1, 2018 of ASU 2016-01, " Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities " and ASU 2018-02, " Income Statement - Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." |
Restricted Cash Balances (Detai
Restricted Cash Balances (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Cash Balances [Abstract] | ||
Restricted Cash and Cash Equivalents | $ 131 | $ 77 |
Pledged Cash for Derivative Contracts | $ 3.2 | $ 2.6 |
Acquisition (Details)
Acquisition (Details) - USD ($) $ in Thousands | Oct. 20, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Equipment leased to others under operating leases | $ 324,084 | $ 292,677 | ||
Goodwill | 2,548,670 | 2,548,670 | ||
PacWest common stock issued | $ 0 | $ 0 | ||
CU Bancorp | ||||
Business Acquisition [Line Items] | ||||
Business Combinations, Recognized Identifiable Assets Acquired and Liabilities Assumed, Cash And Due From Banks | $ 51,857 | |||
Cash and due from banks | 384,656 | |||
Interest‑earning deposits in financial institutions | 332,799 | |||
Securities available‑for‑sale | 446,980 | |||
FHLB stock | 11,902 | |||
Loans and leases | 2,075,890 | |||
Premises and equipment | 2,981 | |||
Goodwill | 374,721 | |||
Core deposit and customer relationship intangibles | 57,500 | |||
Other assets | 103,498 | |||
Total assets acquired | 3,458,128 | |||
Noninterest‑bearing deposits | 1,510,285 | |||
Interest‑bearing deposits | 1,209,597 | |||
Business Combination Recognized Identifiable Assets And Liabilities Assumed, Total Deposits | 2,719,882 | |||
Borrowings | 22,879 | |||
Subordinated debentures | 12,372 | |||
Accrued interest payable and other liabilities | 32,424 | |||
Total liabilities assumed | 2,787,557 | |||
Cash paid | 224,338 | |||
PacWest common stock issued | 446,233 | $ 446,233 | ||
Total consideration paid | $ 670,571 |
Acquisitions (Details Textual)
Acquisitions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Oct. 20, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Business Acquisition [Line Items] | ||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | ||
Goodwill | $ 2,548,670 | $ 2,548,670 | ||
Acquisition, integration and reorganization costs | $ 349 | $ 1,770 | $ 19,735 | |
CU Bancorp | ||||
Business Acquisition [Line Items] | ||||
Cash paid | $ 224,338 | |||
Assets acquired | 3,458,128 | |||
Liabilities assumed | 2,787,557 | |||
Goodwill | 374,721 | |||
Business Combination, Consideration Transferred | 670,571 | |||
Loans and leases | 2,075,890 | |||
Common Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Stock Issued During Period, Shares, Acquisitions | 9,298,451 | |||
Core Deposits [Member] | CU Bancorp | ||||
Business Acquisition [Line Items] | ||||
Liabilities assumed | $ 2,700,000 |
Investment Securities (Details)
Investment Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | $ 3,688,091 | $ 4,017,909 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 112,651 | 31,812 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (3,555) | (40,290) |
Securities available-for-sale, at fair value | 3,797,187 | 4,009,431 |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,112,573 | 634,774 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 24,403 | 3,448 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (579) | (5,372) |
Securities available-for-sale, at fair value | 1,136,397 | 632,850 |
Commercial Mortgage Backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 1,083,182 | 1,133,846 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 25,579 | 383 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (537) | (21,525) |
Securities available-for-sale, at fair value | 1,108,224 | 1,112,704 |
Municipal Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 691,647 | 1,298,514 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 43,851 | 21,000 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (339) | (7,320) |
Securities available-for-sale, at fair value | 735,159 | 1,312,194 |
Government agency and government-sponsored enterprise pass through securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 294,606 | 281,486 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 10,593 | 1,902 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (1) | (2,300) |
Securities available-for-sale, at fair value | 305,198 | 281,088 |
Asset-backed Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 216,133 | 81,762 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 320 | 104 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (1,670) | (481) |
Securities available-for-sale, at fair value | 214,783 | 81,385 |
Collateralized Loan Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 124,134 | |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 25 | |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (403) | |
Securities available-for-sale, at fair value | 123,756 | |
Private Label Collateralized Mortgage Obligations [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 96,066 | 101,313 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 3,430 | 1,985 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (13) | (2,093) |
Securities available-for-sale, at fair value | 99,483 | 101,205 |
SBA asset-backed securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 47,765 | 68,158 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 506 | 0 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | (13) | (1,111) |
Securities available-for-sale, at fair value | 48,258 | 67,047 |
Corporate Debt Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 17,000 | 17,000 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 3,748 | 553 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | 0 |
Securities available-for-sale, at fair value | 20,748 | 17,553 |
US Treasury Securities [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale Securities, Amortized Cost Basis | 4,985 | 401,056 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain, before Tax | 196 | 2,437 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | 0 | (88) |
Securities available-for-sale, at fair value | $ 5,181 | $ 403,405 |
Investment Securities Investmen
Investment Securities Investment Securities (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Proceeds from sales of securities available-for-sale | $ 1,584,860 | $ 571,800 | $ 759,300 | |
Available-for-sale Securities, Gross Realized Gains | 29,584 | 9,225 | 3,295 | |
Available-for-sale Securities, Gross Realized Losses | 4,139 | 1,049 | 3,836 | |
Realized Investment Gains (Losses) | 25,445 | 8,176 | (541) | |
Available-for-sale Securities | ||||
Proceeds from sales of securities available-for-sale | [1] | $ 1,559,415 | $ 563,625 | $ 759,841 |
[1] | (1) The securities sold in 2017 included $404.5 million of the $447.0 million of securities obtained in the CUB acquisition that were sold for no gain or loss as they were marked to fair value at the time of acquisition. |
Investment Securities (Details
Investment Securities (Details 2) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | $ (716,081) | $ (316,746) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (1,756) | (1,706,835) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (717,837) | (2,023,581) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (3,545) | (2,032) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (10) | (38,258) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (3,555) | (40,290) |
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (180,071) | (69,859) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (1,456) | (164,097) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (181,527) | (233,956) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (572) | (326) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (7) | (5,046) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (579) | (5,372) |
Commercial Mortgage Backed Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (214,862) | (40,641) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | (1,020,684) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (214,862) | (1,061,325) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (537) | (341) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (21,184) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (537) | (21,525) |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (38,667) | (52,386) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | (284,915) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (38,667) | (337,301) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (339) | (238) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (7,082) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (339) | (7,320) |
Government agency and government-sponsored enterprise pass through securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 0 | (60,164) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (186) | (85,245) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (186) | (145,409) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | 0 | (169) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (1) | (2,131) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1) | (2,300) |
Asset-backed Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (165,575) | (11,548) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | (35,859) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (165,575) | (47,407) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (1,670) | (38) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (443) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (1,670) | (481) |
Collateralized Loan Obligations [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (102,469) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (102,469) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (403) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (403) | |
Private Label Collateralized Mortgage Obligations [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (9,872) | (32,170) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | (114) | (49,237) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (9,986) | (81,407) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (11) | (831) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | (2) | (1,262) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | (13) | (2,093) |
SBA asset-backed securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (4,565) | (249) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | (66,798) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (4,565) | (67,047) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (13) | (1) |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | (1,110) |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (13) | (1,111) |
US Treasury Securities [Member] | ||
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | (49,729) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Twelve Months or Longer, Fair Value | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | (49,729) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than 12 Months, Accumulated Loss | (88) | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | 0 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, Accumulated Loss | $ (88) |
Investment Securities (Detail_2
Investment Securities (Details 3) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investment Securities, Available-for-Sale, Amortized Cost | ||
Due in one year or less | $ 7,870 | |
Due after one year through five years | 278,393 | |
Due after five years through ten years | 988,421 | |
Due after ten years | 2,413,407 | |
Total | 3,688,091 | $ 4,017,909 |
Investment Securities, Available-for-Sale, Estimated Fair Value | ||
Due in one year or less | 7,897 | |
Due after one year through five years | 283,059 | |
Due after five years through ten years | 1,013,054 | |
Due after ten years | 2,493,177 | |
Securities available‑for‑sale | $ 3,797,187 | $ 4,009,431 |
Investment Securities (Detail_3
Investment Securities (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Interest Income, Securities, Operating, Taxable | $ 85,968 | $ 68,504 | $ 52,981 |
Interest Income, Securities, Operating, Tax Exempt | 27,955 | 41,376 | 43,355 |
Investment Income, Dividend | 1,646 | 1,739 | 1,866 |
Investment Income, Interest and Dividend | $ 115,569 | $ 111,619 | $ 98,202 |
Investment Securities (Detail_4
Investment Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Oct. 20, 2017 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Available For Sale Securities Pledged As Collateral Amortized Cost | $ 486,200 | |||
Proceeds from sales of securities available-for-sale | 1,584,860 | $ 571,800 | $ 759,300 | |
Federal Home Loan Bank stock, at cost | 40,924 | 32,103 | ||
Purchases of FHLB Stock | 159,000 | |||
Redemptions of FHLB stock | (150,100) | |||
Available-for-sale Securities, Gross Realized Gains | 29,584 | 9,225 | $ 3,295 | |
Federal Home Loan Bank of San Francisco | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Increase (Decrease) in Marketable Securities, Restricted | 8,800 | |||
CU Bancorp | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Marketable Securities | $ 446,980 | |||
CU Bancorp | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Available-for-sale Securities, Gross Realized Gains | $ 0 | |||
CU Bancorp | Available-for-sale Securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Proceeds from sales of securities available-for-sale | $ 404,500 |
Loans and Leases (Details)
Loans and Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 18,910,740 | $ 18,026,365 | |||
Loans and Leases Receivable, Deferred Income | (63,868) | (68,652) | |||
Loans held for investment, net | 18,846,872 | 17,957,713 | |||
Loans and Leases Receivable, Allowance | (138,785) | (132,472) | |||
Loans and leases, net | 18,708,087 | 17,825,241 | |||
Non Purchased Credit Impaired Loans and Leases | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans held for investment, net | 18,846,872 | 17,957,713 | |||
Loans and Leases Receivable, Allowance | (138,785) | (132,472) | $ (132,472) | $ (139,456) | [1] |
Mortgages [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans and Leases Receivable, Gross | 7,982,383 | ||||
Loans held for investment, net | 7,972,747 | 7,918,141 | |||
Mortgages [Member] | Non Purchased Credit Impaired Loans and Leases | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans held for investment, net | 7,918,141 | ||||
Loans and Leases Receivable, Allowance | (44,575) | (46,021) | (46,021) | (40,051) | |
Mortgages [Member] | NonPCI and PCI Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans and Leases Receivable, Gross | 7,933,859 | ||||
Real Estate Construction [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans and Leases Receivable, Gross | 2,773,209 | ||||
Loans held for investment, net | 2,737,802 | 2,233,656 | |||
Real Estate Construction [Member] | Non Purchased Credit Impaired Loans and Leases | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans held for investment, net | 2,233,656 | ||||
Loans and Leases Receivable, Allowance | (30,544) | (28,209) | (28,209) | (13,055) | |
Real Estate Construction [Member] | NonPCI and PCI Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans and Leases Receivable, Gross | 2,262,710 | ||||
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans and Leases Receivable, Gross | 7,714,358 | ||||
Loans held for investment, net | 7,695,496 | 7,404,595 | |||
Commercial Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans held for investment, net | 7,404,595 | ||||
Loans and Leases Receivable, Allowance | (61,528) | (56,360) | (56,360) | (84,022) | |
Commercial Portfolio Segment [Member] | NonPCI and PCI Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans and Leases Receivable, Gross | 7,428,500 | ||||
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans and Leases Receivable, Gross | 440,790 | ||||
Loans held for investment, net | 440,827 | 401,321 | |||
Consumer Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans held for investment, net | 401,321 | ||||
Loans and Leases Receivable, Allowance | $ (2,138) | (1,882) | $ (1,882) | $ (2,328) | |
Consumer Portfolio Segment [Member] | NonPCI and PCI Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Loans and Leases Receivable, Gross | $ 401,296 | ||||
[1] | The allowance for loan losses related to PCI loans of $6.4 million as of December 31, 2017 is reflected in the beginning balance of the allowance for loan and lease losses for the year ended December 31, 2018. |
Loans and Leases (Details 1)
Loans and Leases (Details 1) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | $ 9,788 | $ 17,085 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 11,085 | 10,723 |
Financing Receivable, Past Due | 20,873 | 27,808 |
Current | 18,825,999 | 17,929,905 |
Loans held for investment, net | 18,846,872 | 17,957,713 |
Mortgages [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 4,553 | 5,044 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 6,721 | 8,017 |
Financing Receivable, Past Due | 11,274 | 13,061 |
Current | 7,961,473 | 7,905,080 |
Loans held for investment, net | 7,972,747 | 7,918,141 |
Real Estate Construction [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 1,429 | 1,527 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 442 |
Financing Receivable, Past Due | 1,429 | 1,969 |
Current | 2,736,373 | 2,231,687 |
Loans held for investment, net | 2,737,802 | 2,233,656 |
Commercial Portfolio Segment [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 2,800 | 9,933 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 4,164 | 1,931 |
Financing Receivable, Past Due | 6,964 | 11,864 |
Current | 7,688,532 | 7,392,731 |
Loans held for investment, net | 7,695,496 | 7,404,595 |
Consumer Portfolio Segment [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 1,006 | 581 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 200 | 333 |
Financing Receivable, Past Due | 1,206 | 914 |
Current | 439,621 | 400,407 |
Loans held for investment, net | 440,827 | 401,321 |
Asset Based [Member] | Commercial Portfolio Segment [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 19 | 47 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 646 |
Financing Receivable, Past Due | 19 | 693 |
Current | 3,748,388 | 3,304,728 |
Loans held for investment, net | 3,748,407 | 3,305,421 |
Venture Capital Loans [Member] | Commercial Portfolio Segment [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 0 | 4,705 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 0 |
Financing Receivable, Past Due | 0 | 4,705 |
Current | 2,179,422 | 2,034,043 |
Loans held for investment, net | 2,179,422 | 2,038,748 |
Other Commercial [Member] | Commercial Portfolio Segment [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 2,781 | 5,181 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 4,164 | 1,285 |
Financing Receivable, Past Due | 6,945 | 6,466 |
Current | 1,760,722 | 2,053,960 |
Loans held for investment, net | 1,767,667 | 2,060,426 |
Commercial Real Estate Construction Loan Receivable [Member] | Real Estate Construction [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 0 | 0 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 442 |
Financing Receivable, Past Due | 0 | 442 |
Current | 1,082,368 | 912,141 |
Loans held for investment, net | 1,082,368 | 912,583 |
Residential Real Estate Construction Financing Receivable [Member] | Real Estate Construction [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 1,429 | 1,527 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 0 |
Financing Receivable, Past Due | 1,429 | 1,527 |
Current | 1,654,005 | 1,319,546 |
Loans held for investment, net | 1,655,434 | 1,321,073 |
Commercial Real Estate [Member] | Mortgages [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 2,448 | 3,487 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 5,919 | 7,541 |
Financing Receivable, Past Due | 8,367 | 11,028 |
Current | 4,194,320 | 4,813,270 |
Loans held for investment, net | 4,202,687 | 4,824,298 |
Residential Real Estate [Member] | Mortgages [Member] | ||
Delinquent loans in loan portfolio | ||
30-89 Days Past Due | 2,105 | 1,557 |
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 802 | 476 |
Financing Receivable, Past Due | 2,907 | 2,033 |
Current | 3,767,153 | 3,091,810 |
Loans held for investment, net | $ 3,770,060 | $ 3,093,843 |
Loans and Leases (Details 2)
Loans and Leases (Details 2) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | $ 92,353 | $ 79,333 |
Loans held for investment, net | 18,846,872 | 17,957,713 |
Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 18,754,519 | |
Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 20,824 | |
Loans held for investment, net | 7,972,747 | 7,918,141 |
Mortgages [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 7,951,923 | |
Mortgages [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 18,346 | |
Loans held for investment, net | 4,202,687 | 4,824,298 |
Mortgages [Member] | Commercial Real Estate [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 4,184,341 | |
Mortgages [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 2,478 | |
Loans held for investment, net | 3,770,060 | 3,093,843 |
Mortgages [Member] | Residential Real Estate [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 3,767,582 | |
Real Estate Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 364 | |
Loans held for investment, net | 2,737,802 | 2,233,656 |
Real Estate Construction [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 2,737,438 | |
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 364 | |
Loans held for investment, net | 1,082,368 | 912,583 |
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 1,082,004 | |
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 0 | |
Loans held for investment, net | 1,655,434 | 1,321,073 |
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 1,655,434 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 70,672 | |
Loans held for investment, net | 7,695,496 | 7,404,595 |
Commercial Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 7,624,824 | |
Commercial Portfolio Segment [Member] | Asset Based [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 30,162 | |
Loans held for investment, net | 3,748,407 | 3,305,421 |
Commercial Portfolio Segment [Member] | Asset Based [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 3,718,245 | |
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 12,916 | |
Loans held for investment, net | 2,179,422 | 2,038,748 |
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 2,166,506 | |
Commercial Portfolio Segment [Member] | Other Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 27,594 | |
Loans held for investment, net | 1,767,667 | 2,060,426 |
Commercial Portfolio Segment [Member] | Other Commercial [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 1,740,073 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 493 | |
Loans held for investment, net | 440,827 | 401,321 |
Consumer Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 440,334 | |
Non Purchased Credit Impaired Loans and Leases | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 79,333 | |
Loans held for investment, net | $ 18,846,872 | 17,957,713 |
Non Purchased Credit Impaired Loans and Leases | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 17,878,380 | |
Non Purchased Credit Impaired Loans and Leases | Mortgages [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 17,845 | |
Loans held for investment, net | 7,918,141 | |
Non Purchased Credit Impaired Loans and Leases | Mortgages [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 7,900,296 | |
Non Purchased Credit Impaired Loans and Leases | Mortgages [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 15,321 | |
Loans held for investment, net | 4,824,298 | |
Non Purchased Credit Impaired Loans and Leases | Mortgages [Member] | Commercial Real Estate [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 4,808,977 | |
Non Purchased Credit Impaired Loans and Leases | Mortgages [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 2,524 | |
Loans held for investment, net | 3,093,843 | |
Non Purchased Credit Impaired Loans and Leases | Mortgages [Member] | Residential Real Estate [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 3,091,319 | |
Non Purchased Credit Impaired Loans and Leases | Real Estate Construction [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 442 | |
Loans held for investment, net | 2,233,656 | |
Non Purchased Credit Impaired Loans and Leases | Real Estate Construction [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 2,233,214 | |
Non Purchased Credit Impaired Loans and Leases | Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 442 | |
Loans held for investment, net | 912,583 | |
Non Purchased Credit Impaired Loans and Leases | Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 912,141 | |
Non Purchased Credit Impaired Loans and Leases | Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 0 | |
Loans held for investment, net | 1,321,073 | |
Non Purchased Credit Impaired Loans and Leases | Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 1,321,073 | |
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 60,003 | |
Loans held for investment, net | 7,404,595 | |
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 7,344,592 | |
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | Asset Based [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 32,324 | |
Loans held for investment, net | 3,305,421 | |
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | Asset Based [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 3,273,097 | |
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 20,299 | |
Loans held for investment, net | 2,038,748 | |
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 2,018,449 | |
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | Other Commercial [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 7,380 | |
Loans held for investment, net | 2,060,426 | |
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | Other Commercial [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | 2,053,046 | |
Non Purchased Credit Impaired Loans and Leases | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Financing Receivable, Nonaccrual | 1,043 | |
Loans held for investment, net | 401,321 | |
Non Purchased Credit Impaired Loans and Leases | Consumer Portfolio Segment [Member] | Performing Financing Receivable [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans held for investment, net | $ 400,278 |
Loans and Leases (Details 3)
Loans and Leases (Details 3) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | $ 18,846,872 | $ 17,957,713 |
Classified [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 175,912 | 237,110 |
Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 322,956 | 261,398 |
Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 18,348,004 | 17,459,205 |
Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 7,972,747 | 7,918,141 |
Mortgages [Member] | Classified [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 42,135 | 68,255 |
Mortgages [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 31,781 | 75,753 |
Mortgages [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 7,898,831 | 7,774,133 |
Mortgages [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 4,202,687 | 4,824,298 |
Mortgages [Member] | Commercial Real Estate [Member] | Classified [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 33,535 | 57,734 |
Mortgages [Member] | Commercial Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 30,070 | 74,785 |
Mortgages [Member] | Commercial Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 4,139,082 | 4,691,779 |
Mortgages [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 3,770,060 | 3,093,843 |
Mortgages [Member] | Residential Real Estate [Member] | Classified [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 8,600 | 10,521 |
Mortgages [Member] | Residential Real Estate [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 1,711 | 968 |
Mortgages [Member] | Residential Real Estate [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 3,759,749 | 3,082,354 |
Real Estate Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 2,737,802 | 2,233,656 |
Real Estate Construction [Member] | Classified [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 364 | 442 |
Real Estate Construction [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 1,429 | 8,568 |
Real Estate Construction [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 2,736,009 | 2,224,646 |
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 1,082,368 | 912,583 |
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | Classified [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 364 | 442 |
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 0 | 7,041 |
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 1,082,004 | 905,100 |
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 1,655,434 | 1,321,073 |
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | Classified [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 0 | 0 |
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 1,429 | 1,527 |
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 1,654,005 | 1,319,546 |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 7,695,496 | 7,404,595 |
Commercial Portfolio Segment [Member] | Classified [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 132,800 | 167,214 |
Commercial Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 288,534 | 176,062 |
Commercial Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 7,274,162 | 7,061,319 |
Commercial Portfolio Segment [Member] | Asset Based [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 3,748,407 | 3,305,421 |
Commercial Portfolio Segment [Member] | Asset Based [Member] | Classified [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 32,223 | 45,957 |
Commercial Portfolio Segment [Member] | Asset Based [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 38,936 | 48,338 |
Commercial Portfolio Segment [Member] | Asset Based [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 3,677,248 | 3,211,126 |
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 2,179,422 | 2,038,748 |
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | Classified [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 35,316 | 28,731 |
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 74,813 | 77,588 |
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 2,069,293 | 1,932,429 |
Commercial Portfolio Segment [Member] | Other Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 1,767,667 | 2,060,426 |
Commercial Portfolio Segment [Member] | Other Commercial [Member] | Classified [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 65,261 | 92,526 |
Commercial Portfolio Segment [Member] | Other Commercial [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 174,785 | 50,136 |
Commercial Portfolio Segment [Member] | Other Commercial [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 1,527,621 | 1,917,764 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 440,827 | 401,321 |
Consumer Portfolio Segment [Member] | Classified [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 613 | 1,199 |
Consumer Portfolio Segment [Member] | Special Mention [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 1,212 | 1,015 |
Consumer Portfolio Segment [Member] | Pass [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 439,002 | 399,107 |
Non Purchased Credit Impaired Loans and Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | $ 18,846,872 | 17,957,713 |
Non Purchased Credit Impaired Loans and Leases | Mortgages [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 7,918,141 | |
Non Purchased Credit Impaired Loans and Leases | Mortgages [Member] | Commercial Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 4,824,298 | |
Non Purchased Credit Impaired Loans and Leases | Mortgages [Member] | Residential Real Estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 3,093,843 | |
Non Purchased Credit Impaired Loans and Leases | Real Estate Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 2,233,656 | |
Non Purchased Credit Impaired Loans and Leases | Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 912,583 | |
Non Purchased Credit Impaired Loans and Leases | Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 1,321,073 | |
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 7,404,595 | |
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | Asset Based [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 3,305,421 | |
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 2,038,748 | |
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | Other Commercial [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | 2,060,426 | |
Non Purchased Credit Impaired Loans and Leases | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Loans held for investment, net | $ 401,321 |
Loans and Leases (Details 4)
Loans and Leases (Details 4) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Nonaccrual | $ 92,353 | $ 79,333 |
Impaired Financing Receivable Performing Restructured Loans | 12,257 | 17,701 |
Impaired Financing Receivable, Recorded Investment | 104,610 | 97,034 |
Mortgages [Member] | ||
Financing Receivable, Nonaccrual | 20,824 | |
Impaired Financing Receivable Performing Restructured Loans | 10,165 | |
Impaired Financing Receivable, Recorded Investment | 30,989 | |
Real Estate Construction [Member] | ||
Financing Receivable, Nonaccrual | 364 | |
Impaired Financing Receivable Performing Restructured Loans | 1,470 | |
Impaired Financing Receivable, Recorded Investment | 1,834 | |
Commercial Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual | 70,672 | |
Impaired Financing Receivable Performing Restructured Loans | 550 | |
Impaired Financing Receivable, Recorded Investment | 71,222 | |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual | 493 | |
Impaired Financing Receivable Performing Restructured Loans | 72 | |
Impaired Financing Receivable, Recorded Investment | $ 565 | |
Non Purchased Credit Impaired Loans and Leases | ||
Financing Receivable, Nonaccrual | 79,333 | |
Impaired Financing Receivable, Recorded Investment | 97,034 | |
Non Purchased Credit Impaired Loans and Leases | Mortgages [Member] | ||
Financing Receivable, Nonaccrual | 17,845 | |
Impaired Financing Receivable Performing Restructured Loans | 11,484 | |
Impaired Financing Receivable, Recorded Investment | 29,329 | |
Non Purchased Credit Impaired Loans and Leases | Real Estate Construction [Member] | ||
Financing Receivable, Nonaccrual | 442 | |
Impaired Financing Receivable Performing Restructured Loans | 5,420 | |
Impaired Financing Receivable, Recorded Investment | 5,862 | |
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual | 60,003 | |
Impaired Financing Receivable Performing Restructured Loans | 692 | |
Impaired Financing Receivable, Recorded Investment | 60,695 | |
Non Purchased Credit Impaired Loans and Leases | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Nonaccrual | 1,043 | |
Impaired Financing Receivable Performing Restructured Loans | 105 | |
Impaired Financing Receivable, Recorded Investment | $ 1,148 |
Loans and Leases (Details 5)
Loans and Leases (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, Related Allowance | $ 6,197 | ||||
Impaired Financing Receivable, Recorded Investment | 104,610 | $ 97,034 | |||
Impaired Financing Receivable, Unpaid Principal Balance | 203,934 | ||||
Impaired Financing Receivable, Average Recorded Investment | 79,462 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | 734 | ||||
Mortgages [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, Related Allowance | 231 | ||||
Impaired Financing Receivable, Recorded Investment | 30,989 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 48,173 | ||||
Impaired Financing Receivable, Average Recorded Investment | 25,630 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | 536 | ||||
Mortgages [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 479 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 479 | ||||
Impaired Financing Receivable, Related Allowance | 71 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 21,264 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 36,247 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 479 | ||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 31 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 16,252 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 230 | ||||
Mortgages [Member] | Residential Real Estate [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 2,002 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 2,005 | ||||
Impaired Financing Receivable, Related Allowance | 160 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 7,244 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 9,442 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 2,001 | ||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 58 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 6,898 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 217 | ||||
Real Estate Construction [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, Related Allowance | 0 | ||||
Impaired Financing Receivable, Recorded Investment | 1,834 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 1,887 | ||||
Impaired Financing Receivable, Average Recorded Investment | 1,834 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | 118 | ||||
Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 1,834 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 1,887 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 1,834 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 118 | ||||
Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, Related Allowance | 5,966 | ||||
Impaired Financing Receivable, Recorded Investment | 71,222 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 153,146 | ||||
Impaired Financing Receivable, Average Recorded Investment | 51,585 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | 75 | ||||
Commercial Portfolio Segment [Member] | Asset Based [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 30,162 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 52,139 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 28,829 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | ||||
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 7,811 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 9,106 | ||||
Impaired Financing Receivable, Related Allowance | 2,581 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 5,270 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 44,468 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 7,008 | ||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 4,735 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | ||||
Commercial Portfolio Segment [Member] | Other Commercial [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 14,805 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 15,191 | ||||
Impaired Financing Receivable, Related Allowance | 3,385 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 13,174 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 32,242 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 3,710 | ||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 7,303 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 75 | ||||
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, Related Allowance | 0 | ||||
Impaired Financing Receivable, with No Related Allowance, Recorded Investment | 565 | ||||
Impaired Financing Receivable, with No Related Allowance, Unpaid Principal Balance | 728 | ||||
Impaired Financing Receivable, Recorded Investment | 565 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 728 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | ||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 413 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 5 | ||||
Impaired Financing Receivable, Average Recorded Investment | 413 | ||||
Impaired Financing Receivable, Interest Income, Accrual Method | $ 5 | ||||
Non Purchased Credit Impaired Loans and Leases | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, Related Allowance | 4,031 | ||||
Impaired Financing Receivable, Recorded Investment | 97,034 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 171,923 | ||||
Impaired Financing Receivable, Average Recorded Investment | 81,927 | $ 185,740 | [1],[2] | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 1,052 | 4,101 | |||
Non Purchased Credit Impaired Loans and Leases | Mortgages [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, Related Allowance | 417 | ||||
Impaired Financing Receivable, Recorded Investment | 29,329 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 45,671 | ||||
Impaired Financing Receivable, Average Recorded Investment | 26,840 | 111,721 | [1],[2] | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 564 | 3,643 | |||
Non Purchased Credit Impaired Loans and Leases | Mortgages [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Credit Quality Indicator [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, 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 | 1,736 | 15,538 | [1],[2] | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 72 | 881 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 15,714 | 89,554 | [1],[2] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 236 | 2,648 | |||
Non Purchased Credit Impaired Loans and Leases | Mortgages [Member] | Residential Real Estate [Member] | |||||
Financing Receivable, Credit Quality Indicator [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, 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 | 2,199 | 2,787 | [1],[2] | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 75 | 55 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 7,191 | 3,842 | [1],[2] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 181 | 59 | |||
Non Purchased Credit Impaired Loans and Leases | Real Estate Construction [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, Related Allowance | 0 | ||||
Impaired Financing Receivable, Recorded Investment | 5,862 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 5,870 | ||||
Impaired Financing Receivable, Average Recorded Investment | 5,460 | 5,690 | [1],[2] | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 383 | 306 | |||
Non Purchased Credit Impaired Loans and Leases | Real Estate Construction [Member] | Commercial Real Estate Construction Loan Receivable [Member] | |||||
Financing Receivable, Credit Quality Indicator [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 | 5,460 | 5,690 | [1],[2] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 383 | 306 | |||
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, Related Allowance | 3,614 | ||||
Impaired Financing Receivable, Recorded Investment | 60,695 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 118,912 | ||||
Impaired Financing Receivable, Average Recorded Investment | 48,783 | 68,209 | [1],[2] | ||
Impaired Financing Receivable, Interest Income, Accrual Method | 98 | 144 | |||
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | Asset Based [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
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 Related Allowance, Average Recorded Investment | [1],[2] | 10,228 | |||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 32,324 | 2,860 | [1],[2] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 0 | |||
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | |||||
Financing Receivable, Credit Quality Indicator [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, 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 | 9,449 | 20,329 | [1],[2] | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 60 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 689 | 3,404 | [1],[2] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | 84 | |||
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | Other Commercial [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, with Related Allowance, Recorded Investment | 473 | ||||
Impaired Financing Receivable, with Related Allowance, Unpaid Principal Balance | 482 | ||||
Impaired Financing Receivable, 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 | 35 | ||||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | ||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 6,286 | ||||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 98 | ||||
Non Purchased Credit Impaired Loans and Leases | Commercial Portfolio Segment [Member] | Cash Flow [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | [1],[2] | 31,388 | |||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 0 | ||||
Non Purchased Credit Impaired Loans and Leases | Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Credit Quality Indicator [Line Items] | |||||
Impaired Financing Receivable, 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, Recorded Investment | 1,148 | ||||
Impaired Financing Receivable, Unpaid Principal Balance | 1,470 | ||||
Impaired Financing Receivable, with Related Allowance, Average Recorded Investment | 0 | 100 | [1],[2] | ||
Impaired Financing Receivable, with Related Allowance, Interest Income, Accrual Method | 0 | 8 | |||
Impaired Financing Receivable, with No Related Allowance, Average Recorded Investment | 844 | 20 | [1],[2] | ||
Impaired Financing Receivable, with No Related Allowance, Interest Income, Accrual Method | 7 | 0 | |||
Impaired Financing Receivable, Average Recorded Investment | 844 | 120 | [1],[2] | ||
Impaired Financing Receivable, Interest Income, Accrual Method | $ 7 | $ 8 | |||
[1] | Excludes PCI loans. See Note 1(h). Nature of Operations and Summary of Significant Accounting Policies. | ||||
[2] | For loans and leases reported as impaired at December 31, 2019 , 2018 , and 2017 , amounts were calculated based on the period of time such loans and leases were impaired during the reported period. |
Loans and Leases (Details 6)
Loans and Leases (Details 6) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019USD ($)contractContract | Dec. 31, 2018USD ($)contractContract | Dec. 31, 2017USD ($)contractContract | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | 51 | 60 | 50 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 27,646 | $ 101,878 | $ 69,737 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 27,663 | $ 90,373 | $ 59,237 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | Contract | 5 | 0 | 1 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | [1] | $ 408 | $ 1 | ||
Mortgages [Member] | Commercial Real Estate [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | 3 | 10 | 5 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 121 | $ 17,181 | $ 2,527 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | $ 2,604 | $ 2,463 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | 0 | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | [1] | $ 0 | $ 0 | $ 0 | |
Mortgages [Member] | Residential Real Estate [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | 9 | 10 | 8 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 1,591 | $ 3,262 | $ 1,328 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 1,591 | $ 2,203 | $ 489 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 1 | 0 | 0 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | [1] | $ 254 | $ 0 | $ 0 | |
Real Estate Construction [Member] | Residential Real Estate Construction Financing Receivable [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | Contract | 1 | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 362 | ||||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 0 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | 0 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 0 | ||||
Commercial Portfolio Segment [Member] | Asset Based [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | contract | 5 | 4 | 5 | [2] | |
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 3,082 | $ 28,947 | $ 4,219 | [2] | |
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 3,082 | $ 33,947 | $ 4,219 | [2] | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | Contract | 0 | 0 | 0 | [2] | |
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | [1] | $ 0 | $ 0 | $ 0 | |
Commercial Portfolio Segment [Member] | Venture Capital Loans [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | 14 | 14 | 11 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 19,017 | $ 37,416 | $ 29,733 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 19,155 | $ 36,919 | $ 29,733 | ||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | Contract | 0 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | [1] | $ 0 | |||
Commercial Portfolio Segment [Member] | Other Commercial [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | contract | 20 | 19 | 19 | ||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 3,835 | $ 14,399 | $ 31,471 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 3,835 | $ 14,027 | $ 22,236 | ||
Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Modifications, Number of Contracts | 3 | 1 | |||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 673 | $ 97 | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 673 | $ 97 | |||
Other Commercial [Member] | Commercial Portfolio Segment [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | contract | 4 | 0 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 154 | $ 0 | |||
Equipment Finance Commercial Financing Receivable [Member] | Venture Capital Loans [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | contract | 0 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | [1] | $ 0 | |||
Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Cash Flow [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | [1] | $ 0 | |||
Commercial Portfolio Segment [Member] | Commercial Portfolio Segment [Member] | Other Commercial [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | Contract | 1 | ||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | [1] | $ 1 | |||
Consumer Portfolio Segment [Member] | Consumer Portfolio Segment [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default, Number of Contracts | Contract | 0 | 0 | |||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | [1] | $ 0 | $ 0 | ||
Finance Receivable, Modification of Modified Loan [Member] | Commercial Portfolio Segment [Member] | Asset Based [Member] | |||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||||
Financing Receivable, Troubled Debt Restructuring, Premodification | [2] | 27,300 | |||
Financing Receivable, Troubled Debt Restructuring, Postmodification | [2] | $ 32,300 | |||
[1] | The population of defaulted TDRs for the period indicated includes only those loans restructured during the preceding 12-month period. For example, for the year ended December 31, 2019 , the population of defaulted TDRs includes only those loans restructured after December 31, 2018 . The table excludes defaulted TDRs in those classes for which the recorded investment was zero at the end of the period. | ||||
[2] | One commercial asset-based loan with a pre-modification balance of $27.3 million and a post-modification balance of $32.3 million was previously restructured in December 2017. |
Loans and Leases Loans and Leas
Loans and Leases Loans and Leases (Details 7) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Loans and Leases [Abstract] | |
Direct Financing Lease, Interest Income | $ 11,061 |
Loans and Leases Loans and Le_2
Loans and Leases Loans and Leases (Details 8) $ in Thousands | Dec. 31, 2019USD ($) |
Loans and Leases [Abstract] | |
Direct Financing Lease, Lease Receivable | $ 147,729 |
Direct Financing Lease, Unguaranteed Residual Asset | 20,806 |
Direct Financing Lease, Deferred Selling Profit And Other | (655) |
Direct Financing Lease, Net Investment in Lease | $ 169,190 |
Loans and Leases Loans and Le_3
Loans and Leases Loans and Leases (Details 9) $ in Thousands | Dec. 31, 2019USD ($) |
Loans and Leases [Abstract] | |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Next Rolling Twelve Months | $ 66,113 |
Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, Rolling Year Two | 51,735 |
Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, Rolling Year Three | 20,562 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received, Rolling Year Four | 12,491 |
Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, Rolling Year Five | 8,856 |
Sales-type and Direct Financing Leases, Lease Receivable, Lease Payments to be Received, after Rolling Year Five | 1,015 |
Sales-type and Direct Financing Leases, Lease Receivable, Payments to be Received | 160,772 |
Sales-type and Direct Financing Leases, Lease Receivable, Undiscounted Excess Amount | 13,043 |
Sales-type and Direct Financing Leases, Lease Receivable | $ 147,729 |
Loans and Leases (Details 10)
Loans and Leases (Details 10) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | ||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, beginning balance | $ 132,472 | |||
Allowance for Loan and Lease Losses, Write-offs | (32,262) | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 15,575 | |||
Allowance for Loan and Lease Losses Write-offs, Net | (16,687) | |||
Provision for Loan and Lease Losses | 23,000 | |||
Loans and Leases Receivable, Allowance, ending balance | 138,785 | $ 132,472 | ||
Loans held for investment, net | 18,846,872 | 17,957,713 | ||
Non Purchased Credit Impaired Loans and Leases | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, beginning balance | 132,472 | 139,456 | [1] | |
Allowance for Loan and Lease Losses, Write-offs | (32,262) | (59,042) | ||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 15,575 | 15,284 | ||
Allowance for Loan and Lease Losses Write-offs, Net | (43,758) | |||
Provision for Loan and Lease Losses | 23,000 | 36,774 | ||
Loans and Leases Receivable, Allowance, ending balance | 138,785 | 132,472 | ||
Financing Receivable, Individually Evaluated for Impairment | 6,197 | $ 4,031 | ||
Financing Receivable, Collectively Evaluated for Impairment | 132,588 | 128,441 | ||
Financing Receivable, Individually Evaluated for Impairment | 99,546 | 92,067 | ||
Financing Receivable, Collectively Evaluated for Impairment | 18,747,326 | 17,865,646 | ||
Loans held for investment, net | 18,846,872 | 17,957,713 | ||
Purchased Credit Impaired Loans and Leases [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, Covered, beginning balance | 6,400 | |||
Mortgages [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for Loan and Lease Losses Write-offs, Net | (14) | (5,840) | ||
Loans held for investment, net | 7,972,747 | 7,918,141 | ||
Mortgages [Member] | Non Purchased Credit Impaired Loans and Leases | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, beginning balance | 46,021 | 40,051 | ||
Allowance for Loan and Lease Losses, Write-offs | (997) | (8,190) | ||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 983 | 2,350 | ||
Provision for Loan and Lease Losses | (1,432) | 11,810 | ||
Loans and Leases Receivable, Allowance, ending balance | 44,575 | 46,021 | ||
Financing Receivable, Individually Evaluated for Impairment | 231 | 417 | ||
Financing Receivable, Collectively Evaluated for Impairment | 44,344 | 45,604 | ||
Financing Receivable, Individually Evaluated for Impairment | 28,038 | 26,473 | ||
Financing Receivable, Collectively Evaluated for Impairment | 7,944,709 | 7,891,668 | ||
Loans held for investment, net | 7,918,141 | |||
Real Estate Construction [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for Loan and Lease Losses Write-offs, Net | 0 | 195 | ||
Loans held for investment, net | 2,737,802 | 2,233,656 | ||
Real Estate Construction [Member] | Non Purchased Credit Impaired Loans and Leases | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, beginning balance | 28,209 | 13,055 | ||
Allowance for Loan and Lease Losses, Write-offs | 0 | 0 | ||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | 195 | ||
Provision for Loan and Lease Losses | 2,335 | 14,959 | ||
Loans and Leases Receivable, Allowance, ending balance | 30,544 | 28,209 | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 30,544 | 28,209 | ||
Financing Receivable, Individually Evaluated for Impairment | 1,834 | 5,862 | ||
Financing Receivable, Collectively Evaluated for Impairment | 2,735,968 | 2,227,794 | ||
Loans held for investment, net | 2,233,656 | |||
Commercial Portfolio Segment [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for Loan and Lease Losses Write-offs, Net | (16,029) | (37,915) | ||
Loans held for investment, net | 7,695,496 | 7,404,595 | ||
Commercial Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, beginning balance | 56,360 | 84,022 | ||
Allowance for Loan and Lease Losses, Write-offs | (30,426) | (50,481) | ||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 14,397 | 12,566 | ||
Provision for Loan and Lease Losses | 21,197 | 10,253 | ||
Loans and Leases Receivable, Allowance, ending balance | 61,528 | 56,360 | ||
Financing Receivable, Individually Evaluated for Impairment | 5,966 | 3,614 | ||
Financing Receivable, Collectively Evaluated for Impairment | 55,562 | 52,746 | ||
Financing Receivable, Individually Evaluated for Impairment | 69,674 | 59,288 | ||
Financing Receivable, Collectively Evaluated for Impairment | 7,625,822 | 7,345,307 | ||
Loans held for investment, net | 7,404,595 | |||
Consumer Portfolio Segment [Member] | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Allowance for Loan and Lease Losses Write-offs, Net | (644) | (198) | ||
Loans held for investment, net | 440,827 | 401,321 | ||
Consumer Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases | ||||
Allowance for Loan and Lease Losses [Roll Forward] | ||||
Loans and Leases Receivable, Allowance, beginning balance | 1,882 | 2,328 | ||
Allowance for Loan and Lease Losses, Write-offs | (839) | (371) | ||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 195 | 173 | ||
Provision for Loan and Lease Losses | 900 | (248) | ||
Loans and Leases Receivable, Allowance, ending balance | 2,138 | 1,882 | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | 0 | ||
Financing Receivable, Collectively Evaluated for Impairment | 2,138 | 1,882 | ||
Financing Receivable, Individually Evaluated for Impairment | 0 | 444 | ||
Financing Receivable, Collectively Evaluated for Impairment | $ 440,827 | $ 400,877 | ||
Loans held for investment, net | $ 401,321 | |||
[1] | The allowance for loan losses related to PCI loans of $6.4 million as of December 31, 2017 is reflected in the beginning balance of the allowance for loan and lease losses for the year ended December 31, 2018. |
Loans and Leases Loans and Le_4
Loans and Leases Loans and Leases (Details 11) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||
Loans and Leases Receivable, Allowance | $ 138,785 | $ 132,472 | $ 138,785 | $ 132,472 | ||||||||
Reserve for Unfunded Loan Commitments | 35,861 | 36,861 | $ 36,861 | 35,861 | 36,861 | $ 28,635 | ||||||
Financing Receivable, Allowance for Credit Loss | 174,646 | 169,333 | 174,646 | 169,333 | ||||||||
Allowance for Loan and Lease Losses, Write-offs | 32,262 | |||||||||||
Reserve for Unfunded Loan Commitments, Charge-offs | 0 | 0 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 32,262 | |||||||||||
Financing Receivable, Allowance for Credit Loss, Recovery | 15,575 | |||||||||||
Allowance for Loan and Lease Losses Write-offs, Net | (16,687) | |||||||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 15,575 | |||||||||||
Reserve for Unfunded Loan Commitments, Recoveries | 0 | 0 | ||||||||||
Reserve for Unfunded Loan Commitments, Net Charge-offs | 0 | 0 | ||||||||||
Financing Receivable, Allowance For Credit Losses, Net Charge-offs | (16,687) | |||||||||||
Provision for Loan and Lease Losses | 23,000 | |||||||||||
Provision for credit losses | 3,000 | $ 7,000 | $ 8,000 | $ 4,000 | 12,000 | 11,500 | $ 17,500 | $ 4,000 | 22,000 | 45,000 | 57,752 | |
Reserve for Unfunded Commitments, Provision | (1,000) | 8,226 | ||||||||||
Purchased Credit Impaired Loans and Leases [Member] | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||
Loans and Leases Receivable, Allowance, Covered | 6,400 | |||||||||||
Non Purchased Credit Impaired Loans and Leases | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||
Loans and Leases Receivable, Allowance | $ 138,785 | $ 132,472 | 132,472 | 138,785 | 132,472 | 139,456 | [1] | |||||
Financing Receivable, Allowance for Credit Loss | $ 169,333 | $ 168,091 | [1] | |||||||||
Allowance for Loan and Lease Losses, Write-offs | 32,262 | 59,042 | ||||||||||
Financing Receivable, Allowance for Credit Loss, Writeoff | 59,042 | |||||||||||
Financing Receivable, Allowance for Credit Loss, Recovery | 15,284 | |||||||||||
Allowance for Loan and Lease Losses Write-offs, Net | (43,758) | |||||||||||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 15,575 | 15,284 | ||||||||||
Financing Receivable, Allowance For Credit Losses, Net Charge-offs | (43,758) | |||||||||||
Provision for Loan and Lease Losses | 23,000 | 36,774 | ||||||||||
Provision for credit losses | 45,000 | |||||||||||
Non Purchased Credit Impaired Loans and Leases | ||||||||||||
Financing Receivable, Allowance for Credit Loss [Line Items] | ||||||||||||
Allowance for Loan and Lease Losses Write-offs, Net | $ (16,687) | $ (43,758) | ||||||||||
[1] | The allowance for loan losses related to PCI loans of $6.4 million as of December 31, 2017 is reflected in the beginning balance of the allowance for loan and lease losses for the year ended December 31, 2018. |
Loans and Leases (Details Textu
Loans and Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Business Acquisition [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | $ 27,646 | $ 101,878 | $ 69,737 | |
Loan Receivable Held-For-Sale, Charge-offs | 0 | 0 | 957 | |
Loans and Leases Receivable, Impaired, Interest Lost on Nonaccrual Loans | 8,100 | 9,300 | ||
Financing Receivable, Nonaccrual | 92,353 | 79,333 | ||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 11,085 | 10,723 | ||
Financing Receivable Recorded Investment Thirty to Eighty Nine Days Past Due | 9,788 | 17,085 | ||
Unfunded Commitments For Troubled Debt Restructurings | 1,200 | 1,300 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 27,663 | $ 90,373 | 59,237 | |
Purchased Credit Impaired Loans and Leases [Member] | ||||
Business Acquisition [Line Items] | ||||
Concentration Risk, Percentage | 0.40% | |||
Credit Concentration Risk [Member] | ||||
Business Acquisition [Line Items] | ||||
Concentration Risk, Percentage | 54.00% | |||
Financing Receivable, Nonaccrual | $ 50,300 | |||
Nonaccrual [Member] | ||||
Business Acquisition [Line Items] | ||||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 11,100 | $ 10,700 | ||
Financing Receivable Recorded Investment Thirty to Eighty Nine Days Past Due | 1,200 | 6,600 | ||
Financing Receivable Recorded Investment Nonaccrual Status Current | 80,000 | 62,000 | ||
Non Purchased Credit Impaired Loans and Leases | ||||
Business Acquisition [Line Items] | ||||
Financing Receivable, Nonaccrual | 79,333 | |||
Commercial Portfolio Segment [Member] | ||||
Business Acquisition [Line Items] | ||||
Financing Receivable, Nonaccrual | 70,672 | |||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 4,164 | 1,931 | ||
Financing Receivable Recorded Investment Thirty to Eighty Nine Days Past Due | 2,800 | 9,933 | ||
Commercial Portfolio Segment [Member] | Asset Based [Member] | ||||
Business Acquisition [Line Items] | ||||
Financing Receivable, Troubled Debt Restructuring, Premodification | 3,082 | 28,947 | 4,219 | [1] |
Financing Receivable, Nonaccrual | 30,162 | |||
Loan Receivable, Recorded Investment, Equal to Greater than 90 Days Past Due | 0 | 646 | ||
Financing Receivable Recorded Investment Thirty to Eighty Nine Days Past Due | 19 | 47 | ||
Financing Receivable, Troubled Debt Restructuring, Postmodification | $ 3,082 | 33,947 | $ 4,219 | [1] |
Commercial Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases | ||||
Business Acquisition [Line Items] | ||||
Financing Receivable, Nonaccrual | 60,003 | |||
Commercial Portfolio Segment [Member] | Non Purchased Credit Impaired Loans and Leases | Asset Based [Member] | ||||
Business Acquisition [Line Items] | ||||
Financing Receivable, Nonaccrual | $ 32,324 | |||
[1] | One commercial asset-based loan with a pre-modification balance of $27.3 million and a post-modification balance of $32.3 million was previously restructured in December 2017. |
Foreclosed Assets Foreclosed _2
Foreclosed Assets Foreclosed Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Other Real Estate Owned Net | $ 440 | $ 4,235 | ||
Other Repossessed Assets | 0 | 1,064 | ||
Foreclosed assets, net | 440 | 5,299 | $ 1,329 | $ 12,976 |
Construction and Land Development [Member] | ||||
Other Real Estate Owned Net | 219 | 219 | ||
Multi Family [Member] | ||||
Other Real Estate Owned Net | 0 | 1,059 | ||
Residential Mortgage [Member] | ||||
Other Real Estate Owned Net | 0 | 953 | ||
Commercial Real Estate [Member] | ||||
Other Real Estate Owned Net | $ 221 | $ 2,004 |
Foreclosed Assets Foreclosed _3
Foreclosed Assets Foreclosed Assets (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ||||
Foreclosed assets, net | $ 440 | $ 5,299 | $ 1,329 | $ 12,976 |
Loans transferred to foreclosed assets | 120 | 16,914 | 580 | |
Other Real Estate and Foreclosed Assets, Other Additions | 0 | 0 | 1,385 | |
Provision for Other Real Estate Owned and Foreclosed Assets | (78) | (74) | (2,138) | |
Sales of Other Real Estate Owned Foreclosed Assets CORES | $ (4,901) | $ (12,870) | $ (11,474) |
Foreclosed Assets Foreclosed _4
Foreclosed Assets Foreclosed Assets (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Other Real Estate, Foreclosed Assets, and Repossessed Assets [Abstract] | ||||
Foreclosed Assets Valuation Allowance | $ 87 | $ 88 | $ 14 | $ 12,696 |
Provision for losses on foreclosed assets | 78 | 74 | 2,138 | |
Foreclosed Assets, Valuation Allowance, Reductions Related to Sales | $ (79) | $ 0 | $ (14,820) |
Premises and Equipment, Net (De
Premises and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Premises and Equipment, Net [Abstract] | ||
Land | $ 1,243 | $ 1,243 |
Buildings and Improvements | 8,399 | 8,309 |
Furniture and Fixtures | 47,581 | 45,204 |
Leasehold Improvements | 55,335 | 50,214 |
Property, Plant and Equipment, Gross | 112,558 | 104,970 |
Accumulated Depreciation and Amortization | (73,973) | (70,309) |
Property, Plant and Equipment, Net | $ 38,585 | $ 34,661 |
Premises and Equipment, Net (_2
Premises and Equipment, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Premises and Equipment, Net [Abstract] | |||
Depreciation | $ 10.5 | $ 9.4 | $ 7.6 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finite-lived Intangible Assets [Roll Forward] | |||
Balance, beginning of year | $ 119,497 | $ 119,497 | $ 64,187 |
Balance, beginning of year | (62,377) | (39,871) | (27,821) |
Addition from the CUB acquisition | 0 | 0 | 57,500 |
Amortization | (18,726) | (22,506) | (14,240) |
Fully amortized portion | (1,924) | 0 | (2,190) |
Balance, end of year | 117,573 | 119,497 | 119,497 |
Net CDI and CRI, end of year | (79,179) | (62,377) | (39,871) |
Net CDI and CRI, end of year | 38,394 | 57,120 | 79,626 |
CDI and CRI [Member] | |||
Finite-lived Intangible Assets [Roll Forward] | |||
Fully amortized portion | $ (1,924) | $ 0 | $ (2,190) |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Goodwill | $ 2,548,670 | $ 2,548,670 |
Aggregate Amortization Expense 2020 | 14,700 | |
Aggregate Amortization Expense 2021 | 10,800 | |
Aggregate Amortization Expense 2022 | 7,400 | |
Aggregate Amortization Expense 2023 | 3,800 | |
Aggregate Amortization Expense 2024 | $ 1,700 |
Other Assets Other Assets (Deta
Other Assets Other Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash Surrender Value of Life Insurance | $ 199,029 | $ 194,897 | |
Finance Lease, Right-of-Use Asset | 129,301 | 0 | |
Interest and fees receivable income | 81,479 | 88,754 | |
Low Income Housing Tax Credit - LIHTC | 75,149 | 59,507 | |
Equity Method Investments, Other Asset Investments | [1] | 65,152 | 59,062 |
Income Taxes Receivable | 31,591 | 39,096 | |
Prepaid Expense | 17,099 | 18,006 | |
Equity Investments Without Readily Determinable Fair Value | 14,890 | 14,758 | |
Equity Investments With Readily Determinable Fair Value | 2,998 | 4,891 | |
Warrants and Rights Outstanding | 3,434 | 4,793 | |
Deferred Tax Assets, Net | 0 | 17,489 | |
Other Assets, Miscellaneous | 16,689 | 39,132 | |
Other Assets | 636,811 | 540,385 | |
Community Reinvestment Act Investments [Member] | |||
Equity Investments Without Readily Determinable Fair Value | $ 17,800 | $ 12,500 | |
[1] | Includes equity investments without readily determinable fair values of $17.8 million and $12.5 million at December 31, 2019 and 2018 . |
Other Assets Other Assets (De_2
Other Assets Other Assets (Details Textuals) | 12 Months Ended | 24 Months Ended |
Dec. 31, 2019USD ($)investment | Dec. 31, 2019USD ($) | |
Investment [Line Items] | ||
Equity Method Investment, Other than Temporary Impairment | $ 1,000,000 | $ 764,000 |
Equity Method Investment, Other than Temporary Impairment, Number | investment | 8 | |
Equity Investments Without Readily Determinable Fair Value Upward Adjustments | $ 286,000 |
Leases Leases (Details)
Leases Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease, Cost | $ 33,891 |
Variable Lease, Cost | 100 |
Short-term Lease, Cost | 926 |
Sublease Income | 4,202 |
Lease, Cost | $ 30,715 |
Leases Leases (Details 1)
Leases Leases (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating Lease, Payments | $ 32,991 |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | $ 175,569 |
Leases Leases (Details 2)
Leases Leases (Details 2) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Operating Lease, Right-of-Use Asset | $ 129,301 |
Operating Lease, Liability | $ 145,354 |
Operating Lease, Weighted Average Remaining Lease Term | 6 years 1 month 6 days |
Operating Lease, Weighted Average Discount Rate, Percent | 2.82% |
Leases Leases (Details 3)
Leases Leases (Details 3) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 32,898 | $ 32,845 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 30,657 | 30,267 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 24,849 | 26,852 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 22,068 | 20,862 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 14,885 | 17,745 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 34,119 | 29,923 |
Lessee, Operating Lease, Liability, Payments, Due | 159,476 | $ 158,494 |
Lessee, Operating Lease, Liability, Undiscounted Excess Amount | (14,122) | |
Operating Lease, Liability | $ 145,354 |
Leases Leases (Details 4)
Leases Leases (Details 4) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
Lessee, Operating Lease, Liability, Payments, Due Next Twelve Months | $ 32,898 | $ 32,845 |
Lessee, Operating Lease, Liability, Payments, Due Year Two | 30,657 | 30,267 |
Lessee, Operating Lease, Liability, Payments, Due Year Three | 24,849 | 26,852 |
Lessee, Operating Lease, Liability, Payments, Due Year Four | 22,068 | 20,862 |
Lessee, Operating Lease, Liability, Payments, Due Year Five | 14,885 | 17,745 |
Lessee, Operating Lease, Liability, Payments, Due after Year Five | 34,119 | 29,923 |
Lessee, Operating Lease, Liability, Payments, Due | $ 159,476 | $ 158,494 |
Leases Leases (Details 5)
Leases Leases (Details 5) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Lessor, Operating Lease, Payments to be Received, Next Twelve Months | $ 41,296 |
Lessor, Operating Lease, Payments to be Received, Two Years | 39,292 |
Lessor, Operating Lease, Payments to be Received, Three Years | 32,240 |
Lessor, Operating Lease, Payments to be Received, Four Years | 25,522 |
Lessor, Operating Lease, Payments to be Received, Five Years | 20,912 |
Lessor, Operating Lease, Payments to be Received, Thereafter | 37,304 |
Lessor, Operating Lease, Payments to be Received | $ 196,566 |
Leases Leases (Details Textuals
Leases Leases (Details Textuals) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)bank_branch | Dec. 31, 2017USD ($) | [2] | ||
Operating Leased Assets [Line Items] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Effect of Change on Net Income | $ | $ 938 | [1] | $ 291 | |
Lessee, Operating Lease, Number Of Full-Service Branch Offices | 72 | |||
Lessee, Operating Lease, Number Of Other Offices | 75 | |||
Minimum | ||||
Operating Leased Assets [Line Items] | ||||
Lessee, Operating Lease, Remaining Lease Term | 1 year | |||
Lessee, Operating Lease, Renewal Term | 1 year | |||
Maximum | ||||
Operating Leased Assets [Line Items] | ||||
Lessee, Operating Lease, Remaining Lease Term | 27 years | |||
Lessee, Operating Lease, Renewal Term | 10 years | |||
[1] | Impact due to adoption on January 1, 2019 of ASU 2016-02, " Leases (Topic 842)," and the related amendments. | |||
[2] | Impact due to adoption on January 1, 2017 of ASU 2016-09, " Improvements to Employee Share-Based Payment Accounting ." |
Deposits Deposits (Details)
Deposits Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deposits [Abstract] | ||
Interest checking | $ 3,818,002 | $ 2,972,357 |
Money market | 5,122,803 | 5,432,169 |
Savings | 499,591 | 571,422 |
Time deposits $250,000 and under | 2,065,733 | 1,593,453 |
Time deposits over $250,000 | 483,609 | 412,185 |
Total interest-bearing deposits | $ 11,989,738 | $ 10,981,586 |
Deposits Deposits (Details 1)
Deposits Deposits (Details 1) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Time Deposits Balance [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | $ 2,430,656 | |
Time Deposit Maturities, Year Two | 101,680 | |
Time Deposit Maturities, Year Three | 13,267 | |
Time Deposit Maturities, Year Four | 1,682 | |
Time Deposit Maturities, Year Five | 1,659 | |
Time Deposit Maturities, after Year Five | 398 | |
Time Deposits | 2,549,342 | $ 2,005,638 |
Deposits Exceeding FDIC Insurance Limit of $250,000 [Member] | ||
Time Deposits Balance [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | 461,294 | |
Time Deposit Maturities, Year Two | 20,610 | |
Time Deposit Maturities, Year Three | 1,454 | |
Time Deposit Maturities, Year Four | 0 | |
Time Deposit Maturities, Year Five | 251 | |
Time Deposit Maturities, after Year Five | 0 | |
Time Deposits | 483,609 | |
Deposits FDC Insured $250,000 and Under [Member] | ||
Time Deposits Balance [Line Items] | ||
Time Deposit Maturities, Next Twelve Months | 1,969,362 | |
Time Deposit Maturities, Year Two | 81,070 | |
Time Deposit Maturities, Year Three | 11,813 | |
Time Deposit Maturities, Year Four | 1,682 | |
Time Deposit Maturities, Year Five | 1,408 | |
Time Deposit Maturities, after Year Five | 398 | |
Time Deposits | $ 2,065,733 |
Deposits (Details Textual)
Deposits (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Time Deposits [Line Items] | ||
Interest-bearing Domestic Deposit, Brokered | $ 496,407 | $ 518,192 |
Time deposits over $250,000 | 483,609 | 412,185 |
Time deposits $250,000 and under | 2,065,733 | 1,593,453 |
Brokered Time Deposits [Member] | ||
Time Deposits [Line Items] | ||
Interest-bearing Domestic Deposit, Brokered | 1,200,000 | 729,400 |
Non-maturity Deposits [Member] | ||
Time Deposits [Line Items] | ||
Interest-bearing Domestic Deposit, Brokered | $ 496,400 | $ 518,200 |
Borrowings and Subordinated D_3
Borrowings and Subordinated Debentures (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||
Borrowings | $ 1,759,008 | $ 1,371,114 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.64% | 2.56% |
Notes Payable, Other Payables | ||
Debt Instrument [Line Items] | ||
Non-Recourse Debt | $ 8 | $ 114 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 7.50% | 7.50% |
Unused lines of Credit | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 0 | |
American Financial Exchange | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 300,000 | $ 190,000 |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.61% | 2.56% |
Federal Home Loan Bank of San Francisco | Secured Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.66% | 2.56% |
Line of Credit, Current | $ 1,318,000 | $ 1,040,000 |
Federal Home Loan Bank of San Francisco | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.56% | 2.53% |
Line of Credit, Current | $ 141,000 | $ 141,000 |
Borrowings and Subordinated D_4
Borrowings and Subordinated Debentures Borrowings and Subordinated Debentures (Details 1) $ in Thousands, € in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | ||
Subordinated Borrowing [Line Items] | ||||
Subordinated debentures | $ 458,209 | $ 453,846 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.64% | 1.64% | 2.56% | |
Trust Preferred Securities Two Thousand Six Series Three [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Liability, Reporting Currency Denominated, Value | € | € 25.8 | |||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust V Due September 2033 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.10% | |||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust VI Due September 2033 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 3.05% | |||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust CII Due September 2033 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.95% | |||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust VII Due April 2034 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | |||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust CIII Due September 2035 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.69% | |||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust FCCI Due March 2037 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.60% | |||
London Interbank Offered Rate (LIBOR) [Member] | Subordinated Debt Trust FCBI Due December 2035 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.55% | |||
London Interbank Offered Rate (LIBOR) [Member] | Trust Preferred Securities Two Thousand Five Series One [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||
London Interbank Offered Rate (LIBOR) [Member] | Trust Preferred Securities Two Thousand Five Series Two [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||
London Interbank Offered Rate (LIBOR) [Member] | Two Thousand Six One Term Debt Securitization [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||
London Interbank Offered Rate (LIBOR) [Member] | Two Thousand Six Two Term Debt Securitization [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||
London Interbank Offered Rate (LIBOR) [Member] | Trust Preferred Securities Two Thousand Six Series Four [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||
London Interbank Offered Rate (LIBOR) [Member] | Trust Preferred Securities Two Thousand Six Series Five [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||
London Interbank Offered Rate (LIBOR) [Member] | Two Thousand Seven One Term Debt Securitization [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||
Euribor Rate [Member] | Trust Preferred Securities Two Thousand Six Series Three [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.05% | |||
Subordinated Debt | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 540,690 | $ 541,344 | ||
Debt Instrument, Unamortized Discount | [1] | $ (82,481) | $ (87,498) | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.87% | 3.87% | 4.51% | |
Subordinated Debt | Subordinated Debt Trust V Due September 2033 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 10,310 | $ 10,310 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 5.00% | 5.00% | 5.89% | |
Debt Instrument Date Issued | Aug. 15, 2003 | |||
Debt Instrument, Maturity Date | Sep. 17, 2033 | |||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 3.10 | |||
Subordinated Debt | Subordinated Debt Trust VI Due September 2033 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 10,310 | $ 10,310 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.94% | 4.94% | 5.84% | |
Debt Instrument Date Issued | Sep. 3, 2003 | |||
Debt Instrument, Maturity Date | Sep. 15, 2033 | |||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 3.05 | |||
Subordinated Debt | Subordinated Debt Trust CII Due September 2033 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 5,155 | $ 5,155 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.85% | 4.85% | 5.74% | |
Debt Instrument Date Issued | Sep. 17, 2003 | |||
Debt Instrument, Maturity Date | Sep. 17, 2033 | |||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 2.95 | |||
Subordinated Debt | Subordinated Debt Trust VII Due April 2034 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 61,856 | $ 61,856 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.69% | 4.69% | 5.27% | |
Debt Instrument Date Issued | Feb. 5, 2004 | |||
Debt Instrument, Maturity Date | Apr. 23, 2034 | |||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 2.75 | |||
Subordinated Debt | Subordinated Debt Trust CIII Due September 2035 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 20,619 | $ 20,619 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.58% | 3.58% | 4.48% | |
Debt Instrument Date Issued | Aug. 15, 2005 | |||
Debt Instrument, Maturity Date | Sep. 15, 2035 | |||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.69 | |||
Subordinated Debt | Subordinated Debt Trust FCCI Due March 2037 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 16,495 | $ 16,495 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.49% | 3.49% | 4.39% | |
Debt Instrument Date Issued | Jan. 25, 2007 | |||
Debt Instrument, Maturity Date | Mar. 15, 2037 | |||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.60 | |||
Subordinated Debt | Subordinated Debt Trust FCBI Due December 2035 [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 10,310 | $ 10,310 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.44% | 3.44% | 4.34% | |
Debt Instrument Date Issued | Sep. 30, 2005 | |||
Debt Instrument, Maturity Date | Dec. 15, 2035 | |||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.55 | |||
Subordinated Debt | Trust Preferred Securities Two Thousand Five Series One [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 82,475 | $ 82,475 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.85% | 3.85% | 4.74% | |
Debt Instrument Date Issued | Nov. 21, 2005 | |||
Debt Instrument, Maturity Date | Dec. 15, 2035 | |||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.95 | |||
Subordinated Debt | Trust Preferred Securities Two Thousand Five Series Two [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 128,866 | $ 128,866 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.89% | 3.89% | 4.47% | |
Debt Instrument Date Issued | Dec. 14, 2005 | |||
Debt Instrument, Maturity Date | Jan. 30, 2036 | |||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.95 | |||
Subordinated Debt | Two Thousand Six One Term Debt Securitization [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 51,545 | $ 51,545 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.89% | 3.89% | 4.47% | |
Debt Instrument Date Issued | Feb. 22, 2006 | |||
Debt Instrument, Maturity Date | Apr. 30, 2036 | |||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.95 | |||
Subordinated Debt | Two Thousand Six Two Term Debt Securitization [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 51,550 | $ 51,550 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.89% | 3.89% | 4.47% | |
Debt Instrument Date Issued | Sep. 27, 2006 | |||
Debt Instrument, Maturity Date | Oct. 30, 2036 | |||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.95 | |||
Subordinated Debt | Trust Preferred Securities Two Thousand Six Series Three [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | [2] | $ 28,902 | $ 29,556 | |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 1.64% | 1.64% | 1.73% | |
Debt Instrument Date Issued | Sep. 29, 2006 | |||
Debt Instrument, Maturity Date | Oct. 30, 2036 | |||
Debt Instrument, Basis Spread on Variable Rate | 3-month EURIBOR + 2.05 | |||
Subordinated Debt | Trust Preferred Securities Two Thousand Six Series Four [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 16,470 | $ 16,470 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.89% | 3.89% | 4.47% | |
Debt Instrument Date Issued | Dec. 5, 2006 | |||
Debt Instrument, Maturity Date | Jan. 30, 2037 | |||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.95 | |||
Subordinated Debt | Trust Preferred Securities Two Thousand Six Series Five [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 6,650 | $ 6,650 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.89% | 3.89% | 4.47% | |
Debt Instrument Date Issued | Dec. 19, 2006 | |||
Debt Instrument, Maturity Date | Jan. 30, 2037 | |||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.95 | |||
Subordinated Debt | Two Thousand Seven One Term Debt Securitization [Member] | ||||
Subordinated Borrowing [Line Items] | ||||
Long-term Debt, Gross | $ 39,177 | $ 39,177 | ||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.89% | 3.89% | 4.47% | |
Debt Instrument Date Issued | Jun. 13, 2007 | |||
Debt Instrument, Maturity Date | Jul. 30, 2037 | |||
Debt Instrument, Basis Spread on Variable Rate | 3-month LIBOR + 1.95 | |||
[1] | Amount represents the fair value adjustment on trust preferred securities assumed in acquisitions. | |||
[2] | Denomination is in Euros with a value of €25.8 million |
Borrowings and Subordinated D_5
Borrowings and Subordinated Debentures (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Notes Payable, Other Payables | ||
Debt Instrument [Line Items] | ||
Debt Instruments Weighted Average Remaining Maturity Period | 2 months 12 days | |
Unused lines of Credit | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 0 | |
Line of Credit Facility, Current Borrowing Capacity | 180,000,000 | |
Debt Instrument, Unused Borrowing Capacity, Fee | 0 | |
American Financial Exchange | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | 300,000,000 | $ 190,000,000 |
Federal Home Loan Bank of San Francisco | ||
Debt Instrument [Line Items] | ||
Loans Pledged as Collateral | 5,900,000,000 | |
Federal Home Loan Bank of San Francisco | Secured Debt | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Borrowing Capacity, Description | 4,200,000,000 | |
Line of Credit, Current | 1,318,000,000 | 1,040,000,000 |
Federal Home Loan Bank of San Francisco | Unused lines of Credit | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Borrowing Capacity, Description | 141,000,000 | |
Federal Home Loan Bank of San Francisco | Unsecured Debt | ||
Debt Instrument [Line Items] | ||
Line of Credit, Current | 141,000,000 | 141,000,000 |
Federal Reserve Bank Advances [Member] | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | 0 | 0 |
Loans Pledged as Collateral | 2,700,000,000 | |
Federal Reserve Bank Advances [Member] | Secured Debt | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Borrowing Capacity, Description | 2,000,000,000 | |
Maturity Overnight | Federal Home Loan Bank of San Francisco | ||
Debt Instrument [Line Items] | ||
Line of Credit, Current | 1,300,000,000 | $ 1,000,000,000 |
Maturity Overnight | American Financial Exchange | ||
Debt Instrument [Line Items] | ||
Line of Credit Facility, Amount Outstanding | $ 300,000,000 |
Commitments and Contingencies_2
Commitments and Contingencies (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Loan commitments to extend credit | $ 8,183,158,000 | $ 7,528,248,000 |
Standby letters of credit | 355,503,000 | 364,210,000 |
Commitment To Contribute Capital | 129,213,000 | 101,991,000 |
Purchase Commitment, Remaining Minimum Amount Committed | 50,000 | 50,000 |
Unused Commitments to Extend Credit | $ 8,667,924,000 | $ 7,994,499,000 |
Commitments and Contingencies C
Commitments and Contingencies Commitments and Contingencies (Details 1) - Capital contributions $ in Thousands | Dec. 31, 2019USD ($) |
Other Commitments [Line Items] | |
2020 | $ 78,106 |
2021 | 39,997 |
2022 | 4,812 |
2023 | 852 |
2024 | 503 |
2025 and thereafter | 4,943 |
Total | $ 129,213 |
Commitments and Contingencies_3
Commitments and Contingencies (Details Textual) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term Purchase Commitment [Line Items] | ||
Commitment To Contribute Capital | $ 129,213,000 | $ 101,991,000 |
Purchase Commitment, Remaining Minimum Amount Committed | $ 50,000 | $ 50,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Securities available‑for‑sale | $ (3,797,187) | $ (4,009,431) | ||
Equity Securities, FV-NI | 2,998 | 4,891 | ||
Fair Value, Recurring | ||||
Securities available‑for‑sale | (3,797,187) | |||
Derivative Asset, Fair Value of Collateral | 1,234 | 3,292 | ||
Warrants Not Settleable in Cash, Fair Value Disclosure | 3,434 | 4,793 | ||
Derivative Liability, Fair Value of Collateral | 755 | 142 | ||
Assets, Fair Value Disclosure | 3,804,853 | 4,022,407 | ||
Level 1 | Fair Value, Recurring | ||||
Derivative Asset, Fair Value of Collateral | 0 | 0 | ||
Warrants Not Settleable in Cash, Fair Value Disclosure | 0 | 0 | ||
Derivative Liability, Fair Value of Collateral | 0 | 0 | ||
Equity Securities, FV-NI | 2,998 | 4,891 | ||
Assets, Fair Value Disclosure | 8,179 | 408,296 | ||
Level 2 | Fair Value, Recurring | ||||
Derivative Asset, Fair Value of Collateral | 1,234 | 3,292 | ||
Warrants Not Settleable in Cash, Fair Value Disclosure | 0 | 0 | ||
Derivative Liability, Fair Value of Collateral | 755 | 142 | ||
Equity Securities, FV-NI | 0 | 0 | ||
Assets, Fair Value Disclosure | 3,770,541 | 3,562,085 | ||
Level 3 | ||||
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,793 | $ 5,161 | $ 5,497 | |
Level 3 | Fair Value, Recurring | ||||
Derivative Asset, Fair Value of Collateral | 0 | 0 | ||
Warrants Not Settleable in Cash, Fair Value Disclosure | 3,434 | 4,793 | ||
Derivative Liability, Fair Value of Collateral | 0 | 0 | ||
Equity Securities, FV-NI | 0 | 0 | ||
Assets, Fair Value Disclosure | 26,133 | 52,026 | ||
Government agency and government-sponsored enterprise pass through securities [Member] | ||||
Securities available‑for‑sale | (305,198) | (281,088) | ||
Government agency and government-sponsored enterprise pass through securities [Member] | Fair Value, Recurring | ||||
Securities available‑for‑sale | (305,198) | (281,088) | ||
Government agency and government-sponsored enterprise pass through securities [Member] | Level 1 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | 0 | ||
Government agency and government-sponsored enterprise pass through securities [Member] | Level 2 | Fair Value, Recurring | ||||
Securities available‑for‑sale | (305,198) | (281,088) | ||
Government agency and government-sponsored enterprise pass through securities [Member] | Level 3 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | 0 | ||
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | ||||
Securities available‑for‑sale | (1,136,397) | (632,850) | ||
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Fair Value, Recurring | ||||
Securities available‑for‑sale | (1,136,397) | (632,850) | ||
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Level 1 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | 0 | ||
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Level 2 | Fair Value, Recurring | ||||
Securities available‑for‑sale | (1,136,397) | (632,850) | ||
Government agency and government-sponsored enterprise collateralized mortgage obligations [Member] | Level 3 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | 0 | ||
Private Label Collateralized Mortgage Obligations [Member] | ||||
Securities available‑for‑sale | (99,483) | (101,205) | ||
Private Label Collateralized Mortgage Obligations [Member] | Fair Value, Recurring | ||||
Securities available‑for‑sale | (99,483) | (101,205) | ||
Private Label Collateralized Mortgage Obligations [Member] | Level 1 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | 0 | ||
Private Label Collateralized Mortgage Obligations [Member] | Level 2 | Fair Value, Recurring | ||||
Securities available‑for‑sale | (93,219) | (93,917) | ||
Private Label Collateralized Mortgage Obligations [Member] | Level 3 | Fair Value, Recurring | ||||
Securities available‑for‑sale | (6,264) | (7,288) | ||
Municipal Securities [Member] | ||||
Securities available‑for‑sale | (735,159) | (1,312,194) | ||
Municipal Securities [Member] | Fair Value, Recurring | ||||
Securities available‑for‑sale | (735,159) | (1,312,194) | ||
Municipal Securities [Member] | Level 1 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | 0 | ||
Municipal Securities [Member] | Level 2 | Fair Value, Recurring | ||||
Securities available‑for‑sale | (735,159) | (1,312,194) | ||
Municipal Securities [Member] | Level 3 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | 0 | ||
Commercial Mortgage Backed Securities [Member] | ||||
Securities available‑for‑sale | (1,108,224) | (1,112,704) | ||
Commercial Mortgage Backed Securities [Member] | Fair Value, Recurring | ||||
Securities available‑for‑sale | (1,108,224) | (1,112,704) | ||
Commercial Mortgage Backed Securities [Member] | Level 1 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | 0 | ||
Commercial Mortgage Backed Securities [Member] | Level 2 | Fair Value, Recurring | ||||
Securities available‑for‑sale | (1,108,224) | (1,112,704) | ||
Commercial Mortgage Backed Securities [Member] | Level 3 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | 0 | ||
US Treasury Securities [Member] | ||||
Securities available‑for‑sale | (5,181) | (403,405) | ||
US Treasury Securities [Member] | Fair Value, Recurring | ||||
Securities available‑for‑sale | (5,181) | (403,405) | ||
US Treasury Securities [Member] | Level 1 | Fair Value, Recurring | ||||
Securities available‑for‑sale | (5,181) | (403,405) | ||
US Treasury Securities [Member] | Level 2 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | 0 | ||
US Treasury Securities [Member] | Level 3 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | 0 | ||
Corporate Debt Securities [Member] | ||||
Securities available‑for‑sale | (20,748) | (17,553) | ||
Corporate Debt Securities [Member] | Fair Value, Recurring | ||||
Securities available‑for‑sale | (20,748) | (17,553) | ||
Corporate Debt Securities [Member] | Level 1 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | 0 | ||
Corporate Debt Securities [Member] | Level 2 | Fair Value, Recurring | ||||
Securities available‑for‑sale | (20,748) | (17,553) | ||
Corporate Debt Securities [Member] | Level 3 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | 0 | ||
Collateralized Loan Obligations [Member] | ||||
Securities available‑for‑sale | (123,756) | |||
Collateralized Loan Obligations [Member] | Fair Value, Recurring | ||||
Securities available‑for‑sale | (123,756) | |||
Collateralized Loan Obligations [Member] | Level 1 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | |||
Collateralized Loan Obligations [Member] | Level 2 | Fair Value, Recurring | ||||
Securities available‑for‑sale | (123,756) | |||
Collateralized Loan Obligations [Member] | Level 3 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | |||
SBA asset-backed securities [Member] | ||||
Securities available‑for‑sale | (48,258) | (67,047) | ||
SBA asset-backed securities [Member] | Fair Value, Recurring | ||||
Securities available‑for‑sale | (48,258) | (67,047) | ||
SBA asset-backed securities [Member] | Level 1 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | 0 | ||
SBA asset-backed securities [Member] | Level 2 | Fair Value, Recurring | ||||
Securities available‑for‑sale | (48,258) | (67,047) | ||
SBA asset-backed securities [Member] | Level 3 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | 0 | ||
Asset-backed Securities [Member] | ||||
Securities available‑for‑sale | (214,783) | (81,385) | ||
Asset-backed Securities [Member] | Fair Value, Recurring | ||||
Securities available‑for‑sale | (214,783) | (81,385) | ||
Asset-backed Securities [Member] | Level 1 | Fair Value, Recurring | ||||
Securities available‑for‑sale | 0 | 0 | ||
Asset-backed Securities [Member] | Level 2 | Fair Value, Recurring | ||||
Securities available‑for‑sale | (198,348) | (41,440) | ||
Asset-backed Securities [Member] | Level 3 | Fair Value, Recurring | ||||
Securities available‑for‑sale | $ (16,435) | $ (39,945) |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 1) - Level 3 - Fair Value, Recurring | 12 Months Ended | |
Dec. 31, 2019 | ||
Minimum | Private Label CMOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs, Prepayment Rate (Deprecated 2018-01-31) | 0.025 | |
Maximum | Private Label CMOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs, Prepayment Rate (Deprecated 2018-01-31) | 0.114 | |
Weighted Average [Member] | Warrant [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity Warrants, Measurement Input, Remaining Life | 3 years 2 months 12 days | |
Measurement Input, Price Volatility [Member] | Weighted Average [Member] | Warrant [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity Warrants, Measurement Input | 0.166 | |
Measurement Input, Prepayment Rate [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.150 | |
Measurement Input, Prepayment Rate [Member] | Minimum | Private Label CMOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs, Prepayment Rate (Deprecated 2018-01-31) | 0 | |
Measurement Input, Prepayment Rate [Member] | Maximum | Private Label CMOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs, Prepayment Rate (Deprecated 2018-01-31) | 0.191 | |
Measurement Input, Prepayment Rate [Member] | Weighted Average [Member] | Private Label CMOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs, Prepayment Rate (Deprecated 2018-01-31) | 0.113 | |
Measurement Input, Prepayment Rate [Member] | Weighted Average [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.150 | |
Measurement Input, Default Rate [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.020 | |
Measurement Input, Default Rate [Member] | Minimum | Private Label CMOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs, Prepayment Rate (Deprecated 2018-01-31) | 0.008 | |
Measurement Input, Default Rate [Member] | Maximum | Private Label CMOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs, Prepayment Rate (Deprecated 2018-01-31) | 0.357 | |
Measurement Input, Default Rate [Member] | Weighted Average [Member] | Private Label CMOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs, Prepayment Rate (Deprecated 2018-01-31) | 0.017 | [1] |
Measurement Input, Default Rate [Member] | Weighted Average [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.020 | [1] |
Measurement Input, Loss Severity [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.600 | |
Measurement Input, Loss Severity [Member] | Minimum | Private Label CMOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs, Prepayment Rate (Deprecated 2018-01-31) | 0.016 | |
Measurement Input, Loss Severity [Member] | Maximum | Private Label CMOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs, Prepayment Rate (Deprecated 2018-01-31) | 1.33 | |
Measurement Input, Loss Severity [Member] | Weighted Average [Member] | Private Label CMOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs, Prepayment Rate (Deprecated 2018-01-31) | 0.561 | |
Measurement Input, Loss Severity [Member] | Weighted Average [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.600 | |
Measurement Input, Discount Rate | Minimum | Asset-backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.032 | |
Measurement Input, Discount Rate | Maximum | Asset-backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.038 | |
Measurement Input, Discount Rate | Weighted Average [Member] | Private Label CMOs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Fair Value Inputs, Prepayment Rate (Deprecated 2018-01-31) | 0.066 | |
Measurement Input, Discount Rate | Weighted Average [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.036 | |
Measurement Input, Risk Free Interest Rate [Member] | Weighted Average [Member] | Warrant [Member] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Equity Warrants, Measurement Input | 0.016 | |
[1] | The voluntary annual prepayment speeds, annual default rates, and loss severity rates were the same for all of the asset-backed securities. |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details 2) - Fair Value, Recurring - Level 3 - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Covered Private Label Collateralized Mortgage Obligations Member [Domain] | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | $ 432 | $ 1,737 | $ 2,256 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, beginning balance | 7,288 | 22,874 | 56,902 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | (265) | (1,146) | (742) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | (4,880) | (4,732) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 574 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | 21,165 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (1,191) | (11,297) | (10,219) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, ending balance | 6,264 | 7,288 | 22,874 |
Other securities | |||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (77) | (32) | 367 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, beginning balance | 39,945 | 42,109 | 8,373 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 463 | 495 | (937) |
Stock and Warrants Purchases During Period | 0 | 15,158 | 42,910 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | (23,896) | (17,785) | (8,604) |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value, ending balance | $ 16,435 | $ 39,945 | $ 42,109 |
Fair Value Measurements Fair Va
Fair Value Measurements Fair Value Measurements (Details 3) - Level 3 - Other securities - Fair Value, Recurring - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 16,435 | $ 39,945 | $ 42,109 | $ 8,373 |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Earnings | (77) | (32) | 367 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Gain (Loss) Included in Other Comprehensive Income (Loss) | 463 | 495 | (937) | |
Stock and Warrants Purchases During Period | 0 | 15,158 | 42,910 | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Settlements | $ 23,896 | $ 17,785 | $ 8,604 |
Fair Value Measurements (Deta_4
Fair Value Measurements (Details 4) - Level 3 - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Gain on Sale of Investments | $ 8,669,000 | $ 7,478,000 | $ 2,532,000 | ||
Proceeds from Issuance of Warrants | (10,239,000) | (8,589,000) | (3,093,000) | ||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 324,000 | 821,000 | 1,407,000 | ||
Equity Warrants Transfers to Available For Sale Securities | $ (78,000) | $ (113,000) | (78,000) | 1,182,000 | |
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 4,793,000 | $ 5,161,000 | $ 5,497,000 |
Fair Value Measurements (Deta_5
Fair Value Measurements (Details 5) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | $ 19,055,004 | |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Loans Receivable, Fair Value Disclosure | 19,053,921 | |
Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 28,811 | $ 25,568 |
Fair Value, Nonrecurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Fair Value, Nonrecurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,083 | 2,936 |
Fair Value, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 27,728 | 22,632 |
Non Purchased Credit Impaired Loans and Leases | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 28,706 | 24,432 |
Non Purchased Credit Impaired Loans and Leases | Fair Value, Nonrecurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Non Purchased Credit Impaired Loans and Leases | Fair Value, Nonrecurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 1,083 | 1,800 |
Non Purchased Credit Impaired Loans and Leases | Fair Value, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 27,623 | 22,632 |
Other real estate and foreclosed assets | Fair Value, Nonrecurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 105 | 1,136 |
Other real estate and foreclosed assets | Fair Value, Nonrecurring [Member] | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
Other real estate and foreclosed assets | Fair Value, Nonrecurring [Member] | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 1,136 |
Third party appraisals [Domain] | Other real estate and foreclosed assets | Fair Value, Nonrecurring [Member] | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 105 | $ 0 |
Fair Value Measurements (Deta_6
Fair Value Measurements (Details 6) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Loan Receivable Held-For-Sale, Charge-offs | $ 0 | $ 0 | $ 957 |
Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Net Gain (Loss) from Nonrecurring Assets | 6,875 | 9,272 | 21,393 |
Other real estate and foreclosed assets | Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Net Gain (Loss) from Nonrecurring Assets | 78 | 74 | 14 |
Non Purchased Credit Impaired Loans and Leases | Fair Value, Nonrecurring [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Total Net Gain (Loss) from Nonrecurring Assets | $ 6,797 | $ 9,198 | $ 20,422 |
Fair Value Measurements (Deta_7
Fair Value Measurements (Details 7) - Fair Value, Nonrecurring [Member] $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 28,811 | $ 25,568 | |
Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 27,728 | 22,632 | |
Non Purchased Credit Impaired Loans and Leases | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 28,706 | 24,432 | |
Non Purchased Credit Impaired Loans and Leases | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | 27,623 | $ 22,632 | |
Discount Rates [Member] | Discounted Cash Flow [Member] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 18,899 | ||
Discount Rates [Member] | Third party appraisals [Domain] | Non Purchased Credit Impaired Loans and Leases | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Loans, Measurement Input | 0.4300 | ||
Assets, Fair Value Disclosure | [1] | $ 105 | |
Discount Rates [Member] | Minimum | Discounted Cash Flow [Member] | Non Purchased Credit Impaired Loans and Leases | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Loans, Measurement Input | 0.0375 | ||
Discount Rates [Member] | Maximum | Discounted Cash Flow [Member] | Non Purchased Credit Impaired Loans and Leases | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Loans, Measurement Input | 0.0877 | ||
Discount Rates [Member] | Weighted Average [Member] | Third party appraisals [Domain] | Non Purchased Credit Impaired Loans and Leases | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Loans, Measurement Input | 0.4300 | ||
No Discounts [Member] | Third party appraisals [Domain] | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Assets, Fair Value Disclosure | $ 8,724 | ||
Measurement Input, Discount Rate | Discount Rates [Member] | Weighted Average [Member] | Discounted Cash Flow [Member] | Non Purchased Credit Impaired Loans and Leases | Level 3 | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired Loans, Measurement Input | 0.0762 | ||
[1] | Relates to one OREO property at December 31, 2019 |
Fair Value Measurements (Deta_8
Fair Value Measurements (Details 8) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and due from banks | $ 172,585 | $ 175,830 | ||
Interest-earning deposits in financial institutions | 465,039 | 209,937 | ||
Securities available-for-sale, at fair value | 3,797,187 | 4,009,431 | ||
Securities available-for-sale, at fair value | 3,797,187 | 4,009,431 | ||
Federal Home Loan Bank stock, at cost | 40,924 | 32,103 | ||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 40,924 | 32,103 | ||
Loans and leases, net | 18,708,087 | 17,825,241 | ||
Loans Receivable, Fair Value Disclosure | 19,055,004 | |||
Warrants and Rights Outstanding | 4,793 | |||
Derivative Asset | 1,234 | 3,292 | ||
Equity Securities, FV-NI | 2,998 | 4,891 | ||
Deposits, Savings Deposits | 16,187,287 | 16,346,671 | ||
Interest-bearing Domestic Deposit, Brokered | 496,407 | 518,192 | ||
Time Deposits | 2,549,342 | 2,005,638 | ||
Deposits, Fair Value Disclosure | 2,549,260 | 2,017,137 | ||
Borrowings | 1,759,008 | 1,371,114 | ||
Long-term Debt, Fair Value | 1,759,008 | 1,371,114 | ||
Subordinated debentures | 458,209 | 453,846 | ||
Subordinated Debt Obligations, Fair Value Disclosure | 441,617 | 435,251 | ||
Derivative Liability | 755 | 142 | ||
Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Cash and due from banks | 172,585 | 175,830 | ||
Interest-earning deposits in financial institutions | 465,039 | 209,937 | ||
Investment in Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 | ||
Deposits, Savings Deposits | 0 | 0 | ||
Interest-bearing Domestic Deposit, Brokered | 0 | 0 | ||
Deposits, Fair Value Disclosure | 0 | 0 | ||
Long-term Debt, Fair Value | 1,759,000 | 1,371,000 | ||
Subordinated Debt Obligations, Fair Value Disclosure | 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 Federal Home Loan Bank Stock, Fair Value Disclosure | 40,924 | 32,103 | ||
Deposits, Savings Deposits | 16,187,287 | 16,346,671 | ||
Interest-bearing Domestic Deposit, Brokered | 496,407 | 518,192 | ||
Deposits, Fair Value Disclosure | 2,549,260 | 2,017,137 | ||
Long-term Debt, Fair Value | 8 | 114 | ||
Subordinated Debt Obligations, Fair Value Disclosure | 441,617 | 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 Federal Home Loan Bank Stock, Fair Value Disclosure | 0 | 0 | ||
Loans Receivable, Fair Value Disclosure | 19,053,921 | |||
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,793 | $ 5,161 | $ 5,497 | |
Deposits, Savings Deposits | 0 | 0 | ||
Interest-bearing Domestic Deposit, Brokered | 0 | 0 | ||
Deposits, Fair Value Disclosure | 0 | 0 | ||
Long-term Debt, Fair Value | 0 | 0 | ||
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 | ||
NonPCI and PCI Loans [Member] | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | 17,013,860 | |||
NonPCI and PCI Loans [Member] | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | 0 | 0 | ||
NonPCI and PCI Loans [Member] | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | 1,083 | 1,800 | ||
NonPCI and PCI Loans [Member] | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Loans Receivable, Fair Value Disclosure | 17,012,060 | |||
Fair Value, Recurring | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available-for-sale, at fair value | 3,797,187 | |||
Derivative Asset, Fair Value of Collateral | 1,234 | 3,292 | ||
Warrants Not Settleable in Cash, Fair Value Disclosure | 3,434 | 4,793 | ||
Derivative Liability, Fair Value of Collateral | 755 | 142 | ||
Fair Value, Recurring | Level 1 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available-for-sale, at fair value | 5,181 | 403,405 | ||
Derivative Asset, Fair Value of Collateral | 0 | 0 | ||
Equity Securities, FV-NI | 2,998 | 4,891 | ||
Warrants Not Settleable in Cash, Fair Value Disclosure | 0 | 0 | ||
Derivative Liability, Fair Value of Collateral | 0 | 0 | ||
Fair Value, Recurring | Level 2 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available-for-sale, at fair value | 3,769,307 | 3,558,793 | ||
Derivative Asset, Fair Value of Collateral | 1,234 | 3,292 | ||
Equity Securities, FV-NI | 0 | 0 | ||
Warrants Not Settleable in Cash, Fair Value Disclosure | 0 | 0 | ||
Derivative Liability, Fair Value of Collateral | 755 | 142 | ||
Fair Value, Recurring | Level 3 | ||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||||
Securities available-for-sale, at fair value | 22,699 | 47,233 | ||
Derivative Asset, Fair Value of Collateral | 0 | 0 | ||
Equity Securities, FV-NI | 0 | 0 | ||
Warrants Not Settleable in Cash, Fair Value Disclosure | 3,434 | 4,793 | ||
Derivative Liability, Fair Value of Collateral | $ 0 | $ 0 |
Fair Value Measurements (Deta_9
Fair Value Measurements (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | 24 Months Ended | |||
Sep. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | $ 3,797,187,000 | $ 4,009,431,000 | $ 3,797,187,000 | |||
Threshold for loans that are considered individually significant for allowance analysis purposes | 250,000 | |||||
Equity Method Investment, Other than Temporary Impairment | 1,000,000 | 764,000 | ||||
Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | 4,793,000 | $ 5,161,000 | $ 5,497,000 | |||
Equity Warrants Transfers to Available For Sale Securities | $ 78,000 | 113,000 | 78,000 | (1,182,000) | ||
Fair Value, Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 3,797,187,000 | 3,797,187,000 | ||||
Warrants Not Settleable in Cash, Fair Value Disclosure | 3,434,000 | 4,793,000 | 3,434,000 | |||
Fair Value, Recurring | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Warrants Not Settleable in Cash, Fair Value Disclosure | 3,434,000 | 4,793,000 | 3,434,000 | |||
Covered Private Label Collateralized Mortgage Obligations Member [Domain] | Fair Value, Recurring | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3 | 0 | 0 | 574,000 | |||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | 0 | 0 | $ 21,165,000 | |||
Private Label Collateralized Mortgage Obligations [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 99,483,000 | 101,205,000 | 99,483,000 | |||
Private Label Collateralized Mortgage Obligations [Member] | Fair Value, Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 99,483,000 | 101,205,000 | 99,483,000 | |||
Private Label Collateralized Mortgage Obligations [Member] | Fair Value, Recurring | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 6,264,000 | 7,288,000 | 6,264,000 | |||
Asset-backed Securities [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 214,783,000 | 81,385,000 | 214,783,000 | |||
Asset-backed Securities [Member] | Fair Value, Recurring | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 214,783,000 | 81,385,000 | 214,783,000 | |||
Asset-backed Securities [Member] | Fair Value, Recurring | Level 3 | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Securities available-for-sale, at fair value | 16,435,000 | $ 39,945,000 | $ 16,435,000 | |||
Warrant [Member] | ||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ 113,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal | $ 113,807 | $ 100,466 | $ 74,769 |
Current State and Local Tax Expense | 34,575 | 69,909 | 38,933 |
Current Income Tax Expense | 148,382 | 170,375 | 113,702 |
Deferred Federal Income Tax Expense | 5,062 | 4,746 | 63,463 |
Deferred State and Local Income Tax Expense | 10,860 | (7,143) | 19,748 |
Deferred Income Tax Expense (Benefit) | 15,922 | (2,397) | 83,211 |
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations | $ 164,304 | $ 167,978 | $ 196,913 |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | $ 132,917 | $ 132,997 | $ 194,156 |
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount | 43,575 | 45,945 | 33,729 |
Effective Income Tax Rate Reconciliation, Tax Exempt Income, Amount | (8,092) | (9,810) | (15,510) |
Income Tax Reconciliation Change In Cash Surrender Value Of Life Insurance | (1,298) | (1,742) | (1,853) |
Income Tax Credits and Adjustments | (3,217) | (2,025) | (2,054) |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | 4,430 | 2,552 | 1,781 |
Nondeductible acquisition-related expense | 0 | 71 | 1,608 |
Nondeductible FDIC Insurance Premiums | 1,302 | 1,664 | 0 |
Deferred Tax Assets, Tax Deferred Expense | 941 | (169) | 1,157 |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | (32,036) | (15,721) | (13,071) |
Deferred Tax Asset, Capital Loss Carryforward, Expired | 3,136 | 8,097 | 0 |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Amount | 0 | 1,859 | (1,156) |
Effective Income Tax Rate Reconciliation, Tax Settlement, State and Local, Amount | 19,138 | 3,736 | (3,735) |
Effective Income Tax Rate Reconciliation, Other Reconciling Items, Amount | 3,508 | 524 | 1,861 |
Income Tax Expense (Benefit), Continuing Operations, Discontinued Operations | $ 164,304 | $ 167,978 | $ 196,913 |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Provision for Loan Losses | $ 54,664 | $ 58,375 |
Interest on nonaccrual loans | 4,550 | 4,389 |
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Employee Compensation | 5,809 | 6,015 |
Deferred Tax Assets, Property, Plant and Equipment | 3,478 | 4,506 |
Deferred tax assets, unrealized losses on other real estate owned | 263 | 263 |
Deferred Tax Assets, State Taxes | 5,721 | 6,570 |
Deferred Tax Assets, Operating Loss Carryforwards | 39,517 | 68,026 |
Deferred Tax Assets, Capital Loss Carryforwards | 0 | 4,212 |
Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | 28,158 | 35,750 |
Deferred Tax Assets, Other | 0 | 4,887 |
Unrealized Loss From FDIC Assisted Acquisitions | 1,678 | 3,559 |
Deferred Tax Assets, Investments | 5,052 | 0 |
Deferred Tax Assets, Unrealized Losses on Available-for-Sale Securities, Gross | 0 | 2,435 |
Deferred Tax Assets, Equity Method Investments | 5,953 | 4,896 |
Deferred Tax Assets, Goodwill and Intangible Assets | 5,434 | 10,418 |
Tax Credit Carryforward, Deferred Tax Asset | 3,426 | 5,237 |
Lease liability | 40,533 | |
Deferred Tax Assets, Gross | 204,236 | 219,538 |
Deferred Tax Assets, Valuation Allowance | (46,371) | (78,407) |
Deferred Tax Assets, Net of Valuation Allowance | 157,865 | 141,131 |
Deferred Tax Liabilities, Goodwill and Intangible Assets | 9,853 | 15,159 |
Deferred Tax Liabilities, Tax Deferred Income | 5,330 | 7,275 |
Deferred Tax Liabilities, Other Comprehensive Income | 30,438 | 0 |
Deferred Tax Liabilities, Regulatory Assets | 647 | 658 |
Tax mark-to-market | 0 | 1,636 |
Deferred Tax Liabilities, Subordinated Debt | 20,183 | 23,164 |
Deferred Tax Liabilities, Leasing Arrangements | 83,878 | 75,750 |
ROU assets | 36,359 | |
Deferred Tax Liabilities, Other | 2,830 | 0 |
Deferred Tax Liabilities, Gross | 189,518 | 123,642 |
Deferred Tax Asset (Liability) | $ (31,653) | $ 17,489 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 6,981 | $ 5,806 |
Reconciliation of Unrecognized Tax Benefits [Roll Forward] | ||
Balance, beginning of year | 9,572 | 10,209 |
Increase based on tax positions related to prior years | 1,733 | 1,278 |
Reductions related to settlements | (255) | (684) |
Reductions for tax positions as a result of a lapse of the applicable statute of limitations | (302) | (1,231) |
Balance, end of year | $ 10,748 | $ 9,572 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Taxes Payable, Current | $ 30,800 | $ 38,900 | |
Deferred Tax Assets, Valuation Allowance | 46,371 | 78,407 | |
Unused Federal operating loss carryforwards | 0 | ||
Unused State operating loss carryforwards | 669,300 | ||
Deferred Tax Assets, Tax Credit Carryforwards, Foreign | 3,400 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 6,981 | 5,806 | |
Significant Change in Unrecognized Tax Benefits is Reasonably Possible, Amount of Unrecorded Benefit | 4,500 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | 700 | (200) | $ (200) |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 1,500 | 800 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ (32,036) | $ (15,721) | $ (13,071) |
Effective Income Tax Rate Reconciliation, Change in Enacted Tax Rate, Percent | 21.00% | 35.00% | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 32,000 | ||
Minimum | |||
State operating loss carryforwards expiration date | 2020 | ||
Open Tax Year | 2015 | ||
Maximum | |||
State operating loss carryforwards expiration date | 2039 | ||
Open Tax Year | 2018 | ||
State and Local Jurisdiction [Member] | Minimum | |||
Income Tax Examination, Year under Examination | 2012 | ||
State and Local Jurisdiction [Member] | Maximum | |||
Income Tax Examination, Year under Examination | 2017 | ||
LIHTC Investments | |||
Tax Credit Carryforward, Amount | $ 20,000 | ||
Other Tax Expense (Benefit) | $ 14,000 | $ 8,400 | |
Income Tax Expense [Member] | LIHTC Investments | |||
Amortization | 16,700 | $ 11,900 | $ 6,300 |
Foreign Tax Credit [Member] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 4,700 | ||
Expires 2018 [Member] | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 27,300 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Earnings Per Share [Abstract] | ||||||||||||
Net earnings | $ 117,881 | $ 110,026 | $ 128,125 | $ 112,604 | $ 468,636 | $ 465,339 | $ 357,818 | |||||
Participating Securities, Distributed and Undistributed Earnings (Loss), Basic | [1] | 5,182 | 5,119 | |||||||||
Net earnings from continuing operations | $ 115,041 | $ 116,287 | $ 115,735 | $ 118,276 | 468,636 | 465,339 | ||||||
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic | [1] | (4,184) | ||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 463,454 | 460,220 | ||||||||||
Net earnings allocated to common shares | $ 463,454 | $ 460,220 | $ 353,634 | |||||||||
Weighted-average basic shares and unvested restricted stock outstanding | 120,468 | 125,100 | 123,060 | |||||||||
Less: weighted-average unvested restricted stock outstanding | (1,502) | (1,460) | (1,447) | |||||||||
Weighted-average basic shares outstanding | 118,966 | 123,640 | 121,613 | |||||||||
Earnings Per Share, Basic (usd per share) | $ 3.90 | $ 3.72 | $ 2.91 | |||||||||
Diluted income per share (usd per share) | $ 0.98 | $ 0.92 | $ 1.07 | $ 0.92 | $ 0.93 | $ 0.94 | $ 0.92 | $ 0.93 | $ 3.90 | $ 3.72 | $ 2.91 | |
[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 Revenue From Contracts With Customers (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue From Contracts With Customers [Line Items] | |||||||||||
Total interest income | $ 293,593 | $ 307,208 | $ 314,533 | $ 304,559 | $ 302,739 | $ 292,642 | $ 288,514 | $ 277,775 | $ 1,219,893 | $ 1,161,670 | $ 1,052,516 |
Gain on sale of loans and leases | 1,114 | 4,675 | 6,197 | ||||||||
Gain (loss) on sale of securities | 184 | 908 | 22,192 | 2,161 | 786 | 826 | 253 | 6,311 | 25,445 | 8,176 | (541) |
Service charges on deposit accounts | 35,470 | 37,380 | |||||||||
Other commissions and fees | 43,623 | 45,543 | 41,422 | ||||||||
Service charges on deposit accounts | 14,637 | 16,509 | 15,307 | ||||||||
Operating Leases, Income Statement, Lease Revenue | 38,727 | 37,881 | 37,700 | ||||||||
Other income | 19,016 | 35,851 | 28,488 | ||||||||
Total noninterest income | $ 27,176 | $ 33,429 | $ 50,893 | $ 31,064 | $ 33,526 | $ 36,912 | $ 39,638 | $ 38,559 | 142,562 | 148,635 | $ 128,573 |
Total Income | 1,362,455 | 1,310,305 | |||||||||
Interest [Member] | |||||||||||
Revenue From Contracts With Customers [Line Items] | |||||||||||
Service charges on deposit accounts | 0 | 0 | |||||||||
Service Charges On Deposit Accounts | |||||||||||
Revenue From Contracts With Customers [Line Items] | |||||||||||
Service charges on deposit accounts | 14,637 | 16,509 | |||||||||
Other Commissions And Fees | |||||||||||
Revenue From Contracts With Customers [Line Items] | |||||||||||
Service charges on deposit accounts | 19,216 | 19,080 | |||||||||
Lease Equipment Income [Member] | |||||||||||
Revenue From Contracts With Customers [Line Items] | |||||||||||
Service charges on deposit accounts | 0 | 0 | |||||||||
Gain On Sale Of Loans [Member] | |||||||||||
Revenue From Contracts With Customers [Line Items] | |||||||||||
Service charges on deposit accounts | 0 | 0 | |||||||||
Gain On Sale Of Securities [Member] | |||||||||||
Revenue From Contracts With Customers [Line Items] | |||||||||||
Service charges on deposit accounts | 0 | 0 | |||||||||
Other [Member] | |||||||||||
Revenue From Contracts With Customers [Line Items] | |||||||||||
Service charges on deposit accounts | 1,617 | 1,791 | |||||||||
Noninterest Income [Member] | |||||||||||
Revenue From Contracts With Customers [Line Items] | |||||||||||
Service charges on deposit accounts | $ 35,470 | $ 37,380 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers Revenue From Contracts With Customers (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue From Contracts With Customers [Abstract] | ||
Revenue, Performance Obligation Satisfied At Point In Time | $ 19,253 | $ 18,681 |
Product and Services Transferred Over Time | 16,217 | 18,699 |
Service charges on deposit accounts | $ 35,470 | $ 37,380 |
Revenue From Contracts With C_5
Revenue From Contracts With Customers Revenue From Contracts With Customers (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue From Contracts With Customers [Abstract] | ||
Contract With Customer, Receivable Reclassified to Other Assets | $ 1,094 | $ 1,334 |
Contract with Customer, Asset, Reclassified to Receivable | 0 | 0 |
Contract With Customer, Liabilities Reclassified to Other Assets | $ 490 | $ 621 |
Revenue From Contracts With C_6
Revenue From Contracts With Customers Revenue From Contracts With Customers (Details Textuals) | Dec. 31, 2018USD ($) |
Revenue From Contracts With Customers [Abstract] | |
Contract with Customer, Liability | $ 131,000 |
Stock-Based Compensation Stoc_2
Stock-Based Compensation Stock-Based Compensation (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares | |||
Beginning balance | 1,344,656 | ||
Granted | 836,326 | ||
Shares vesting | (471,798) | ||
Forfeited | (195,987) | ||
Ending balance | 1,513,197 | 1,344,656 | |
(Per Share) | |||
Beginning balance | $ 47.43 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 38.66 | $ 53.69 | $ 50.08 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | 44.12 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | 46.91 | ||
Ending balance | $ 43.68 | $ 47.43 | |
PRSU | |||
Shares | |||
Beginning balance | 325,741 | ||
Granted | 112,815 | ||
Shares vesting | (106,008) | ||
Forfeited | (56,162) | ||
Ending balance | 276,386 | 325,741 | |
(Per Share) | |||
Beginning balance | $ 43.34 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | 39.56 | $ 57.52 | $ 57.80 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Weighted Average Grant Date Fair Value | 32.01 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price | 23.04 | ||
Ending balance | $ 50.27 | $ 43.34 |
Stock-Based Compensation Stoc_3
Stock-Based Compensation Stock-Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 6.8 | $ 7.7 | $ 8.9 |
Equity Instruments Other than Options, Nonvested, Number | 1,513,197 | 1,344,656 | |
Vesting period of time-based restricted stock, lower limit | 3 years | ||
Vesting period of time-based restricted stock, higher limit | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 38.66 | $ 53.69 | $ 50.08 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $ 18.1 | $ 25.9 | $ 24.9 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 5.6 | ||
Restricted Stock [Member] | Vesting Based On Service [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Expense | 26.2 | $ 29.1 | $ 24.9 |
Restricted Stock Awards And Performance Based Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 51.6 | ||
PRSU | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 0 | 0 | |
Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 3 years | ||
Equity Instruments Other than Options, Nonvested, Number | 276,386 | 325,741 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 39.56 | $ 57.52 | $ 57.80 |
PacWest 2003 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,000,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,453,216 | ||
PacWest 2003 Stock Incentive Plan [Member] | Time-Based Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity Instruments Other than Options, Nonvested, Number | 1,513,197 | ||
Outstanding at Year-End [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Equity Instruments Other than Options, Outstanding, Weighted Average Remaining Contractual Terms | 1 year 4 months 24 days | ||
Minimum | PRSU | Target vesting 1 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||
Minimum | PRSU | Target vesting 2 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% | ||
Maximum | PRSU | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | ||
Maximum | PRSU | Target vesting 1 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 150.00% | ||
Maximum | PRSU | Target vesting 2 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% |
Benefit Plans Benefit Plans (De
Benefit Plans Benefit Plans (Details Textual) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)yr | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Benefit Plans [Abstract] | |||
Minimum Hours Of Work Required By Participants | 1,000 | ||
Minimum Age Of Work Required By Participants | yr | 18 | ||
Maximum Annual Contributions Per Employee, Percent | 60.00% | ||
Cost Recognized | $ | $ 4.1 | $ 4.3 | $ 4 |
Stockholders' Equity (Details T
Stockholders' Equity (Details Textual) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 29, 2020 | Feb. 28, 2019 | Feb. 14, 2018 | Nov. 15, 2017 | Oct. 17, 2016 | |
Treasury Stock, Shares, Acquired | 218,531 | 181,642 | 188,870 | |||||
Treasury Stock Acquired, Average Cost Per Share | $ 38.66 | $ 50.37 | $ 50.17 | |||||
Stock Repurchase Program, Authorized Amount | $ 225,000,000 | $ 350,000,000 | $ 150,000,000 | $ 400,000,000 | ||||
Stock Repurchased and Retired During Period, Shares | 3,987,945 | 5,849,234 | 2,081,227 | |||||
Stock Repurchased and Retired During Period, Value | $ 154,516,000 | $ 306,393,000 | $ 99,677,000 | |||||
Stock Repurchase and Retired During Period, Weighted Average Price | $ 38.75 | $ 52.38 | $ 47.89 | |||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 124,700,000 | |||||||
Subsequent Event [Member] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 200,000,000 |
Stockholders' Equity Shareholde
Stockholders' Equity Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders' Equity Attributable to Parent [Abstract] | |||
Stock Repurchased and Retired During Period, Value | $ 154,516 | $ 306,393 | $ 99,677 |
Stock Repurchased and Retired During Period, Shares | 3,987,945 | 5,849,234 | 2,081,227 |
Stock Repurchase and Retired During Period, Weighted Average Price | $ 38.75 | $ 52.38 | $ 47.89 |
Dividend Availability and Reg_3
Dividend Availability and Regulatory Matters Dividend Availability and Regulatory Matters (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Capital Conservation Buffer Percentage | 2.50% | 1.875% | |
Tier One Leverage Capital | $ 2,306,966 | $ 2,255,588 | |
Tier One Leverage Capital to Average Assets | 9.74% | 10.13% | |
Tier One Leverage Capital Required to be Well Capitalized | $ 1,184,347 | $ 1,113,341 | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets Capital Conservation Buffer | [1] | 4.00% | 4.00% |
Tier One Risk Based Common Equity | $ 2,306,966 | $ 2,255,588 | |
Tier One Risk Based Common Equity to Risk Weighted Assets | 9.78% | 10.01% | |
Tier One Risk Based Common Equity Required to be Well Capitalized | $ 1,532,971 | $ 1,464,131 | |
Tier One Risk Based Common Equity Required to be Well Capitalized to Risk Weighted Assets | 6.50% | 6.50% | |
Tier One Risk Based Common Equity Required to be Well Capitalized to Risk Weighted Assets Capital Conservation Buffer | [1] | 7.00% | 6.375% |
Tier One Risk Based Capital | $ 2,306,966 | $ 2,255,588 | |
Tier One Risk Based Capital to Risk Weighted Assets | 9.78% | 10.01% | |
Tier One Risk Based Capital Required to be Well Capitalized | $ 1,886,734 | $ 1,802,008 | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets Capital Conservation Buffer | [1] | 8.50% | 7.875% |
Capital | $ 2,926,075 | $ 2,865,152 | |
Capital to Risk Weighted Assets | 12.41% | 12.72% | |
Capital Required to be Well Capitalized | $ 2,358,417 | $ 2,252,510 | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% | |
Capital Required to be Well Capitalized to Risk Weighted Assets Capital Conservation Buffer | [1] | 10.50% | 9.875% |
Pacific Western Bank | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Tier One Leverage Capital | $ 2,589,473 | $ 2,403,244 | |
Tier One Leverage Capital to Average Assets | 10.95% | 10.80% | |
Tier One Leverage Capital Required to be Well Capitalized | $ 1,182,683 | $ 1,112,356 | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | ||
Tier One Leverage Capital Required to be Well Capitalized to Average Assets Capital Conservation Buffer | [1] | 4.00% | 4.00% |
Tier One Risk Based Common Equity | $ 2,589,473 | $ 2,403,244 | |
Tier One Risk Based Common Equity to Risk Weighted Assets | 11.00% | 10.68% | |
Tier One Risk Based Common Equity Required to be Well Capitalized | $ 1,530,088 | $ 1,462,083 | |
Tier One Risk Based Common Equity Required to be Well Capitalized to Risk Weighted Assets | 6.50% | ||
Tier One Risk Based Common Equity Required to be Well Capitalized to Risk Weighted Assets Capital Conservation Buffer | [1] | 7.00% | 6.375% |
Tier One Risk Based Capital | $ 2,589,473 | $ 2,403,244 | |
Tier One Risk Based Capital to Risk Weighted Assets | 11.00% | 10.68% | |
Tier One Risk Based Capital Required to be Well Capitalized | $ 1,883,185 | $ 1,799,487 | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | ||
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets Capital Conservation Buffer | [1] | 8.50% | 7.875% |
Capital | $ 2,764,128 | $ 2,572,586 | |
Capital to Risk Weighted Assets | 11.74% | 11.44% | |
Capital Required to be Well Capitalized | $ 2,353,981 | $ 2,249,359 | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | ||
Capital Required to be Well Capitalized to Risk Weighted Assets Capital Conservation Buffer | [1] | 10.50% | 9.875% |
[1] | Ratios for December 31, 2019 reflect the minimum required plus the fully phased-in capital conservation buffer of 2.50% ; ratios for December 31, 2018 reflect the minimum required plus capital conservation buffer phase-in for 2018 of 1.875% . |
Dividend Availability and Reg_4
Dividend Availability and Regulatory Matters Dividend Availability and Regulatory Matters (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||
Capital Conservation Buffer Percentage | 2.50% | 1.875% |
Dividends Paid Exceeded Earnings | $ 34,800,000 | |
Proceeds from Dividends Received | 336,000,000 | |
Retained earnings | 1,652,248,000 | $ 1,182,674,000 |
Deferred Tax Assets, Regulatory Assets and Liabilities | $ 195,000 | |
Capital Required for Capital Adequacy to Risk Weighted Assets | 8.00% | |
Tier One Leverage Capital Required for Capital Adequacy to Average Assets | 6.00% | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | 10.00% |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | 8.00% |
Tier One Risk Based Capital Required to be Well Capitalized | 6.50% | 6.50% |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% | 5.00% |
Common Equity Tier One Capital Ratio | 4.50% | |
Supplementary Leverage Ratio | 4.00% | |
Subordinated debentures | $ 458,209,000 | $ 453,846,000 |
Tier One Capital, Trust Preferred Securities Capital Portion | 0 | |
Tier Two Capital, Trust Preferred Securities Capital Portion | 444,500,000 | |
Pacific Western Bank | ||
Compliance with Regulatory Capital Requirements for Mortgage Companies [Line Items] | ||
Retained earnings | 490,600,000 | |
Deferred Tax Assets, Regulatory Assets and Liabilities | $ 0 | |
Capital Required to be Well Capitalized to Risk Weighted Assets | 10.00% | |
Tier One Risk Based Capital Required to be Well Capitalized to Risk Weighted Assets | 8.00% | |
Tier One Risk Based Capital Required to be Well Capitalized | 6.50% | |
Tier One Leverage Capital Required to be Well Capitalized to Average Assets | 5.00% |
Condensed Financial Informati_3
Condensed Financial Information Of Parent Company Condensed Financial Information Of Parent Company (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Condensed Financial Statements, Captions [Line Items] | ||||
Other assets | $ 636,811 | $ 540,385 | ||
Total assets | 26,770,806 | 25,731,354 | ||
Subordinated debentures | 458,209 | 453,846 | ||
Total liabilities | 21,816,109 | 20,905,766 | ||
Stockholders' Equity Attributable to Parent Only | 4,954,697 | 4,825,588 | $ 4,977,598 | $ 4,479,055 |
Total liabilities and stockholders' equity | 26,770,806 | 25,731,354 | ||
Parent [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Cash | 113,961 | 244,859 | ||
Investments In Consolidated Banking Subsidiaries | 4,905,033 | 4,641,649 | ||
Other assets | 74,479 | 79,516 | ||
Total assets | 5,093,473 | 4,966,024 | ||
Subordinated debentures | 135,055 | 135,055 | ||
Other Liabilities | 3,721 | 5,381 | ||
Total liabilities | 138,776 | 140,436 | ||
Stockholders' Equity Attributable to Parent Only | 4,954,697 | 4,825,588 | ||
Total liabilities and stockholders' equity | $ 5,093,473 | $ 4,966,024 |
Condensed Financial Informati_4
Condensed Financial Information Of Parent Company Condensed Financial Information Of Parent Company (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Investment Income, Dividend | $ 1,646 | $ 1,739 | $ 1,866 | ||||||||
Total Income | 1,362,455 | 1,310,305 | |||||||||
Interest Expense | $ 46,974 | $ 54,972 | $ 53,635 | $ 49,683 | $ 40,974 | $ 32,325 | $ 26,182 | $ 21,275 | 205,264 | 120,756 | 72,945 |
Income Tax Expense (Benefit) | (29,186) | (41,830) | (50,239) | (43,049) | $ (39,015) | $ (41,289) | $ (42,286) | $ (45,388) | (164,304) | (167,978) | (196,913) |
Net earnings | $ 117,881 | $ 110,026 | $ 128,125 | $ 112,604 | 468,636 | 465,339 | 357,818 | ||||
Parent Only | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Other Income | 9,739 | 8,358 | 3,393 | ||||||||
Investment Income, Dividend | 336,000 | 684,000 | 265,000 | ||||||||
Total Income | 345,739 | 692,358 | 268,393 | ||||||||
Interest Expense | 6,637 | 6,550 | 5,519 | ||||||||
Operating Expenses | 9,833 | 10,068 | 8,273 | ||||||||
Total Expenses | 16,470 | 16,618 | 13,792 | ||||||||
Net earnings from continuing operations | 329,269 | 675,740 | 254,601 | ||||||||
Income Tax Expense (Benefit) | 2,202 | 7,262 | 19,957 | ||||||||
Income Loss From Continuing Operations Before Income Loss From Equity Method Investments | 331,471 | 683,002 | 274,558 | ||||||||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | 137,165 | (217,663) | 83,260 | ||||||||
Net earnings | $ 468,636 | $ 465,339 | $ 357,818 |
Condensed Financial Informati_5
Condensed Financial Information Of Parent Company Condensed Financial Information Of Parent Company (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2018 | Dec. 31, 2016 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||
Net earnings | $ 117,881 | $ 110,026 | $ 128,125 | $ 112,604 | $ 468,636 | $ 465,339 | $ 357,818 | ||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | |||||||||
Decrease (increase) in other assets | 15,547 | 25,117 | (118,477) | ||||||
(Gain) loss on sale of securities, net | (25,445) | (8,176) | 541 | ||||||
Earned stock compensation | 26,815 | 29,768 | 25,568 | ||||||
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||||||||
Cash acquired in acquisitions, net of cash consideration paid | 0 | 0 | 160,318 | ||||||
Payments to Acquire Available-for-sale Securities | (1,569,421) | (1,180,545) | (1,298,105) | ||||||
Net Cash Provided by (Used in) Financing Activities [Abstract] | |||||||||
Restricted stock surrendered | (315,542) | (109,153) | |||||||
Cash dividends paid, net | (288,193) | (247,403) | |||||||
Cash and Cash Equivalents, at Carrying Value | 637,624 | 637,624 | 385,767 | 398,437 | $ 385,767 | $ 419,670 | |||
Supplemental Cash Flow Information [Abstract] | |||||||||
shares of unvested restricted stock, respectively) | 1,219 | 1,219 | 1,251 | ||||||
Parent Only | |||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||
Net earnings | 468,636 | 465,339 | 357,818 | ||||||
Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract] | |||||||||
Decrease (increase) in other assets | (35,510) | (36,362) | (34,274) | ||||||
Increase (Decrease) in Operating Liabilities | (1,661) | (953) | 4,857 | ||||||
(Gain) loss on sale of securities, net | 0 | 0 | (15) | ||||||
Earned stock compensation | 29,768 | 25,568 | |||||||
Income (Loss) from Equity Method Investments, Net of Dividends or Distributions | (137,165) | 217,663 | (83,260) | ||||||
Net cash provided by operating activities | 321,115 | 675,455 | 270,694 | ||||||
Net Cash Provided by (Used in) Investing Activities [Abstract] | |||||||||
Cash acquired in acquisitions, net of cash consideration paid | 0 | 0 | (223,818) | ||||||
Payments to Acquire Available-for-sale Securities | 0 | 0 | 426 | ||||||
Net Cash Provided by (Used in) Investing Activities, Continuing Operations | 0 | 0 | (223,392) | ||||||
Net Cash Provided by (Used in) Financing Activities [Abstract] | |||||||||
Restricted stock surrendered | (162,965) | (315,542) | (109,153) | ||||||
Increase (Decrease) in Notes Receivables | 0 | (12,372) | 0 | ||||||
Cash dividends paid, net | (289,048) | (288,193) | (247,403) | ||||||
Net cash provided by (used in) financing activities | (452,013) | (616,107) | (356,556) | ||||||
Net Cash Provided by (Used in) Continuing Operations | (130,898) | 59,348 | (309,254) | ||||||
Cash and Cash Equivalents, at Carrying Value | $ 113,961 | $ 113,961 | 244,859 | 185,511 | $ 494,765 | ||||
Supplemental Cash Flow Information [Abstract] | |||||||||
shares of unvested restricted stock, respectively) | $ 0 | $ 446,233 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data Selected Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Income (Expense), Net [Abstract] | |||||||||||
Total interest income | $ 293,593 | $ 307,208 | $ 314,533 | $ 304,559 | $ 302,739 | $ 292,642 | $ 288,514 | $ 277,775 | $ 1,219,893 | $ 1,161,670 | $ 1,052,516 |
Interest expense | (46,974) | (54,972) | (53,635) | (49,683) | (40,974) | (32,325) | (26,182) | (21,275) | (205,264) | (120,756) | (72,945) |
Net interest income | 246,619 | 252,236 | 260,898 | 254,876 | 261,765 | 260,317 | 262,332 | 256,500 | 1,014,629 | 1,040,914 | 979,571 |
Provision for credit losses | (3,000) | (7,000) | (8,000) | (4,000) | (12,000) | (11,500) | (17,500) | (4,000) | (22,000) | (45,000) | (57,752) |
Interest Income (Expense), after Provision for Loan Loss | 243,619 | 245,236 | 252,898 | 250,876 | 249,765 | 248,817 | 244,832 | 252,500 | 992,629 | 995,914 | 921,819 |
Noninterest Income [Abstract] | |||||||||||
Gain (loss) on sale of securities | 184 | 908 | 22,192 | 2,161 | 786 | 826 | 253 | 6,311 | 25,445 | 8,176 | (541) |
Noninterest Income, Other | 26,992 | 32,521 | 28,701 | 28,903 | 32,740 | 36,086 | 39,385 | 32,248 | |||
Total noninterest income | 27,176 | 33,429 | 50,893 | 31,064 | 33,526 | 36,912 | 39,638 | 38,559 | 142,562 | 148,635 | 128,573 |
Foreclosed Assets (Income) Expense, Net | 3,446 | (8) | 146 | (29) | 311 | 257 | 61 | 122 | |||
Noninterest Expense [Abstract] | |||||||||||
Acquisition, integration and reorganization costs | 269 | 0 | 0 | (618) | (970) | (800) | 0 | 0 | |||
Other expense | 127,443 | 126,801 | 125,573 | 125,640 | 128,576 | 127,610 | 126,510 | 127,517 | 30,913 | 39,741 | 37,997 |
Total noninterest expense | (123,728) | (126,809) | (125,427) | (126,287) | (129,235) | (128,153) | (126,449) | (127,395) | (502,251) | (511,232) | (495,661) |
Income (Loss) from Continuing Operations, Net of Tax, Attributable to Parent [Abstract] | |||||||||||
Earnings from continuing operations before taxes | 147,067 | 151,856 | 178,364 | 155,653 | 154,056 | 157,576 | 158,021 | 163,664 | 632,940 | 633,317 | 554,731 |
Income Tax Expense (Benefit) | (29,186) | (41,830) | (50,239) | (43,049) | (39,015) | (41,289) | (42,286) | (45,388) | (164,304) | (167,978) | (196,913) |
Net earnings | $ 117,881 | $ 110,026 | $ 128,125 | $ 112,604 | 468,636 | 465,339 | $ 357,818 | ||||
Net earnings from continuing operations | $ 115,041 | $ 116,287 | $ 115,735 | $ 118,276 | $ 468,636 | $ 465,339 | |||||
Earnings Per Share, Basic [Abstract] | |||||||||||
Basic and diluted earnings per share (usd per share) | $ 0.98 | $ 0.92 | $ 1.07 | $ 0.92 | $ 0.93 | $ 0.94 | $ 0.92 | $ 0.93 | |||
Dividends declared per share (usd per share) | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.50 | $ 2.40 | $ 2.30 | $ 2 |
Subsequent Events Subsequent Ev
Subsequent Events Subsequent Events (Details Textual) - USD ($) | Feb. 03, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 29, 2020 | Feb. 28, 2019 | Feb. 14, 2018 | Nov. 15, 2017 | Oct. 17, 2016 |
Subsequent Event [Line Items] | |||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 225,000,000 | $ 350,000,000 | $ 150,000,000 | $ 400,000,000 | |||||||||||||
Dividends declared per share (usd per share) | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.60 | $ 0.50 | $ 2.40 | $ 2.30 | $ 2 | ||||||
Subsequent Event [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 200,000,000 | ||||||||||||||||
Dividend Declared [Member] | Subsequent Event [Member] | |||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||
Dividends declared per share (usd per share) | $ 0.60 |