Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Oct. 29, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Transition Report | false | |
Document Period End Date | Sep. 30, 2020 | |
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., 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 $0.01 per share | |
Trading Symbol | PACW | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | No | |
Entity Central Index Key | 0001102112 | |
Entity Filer Category | Large Accelerated Filer | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Interactive Data Current | Yes | |
Document Quarterly Report | true | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 116,783,237 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
ASSETS: | |||
Cash and due from banks | $ 187,176 | $ 172,585 | |
Interest-earning deposits in financial institutions | 2,766,020 | 465,039 | |
Total cash, cash equivalents, and restricted cash | 2,953,196 | 637,624 | |
Securities available-for-sale, at fair value | 4,532,614 | 3,797,187 | |
Federal Home Loan Bank stock, at cost | 17,250 | 40,924 | |
Total investment securities | 4,549,864 | 3,838,111 | |
Gross loans and leases held for investment | 19,101,680 | 18,910,740 | |
Deferred fees, net | (75,480) | (63,868) | |
Allowance for loan and lease losses | (345,966) | (138,785) | |
Total loans and leases held for investment, net | [1] | 18,680,234 | 18,708,087 |
Equipment leased to others under operating leases | 286,425 | 324,084 | |
Premises and equipment, net | 40,544 | 38,585 | |
Foreclosed assets, net | 13,747 | 440 | |
Goodwill | 1,078,670 | 2,548,670 | |
Core deposit and customer relationship intangibles, net | 26,813 | 38,394 | |
Other assets | 797,223 | 636,811 | |
Total assets | 28,426,716 | 26,770,806 | |
LIABILITIES AND STOCKHOLDERS' EQUITY | |||
Noninterest-bearing deposits | 9,346,744 | 7,243,298 | |
Interest-bearing deposits | 14,618,951 | 11,989,738 | |
Total deposits | 23,965,695 | 19,233,036 | |
Borrowings | 60,000 | 1,759,008 | |
Subordinated debentures | 463,282 | 458,209 | |
Accrued interest payable and other liabilities | 451,508 | 365,856 | |
Total liabilities | 24,940,485 | 21,816,109 | |
Commitments and contingencies | |||
Preferred Stock, Shares Authorized | 5,000,000 | ||
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 September 30, 2020 and December 31, 2019; 0 and 121,890,008 shares issued, respectively, including 0 and 1,513,197 shares of unvested restricted stock, respectively) | 1,208 | 1,219 | |
Additional paid-in capital | 3,125,554 | 3,306,006 | |
Retained earnings | 292,561 | 1,652,248 | |
Treasury stock, at cost (0 and 2,108,403 shares at September 30, 2020 and December 31, 2019) | (88,566) | (83,434) | |
Accumulated other comprehensive income, net | 155,474 | 78,658 | |
Total stockholders' equity | 3,486,231 | 4,954,697 | |
Total liabilities and stockholders' equity | $ 28,426,716 | $ 26,770,806 | |
Preferred stock par value (usd per share) | $ 0.01 | ||
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | |
Common Stock par value (usd per share) | $ 0.01 | $ 0.01 | |
Treasury Stock (shares) | 2,311,182 | 2,108,403 | |
Unvested restricted shares (shares) | 1,706,690 | 1,513,197 | |
Common Stock, Shares, Issued | 120,801,109 | 121,890,008 | |
[1] | Excludes accrued interest receivable of $71.5 million and $67.5 million at September 30, 2020 and December 31, 2019, respectively, which is recorded in "Other assets" on the condensed consolidated balance sheets. |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Earnings - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest income: | |||||
Loans and leases | $ 240,811 | $ 247,851 | $ 275,978 | $ 750,940 | $ 834,443 |
Investment securities | 24,443 | 26,038 | 28,806 | 77,927 | 87,434 |
Deposits in financial institutions | 654 | 186 | 2,424 | 2,448 | 4,423 |
Total interest income | 265,908 | 274,075 | 307,208 | 831,315 | 926,300 |
Interest expense: | |||||
Deposits | 9,887 | 13,075 | 40,703 | 51,209 | 113,658 |
Borrowings | 27 | 1,319 | 6,852 | 8,124 | 21,772 |
Subordinated debentures | 4,670 | 5,402 | 7,417 | 16,632 | 22,860 |
Total interest expense | 14,584 | 19,796 | 54,972 | 75,965 | 158,290 |
Net interest income | 251,324 | 254,279 | 252,236 | 755,350 | 768,010 |
Provision for credit losses | 97,000 | 120,000 | 7,000 | 329,000 | 19,000 |
Net interest income after provision for credit losses | 154,324 | 134,279 | 245,236 | 426,350 | 749,010 |
Noninterest income: | |||||
Other commissions and fees | 10,541 | 10,111 | 10,855 | 30,373 | 33,453 |
Leased equipment income | 9,900 | 12,037 | 9,615 | 34,188 | 28,079 |
Service charges on deposit accounts | 2,570 | 2,004 | 3,525 | 7,232 | 11,026 |
Gain on sale of loans and leases | 35 | 346 | 765 | 468 | 1,091 |
Gain on sale of securities | 5,270 | 7,715 | 908 | 13,167 | 25,261 |
Other income | 9,936 | 6,645 | 7,761 | 20,782 | 16,476 |
Total noninterest income | 38,252 | 38,858 | 33,429 | 106,210 | 115,386 |
Noninterest expense: | |||||
Compensation | 75,131 | 61,910 | 71,424 | 198,323 | 211,225 |
Occupancy | 14,771 | 14,494 | 14,089 | 43,472 | 42,866 |
Data processing | 6,505 | 7,102 | 7,044 | 20,061 | 20,786 |
Leased equipment depreciation | 7,057 | 7,102 | 5,951 | 21,364 | 17,160 |
Intangible asset amortization | 3,751 | 3,882 | 4,833 | 11,581 | 14,573 |
Other professional services | 4,713 | 4,146 | 4,400 | 13,117 | 13,542 |
Insurance and assessments | 3,939 | 9,373 | 4,100 | 17,561 | 12,236 |
Customer related expense | 4,762 | 4,408 | 3,539 | 13,102 | 9,887 |
Loan expense | 3,499 | 3,379 | 3,628 | 9,528 | 9,964 |
Acquisition, integration and reorganization costs | 0 | 0 | 0 | 0 | 618 |
Foreclosed assets expense (income), net | 335 | (146) | 8 | 255 | (109) |
Goodwill impairment | 0 | 0 | 0 | 1,470,000 | 0 |
Other expense | 8,939 | 11,315 | 7,793 | 29,973 | 25,775 |
Total noninterest expense | 133,402 | 126,965 | 126,809 | 1,848,337 | 378,523 |
Earnings (loss) before income taxes | 59,174 | 46,172 | 151,856 | (1,315,777) | 485,873 |
Income tax expense | (13,671) | (12,968) | (41,830) | (38,627) | (135,118) |
Net earnings (loss) | $ 45,503 | $ 33,204 | $ 110,026 | $ (1,354,404) | $ 350,755 |
Earnings (loss) per share: | |||||
Basic (usd per share) | $ 0.38 | $ 0.28 | $ 0.92 | $ (11.60) | $ 2.91 |
Diluted (usd per share) | $ 0.38 | $ 0.28 | $ 0.92 | $ (11.60) | $ 2.91 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | ||
Statement of Comprehensive Income [Abstract] | ||||||
Net earnings | $ 45,503 | $ 33,204 | $ 110,026 | $ (1,354,404) | $ 350,755 | |
Other comprehensive income, net of tax: | ||||||
Unrealized net holding gains (losses) on securities available-for-sale arising during the period | 19,745 | 82,780 | 32,759 | 119,708 | 167,566 | |
Income tax (expense) benefit related to unrealized holding gains (losses) arising during the period | (5,510) | (23,095) | (9,287) | (33,399) | (47,504) | |
Unrealized net holding gains (losses) on securities available-for-sale, net of tax | 14,235 | 59,685 | 23,472 | 86,309 | 120,062 | |
Reclassification adjustment for net (gains) losses included in net earnings | [1] | (5,270) | (7,715) | (908) | (13,167) | (25,261) |
Income tax expense (benefit) related to reclassification adjustment | 1,471 | 2,152 | 257 | 3,674 | 7,161 | |
Reclassification adjustment for net (gains) losses included in net earnings, net of tax | (3,799) | (5,563) | (651) | (9,493) | (18,100) | |
Other comprehensive income, net of tax | 10,436 | 54,122 | 22,821 | 76,816 | 101,962 | |
Comprehensive income (loss) | $ 55,939 | $ 87,326 | $ 132,847 | $ (1,277,588) | $ 452,717 | |
[1] | Entire amounts are recognized in "Gain on sale of securities" on the Condensed Consolidated Statements of Earnings (Loss). |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Shares Of Common Stock | Accumulated Other Comprehensive Income (Loss) | |||
Dividends declared per share (usd per share) | $ 0.60 | |||||||||
Beginning Period Balance at Dec. 31, 2018 | $ 4,825,588 | $ 1,251 | $ 3,722,723 | $ 1,182,674 | $ (74,985) | $ (6,075) | ||||
Shares outstanding, beginning balance (shares) at Dec. 31, 2018 | 123,189,833 | |||||||||
Stockholders' Equity Disclosure [Rollforward] | ||||||||||
Net earnings | 112,604 | 112,604 | ||||||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | 43,333 | 43,333 | ||||||||
Restricted stock awarded and earned compensation, net of shares forfeited (shares) | 195,536 | |||||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 5,808 | $ 2 | 5,806 | |||||||
Restricted stock surrendered (shares) | (113,544) | (3,070,676) | ||||||||
Restricted stock surrendered | (4,522) | (4,522) | ||||||||
Common stock repurchased under Stock Repurchase Program | (31) | |||||||||
Common stock repurchased under Stock Repurchase Program | (119,587) | (119,556) | ||||||||
Cash dividends paid | (73,180) | (73,180) | ||||||||
Ending Period Balance at Mar. 31, 2019 | 4,790,982 | $ 1,222 | 3,535,793 | 1,296,216 | (79,507) | 37,258 | ||||
Shares outstanding, ending balance (shares) at Mar. 31, 2019 | 120,201,149 | |||||||||
Stockholders' Equity Disclosure [Rollforward] | ||||||||||
New Accounting Pronouncement, Effect of Change on Net Income | 938 | [1] | 938 | [1] | 0 | |||||
Beginning Period Balance at Dec. 31, 2018 | 4,825,588 | $ 1,251 | 3,722,723 | 1,182,674 | (74,985) | (6,075) | ||||
Shares outstanding, beginning balance (shares) at Dec. 31, 2018 | 123,189,833 | |||||||||
Stockholders' Equity Disclosure [Rollforward] | ||||||||||
Net earnings | 350,755 | |||||||||
Ending Period Balance at Sep. 30, 2019 | $ 4,920,108 | $ 1,219 | 3,371,032 | 1,534,367 | (82,397) | 95,887 | ||||
Shares outstanding, ending balance (shares) at Sep. 30, 2019 | 119,831,192 | |||||||||
Dividends declared per share (usd per share) | $ 0.60 | |||||||||
Beginning Period Balance at Mar. 31, 2019 | $ 4,790,982 | $ 1,222 | 3,535,793 | 1,296,216 | (79,507) | 37,258 | ||||
Shares outstanding, beginning balance (shares) at Mar. 31, 2019 | 120,201,149 | |||||||||
Stockholders' Equity Disclosure [Rollforward] | ||||||||||
Net earnings | 128,125 | 128,125 | ||||||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | 35,808 | 35,808 | ||||||||
Restricted stock awarded and earned compensation, net of shares forfeited (shares) | 619,653 | |||||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 6,721 | $ 6 | 6,715 | |||||||
Restricted stock surrendered (shares) | (74,429) | (917,269) | ||||||||
Restricted stock surrendered | (2,788) | (2,788) | ||||||||
Common stock repurchased under Stock Repurchase Program | (9) | |||||||||
Common stock repurchased under Stock Repurchase Program | (34,929) | (34,920) | ||||||||
Cash dividends paid | (71,909) | (71,909) | ||||||||
Ending Period Balance at Jun. 30, 2019 | $ 4,852,010 | $ 1,219 | 3,435,679 | 1,424,341 | (82,295) | 73,066 | ||||
Shares outstanding, ending balance (shares) at Jun. 30, 2019 | 119,829,104 | |||||||||
Dividends declared per share (usd per share) | $ 0.60 | |||||||||
Stockholders' Equity Disclosure [Rollforward] | ||||||||||
Net earnings | $ 110,026 | 110,026 | ||||||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | 22,821 | 22,821 | ||||||||
Restricted stock awarded and earned compensation, net of shares forfeited (shares) | 5,040 | |||||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 7,305 | $ 0 | 7,305 | |||||||
Restricted stock surrendered (shares) | (2,952) | |||||||||
Restricted stock surrendered | (102) | (102) | ||||||||
Common stock repurchased under Stock Repurchase Program | (71,952) | |||||||||
Cash dividends paid | (71,952) | |||||||||
Ending Period Balance at Sep. 30, 2019 | $ 4,920,108 | $ 1,219 | 3,371,032 | 1,534,367 | (82,397) | 95,887 | ||||
Shares outstanding, ending balance (shares) at Sep. 30, 2019 | 119,831,192 | |||||||||
Dividends declared per share (usd per share) | $ 0.60 | |||||||||
Beginning Period Balance at Dec. 31, 2019 | $ 4,954,697 | $ 1,219 | 3,306,006 | 1,652,248 | (83,434) | 78,658 | ||||
Shares outstanding, beginning balance (shares) at Dec. 31, 2019 | 119,781,605 | |||||||||
Stockholders' Equity Disclosure [Rollforward] | ||||||||||
Net earnings | (1,433,111) | (1,433,111) | ||||||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | 12,258 | 12,258 | ||||||||
Restricted stock awarded and earned compensation, net of shares forfeited (shares) | 194,916 | |||||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 6,494 | $ 2 | 6,492 | |||||||
Restricted stock surrendered (shares) | (106,021) | (1,953,711) | ||||||||
Restricted stock surrendered | (3,460) | (3,460) | ||||||||
Common stock repurchased under Stock Repurchase Program | (20) | |||||||||
Common stock repurchased under Stock Repurchase Program | (70,000) | (69,980) | ||||||||
Cash dividends paid | (71,206) | (71,206) | ||||||||
Ending Period Balance at Mar. 31, 2020 | 3,390,389 | $ 1,201 | 3,171,312 | 213,854 | (86,894) | 90,916 | ||||
Shares outstanding, ending balance (shares) at Mar. 31, 2020 | 117,916,789 | |||||||||
Stockholders' Equity Disclosure [Rollforward] | ||||||||||
New Accounting Pronouncement, Effect of Change on Net Income | [2] | (5,283) | (5,283) | |||||||
Beginning Period Balance at Dec. 31, 2019 | 4,954,697 | $ 1,219 | 3,306,006 | 1,652,248 | (83,434) | 78,658 | ||||
Shares outstanding, beginning balance (shares) at Dec. 31, 2019 | 119,781,605 | |||||||||
Stockholders' Equity Disclosure [Rollforward] | ||||||||||
Net earnings | (1,354,404) | |||||||||
Ending Period Balance at Sep. 30, 2020 | $ 3,486,231 | $ 1,208 | 3,125,554 | 292,561 | (88,566) | 155,474 | ||||
Shares outstanding, ending balance (shares) at Sep. 30, 2020 | 118,489,927 | |||||||||
Dividends declared per share (usd per share) | $ 0.25 | |||||||||
Beginning Period Balance at Mar. 31, 2020 | $ 3,390,389 | $ 1,201 | 3,171,312 | 213,854 | (86,894) | 90,916 | ||||
Shares outstanding, beginning balance (shares) at Mar. 31, 2020 | 117,916,789 | |||||||||
Stockholders' Equity Disclosure [Rollforward] | ||||||||||
Net earnings | 33,204 | 33,204 | ||||||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | 54,122 | 54,122 | ||||||||
Restricted stock awarded and earned compensation, net of shares forfeited (shares) | 550,738 | |||||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 6,289 | $ 6 | 6,283 | |||||||
Restricted stock surrendered (shares) | (92,924) | |||||||||
Restricted stock surrendered | (1,601) | (1,601) | ||||||||
Cash dividends paid | (29,505) | (29,505) | ||||||||
Ending Period Balance at Jun. 30, 2020 | $ 3,452,898 | $ 1,207 | 3,148,090 | 247,058 | (88,495) | 145,038 | ||||
Shares outstanding, ending balance (shares) at Jun. 30, 2020 | 118,374,603 | |||||||||
Dividends declared per share (usd per share) | $ 0.25 | |||||||||
Stockholders' Equity Disclosure [Rollforward] | ||||||||||
Net earnings | $ 45,503 | 45,503 | ||||||||
Other comprehensive income - net unrealized gain on securities available-for-sale, net of tax | 10,436 | 10,436 | ||||||||
Restricted stock awarded and earned compensation, net of shares forfeited (shares) | 119,158 | |||||||||
Restricted stock awarded and earned stock compensation, net of shares forfeited | 7,064 | $ 1 | 7,063 | |||||||
Restricted stock surrendered (shares) | (3,834) | |||||||||
Restricted stock surrendered | (71) | (71) | ||||||||
Cash dividends paid | (29,599) | (29,599) | ||||||||
Ending Period Balance at Sep. 30, 2020 | $ 3,486,231 | $ 1,208 | $ 3,125,554 | $ 292,561 | $ (88,566) | $ 155,474 | ||||
Shares outstanding, ending balance (shares) at Sep. 30, 2020 | 118,489,927 | |||||||||
[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, 2020 of ASU 2016-13, " Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments," and the related amendments, commonly referred to as CECL. |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net (loss) earnings | $ (1,354,404) | $ 350,755 |
Goodwill impairment | 1,470,000 | 0 |
Depreciation and amortization | 33,303 | 28,266 |
Amortization of net premiums on securities available-for-sale | 9,994 | 11,078 |
Amortization of intangible assets | 11,581 | 14,573 |
Amortization of operating lease ROU assets | 22,080 | 22,028 |
Provision for credit losses | 329,000 | 19,000 |
Gain on sale of foreclosed assets | (187) | (406) |
Provision for losses on foreclosed assets | 267 | 54 |
Gain on sale of loans and leases | (468) | (1,091) |
Loss (gain) on sale of premises and equipment | 309 | (34) |
Gain on sale of securities | (13,167) | (25,261) |
Unrealized loss (gain) on derivatives and foreign currencies, net | 494 | (16) |
Earned stock compensation | 19,847 | 19,834 |
(Increase) decrease in other assets | (60,450) | 50,345 |
Decrease in accrued interest payable and other liabilities | (125,262) | (41,530) |
Net cash provided by operating activities | 342,937 | 447,595 |
Cash flows from investing activities: | ||
Net increase in loans and leases | (269,253) | (894,624) |
Proceeds from sales of loans and leases | 6,536 | 102,507 |
Proceeds from maturities and paydowns of securities available-for-sale | 292,769 | 238,487 |
Proceeds from sales of securities available-for-sale | 167,267 | 1,554,805 |
Purchases of securities available-for-sale | (1,085,749) | (1,444,720) |
Net redemptions of Federal Home Loan Bank stock | 23,674 | 5,238 |
Proceeds from sales of foreclosed assets | 983 | 4,322 |
Purchases of premises and equipment, net | (11,013) | (10,990) |
Proceeds from sales of premises and equipment | 4 | 60 |
Proceeds from BOLI death benefit | 761 | 555 |
Net decrease (increase) in equipment leased to others under operating leases | 16,860 | (19,981) |
Net cash used in investing activities | (857,161) | (464,341) |
Cash flows from financing activities: | ||
Net increase (decrease) in noninterest-bearing deposits | 2,105,033 | (446,400) |
Net increase in interest-bearing deposits | 2,629,213 | 1,310,432 |
Net decrease in borrowings | (1,699,008) | (118,083) |
Common stock repurchased and restricted stock surrendered | (75,132) | (161,928) |
Cash dividends paid | (130,310) | (217,041) |
Net cash provided by financing activities | 2,829,796 | 366,980 |
Net increase in cash, cash equivalents, and restricted cash | 2,315,572 | 350,234 |
Cash, cash equivalents, and restricted cash, beginning of period | 637,624 | 385,767 |
Cash, cash equivalents, and restricted cash, end of period | 2,953,196 | 736,001 |
Supplemental disclosures of cash flow information: | ||
Cash paid for interest | 86,060 | 154,212 |
Cash paid for income taxes | 92,953 | 89,505 |
Loans transferred to foreclosed assets | 14,370 | 37 |
Transfers from loans held for investment to loans held for sale | $ 0 | $ 25,124 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | ORGANIZATION PacWest Bancorp, a Delaware corporation, is a bank holding company registered under the BHCA, with our corporate headquarters located in Beverly Hills, California. Our principal business is to serve as the holding company for our wholly-owned subsidiary, Pacific Western Bank. References to "Pacific Western" or the "Bank" refer to Pacific Western Bank together with its wholly-owned subsidiaries. References to "we," "us," or the "Company" refer to PacWest Bancorp together with its subsidiaries on a consolidated basis. When we refer to "PacWest" or to the "holding company," we are referring to PacWest Bancorp, the parent company, on a stand-alone basis. We are focused on relationship-based business banking to small, middle-market and venture-backed businesses nationwide. The Bank offers a broad range of loan and lease and deposit products and services through 71 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. The Bank provides community banking products including lending 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. The Bank offers national lending products including asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses on a national basis. The Bank also offers venture banking products including 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 foreign exchange services. Our major operating expenses are interest paid by the Bank on deposits and borrowings, compensation, occupancy, and general operating expenses. Significant Accounting Policies Our accounting policies are described in Note 1. Nature of Operations and Summary of Significant Accounting Policies , of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission ("Form 10-K"). Updates to our significant accounting policies described below reflect the impact of the adoption of ASU 2016-13, “ Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments ” and the related amendments, commonly referred to as CECL. Investment Securities Prior to January 1, 2020, debt securities available-for-sale were measured at fair value and declines in the fair value were reviewed to determine whether the impairment was other-than-temporary. If the decline in fair value was considered temporary, the decline in fair value below the amortized cost basis of a security was recognized in other comprehensive income (loss). If we did not expect to recover the entire amortized cost basis of the security, then an other-than-temporary impairment was considered to have occurred. The cost basis of the security was written down to its estimated fair value and the amount of the write-down was recognized through a charge to earnings. If the amount of the amortized cost basis expected to be recovered increased in a future period, the cost basis of the security was not increased but rather recognized prospectively through interest income. Effective January 1, 2020, upon the adoption of ASU 2016-13, debt securities available-for-sale are measured at fair value and are subject to impairment testing. A security is impaired if the fair value of the security is less than its amortized cost basis. When an available-for-sale debt security is considered impaired, the Company must determine if the decline in fair value has resulted from a credit-related loss or other factors and then, (1) recognize an allowance for credit losses by a charge to earnings for the credit-related component (if any) of the decline in fair value, and (2) recognize in other comprehensive income (loss) any non-credit related components of the fair value decline (if any). If the amount of the amortized cost basis expected to be recovered increases in a future period, the valuation allowance would be reduced, but not more than the amount of the current existing allowance for that security. Purchased Loans with Credit Deterioration Prior to January 1, 2020, purchased credit impaired loans were accounted for in accordance with ASC Subtopic 310-30, “ Loans and Debt Securities Acquired with Deteriorated Credit Quality.” At the time of acquisition, these loans were recorded at estimated fair value based upon estimated future cash flows with no related allowance for credit losses. Effective January 1, 2020, upon the adoption of ASU 2016-13, an entity records purchased financial assets with credit deterioration ("PCD assets") at the purchase price plus the allowance for credit losses expected at the time of acquisition. This allowance is recognized through a gross-up that increases the amortized cost basis of the asset with no effect on net income. Subsequent changes (favorable and unfavorable) in expected cash flows are recognized immediately in net income by adjusting the related allowance. Allowance for Credit Losses on Loans and Leases Held for Investment Effective January 1, 2020, upon the adoption of ASU 2016-13, the Company replaced the incurred loss accounting approach with the current expected credit loss ("CECL") approach for financial instruments measured at amortized cost and other commitments to extend credit. CECL requires the immediate recognition of estimated credit losses expected to occur over the estimated remaining life of the asset. The forward-looking concept of CECL requires loss estimates to consider historical experience, current conditions and reasonable and supportable forecasts. 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 the amortized cost basis of loans and leases, while the reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities" on the condensed consolidated balance sheets. The amortized cost basis of loans and leases does not include accrued interest receivable, which is included in "Other assets" on the condensed consolidated balance sheets. The "Provision for credit losses" on the condensed consolidated statements of earnings (loss) is a combination of the provision for loan and lease losses and the provision for unfunded loan commitments. Under the CECL methodology, expected credit losses reflect losses over the remaining contractual life of an asset, considering the effect of prepayments and available information about the collectability of cash flows, including information about relevant historical experience, current conditions, and reasonable and supportable forecasts of future events and circumstances. Thus, the CECL methodology incorporates a broad range of information in developing credit loss estimates. The resulting allowance for loan and lease losses is deducted from the associated amortized cost basis to reflect the net amount expected to be collected. Subsequent changes in this estimate are recorded through the provision for credit losses and the allowance. The CECL methodology could result in significant changes to both the timing and amounts of provision for credit losses and the allowance as compared to historical periods. Loans and leases that are deemed to be uncollectable are charged off and deducted from the allowance. The provision for credit losses and recoveries on loans and leases previously charged off are added to the allowance. The allowance for loan and lease losses is comprised of an individually evaluated component for loans and leases that no longer share similar risk characteristics with other loans and leases and a pooled loans component for loans and leases that share similar risk characteristics. A loan or lease with an outstanding balance greater than $250,000 is individually evaluated for expected credit loss when it is probable that we will be unable to collect all amounts due according to the original contractual terms of the agreement. We select loans and leases for individual assessment on an ongoing basis using certain criteria such as payment performance, borrower reported and forecasted financial results, and other external factors when appropriate. We measure the current expected credit loss of an individually evaluated 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 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. Our CECL methodology for the pooled loans component includes both quantitative and qualitative loss factors which are applied to our population of loans and leases and assessed at a pool level. The quantitative CECL model estimates credit losses by applying pool-specific probability of default ("PD") and loss given default ("LGD") rates to the expected exposure at default ("EAD") over the contractual life of loans and leases. The qualitative component considers internal and external risk factors that may not be adequately assessed in the quantitative model. The loan portfolio is segmented into four loan segments, eight loan classes, and 19 loan pools (excluding Paycheck Protection Program loans, which are fully government guaranteed) based upon loan type that share similar default risk characteristics to calculate quantitative loss factors for each pool. Three of these loan pools have insignificant current balances and/or insignificant historical losses, thus, estimated losses are calculated using historical loss rates from the first quarter of 2009 to the current period rather than econometric regression modeling. For the remaining 16 loan pools, we estimate the PD during the reasonable and supportable forecast period using seven econometric regression models developed to correlate macroeconomic variables to historical credit performance (based on quarterly transition matrices from 2009 to 2019, which include risk rating upgrades/downgrades and defaults). The loans and unfunded commitments are grouped into nine LGD pools based on portfolio classes that share similar collateral risk characteristics. LGD rates are computed based on the net charge-offs recognized divided by the EAD of defaulted loans starting with the first quarter of 2009 to the current period. The PD and LGD rates are applied to the EAD at the loan or lease level based on contractual scheduled payments and estimated prepayments. We use our actual historical loan prepayment experience from 2009 to 2019 to estimate future prepayments by loan pool. For the reasonable and supportable forecast period, future macroeconomic events and circumstances are estimated over a 4-quarter time horizon using a single scenario baseline forecast that is consistent with management's current expectations for the 16 loan pools. We use economic forecasts from Moody's Analytics in this process. The economic forecast is updated monthly; therefore, the one used for each quarter-end calculation is generally based on a one-month lag based on the timing of when the forecast is released. If economic conditions as of the balance sheet date change materially, management would consider a qualitative adjustment. The key macroeconomic assumptions used in each of the seven PD regression models include two or three of the following economic indicators: Real GDP, unemployment rates, CRE Price Index, the BBB corporate spread, nominal disposable income, and CPI. The quantitative CECL model applies the projected rates based on the economic forecasts for the 4-quarter reasonable and supportable forecast horizon to EAD to estimate defaulted loans. During this forecast horizon, prepayment rates during a historical period that exhibits economic conditions most similar to the economic forecast are used to estimate EAD. If no historical period from 2009 to 2019 exhibits economic conditions that are similar to the economic forecast, management considers the average of all historical prepayment experience to be a reasonable and supportable estimation of expected prepayments. Historical LGD rates are applied to estimated defaulted loans to determine estimated credit losses. We then use a 2-quarter reversion p eriod to revert on a straight-line basis from the PD, LGD, and prepayment rates used during the reasonable and supportable forecast period to the Company’s historical PD, LGD, and prepayment experience. Subsequent to the reversion period for the remaining contractual life of loans and leases, the PD, LGD, and prepayment rates are based on historical experience from 2009 to 2019. PD regression models and prepayment rates are updated on an annual basis. LGD rates are updated every quarter to reflect current charge-off activity. The PDs calculated by the quantitative models are highly correlated to our internal risk ratings assigned to each loan and lease. 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 and leases on a regular basis. The credit risk ratings assigned to every loan and lease are as follows: • High Pass : (Risk ratings 1-2) Loans and leases rated as "high pass" exhibit a favorable credit profile and have minimal risk characteristics. Repayment in full is expected, even in adverse economic conditions. • Pass : (Risk ratings 3-4) Loans and leases rated as "pass" are not adversely classified and collection and repayment in full are expected. • Special Mention : (Risk rating 5) 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 : (Risk rating 6) 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 : (Risk rating 7) 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. 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 4. Loans and Leases of the Notes to Condensed Consolidated Financial Statements (Unaudited) contained in "Item 1. Condensed Consolidated Financial Statements (Unaudited)." In addition to our internal risk rating process, our federal and state banking regulators, as an integral part of their examination process, periodically review the Company’s loan and lease risk rating classifications. Our regulators may require the Company to recognize rating downgrades based on their judgments related to information available to them at the time of their examinations. Risk rating downgrades generally result in increases in the provisions for credit losses and the allowance for credit losses. The qualitative portion of the reserve on pooled loans and leases represents management’s judgment of additional considerations to account for internal and external risk factors that are not adequately measured in the quantitative reserve. The qualitative loss factors consider idiosyncratic risk factors, conditions that may not be reflected in quantitatively derived results, or other relevant factors to ensure the allowance for credit losses reflects our best estimate of current expected credit losses. Current and forecasted economic trends and underlying market values for collateral dependent loans are generally considered to be encompassed within the CECL quantitative reserve. An incremental qualitative adjustment may be considered when economic forecasts exhibit higher levels of volatility or uncertainty. In addition to economic conditions and collateral dependency, the other qualitative criteria we consider when establishing the loss factors include the following: • Legal and Regulatory - matters that could impact our borrowers’ ability to repay our loans and leases; • Concentrations - loan and lease portfolio composition and any loan concentrations; • Lending Policy - current lending policies and the effects of any new policies or policy amendments; • Nature and Volume - loan and lease production volume and mix; • Problem Loan Trends - loan and lease portfolio credit performance trends, including a borrower's financial condition, credit rating, and ability to meet loan payment requirements; • Loan Review - results of independent credit review; and • Management - changes in management related to credit administration functions. We estimate the reserve for unfunded loan commitments using the same PD, LGD, and prepayment rates for the quantitative credit losses and qualitative loss factors as used for the allowance for loan and lease losses. The EAD for the reserve for unfunded loan commitments is computed using expected future utilization rates of the unfunded commitments during the contractual life of the commitments based on historical usage by loan pool from 2015 to 2019. The utilization rates are updated on an annual basis. The CECL methodology requires a significant amount of management judgment in determining the appropriate allowance for credit losses. Most of the steps in the methodology involve judgment and are subjective in nature including, among other things: segmenting the loan and lease portfolio; determining the amount of loss history to consider; selecting predictive econometric regression models that use appropriate macroeconomic variables; determining the methodology to forecast prepayments; selecting the most appropriate economic forecast scenario; determining the length of the reasonable and supportable forecast and reversion periods; estimating expected utilization rates on unfunded loan commitments; and assessing relevant and appropriate qualitative factors. In addition, the CECL methodology is dependent on economic forecasts which are inherently imprecise and will change from period to period. Although the allowance for credit losses is considered appropriate, there can be no assurance that it will be sufficient to absorb future losses. Management believes the allowance for credit losses is appropriate for the current expected credit losses in our loan and lease portfolio and associated unfunded commitments, and the credit risk ratings and inherent loss rates currently assigned are reasonable and appropriate as of the reporting date. 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. Accounting Standards Adopted in 2020 Effective January 1, 2020, the Company adopted ASU 2016-13 and the related amendments to ASC Topic 326, “ Financial Instruments - Credit Losses ,” to replace the incurred loss accounting approach with a current expected credit loss approach for financial instruments measured at amortized cost and other commitments to extend credit. The new standard is generally intended to require earlier recognition of credit losses. While the standard changes the measurement of the allowance for credit losses, it does not change the credit risk of our lending portfolios or the ultimate losses in those portfolios. Under the CECL approach, the standard requires immediate recognition of estimated credit losses expected to occur over the estimated remaining life of the asset. The forward-looking concept of CECL requires loss estimates to consider historical experience, current conditions and reasonable and supportable forecasts. The standard modifies the other-than-temporary impairment model for available-for-sale debt securities to require entities to record an allowance when recognizing credit losses for available-for-sale securities, rather than reducing the amortized cost of the securities by direct write-offs. The Company adopted the new standard using the modified retrospective approach and recognized a cumulative effect adjustment to decrease retained earnings by $5.3 million, net of taxes, and increase the allowance for credit losses by $7.3 million without restating prior periods and applied the requirements of the new standard prospectively. There was no cumulative effect adjustment related to available-for-sale securities at adoption. The Company elected to account for interest receivable separately from the amortized cost of loans and leases and investment securities. Interest receivable is included in "Other assets" on the condensed consolidated balance sheets. The Company elected the practical expedient to use the fair value of the collateral at the reporting date when recording the net carrying amount of the asset and determining the allowance for credit losses for a financial asset for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the entity’s assessment as of the reporting date (collateral dependent financial asset). Additionally, the Company implemented new business processes, new internal controls, and modified existing and/or implemented new internal models and tools to facilitate the ongoing application of the new standard. See Note 4. Loans and Leases for further details. Effective January 1, 2020, the Company adopted ASU 2017-04, " Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment " which simplifies goodwill impairment testing by eliminating the second step of the analysis under which the implied fair value of goodwill is determined as if the reporting unit were being acquired in a business combination. The goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and an impairment charge would be recognized for any amount by which the carrying amount exceeds the reporting unit's fair value, to the extent that the loss recognized does not exceed the amount of goodwill allocated to that reporting unit. The Company used this approach to evaluate its goodwill during the first quarter of 2020, as an unprecedented decline in economic conditions triggered by the Coronavirus Disease ("COVID-19") pandemic caused a significant decline in stock market valuations in March 2020, including our stock price. These events indicated that goodwill may be impaired and resulted in us performing a goodwill impairment assessment. We applied the market approach using an average share price of the Company's stock and a control premium to determine the fair value of the reporting unit. As a result, a goodwill impairment charge of $1.47 billion was recorded in the first quarter of 2020 as the Company's estimated fair value was less than its book value. Effective January 1, 2020, the Company adopted the provisions of ASU 2018-13, " Fair Value Measurement (Topic 820): Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurements " which add disclosures regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty. Although the guidance modifies our disclosures in 2020, there was no impact to our condensed consolidated financial statements from the adoption of this new standard. ASU 2020-03, " Codification Improvements to Financial Instruments " ("ASU 2020-03"), revised a wide variety of topics in the Codification with the intent to make the Codification easier to understand and apply by eliminating inconsistencies and providing clarifications. ASU 2020-03 was effective immediately upon its release in March 2020 and did not have a material impact to our condensed consolidated financial statements. Basis of Presentation Our interim condensed consolidated financial statements are prepared in accordance with U.S. GAAP for interim financial information and pursuant to the requirements for reporting on Form 10-Q and Article 10 of Regulation S-X of the Securities Exchange Act of 1934. Accordingly, certain disclosures accompanying annual consolidated financial statements are omitted. In the opinion of management, all significant intercompany accounts and transactions have been eliminated and adjustments, consisting solely of normal recurring accruals and considered necessary for the fair presentation of financial statements for the interim periods, have been included. The current period's results of operations are not necessarily indicative of the results that ultimately may be achieved for the year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K. Use of Estimates We have made a number of estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these condensed consolidated financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowance for credit losses, the carrying value of goodwill and other intangible assets, and the realization of deferred tax assets. These estimates may be adjusted as more current information becomes available, and any adjustment may be significant. Reclassifications |
Restricted Cash Balances
Restricted Cash Balances | 9 Months Ended |
Sep. 30, 2020 | |
Restricted Cash [Abstract] | |
Restricted Cash Balances | RESTRICTED CASH BALANCESThe FRBSF establishes cash reserve requirements that its member banks must maintain based on a percentage of deposit liabilities. On March 26, 2020, the FRBSF reduced the reserve requirement ratios to zero percent. The average reserves required to be held at the FRBSF for the nine months ended September 30, 2020 and the year ended December 31, 2019 were $55.2 million and $131.0 million. As of September 30, 2020 and December 31, 2019, we pledged cash collateral for our derivative contracts of $2.5 million and $3.2 million. |
Investment Securities
Investment Securities | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | INVESTMENT SECURITIES Securities Available-for-Sale The following table presents amortized cost, gross unrealized gains and losses, and fair values of securities available-for-sale as of the dates indicated: September 30, 2020 December 31, 2019 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 commercial MBS $ 1,129,060 $ 75,309 $ (54) $ 1,204,315 $ 1,083,182 $ 25,579 $ (537) $ 1,108,224 Municipal securities 1,133,811 70,758 (1,539) 1,203,030 691,647 43,851 (339) 735,159 Agency residential CMOs 1,111,235 54,900 (263) 1,165,872 1,112,573 24,403 (579) 1,136,397 Agency residential MBS 233,513 13,018 (33) 246,498 294,606 10,593 (1) 305,198 Asset-backed securities 236,081 554 (2,532) 234,103 216,133 320 (1,670) 214,783 Corporate debt securities 173,707 726 (151) 174,282 17,000 3,748 — 20,748 Collateralized loan obligations 138,966 — (3,633) 135,333 124,134 25 (403) 123,756 Private label residential CMOs 115,101 6,089 (28) 121,162 96,066 3,430 (13) 99,483 SBA securities 40,515 2,194 (25) 42,684 47,765 506 (13) 48,258 U.S. Treasury securities 4,988 347 — 5,335 4,985 196 — 5,181 Total $ 4,316,977 $ 223,895 $ (8,258) $ 4,532,614 $ 3,688,091 $ 112,651 $ (3,555) $ 3,797,187 As of September 30, 2020, securities available-for-sale with a fair value of $605.3 million were pledged as collateral for 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 for the years indicated: Three Months Ended Nine Months Ended September 30, September 30, Sales of Securities Available-for-Sale 2020 2019 2020 2019 (In thousands) Amortized cost of securities sold $ 17,000 $ 143,388 $ 154,100 $ 1,529,544 Gross realized gains $ 5,270 $ 1,187 $ 13,199 $ 29,400 Gross realized losses — (279) (32) (4,139) Net realized gains $ 5,270 $ 908 $ 13,167 $ 25,261 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 as of the dates indicated: September 30, 2020 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 commercial MBS $ 3,066 $ (4) $ 9,241 $ (50) $ 12,307 $ (54) Municipal securities 189,163 (1,539) — — 189,163 (1,539) Agency residential CMOs 77,168 (263) — — 77,168 (263) Agency residential MBS 1,753 (33) — — 1,753 (33) Asset-backed securities 44,658 (339) 122,729 (2,193) 167,387 (2,532) Corporate debt securities 60,056 (151) — — 60,056 (151) Collateralized loan obligations 102,396 (1,938) 32,937 (1,695) 135,333 (3,633) Private label residential CMOs 8,510 (26) 76 (2) 8,586 (28) SBA securities 1,964 (25) — — 1,964 (25) Total $ 488,734 $ (4,318) $ 164,983 $ (3,940) $ 653,717 $ (8,258) 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 commercial MBS $ 214,862 $ (537) $ — $ — $ 214,862 $ (537) Municipal securities 38,667 (339) — — 38,667 (339) Agency residential CMOs 180,071 (572) 1,456 (7) 181,527 (579) 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) The securities that were in an unrealized loss position at September 30, 2020, were considered impaired and required further review to determine if the unrealized losses were credit-related. We 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. We also considered the seniority of the tranches and U.S. government agency guarantees, if any, to assess whether an unrealized loss was credit-related. Accordingly, we determined the unrealized losses were not credit-related and recognized the unrealized losses in "other comprehensive income" in stockholders' equity. Although we periodically sell securities for portfolio management purposes, we do not foresee having to sell any impaired securities strictly for liquidity needs and believe that it is more likely than not we would not be required to sell any impaired securities before recovery of their amortized cost. Contractual Maturities of Securities Available-for-Sale The following table presents the contractual maturities of our securities available-for-sale portfolio based on amortized cost and carrying value as of the date indicated: September 30, 2020 Amortized Fair Maturities Cost Value (In thousands) Due in one year or less $ 8,226 $ 8,310 Due after one year through five years 508,645 532,309 Due after five years through ten years 1,067,818 1,135,249 Due after ten years 2,732,288 2,856,746 Total securities available-for-sale $ 4,316,977 $ 4,532,614 CMBS, CMOs, and MBS have contractual maturity dates, but require periodic payments based upon scheduled amortization terms. Actual principal collections on these securities usually occur more rapidly than the scheduled amortization terms because of prepayments made by obligors of the underlying loan collateral. Interest Income on Investment Securities The following table presents the composition of our interest income on investment securities for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Taxable interest $ 17,835 $ 22,829 $ 59,457 $ 63,515 Non-taxable interest 6,272 5,565 17,113 22,705 Dividend income 336 412 1,357 1,214 Total interest income on investment securities $ 24,443 $ 28,806 $ 77,927 $ 87,434 |
Loans and Leases
Loans and Leases | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Loans and Leases | LOANS AND LEASES Our loans are carried at the principal amount outstanding, net of deferred fees and costs, and in the case of acquired and purchased loans, net of purchase discounts and premiums. Deferred fees and costs and purchase discounts and premiums on acquired loans are recognized as an adjustment to interest income over the contractual life of the loans primarily using the effective interest method or taken into income when the related loans are paid off or included in the carrying amount of loans that are sold. Loans and Leases Held for Investment The following table summarizes the composition of our loans and leases held for investment as of the dates indicated: September 30, December 31, 2020 2019 (In thousands) Real estate mortgage $ 7,883,473 $ 7,982,383 Real estate construction and land 3,453,155 2,773,209 Commercial 7,402,854 7,714,358 Consumer 362,198 440,790 Total gross loans and leases held for investment 19,101,680 18,910,740 Deferred fees, net (75,480) (63,868) Total loans and leases held for investment, net of deferred fees 19,026,200 18,846,872 Allowance for loan and lease losses (345,966) (138,785) Total loans and leases held for investment, net (1) $ 18,680,234 $ 18,708,087 ____________________ (1) Excludes accrued interest receivable of $71.5 million and $67.5 million at September 30, 2020 and December 31, 2019, respectively, which is recorded in "Other assets" on the condensed consolidated balance sheets. 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: September 30, 2020 30 - 89 90 or More Days Days Total Past Due Past Due Past Due Current Total (In thousands) Real estate mortgage: Commercial $ 412 $ 32,662 $ 33,074 $ 4,159,392 $ 4,192,466 Income producing and other residential 1,761 537 2,298 3,682,281 3,684,579 Total real estate mortgage 2,173 33,199 35,372 7,841,673 7,877,045 Real estate construction and land: Commercial — — — 1,241,647 1,241,647 Residential 3,108 — 3,108 2,178,992 2,182,100 Total real estate construction and land 3,108 — 3,108 3,420,639 3,423,747 Commercial: Asset-based — 2,248 2,248 3,150,800 3,153,048 Venture capital 2,319 — 2,319 1,634,813 1,637,132 Other commercial 185 10,751 10,936 2,562,058 2,572,994 Total commercial 2,504 12,999 15,503 7,347,671 7,363,174 Consumer 791 116 907 361,327 362,234 Total $ 8,576 $ 46,314 $ 54,890 $ 18,971,310 $ 19,026,200 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 It is our policy to discontinue accruing interest when principal or interest payments are past due 90 days or more (unless the loan is both well secured and in the process of collection) or when, in the opinion of management, there is a reasonable doubt as to the collectability of a loan or lease in the normal course of business. Interest income on nonaccrual loans is recognized only to the extent cash is received and the principal balance of the loan is deemed collectable. The following table presents our nonaccrual and performing loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of the dates indicated: September 30, 2020 December 31, 2019 Nonaccrual Performing Total Nonaccrual Performing Total (In thousands) Real estate mortgage: Commercial $ 45,120 $ 4,147,346 $ 4,192,466 $ 18,346 $ 4,184,341 $ 4,202,687 Income producing and other residential 2,008 3,682,571 3,684,579 2,478 3,767,582 3,770,060 Total real estate mortgage 47,128 7,829,917 7,877,045 20,824 7,951,923 7,972,747 Real estate construction and land: Commercial 324 1,241,323 1,241,647 364 1,082,004 1,082,368 Residential — 2,182,100 2,182,100 — 1,655,434 1,655,434 Total real estate construction and land 324 3,423,423 3,423,747 364 2,737,438 2,737,802 Commercial: Asset-based 2,817 3,150,231 3,153,048 30,162 3,718,245 3,748,407 Venture capital 2,001 1,635,131 1,637,132 12,916 2,166,506 2,179,422 Other commercial 32,941 2,540,053 2,572,994 27,594 1,740,073 1,767,667 Total commercial 37,759 7,325,415 7,363,174 70,672 7,624,824 7,695,496 Consumer 404 361,830 362,234 493 440,334 440,827 Total $ 85,615 $ 18,940,585 $ 19,026,200 $ 92,353 $ 18,754,519 $ 18,846,872 At September 30, 2020, nonaccrual loans and leases included $46.3 million of loans and leases 90 or more days past due, $0.4 million of loans and leases 30 to 89 days past due, and $38.9 million of loans and leases current with respect to contractual payments that were placed on nonaccrual status based on management’s judgment regarding their collectability. 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 and leases 30 to 89 days past due, and $80.0 million of current loans and leases that were placed on nonaccrual status based on management’s judgment regarding their collectability. As of September 30, 2020, our three largest loan relationships on nonaccrual status had an aggregate carrying value of $49.3 million and represented 58% of total nonaccrual loans and leases. The following tables present the credit risk rating categories for loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of the dates indicated. Classified loans and leases are those with a credit risk rating of either substandard or doubtful. September 30, 2020 Classified Special Mention Pass Total (In thousands) Real estate mortgage: Commercial $ 109,651 $ 330,367 $ 3,752,448 $ 4,192,466 Income producing and other residential 9,558 63,378 3,611,643 3,684,579 Total real estate mortgage 119,209 393,745 7,364,091 7,877,045 Real estate construction and land: Commercial 324 13,838 1,227,485 1,241,647 Residential — — 2,182,100 2,182,100 Total real estate construction and land 324 13,838 3,409,585 3,423,747 Commercial: Asset-based 27,900 190,193 2,934,955 3,153,048 Venture capital 15,078 123,675 1,498,379 1,637,132 Other commercial 111,553 57,787 2,403,654 2,572,994 Total commercial 154,531 371,655 6,836,988 7,363,174 Consumer 508 4,518 357,208 362,234 Total $ 274,572 $ 783,756 $ 17,967,872 $ 19,026,200 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 The following table presents our nonaccrual loans and leases by loan portfolio segment and class and by with and without an allowance recorded as of the date indicated and interest income recognized on nonaccrual loans and leases for the period indicated: At and For the Three Months Ended At and For the Nine Months Ended September 30, 2020 September 30, 2020 Nonaccrual Interest Nonaccrual Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In thousands) (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 736 $ — $ 736 $ — Income producing and other residential 1,163 — 1,163 — Commercial: Asset based 2,248 — 2,248 — Venture capital 2,001 — 2,001 — Other commercial 1,235 — 1,235 — Consumer 404 — 404 — With No Related Allowance Recorded: Real estate mortgage: Commercial $ 44,384 $ 155 $ 44,384 $ 285 Income producing and other residential 845 — 845 — Real estate construction and land: Commercial 324 — 324 — Commercial: Asset based 569 — 569 — Other commercial 31,706 517 31,706 1,628 Total Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 47,128 $ 155 $ 47,128 $ 285 Real estate construction and land 324 — 324 — Commercial 37,759 517 37,759 1,628 Consumer 404 — 404 — Total $ 85,615 $ 672 $ 85,615 $ 1,913 The following tables present our loans held for investment by loan portfolio segment and class, by credit quality indicator (internal risk ratings), and by year of origination (vintage year) as of the date indicated: Revolving Converted Amortized Cost Basis Term Loans by Origination Year Revolving to Term September 30, 2020 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Real Estate Mortgage: Commercial Internal risk rating: 1-2 High pass $ — $ 28,297 $ 15,106 $ 13,295 $ 7,746 $ 47,517 $ — $ — $ 111,961 3-4 Pass 459,907 453,362 646,326 804,351 362,735 846,325 63,689 3,792 3,640,487 5 Special mention — 70,371 79,083 3,034 75,221 102,658 — — 330,367 6-8 Classified — 1,301 55,863 5,187 3,444 43,856 — — 109,651 Total $ 459,907 $ 553,331 $ 796,378 $ 825,867 $ 449,146 $ 1,040,356 $ 63,689 $ 3,792 $ 4,192,466 Current YTD period: Gross charge-offs $ — $ — $ — $ 3,330 $ — $ 2,677 $ — $ — $ 6,007 Gross recoveries — — — (9) — (262) — — (271) Net $ — $ — $ — $ 3,321 $ — $ 2,415 $ — $ — $ 5,736 Real Estate Mortgage: Income Producing and Other Residential Internal risk rating: 1-2 High pass $ 27,760 $ 25,590 $ 36,440 $ 35,858 $ 46,419 $ 12,260 $ — $ — $ 184,327 3-4 Pass 256,056 844,049 1,179,643 587,821 247,643 199,144 112,390 570 3,427,316 5 Special mention 12,308 4,207 42,660 1,863 — — 2,340 — 63,378 6-8 Classified — — 2,874 — — 5,608 83 993 9,558 Total $ 296,124 $ 873,846 $ 1,261,617 $ 625,542 $ 294,062 $ 217,012 $ 114,813 $ 1,563 $ 3,684,579 Current YTD period: Gross charge-offs $ — $ — $ — $ — $ — $ 51 $ — $ 175 $ 226 Gross recoveries — — — — — (88) (1) — (89) Net $ — $ — $ — $ — $ — $ (37) $ (1) $ 175 $ 137 Real Estate Construction and Land: Commercial Internal risk rating: 1-2 High pass $ — $ — $ — $ — $ — $ — $ — $ — $ — 3-4 Pass 38,945 335,115 385,317 209,380 106,937 139,453 6,630 5,708 1,227,485 5 Special mention — — 13,838 — — — — — 13,838 6-8 Classified — — — — — 324 — — 324 Total $ 38,945 $ 335,115 $ 399,155 $ 209,380 $ 106,937 $ 139,777 $ 6,630 $ 5,708 $ 1,241,647 Current YTD period: Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Gross recoveries — — — — — — — — — Net $ — $ — $ — $ — $ — $ — $ — $ — $ — Revolving Converted Amortized Cost Basis Term Loans by Origination Year Revolving to Term September 30, 2020 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Real Estate Construction and Land: Residential Internal risk rating: 1-2 High pass $ — $ — $ — $ — $ — $ — $ — $ — $ — 3-4 Pass 236,355 501,855 835,914 512,565 35,286 315 9,034 50,776 2,182,100 5 Special mention — — — — — — — — — 6-8 Classified — — — — — — — — — Total $ 236,355 $ 501,855 $ 835,914 $ 512,565 $ 35,286 $ 315 $ 9,034 $ 50,776 $ 2,182,100 Current YTD period: Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Gross recoveries — — — — — (21) — — (21) Net $ — $ — $ — $ — $ — $ (21) $ — $ — $ (21) Commercial: Asset-Based Internal risk rating: 1-2 High pass $ 33,273 $ 167,859 $ 116,944 $ 65,740 $ 120,644 $ 87,642 $ 231,234 $ 73,549 $ 896,885 3-4 Pass 61,548 123,290 81,362 36,075 13,181 48,991 1,653,848 19,775 2,038,070 5 Special mention — 64,586 61,726 21,043 14,913 958 22,150 4,817 190,193 6-8 Classified — — — — 19,398 569 8,791 (858) 27,900 Total $ 94,821 $ 355,735 $ 260,032 $ 122,858 $ 168,136 $ 138,160 $ 1,916,023 $ 97,283 $ 3,153,048 Current YTD period: Gross charge-offs $ — $ — $ — $ — $ — $ 11,817 $ — $ — $ 11,817 Gross recoveries (39) — — — — (323) (231) — (593) Net $ (39) $ — $ — $ — $ — $ 11,494 $ (231) $ — $ 11,224 Commercial: Venture Capital Internal risk rating: 1-2 High pass (1) $ 2,003 $ 5,644 $ — $ (4) $ (6) $ (4) $ 234,321 $ — $ 241,954 3-4 Pass 59,229 133,479 44,599 9,733 32,079 6,550 965,206 5,550 1,256,425 5 Special mention 5,958 38,163 1,586 4,000 526 — 68,331 5,111 123,675 6-8 Classified — (1,663) 11,750 — — 3,663 1,328 — 15,078 Total $ 67,190 $ 175,623 $ 57,935 $ 13,729 $ 32,599 $ 10,209 $ 1,269,186 $ 10,661 $ 1,637,132 Current YTD period: Gross charge-offs $ — $ — $ 6,534 $ — $ (8) $ 150 $ 142 $ — $ 6,818 Gross recoveries — — (177) (128) (145) (3) (450) — (903) Net $ — $ — $ 6,357 $ (128) $ (153) $ 147 $ (308) $ — $ 5,915 ____________________ (1) Amounts with negative balances are loans with zero principal balances and deferred loan origination fees. Revolving Converted Amortized Cost Basis Term Loans by Origination Year Revolving to Term September 30, 2020 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Commercial: Other Commercial Internal risk rating: 1-2 High pass $ 1,212,466 $ 409 $ 7 $ 390 $ 73 $ 1,592 $ 77,891 $ 94 $ 1,292,922 3-4 Pass 57,738 98,217 105,234 83,456 32,063 108,219 619,093 6,712 1,110,732 5 Special mention — 1,011 — 316 1,735 5,398 48,252 1,075 57,787 6-8 Classified — 2 84 48 2,969 7,723 97,357 3,370 111,553 Total $ 1,270,204 $ 99,639 $ 105,325 $ 84,210 $ 36,840 $ 122,932 $ 842,593 $ 11,251 $ 2,572,994 Current YTD period: Gross charge-offs $ — $ — $ — $ 506 $ 214 $ 33,492 $ 11,662 $ 1,828 $ 47,702 Gross recoveries — (9) (8) (26) (84) (2,683) (100) (4) (2,914) Net $ — $ (9) $ (8) $ 480 $ 130 $ 30,809 $ 11,562 $ 1,824 $ 44,788 Consumer Internal risk rating: 1-2 High pass $ 22 $ — $ 9 $ 16 $ — $ 101 $ 453 $ — $ 601 3-4 Pass 45,224 126,060 69,895 44,717 48,158 14,164 8,383 6 356,607 5 Special mention — — 2,332 534 1,172 480 — — 4,518 6-8 Classified — 74 — — 57 342 2 33 508 Total $ 45,246 $ 126,134 $ 72,236 $ 45,267 $ 49,387 $ 15,087 $ 8,838 $ 39 $ 362,234 Current YTD period: Gross charge-offs $ — $ 97 $ 86 $ 152 $ 295 $ 44 $ 22 $ 9 $ 705 Gross recoveries — — (1) (8) (15) (24) — — (48) Net $ — $ 97 $ 85 $ 144 $ 280 $ 20 $ 22 $ 9 $ 657 Total Loans and Leases Internal risk rating: 1-2 High pass $ 1,275,524 $ 227,799 $ 168,506 $ 115,295 $ 174,876 $ 149,108 $ 543,899 $ 73,643 $ 2,728,650 3-4 Pass 1,215,002 2,615,427 3,348,290 2,288,098 878,082 1,363,161 3,438,273 92,889 15,239,222 5 Special mention 18,266 178,338 201,225 30,790 93,567 109,494 141,073 11,003 783,756 6-8 Classified — (286) 70,571 5,235 25,868 62,085 107,561 3,538 274,572 Total $ 2,508,792 $ 3,021,278 $ 3,788,592 $ 2,439,418 $ 1,172,393 $ 1,683,848 $ 4,230,806 $ 181,073 $ 19,026,200 Current YTD period: Gross charge-offs $ — $ 97 $ 6,620 $ 3,988 $ 501 $ 48,231 $ 11,826 $ 2,012 $ 73,275 Gross recoveries (39) (9) (186) (171) (244) (3,404) (782) (4) (4,839) Net $ (39) $ 88 $ 6,434 $ 3,817 $ 257 $ 44,827 $ 11,044 $ 2,008 $ 68,436 TDRs are a result of rate reductions, term extensions, fee concessions, transfers to foreclosed assets, discounted loan payoffs, and debt forgiveness, or a combination thereof. The Company has granted various commercial and consumer loan modifications to provide borrowers relief from the economic impacts of COVID-19. In accordance with the Coronavirus Aid, Relief, and Economic Security ("CARES") Act, the Company has elected to not apply TDR classification to COVID-19 related loan modifications that met all of the requisite criteria as stipulated in the CARES Act. The following table presents our troubled debt restructurings of loans held for investment by loan portfolio segment and class for the periods indicated: Three Months Ended September 30, 2020 2019 Pre- Post- Pre- Post- Modification Modification Modification Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded Troubled Debt Restructurings Loans Investment Investment Loans Investment Investment (Dollars in thousands) Real estate mortgage: Commercial 1 $ 12,594 $ — — $ — $ — Income producing and other residential 2 157 157 2 495 495 Commercial: Asset-based 1 15,267 — — — — Venture capital 1 2,015 2,015 1 — — Other commercial 5 7,105 100 3 99 99 Total 10 $ 37,138 $ 2,272 6 $ 594 $ 594 Nine Months Ended September 30, 2020 2019 Pre- Post- Pre- Post- Modification Modification Modification Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded Troubled Debt Restructurings Loans Investment Investment Loans Investment Investment (Dollars in thousands) Real estate mortgage: Commercial 9 $ 16,339 $ 3,745 1 $ 37 $ — Income producing and other residential 6 911 911 7 1,280 1,280 Commercial: Asset-based 8 17,008 1,741 1 620 620 Venture capital 2 2,047 2,047 11 16,076 16,214 Other commercial 33 30,324 21,544 14 792 792 Consumer 3 212 212 — — — Total 61 $ 66,841 $ 30,200 34 $ 18,805 $ 18,906 During the three months ended September 30, 2020, there was one $412,000 real estate mortgage commercial loan restructured in the preceding 12-month period that subsequently defaulted. During the nine months ended September 30, 2020, there was one $412,000 real estate mortgage commercial loan and one $5,000 other commercial loan restructured in the preceding 12-month period that subsequently defaulted. During the three months ended September 30, 2019, there were three other commercial loan of $133,000 and one income producing and other residential loan for $254,000 restructured in the preceding 12-month period that subsequently defaulted. During the nine months ended September 30, 2019, there were two venture capital loans totaling $441,000, three other commercial loans totaling $133,000, and one income producing and other residential loan for $254,000 restructured in the preceding 12-month period that subsequently defaulted. 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 8. Leases for information regarding operating leases where we are the lessor. The following table provides the components of leases receivable income for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Component of leases receivable income: Interest income on net investments in leases $ 1,869 $ 2,648 $ 6,224 $ 8,674 The following table presents the components of leases receivable as of the dates indicated: September 30, 2020 December 31, 2019 (In thousands) Net investment in direct financing leases: Lease payments receivable $ 124,550 $ 147,729 Unguaranteed residual assets 18,404 20,806 Deferred costs and other 550 655 Aggregate net investment in leases $ 143,504 $ 169,190 The following table presents maturities of leases receivable as of the date indicated: September 30, 2020 (In thousands) Period ending December 31, 2020 $ 16,794 2021 61,600 2022 25,977 2023 15,329 2024 11,416 2025 and thereafter 3,160 Total undiscounted cash flows 134,276 Less: Unearned income (9,726) Present value of lease payments $ 124,550 Allowance for Loan and Lease Losses The following tables present a summary of the activity in the allowance for loan and lease losses on loans and leases held for investment by loan portfolio segment for the periods indicated: Three Months Ended September 30, 2020 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 130,724 $ 70,113 $ 97,947 $ 2,266 $ 301,050 Charge-offs (1,551) — (35,666) (67) (37,284) Recoveries 109 21 1,063 7 1,200 Net charge-offs (1,442) 21 (34,603) (60) (36,084) Provision (negative provision) (7,588) 20,039 64,921 3,628 81,000 Balance, end of period $ 121,694 $ 90,173 $ 128,265 $ 5,834 $ 345,966 Nine Months Ended September 30, 2020 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 44,575 $ 30,544 $ 61,528 $ 2,138 $ 138,785 Cumulative effect of change in accounting principle - CECL 5,308 (8,592) 6,860 41 3,617 Balance, January 1, 2020 49,883 21,952 68,388 2,179 142,402 Charge-offs (6,233) — (66,337) (705) (73,275) Recoveries 360 21 4,410 48 4,839 Net charge-offs (5,873) 21 (61,927) (657) (68,436) Provision 77,684 68,200 121,804 4,312 272,000 Balance, end of period $ 121,694 $ 90,173 $ 128,265 $ 5,834 $ 345,966 Ending Allowance by Evaluation Methodology: Individually evaluated $ 340 $ — $ 2,584 $ — $ 2,924 Collectively evaluated $ 121,354 $ 90,173 $ 125,681 $ 5,834 $ 343,042 Ending Loans and Leases by Evaluation Methodology: Individually evaluated $ 51,852 $ 1,782 $ 41,501 $ — $ 95,135 Collectively evaluated 7,825,193 3,421,965 7,321,673 362,234 18,931,065 Ending balance $ 7,877,045 $ 3,423,747 $ 7,363,174 $ 362,234 $ 19,026,200 Three Months Ended September 30, 2019 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 46,826 $ 26,378 $ 59,401 $ 2,432 $ 135,037 Charge-offs (120) — (6,021) (360) (6,501) Recoveries 95 — 1,898 23 2,016 Net charge-offs (25) — (4,123) (337) (4,485) Provision (negative provision) (1,655) 683 8,907 65 8,000 Balance, end of period $ 45,146 $ 27,061 $ 64,185 $ 2,160 $ 138,552 Nine Months Ended September 30, 2019 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 46,021 $ 28,209 $ 56,360 $ 1,882 $ 132,472 Charge-offs (850) — (25,951) (802) (27,603) Recoveries 478 — 11,084 121 11,683 Net charge-offs (372) — (14,867) (681) (15,920) Provision (negative provision) (503) (1,148) 22,692 959 22,000 Balance, end of period $ 45,146 $ 27,061 $ 64,185 $ 2,160 $ 138,552 Ending Allowance by Evaluation Methodology: Individually evaluated $ 248 $ — $ 9,082 $ — $ 9,330 Collectively evaluated $ 44,898 $ 27,061 $ 55,103 $ 2,160 $ 129,222 Ending Loans and Leases by Evaluation Methodology: Individually evaluated $ 29,808 $ 5,357 $ 75,455 $ — $ 110,620 Collectively evaluated 7,867,116 2,546,117 7,803,102 408,588 18,624,923 Ending balance $ 7,896,924 $ 2,551,474 $ 7,878,557 $ 408,588 $ 18,735,543 The allowance for loan and lease losses increased by $44.9 million in the third quarter of 2020 to $346.0 million due primarily to a provision for loan and lease losses of $81.0 million driven by changes in the economic forecast, changes in modeling assumptions, and increased provisions for individually evaluated loans and leases. We actively participated in the Paycheck Protection Program ("PPP"), under the provisions of the CARES Act during the second quarter of 2020. As of September 30, 2020, PPP loans had an outstanding balance of approximately $1.2 billion. The loans have two-year terms, are fully guaranteed by the SBA, and do not carry an allowance. As of September 30, 2020, none of the PPP loans have been forgiven. A loan is considered collateral-dependent, and is individually evaluated for reserve purposes, when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following table summarizes collateral-dependent loans held for investment by collateral type as of the following date: September 30, 2020 Real Business Property Assets Total (In thousands) Real estate mortgage $ 45,504 $ — $ 45,504 Real estate construction and land 1,782 — 1,782 Commercial — 28,136 28,136 Total $ 47,286 $ 28,136 $ 75,422 Allowance for Credit Losses The allowance for credit losses is the combination of the allowance for loan and lease losses and the reserve for unfunded loan commitments. The reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities" on the condensed consolidated balance sheets. The following tables present a summary of the activity in the allowance for loan and lease losses and reserve for unfunded loan commitments for the periods indicated: Three Months Ended September 30, 2020 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of period $ 301,050 $ 80,571 $ 381,621 Charge-offs (37,284) — (37,284) Recoveries 1,200 — 1,200 Net charge-offs (36,084) — (36,084) Provision 81,000 16,000 97,000 Balance, end of period $ 345,966 $ 96,571 $ 442,537 Nine Months Ended September 30, 2020 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of period $ 138,785 $ 35,861 $ 174,646 Cumulative effect of change in accounting principle - CECL 3,617 3,710 7,327 Balance, January 1, 2020 142,402 39,571 181,973 Charge-offs (73,275) — (73,275) Recoveries 4,839 — 4,839 Net charge-offs (68,436) — (68,436) Provision 272,000 57,000 329,000 Balance, end of period $ 345,966 $ 96,571 $ 442,537 Three Months Ended September 30, 2019 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of period $ 135,037 $ 34,861 $ 169,898 Charge-offs (6,501) — (6,501) Recoveries 2,016 — 2,016 Net charge-offs (4,485) — (4,485) Provision (negative provision) 8,000 (1,000) 7,000 Balance, end of period $ 138,552 $ 33,861 $ 172,413 Nine Months Ended September 30, 2019 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of period $ 132,472 $ 36,861 $ 169,333 Charge-offs (27,603) — (27,603) Recoveries 11,683 — 11,683 Net charge-offs (15,920) — (15,920) Provision (negative provision) 22,000 (3,000) 19,000 Balance, end of period $ 138,552 $ 33,861 $ 172,413 |
Foreclosed Assets
Foreclosed Assets | 9 Months Ended |
Sep. 30, 2020 | |
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | |
Foreclosed Assets | FORECLOSED ASSETS The following table summarizes foreclosed assets, net of the valuation allowance, as of the dates indicated: September 30, December 31, Property Type 2020 2019 (In thousands) Commercial real estate $ 12,594 $ 221 Construction and land development 219 219 Total other real estate owned, net 12,813 440 Other foreclosed assets 934 — Total foreclosed assets, net $ 13,747 $ 440 The following table presents the changes in foreclosed assets, net of the valuation allowance, for the period indicated: Foreclosed Assets (In thousands) Balance, December 31, 2019 $ 440 Transfers to foreclosed assets from loans 14,370 Provision for losses (267) Reductions related to sales (796) Balance, September 30, 2020 $ 13,747 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | GOODWILL AND OTHER INTANGIBLE ASSETS Goodwill and other intangible assets arise from the acquisition method of accounting for business combinations. Goodwill and other intangible assets generated from business combinations and deemed to have indefinite lives are not subject to amortization and instead are tested for impairment annually unless a triggering event occurs thereby requiring an updated assessment. Our regular annual impairment assessment occurs in the fourth quarter. Goodwill represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. Impairment exists when the carrying value of the goodwill exceeds its fair value. An impairment loss would be recognized in an amount equal to that excess as a charge to "Noninterest expense" in the condensed consolidated statements of earnings (loss). The unprecedented decline in economic conditions triggered by the COVID-19 pandemic caused a significant decline in stock market valuations in March 2020, including our stock price. These events indicated that goodwill may be impaired and resulted in us performing a goodwill impairment assessment. We applied the market approach using an average share price of the Company's stock and a control premium to determine the fair value of the reporting unit. As a result, we recorded a goodwill impairment charge of $1.47 billion in the first quarter of 2020 as the estimated fair value of equity was less than book value. This was a non-cash charge to earnings and had no impact on our regulatory capital ratios, cash flows, or liquidity position. The following table presents the changes in the carrying amount of goodwill for the period indicated: Goodwill (In thousands) Balance, December 31, 2019 $ 2,548,670 Impairment - March 2020 (1,470,000) Balance, September 30, 2020 $ 1,078,670 Our other intangible assets with definite lives include CDI and CRI. CDI and CRI are amortized over their respective estimated useful lives and reviewed for impairment at least quarterly. The amortization expense represents the estimated decline in the value of the underlying deposits or customer relationships acquired. The aggregate amortization expense is expected to be $14.8 million for 2020. The estimated aggregate amortization expense related to our current intangible assets for each of the next four years is $10.8 million for 2021, $7.4 million for 2022, $3.8 million for 2023, and $1.7 million for 2024. Our current intangible assets are estimated to be fully amortized by the end of 2024. The following table presents the changes in CDI and CRI and the related accumulated amortization for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Gross Amount of CDI and CRI: Balance, beginning of period $ 109,646 $ 119,497 $ 117,573 $ 119,497 Fully amortized portion — (1,924) (7,927) (1,924) Balance, end of period 109,646 117,573 109,646 117,573 Accumulated Amortization: Balance, beginning of period (79,082) (72,117) (79,179) (62,377) Amortization (3,751) (4,833) (11,581) (14,573) Fully amortized portion — 1,924 7,927 1,924 Balance, end of period (82,833) (75,026) (82,833) (75,026) Net CDI and CRI, end of period $ 26,813 $ 42,547 $ 26,813 $ 42,547 |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2020 | |
Other Assets [Abstract] | |
Other Assets | OTHER ASSETS The following table presents the detail of our other assets as of the dates indicated: September 30, December 31, Other Assets 2020 2019 (In thousands) Cash surrender value of BOLI $ 201,884 $ 199,029 LIHTC investments (1) 200,352 75,149 Operating lease ROU assets, net (2) 121,887 129,301 Interest receivable 86,540 81,479 Taxes receivable 42,243 31,591 Equity investments without readily determinable fair values 33,783 27,738 SBIC investments (3) 27,357 16,505 Prepaid expenses 23,972 17,099 Equity warrants (4) 4,742 3,434 Equity investments with readily determinable fair values 1,135 2,998 Deferred tax assets, net 1,080 — Other receivables/assets 52,248 52,488 Total other assets $ 797,223 $ 636,811 ____________________ (1) During the first quarter of 2020, the Company increased the amount of its investment in low income housing project partnerships by $101 million representing the amount of related unfunded commitments, with an offset to a liability included in "Accrued interest payable and other liabilities" on the condensed consolidated balance sheets. (2) See Note 8. Leases for further details regarding the operating lease ROU assets. (3) During the third quarter of 2020, the Company prospectively changed the accounting method for its SBIC investments from modified cost to NAV fair value. (4) For information regarding equity warrants, see Note 10. Derivatives . . |
Leases
Leases | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Leases | LEASES Operating Leases as a Lessee Our lease expense is a component of "Occupancy expense" on our condensed consolidated statements of earnings (loss). The following table presents the components of lease expense for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Operating lease expense: Fixed costs $ 8,950 $ 8,347 $ 26,027 $ 25,183 Variable costs 15 7 40 77 Short-term lease costs 117 126 312 849 Sublease income (1,081) (1,010) (3,100) (3,190) Net lease expense $ 8,001 $ 7,470 $ 23,279 $ 22,919 The following table presents supplemental cash flow information related to leases for the periods indicated: Nine Months Ended September 30, 2020 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 25,198 $ 24,674 ROU assets obtained in exchange for lease obligations: Operating leases $ 19,027 $ 172,189 The following table presents supplemental balance sheet and other information related to operating leases as of the dates indicated: September 30, December 31, 2020 2019 (Dollars in thousands) Operating leases: Operating lease right-of-use assets, net $ 121,887 $ 129,301 Operating lease liabilities $ 142,016 $ 145,354 Weighted average remaining lease term (in years) 5.9 6.1 Weighted average discount rate 2.61 % 2.82 % The following table presents the maturities of operating lease liabilities as of the date indicated: September 30, 2020 (In thousands) Period ending December 31, 2020 $ 8,729 2021 33,834 2022 28,190 2023 25,194 2024 17,989 2025 and thereafter 39,926 Total operating lease liabilities 153,862 Less: Imputed interest (11,846) Present value of operating lease liabilities $ 142,016 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 the condensed 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 condensed consolidated statements of earnings (loss), according to our fixed asset accounting policy. We receive periodic rental income payments under the leases, which are recorded as "Noninterest Income" in the condensed consolidated statements of earnings (loss). The equipment is tested periodically for impairment. No impairment was recorded on "Equipment leased to others under operating leases" in the three or nine months ended September 30, 2020 and 2019. The following table presents the rental payments to be received on operating leases as of the date indicated: September 30, 2020 (In thousands) Period ending December 31, 2020 $ 8,573 2021 33,629 2022 31,080 2023 23,931 2024 19,486 2025 and thereafter 34,284 Total undiscounted cash flows $ 150,983 |
Leases | LEASES Operating Leases as a Lessee Our lease expense is a component of "Occupancy expense" on our condensed consolidated statements of earnings (loss). The following table presents the components of lease expense for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Operating lease expense: Fixed costs $ 8,950 $ 8,347 $ 26,027 $ 25,183 Variable costs 15 7 40 77 Short-term lease costs 117 126 312 849 Sublease income (1,081) (1,010) (3,100) (3,190) Net lease expense $ 8,001 $ 7,470 $ 23,279 $ 22,919 The following table presents supplemental cash flow information related to leases for the periods indicated: Nine Months Ended September 30, 2020 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 25,198 $ 24,674 ROU assets obtained in exchange for lease obligations: Operating leases $ 19,027 $ 172,189 The following table presents supplemental balance sheet and other information related to operating leases as of the dates indicated: September 30, December 31, 2020 2019 (Dollars in thousands) Operating leases: Operating lease right-of-use assets, net $ 121,887 $ 129,301 Operating lease liabilities $ 142,016 $ 145,354 Weighted average remaining lease term (in years) 5.9 6.1 Weighted average discount rate 2.61 % 2.82 % The following table presents the maturities of operating lease liabilities as of the date indicated: September 30, 2020 (In thousands) Period ending December 31, 2020 $ 8,729 2021 33,834 2022 28,190 2023 25,194 2024 17,989 2025 and thereafter 39,926 Total operating lease liabilities 153,862 Less: Imputed interest (11,846) Present value of operating lease liabilities $ 142,016 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 the condensed 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 condensed consolidated statements of earnings (loss), according to our fixed asset accounting policy. We receive periodic rental income payments under the leases, which are recorded as "Noninterest Income" in the condensed consolidated statements of earnings (loss). The equipment is tested periodically for impairment. No impairment was recorded on "Equipment leased to others under operating leases" in the three or nine months ended September 30, 2020 and 2019. The following table presents the rental payments to be received on operating leases as of the date indicated: September 30, 2020 (In thousands) Period ending December 31, 2020 $ 8,573 2021 33,629 2022 31,080 2023 23,931 2024 19,486 2025 and thereafter 34,284 Total undiscounted cash flows $ 150,983 |
Borrowings and Subordinated Deb
Borrowings and Subordinated Debentures | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings and Subordinated Debentures | BORROWINGS AND SUBORDINATED DEBENTURES Borrowings The following table summarizes our borrowings as of the dates indicated: September 30, 2020 December 31, 2019 Weighted Weighted Average Average Balance Rate Balance Rate (Dollars in thousands) FHLB secured advances $ 10,000 — % $ 1,318,000 1.66 % FHLB unsecured overnight advance — — % 141,000 1.56 % AFX short-term borrowings 50,000 0.06 % 300,000 1.61 % Non-recourse debt — — % 8 7.50 % Total borrowings $ 60,000 0.05 % $ 1,759,008 1.64 % The Bank has established secured and unsecured lines of credit under which it may borrow funds from time to time on a term or overnight basis from the FHLB, the FRBSF, and other financial institutions. FHLB Secured Line of Credit. The Bank had secured financing capacity with the FHLB as of September 30, 2020 of $3.6 billion, collateralized by a blanket lien on $5.6 billion of qualifying loans. During the second quarter of 2020, the Company prepaid $750.0 million of FHLB term advances and incurred $6.6 million of prepayment penalties, which is included in "Other expense" on the condensed consolidated statements of earnings (loss). The FHLB term advances had a weighted average interest rate of 0.96% and the prepayment decision was made after the significant drop in market interest rates in March 2020 and the expectation of continued low interest rates for an extended time. The following table presents the interest rates and maturity dates of FHLB secured advances as of the dates indicated: September 30, 2020 December 31, 2019 Maturity Maturity Balance Rate Date Balance Rate Date (Dollars in thousands) Overnight advance $ — — % — $ 1,318,000 1.66 % 1/2/2020 Term advance 5,000 — % 11/6/2020 — — % — Term advance 5,000 — % 5/6/2021 — — % — Total FHLB secured advances $ 10,000 — % $ 1,318,000 1.66 % FRBSF Secured Line of Credit. The Bank has a secured line of credit with the FRBSF. As of September 30, 2020, the Bank had secured borrowing capacity of $1.6 billion collateralized by liens covering $2.1 billion of qualifying loans. As of September 30, 2020 and December 31, 2019, there were no balances outstanding. FHLB Unsecured Line of Credit. The Bank has a $112.0 million unsecured line of credit with the FHLB for the purchase of overnight funds, of which there were no balances outstanding at September 30, 2020. At December 31, 2019, the balance outstanding was $141.0 million . Federal Funds Arrangements with Commercial Banks. As of September 30, 2020, the Bank had unsecured lines of credit of $180.0 million in the aggregate with several correspondent banks for the purchase of overnight funds, subject to availability of funds. These lines are renewable annually and have no unused commitment fees. As of September 30, 2020 and December 31, 2019, 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 September 30, 2020, there was a $50.0 million balance outstanding. As of December 31, 2019, there were $300.0 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: September 30, 2020 December 31, 2019 Date Maturity Rate Index Series Balance Rate Balance Rate Issued Date (Quarterly Reset) (Dollars in thousands) Trust V $ 10,310 3.35 % $ 10,310 5.00 % 8/15/2003 9/17/2033 3-month LIBOR + 3.10 Trust VI 10,310 3.30 % 10,310 4.94 % 9/3/2003 9/15/2033 3-month LIBOR + 3.05 Trust CII 5,155 3.20 % 5,155 4.85 % 9/17/2003 9/17/2033 3-month LIBOR + 2.95 Trust VII 61,856 3.02 % 61,856 4.69 % 2/5/2004 4/23/2034 3-month LIBOR + 2.75 Trust CIII 20,619 1.94 % 20,619 3.58 % 8/15/2005 9/15/2035 3-month LIBOR + 1.69 Trust FCCI 16,495 1.85 % 16,495 3.49 % 1/25/2007 3/15/2037 3-month LIBOR + 1.60 Trust FCBI 10,310 1.80 % 10,310 3.44 % 9/30/2005 12/15/2035 3-month LIBOR + 1.55 Trust CS 2005-1 82,475 2.20 % 82,475 3.85 % 11/21/2005 12/15/2035 3-month LIBOR + 1.95 Trust CS 2005-2 128,866 2.22 % 128,866 3.89 % 12/14/2005 1/30/2036 3-month LIBOR + 1.95 Trust CS 2006-1 51,545 2.22 % 51,545 3.89 % 2/22/2006 4/30/2036 3-month LIBOR + 1.95 Trust CS 2006-2 51,550 2.22 % 51,550 3.89 % 9/27/2006 10/30/2036 3-month LIBOR + 1.95 Trust CS 2006-3 (1) 30,211 1.60 % 28,902 1.64 % 9/29/2006 10/30/2036 3-month EURIBOR + 2.05 Trust CS 2006-4 16,470 2.22 % 16,470 3.89 % 12/5/2006 1/30/2037 3-month LIBOR + 1.95 Trust CS 2006-5 6,650 2.22 % 6,650 3.89 % 12/19/2006 1/30/2037 3-month LIBOR + 1.95 Trust CS 2007-2 39,177 2.22 % 39,177 3.89 % 6/13/2007 7/30/2037 3-month LIBOR + 1.95 Gross subordinated debentures 541,999 2.30 % 540,690 3.87 % Unamortized discount (2) (78,717) (82,481) Net subordinated debentures $ 463,282 $ 458,209 ___________________ (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. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2020 | |
Derivatives [Abstract] | |
Derivatives | DERIVATIVES The Company uses derivatives to manage exposure to market risk, primarily foreign currency risk and interest rate risk, and to assist customers with their risk management objectives. The Company uses foreign exchange contracts to manage the foreign exchange rate risk associated with certain foreign currency-denominated assets and liabilities. As of September 30, 2020, 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 condensed consolidated statements of earnings (loss). For the nine months ended September 30, 2020, changes in fair value recorded through noninterest income in the condensed consolidated statements of earnings (loss) were immaterial. In connection with negotiated credit facilities and certain other services, we may obtain equity warrant assets giving us the right to acquire stock in primarily private, venture-backed companies. We hold these assets for prospective investment gains. We do not use them to hedge any economic risks nor do we use other derivative instruments to hedge economic risks stemming from equity warrant assets. We account for equity warrant assets as derivatives when they contain net settlement terms and other qualifying criteria under ASC 815. These equity warrant assets are recorded at estimated fair value and are classified as "Other assets" on our condensed consolidated balance sheets at the time they are obtained. See Note 7. Other Assets . 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 bilateral collateral posting requirements, counterparty credit review, and monitoring procedures. The following table presents the U.S. dollar notional amounts and fair values of our derivative instruments included in the condensed consolidated balance sheets as of the dates indicated: September 30, 2020 December 31, 2019 Notional Fair Notional Fair Derivatives Not Designated As Hedging Instruments Amount Value Amount Value (In thousands) Derivative Assets: Interest rate contracts $ 10,364 $ 81 $ 15,159 $ 71 Foreign exchange contracts 72,284 3,533 91,144 1,163 Interest rate and economic contracts 82,648 3,614 106,303 1,234 Equity warrant assets 25,729 4,742 26,079 3,434 Total $ 108,377 $ 8,356 $ 132,382 $ 4,668 Derivative Liabilities: Interest rate contracts $ 10,364 $ 81 $ 15,159 $ 71 Foreign exchange contracts 72,284 — 91,144 684 Total $ 82,648 $ 81 $ 106,303 $ 755 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES The following table presents a summary of commitments described below as of the dates indicated: September 30, December 31, 2020 2019 (In thousands) Loan commitments to extend credit $ 7,178,506 $ 8,183,158 Standby letters of credit 353,820 355,503 Commitments to contribute capital to small business investment companies and CRA-related loan pools 52,941 40,698 Commitments to contribute capital to low income housing project partnerships (1) — 88,515 Commitments to contribute capital to private equity funds 50 50 Total $ 7,585,317 $ 8,667,924 ____________________ (1) During the first quarter of 2020, the Company increased the amount of its investment in low income housing project partnerships by $101 million representing the amount of related unfunded commitments, with an offset to a liability included in "Accrued interest payable and other liabilities" on the condensed consolidated balance sheets. The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit and standby letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the condensed consolidated balance sheets. The contract or notional amounts of those instruments reflect the extent of involvement that the Company has in particular classes of financial instruments. Commitments to extend credit are contractual agreements to lend to our customers when customers are in compliance with their contractual credit agreements and when customers have contractual availability to borrow under such agreements. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Standby letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. We provide standby letters of credit in conjunction with several of our lending arrangements and property lease obligations. Most guarantees expire within one year from the date of issuance. If a borrower defaults on its commitments subject to any letter of credit issued under these arrangements, we would be required to meet the borrower's financial obligation but would seek repayment of that financial obligation from the borrower. In some cases, borrowers have pledged cash and investment securities as collateral under these arrangements. In addition, we invest 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 September 30, 2020 and December 31, 2019, we had commitments to contribute capital to these entities totaling $52.9 million and $40.7 million. We also had commitments to contribute up to an additional $50,000 to private equity funds at September 30, 2020 and December 31, 2019. The following table presents the years in which commitments are expected to be paid for our commitments to contribute capital to small business investment companies and CRA-related loan pools as of the date indicated: September 30, 2020 (In thousands) Period ending December 31, 2020 $ 26,824 2021 26,117 Total $ 52,941 Legal Matters In the ordinary course of our business, the Company is party to various legal actions, which we believe are incidental to the operation of our business. The outcome of such legal actions and the timing of ultimate resolution are inherently difficult to predict. In the opinion of management, based upon currently available information, any resulting liability, in addition to amounts already accrued, and taking into consideration insurance which may be applicable, would not have a material adverse effect on the Company’s financial statements or operations. The range of any reasonably possible liabilities is also not significant. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | FAIR VALUE MEASUREMENTS The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily securities available-for-sale and derivatives. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period and such measurements are therefore considered “nonrecurring” for purposes of disclosing our fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for individually evaluated loans and leases and other real estate owned and also to record impairment on certain assets, such as goodwill, CDI, and other long-lived assets. For information regarding the valuation methodologies used to measure our assets recorded at fair value (under ASC Topic 820), and for estimating fair value for financial instruments not recorded at fair value (under ASC Topic 825, as amended by ASU 2016-01 and ASU 2018-03), see Note 1. Nature of Operations and Summary of Significant Accounting Policies, and Note 14. Fair Value Measurements, to the Consolidated Financial Statements of the Company's 2019 Annual Report on Form 10-K. The Company also holds SBIC investments measured at fair value using the NAV per share practical expedient that are not required to be classified in the fair value hierarchy. At September 30, 2020, the fair value of these investments was $27.4 million. 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 September 30, 2020 Measured on a Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Securities available-for-sale: Agency commercial MBS $ 1,204,315 $ — $ 1,204,315 $ — Municipal securities 1,203,030 — 1,203,030 — Agency residential CMOs 1,165,872 — 1,165,872 — Agency residential MBS 246,498 — 246,498 — Asset-backed securities 234,103 — 203,881 30,222 Corporate debt securities 174,282 — 174,282 — Collateralized loan obligations 135,333 — 135,333 — Private label residential CMOs 121,162 — 116,111 5,051 SBA securities 42,684 — 42,684 — U.S. Treasury securities 5,335 5,335 — — Total securities available-for-sale $ 4,532,614 $ 5,335 $ 4,492,006 $ 35,273 Equity investments with readily determinable fair values $ 1,135 $ 1,135 $ — $ — Derivatives (1) : Equity warrants 4,742 — — 4,742 Interest rate and economic contracts 3,614 — 3,614 — Derivative liabilities 81 — 81 — 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 commercial MBS $ 1,108,224 $ — $ 1,108,224 $ — Agency residential CMOs 1,136,397 — 1,136,397 — Municipal securities 735,159 — 735,159 — Agency residential MBS 305,198 — 305,198 — Asset-backed securities 214,783 — 198,348 16,435 Collateralized loan obligations 123,756 — 123,756 — Private label residential CMOs 99,483 — 93,219 6,264 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 investments with readily determinable fair values $ 2,998 $ 2,998 $ — $ — Derivatives (1) : Equity warrants 3,434 — — 3,434 Interest rate and economic contracts 1,234 — 1,234 — Derivative liabilities 755 — 755 — ____________________ (1) For information regarding derivative instruments, see Note 10. Derivatives . During the nine months ended September 30, 2020, there was an $8,000 transfer from Level 3 equity warrants to Level 1 equity investments with readily determinable fair values measured on a recurring basis. The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 private label residential CMOs and asset-backed securities available-for-sale measured at fair value on a recurring basis as of the date indicated: September 30, 2020 Private Label Residential CMOs Asset-Backed Securities Weighted Input or Weighted Range Average Range Average Unobservable Inputs of Inputs Input (1) of Inputs Input (2) Voluntary annual prepayment speeds 5.3% - 16.1% 10.7% 10.0% - 15.0% 12.1% Annual default rates (3) 0.7% - 29.8% 3.1% 2.0% 2.0% Loss severity rates (3) 1.9% - 165.2% 53.0% 60.0% 60.0% Discount rates 2.1% - 7.9% 6.0% 3.0% - 5.2% 3.8% ____________________ (1) Unobservable inputs for private label residential CMOs were weighted by the relative fair values of the instruments. (2) Voluntary annual prepayment speeds and discount rates for asset-backed securities were weighted by the relative fair values of the instruments. (3) Annual default rates and loss severity rates were the same for all of the asset-backed securities. The following table presents information about quantitative inputs and assumptions used in the modified Black-Scholes option pricing model to determine the fair value for our Level 3 equity warrants measured at fair value on a recurring basis as of the date indicated: September 30, 2020 Equity Warrants Weighted Range Average Unobservable Inputs of Inputs Input (1) Volatility 23.7% - 224.4% 31.8% Risk-free interest rate 0.1% - 0.3% 0.2% Remaining life assumption (in years) 0.20 - 4.95 2.85 ____________________ (1) Unobservable inputs for equity warrants were weighted by the relative fair values of the instruments. The following table summarizes activity for our Level 3 private label residential CMOs available-for-sale, asset-backed securities available-for-sale, and equity warrants measured at fair value on a recurring basis for the period indicated: Private Label Asset-Backed Equity Residential CMOs Securities Warrants (In thousands) Balance, December 31, 2019 $ 6,264 $ 16,435 $ 3,434 Total included in earnings 326 42 3,310 Total included in other comprehensive income (447) (389) — Purchases — 20,100 — Issuances — — 240 Sales — — (2,234) Net settlements (1,092) (5,966) — Transfers to Level 1 (equity investments with readily determinable fair values) — — (8) Balance, September 30, 2020 $ 5,051 $ 30,222 $ 4,742 Unrealized net gains (losses) for the period included in other comprehensive income for securities held at quarter-end $ 1,239 $ (192) The following tables present assets measured at fair value on a non-recurring basis as of the dates indicated: Fair Value Measurement as of September 30, 2020 Measured on a Non-Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Individually evaluated loans and leases (1) $ 63,865 $ — $ 3,031 $ 60,834 Total non-recurring $ 63,865 $ — $ 3,031 $ 60,834 ______________________ (1) Includes nonaccrual loans and leases and performing TDRs with balances greater than $250,000. 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 and leases (1) $ 28,706 $ — $ 1,083 $ 27,623 OREO 105 — — 105 Total non-recurring $ 28,811 $ — $ 1,083 $ 27,728 _____________________ (1) Includes all nonaccrual loans and leases and performing TDRs. The following table presents losses recognized on assets measured on a nonrecurring basis for the periods indicated: Three Months Ended Nine Months Ended Losses on Assets September 30, September 30, Measured on a Non-Recurring Basis 2020 2019 2020 2019 (In thousands) Individually evaluated loans and leases (1) $ 29,047 $ 8,339 $ 40,920 $ 10,091 OREO 157 54 267 54 Total losses $ 29,204 $ 8,393 $ 41,187 $ 10,145 _____________________ (1) For 2019, losses are based on impaired loans and leases. 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: September 30, 2020 Valuation Unobservable Input or Weighted Asset Fair Value Technique Inputs Range Average (In thousands) Individually evaluated loans and leases $ 26,357 Discounted cash flows Discount rates 3.75% - 10.46% 8.19% Individually evaluated Discount from loans and leases (1) 26,889 Third party appraisal appraisal 23.00% 23.00% Individually evaluated loans and leases 7,588 Third party appraisals No discounts Total non-recurring Level 3 $ 60,834 _____________________ (1) Relates to one loan at September 30, 2020. The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated: September 30, 2020 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 187,176 $ 187,176 $ 187,176 $ — $ — Interest-earning deposits in financial institutions 2,766,020 2,766,020 2,766,020 — — Securities available-for-sale 4,532,614 4,532,614 5,335 4,492,006 35,273 Investment in FHLB stock 17,250 17,250 — 17,250 — Loans and leases held for investment, net 18,680,234 19,040,922 — 3,031 19,037,891 Equity warrants 4,742 4,742 — — 4,742 Interest rate and economic contracts 3,614 3,614 — 3,614 — Equity investments with readily determinable fair values 1,135 1,135 1,135 — — Financial Liabilities: Core deposits 21,117,629 21,117,629 — 21,117,629 — Non-core non-maturity deposits 1,123,909 1,123,909 — 1,123,909 — Time deposits 1,724,157 1,731,333 — 1,731,333 — Borrowings 60,000 59,988 50,000 9,988 — Subordinated debentures 463,282 445,978 — 445,978 — Derivative liabilities 81 81 — 81 — 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 Interest rate and economic contracts 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 — Limitations Fair value estimates are made at a specific point in time and are based on relevant market information and information about the financial instrument. These estimates do not reflect income taxes or any premium or discount that could result from offering for sale at one time the Company’s entire holdings of a particular financial instrument. Because no market exists for a portion of the Company’s financial instruments, fair value estimates are based on what management believes to be reasonable judgments regarding expected future cash flows, current economic conditions, risk characteristics of various financial instruments, and other factors. These estimated fair values are subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumptions could significantly affect the estimates. Since the fair values have been estimated as of September 30, 2020, the amounts that will actually be realized or paid at settlement or maturity of the instruments could be significantly different. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | EARNINGS (LOSS) PER SHARE The following table presents the computations of basic and diluted net earnings (loss) per share for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (Dollars in thousands, except per share data) Basic Earnings (Loss) Per Share: Net earnings (loss) $ 45,503 $ 110,026 $ (1,354,404) $ 350,755 Less: Earnings allocated to unvested restricted stock (1) (578) (1,369) (1,603) (3,725) Net earnings (loss) allocated to common shares $ 44,925 $ 108,657 $ (1,356,007) $ 347,030 Weighted-average basic shares and unvested restricted stock outstanding 118,438 119,831 118,469 120,691 Less: Weighted-average unvested restricted stock outstanding (1,684) (1,622) (1,596) (1,480) Weighted-average basic shares outstanding 116,754 118,209 116,873 119,211 Basic earnings (loss) per share $ 0.38 $ 0.92 $ (11.60) $ 2.91 Diluted Earnings (Loss) Per Share: Net earnings (loss) allocated to common shares $ 44,925 $ 108,657 $ (1,356,007) $ 347,030 Weighted-average diluted shares outstanding 116,754 118,209 116,873 119,211 Diluted earnings (loss) per share $ 0.38 $ 0.92 $ (11.60) $ 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 | 9 Months Ended |
Sep. 30, 2020 | |
Revenue From Contracts With Customers [Abstract] | |
Revenue from Contracts with Customers | REVENUE FROM CONTRACTS WITH CUSTOMERS Disaggregation of Revenue The following table presents interest income and noninterest income, the components of total revenue, as disclosed in the condensed consolidated statements of earnings (loss) and the related amounts which are from contracts with customers within the scope of ASC Topic 606, " Revenue from Contracts with Customers," for the periods indicated. As illustrated here, substantially all of our revenue is specifically excluded from the scope of ASC Topic 606. Three Months Ended September 30, 2020 2019 Total Revenue from Total Revenue from Recorded Contracts with Recorded Contracts with Revenue Customers Revenue Customers (In thousands) Total interest income $ 265,908 $ — $ 307,208 $ — Noninterest income: Service charges on deposit accounts 2,570 2,570 3,525 3,525 Other commissions and fees 10,541 3,228 10,855 4,965 Leased equipment income 9,900 — 9,615 — Gain on sale of loans 35 — 765 — Gain on sale of securities 5,270 — 908 — Other income 9,936 289 7,761 428 Total noninterest income 38,252 6,087 33,429 8,918 Total revenue $ 304,160 $ 6,087 $ 340,637 $ 8,918 The following table presents revenue from contracts with customers based on the timing of revenue recognition for the periods indicated: Three Months Ended September 30, 2020 2019 (In thousands) Products and services transferred at a point in time $ 3,189 $ 5,046 Products and services transferred over time 2,898 3,872 Total revenue from contracts with customers $ 6,087 $ 8,918 Nine Months Ended September 30, 2020 2019 Total Revenue from Total Revenue from Recorded Contracts with Recorded Contracts with Revenue Customers Revenue Customers (In thousands) Total interest income $ 831,315 $ — $ 926,300 $ — Noninterest income: Service charges on deposit accounts 7,232 7,232 11,026 11,026 Other commissions and fees 30,373 10,388 33,453 14,661 Leased equipment income 34,188 — 28,079 — Gain on sale of loans 468 — 1,091 — Gain on sale of securities 13,167 — 25,261 — Other income 20,782 961 16,476 1,253 Total noninterest income 106,210 18,581 115,386 26,940 Total revenue $ 937,525 $ 18,581 $ 1,041,686 $ 26,940 The following table presents revenue from contracts with customers based on the timing of revenue recognition for the periods indicated: Nine Months Ended September 30, 2020 2019 (In thousands) Products and services transferred at a point in time $ 10,152 $ 14,579 Products and services transferred over time 8,429 12,361 Total revenue from contracts with customers $ 18,581 $ 26,940 Contract Balances The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers as of the dates indicated: September 30, 2020 December 31, 2019 (In thousands) Receivables, which are included in "Other assets" $ 1,207 $ 1,094 Contract assets, which are included in "Other assets" $ — $ — Contract liabilities, which are included in "Accrued interest payable and other liabilities" $ 392 $ 490 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 nine months ended September 30, 2020 due to revenue recognized that was included in the contract liability balance at the beginning of the period was $98,000 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION The Company’s 2017 Stock Incentive Plan, or the 2017 Plan, permits stock-based compensation awards to officers, directors, employees, and consultants. The 2017 Plan authorized grants of stock-based compensation instruments to purchase or issue up to 4,000,000 shares of Company common stock. As of September 30, 2020, there were 1,670,705 sh ares 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 $7.1 million and $7.3 million for the three months ended September 30, 2020 and 2019, and $19.2 million and $19.3 million for the nine months ended September 30, 2020 and 2019. Such amounts are included in "Compensation expense" on the condensed consolidated statements of earnings (loss). The amount of unrecognized compensation expense related to unvested TRSAs and PRSUs as of September 30, 2020 totaled $50.6 million . Time-Based Restricted Stock Awards At September 30, 2020, there were 1,706,690 shares of unvested TRSAs outstanding pursuant to the Company's 2003 and 2017 Stock Incentive Plans. The TRSAs generally vest ratably over a service period of three 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 award on the grant date and is recognized over the vesting period using the straight-line method. Performance-Based Restricted Stock Units At September 30, 2020, there were 315,008 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 shares underlying 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. |
Recently Issued Accounting Stan
Recently Issued Accounting Standards | 9 Months Ended |
Sep. 30, 2020 | |
Recently Issued Accounting Standards [Abstract] | |
Recently Issued Accounting Standards | RECENTLY ISSUED ACCOUNTING STANDARDS Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" This Update simplifies the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The ASU also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates an clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. January 1, 2021 The adoption of this guidance is not expected to have a material impact on the Company's condensed consolidated financial statements. Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2020-01, "Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)" This Update clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. January 1, 2021 The adoption of this guidance is not expected to have a material impact on the Company's condensed consolidated financial statements. Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2020-04, "Reference Rate Reform (Topic 848)" This Update provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other agreements affected by the anticipated transition away from LIBOR toward new interest reference rates. For agreements that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered “minor” so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. This Update also provides numerous optional expedients for derivative accounting. An entity may elect to apply this Update for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. We anticipate that ASU 2020-04 will simplify any modifications we execute between the selected start date (not yet determined) and December 31, 2022 that are directly related to LIBOR transition. March 12, 2020 through December 31, 2022 The adoption of this guidance is not expected to have a material impact on the Company’s condensed consolidated financial statements. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS The Company has evaluated events that have occurred subsequent to September 30, 2020 and have concluded there are no other subsequent events that would require recognition in the accompanying condensed consolidated financial statements. |
Organization Organization (Poli
Organization Organization (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Our accounting policies are described in Note 1. Nature of Operations and Summary of Significant Accounting Policies , of our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019 as filed with the Securities and Exchange Commission ("Form 10-K"). Updates to our significant accounting policies described below reflect the impact of the adoption of ASU 2016-13, “ Financial Instruments - Credit Losses (ASC 326): Measurement of Credit Losses on Financial Instruments ” and the related amendments, commonly referred to as CECL. Investment Securities Prior to January 1, 2020, debt securities available-for-sale were measured at fair value and declines in the fair value were reviewed to determine whether the impairment was other-than-temporary. If the decline in fair value was considered temporary, the decline in fair value below the amortized cost basis of a security was recognized in other comprehensive income (loss). If we did not expect to recover the entire amortized cost basis of the security, then an other-than-temporary impairment was considered to have occurred. The cost basis of the security was written down to its estimated fair value and the amount of the write-down was recognized through a charge to earnings. If the amount of the amortized cost basis expected to be recovered increased in a future period, the cost basis of the security was not increased but rather recognized prospectively through interest income. Effective January 1, 2020, upon the adoption of ASU 2016-13, debt securities available-for-sale are measured at fair value and are subject to impairment testing. A security is impaired if the fair value of the security is less than its amortized cost basis. When an available-for-sale debt security is considered impaired, the Company must determine if the decline in fair value has resulted from a credit-related loss or other factors and then, (1) recognize an allowance for credit losses by a charge to earnings for the credit-related component (if any) of the decline in fair value, and (2) recognize in other comprehensive income (loss) any non-credit related components of the fair value decline (if any). If the amount of the amortized cost basis expected to be recovered increases in a future period, the valuation allowance would be reduced, but not more than the amount of the current existing allowance for that security. Purchased Loans with Credit Deterioration Prior to January 1, 2020, purchased credit impaired loans were accounted for in accordance with ASC Subtopic 310-30, “ Loans and Debt Securities Acquired with Deteriorated Credit Quality.” At the time of acquisition, these loans were recorded at estimated fair value based upon estimated future cash flows with no related allowance for credit losses. Effective January 1, 2020, upon the adoption of ASU 2016-13, an entity records purchased financial assets with credit deterioration ("PCD assets") at the purchase price plus the allowance for credit losses expected at the time of acquisition. This allowance is recognized through a gross-up that increases the amortized cost basis of the asset with no effect on net income. Subsequent changes (favorable and unfavorable) in expected cash flows are recognized immediately in net income by adjusting the related allowance. Allowance for Credit Losses on Loans and Leases Held for Investment Effective January 1, 2020, upon the adoption of ASU 2016-13, the Company replaced the incurred loss accounting approach with the current expected credit loss ("CECL") approach for financial instruments measured at amortized cost and other commitments to extend credit. CECL requires the immediate recognition of estimated credit losses expected to occur over the estimated remaining life of the asset. The forward-looking concept of CECL requires loss estimates to consider historical experience, current conditions and reasonable and supportable forecasts. 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 the amortized cost basis of loans and leases, while the reserve for unfunded loan commitments is included within "Accrued interest payable and other liabilities" on the condensed consolidated balance sheets. The amortized cost basis of loans and leases does not include accrued interest receivable, which is included in "Other assets" on the condensed consolidated balance sheets. The "Provision for credit losses" on the condensed consolidated statements of earnings (loss) is a combination of the provision for loan and lease losses and the provision for unfunded loan commitments. Under the CECL methodology, expected credit losses reflect losses over the remaining contractual life of an asset, considering the effect of prepayments and available information about the collectability of cash flows, including information about relevant historical experience, current conditions, and reasonable and supportable forecasts of future events and circumstances. Thus, the CECL methodology incorporates a broad range of information in developing credit loss estimates. The resulting allowance for loan and lease losses is deducted from the associated amortized cost basis to reflect the net amount expected to be collected. Subsequent changes in this estimate are recorded through the provision for credit losses and the allowance. The CECL methodology could result in significant changes to both the timing and amounts of provision for credit losses and the allowance as compared to historical periods. Loans and leases that are deemed to be uncollectable are charged off and deducted from the allowance. The provision for credit losses and recoveries on loans and leases previously charged off are added to the allowance. The allowance for loan and lease losses is comprised of an individually evaluated component for loans and leases that no longer share similar risk characteristics with other loans and leases and a pooled loans component for loans and leases that share similar risk characteristics. A loan or lease with an outstanding balance greater than $250,000 is individually evaluated for expected credit loss when it is probable that we will be unable to collect all amounts due according to the original contractual terms of the agreement. We select loans and leases for individual assessment on an ongoing basis using certain criteria such as payment performance, borrower reported and forecasted financial results, and other external factors when appropriate. We measure the current expected credit loss of an individually evaluated 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 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. Our CECL methodology for the pooled loans component includes both quantitative and qualitative loss factors which are applied to our population of loans and leases and assessed at a pool level. The quantitative CECL model estimates credit losses by applying pool-specific probability of default ("PD") and loss given default ("LGD") rates to the expected exposure at default ("EAD") over the contractual life of loans and leases. The qualitative component considers internal and external risk factors that may not be adequately assessed in the quantitative model. The loan portfolio is segmented into four loan segments, eight loan classes, and 19 loan pools (excluding Paycheck Protection Program loans, which are fully government guaranteed) based upon loan type that share similar default risk characteristics to calculate quantitative loss factors for each pool. Three of these loan pools have insignificant current balances and/or insignificant historical losses, thus, estimated losses are calculated using historical loss rates from the first quarter of 2009 to the current period rather than econometric regression modeling. For the remaining 16 loan pools, we estimate the PD during the reasonable and supportable forecast period using seven econometric regression models developed to correlate macroeconomic variables to historical credit performance (based on quarterly transition matrices from 2009 to 2019, which include risk rating upgrades/downgrades and defaults). The loans and unfunded commitments are grouped into nine LGD pools based on portfolio classes that share similar collateral risk characteristics. LGD rates are computed based on the net charge-offs recognized divided by the EAD of defaulted loans starting with the first quarter of 2009 to the current period. The PD and LGD rates are applied to the EAD at the loan or lease level based on contractual scheduled payments and estimated prepayments. We use our actual historical loan prepayment experience from 2009 to 2019 to estimate future prepayments by loan pool. For the reasonable and supportable forecast period, future macroeconomic events and circumstances are estimated over a 4-quarter time horizon using a single scenario baseline forecast that is consistent with management's current expectations for the 16 loan pools. We use economic forecasts from Moody's Analytics in this process. The economic forecast is updated monthly; therefore, the one used for each quarter-end calculation is generally based on a one-month lag based on the timing of when the forecast is released. If economic conditions as of the balance sheet date change materially, management would consider a qualitative adjustment. The key macroeconomic assumptions used in each of the seven PD regression models include two or three of the following economic indicators: Real GDP, unemployment rates, CRE Price Index, the BBB corporate spread, nominal disposable income, and CPI. The quantitative CECL model applies the projected rates based on the economic forecasts for the 4-quarter reasonable and supportable forecast horizon to EAD to estimate defaulted loans. During this forecast horizon, prepayment rates during a historical period that exhibits economic conditions most similar to the economic forecast are used to estimate EAD. If no historical period from 2009 to 2019 exhibits economic conditions that are similar to the economic forecast, management considers the average of all historical prepayment experience to be a reasonable and supportable estimation of expected prepayments. Historical LGD rates are applied to estimated defaulted loans to determine estimated credit losses. We then use a 2-quarter reversion p eriod to revert on a straight-line basis from the PD, LGD, and prepayment rates used during the reasonable and supportable forecast period to the Company’s historical PD, LGD, and prepayment experience. Subsequent to the reversion period for the remaining contractual life of loans and leases, the PD, LGD, and prepayment rates are based on historical experience from 2009 to 2019. PD regression models and prepayment rates are updated on an annual basis. LGD rates are updated every quarter to reflect current charge-off activity. The PDs calculated by the quantitative models are highly correlated to our internal risk ratings assigned to each loan and lease. 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 and leases on a regular basis. The credit risk ratings assigned to every loan and lease are as follows: • High Pass : (Risk ratings 1-2) Loans and leases rated as "high pass" exhibit a favorable credit profile and have minimal risk characteristics. Repayment in full is expected, even in adverse economic conditions. • Pass : (Risk ratings 3-4) Loans and leases rated as "pass" are not adversely classified and collection and repayment in full are expected. • Special Mention : (Risk rating 5) 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 : (Risk rating 6) 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 : (Risk rating 7) 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. 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 4. Loans and Leases of the Notes to Condensed Consolidated Financial Statements (Unaudited) contained in "Item 1. Condensed Consolidated Financial Statements (Unaudited)." In addition to our internal risk rating process, our federal and state banking regulators, as an integral part of their examination process, periodically review the Company’s loan and lease risk rating classifications. Our regulators may require the Company to recognize rating downgrades based on their judgments related to information available to them at the time of their examinations. Risk rating downgrades generally result in increases in the provisions for credit losses and the allowance for credit losses. The qualitative portion of the reserve on pooled loans and leases represents management’s judgment of additional considerations to account for internal and external risk factors that are not adequately measured in the quantitative reserve. The qualitative loss factors consider idiosyncratic risk factors, conditions that may not be reflected in quantitatively derived results, or other relevant factors to ensure the allowance for credit losses reflects our best estimate of current expected credit losses. Current and forecasted economic trends and underlying market values for collateral dependent loans are generally considered to be encompassed within the CECL quantitative reserve. An incremental qualitative adjustment may be considered when economic forecasts exhibit higher levels of volatility or uncertainty. In addition to economic conditions and collateral dependency, the other qualitative criteria we consider when establishing the loss factors include the following: • Legal and Regulatory - matters that could impact our borrowers’ ability to repay our loans and leases; • Concentrations - loan and lease portfolio composition and any loan concentrations; • Lending Policy - current lending policies and the effects of any new policies or policy amendments; • Nature and Volume - loan and lease production volume and mix; • Problem Loan Trends - loan and lease portfolio credit performance trends, including a borrower's financial condition, credit rating, and ability to meet loan payment requirements; • Loan Review - results of independent credit review; and • Management - changes in management related to credit administration functions. We estimate the reserve for unfunded loan commitments using the same PD, LGD, and prepayment rates for the quantitative credit losses and qualitative loss factors as used for the allowance for loan and lease losses. The EAD for the reserve for unfunded loan commitments is computed using expected future utilization rates of the unfunded commitments during the contractual life of the commitments based on historical usage by loan pool from 2015 to 2019. The utilization rates are updated on an annual basis. The CECL methodology requires a significant amount of management judgment in determining the appropriate allowance for credit losses. Most of the steps in the methodology involve judgment and are subjective in nature including, among other things: segmenting the loan and lease portfolio; determining the amount of loss history to consider; selecting predictive econometric regression models that use appropriate macroeconomic variables; determining the methodology to forecast prepayments; selecting the most appropriate economic forecast scenario; determining the length of the reasonable and supportable forecast and reversion periods; estimating expected utilization rates on unfunded loan commitments; and assessing relevant and appropriate qualitative factors. In addition, the CECL methodology is dependent on economic forecasts which are inherently imprecise and will change from period to period. Although the allowance for credit losses is considered appropriate, there can be no assurance that it will be sufficient to absorb future losses. |
Recently Issued Accounting Standards | Accounting Standards Adopted in 2020 Effective January 1, 2020, the Company adopted ASU 2016-13 and the related amendments to ASC Topic 326, “ Financial Instruments - Credit Losses ,” to replace the incurred loss accounting approach with a current expected credit loss approach for financial instruments measured at amortized cost and other commitments to extend credit. The new standard is generally intended to require earlier recognition of credit losses. While the standard changes the measurement of the allowance for credit losses, it does not change the credit risk of our lending portfolios or the ultimate losses in those portfolios. Under the CECL approach, the standard requires immediate recognition of estimated credit losses expected to occur over the estimated remaining life of the asset. The forward-looking concept of CECL requires loss estimates to consider historical experience, current conditions and reasonable and supportable forecasts. The standard modifies the other-than-temporary impairment model for available-for-sale debt securities to require entities to record an allowance when recognizing credit losses for available-for-sale securities, rather than reducing the amortized cost of the securities by direct write-offs. The Company adopted the new standard using the modified retrospective approach and recognized a cumulative effect adjustment to decrease retained earnings by $5.3 million, net of taxes, and increase the allowance for credit losses by $7.3 million without restating prior periods and applied the requirements of the new standard prospectively. There was no cumulative effect adjustment related to available-for-sale securities at adoption. The Company elected to account for interest receivable separately from the amortized cost of loans and leases and investment securities. Interest receivable is included in "Other assets" on the condensed consolidated balance sheets. The Company elected the practical expedient to use the fair value of the collateral at the reporting date when recording the net carrying amount of the asset and determining the allowance for credit losses for a financial asset for which the repayment is expected to be provided substantially through the operation or sale of the collateral when the borrower is experiencing financial difficulty based on the entity’s assessment as of the reporting date (collateral dependent financial asset). Additionally, the Company implemented new business processes, new internal controls, and modified existing and/or implemented new internal models and tools to facilitate the ongoing application of the new standard. See Note 4. Loans and Leases for further details. Effective January 1, 2020, the Company adopted ASU 2017-04, " Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment " which simplifies goodwill impairment testing by eliminating the second step of the analysis under which the implied fair value of goodwill is determined as if the reporting unit were being acquired in a business combination. The goodwill impairment test is performed by comparing the fair value of a reporting unit with its carrying amount, and an impairment charge would be recognized for any amount by which the carrying amount exceeds the reporting unit's fair value, to the extent that the loss recognized does not exceed the amount of goodwill allocated to that reporting unit. The Company used this approach to evaluate its goodwill during the first quarter of 2020, as an unprecedented decline in economic conditions triggered by the Coronavirus Disease ("COVID-19") pandemic caused a significant decline in stock market valuations in March 2020, including our stock price. These events indicated that goodwill may be impaired and resulted in us performing a goodwill impairment assessment. We applied the market approach using an average share price of the Company's stock and a control premium to determine the fair value of the reporting unit. As a result, a goodwill impairment charge of $1.47 billion was recorded in the first quarter of 2020 as the Company's estimated fair value was less than its book value. Effective January 1, 2020, the Company adopted the provisions of ASU 2018-13, " Fair Value Measurement (Topic 820): Disclosure Framework - Changes to Disclosure Requirements for Fair Value Measurements " which add disclosures regarding changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty. Although the guidance modifies our disclosures in 2020, there was no impact to our condensed consolidated financial statements from the adoption of this new standard. ASU 2020-03, " Codification Improvements to Financial Instruments " ("ASU 2020-03"), revised a wide variety of topics in the Codification with the intent to make the Codification easier to understand and apply by eliminating inconsistencies and providing clarifications. ASU 2020-03 was effective immediately upon its release in March 2020 and did not have a material impact to our condensed consolidated financial statements. Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes" This Update simplifies the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The ASU also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates an clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. January 1, 2021 The adoption of this guidance is not expected to have a material impact on the Company's condensed consolidated financial statements. Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2020-01, "Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)" This Update clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. January 1, 2021 The adoption of this guidance is not expected to have a material impact on the Company's condensed consolidated financial statements. Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2020-04, "Reference Rate Reform (Topic 848)" This Update provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other agreements affected by the anticipated transition away from LIBOR toward new interest reference rates. For agreements that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered “minor” so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. This Update also provides numerous optional expedients for derivative accounting. An entity may elect to apply this Update for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. We anticipate that ASU 2020-04 will simplify any modifications we execute between the selected start date (not yet determined) and December 31, 2022 that are directly related to LIBOR transition. March 12, 2020 through December 31, 2022 The adoption of this guidance is not expected to have a material impact on the Company’s condensed consolidated financial statements. |
Basis of Presentation | Basis of Presentation |
Use of Estimates | Use of EstimatesWe have made a number of estimates and assumptions related to the reporting of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period to prepare these condensed consolidated financial statements in conformity with U.S. GAAP. Actual results could differ from those estimates. Material estimates subject to change in the near term include, among other items, the allowance for credit losses, the carrying value of goodwill and other intangible assets, and the realization of deferred tax assets. These estimates may be adjusted as more current information becomes available, and any adjustment may be significant. |
Reclassifications | Reclassifications None. |
Fair Value Disclosures (Policie
Fair Value Disclosures (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement, Policy | FAIR VALUE MEASUREMENTS The Company uses fair value to measure certain assets and liabilities on a recurring basis, primarily securities available-for-sale and derivatives. For assets measured at the lower of cost or fair value, the fair value measurement criteria may or may not be met during a reporting period and such measurements are therefore considered “nonrecurring” for purposes of disclosing our fair value measurements. Fair value is used on a nonrecurring basis to adjust carrying values for individually evaluated loans and leases and other real estate owned and also to record impairment on certain assets, such as goodwill, CDI, and other long-lived assets. For information regarding the valuation methodologies used to measure our assets recorded at fair value (under ASC Topic 820), and for estimating fair value for financial instruments not recorded at fair value (under ASC Topic 825, as amended by ASU 2016-01 and ASU 2018-03), see Note 1. Nature of Operations and Summary of Significant Accounting Policies, and Note 14. Fair Value Measurements, to the Consolidated Financial Statements of the Company's 2019 Annual Report on Form 10-K. The Company also holds SBIC investments measured at fair value using the NAV per share practical expedient that are not required to be classified in the fair value hierarchy. At September 30, 2020, the fair value of these investments was $27.4 million. |
Investment Securities (Tables)
Investment Securities (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
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: September 30, 2020 December 31, 2019 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 commercial MBS $ 1,129,060 $ 75,309 $ (54) $ 1,204,315 $ 1,083,182 $ 25,579 $ (537) $ 1,108,224 Municipal securities 1,133,811 70,758 (1,539) 1,203,030 691,647 43,851 (339) 735,159 Agency residential CMOs 1,111,235 54,900 (263) 1,165,872 1,112,573 24,403 (579) 1,136,397 Agency residential MBS 233,513 13,018 (33) 246,498 294,606 10,593 (1) 305,198 Asset-backed securities 236,081 554 (2,532) 234,103 216,133 320 (1,670) 214,783 Corporate debt securities 173,707 726 (151) 174,282 17,000 3,748 — 20,748 Collateralized loan obligations 138,966 — (3,633) 135,333 124,134 25 (403) 123,756 Private label residential CMOs 115,101 6,089 (28) 121,162 96,066 3,430 (13) 99,483 SBA securities 40,515 2,194 (25) 42,684 47,765 506 (13) 48,258 U.S. Treasury securities 4,988 347 — 5,335 4,985 196 — 5,181 Total $ 4,316,977 $ 223,895 $ (8,258) $ 4,532,614 $ 3,688,091 $ 112,651 $ (3,555) $ 3,797,187 |
Schedule of 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 for the years indicated: Three Months Ended Nine Months Ended September 30, September 30, Sales of Securities Available-for-Sale 2020 2019 2020 2019 (In thousands) Amortized cost of securities sold $ 17,000 $ 143,388 $ 154,100 $ 1,529,544 Gross realized gains $ 5,270 $ 1,187 $ 13,199 $ 29,400 Gross realized losses — (279) (32) (4,139) Net realized gains $ 5,270 $ 908 $ 13,167 $ 25,261 |
Unrealized losses on investment securities | The following tables present the gross unrealized losses and fair values of securities available-for-sale that were in unrealized loss positions as of the dates indicated: September 30, 2020 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 commercial MBS $ 3,066 $ (4) $ 9,241 $ (50) $ 12,307 $ (54) Municipal securities 189,163 (1,539) — — 189,163 (1,539) Agency residential CMOs 77,168 (263) — — 77,168 (263) Agency residential MBS 1,753 (33) — — 1,753 (33) Asset-backed securities 44,658 (339) 122,729 (2,193) 167,387 (2,532) Corporate debt securities 60,056 (151) — — 60,056 (151) Collateralized loan obligations 102,396 (1,938) 32,937 (1,695) 135,333 (3,633) Private label residential CMOs 8,510 (26) 76 (2) 8,586 (28) SBA securities 1,964 (25) — — 1,964 (25) Total $ 488,734 $ (4,318) $ 164,983 $ (3,940) $ 653,717 $ (8,258) 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 commercial MBS $ 214,862 $ (537) $ — $ — $ 214,862 $ (537) Municipal securities 38,667 (339) — — 38,667 (339) Agency residential CMOs 180,071 (572) 1,456 (7) 181,527 (579) 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) |
Investments classified by contractual maturity date | The following table presents the contractual maturities of our securities available-for-sale portfolio based on amortized cost and carrying value as of the date indicated: September 30, 2020 Amortized Fair Maturities Cost Value (In thousands) Due in one year or less $ 8,226 $ 8,310 Due after one year through five years 508,645 532,309 Due after five years through ten years 1,067,818 1,135,249 Due after ten years 2,732,288 2,856,746 Total securities available-for-sale $ 4,316,977 $ 4,532,614 |
Investment income | The following table presents the composition of our interest income on investment securities for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Taxable interest $ 17,835 $ 22,829 $ 59,457 $ 63,515 Non-taxable interest 6,272 5,565 17,113 22,705 Dividend income 336 412 1,357 1,214 Total interest income on investment securities $ 24,443 $ 28,806 $ 77,927 $ 87,434 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
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: September 30, December 31, 2020 2019 (In thousands) Real estate mortgage $ 7,883,473 $ 7,982,383 Real estate construction and land 3,453,155 2,773,209 Commercial 7,402,854 7,714,358 Consumer 362,198 440,790 Total gross loans and leases held for investment 19,101,680 18,910,740 Deferred fees, net (75,480) (63,868) Total loans and leases held for investment, net of deferred fees 19,026,200 18,846,872 Allowance for loan and lease losses (345,966) (138,785) Total loans and leases held for investment, net (1) $ 18,680,234 $ 18,708,087 ____________________ (1) Excludes accrued interest receivable of $71.5 million and $67.5 million at September 30, 2020 and December 31, 2019, respectively, which is recorded in "Other assets" on the condensed consolidated balance sheets. |
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: September 30, 2020 30 - 89 90 or More Days Days Total Past Due Past Due Past Due Current Total (In thousands) Real estate mortgage: Commercial $ 412 $ 32,662 $ 33,074 $ 4,159,392 $ 4,192,466 Income producing and other residential 1,761 537 2,298 3,682,281 3,684,579 Total real estate mortgage 2,173 33,199 35,372 7,841,673 7,877,045 Real estate construction and land: Commercial — — — 1,241,647 1,241,647 Residential 3,108 — 3,108 2,178,992 2,182,100 Total real estate construction and land 3,108 — 3,108 3,420,639 3,423,747 Commercial: Asset-based — 2,248 2,248 3,150,800 3,153,048 Venture capital 2,319 — 2,319 1,634,813 1,637,132 Other commercial 185 10,751 10,936 2,562,058 2,572,994 Total commercial 2,504 12,999 15,503 7,347,671 7,363,174 Consumer 791 116 907 361,327 362,234 Total $ 8,576 $ 46,314 $ 54,890 $ 18,971,310 $ 19,026,200 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 |
Financing Receivable, Nonaccrual | 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: September 30, 2020 December 31, 2019 Nonaccrual Performing Total Nonaccrual Performing Total (In thousands) Real estate mortgage: Commercial $ 45,120 $ 4,147,346 $ 4,192,466 $ 18,346 $ 4,184,341 $ 4,202,687 Income producing and other residential 2,008 3,682,571 3,684,579 2,478 3,767,582 3,770,060 Total real estate mortgage 47,128 7,829,917 7,877,045 20,824 7,951,923 7,972,747 Real estate construction and land: Commercial 324 1,241,323 1,241,647 364 1,082,004 1,082,368 Residential — 2,182,100 2,182,100 — 1,655,434 1,655,434 Total real estate construction and land 324 3,423,423 3,423,747 364 2,737,438 2,737,802 Commercial: Asset-based 2,817 3,150,231 3,153,048 30,162 3,718,245 3,748,407 Venture capital 2,001 1,635,131 1,637,132 12,916 2,166,506 2,179,422 Other commercial 32,941 2,540,053 2,572,994 27,594 1,740,073 1,767,667 Total commercial 37,759 7,325,415 7,363,174 70,672 7,624,824 7,695,496 Consumer 404 361,830 362,234 493 440,334 440,827 Total $ 85,615 $ 18,940,585 $ 19,026,200 $ 92,353 $ 18,754,519 $ 18,846,872 |
CV of loans held for investment by class by performing and nonperforming | The following tables present the credit risk rating categories for loans and leases held for investment, net of deferred fees, by loan portfolio segment and class as of the dates indicated. Classified loans and leases are those with a credit risk rating of either substandard or doubtful. September 30, 2020 Classified Special Mention Pass Total (In thousands) Real estate mortgage: Commercial $ 109,651 $ 330,367 $ 3,752,448 $ 4,192,466 Income producing and other residential 9,558 63,378 3,611,643 3,684,579 Total real estate mortgage 119,209 393,745 7,364,091 7,877,045 Real estate construction and land: Commercial 324 13,838 1,227,485 1,241,647 Residential — — 2,182,100 2,182,100 Total real estate construction and land 324 13,838 3,409,585 3,423,747 Commercial: Asset-based 27,900 190,193 2,934,955 3,153,048 Venture capital 15,078 123,675 1,498,379 1,637,132 Other commercial 111,553 57,787 2,403,654 2,572,994 Total commercial 154,531 371,655 6,836,988 7,363,174 Consumer 508 4,518 357,208 362,234 Total $ 274,572 $ 783,756 $ 17,967,872 $ 19,026,200 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 |
Finance Receivable Investment And Interest Income, Nonaccrual | The following table presents our nonaccrual loans and leases by loan portfolio segment and class and by with and without an allowance recorded as of the date indicated and interest income recognized on nonaccrual loans and leases for the period indicated: At and For the Three Months Ended At and For the Nine Months Ended September 30, 2020 September 30, 2020 Nonaccrual Interest Nonaccrual Interest Recorded Income Recorded Income Investment Recognized Investment Recognized (In thousands) (In thousands) With An Allowance Recorded: Real estate mortgage: Commercial $ 736 $ — $ 736 $ — Income producing and other residential 1,163 — 1,163 — Commercial: Asset based 2,248 — 2,248 — Venture capital 2,001 — 2,001 — Other commercial 1,235 — 1,235 — Consumer 404 — 404 — With No Related Allowance Recorded: Real estate mortgage: Commercial $ 44,384 $ 155 $ 44,384 $ 285 Income producing and other residential 845 — 845 — Real estate construction and land: Commercial 324 — 324 — Commercial: Asset based 569 — 569 — Other commercial 31,706 517 31,706 1,628 Total Loans and Leases With and Without an Allowance Recorded: Real estate mortgage $ 47,128 $ 155 $ 47,128 $ 285 Real estate construction and land 324 — 324 — Commercial 37,759 517 37,759 1,628 Consumer 404 — 404 — Total $ 85,615 $ 672 $ 85,615 $ 1,913 |
Finance Receivable, Loans By Origination Year | The following tables present our loans held for investment by loan portfolio segment and class, by credit quality indicator (internal risk ratings), and by year of origination (vintage year) as of the date indicated: Revolving Converted Amortized Cost Basis Term Loans by Origination Year Revolving to Term September 30, 2020 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Real Estate Mortgage: Commercial Internal risk rating: 1-2 High pass $ — $ 28,297 $ 15,106 $ 13,295 $ 7,746 $ 47,517 $ — $ — $ 111,961 3-4 Pass 459,907 453,362 646,326 804,351 362,735 846,325 63,689 3,792 3,640,487 5 Special mention — 70,371 79,083 3,034 75,221 102,658 — — 330,367 6-8 Classified — 1,301 55,863 5,187 3,444 43,856 — — 109,651 Total $ 459,907 $ 553,331 $ 796,378 $ 825,867 $ 449,146 $ 1,040,356 $ 63,689 $ 3,792 $ 4,192,466 Current YTD period: Gross charge-offs $ — $ — $ — $ 3,330 $ — $ 2,677 $ — $ — $ 6,007 Gross recoveries — — — (9) — (262) — — (271) Net $ — $ — $ — $ 3,321 $ — $ 2,415 $ — $ — $ 5,736 Real Estate Mortgage: Income Producing and Other Residential Internal risk rating: 1-2 High pass $ 27,760 $ 25,590 $ 36,440 $ 35,858 $ 46,419 $ 12,260 $ — $ — $ 184,327 3-4 Pass 256,056 844,049 1,179,643 587,821 247,643 199,144 112,390 570 3,427,316 5 Special mention 12,308 4,207 42,660 1,863 — — 2,340 — 63,378 6-8 Classified — — 2,874 — — 5,608 83 993 9,558 Total $ 296,124 $ 873,846 $ 1,261,617 $ 625,542 $ 294,062 $ 217,012 $ 114,813 $ 1,563 $ 3,684,579 Current YTD period: Gross charge-offs $ — $ — $ — $ — $ — $ 51 $ — $ 175 $ 226 Gross recoveries — — — — — (88) (1) — (89) Net $ — $ — $ — $ — $ — $ (37) $ (1) $ 175 $ 137 Real Estate Construction and Land: Commercial Internal risk rating: 1-2 High pass $ — $ — $ — $ — $ — $ — $ — $ — $ — 3-4 Pass 38,945 335,115 385,317 209,380 106,937 139,453 6,630 5,708 1,227,485 5 Special mention — — 13,838 — — — — — 13,838 6-8 Classified — — — — — 324 — — 324 Total $ 38,945 $ 335,115 $ 399,155 $ 209,380 $ 106,937 $ 139,777 $ 6,630 $ 5,708 $ 1,241,647 Current YTD period: Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Gross recoveries — — — — — — — — — Net $ — $ — $ — $ — $ — $ — $ — $ — $ — Revolving Converted Amortized Cost Basis Term Loans by Origination Year Revolving to Term September 30, 2020 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Real Estate Construction and Land: Residential Internal risk rating: 1-2 High pass $ — $ — $ — $ — $ — $ — $ — $ — $ — 3-4 Pass 236,355 501,855 835,914 512,565 35,286 315 9,034 50,776 2,182,100 5 Special mention — — — — — — — — — 6-8 Classified — — — — — — — — — Total $ 236,355 $ 501,855 $ 835,914 $ 512,565 $ 35,286 $ 315 $ 9,034 $ 50,776 $ 2,182,100 Current YTD period: Gross charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Gross recoveries — — — — — (21) — — (21) Net $ — $ — $ — $ — $ — $ (21) $ — $ — $ (21) Commercial: Asset-Based Internal risk rating: 1-2 High pass $ 33,273 $ 167,859 $ 116,944 $ 65,740 $ 120,644 $ 87,642 $ 231,234 $ 73,549 $ 896,885 3-4 Pass 61,548 123,290 81,362 36,075 13,181 48,991 1,653,848 19,775 2,038,070 5 Special mention — 64,586 61,726 21,043 14,913 958 22,150 4,817 190,193 6-8 Classified — — — — 19,398 569 8,791 (858) 27,900 Total $ 94,821 $ 355,735 $ 260,032 $ 122,858 $ 168,136 $ 138,160 $ 1,916,023 $ 97,283 $ 3,153,048 Current YTD period: Gross charge-offs $ — $ — $ — $ — $ — $ 11,817 $ — $ — $ 11,817 Gross recoveries (39) — — — — (323) (231) — (593) Net $ (39) $ — $ — $ — $ — $ 11,494 $ (231) $ — $ 11,224 Commercial: Venture Capital Internal risk rating: 1-2 High pass (1) $ 2,003 $ 5,644 $ — $ (4) $ (6) $ (4) $ 234,321 $ — $ 241,954 3-4 Pass 59,229 133,479 44,599 9,733 32,079 6,550 965,206 5,550 1,256,425 5 Special mention 5,958 38,163 1,586 4,000 526 — 68,331 5,111 123,675 6-8 Classified — (1,663) 11,750 — — 3,663 1,328 — 15,078 Total $ 67,190 $ 175,623 $ 57,935 $ 13,729 $ 32,599 $ 10,209 $ 1,269,186 $ 10,661 $ 1,637,132 Current YTD period: Gross charge-offs $ — $ — $ 6,534 $ — $ (8) $ 150 $ 142 $ — $ 6,818 Gross recoveries — — (177) (128) (145) (3) (450) — (903) Net $ — $ — $ 6,357 $ (128) $ (153) $ 147 $ (308) $ — $ 5,915 ____________________ (1) Amounts with negative balances are loans with zero principal balances and deferred loan origination fees. Revolving Converted Amortized Cost Basis Term Loans by Origination Year Revolving to Term September 30, 2020 2020 2019 2018 2017 2016 Prior Loans Loans Total (In thousands) Commercial: Other Commercial Internal risk rating: 1-2 High pass $ 1,212,466 $ 409 $ 7 $ 390 $ 73 $ 1,592 $ 77,891 $ 94 $ 1,292,922 3-4 Pass 57,738 98,217 105,234 83,456 32,063 108,219 619,093 6,712 1,110,732 5 Special mention — 1,011 — 316 1,735 5,398 48,252 1,075 57,787 6-8 Classified — 2 84 48 2,969 7,723 97,357 3,370 111,553 Total $ 1,270,204 $ 99,639 $ 105,325 $ 84,210 $ 36,840 $ 122,932 $ 842,593 $ 11,251 $ 2,572,994 Current YTD period: Gross charge-offs $ — $ — $ — $ 506 $ 214 $ 33,492 $ 11,662 $ 1,828 $ 47,702 Gross recoveries — (9) (8) (26) (84) (2,683) (100) (4) (2,914) Net $ — $ (9) $ (8) $ 480 $ 130 $ 30,809 $ 11,562 $ 1,824 $ 44,788 Consumer Internal risk rating: 1-2 High pass $ 22 $ — $ 9 $ 16 $ — $ 101 $ 453 $ — $ 601 3-4 Pass 45,224 126,060 69,895 44,717 48,158 14,164 8,383 6 356,607 5 Special mention — — 2,332 534 1,172 480 — — 4,518 6-8 Classified — 74 — — 57 342 2 33 508 Total $ 45,246 $ 126,134 $ 72,236 $ 45,267 $ 49,387 $ 15,087 $ 8,838 $ 39 $ 362,234 Current YTD period: Gross charge-offs $ — $ 97 $ 86 $ 152 $ 295 $ 44 $ 22 $ 9 $ 705 Gross recoveries — — (1) (8) (15) (24) — — (48) Net $ — $ 97 $ 85 $ 144 $ 280 $ 20 $ 22 $ 9 $ 657 Total Loans and Leases Internal risk rating: 1-2 High pass $ 1,275,524 $ 227,799 $ 168,506 $ 115,295 $ 174,876 $ 149,108 $ 543,899 $ 73,643 $ 2,728,650 3-4 Pass 1,215,002 2,615,427 3,348,290 2,288,098 878,082 1,363,161 3,438,273 92,889 15,239,222 5 Special mention 18,266 178,338 201,225 30,790 93,567 109,494 141,073 11,003 783,756 6-8 Classified — (286) 70,571 5,235 25,868 62,085 107,561 3,538 274,572 Total $ 2,508,792 $ 3,021,278 $ 3,788,592 $ 2,439,418 $ 1,172,393 $ 1,683,848 $ 4,230,806 $ 181,073 $ 19,026,200 Current YTD period: Gross charge-offs $ — $ 97 $ 6,620 $ 3,988 $ 501 $ 48,231 $ 11,826 $ 2,012 $ 73,275 Gross recoveries (39) (9) (186) (171) (244) (3,404) (782) (4) (4,839) Net $ (39) $ 88 $ 6,434 $ 3,817 $ 257 $ 44,827 $ 11,044 $ 2,008 $ 68,436 |
Troubled debt restructurings on financing receivables | The following table presents our troubled debt restructurings of loans held for investment by loan portfolio segment and class for the periods indicated: Three Months Ended September 30, 2020 2019 Pre- Post- Pre- Post- Modification Modification Modification Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded Troubled Debt Restructurings Loans Investment Investment Loans Investment Investment (Dollars in thousands) Real estate mortgage: Commercial 1 $ 12,594 $ — — $ — $ — Income producing and other residential 2 157 157 2 495 495 Commercial: Asset-based 1 15,267 — — — — Venture capital 1 2,015 2,015 1 — — Other commercial 5 7,105 100 3 99 99 Total 10 $ 37,138 $ 2,272 6 $ 594 $ 594 Nine Months Ended September 30, 2020 2019 Pre- Post- Pre- Post- Modification Modification Modification Modification Number Outstanding Outstanding Number Outstanding Outstanding of Recorded Recorded of Recorded Recorded Troubled Debt Restructurings Loans Investment Investment Loans Investment Investment (Dollars in thousands) Real estate mortgage: Commercial 9 $ 16,339 $ 3,745 1 $ 37 $ — Income producing and other residential 6 911 911 7 1,280 1,280 Commercial: Asset-based 8 17,008 1,741 1 620 620 Venture capital 2 2,047 2,047 11 16,076 16,214 Other commercial 33 30,324 21,544 14 792 792 Consumer 3 212 212 — — — Total 61 $ 66,841 $ 30,200 34 $ 18,805 $ 18,906 |
Lease Income of Direct Financing Leases | The following table provides the components of leases receivable income for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Component of leases receivable income: Interest income on net investments in leases $ 1,869 $ 2,648 $ 6,224 $ 8,674 |
Assets and Liabilities, Lessor | The following table presents the components of leases receivable as of the dates indicated: September 30, 2020 December 31, 2019 (In thousands) Net investment in direct financing leases: Lease payments receivable $ 124,550 $ 147,729 Unguaranteed residual assets 18,404 20,806 Deferred costs and other 550 655 Aggregate net investment in leases $ 143,504 $ 169,190 |
Sales-type and Direct Financing Leases, Lease Receivable, Maturity | The following table presents maturities of leases receivable as of the date indicated: September 30, 2020 (In thousands) Period ending December 31, 2020 $ 16,794 2021 61,600 2022 25,977 2023 15,329 2024 11,416 2025 and thereafter 3,160 Total undiscounted cash flows 134,276 Less: Unearned income (9,726) Present value of lease payments $ 124,550 |
Finance Receivable, 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 periods indicated: Three Months Ended September 30, 2020 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 130,724 $ 70,113 $ 97,947 $ 2,266 $ 301,050 Charge-offs (1,551) — (35,666) (67) (37,284) Recoveries 109 21 1,063 7 1,200 Net charge-offs (1,442) 21 (34,603) (60) (36,084) Provision (negative provision) (7,588) 20,039 64,921 3,628 81,000 Balance, end of period $ 121,694 $ 90,173 $ 128,265 $ 5,834 $ 345,966 Nine Months Ended September 30, 2020 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 44,575 $ 30,544 $ 61,528 $ 2,138 $ 138,785 Cumulative effect of change in accounting principle - CECL 5,308 (8,592) 6,860 41 3,617 Balance, January 1, 2020 49,883 21,952 68,388 2,179 142,402 Charge-offs (6,233) — (66,337) (705) (73,275) Recoveries 360 21 4,410 48 4,839 Net charge-offs (5,873) 21 (61,927) (657) (68,436) Provision 77,684 68,200 121,804 4,312 272,000 Balance, end of period $ 121,694 $ 90,173 $ 128,265 $ 5,834 $ 345,966 Ending Allowance by Evaluation Methodology: Individually evaluated $ 340 $ — $ 2,584 $ — $ 2,924 Collectively evaluated $ 121,354 $ 90,173 $ 125,681 $ 5,834 $ 343,042 Ending Loans and Leases by Evaluation Methodology: Individually evaluated $ 51,852 $ 1,782 $ 41,501 $ — $ 95,135 Collectively evaluated 7,825,193 3,421,965 7,321,673 362,234 18,931,065 Ending balance $ 7,877,045 $ 3,423,747 $ 7,363,174 $ 362,234 $ 19,026,200 Three Months Ended September 30, 2019 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 46,826 $ 26,378 $ 59,401 $ 2,432 $ 135,037 Charge-offs (120) — (6,021) (360) (6,501) Recoveries 95 — 1,898 23 2,016 Net charge-offs (25) — (4,123) (337) (4,485) Provision (negative provision) (1,655) 683 8,907 65 8,000 Balance, end of period $ 45,146 $ 27,061 $ 64,185 $ 2,160 $ 138,552 Nine Months Ended September 30, 2019 Real Estate Real Estate Construction Mortgage and Land Commercial Consumer Total (In thousands) Allowance for Loan and Lease Losses: Balance, beginning of period $ 46,021 $ 28,209 $ 56,360 $ 1,882 $ 132,472 Charge-offs (850) — (25,951) (802) (27,603) Recoveries 478 — 11,084 121 11,683 Net charge-offs (372) — (14,867) (681) (15,920) Provision (negative provision) (503) (1,148) 22,692 959 22,000 Balance, end of period $ 45,146 $ 27,061 $ 64,185 $ 2,160 $ 138,552 Ending Allowance by Evaluation Methodology: Individually evaluated $ 248 $ — $ 9,082 $ — $ 9,330 Collectively evaluated $ 44,898 $ 27,061 $ 55,103 $ 2,160 $ 129,222 Ending Loans and Leases by Evaluation Methodology: Individually evaluated $ 29,808 $ 5,357 $ 75,455 $ — $ 110,620 Collectively evaluated 7,867,116 2,546,117 7,803,102 408,588 18,624,923 Ending balance $ 7,896,924 $ 2,551,474 $ 7,878,557 $ 408,588 $ 18,735,543 |
Collateral-dependent Finance Receivable | The following table summarizes collateral-dependent loans held for investment by collateral type as of the following date: September 30, 2020 Real Business Property Assets Total (In thousands) Real estate mortgage $ 45,504 $ — $ 45,504 Real estate construction and land 1,782 — 1,782 Commercial — 28,136 28,136 Total $ 47,286 $ 28,136 $ 75,422 |
Allowance for credit losses on financing receivables | The following tables present a summary of the activity in the allowance for loan and lease losses and reserve for unfunded loan commitments for the periods indicated: Three Months Ended September 30, 2020 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of period $ 301,050 $ 80,571 $ 381,621 Charge-offs (37,284) — (37,284) Recoveries 1,200 — 1,200 Net charge-offs (36,084) — (36,084) Provision 81,000 16,000 97,000 Balance, end of period $ 345,966 $ 96,571 $ 442,537 Nine Months Ended September 30, 2020 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of period $ 138,785 $ 35,861 $ 174,646 Cumulative effect of change in accounting principle - CECL 3,617 3,710 7,327 Balance, January 1, 2020 142,402 39,571 181,973 Charge-offs (73,275) — (73,275) Recoveries 4,839 — 4,839 Net charge-offs (68,436) — (68,436) Provision 272,000 57,000 329,000 Balance, end of period $ 345,966 $ 96,571 $ 442,537 Three Months Ended September 30, 2019 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of period $ 135,037 $ 34,861 $ 169,898 Charge-offs (6,501) — (6,501) Recoveries 2,016 — 2,016 Net charge-offs (4,485) — (4,485) Provision (negative provision) 8,000 (1,000) 7,000 Balance, end of period $ 138,552 $ 33,861 $ 172,413 Nine Months Ended September 30, 2019 Allowance for Reserve for Total Loan and Unfunded Loan Allowance for Lease Losses Commitments Credit Losses (In thousands) Balance, beginning of period $ 132,472 $ 36,861 $ 169,333 Charge-offs (27,603) — (27,603) Recoveries 11,683 — 11,683 Net charge-offs (15,920) — (15,920) Provision (negative provision) 22,000 (3,000) 19,000 Balance, end of period $ 138,552 $ 33,861 $ 172,413 |
Foreclosed Assets (Tables)
Foreclosed Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | |
Other real estate and foreclosed assets | The following table summarizes foreclosed assets, net of the valuation allowance, as of the dates indicated: September 30, December 31, Property Type 2020 2019 (In thousands) Commercial real estate $ 12,594 $ 221 Construction and land development 219 219 Total other real estate owned, net 12,813 440 Other foreclosed assets 934 — Total foreclosed assets, net $ 13,747 $ 440 |
Other foreclosed assets rollforward | The following table presents the changes in foreclosed assets, net of the valuation allowance, for the period indicated: Foreclosed Assets (In thousands) Balance, December 31, 2019 $ 440 Transfers to foreclosed assets from loans 14,370 Provision for losses (267) Reductions related to sales (796) Balance, September 30, 2020 $ 13,747 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill | The following table presents the changes in the carrying amount of goodwill for the period indicated: Goodwill (In thousands) Balance, December 31, 2019 $ 2,548,670 Impairment - March 2020 (1,470,000) Balance, September 30, 2020 $ 1,078,670 |
Intangible assets disclosure | The following table presents the changes in CDI and CRI and the related accumulated amortization for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Gross Amount of CDI and CRI: Balance, beginning of period $ 109,646 $ 119,497 $ 117,573 $ 119,497 Fully amortized portion — (1,924) (7,927) (1,924) Balance, end of period 109,646 117,573 109,646 117,573 Accumulated Amortization: Balance, beginning of period (79,082) (72,117) (79,179) (62,377) Amortization (3,751) (4,833) (11,581) (14,573) Fully amortized portion — 1,924 7,927 1,924 Balance, end of period (82,833) (75,026) (82,833) (75,026) Net CDI and CRI, end of period $ 26,813 $ 42,547 $ 26,813 $ 42,547 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Other Assets [Abstract] | |
Schedule of Other Assets | The following table presents the detail of our other assets as of the dates indicated: September 30, December 31, Other Assets 2020 2019 (In thousands) Cash surrender value of BOLI $ 201,884 $ 199,029 LIHTC investments (1) 200,352 75,149 Operating lease ROU assets, net (2) 121,887 129,301 Interest receivable 86,540 81,479 Taxes receivable 42,243 31,591 Equity investments without readily determinable fair values 33,783 27,738 SBIC investments (3) 27,357 16,505 Prepaid expenses 23,972 17,099 Equity warrants (4) 4,742 3,434 Equity investments with readily determinable fair values 1,135 2,998 Deferred tax assets, net 1,080 — Other receivables/assets 52,248 52,488 Total other assets $ 797,223 $ 636,811 ____________________ (1) During the first quarter of 2020, the Company increased the amount of its investment in low income housing project partnerships by $101 million representing the amount of related unfunded commitments, with an offset to a liability included in "Accrued interest payable and other liabilities" on the condensed consolidated balance sheets. (2) See Note 8. Leases for further details regarding the operating lease ROU assets. (3) During the third quarter of 2020, the Company prospectively changed the accounting method for its SBIC investments from modified cost to NAV fair value. (4) For information regarding equity warrants, see Note 10. Derivatives . . |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Leases [Abstract] | |
Schedule of Occupancy Expense and Supplemental Cash Flow Information Related to Operating Leases | Our lease expense is a component of "Occupancy expense" on our condensed consolidated statements of earnings (loss). The following table presents the components of lease expense for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (In thousands) Operating lease expense: Fixed costs $ 8,950 $ 8,347 $ 26,027 $ 25,183 Variable costs 15 7 40 77 Short-term lease costs 117 126 312 849 Sublease income (1,081) (1,010) (3,100) (3,190) Net lease expense $ 8,001 $ 7,470 $ 23,279 $ 22,919 |
Schedule of Cash Flow, Supplemental Disclosures | The following table presents supplemental cash flow information related to leases for the periods indicated: Nine Months Ended September 30, 2020 2019 (In thousands) Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 25,198 $ 24,674 ROU assets obtained in exchange for lease obligations: Operating leases $ 19,027 $ 172,189 |
Schedule of Supplemental Balance Sheet Information Related to Operating Leases | The following table presents supplemental balance sheet and other information related to operating leases as of the dates indicated: September 30, December 31, 2020 2019 (Dollars in thousands) Operating leases: Operating lease right-of-use assets, net $ 121,887 $ 129,301 Operating lease liabilities $ 142,016 $ 145,354 Weighted average remaining lease term (in years) 5.9 6.1 Weighted average discount rate 2.61 % 2.82 % |
Schedule of Maturities of Operating Leases | The following table presents the maturities of operating lease liabilities as of the date indicated: September 30, 2020 (In thousands) Period ending December 31, 2020 $ 8,729 2021 33,834 2022 28,190 2023 25,194 2024 17,989 2025 and thereafter 39,926 Total operating lease liabilities 153,862 Less: Imputed interest (11,846) Present value of operating lease liabilities $ 142,016 |
Schedule of Payments to be Received on Operating Leases | The following table presents the rental payments to be received on operating leases as of the date indicated: September 30, 2020 (In thousands) Period ending December 31, 2020 $ 8,573 2021 33,629 2022 31,080 2023 23,931 2024 19,486 2025 and thereafter 34,284 Total undiscounted cash flows $ 150,983 |
Borrowings and Subordinated D_2
Borrowings and Subordinated Debentures (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of debt | The following table summarizes our borrowings as of the dates indicated: September 30, 2020 December 31, 2019 Weighted Weighted Average Average Balance Rate Balance Rate (Dollars in thousands) FHLB secured advances $ 10,000 — % $ 1,318,000 1.66 % FHLB unsecured overnight advance — — % 141,000 1.56 % AFX short-term borrowings 50,000 0.06 % 300,000 1.61 % Non-recourse debt — — % 8 7.50 % Total borrowings $ 60,000 0.05 % $ 1,759,008 1.64 % |
Federal Home Loan Bank, Advances | The following table presents the interest rates and maturity dates of FHLB secured advances as of the dates indicated: September 30, 2020 December 31, 2019 Maturity Maturity Balance Rate Date Balance Rate Date (Dollars in thousands) Overnight advance $ — — % — $ 1,318,000 1.66 % 1/2/2020 Term advance 5,000 — % 11/6/2020 — — % — Term advance 5,000 — % 5/6/2021 — — % — Total FHLB secured advances $ 10,000 — % $ 1,318,000 1.66 % |
Schedule of Subordinated Borrowing | The following table summarizes the terms of each issuance of subordinated debentures outstanding as of the dates indicated: September 30, 2020 December 31, 2019 Date Maturity Rate Index Series Balance Rate Balance Rate Issued Date (Quarterly Reset) (Dollars in thousands) Trust V $ 10,310 3.35 % $ 10,310 5.00 % 8/15/2003 9/17/2033 3-month LIBOR + 3.10 Trust VI 10,310 3.30 % 10,310 4.94 % 9/3/2003 9/15/2033 3-month LIBOR + 3.05 Trust CII 5,155 3.20 % 5,155 4.85 % 9/17/2003 9/17/2033 3-month LIBOR + 2.95 Trust VII 61,856 3.02 % 61,856 4.69 % 2/5/2004 4/23/2034 3-month LIBOR + 2.75 Trust CIII 20,619 1.94 % 20,619 3.58 % 8/15/2005 9/15/2035 3-month LIBOR + 1.69 Trust FCCI 16,495 1.85 % 16,495 3.49 % 1/25/2007 3/15/2037 3-month LIBOR + 1.60 Trust FCBI 10,310 1.80 % 10,310 3.44 % 9/30/2005 12/15/2035 3-month LIBOR + 1.55 Trust CS 2005-1 82,475 2.20 % 82,475 3.85 % 11/21/2005 12/15/2035 3-month LIBOR + 1.95 Trust CS 2005-2 128,866 2.22 % 128,866 3.89 % 12/14/2005 1/30/2036 3-month LIBOR + 1.95 Trust CS 2006-1 51,545 2.22 % 51,545 3.89 % 2/22/2006 4/30/2036 3-month LIBOR + 1.95 Trust CS 2006-2 51,550 2.22 % 51,550 3.89 % 9/27/2006 10/30/2036 3-month LIBOR + 1.95 Trust CS 2006-3 (1) 30,211 1.60 % 28,902 1.64 % 9/29/2006 10/30/2036 3-month EURIBOR + 2.05 Trust CS 2006-4 16,470 2.22 % 16,470 3.89 % 12/5/2006 1/30/2037 3-month LIBOR + 1.95 Trust CS 2006-5 6,650 2.22 % 6,650 3.89 % 12/19/2006 1/30/2037 3-month LIBOR + 1.95 Trust CS 2007-2 39,177 2.22 % 39,177 3.89 % 6/13/2007 7/30/2037 3-month LIBOR + 1.95 Gross subordinated debentures 541,999 2.30 % 540,690 3.87 % Unamortized discount (2) (78,717) (82,481) Net subordinated debentures $ 463,282 $ 458,209 ___________________ (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. |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivatives [Abstract] | |
Schedule of Derivative Instruments | The following table presents the U.S. dollar notional amounts and fair values of our derivative instruments included in the condensed consolidated balance sheets as of the dates indicated: September 30, 2020 December 31, 2019 Notional Fair Notional Fair Derivatives Not Designated As Hedging Instruments Amount Value Amount Value (In thousands) Derivative Assets: Interest rate contracts $ 10,364 $ 81 $ 15,159 $ 71 Foreign exchange contracts 72,284 3,533 91,144 1,163 Interest rate and economic contracts 82,648 3,614 106,303 1,234 Equity warrant assets 25,729 4,742 26,079 3,434 Total $ 108,377 $ 8,356 $ 132,382 $ 4,668 Derivative Liabilities: Interest rate contracts $ 10,364 $ 81 $ 15,159 $ 71 Foreign exchange contracts 72,284 — 91,144 684 Total $ 82,648 $ 81 $ 106,303 $ 755 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments disclosure | The following table presents a summary of commitments described below as of the dates indicated: September 30, December 31, 2020 2019 (In thousands) Loan commitments to extend credit $ 7,178,506 $ 8,183,158 Standby letters of credit 353,820 355,503 Commitments to contribute capital to small business investment companies and CRA-related loan pools 52,941 40,698 Commitments to contribute capital to low income housing project partnerships (1) — 88,515 Commitments to contribute capital to private equity funds 50 50 Total $ 7,585,317 $ 8,667,924 ____________________ (1) During the first quarter of 2020, the Company increased the amount of its investment in low income housing project partnerships by $101 million representing the amount of related unfunded commitments, with an offset to a liability included in "Accrued interest payable and other liabilities" on the condensed consolidated balance sheets. |
Other Commitments | The following table presents the years in which commitments are expected to be paid for our commitments to contribute capital to small business investment companies and CRA-related loan pools as of the date indicated: September 30, 2020 (In thousands) Period ending December 31, 2020 $ 26,824 2021 26,117 Total $ 52,941 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value, assets measured on recurring basis | The following tables present information on the assets and liabilities measured and recorded at fair value on a recurring basis as of the dates indicated: Fair Value Measurements as of September 30, 2020 Measured on a Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Securities available-for-sale: Agency commercial MBS $ 1,204,315 $ — $ 1,204,315 $ — Municipal securities 1,203,030 — 1,203,030 — Agency residential CMOs 1,165,872 — 1,165,872 — Agency residential MBS 246,498 — 246,498 — Asset-backed securities 234,103 — 203,881 30,222 Corporate debt securities 174,282 — 174,282 — Collateralized loan obligations 135,333 — 135,333 — Private label residential CMOs 121,162 — 116,111 5,051 SBA securities 42,684 — 42,684 — U.S. Treasury securities 5,335 5,335 — — Total securities available-for-sale $ 4,532,614 $ 5,335 $ 4,492,006 $ 35,273 Equity investments with readily determinable fair values $ 1,135 $ 1,135 $ — $ — Derivatives (1) : Equity warrants 4,742 — — 4,742 Interest rate and economic contracts 3,614 — 3,614 — Derivative liabilities 81 — 81 — 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 commercial MBS $ 1,108,224 $ — $ 1,108,224 $ — Agency residential CMOs 1,136,397 — 1,136,397 — Municipal securities 735,159 — 735,159 — Agency residential MBS 305,198 — 305,198 — Asset-backed securities 214,783 — 198,348 16,435 Collateralized loan obligations 123,756 — 123,756 — Private label residential CMOs 99,483 — 93,219 6,264 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 investments with readily determinable fair values $ 2,998 $ 2,998 $ — $ — Derivatives (1) : Equity warrants 3,434 — — 3,434 Interest rate and economic contracts 1,234 — 1,234 — Derivative liabilities 755 — 755 — |
Fair value, assets and liabilities measured on nonrecurring basis, valuation techniques | The following table presents information about quantitative inputs and assumptions used to determine the fair values provided by our third party pricing service for our Level 3 private label residential CMOs and asset-backed securities available-for-sale measured at fair value on a recurring basis as of the date indicated: September 30, 2020 Private Label Residential CMOs Asset-Backed Securities Weighted Input or Weighted Range Average Range Average Unobservable Inputs of Inputs Input (1) of Inputs Input (2) Voluntary annual prepayment speeds 5.3% - 16.1% 10.7% 10.0% - 15.0% 12.1% Annual default rates (3) 0.7% - 29.8% 3.1% 2.0% 2.0% Loss severity rates (3) 1.9% - 165.2% 53.0% 60.0% 60.0% Discount rates 2.1% - 7.9% 6.0% 3.0% - 5.2% 3.8% ____________________ (1) Unobservable inputs for private label residential CMOs were weighted by the relative fair values of the instruments. (2) Voluntary annual prepayment speeds and discount rates for asset-backed securities were weighted by the relative fair values of the instruments. (3) Annual default rates and loss severity rates were the same for all of the asset-backed securities. |
Fair value inputs, assets, quantitative information | The following table presents information about quantitative inputs and assumptions used in the modified Black-Scholes option pricing model to determine the fair value for our Level 3 equity warrants measured at fair value on a recurring basis as of the date indicated: September 30, 2020 Equity Warrants Weighted Range Average Unobservable Inputs of Inputs Input (1) Volatility 23.7% - 224.4% 31.8% Risk-free interest rate 0.1% - 0.3% 0.2% Remaining life assumption (in years) 0.20 - 4.95 2.85 ____________________ (1) Unobservable inputs for equity warrants were weighted by the relative fair values of the instruments. 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: September 30, 2020 Valuation Unobservable Input or Weighted Asset Fair Value Technique Inputs Range Average (In thousands) Individually evaluated loans and leases $ 26,357 Discounted cash flows Discount rates 3.75% - 10.46% 8.19% Individually evaluated Discount from loans and leases (1) 26,889 Third party appraisal appraisal 23.00% 23.00% Individually evaluated loans and leases 7,588 Third party appraisals No discounts Total non-recurring Level 3 $ 60,834 _____________________ (1) Relates to one loan at September 30, 2020. |
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 available-for-sale, asset-backed securities available-for-sale, and equity warrants measured at fair value on a recurring basis for the period indicated: Private Label Asset-Backed Equity Residential CMOs Securities Warrants (In thousands) Balance, December 31, 2019 $ 6,264 $ 16,435 $ 3,434 Total included in earnings 326 42 3,310 Total included in other comprehensive income (447) (389) — Purchases — 20,100 — Issuances — — 240 Sales — — (2,234) Net settlements (1,092) (5,966) — Transfers to Level 1 (equity investments with readily determinable fair values) — — (8) Balance, September 30, 2020 $ 5,051 $ 30,222 $ 4,742 Unrealized net gains (losses) for the period included in other comprehensive income for securities held at quarter-end $ 1,239 $ (192) |
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 September 30, 2020 Measured on a Non-Recurring Basis Total Level 1 Level 2 Level 3 (In thousands) Individually evaluated loans and leases (1) $ 63,865 $ — $ 3,031 $ 60,834 Total non-recurring $ 63,865 $ — $ 3,031 $ 60,834 ______________________ (1) Includes nonaccrual loans and leases and performing TDRs with balances greater than $250,000. 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 and leases (1) $ 28,706 $ — $ 1,083 $ 27,623 OREO 105 — — 105 Total non-recurring $ 28,811 $ — $ 1,083 $ 27,728 _____________________ |
Net losses (gains) on nonrecurring assets | The following table presents losses recognized on assets measured on a nonrecurring basis for the periods indicated: Three Months Ended Nine Months Ended Losses on Assets September 30, September 30, Measured on a Non-Recurring Basis 2020 2019 2020 2019 (In thousands) Individually evaluated loans and leases (1) $ 29,047 $ 8,339 $ 40,920 $ 10,091 OREO 157 54 267 54 Total losses $ 29,204 $ 8,393 $ 41,187 $ 10,145 _____________________ (1) For 2019, losses are based on impaired loans and leases. |
Fair value, by balance sheet grouping | The following tables present carrying amounts and estimated fair values of certain financial instruments as of the dates indicated: September 30, 2020 Carrying Estimated Fair Value Amount Total Level 1 Level 2 Level 3 ( In thousands ) Financial Assets: Cash and due from banks $ 187,176 $ 187,176 $ 187,176 $ — $ — Interest-earning deposits in financial institutions 2,766,020 2,766,020 2,766,020 — — Securities available-for-sale 4,532,614 4,532,614 5,335 4,492,006 35,273 Investment in FHLB stock 17,250 17,250 — 17,250 — Loans and leases held for investment, net 18,680,234 19,040,922 — 3,031 19,037,891 Equity warrants 4,742 4,742 — — 4,742 Interest rate and economic contracts 3,614 3,614 — 3,614 — Equity investments with readily determinable fair values 1,135 1,135 1,135 — — Financial Liabilities: Core deposits 21,117,629 21,117,629 — 21,117,629 — Non-core non-maturity deposits 1,123,909 1,123,909 — 1,123,909 — Time deposits 1,724,157 1,731,333 — 1,731,333 — Borrowings 60,000 59,988 50,000 9,988 — Subordinated debentures 463,282 445,978 — 445,978 — Derivative liabilities 81 81 — 81 — 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 Interest rate and economic contracts 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 — |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net income per share | The following table presents the computations of basic and diluted net earnings (loss) per share for the periods indicated: Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 (Dollars in thousands, except per share data) Basic Earnings (Loss) Per Share: Net earnings (loss) $ 45,503 $ 110,026 $ (1,354,404) $ 350,755 Less: Earnings allocated to unvested restricted stock (1) (578) (1,369) (1,603) (3,725) Net earnings (loss) allocated to common shares $ 44,925 $ 108,657 $ (1,356,007) $ 347,030 Weighted-average basic shares and unvested restricted stock outstanding 118,438 119,831 118,469 120,691 Less: Weighted-average unvested restricted stock outstanding (1,684) (1,622) (1,596) (1,480) Weighted-average basic shares outstanding 116,754 118,209 116,873 119,211 Basic earnings (loss) per share $ 0.38 $ 0.92 $ (11.60) $ 2.91 Diluted Earnings (Loss) Per Share: Net earnings (loss) allocated to common shares $ 44,925 $ 108,657 $ (1,356,007) $ 347,030 Weighted-average diluted shares outstanding 116,754 118,209 116,873 119,211 Diluted earnings (loss) per share $ 0.38 $ 0.92 $ (11.60) $ 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 (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Revenue From Contracts With Customers [Abstract] | |
Revenue From Contracts With Customers | As illustrated here, substantially all of our revenue is specifically excluded from the scope of ASC Topic 606. Three Months Ended September 30, 2020 2019 Total Revenue from Total Revenue from Recorded Contracts with Recorded Contracts with Revenue Customers Revenue Customers (In thousands) Total interest income $ 265,908 $ — $ 307,208 $ — Noninterest income: Service charges on deposit accounts 2,570 2,570 3,525 3,525 Other commissions and fees 10,541 3,228 10,855 4,965 Leased equipment income 9,900 — 9,615 — Gain on sale of loans 35 — 765 — Gain on sale of securities 5,270 — 908 — Other income 9,936 289 7,761 428 Total noninterest income 38,252 6,087 33,429 8,918 Total revenue $ 304,160 $ 6,087 $ 340,637 $ 8,918 The following table presents revenue from contracts with customers based on the timing of revenue recognition for the periods indicated: Three Months Ended September 30, 2020 2019 (In thousands) Products and services transferred at a point in time $ 3,189 $ 5,046 Products and services transferred over time 2,898 3,872 Total revenue from contracts with customers $ 6,087 $ 8,918 Nine Months Ended September 30, 2020 2019 Total Revenue from Total Revenue from Recorded Contracts with Recorded Contracts with Revenue Customers Revenue Customers (In thousands) Total interest income $ 831,315 $ — $ 926,300 $ — Noninterest income: Service charges on deposit accounts 7,232 7,232 11,026 11,026 Other commissions and fees 30,373 10,388 33,453 14,661 Leased equipment income 34,188 — 28,079 — Gain on sale of loans 468 — 1,091 — Gain on sale of securities 13,167 — 25,261 — Other income 20,782 961 16,476 1,253 Total noninterest income 106,210 18,581 115,386 26,940 Total revenue $ 937,525 $ 18,581 $ 1,041,686 $ 26,940 |
Revenue Recognition of Contracts With Customers | The following table presents revenue from contracts with customers based on the timing of revenue recognition for the periods indicated: Nine Months Ended September 30, 2020 2019 (In thousands) Products and services transferred at a point in time $ 10,152 $ 14,579 Products and services transferred over time 8,429 12,361 Total revenue from contracts with customers $ 18,581 $ 26,940 |
Contract with Customer, Asset and Liability | The following table provides information about receivables, contract assets, and contract liabilities from contracts with customers as of the dates indicated: September 30, 2020 December 31, 2019 (In thousands) Receivables, which are included in "Other assets" $ 1,207 $ 1,094 Contract assets, which are included in "Other assets" $ — $ — Contract liabilities, which are included in "Accrued interest payable and other liabilities" $ 392 $ 490 |
Recently Issued Accounting St_2
Recently Issued Accounting Standards (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Recently Issued Accounting Standards [Abstract] | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles | Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2020-01, "Investments - Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815)" This Update clarifies the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. January 1, 2021 The adoption of this guidance is not expected to have a material impact on the Company's condensed consolidated financial statements. Effective Effect on the Financial Statements Standard Description Date or Other Significant Matters ASU 2020-04, "Reference Rate Reform (Topic 848)" This Update provides optional expedients and exceptions for applying GAAP to loan and lease agreements, derivative contracts, and other agreements affected by the anticipated transition away from LIBOR toward new interest reference rates. For agreements that are modified because of reference rate reform and that meet certain scope guidance (i) modifications of loan agreements should be accounted for by prospectively adjusting the effective interest rate and the modification will be considered “minor” so that any existing unamortized origination fees/costs would carry forward and continue to be amortized and (ii) modifications of lease agreements should be accounted for as a continuation of the existing agreement with no reassessments of the lease classification and the discount rate or remeasurements of lease payments that otherwise would be required for modifications not accounted for as separate contracts. This Update also provides numerous optional expedients for derivative accounting. An entity may elect to apply this Update for contract modifications as of January 1, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. We anticipate that ASU 2020-04 will simplify any modifications we execute between the selected start date (not yet determined) and December 31, 2022 that are directly related to LIBOR transition. March 12, 2020 through December 31, 2022 The adoption of this guidance is not expected to have a material impact on the Company’s condensed consolidated financial statements. |
Organization - Narrative (Detai
Organization - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)loan_poolbank_branchloan_segmentloan_classmodel | Sep. 30, 2019USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Business Acquisition [Line Items] | ||||||||||
Number of loan segments | loan_segment | 4 | |||||||||
Number of loan classes | loan_class | 8 | |||||||||
Number of loan pools | loan_pool | 19 | |||||||||
Number of loan pools with insignificant current balances | loan_pool | 3 | |||||||||
Number of loan pools with significant current balances | loan_pool | 16 | |||||||||
Number of econometric regression models used to estimate probability of default | model | 7 | |||||||||
Number of loss given default pools | loan_pool | 9 | |||||||||
Retained earnings | $ 292,561 | $ 292,561 | $ 1,652,248 | |||||||
Allowance for credit losses | 442,537 | $ 381,621 | $ 172,413 | 442,537 | $ 172,413 | $ 181,973 | $ 174,646 | $ 169,898 | $ 169,333 | |
Goodwill impairment | $ 0 | $ 0 | $ 1,470,000 | $ 0 | $ 1,470,000 | $ 0 | ||||
CALIFORNIA | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Retail branch locations | bank_branch | 71 | |||||||||
NORTH CAROLINA | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Retail branch locations | bank_branch | 1 | |||||||||
COLORADO | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Retail branch locations | bank_branch | 1 | |||||||||
Cumulative Effect, Period Of Adoption, Adjustment | Accounting Standards Update 2016-13 [Member] | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Retained earnings | 5,300 | |||||||||
Allowance for credit losses | $ 7,300 |
Restricted Cash Balances - Narr
Restricted Cash Balances - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Restricted Cash [Abstract] | ||
Restricted Cash and Cash Equivalents | $ 55.2 | $ 131 |
Pledged Cash for Derivative Contracts | $ 2.5 | $ 3.2 |
Investment Securities - Securit
Investment Securities - Securities Available for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | $ 4,316,977 | $ 3,688,091 |
Gross Unrealized Gains | 223,895 | 112,651 |
Gross Unrealized Losses | (8,258) | (3,555) |
Securities available-for-sale | 4,532,614 | 3,797,187 |
Government agency and government-sponsored enterprise pass through securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 1,129,060 | 1,083,182 |
Gross Unrealized Gains | 75,309 | 25,579 |
Gross Unrealized Losses | (54) | (537) |
Securities available-for-sale | 1,204,315 | 1,108,224 |
Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 1,111,235 | 1,112,573 |
Gross Unrealized Gains | 54,900 | 24,403 |
Gross Unrealized Losses | (263) | (579) |
Securities available-for-sale | 1,165,872 | 1,136,397 |
Municipal securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 1,133,811 | 691,647 |
Gross Unrealized Gains | 70,758 | 43,851 |
Gross Unrealized Losses | (1,539) | (339) |
Securities available-for-sale | 1,203,030 | 735,159 |
Agency residential MBS | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 233,513 | 294,606 |
Gross Unrealized Gains | 13,018 | 10,593 |
Gross Unrealized Losses | (33) | (1) |
Securities available-for-sale | 246,498 | 305,198 |
Asset-backed Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 236,081 | 216,133 |
Gross Unrealized Gains | 554 | 320 |
Gross Unrealized Losses | (2,532) | (1,670) |
Securities available-for-sale | 234,103 | 214,783 |
Collateralized loan obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 138,966 | 124,134 |
Gross Unrealized Gains | 0 | 25 |
Gross Unrealized Losses | (3,633) | (403) |
Securities available-for-sale | 135,333 | 123,756 |
Private label collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 115,101 | 96,066 |
Gross Unrealized Gains | 6,089 | 3,430 |
Gross Unrealized Losses | (28) | (13) |
Securities available-for-sale | 121,162 | 99,483 |
SBA asset-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 40,515 | 47,765 |
Gross Unrealized Gains | 2,194 | 506 |
Gross Unrealized Losses | (25) | (13) |
Securities available-for-sale | 42,684 | 48,258 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 173,707 | 17,000 |
Gross Unrealized Gains | 726 | 3,748 |
Gross Unrealized Losses | (151) | 0 |
Securities available-for-sale | 174,282 | 20,748 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total securities available-for-sale | 4,988 | 4,985 |
Gross Unrealized Gains | 347 | 196 |
Gross Unrealized Losses | 0 | 0 |
Securities available-for-sale | $ 5,335 | $ 5,181 |
Investment Securities - Realize
Investment Securities - Realized Gains and Losses on Securities Available-for-Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Available For Sale Investment Securities, Sold At Amortized Cost | $ 17,000 | $ 143,388 | $ 154,100 | $ 1,529,544 | |
Available-for-sale Securities, Gross Realized Gains | 5,270 | 1,187 | 13,199 | 29,400 | |
Available-for-sale Securities, Gross Realized Losses | 0 | 279 | 32 | 4,139 | |
Gain on sale of securities | $ 5,270 | $ 7,715 | $ 908 | $ 13,167 | $ 25,261 |
Investment Securities - Unreali
Investment Securities - Unrealized Losses on Securities Available-for-Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | $ 488,734 | $ 716,081 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (4,318) | (3,545) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 164,983 | 1,756 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (3,940) | (10) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 653,717 | 717,837 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (8,258) | (3,555) |
Government agency and government-sponsored enterprise pass through securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 3,066 | 0 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (4) | 0 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 9,241 | 186 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (50) | (1) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 12,307 | 186 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (54) | (1) |
Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 77,168 | 180,071 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (263) | (572) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 0 | 1,456 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | 0 | (7) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 77,168 | 181,527 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (263) | (579) |
Municipal securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 189,163 | 38,667 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (1,539) | (339) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 0 | 0 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | 0 | 0 |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 189,163 | 38,667 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (1,539) | (339) |
Government agency and government-sponsored enterprise commercial mortgage-backed securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 1,753 | 214,862 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (33) | (537) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 0 | 0 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | 0 | 0 |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 1,753 | 214,862 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (33) | (537) |
Asset-backed Securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 44,658 | 165,575 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (339) | (1,670) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 122,729 | 0 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (2,193) | 0 |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 167,387 | 165,575 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (2,532) | (1,670) |
Collateralized loan obligations | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 102,396 | 102,469 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (1,938) | (403) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 32,937 | 0 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (1,695) | 0 |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 135,333 | 102,469 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (3,633) | (403) |
Private label collateralized mortgage obligations | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 8,510 | 9,872 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (26) | (11) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 76 | 114 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | (2) | (2) |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 8,586 | 9,986 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (28) | (13) |
SBA asset-backed securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 1,964 | 4,565 |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (25) | (13) |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 0 | 0 |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | 0 | 0 |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 1,964 | 4,565 |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | (25) | $ (13) |
Corporate debt securities | ||
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Fair Value | 60,056 | |
Unrealized Losses on Securities Available-for-Sale, Less than 12 Months, Gross Unrealized Losses | (151) | |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Fair Value | 0 | |
Unrealized Losses on Securities Available-for-Sale, 12 Months or Longer, Gross Unrealized Losses | 0 | |
Unrealized Losses on Securities Available-for-Sale, Fair Value | 60,056 | |
Unrealized Losses on Securities Available-for-Sale, Gross Unrealized Losses | $ (151) |
Investment Securities - Contrac
Investment Securities - Contractual Maturities of Securities Available-for-Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Amortized Cost | ||
Due in one year or less | $ 8,226 | |
Due after one year through five years | 508,645 | |
Due after five years through ten years | 1,067,818 | |
Due after ten years | 2,732,288 | |
Total securities available-for-sale | 4,316,977 | $ 3,688,091 |
Fair Value | ||
Due in one year or less | 8,310 | |
Due after one year through five years | 532,309 | |
Due after five years through ten years | 1,135,249 | |
Due after ten years | 2,856,746 | |
Total securities available-for-sale | $ 4,532,614 | $ 3,797,187 |
Investment Securities - Interes
Investment Securities - Interest Income on Investment Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||||
Taxable interest | $ 17,835 | $ 22,829 | $ 59,457 | $ 63,515 |
Non-taxable interest | 6,272 | 5,565 | 17,113 | 22,705 |
Dividend income | 336 | 412 | 1,357 | 1,214 |
Total interest income on investment securities | $ 24,443 | $ 28,806 | $ 77,927 | $ 87,434 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) $ in Millions | Sep. 30, 2020USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
AFS securities pledged as collateral | $ 605.3 |
Loans and Leases - Loans and Le
Loans and Leases - Loans and Leases Held for Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Gross loans and leases held for investment | $ 19,101,680 | $ 18,910,740 | ||||||
Deferred fees, net | (75,480) | (63,868) | ||||||
Loans held for investment, net | 19,026,200 | 18,846,872 | $ 18,735,543 | |||||
Allowance for loan and lease losses | (345,966) | $ (301,050) | $ (142,402) | (138,785) | (138,552) | $ (135,037) | $ (132,472) | |
Total loans and leases held for investment, net | [1] | 18,680,234 | 18,708,087 | |||||
Real Estate Mortgage | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Gross loans and leases held for investment | 7,883,473 | 7,982,383 | ||||||
Loans held for investment, net | 7,877,045 | 7,972,747 | 7,896,924 | |||||
Allowance for loan and lease losses | (121,694) | (130,724) | (49,883) | (44,575) | (45,146) | (46,826) | (46,021) | |
Real Estate Construction and Land | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Gross loans and leases held for investment | 3,453,155 | 2,773,209 | ||||||
Loans held for investment, net | 3,423,747 | 2,737,802 | 2,551,474 | |||||
Allowance for loan and lease losses | (90,173) | (70,113) | (21,952) | (30,544) | (27,061) | (26,378) | (28,209) | |
Commercial | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Gross loans and leases held for investment | 7,402,854 | 7,714,358 | ||||||
Loans held for investment, net | 7,363,174 | 7,695,496 | 7,878,557 | |||||
Allowance for loan and lease losses | (128,265) | (97,947) | (68,388) | (61,528) | (64,185) | (59,401) | (56,360) | |
Consumer | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Gross loans and leases held for investment | 362,198 | 440,790 | ||||||
Loans held for investment, net | 362,234 | 440,827 | 408,588 | |||||
Allowance for loan and lease losses | (5,834) | $ (2,266) | $ (2,179) | (2,138) | $ (2,160) | $ (2,432) | $ (1,882) | |
Loans and Finance Receivables [Member] | ||||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||||
Interest Receivable | $ 71,500 | $ 67,500 | ||||||
[1] | Excludes accrued interest receivable of $71.5 million and $67.5 million at September 30, 2020 and December 31, 2019, respectively, which is recorded in "Other assets" on the condensed consolidated balance sheets. |
Loans and Leases - Aging Analys
Loans and Leases - Aging Analysis of Loans and Leases Held for Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | $ 8,576 | $ 9,788 | |
90 or More Days Past Due | 46,314 | 11,085 | |
Total Past Due | 54,890 | 20,873 | |
Current | 18,971,310 | 18,825,999 | |
Loans held for investment, net | 19,026,200 | 18,846,872 | $ 18,735,543 |
Real Estate Mortgage | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 2,173 | 4,553 | |
90 or More Days Past Due | 33,199 | 6,721 | |
Total Past Due | 35,372 | 11,274 | |
Current | 7,841,673 | 7,961,473 | |
Loans held for investment, net | 7,877,045 | 7,972,747 | 7,896,924 |
Real Estate Mortgage | Commercial | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 412 | 2,448 | |
90 or More Days Past Due | 32,662 | 5,919 | |
Total Past Due | 33,074 | 8,367 | |
Current | 4,159,392 | 4,194,320 | |
Loans held for investment, net | 4,192,466 | 4,202,687 | |
Real Estate Mortgage | Residential Real Estate | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 1,761 | 2,105 | |
90 or More Days Past Due | 537 | 802 | |
Total Past Due | 2,298 | 2,907 | |
Current | 3,682,281 | 3,767,153 | |
Loans held for investment, net | 3,684,579 | 3,770,060 | |
Real Estate Construction and Land | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 3,108 | 1,429 | |
90 or More Days Past Due | 0 | 0 | |
Total Past Due | 3,108 | 1,429 | |
Current | 3,420,639 | 2,736,373 | |
Loans held for investment, net | 3,423,747 | 2,737,802 | 2,551,474 |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | 0 | |
90 or More Days Past Due | 0 | 0 | |
Total Past Due | 0 | 0 | |
Current | 1,241,647 | 1,082,368 | |
Loans held for investment, net | 1,241,647 | 1,082,368 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 3,108 | 1,429 | |
90 or More Days Past Due | 0 | 0 | |
Total Past Due | 3,108 | 1,429 | |
Current | 2,178,992 | 1,654,005 | |
Loans held for investment, net | 2,182,100 | 1,655,434 | |
Commercial | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 2,504 | 2,800 | |
90 or More Days Past Due | 12,999 | 4,164 | |
Total Past Due | 15,503 | 6,964 | |
Current | 7,347,671 | 7,688,532 | |
Loans held for investment, net | 7,363,174 | 7,695,496 | 7,878,557 |
Commercial | Asset-based | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 0 | 19 | |
90 or More Days Past Due | 2,248 | 0 | |
Total Past Due | 2,248 | 19 | |
Current | 3,150,800 | 3,748,388 | |
Loans held for investment, net | 3,153,048 | 3,748,407 | |
Commercial | Venture Capital Loans | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 2,319 | 0 | |
90 or More Days Past Due | 0 | 0 | |
Total Past Due | 2,319 | 0 | |
Current | 1,634,813 | 2,179,422 | |
Loans held for investment, net | 1,637,132 | 2,179,422 | |
Commercial | Other Commercial | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 185 | 2,781 | |
90 or More Days Past Due | 10,751 | 4,164 | |
Total Past Due | 10,936 | 6,945 | |
Current | 2,562,058 | 1,760,722 | |
Loans held for investment, net | 2,572,994 | 1,767,667 | |
Consumer | |||
Delinquent loans in loan portfolio | |||
30-89 Days Past Due | 791 | 1,006 | |
90 or More Days Past Due | 116 | 200 | |
Total Past Due | 907 | 1,206 | |
Current | 361,327 | 439,621 | |
Loans held for investment, net | $ 362,234 | $ 440,827 | $ 408,588 |
Loans and Leases - Nonaccrual a
Loans and Leases - Nonaccrual and Performing Loans and Leases Held for Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | $ 85,615 | $ 92,353 | |
Loans held for investment, net | 19,026,200 | 18,846,872 | $ 18,735,543 |
Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment, net | 18,940,585 | 18,754,519 | |
Real Estate Mortgage | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 47,128 | 20,824 | |
Loans held for investment, net | 7,877,045 | 7,972,747 | 7,896,924 |
Real Estate Mortgage | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment, net | 7,829,917 | 7,951,923 | |
Real Estate Mortgage | Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 45,120 | 18,346 | |
Loans held for investment, net | 4,192,466 | 4,202,687 | |
Real Estate Mortgage | Commercial | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment, net | 4,147,346 | 4,184,341 | |
Real Estate Mortgage | Residential Real Estate | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 2,008 | 2,478 | |
Loans held for investment, net | 3,684,579 | 3,770,060 | |
Real Estate Mortgage | Residential Real Estate | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment, net | 3,682,571 | 3,767,582 | |
Real Estate Construction and Land | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 324 | 364 | |
Loans held for investment, net | 3,423,747 | 2,737,802 | 2,551,474 |
Real Estate Construction and Land | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment, net | 3,423,423 | 2,737,438 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 324 | 364 | |
Loans held for investment, net | 1,241,647 | 1,082,368 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment, net | 1,241,323 | 1,082,004 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 0 | 0 | |
Loans held for investment, net | 2,182,100 | 1,655,434 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment, net | 2,182,100 | 1,655,434 | |
Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 37,759 | 70,672 | |
Loans held for investment, net | 7,363,174 | 7,695,496 | 7,878,557 |
Commercial | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment, net | 7,325,415 | 7,624,824 | |
Commercial | Asset-based | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 2,817 | 30,162 | |
Loans held for investment, net | 3,153,048 | 3,748,407 | |
Commercial | Asset-based | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment, net | 3,150,231 | 3,718,245 | |
Commercial | Venture Capital Loans | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 2,001 | 12,916 | |
Loans held for investment, net | 1,637,132 | 2,179,422 | |
Commercial | Venture Capital Loans | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment, net | 1,635,131 | 2,166,506 | |
Commercial | Other Commercial | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 32,941 | 27,594 | |
Loans held for investment, net | 2,572,994 | 1,767,667 | |
Commercial | Other Commercial | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment, net | 2,540,053 | 1,740,073 | |
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Nonaccrual | 404 | 493 | |
Loans held for investment, net | 362,234 | 440,827 | $ 408,588 |
Consumer | Performing | |||
Financing Receivable, Impaired [Line Items] | |||
Loans held for investment, net | $ 361,830 | $ 440,334 |
Loans and Leases - Credit Risk
Loans and Leases - Credit Risk Rating Categories for Loans and Leases Held for Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | $ 19,026,200 | $ 18,846,872 | $ 18,735,543 |
Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 274,572 | 175,912 | |
Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 783,756 | 322,956 | |
Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 17,967,872 | 18,348,004 | |
Real Estate Mortgage | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 7,877,045 | 7,972,747 | 7,896,924 |
Real Estate Mortgage | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 119,209 | 42,135 | |
Real Estate Mortgage | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 393,745 | 31,781 | |
Real Estate Mortgage | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 7,364,091 | 7,898,831 | |
Real Estate Mortgage | Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 4,192,466 | 4,202,687 | |
Real Estate Mortgage | Commercial | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 109,651 | 33,535 | |
Real Estate Mortgage | Commercial | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 330,367 | 30,070 | |
Real Estate Mortgage | Commercial | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 3,752,448 | 4,139,082 | |
Real Estate Mortgage | Residential Real Estate | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 3,684,579 | 3,770,060 | |
Real Estate Mortgage | Residential Real Estate | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 9,558 | 8,600 | |
Real Estate Mortgage | Residential Real Estate | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 63,378 | 1,711 | |
Real Estate Mortgage | Residential Real Estate | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 3,611,643 | 3,759,749 | |
Real Estate Construction and Land | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 3,423,747 | 2,737,802 | 2,551,474 |
Real Estate Construction and Land | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 324 | 364 | |
Real Estate Construction and Land | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 13,838 | 1,429 | |
Real Estate Construction and Land | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 3,409,585 | 2,736,009 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 1,241,647 | 1,082,368 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 324 | 364 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 13,838 | 0 | |
Real Estate Construction and Land | Commercial Real Estate Construction Loan Receivable | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 1,227,485 | 1,082,004 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 2,182,100 | 1,655,434 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 0 | 0 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 0 | 1,429 | |
Real Estate Construction and Land | Residential Real Estate Construction Financing Receivable | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 2,182,100 | 1,654,005 | |
Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 7,363,174 | 7,695,496 | 7,878,557 |
Commercial | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 154,531 | 132,800 | |
Commercial | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 371,655 | 288,534 | |
Commercial | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 6,836,988 | 7,274,162 | |
Commercial | Asset-based | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 3,153,048 | 3,748,407 | |
Commercial | Asset-based | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 27,900 | 32,223 | |
Commercial | Asset-based | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 190,193 | 38,936 | |
Commercial | Asset-based | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 2,934,955 | 3,677,248 | |
Commercial | Venture Capital Loans | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 1,637,132 | 2,179,422 | |
Commercial | Venture Capital Loans | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 15,078 | 35,316 | |
Commercial | Venture Capital Loans | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 123,675 | 74,813 | |
Commercial | Venture Capital Loans | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 1,498,379 | 2,069,293 | |
Commercial | Other Commercial | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 2,572,994 | 1,767,667 | |
Commercial | Other Commercial | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 111,553 | 65,261 | |
Commercial | Other Commercial | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 57,787 | 174,785 | |
Commercial | Other Commercial | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 2,403,654 | 1,527,621 | |
Consumer | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 362,234 | 440,827 | $ 408,588 |
Consumer | Classified | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 508 | 613 | |
Consumer | Special Mention | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | 4,518 | 1,212 | |
Consumer | Pass | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | $ 357,208 | 439,002 | |
Non Purchased Credit Impaired Loans and Leases | |||
Financing Receivable, Past Due [Line Items] | |||
Loans held for investment, net | $ 18,846,872 |
Loans and Leases - Nonaccrual L
Loans and Leases - Nonaccrual Loans and Leases by Loan Portfolio Segment and Class (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | $ 672 | $ 1,913 | |
Nonaccrual | 85,615 | 85,615 | $ 92,353 |
Commercial | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | 517 | 1,628 | |
Nonaccrual | 37,759 | 37,759 | 70,672 |
Consumer | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | 0 | 0 | |
Nonaccrual | 404 | 404 | 493 |
Consumer | Finance Receivable Allowance | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | 0 | 0 | |
Nonaccrual | 404 | 404 | |
Real Estate Mortgage | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | 155 | 285 | |
Nonaccrual | 47,128 | 47,128 | 20,824 |
Real Estate Construction and Land | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | 0 | 0 | |
Nonaccrual | 324 | 324 | 364 |
Residential Real Estate | Real Estate Mortgage | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 845 | 845 | |
Nonaccrual | 2,008 | 2,008 | 2,478 |
Residential Real Estate | Real Estate Mortgage | No Finance Receivable Allowance | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | 0 | 0 | |
Residential Real Estate | Real Estate Mortgage | Finance Receivable Allowance | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | 0 | 0 | |
Nonaccrual | 1,163 | 1,163 | |
Commercial | Real Estate Mortgage | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 44,384 | 44,384 | |
Nonaccrual | 45,120 | 45,120 | 18,346 |
Commercial | Real Estate Mortgage | No Finance Receivable Allowance | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | 155 | 285 | |
Commercial | Real Estate Mortgage | Finance Receivable Allowance | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | 0 | 0 | |
Nonaccrual | 736 | 736 | |
Commercial Real Estate Construction Loan Receivable | Real Estate Construction and Land | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 324 | 324 | |
Nonaccrual | 324 | 324 | 364 |
Commercial Real Estate Construction Loan Receivable | Real Estate Construction and Land | No Finance Receivable Allowance | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | 0 | 0 | |
Asset-based | Commercial | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 569 | 569 | |
Nonaccrual | 2,817 | 2,817 | 30,162 |
Asset-based | Commercial | No Finance Receivable Allowance | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | 0 | 0 | |
Asset-based | Commercial | Finance Receivable Allowance | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | 0 | 0 | |
Nonaccrual | 2,248 | 2,248 | |
Venture Capital Loans | Commercial | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual | 2,001 | 2,001 | 12,916 |
Venture Capital Loans | Commercial | Finance Receivable Allowance | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | 0 | 0 | |
Nonaccrual | 2,001 | 2,001 | |
Other Commercial | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, No Allowance | 31,706 | 31,706 | |
Other Commercial | No Finance Receivable Allowance | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | 517 | 1,628 | |
Other Commercial | Commercial | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Nonaccrual | 32,941 | 32,941 | $ 27,594 |
Other Commercial | Commercial | Finance Receivable Allowance | |||
Financing Receivable, Nonaccrual [Line Items] | |||
Financing Receivable, Nonaccrual, Interest Income | 0 | 0 | |
Nonaccrual | $ 1,235 | $ 1,235 |
Loans and Leases - Loans Held f
Loans and Leases - Loans Held for Investment by Loan Portfolio Segment (Details) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | ||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | $ 19,026,200 | $ 18,846,872 | $ 18,735,543 | |
Allowance for Loan and Lease Losses, Write-offs | 73,275 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (4,839) | |||
Allowance for Loan Loss, Net Write offs | 68,436 | |||
Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 2,182,100 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (21) | |||
Allowance for Loan Loss, Net Write offs | (21) | |||
Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 7,877,045 | 7,972,747 | 7,896,924 | |
Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 7,363,174 | 7,695,496 | 7,878,557 | |
Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 362,234 | 440,827 | $ 408,588 | |
Allowance for Loan and Lease Losses, Write-offs | 705 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (48) | |||
Allowance for Loan Loss, Net Write offs | 657 | |||
Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,241,647 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Revolving Credit Facility [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 4,230,806 | |||
Allowance for Loan and Lease Losses, Write-offs | 11,826 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (782) | |||
Allowance for Loan Loss, Net Write offs | 11,044 | |||
Revolving Credit Facility [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 9,034 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Revolving Credit Facility [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 8,838 | |||
Allowance for Loan and Lease Losses, Write-offs | 22 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 22 | |||
Revolving Credit Facility [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 6,630 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Revolving Converted To Term Loan [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 181,073 | |||
Allowance for Loan and Lease Losses, Write-offs | 2,012 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (4) | |||
Allowance for Loan Loss, Net Write offs | 2,008 | |||
Revolving Converted To Term Loan [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 50,776 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Revolving Converted To Term Loan [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 39 | |||
Allowance for Loan and Lease Losses, Write-offs | 9 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 9 | |||
Revolving Converted To Term Loan [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 5,708 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 2,508,792 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (39) | |||
Allowance for Loan Loss, Net Write offs | (39) | |||
Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 236,355 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 45,246 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 38,945 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 3,021,278 | |||
Allowance for Loan and Lease Losses, Write-offs | 97 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (9) | |||
Allowance for Loan Loss, Net Write offs | 88 | |||
Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 501,855 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 126,134 | |||
Allowance for Loan and Lease Losses, Write-offs | 97 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 97 | |||
Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 335,115 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 3,788,592 | |||
Allowance for Loan and Lease Losses, Write-offs | 6,620 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (186) | |||
Allowance for Loan Loss, Net Write offs | 6,434 | |||
Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 835,914 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 72,236 | |||
Allowance for Loan and Lease Losses, Write-offs | 86 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (1) | |||
Allowance for Loan Loss, Net Write offs | 85 | |||
Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 399,155 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 2,439,418 | |||
Allowance for Loan and Lease Losses, Write-offs | 3,988 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (171) | |||
Allowance for Loan Loss, Net Write offs | 3,817 | |||
Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 512,565 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 45,267 | |||
Allowance for Loan and Lease Losses, Write-offs | 152 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (8) | |||
Allowance for Loan Loss, Net Write offs | 144 | |||
Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 209,380 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,172,393 | |||
Allowance for Loan and Lease Losses, Write-offs | 501 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (244) | |||
Allowance for Loan Loss, Net Write offs | 257 | |||
Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 35,286 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 49,387 | |||
Allowance for Loan and Lease Losses, Write-offs | 295 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (15) | |||
Allowance for Loan Loss, Net Write offs | 280 | |||
Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 106,937 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Prior [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,683,848 | |||
Allowance for Loan and Lease Losses, Write-offs | 48,231 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (3,404) | |||
Allowance for Loan Loss, Net Write offs | 44,827 | |||
Prior [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 315 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (21) | |||
Allowance for Loan Loss, Net Write offs | (21) | |||
Prior [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 15,087 | |||
Allowance for Loan and Lease Losses, Write-offs | 44 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (24) | |||
Allowance for Loan Loss, Net Write offs | 20 | |||
Prior [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 139,777 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
1-2 High Pass [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 2,728,650 | |||
1-2 High Pass [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 601 | |||
1-2 High Pass [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Revolving Credit Facility [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 543,899 | |||
1-2 High Pass [Member] | Revolving Credit Facility [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Revolving Credit Facility [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 453 | |||
1-2 High Pass [Member] | Revolving Credit Facility [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Revolving Converted To Term Loan [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 73,643 | |||
1-2 High Pass [Member] | Revolving Converted To Term Loan [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Revolving Converted To Term Loan [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Revolving Converted To Term Loan [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,275,524 | |||
1-2 High Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 22 | |||
1-2 High Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 227,799 | |||
1-2 High Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 168,506 | |||
1-2 High Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 9 | |||
1-2 High Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 115,295 | |||
1-2 High Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 16 | |||
1-2 High Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 174,876 | |||
1-2 High Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 149,108 | |||
1-2 High Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
1-2 High Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 101 | |||
1-2 High Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
3-4 Pass [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 15,239,222 | |||
3-4 Pass [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 2,182,100 | |||
3-4 Pass [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 356,607 | |||
3-4 Pass [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,227,485 | |||
3-4 Pass [Member] | Revolving Credit Facility [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 3,438,273 | |||
3-4 Pass [Member] | Revolving Credit Facility [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 9,034 | |||
3-4 Pass [Member] | Revolving Credit Facility [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 8,383 | |||
3-4 Pass [Member] | Revolving Credit Facility [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 6,630 | |||
3-4 Pass [Member] | Revolving Converted To Term Loan [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 92,889 | |||
3-4 Pass [Member] | Revolving Converted To Term Loan [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 50,776 | |||
3-4 Pass [Member] | Revolving Converted To Term Loan [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 6 | |||
3-4 Pass [Member] | Revolving Converted To Term Loan [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 5,708 | |||
3-4 Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,215,002 | |||
3-4 Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 236,355 | |||
3-4 Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 45,224 | |||
3-4 Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 38,945 | |||
3-4 Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 2,615,427 | |||
3-4 Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 501,855 | |||
3-4 Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 126,060 | |||
3-4 Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 335,115 | |||
3-4 Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 3,348,290 | |||
3-4 Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 835,914 | |||
3-4 Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 69,895 | |||
3-4 Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 385,317 | |||
3-4 Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 2,288,098 | |||
3-4 Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 512,565 | |||
3-4 Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 44,717 | |||
3-4 Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 209,380 | |||
3-4 Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 878,082 | |||
3-4 Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 35,286 | |||
3-4 Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 48,158 | |||
3-4 Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 106,937 | |||
3-4 Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,363,161 | |||
3-4 Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 315 | |||
3-4 Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 14,164 | |||
3-4 Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 139,453 | |||
5 Special Mention [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 783,756 | |||
5 Special Mention [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 4,518 | |||
5 Special Mention [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 13,838 | |||
5 Special Mention [Member] | Revolving Credit Facility [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 141,073 | |||
5 Special Mention [Member] | Revolving Credit Facility [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Revolving Credit Facility [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Revolving Credit Facility [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Revolving Converted To Term Loan [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 11,003 | |||
5 Special Mention [Member] | Revolving Converted To Term Loan [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Revolving Converted To Term Loan [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Revolving Converted To Term Loan [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 18,266 | |||
5 Special Mention [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 178,338 | |||
5 Special Mention [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 201,225 | |||
5 Special Mention [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 2,332 | |||
5 Special Mention [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 13,838 | |||
5 Special Mention [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 30,790 | |||
5 Special Mention [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 534 | |||
5 Special Mention [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 93,567 | |||
5 Special Mention [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,172 | |||
5 Special Mention [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Prior [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 109,494 | |||
5 Special Mention [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
5 Special Mention [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 480 | |||
5 Special Mention [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 274,572 | |||
6-8 Classified [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 508 | |||
6-8 Classified [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 324 | |||
6-8 Classified [Member] | Revolving Credit Facility [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 107,561 | |||
6-8 Classified [Member] | Revolving Credit Facility [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Revolving Credit Facility [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 2 | |||
6-8 Classified [Member] | Revolving Credit Facility [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Revolving Converted To Term Loan [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 3,538 | |||
6-8 Classified [Member] | Revolving Converted To Term Loan [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Revolving Converted To Term Loan [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 33 | |||
6-8 Classified [Member] | Revolving Converted To Term Loan [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | (286) | |||
6-8 Classified [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 74 | |||
6-8 Classified [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 70,571 | |||
6-8 Classified [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 5,235 | |||
6-8 Classified [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 25,868 | |||
6-8 Classified [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 57 | |||
6-8 Classified [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Prior [Member] | Term Loans By Origination Date [Member] | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 62,085 | |||
6-8 Classified [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Residential Real Estate Construction Financing Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
6-8 Classified [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Consumer | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 342 | |||
6-8 Classified [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Commercial Real Estate Construction Loan Receivable | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 324 | |||
Commercial | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 4,192,466 | 4,202,687 | ||
Allowance for Loan and Lease Losses, Write-offs | 6,007 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (271) | |||
Allowance for Loan Loss, Net Write offs | 5,736 | |||
Commercial | Revolving Credit Facility [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 63,689 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Commercial | Revolving Converted To Term Loan [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 3,792 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Commercial | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 459,907 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Commercial | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 553,331 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Commercial | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 796,378 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Commercial | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 825,867 | |||
Allowance for Loan and Lease Losses, Write-offs | 3,330 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (9) | |||
Allowance for Loan Loss, Net Write offs | 3,321 | |||
Commercial | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 449,146 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Commercial | Prior [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,040,356 | |||
Allowance for Loan and Lease Losses, Write-offs | 2,677 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (262) | |||
Allowance for Loan Loss, Net Write offs | 2,415 | |||
Commercial | 1-2 High Pass [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 111,961 | |||
Commercial | 1-2 High Pass [Member] | Revolving Credit Facility [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Commercial | 1-2 High Pass [Member] | Revolving Converted To Term Loan [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Commercial | 1-2 High Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Commercial | 1-2 High Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 28,297 | |||
Commercial | 1-2 High Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 15,106 | |||
Commercial | 1-2 High Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 13,295 | |||
Commercial | 1-2 High Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 7,746 | |||
Commercial | 1-2 High Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 47,517 | |||
Commercial | 3-4 Pass [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 3,640,487 | |||
Commercial | 3-4 Pass [Member] | Revolving Credit Facility [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 63,689 | |||
Commercial | 3-4 Pass [Member] | Revolving Converted To Term Loan [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 3,792 | |||
Commercial | 3-4 Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 459,907 | |||
Commercial | 3-4 Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 453,362 | |||
Commercial | 3-4 Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 646,326 | |||
Commercial | 3-4 Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 804,351 | |||
Commercial | 3-4 Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 362,735 | |||
Commercial | 3-4 Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 846,325 | |||
Commercial | 5 Special Mention [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 330,367 | |||
Commercial | 5 Special Mention [Member] | Revolving Credit Facility [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Commercial | 5 Special Mention [Member] | Revolving Converted To Term Loan [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Commercial | 5 Special Mention [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Commercial | 5 Special Mention [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 70,371 | |||
Commercial | 5 Special Mention [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 79,083 | |||
Commercial | 5 Special Mention [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 3,034 | |||
Commercial | 5 Special Mention [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 75,221 | |||
Commercial | 5 Special Mention [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 102,658 | |||
Commercial | 6-8 Classified [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 109,651 | |||
Commercial | 6-8 Classified [Member] | Revolving Credit Facility [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Commercial | 6-8 Classified [Member] | Revolving Converted To Term Loan [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Commercial | 6-8 Classified [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Commercial | 6-8 Classified [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,301 | |||
Commercial | 6-8 Classified [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 55,863 | |||
Commercial | 6-8 Classified [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 5,187 | |||
Commercial | 6-8 Classified [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 3,444 | |||
Commercial | 6-8 Classified [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 43,856 | |||
Residential Real Estate | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 3,684,579 | 3,770,060 | ||
Allowance for Loan and Lease Losses, Write-offs | 226 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (89) | |||
Allowance for Loan Loss, Net Write offs | 137 | |||
Residential Real Estate | Revolving Credit Facility [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 114,813 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (1) | |||
Allowance for Loan Loss, Net Write offs | (1) | |||
Residential Real Estate | Revolving Converted To Term Loan [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,563 | |||
Allowance for Loan and Lease Losses, Write-offs | 175 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 175 | |||
Residential Real Estate | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 296,124 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Residential Real Estate | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 873,846 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Residential Real Estate | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,261,617 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Residential Real Estate | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 625,542 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Residential Real Estate | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 294,062 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Residential Real Estate | Prior [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 217,012 | |||
Allowance for Loan and Lease Losses, Write-offs | 51 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (88) | |||
Allowance for Loan Loss, Net Write offs | (37) | |||
Residential Real Estate | 1-2 High Pass [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 184,327 | |||
Residential Real Estate | 1-2 High Pass [Member] | Revolving Credit Facility [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Residential Real Estate | 1-2 High Pass [Member] | Revolving Converted To Term Loan [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Residential Real Estate | 1-2 High Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 27,760 | |||
Residential Real Estate | 1-2 High Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 25,590 | |||
Residential Real Estate | 1-2 High Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 36,440 | |||
Residential Real Estate | 1-2 High Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 35,858 | |||
Residential Real Estate | 1-2 High Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 46,419 | |||
Residential Real Estate | 1-2 High Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 12,260 | |||
Residential Real Estate | 3-4 Pass [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 3,427,316 | |||
Residential Real Estate | 3-4 Pass [Member] | Revolving Credit Facility [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 112,390 | |||
Residential Real Estate | 3-4 Pass [Member] | Revolving Converted To Term Loan [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 570 | |||
Residential Real Estate | 3-4 Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 256,056 | |||
Residential Real Estate | 3-4 Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 844,049 | |||
Residential Real Estate | 3-4 Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,179,643 | |||
Residential Real Estate | 3-4 Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 587,821 | |||
Residential Real Estate | 3-4 Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 247,643 | |||
Residential Real Estate | 3-4 Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 199,144 | |||
Residential Real Estate | 5 Special Mention [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 63,378 | |||
Residential Real Estate | 5 Special Mention [Member] | Revolving Credit Facility [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 2,340 | |||
Residential Real Estate | 5 Special Mention [Member] | Revolving Converted To Term Loan [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Residential Real Estate | 5 Special Mention [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 12,308 | |||
Residential Real Estate | 5 Special Mention [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 4,207 | |||
Residential Real Estate | 5 Special Mention [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 42,660 | |||
Residential Real Estate | 5 Special Mention [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,863 | |||
Residential Real Estate | 5 Special Mention [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Residential Real Estate | 5 Special Mention [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Residential Real Estate | 6-8 Classified [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 9,558 | |||
Residential Real Estate | 6-8 Classified [Member] | Revolving Credit Facility [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 83 | |||
Residential Real Estate | 6-8 Classified [Member] | Revolving Converted To Term Loan [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 993 | |||
Residential Real Estate | 6-8 Classified [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Residential Real Estate | 6-8 Classified [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Residential Real Estate | 6-8 Classified [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 2,874 | |||
Residential Real Estate | 6-8 Classified [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Residential Real Estate | 6-8 Classified [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Residential Real Estate | 6-8 Classified [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Real Estate Mortgage | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 5,608 | |||
Asset-based | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 3,153,048 | 3,748,407 | ||
Allowance for Loan and Lease Losses, Write-offs | 11,817 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (593) | |||
Allowance for Loan Loss, Net Write offs | 11,224 | |||
Asset-based | Revolving Credit Facility [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,916,023 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (231) | |||
Allowance for Loan Loss, Net Write offs | (231) | |||
Asset-based | Revolving Converted To Term Loan [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 97,283 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Asset-based | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 94,821 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (39) | |||
Allowance for Loan Loss, Net Write offs | (39) | |||
Asset-based | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 355,735 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Asset-based | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 260,032 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Asset-based | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 122,858 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Asset-based | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 168,136 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Asset-based | Prior [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 138,160 | |||
Allowance for Loan and Lease Losses, Write-offs | 11,817 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (323) | |||
Allowance for Loan Loss, Net Write offs | 11,494 | |||
Asset-based | 1-2 High Pass [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 896,885 | |||
Asset-based | 1-2 High Pass [Member] | Revolving Credit Facility [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 231,234 | |||
Asset-based | 1-2 High Pass [Member] | Revolving Converted To Term Loan [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 73,549 | |||
Asset-based | 1-2 High Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 33,273 | |||
Asset-based | 1-2 High Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 167,859 | |||
Asset-based | 1-2 High Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 116,944 | |||
Asset-based | 1-2 High Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 65,740 | |||
Asset-based | 1-2 High Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 120,644 | |||
Asset-based | 1-2 High Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 87,642 | |||
Asset-based | 3-4 Pass [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 2,038,070 | |||
Asset-based | 3-4 Pass [Member] | Revolving Credit Facility [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,653,848 | |||
Asset-based | 3-4 Pass [Member] | Revolving Converted To Term Loan [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 19,775 | |||
Asset-based | 3-4 Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 61,548 | |||
Asset-based | 3-4 Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 123,290 | |||
Asset-based | 3-4 Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 81,362 | |||
Asset-based | 3-4 Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 36,075 | |||
Asset-based | 3-4 Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 13,181 | |||
Asset-based | 3-4 Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 48,991 | |||
Asset-based | 5 Special Mention [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 190,193 | |||
Asset-based | 5 Special Mention [Member] | Revolving Credit Facility [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 22,150 | |||
Asset-based | 5 Special Mention [Member] | Revolving Converted To Term Loan [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 4,817 | |||
Asset-based | 5 Special Mention [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Asset-based | 5 Special Mention [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 64,586 | |||
Asset-based | 5 Special Mention [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 61,726 | |||
Asset-based | 5 Special Mention [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 21,043 | |||
Asset-based | 5 Special Mention [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 14,913 | |||
Asset-based | 5 Special Mention [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 958 | |||
Asset-based | 6-8 Classified [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 27,900 | |||
Asset-based | 6-8 Classified [Member] | Revolving Credit Facility [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 8,791 | |||
Asset-based | 6-8 Classified [Member] | Revolving Converted To Term Loan [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | (858) | |||
Asset-based | 6-8 Classified [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Asset-based | 6-8 Classified [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Asset-based | 6-8 Classified [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Asset-based | 6-8 Classified [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Asset-based | 6-8 Classified [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 19,398 | |||
Asset-based | 6-8 Classified [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 569 | |||
Venture Capital Loans | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,637,132 | 2,179,422 | ||
Venture Capital Loans | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,637,132 | |||
Allowance for Loan and Lease Losses, Write-offs | 6,818 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (903) | |||
Allowance for Loan Loss, Net Write offs | 5,915 | |||
Venture Capital Loans | Revolving Credit Facility [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,269,186 | |||
Allowance for Loan and Lease Losses, Write-offs | 142 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (450) | |||
Allowance for Loan Loss, Net Write offs | (308) | |||
Venture Capital Loans | Revolving Converted To Term Loan [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 10,661 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Venture Capital Loans | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 67,190 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Venture Capital Loans | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 175,623 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Venture Capital Loans | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 57,935 | |||
Allowance for Loan and Lease Losses, Write-offs | 6,534 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (177) | |||
Allowance for Loan Loss, Net Write offs | 6,357 | |||
Venture Capital Loans | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 13,729 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (128) | |||
Allowance for Loan Loss, Net Write offs | (128) | |||
Venture Capital Loans | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 32,599 | |||
Allowance for Loan and Lease Losses, Write-offs | (8) | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (145) | |||
Allowance for Loan Loss, Net Write offs | (153) | |||
Venture Capital Loans | Prior [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 10,209 | |||
Allowance for Loan and Lease Losses, Write-offs | 150 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (3) | |||
Allowance for Loan Loss, Net Write offs | 147 | |||
Venture Capital Loans | 1-2 High Pass [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | [1] | 241,954 | ||
Venture Capital Loans | 1-2 High Pass [Member] | Revolving Credit Facility [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | [1] | 234,321 | ||
Venture Capital Loans | 1-2 High Pass [Member] | Revolving Converted To Term Loan [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | [1] | 0 | ||
Venture Capital Loans | 1-2 High Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | [1] | 2,003 | ||
Venture Capital Loans | 1-2 High Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | [1] | 5,644 | ||
Venture Capital Loans | 1-2 High Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | [1] | 0 | ||
Venture Capital Loans | 1-2 High Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | [1] | (4) | ||
Venture Capital Loans | 1-2 High Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | [1] | (6) | ||
Venture Capital Loans | 1-2 High Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | [1] | (4) | ||
Venture Capital Loans | 3-4 Pass [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,256,425 | |||
Venture Capital Loans | 3-4 Pass [Member] | Revolving Credit Facility [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 965,206 | |||
Venture Capital Loans | 3-4 Pass [Member] | Revolving Converted To Term Loan [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 5,550 | |||
Venture Capital Loans | 3-4 Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 59,229 | |||
Venture Capital Loans | 3-4 Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 133,479 | |||
Venture Capital Loans | 3-4 Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 44,599 | |||
Venture Capital Loans | 3-4 Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 9,733 | |||
Venture Capital Loans | 3-4 Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 32,079 | |||
Venture Capital Loans | 3-4 Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 6,550 | |||
Venture Capital Loans | 5 Special Mention [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 123,675 | |||
Venture Capital Loans | 5 Special Mention [Member] | Revolving Credit Facility [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 68,331 | |||
Venture Capital Loans | 5 Special Mention [Member] | Revolving Converted To Term Loan [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 5,111 | |||
Venture Capital Loans | 5 Special Mention [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 5,958 | |||
Venture Capital Loans | 5 Special Mention [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 38,163 | |||
Venture Capital Loans | 5 Special Mention [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,586 | |||
Venture Capital Loans | 5 Special Mention [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 4,000 | |||
Venture Capital Loans | 5 Special Mention [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 526 | |||
Venture Capital Loans | 5 Special Mention [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Venture Capital Loans | 6-8 Classified [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 15,078 | |||
Venture Capital Loans | 6-8 Classified [Member] | Revolving Credit Facility [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,328 | |||
Venture Capital Loans | 6-8 Classified [Member] | Revolving Converted To Term Loan [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Venture Capital Loans | 6-8 Classified [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Venture Capital Loans | 6-8 Classified [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | (1,663) | |||
Venture Capital Loans | 6-8 Classified [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 11,750 | |||
Venture Capital Loans | 6-8 Classified [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Venture Capital Loans | 6-8 Classified [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Venture Capital Loans | 6-8 Classified [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Venture Capital Loans | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 3,663 | |||
Other Commercial | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 2,572,994 | $ 1,767,667 | ||
Allowance for Loan and Lease Losses, Write-offs | 47,702 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (2,914) | |||
Allowance for Loan Loss, Net Write offs | 44,788 | |||
Other Commercial | Revolving Credit Facility [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 842,593 | |||
Allowance for Loan and Lease Losses, Write-offs | 11,662 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (100) | |||
Allowance for Loan Loss, Net Write offs | 11,562 | |||
Other Commercial | Revolving Converted To Term Loan [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 11,251 | |||
Allowance for Loan and Lease Losses, Write-offs | 1,828 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (4) | |||
Allowance for Loan Loss, Net Write offs | 1,824 | |||
Other Commercial | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,270,204 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | 0 | |||
Allowance for Loan Loss, Net Write offs | 0 | |||
Other Commercial | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 99,639 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (9) | |||
Allowance for Loan Loss, Net Write offs | (9) | |||
Other Commercial | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 105,325 | |||
Allowance for Loan and Lease Losses, Write-offs | 0 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (8) | |||
Allowance for Loan Loss, Net Write offs | (8) | |||
Other Commercial | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 84,210 | |||
Allowance for Loan and Lease Losses, Write-offs | 506 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (26) | |||
Allowance for Loan Loss, Net Write offs | 480 | |||
Other Commercial | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 36,840 | |||
Allowance for Loan and Lease Losses, Write-offs | 214 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (84) | |||
Allowance for Loan Loss, Net Write offs | 130 | |||
Other Commercial | Prior [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 122,932 | |||
Allowance for Loan and Lease Losses, Write-offs | 33,492 | |||
Allowance for Loan and Lease Loss, Recovery of Bad Debts | (2,683) | |||
Allowance for Loan Loss, Net Write offs | 30,809 | |||
Other Commercial | 1-2 High Pass [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,292,922 | |||
Other Commercial | 1-2 High Pass [Member] | Revolving Credit Facility [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 77,891 | |||
Other Commercial | 1-2 High Pass [Member] | Revolving Converted To Term Loan [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 94 | |||
Other Commercial | 1-2 High Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,212,466 | |||
Other Commercial | 1-2 High Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 409 | |||
Other Commercial | 1-2 High Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 7 | |||
Other Commercial | 1-2 High Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 390 | |||
Other Commercial | 1-2 High Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 73 | |||
Other Commercial | 1-2 High Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,592 | |||
Other Commercial | 3-4 Pass [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,110,732 | |||
Other Commercial | 3-4 Pass [Member] | Revolving Credit Facility [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 619,093 | |||
Other Commercial | 3-4 Pass [Member] | Revolving Converted To Term Loan [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 6,712 | |||
Other Commercial | 3-4 Pass [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 57,738 | |||
Other Commercial | 3-4 Pass [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 98,217 | |||
Other Commercial | 3-4 Pass [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 105,234 | |||
Other Commercial | 3-4 Pass [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 83,456 | |||
Other Commercial | 3-4 Pass [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 32,063 | |||
Other Commercial | 3-4 Pass [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 108,219 | |||
Other Commercial | 5 Special Mention [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 57,787 | |||
Other Commercial | 5 Special Mention [Member] | Revolving Credit Facility [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 48,252 | |||
Other Commercial | 5 Special Mention [Member] | Revolving Converted To Term Loan [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,075 | |||
Other Commercial | 5 Special Mention [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Other Commercial | 5 Special Mention [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,011 | |||
Other Commercial | 5 Special Mention [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Other Commercial | 5 Special Mention [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 316 | |||
Other Commercial | 5 Special Mention [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 1,735 | |||
Other Commercial | 5 Special Mention [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 5,398 | |||
Other Commercial | 6-8 Classified [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 111,553 | |||
Other Commercial | 6-8 Classified [Member] | Revolving Credit Facility [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 97,357 | |||
Other Commercial | 6-8 Classified [Member] | Revolving Converted To Term Loan [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 3,370 | |||
Other Commercial | 6-8 Classified [Member] | Origination Date 2020 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 0 | |||
Other Commercial | 6-8 Classified [Member] | Origination Date 2019 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 2 | |||
Other Commercial | 6-8 Classified [Member] | Origination Date 2018 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 84 | |||
Other Commercial | 6-8 Classified [Member] | Origination Date 2017 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 48 | |||
Other Commercial | 6-8 Classified [Member] | Origination Date 2016 [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | 2,969 | |||
Other Commercial | 6-8 Classified [Member] | Prior [Member] | Term Loans By Origination Date [Member] | Commercial | ||||
Loans and Leases Receivable Disclosure [Line Items] | ||||
Loans held for investment, net | $ 7,723 | |||
[1] | Amounts with negative balances are loans with zero principal balances and deferred loan origination fees. |
Loans and Leases - Troubled Deb
Loans and Leases - Troubled Debt Restructurings of Loans Held for Investment by Loan Portfolio Segment (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)contract | Sep. 30, 2019USD ($)contract | Sep. 30, 2020USD ($)contract | Sep. 30, 2019USD ($)contract | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | contract | 10 | 6 | 61 | 34 |
Pre-Modification Outstanding Recorded Investment | $ 37,138 | $ 594 | $ 66,841 | $ 18,805 |
Post-Modification Outstanding Recorded Investment | $ 2,272 | $ 594 | $ 30,200 | $ 18,906 |
Venture Capital Loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | contract | 2 | |||
Other Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | contract | 3 | 1 | 3 | |
Real Estate Mortgage | Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | contract | 1 | 0 | 9 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 12,594 | $ 0 | $ 16,339 | $ 37 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 3,745 | $ 0 |
Real Estate Mortgage | Residential Real Estate | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | contract | 2 | 2 | 6 | 7 |
Pre-Modification Outstanding Recorded Investment | $ 157 | $ 495 | $ 911 | $ 1,280 |
Post-Modification Outstanding Recorded Investment | $ 157 | $ 495 | $ 911 | $ 1,280 |
Commercial | Asset-based | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | contract | 1 | 0 | 8 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 15,267 | $ 0 | $ 17,008 | $ 620 |
Post-Modification Outstanding Recorded Investment | $ 0 | $ 0 | $ 1,741 | $ 620 |
Commercial | Venture Capital Loans | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | contract | 1 | 1 | 2 | 11 |
Pre-Modification Outstanding Recorded Investment | $ 2,015 | $ 0 | $ 2,047 | $ 16,076 |
Post-Modification Outstanding Recorded Investment | $ 2,015 | $ 0 | $ 2,047 | $ 16,214 |
Commercial | Other Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | contract | 5 | 3 | 33 | 14 |
Pre-Modification Outstanding Recorded Investment | $ 7,105 | $ 99 | $ 30,324 | $ 792 |
Post-Modification Outstanding Recorded Investment | $ 100 | $ 99 | $ 21,544 | $ 792 |
Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of loans | contract | 3 | 0 | ||
Pre-Modification Outstanding Recorded Investment | $ 212 | $ 0 | ||
Post-Modification Outstanding Recorded Investment | $ 212 | $ 0 |
Loans and Leases - Leases Recei
Loans and Leases - Leases Receivable Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Receivables [Abstract] | ||||
Interest income on net investments in leases | $ 1,869 | $ 2,648 | $ 6,224 | $ 8,674 |
Loans and Leases - Components o
Loans and Leases - Components of Leases Receivable (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Direct Financing Lease, Net Investment in Leases [Abstract] | ||
Lease payments receivable | $ 124,550 | $ 147,729 |
Unguaranteed residual assets | 18,404 | 20,806 |
Deferred costs and other | 550 | 655 |
Aggregate net investment in leases | $ 143,504 | $ 169,190 |
Loans and Leases - Maturities o
Loans and Leases - Maturities of Leases Receivable (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Sales-type and Direct Financing Leases, Lease Receivable, Rolling Maturity [Abstract] | |
2020 | $ 16,794 |
2021 | 61,600 |
2022 | 25,977 |
2023 | 15,329 |
2024 | 11,416 |
2025 and thereafter | 3,160 |
Total undiscounted cash flows | 134,276 |
Less: Unearned income | (9,726) |
Present value of lease payments | $ 124,550 |
Loans and Leases - Allowance fo
Loans and Leases - Allowance for Loan and Lease Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | $ 301,050 | $ 135,037 | $ 138,785 | $ 132,472 | |
Charge-offs | (37,284) | (6,501) | (73,275) | (27,603) | |
Recoveries | 1,200 | 2,016 | 4,839 | 11,683 | |
Net charge-offs | (36,084) | (4,485) | (68,436) | (15,920) | |
Provision | 81,000 | 8,000 | 272,000 | 22,000 | |
Balance, end of period | 345,966 | 138,552 | 345,966 | 138,552 | |
Amount of the allowance applicable to loans and leases: | |||||
Individually evaluated | 2,924 | 9,330 | 2,924 | 9,330 | |
Collectively evaluated | 343,042 | 129,222 | 343,042 | 129,222 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Individually evaluated | 95,135 | 110,620 | 95,135 | 110,620 | |
Collectively evaluated | 18,931,065 | 18,624,923 | 18,931,065 | 18,624,923 | |
Loans held for investment, net | 19,026,200 | 18,735,543 | 19,026,200 | 18,735,543 | $ 18,846,872 |
Financing Receivable, Allowance for Loan and Lease Losses, Effect of Change in Method | 3,617 | ||||
Real Estate Mortgage | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 130,724 | 46,826 | 44,575 | 46,021 | |
Charge-offs | (1,551) | (120) | (6,233) | (850) | |
Recoveries | 109 | 95 | 360 | 478 | |
Net charge-offs | (1,442) | (25) | (5,873) | (372) | |
Provision | (7,588) | (1,655) | 77,684 | (503) | |
Balance, end of period | 121,694 | 45,146 | 121,694 | 45,146 | |
Amount of the allowance applicable to loans and leases: | |||||
Individually evaluated | 340 | 248 | 340 | 248 | |
Collectively evaluated | 121,354 | 44,898 | 121,354 | 44,898 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Individually evaluated | 51,852 | 29,808 | 51,852 | 29,808 | |
Collectively evaluated | 7,825,193 | 7,867,116 | 7,825,193 | 7,867,116 | |
Loans held for investment, net | 7,877,045 | 7,896,924 | 7,877,045 | 7,896,924 | 7,972,747 |
Financing Receivable, Allowance for Loan and Lease Losses, Effect of Change in Method | 5,308 | ||||
Real Estate Construction and Land | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 70,113 | 26,378 | 30,544 | 28,209 | |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 21 | 0 | 21 | 0 | |
Net charge-offs | 21 | 0 | 21 | 0 | |
Provision | 20,039 | 683 | 68,200 | (1,148) | |
Balance, end of period | 90,173 | 27,061 | 90,173 | 27,061 | |
Amount of the allowance applicable to loans and leases: | |||||
Individually evaluated | 0 | 0 | 0 | 0 | |
Collectively evaluated | 90,173 | 27,061 | 90,173 | 27,061 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Individually evaluated | 1,782 | 5,357 | 1,782 | 5,357 | |
Collectively evaluated | 3,421,965 | 2,546,117 | 3,421,965 | 2,546,117 | |
Loans held for investment, net | 3,423,747 | 2,551,474 | 3,423,747 | 2,551,474 | 2,737,802 |
Financing Receivable, Allowance for Loan and Lease Losses, Effect of Change in Method | (8,592) | ||||
Commercial | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 97,947 | 59,401 | 61,528 | 56,360 | |
Charge-offs | (35,666) | (6,021) | (66,337) | (25,951) | |
Recoveries | 1,063 | 1,898 | 4,410 | 11,084 | |
Net charge-offs | (34,603) | (4,123) | (61,927) | (14,867) | |
Provision | 64,921 | 8,907 | 121,804 | 22,692 | |
Balance, end of period | 128,265 | 64,185 | 128,265 | 64,185 | |
Amount of the allowance applicable to loans and leases: | |||||
Individually evaluated | 2,584 | 9,082 | 2,584 | 9,082 | |
Collectively evaluated | 125,681 | 55,103 | 125,681 | 55,103 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Individually evaluated | 41,501 | 75,455 | 41,501 | 75,455 | |
Collectively evaluated | 7,321,673 | 7,803,102 | 7,321,673 | 7,803,102 | |
Loans held for investment, net | 7,363,174 | 7,878,557 | 7,363,174 | 7,878,557 | 7,695,496 |
Financing Receivable, Allowance for Loan and Lease Losses, Effect of Change in Method | 6,860 | ||||
Consumer | |||||
Allowance for Loan and Lease Losses [Roll Forward] | |||||
Balance, beginning of period | 2,266 | 2,432 | 2,138 | 1,882 | |
Charge-offs | (67) | (360) | (705) | (802) | |
Recoveries | 7 | 23 | 48 | 121 | |
Net charge-offs | (60) | (337) | (657) | (681) | |
Provision | 3,628 | 65 | 4,312 | 959 | |
Balance, end of period | 5,834 | 2,160 | 5,834 | 2,160 | |
Amount of the allowance applicable to loans and leases: | |||||
Individually evaluated | 0 | 0 | 0 | 0 | |
Collectively evaluated | 5,834 | 2,160 | 5,834 | 2,160 | |
The ending balance of the loan and lease portfolio is composed of loans and leases: | |||||
Individually evaluated | 0 | 0 | 0 | 0 | |
Collectively evaluated | 362,234 | 408,588 | 362,234 | 408,588 | |
Loans held for investment, net | $ 362,234 | $ 408,588 | 362,234 | $ 408,588 | $ 440,827 |
Financing Receivable, Allowance for Loan and Lease Losses, Effect of Change in Method | $ 41 |
Loans and Leases - Collateral D
Loans and Leases - Collateral Dependent Loans Held for Investment (Details) $ in Thousands | Sep. 30, 2020USD ($) |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Collateral-dependent Finance Receivable | $ 75,422 |
Real Estate Properties [Domain] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Collateral-dependent Finance Receivable | 47,286 |
Business Assets [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Collateral-dependent Finance Receivable | 28,136 |
Real Estate Mortgage | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Collateral-dependent Finance Receivable | 45,504 |
Real Estate Mortgage | Real Estate Properties [Domain] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Collateral-dependent Finance Receivable | 45,504 |
Real Estate Mortgage | Business Assets [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Collateral-dependent Finance Receivable | 0 |
Real Estate Construction and Land | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Collateral-dependent Finance Receivable | 1,782 |
Real Estate Construction and Land | Real Estate Properties [Domain] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Collateral-dependent Finance Receivable | 1,782 |
Real Estate Construction and Land | Business Assets [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Collateral-dependent Finance Receivable | 0 |
Consumer | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Collateral-dependent Finance Receivable | 28,136 |
Consumer | Real Estate Properties [Domain] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Collateral-dependent Finance Receivable | 0 |
Consumer | Business Assets [Member] | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Collateral-dependent Finance Receivable | $ 28,136 |
Loans and Leases - Allowance _2
Loans and Leases - Allowance for Loan and Lease LOsses and Reserve for Unfunded Loan Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Receivables [Abstract] | |||||
Balance, beginning of period | $ 301,050 | $ 135,037 | $ 138,785 | $ 132,472 | |
Reserve for Unfunded Loan Commitments, Balance, beginning of period | 80,571 | 34,861 | 35,861 | 36,861 | |
Allowance for Credit Losses, Balance, beginning of period | 381,621 | 169,898 | 174,646 | 169,333 | |
Allowance for Loan and Lease Losses, Charge-offs | (37,284) | (6,501) | (73,275) | (27,603) | |
Reserve for Unfunded Loan Commitments, Charge-offs | 0 | 0 | 0 | 0 | |
Allowance for Credit Losses, Charge-offs | (37,284) | (6,501) | (73,275) | (27,603) | |
Allowance for Loan and Lease Loss, Recoveries | 1,200 | 2,016 | 4,839 | 11,683 | |
Reserve for Unfunded Loan Commitments, Recoveries | 0 | 0 | 0 | 0 | |
Allowance for Credit Losses, Recoveries | 1,200 | 2,016 | 4,839 | 11,683 | |
Net charge-offs | (36,084) | (4,485) | (68,436) | (15,920) | |
Reserve for Unfunded Loan Commitments, Net charge-offs | 0 | 0 | 0 | 0 | |
Allowance For Credit Losses, Net charge-offs | (36,084) | (4,485) | (68,436) | (15,920) | |
Provision | 81,000 | 8,000 | 272,000 | 22,000 | |
Reserve for Unfunded Commitments, Provision (negative provision) | (16,000) | (1,000) | (57,000) | (3,000) | |
Allowance for Credit Losses, Provision (negative provision) | 97,000 | $ 120,000 | 7,000 | 329,000 | 19,000 |
Financing Receivable, Allowance for Loan and Lease Losses, Effect of Change in Method | 3,617 | ||||
Financing Receivable, Allowance for Unfunded Commitments, Effect of Change in Method | 3,710 | ||||
Balance, end of period | 345,966 | 301,050 | 138,552 | 345,966 | 138,552 |
Reserve for Unfunded Loan Commitments, Balance, end of period | 96,571 | 80,571 | 33,861 | 96,571 | 33,861 |
Allowance for Credit Losses, Balance, end of period | $ 442,537 | $ 381,621 | $ 172,413 | 442,537 | $ 172,413 |
Financing Receivable, Allowance for Credit Losses, Effect of Change in Method | $ 7,327 |
Loans and Leases - Narrative (D
Loans and Leases - Narrative (Details) | 3 Months Ended | 9 Months Ended | |||||||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($)contract | Sep. 30, 2020USD ($)contract | Sep. 30, 2019USD ($)contract | Jun. 30, 2020USD ($) | Jan. 01, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Receivable, 90 or more days past due | $ 46,314,000 | $ 46,314,000 | $ 11,085,000 | ||||||
Receivable, 30-89 days past due | 8,576,000 | 8,576,000 | 9,788,000 | ||||||
Nonaccrual loans and leases | 85,615,000 | 85,615,000 | 92,353,000 | ||||||
Allowance for Loan and Lease Losses, Period Increase (Decrease) | 44,900,000 | ||||||||
Provision | 81,000,000 | $ 8,000,000 | 272,000,000 | $ 22,000,000 | |||||
Gross loans and leases held for investment | 19,101,680,000 | 19,101,680,000 | 18,910,740,000 | ||||||
Loans and Leases Receivable, Allowance | 345,966,000 | $ 138,552,000 | 345,966,000 | $ 138,552,000 | $ 301,050,000 | $ 142,402,000 | 138,785,000 | $ 135,037,000 | $ 132,472,000 |
Credit Concentration Risk | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Nonaccrual loans and leases | 49,300,000 | $ 49,300,000 | |||||||
Percentage of nonaccrual loans and leases | 58.00% | ||||||||
Nonaccrual | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Receivable, 90 or more days past due | 46,300,000 | $ 46,300,000 | 11,100,000 | ||||||
Receivable, 30-89 days past due | 400,000 | 400,000 | 1,200,000 | ||||||
Financing receivable, nonaccrual status, current | 38,900,000 | $ 38,900,000 | 80,000,000 | ||||||
Real Estate Mortgage Commercial Loan | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Number of Loans | contract | 1 | ||||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 412,000 | ||||||||
Other Commercial | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Number of Loans | contract | 3 | 1 | 3 | ||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 133,000 | $ 5,000 | $ 133,000 | ||||||
Venture Capital Loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Number of Loans | contract | 2 | ||||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 441,000 | ||||||||
Other Residential | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Number of Loans | contract | 1 | ||||||||
Financing Receivable, Troubled Debt Restructuring, Subsequent Default | $ 254,000 | ||||||||
Commercial | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Receivable, 90 or more days past due | 12,999,000 | 12,999,000 | 4,164,000 | ||||||
Receivable, 30-89 days past due | 2,504,000 | 2,504,000 | 2,800,000 | ||||||
Nonaccrual loans and leases | 37,759,000 | 37,759,000 | 70,672,000 | ||||||
Provision | 64,921,000 | 8,907,000 | 121,804,000 | 22,692,000 | |||||
Gross loans and leases held for investment | 7,402,854,000 | 7,402,854,000 | 7,714,358,000 | ||||||
Loans and Leases Receivable, Allowance | 128,265,000 | $ 64,185,000 | 128,265,000 | $ 64,185,000 | $ 97,947,000 | $ 68,388,000 | 61,528,000 | $ 59,401,000 | $ 56,360,000 |
Commercial | Finance Receivable, Payroll Protection Program Loan [Member] | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Gross loans and leases held for investment | 1,200,000,000 | 1,200,000,000 | |||||||
Commercial | Other Commercial | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Receivable, 90 or more days past due | 10,751,000 | 10,751,000 | 4,164,000 | ||||||
Receivable, 30-89 days past due | 185,000 | 185,000 | 2,781,000 | ||||||
Nonaccrual loans and leases | 32,941,000 | 32,941,000 | 27,594,000 | ||||||
Commercial | Venture Capital Loans | |||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||
Receivable, 90 or more days past due | 0 | 0 | 0 | ||||||
Receivable, 30-89 days past due | 2,319,000 | 2,319,000 | 0 | ||||||
Nonaccrual loans and leases | $ 2,001,000 | $ 2,001,000 | $ 12,916,000 |
Foreclosed Assets - Summary of
Foreclosed Assets - Summary of Foreclosed Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Total other real estate owned, net | $ 12,813 | $ 440 |
Other foreclosed assets | 934 | 0 |
Foreclosed assets, net | 13,747 | 440 |
Commercial real estate | ||
Total other real estate owned, net | 12,594 | 221 |
Construction and land development | ||
Total other real estate owned, net | $ 219 | $ 219 |
Foreclosed Assets - Changes in
Foreclosed Assets - Changes in Foreclosed Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Other Real Estate Owned Net Covered and NonCovered Including Foreclosed Assets [Abstract] | ||
Balance, beginning of period | $ 440 | |
Loans transferred to foreclosed assets | 14,370 | $ 37 |
Provision for losses | (267) | |
Reductions related to sales | (796) | |
Balance, end of period | $ 13,747 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Goodwill [Roll Forward] | ||||||
Beginning balance | $ 2,548,670 | $ 2,548,670 | ||||
Goodwill impairment | $ 0 | $ 0 | $ (1,470,000) | $ 0 | (1,470,000) | $ 0 |
Ending balance | $ 1,078,670 | $ 1,078,670 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Rollforward of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Finite-lived Intangible Assets [Roll Forward] | |||||
CDI and CRI Balance, beginning of period | $ 109,646 | $ 119,497 | $ 117,573 | $ 119,497 | |
CDI and CRI Balance, end of period | 109,646 | $ 109,646 | 117,573 | 109,646 | 117,573 |
Accumulated Amortization, beginning of period | (79,082) | (72,117) | (79,179) | (62,377) | |
Amortization | (3,751) | (3,882) | (4,833) | (11,581) | (14,573) |
Accumulated Amortization, end of period | (82,833) | $ (79,082) | (75,026) | (82,833) | (75,026) |
Net CDI and CRI, end of period | 26,813 | 42,547 | 26,813 | 42,547 | |
Finite Lived Intangible Assets Fully Amortized Portion | $ 0 | $ 1,924 | $ 7,927 | $ 1,924 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2019 | |
Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill impairment | $ 0 | $ 0 | $ 1,470,000 | $ 0 | $ 1,470,000 | $ 0 | |
Intangible asset amortization | 3,751 | $ 3,882 | $ 4,833 | 11,581 | $ 14,573 | ||
Aggregate amortization expense 2021 | 10,800 | 10,800 | |||||
Aggregate amortization expense 2022 | 7,400 | 7,400 | |||||
Aggregate amortization expense 2023 | 3,800 | 3,800 | |||||
Aggregate amortization expense 2024 | $ 1,700 | $ 1,700 | |||||
Scenario, Forecast | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Intangible asset amortization | $ 14,800 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | |
Other Investment Not Readily Marketable [Line Items] | ||
Cash surrender value of BOLI | $ 201,884 | $ 199,029 |
LIHTC investments | 200,352 | 75,149 |
Operating lease ROU assets, net (2) | 121,887 | 129,301 |
Interest receivable | 86,540 | 81,479 |
Taxes receivable | 42,243 | 31,591 |
Equity investments without readily determinable fair values | 33,783 | 27,738 |
SBIC Investments | 27,357 | 16,505 |
Prepaid expenses | 23,972 | 17,099 |
Equity warrants | 4,742 | 3,434 |
Equity investments with readily determinable fair values | 1,135 | 2,998 |
Deferred tax assets, net | 1,080 | 0 |
Other receivables/assets | 52,248 | 52,488 |
Other assets | 797,223 | $ 636,811 |
Increase of investment in low income housing project partnerships | $ 101,000 |
Leases Leases - Lease Expense (
Leases Leases - Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Lease, Cost [Abstract] | ||||
Fixed costs | $ 8,950 | $ 8,347 | $ 26,027 | $ 25,183 |
Variable costs | 15 | 7 | 40 | 77 |
Short-term lease costs | 117 | 126 | 312 | 849 |
Sublease income | (1,081) | (1,010) | (3,100) | (3,190) |
Net lease expense | $ 8,001 | $ 7,470 | 23,279 | 22,919 |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | 25,198 | 24,674 | ||
ROU assets obtained in exchange for lease obligations: | ||||
Operating leases | $ 19,027 | $ 172,189 |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 25,198 | $ 24,674 |
Operating leases | $ 19,027 | $ 172,189 |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet and Other Information (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Finance Lease, Right-of-Use Asset | $ 121,887 | $ 129,301 |
Operating leases: | ||
Operating Lease, Liability | $ 142,016 | $ 145,354 |
Weighted average remaining lease term (in years) | 5 years 10 months 24 days | 6 years 1 month 6 days |
Weighted average discount rate | 2.61% | 2.82% |
Leases - Maturities of Operatin
Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | ||
2020 | $ 8,729 | |
2021 | 33,834 | |
2022 | 28,190 | |
2023 | 25,194 | |
2024 | 17,989 | |
2025 and thereafter | 39,926 | |
Total operating lease liabilities | 153,862 | |
Less: Imputed interest | (11,846) | |
Present value of operating lease liabilities | $ 142,016 | $ 145,354 |
Leases Leases (Details 4)
Leases Leases (Details 4) $ in Thousands | Sep. 30, 2020USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2020 | $ 8,573 |
2021 | 33,629 |
2022 | 31,080 |
2023 | 23,931 |
2024 | 19,486 |
2025 and thereafter | 34,284 |
Total undiscounted cash flows | $ 150,983 |
Borrowings and Subordinated D_3
Borrowings and Subordinated Debentures - Summary of Borrowings and Debentures (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Borrowings | $ 60,000 | $ 1,759,008 |
Rate | 0.05% | 1.64% |
AFX short-term borrowings | ||
Debt Instrument [Line Items] | ||
Balance | $ 50,000 | $ 300,000 |
Rate | 0.06% | 1.61% |
Non-recourse debt | ||
Debt Instrument [Line Items] | ||
Balance | $ 0 | $ 8 |
Rate | 0.00% | 7.50% |
Federal Home Loan Bank of San Francisco | FHLB secured advances | ||
Debt Instrument [Line Items] | ||
Balance | $ 10,000 | $ 1,318,000 |
Rate | 0.00% | 1.66% |
Federal Home Loan Bank of San Francisco | FHLB unsecured overnight advance | ||
Debt Instrument [Line Items] | ||
Balance | $ 0 | $ 141,000 |
Rate | 0.00% | 1.56% |
Borrowings and Subordinated D_4
Borrowings and Subordinated Debentures - Interest Rates and Maturity Dates of FHLB Secured Advances (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Rate | 0.05% | 1.64% |
FHLB secured advances | Federal Home Loan Bank of San Francisco | ||
Debt Instrument [Line Items] | ||
Balance | $ 10,000 | $ 1,318,000 |
Rate | 0.00% | 1.66% |
More Than Twelve (12) Months but Less Than Eighteen Months (18) [Member] | Federal Home Loan Bank of San Francisco | ||
Debt Instrument [Line Items] | ||
Balance | $ 5,000 | $ 0 |
More Than Twelve (12) Months but Less Than Eighteen Months (18) [Member] | FHLB secured advances | Federal Home Loan Bank of San Francisco | ||
Debt Instrument [Line Items] | ||
Rate | 0.00% | 0.00% |
Maturity Overnight [Member] | Federal Home Loan Bank of San Francisco | ||
Debt Instrument [Line Items] | ||
Balance | $ 0 | $ 1,318,000 |
Maturity Overnight [Member] | FHLB secured advances | Federal Home Loan Bank of San Francisco | ||
Debt Instrument [Line Items] | ||
Short-term Debt, Percentage Bearing Fixed Interest Rate | 0.00% | |
Rate | 1.66% | |
2020 | Federal Home Loan Bank of San Francisco | ||
Debt Instrument [Line Items] | ||
Balance | $ 5,000 | $ 0 |
2020 | FHLB secured advances | Federal Home Loan Bank of San Francisco | ||
Debt Instrument [Line Items] | ||
Short-term Debt, Percentage Bearing Fixed Interest Rate | 0.00% | 0.00% |
Borrowings and Subordinated D_5
Borrowings and Subordinated Debentures - Subordinated Debentures (Details) $ in Thousands, € in Millions | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Sep. 30, 2020EUR (€) | Dec. 31, 2019USD ($) | ||
Subordinated Borrowing [Line Items] | ||||
Subordinated Debentures, Gross | $ 541,999 | $ 540,690 | ||
Subordinated debentures | $ 463,282 | $ 458,209 | ||
Rate | 0.05% | 0.05% | 1.64% | |
Trust Preferred Securities Two Thousand Six Series Three | ||||
Subordinated Borrowing [Line Items] | ||||
Denomination value | € | € 25.8 | |||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust V Due September 2033 | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 3.10% | |||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust VI Due September 2033 | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 3.05% | |||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust CII Due September 2033 | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 2.95% | |||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust VII Due April 2034 | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 2.75% | |||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust CIII Due September 2035 | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 1.69% | |||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust FCCI Due March 2037 | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 1.60% | |||
London Interbank Offered Rate (LIBOR) | Subordinated Debt Trust FCBI Due December 2035 | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 1.55% | |||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Five Series One | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 1.95% | |||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Five Series Two | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 1.95% | |||
London Interbank Offered Rate (LIBOR) | Two Thousand Six One Term Debt Securitization | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 1.95% | |||
London Interbank Offered Rate (LIBOR) | Two Thousand Six Two Term Debt Securitization | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 1.95% | |||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Six Series Four | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 1.95% | |||
London Interbank Offered Rate (LIBOR) | Trust Preferred Securities Two Thousand Six Series Five | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 1.95% | |||
London Interbank Offered Rate (LIBOR) | Two Thousand Seven One Term Debt Securitization | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 1.95% | |||
Euribor Rate | Trust Preferred Securities Two Thousand Six Series Three | ||||
Subordinated Borrowing [Line Items] | ||||
Rate Index (Quarterly Reset) | 2.05% | |||
Subordinated Debentures | ||||
Subordinated Borrowing [Line Items] | ||||
Unamortized discount | [1] | $ (78,717) | $ (82,481) | |
Rate | 2.30% | 2.30% | 3.87% | |
Subordinated Debentures | Subordinated Debt Trust V Due September 2033 | ||||
Subordinated Borrowing [Line Items] | ||||
Balance | $ 10,310 | $ 10,310 | ||
Rate | 3.35% | 3.35% | 5.00% | |
Date Issued | Aug. 15, 2003 | |||
Maturity Date | Sep. 17, 2033 | |||
Subordinated Debentures | Subordinated Debt Trust VI Due September 2033 | ||||
Subordinated Borrowing [Line Items] | ||||
Balance | $ 10,310 | $ 10,310 | ||
Rate | 3.30% | 3.30% | 4.94% | |
Date Issued | Sep. 3, 2003 | |||
Maturity Date | Sep. 15, 2033 | |||
Subordinated Debentures | Subordinated Debt Trust CII Due September 2033 | ||||
Subordinated Borrowing [Line Items] | ||||
Balance | $ 5,155 | $ 5,155 | ||
Rate | 3.20% | 3.20% | 4.85% | |
Date Issued | Sep. 17, 2003 | |||
Maturity Date | Sep. 17, 2033 | |||
Subordinated Debentures | Subordinated Debt Trust VII Due April 2034 | ||||
Subordinated Borrowing [Line Items] | ||||
Balance | $ 61,856 | $ 61,856 | ||
Rate | 3.02% | 3.02% | 4.69% | |
Date Issued | Feb. 5, 2004 | |||
Maturity Date | Apr. 23, 2034 | |||
Subordinated Debentures | Subordinated Debt Trust CIII Due September 2035 | ||||
Subordinated Borrowing [Line Items] | ||||
Balance | $ 20,619 | $ 20,619 | ||
Rate | 1.94% | 1.94% | 3.58% | |
Date Issued | Aug. 15, 2005 | |||
Maturity Date | Sep. 15, 2035 | |||
Subordinated Debentures | Subordinated Debt Trust FCCI Due March 2037 | ||||
Subordinated Borrowing [Line Items] | ||||
Balance | $ 16,495 | $ 16,495 | ||
Rate | 1.85% | 1.85% | 3.49% | |
Date Issued | Jan. 25, 2007 | |||
Maturity Date | Mar. 15, 2037 | |||
Subordinated Debentures | Subordinated Debt Trust FCBI Due December 2035 | ||||
Subordinated Borrowing [Line Items] | ||||
Balance | $ 10,310 | $ 10,310 | ||
Rate | 1.80% | 1.80% | 3.44% | |
Date Issued | Sep. 30, 2005 | |||
Maturity Date | Dec. 15, 2035 | |||
Subordinated Debentures | Trust Preferred Securities Two Thousand Five Series One | ||||
Subordinated Borrowing [Line Items] | ||||
Balance | $ 82,475 | $ 82,475 | ||
Rate | 2.20% | 2.20% | 3.85% | |
Date Issued | Nov. 21, 2005 | |||
Maturity Date | Dec. 15, 2035 | |||
Subordinated Debentures | Trust Preferred Securities Two Thousand Five Series Two | ||||
Subordinated Borrowing [Line Items] | ||||
Balance | $ 128,866 | $ 128,866 | ||
Rate | 2.22% | 2.22% | 3.89% | |
Date Issued | Dec. 14, 2005 | |||
Maturity Date | Jan. 30, 2036 | |||
Subordinated Debentures | Two Thousand Six One Term Debt Securitization | ||||
Subordinated Borrowing [Line Items] | ||||
Balance | $ 51,545 | $ 51,545 | ||
Rate | 2.22% | 2.22% | 3.89% | |
Date Issued | Feb. 22, 2006 | |||
Maturity Date | Apr. 30, 2036 | |||
Subordinated Debentures | Two Thousand Six Two Term Debt Securitization | ||||
Subordinated Borrowing [Line Items] | ||||
Balance | $ 51,550 | $ 51,550 | ||
Rate | 2.22% | 2.22% | 3.89% | |
Date Issued | Sep. 27, 2006 | |||
Maturity Date | Oct. 30, 2036 | |||
Subordinated Debentures | Trust Preferred Securities Two Thousand Six Series Three | ||||
Subordinated Borrowing [Line Items] | ||||
Balance | [2] | $ 30,211 | $ 28,902 | |
Rate | 1.60% | 1.60% | 1.64% | |
Date Issued | Sep. 29, 2006 | |||
Maturity Date | Oct. 30, 2036 | |||
Subordinated Debentures | Trust Preferred Securities Two Thousand Six Series Four | ||||
Subordinated Borrowing [Line Items] | ||||
Balance | $ 16,470 | $ 16,470 | ||
Rate | 2.22% | 2.22% | 3.89% | |
Date Issued | Dec. 5, 2006 | |||
Maturity Date | Jan. 30, 2037 | |||
Subordinated Debentures | Trust Preferred Securities Two Thousand Six Series Five | ||||
Subordinated Borrowing [Line Items] | ||||
Balance | $ 6,650 | $ 6,650 | ||
Rate | 2.22% | 2.22% | 3.89% | |
Date Issued | Dec. 19, 2006 | |||
Maturity Date | Jan. 30, 2037 | |||
Subordinated Debentures | Two Thousand Seven One Term Debt Securitization | ||||
Subordinated Borrowing [Line Items] | ||||
Balance | $ 39,177 | $ 39,177 | ||
Rate | 2.22% | 2.22% | 3.89% | |
Date Issued | Jun. 13, 2007 | |||
Maturity Date | Jul. 30, 2037 | |||
[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_6
Borrowings and Subordinated Debentures - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Prepayment Fees on Advances, Net | $ 6.6 | ||
Debt Weighted Average Interest Rate for Period | 0.96% | ||
Unused Lines of Credit | |||
Debt Instrument [Line Items] | |||
Amount outstanding | $ 0 | $ 0 | $ 0 |
Current borrowing capacity | 180,000,000 | 180,000,000 | |
Unused commitment fees | 0 | ||
AFX short-term borrowings | |||
Debt Instrument [Line Items] | |||
Amount outstanding | 50,000,000 | 50,000,000 | 300,000,000 |
Federal Reserve Bank Advances | |||
Debt Instrument [Line Items] | |||
Loans pledged as collateral | 2,100,000,000 | 2,100,000,000 | |
Amount outstanding | 0 | 0 | 0 |
Federal Reserve Bank Advances | FHLB secured advances | |||
Debt Instrument [Line Items] | |||
Borrowing capacity description | 1,600,000,000 | 1,600,000,000 | |
Federal Home Loan Bank of San Francisco | |||
Debt Instrument [Line Items] | |||
Loans pledged as collateral | 5,600,000,000 | 5,600,000,000 | |
Prepaid Term Borrowing Advances | 750 | ||
Federal Home Loan Bank of San Francisco | FHLB secured advances | |||
Debt Instrument [Line Items] | |||
Borrowing capacity description | 3,600,000,000 | 3,600,000,000 | |
Current outstanding | 10,000,000 | 10,000,000 | 1,318,000,000 |
Federal Home Loan Bank of San Francisco | FHLB unsecured overnight advance | |||
Debt Instrument [Line Items] | |||
Current outstanding | 0 | 0 | $ 141,000,000 |
Federal Home Loan Bank of San Francisco | Unused Lines of Credit | |||
Debt Instrument [Line Items] | |||
Borrowing capacity description | $ 112,000,000 | $ 112,000,000 |
Derivatives (Details)
Derivatives (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | $ 108,377 | $ 132,382 |
Derivative assets | 8,356 | 4,668 |
Interest rate contracts | Assets | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 10,364 | 15,159 |
Derivative assets | 81 | 71 |
Interest rate contracts | Liability | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 10,364 | 15,159 |
Derivative liabilities | 81 | 71 |
Foreign exchange contracts | Assets | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 72,284 | 91,144 |
Derivative assets | 3,533 | 1,163 |
Foreign exchange contracts | Liability | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 72,284 | 91,144 |
Derivative liabilities | 0 | 684 |
Interest rate and economic contracts | Assets | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 82,648 | 106,303 |
Derivative assets | 3,614 | 1,234 |
Interest rate and economic contracts | Liability | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 82,648 | 106,303 |
Derivative liabilities | 81 | 755 |
Equity warrant assets | Assets | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Notional amount | 25,729 | 26,079 |
Derivative assets | $ 4,742 | $ 3,434 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Commitments (Details) - USD ($) | 9 Months Ended | ||
Sep. 30, 2020 | Dec. 31, 2019 | ||
Commitments and Contingencies Disclosure [Abstract] | |||
Loan commitments to extend credit | $ 7,178,506,000 | $ 8,183,158,000 | |
Standby letters of credit | 353,820,000 | 355,503,000 | |
Commitments to contribute capital to small business investment companies and CRA-related loan pools | 52,941,000 | 40,698,000 | |
Commitments to contribute capital to low income housing project partnerships | 0 | [1] | 88,515,000 |
Commitments to contribute capital to private equity funds | 50,000 | 50,000 | |
Total | 7,585,317,000 | $ 8,667,924,000 | |
Increase of investment in low income housing project partnerships | $ 101,000,000 | ||
[1] | During the first quarter of 2020, the Company increased the amount of its investment in low income housing project partnerships by $101 million representing the amount of related unfunded commitments, with an offset to a liability included in "Accrued interest payable and other liabilities" on the condensed consolidated balance sheets. |
Commitments and Contingencies_2
Commitments and Contingencies - Years In Which Commitments are Expected to be Paid (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Other Commitments [Line Items] | ||
Commitments to contribute capital to small business investment companies and CRA-related loan pools | $ 52,941 | $ 40,698 |
2020 | ||
Other Commitments [Line Items] | ||
Commitments to contribute capital to small business investment companies and CRA-related loan pools | 26,824 | |
2021 | ||
Other Commitments [Line Items] | ||
Commitments to contribute capital to small business investment companies and CRA-related loan pools | $ 26,117 |
Commitments and Contingencies_3
Commitments and Contingencies - Narrative (Details) - USD ($) | Sep. 30, 2020 | Dec. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitment to contribute capital | $ 52,900,000 | $ 40,700,000 |
Commitments to contribute capital to private equity funds | $ 50,000 | $ 50,000 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 9 Months Ended |
Sep. 30, 2020USD ($) | |
SBIC | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Investments, Fair Value Disclosure | $ 27,400,000 |
Warrant | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Transfers out of Level 3 | $ (8,000) |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 4,532,614 | $ 3,797,187 |
Securities available-for-sale, at fair value | 4,532,614 | 3,797,187 |
Equity Securities, FV-NI | 1,135 | 2,998 |
Derivative Liability | 81 | 755 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity warrants | 3,434 | |
Government agency and government-sponsored enterprise pass through securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,204,315 | 1,108,224 |
Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,165,872 | 1,136,397 |
Private label collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 121,162 | 99,483 |
Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 135,333 | 123,756 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,203,030 | 735,159 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 5,335 | 5,181 |
Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 234,103 | 214,783 |
SBA asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 42,684 | 48,258 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 174,282 | 20,748 |
Fair Value, Measurements, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 4,532,614 | |
Equity warrants | 4,742 | 3,434 |
Interest rate and economic contracts | 3,614 | 1,234 |
Fair Value, Measurements, Recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 5,335 | 5,181 |
Equity warrants | 0 | 0 |
Interest rate and economic contracts | 0 | 0 |
Equity Securities, FV-NI | 1,135 | 2,998 |
Fair Value, Measurements, Recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 4,492,006 | 3,769,307 |
Equity warrants | 0 | 0 |
Interest rate and economic contracts | 3,614 | 1,234 |
Equity Securities, FV-NI | 0 | 0 |
Fair Value, Measurements, Recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale, at fair value | 35,273 | 22,699 |
Equity warrants | 4,742 | 3,434 |
Interest rate and economic contracts | 0 | 0 |
Equity Securities, FV-NI | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 246,498 | 305,198 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 246,498 | 305,198 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise pass through securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,165,872 | 1,136,397 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,165,872 | 1,136,397 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise collateralized mortgage obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Private label collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 121,162 | 99,483 |
Fair Value, Measurements, Recurring | Private label collateralized mortgage obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Private label collateralized mortgage obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 116,111 | 93,219 |
Fair Value, Measurements, Recurring | Private label collateralized mortgage obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 5,051 | 6,264 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 135,333 | 123,756 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 135,333 | 123,756 |
Fair Value, Measurements, Recurring | Collateralized loan obligations | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,203,030 | 735,159 |
Fair Value, Measurements, Recurring | Municipal securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Municipal securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,203,030 | 735,159 |
Fair Value, Measurements, Recurring | Municipal securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,204,315 | 1,108,224 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 1,204,315 | 1,108,224 |
Fair Value, Measurements, Recurring | Government agency and government-sponsored enterprise commercial mortgage-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 5,335 | 5,181 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 5,335 | 5,181 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | U.S. Treasury securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Asset-backed Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 234,103 | 214,783 |
Fair Value, Measurements, Recurring | Asset-backed Securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Asset-backed Securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 203,881 | 198,348 |
Fair Value, Measurements, Recurring | Asset-backed Securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 30,222 | 16,435 |
Fair Value, Measurements, Recurring | SBA asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 42,684 | 48,258 |
Fair Value, Measurements, Recurring | SBA asset-backed securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | SBA asset-backed securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 42,684 | 48,258 |
Fair Value, Measurements, Recurring | SBA asset-backed securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 174,282 | 20,748 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 0 | 0 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | 174,282 | 20,748 |
Fair Value, Measurements, Recurring | Corporate debt securities | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available-for-sale | $ 0 | $ 0 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Inputs and Assumptions Used to Determine Fair Value for Private Label CMOs and Asset-backed Securities Available-for-sale (Details) - Level 3 - Fair Value, Measurements, Recurring | 9 Months Ended | |
Sep. 30, 2020 | ||
Measurement Input, Prepayment Rate | Minimum | Private label collateralized mortgage obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.053 | |
Measurement Input, Prepayment Rate | Minimum | Asset-backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.100 | |
Measurement Input, Prepayment Rate | Maximum | Private label collateralized mortgage obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.161 | |
Measurement Input, Prepayment Rate | Maximum | Asset-backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.150 | |
Measurement Input, Prepayment Rate | Weighted Average | Covered Private Label Collateralized Mortgage Obligations Member [Domain] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.107 | [1] |
Measurement Input, Prepayment Rate | Weighted Average | Asset-backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.121 | [2] |
Measurement Input, Default Rate | Minimum | Private label collateralized mortgage obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.007 | [3] |
Measurement Input, Default Rate | Minimum | Asset-backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.020 | |
Measurement Input, Default Rate | Maximum | Private label collateralized mortgage obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.298 | [3] |
Measurement Input, Default Rate | Maximum | Asset-backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.020 | |
Measurement Input, Default Rate | Weighted Average | Covered Private Label Collateralized Mortgage Obligations Member [Domain] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.031 | [1],[3] |
Measurement Input, Default Rate | Weighted Average | Asset-backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.020 | [2],[3] |
Measurement Input, Loss Severity | Minimum | Private label collateralized mortgage obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.019 | [3] |
Measurement Input, Loss Severity | Minimum | Asset-backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.600 | |
Measurement Input, Loss Severity | Maximum | Private label collateralized mortgage obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Private Label Collateralized Mortgage Obligations, Measurement Input | 1.652 | [3] |
Measurement Input, Loss Severity | Maximum | Asset-backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.600 | |
Measurement Input, Loss Severity | Weighted Average | Covered Private Label Collateralized Mortgage Obligations Member [Domain] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.530 | [1],[3] |
Measurement Input, Loss Severity | Weighted Average | Asset-backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.600 | [2],[3] |
Measurement Input, Discount Rate | Minimum | Private label collateralized mortgage obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.021 | |
Measurement Input, Discount Rate | Minimum | Asset-backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.030 | |
Measurement Input, Discount Rate | Maximum | Private label collateralized mortgage obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.079 | |
Measurement Input, Discount Rate | Maximum | Asset-backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.052 | |
Measurement Input, Discount Rate | Weighted Average | Covered Private Label Collateralized Mortgage Obligations Member [Domain] | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Private Label Collateralized Mortgage Obligations, Measurement Input | 0.060 | [1] |
Measurement Input, Discount Rate | Weighted Average | Asset-backed Securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Asset-Backed Securities, Measurement Input | 0.038 | [2] |
[1] | Unobservable inputs for private label residential CMOs were weighted by the relative fair values of the instruments. | |
[2] | Voluntary annual prepayment speeds and discount rates for asset-backed securities were weighted by the relative fair values of the instruments. | |
[3] | Annual default rates and loss severity rates were the same for all of the asset-backed securities. |
Fair Value Measurements - Qua_2
Fair Value Measurements - Quantitative Inputs and Assumptions Used for Equity Warrants (Details) - Warrant - Fair Value, Measurements, Recurring - Level 3 | 9 Months Ended | |
Sep. 30, 2020 | ||
Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Warrants, Measurement Input, Remaining Life | 2 years 10 months 6 days | [1] |
Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Warrants, Measurement Input, Remaining Life | 2 months 12 days | |
Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Equity Warrants, Measurement Input, Remaining Life | 4 years 11 months 12 days | |
Measurement Input, Price Volatility | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Volatility | 0.318 | [1] |
Measurement Input, Price Volatility | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Volatility | 0.237 | |
Measurement Input, Price Volatility | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Volatility | 2.244 | |
Measurement Input, Risk Free Interest Rate | Weighted Average | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Volatility | 0.002 | [1] |
Measurement Input, Risk Free Interest Rate | Minimum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Volatility | 0.001 | |
Measurement Input, Risk Free Interest Rate | Maximum | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Volatility | 0.003 | |
[1] | Unobservable inputs for equity warrants were weighted by the relative fair values of the instruments. |
Fair Value Measurements - Activ
Fair Value Measurements - Activity for Level 3 Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Level 3 CMO [Roll Forward] | |||||
Unrealized net holding gains (losses) on securities available-for-sale arising during the period | $ 19,745,000 | $ 82,780,000 | $ 32,759,000 | $ 119,708,000 | $ 167,566,000 |
Level 3 | |||||
Level 3 CMO [Roll Forward] | |||||
Equity warrants, Balance, beginning of period | 3,434,000 | ||||
Total included in earnings, Equity Warrants | 3,310,000 | ||||
Total included in other comprehensive income | 0 | ||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 240,000 | ||||
Sales, Equity Warrants | (2,234,000) | ||||
Net settlements, Equity Warrants | 0 | ||||
Fair Value, Equity, Transfers to Level 1, Amount | (8,000) | ||||
Stock And Warrants Purchased During Period Value Preferred Stock And Warrants | 0 | ||||
Fair Value, Measurements, Recurring | |||||
Level 3 CMO [Roll Forward] | |||||
Equity warrants, Balance, beginning of period | 3,434,000 | ||||
Equity warrants, Balance, end of period | 4,742,000 | 4,742,000 | |||
Fair Value, Measurements, Recurring | Level 3 | |||||
Level 3 CMO [Roll Forward] | |||||
Equity warrants, Balance, beginning of period | 3,434,000 | ||||
Equity warrants, Balance, end of period | 4,742,000 | 4,742,000 | |||
Private Label CMOs | Fair Value, Measurements, Recurring | Level 3 | |||||
Level 3 CMO [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 6,264,000 | ||||
Total included in earnings | 326,000 | ||||
Total included in other comprehensive income | (447,000) | ||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||||
Net settlements | (1,092,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 5,051,000 | 5,051,000 | |||
Unrealized net holding gains (losses) on securities available-for-sale arising during the period | 1,239,000 | ||||
Fair Value, Equity, Transfers to Level 1, Amount | 0 | ||||
Stock And Warrants Purchased During Period Value Preferred Stock And Warrants | 0 | ||||
Asset-backed | Fair Value, Measurements, Recurring | Level 3 | |||||
Level 3 CMO [Roll Forward] | |||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | 16,435,000 | ||||
Total included in earnings | 42,000 | ||||
Total included in other comprehensive income | (389,000) | ||||
Stock and Warrants Issued During Period, Value, Preferred Stock and Warrants | 0 | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset, Sales | 0 | ||||
Net settlements | (5,966,000) | ||||
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Value | $ 30,222,000 | 30,222,000 | |||
Unrealized net holding gains (losses) on securities available-for-sale arising during the period | (192,000) | ||||
Fair Value, Equity, Transfers to Level 1, Amount | 0 | ||||
Stock And Warrants Purchased During Period Value Preferred Stock And Warrants | 20,100,000 | ||||
Warrant | |||||
Level 3 CMO [Roll Forward] | |||||
Fair value transfers of assets measured on a recurring basis | $ 8,000 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets Measured at Fair Value on a Non-Recurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets | $ 63,865 | $ 28,811 | ||
Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets | 0 | 0 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets | 3,031 | 1,083 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets | 60,834 | 27,728 | ||
Non Purchased Credit Impaired Loans and Leases | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets | 63,865 | [1] | 28,706 | [2] |
Non Purchased Credit Impaired Loans and Leases | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets | 0 | [1] | 0 | [2] |
Non Purchased Credit Impaired Loans and Leases | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets | 3,031 | [1] | 1,083 | [2] |
Non Purchased Credit Impaired Loans and Leases | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets | $ 60,834 | [1] | 27,623 | [2] |
Other real estate and foreclosed assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets | 105 | |||
Other real estate and foreclosed assets | Level 1 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets | 0 | |||
Other real estate and foreclosed assets | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets | 0 | |||
Other real estate and foreclosed assets | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Assets | $ 105 | |||
[1] | Includes nonaccrual loans and leases and performing TDRs with balances greater than $250,000. | |||
[2] | Includes all nonaccrual loans and leases and performing TDRs. |
Fair Value Measurements - Losse
Fair Value Measurements - Losses Recognized on Assets Measured on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total losses | $ 29,204 | $ 8,393 | $ 41,187 | $ 10,145 |
Non Purchased Credit Impaired Loans and Leases | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total losses | 29,047 | 8,339 | 40,920 | 10,091 |
Other real estate and foreclosed assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Total losses | $ 157 | $ 54 | $ 267 | $ 54 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurements - Valuation Methodology and Unobservable Inputs for Level 3 Assets Measured at Fair Value on a Nonrecurring Basis (Details) - Fair Value, Measurements, Nonrecurring $ in Thousands | 9 Months Ended | |||
Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 63,865 | $ 28,811 | ||
Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 60,834 | 27,728 | ||
Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 3,031 | 1,083 | ||
Non Purchased Credit Impaired Loans and Leases | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 63,865 | [1] | 28,706 | [2] |
Non Purchased Credit Impaired Loans and Leases | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 60,834 | [1] | 27,623 | [2] |
Non Purchased Credit Impaired Loans and Leases | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 3,031 | [1] | 1,083 | [2] |
Other real estate and foreclosed assets | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 105 | |||
Other real estate and foreclosed assets | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 105 | |||
Other real estate and foreclosed assets | Level 2 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 0 | |||
Discount Rates | Discounted Cash Flow | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 26,357 | |||
Discount From Appraisals | Third party appraisals | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | 26,889 | |||
No Discounts | Third party appraisals | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Fair Value | $ 7,588 | |||
Measurement Input, Discount Rate | Minimum | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rates | 0.0375 | |||
Measurement Input, Discount Rate | Maximum | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rates | 0.1046 | |||
Measurement Input, Discount Rate | Discount Rates | Weighted Average | Discounted Cash Flow | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rates | 0.0819 | |||
Measurement Input, Discount Rate | Discount From Appraisals | Minimum | Third party appraisals | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rates | 0.2300 | |||
Measurement Input, Discount Rate | Discount From Appraisals | Maximum | Third party appraisals | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rates | 0.2300 | |||
Measurement Input, Discount Rate | Discount From Appraisals | Weighted Average | Third party appraisals | Non Purchased Credit Impaired Loans and Leases | Level 3 | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Discount rates | 0.2300 | |||
[1] | Includes nonaccrual loans and leases and performing TDRs with balances greater than $250,000. | |||
[2] | Includes all nonaccrual loans and leases and performing TDRs. |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Values of Certain Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | $ 187,176 | $ 172,585 | |
Interest-earning deposits in financial institutions | 2,766,020 | 465,039 | |
Securities available-for-sale, Carrying Amount | 4,532,614 | 3,797,187 | |
Investment in FHLB stock, Carrying Amount | 17,250 | 40,924 | |
Investment in FHLB stock, Fair Value | 17,250 | 40,924 | |
Loans and leases, net | [1] | 18,680,234 | 18,708,087 |
Loans and leases held for investment, net | 19,040,922 | ||
Warrants and Rights Outstanding | 3,434 | ||
Other derivative assets, Carrying Amount | 3,614 | 1,234 | |
Equity Securities, FV-NI | 1,135 | 2,998 | |
Demand, interest checking, money market, and savings deposits | 21,117,629 | 16,187,287 | |
Interest-bearing Domestic Deposit, Brokered | 1,123,909 | 496,407 | |
Time deposits | 1,724,157 | 2,549,342 | |
Time deposits | 1,731,333 | 2,549,260 | |
Borrowings | 60,000 | 1,759,008 | |
Borrowings | 59,988 | 1,759,008 | |
Subordinated debentures | 463,282 | 458,209 | |
Subordinated Debt Obligations, Fair Value Disclosure | 445,978 | 441,617 | |
Derivative Liability | 81 | 755 | |
Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 187,176 | 172,585 | |
Interest-earning deposits in financial institutions | 2,766,020 | 465,039 | |
Investment in FHLB stock, Fair Value | 0 | 0 | |
Demand, interest checking, money market, and savings deposits | 0 | 0 | |
Interest-bearing Domestic Deposit, Brokered | 0 | 0 | |
Time deposits | 0 | 0 | |
Borrowings | 50,000 | 1,759,000 | |
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 FHLB stock, Fair Value | 17,250 | 40,924 | |
Demand, interest checking, money market, and savings deposits | 21,117,629 | 16,187,287 | |
Interest-bearing Domestic Deposit, Brokered | 1,123,909 | 496,407 | |
Time deposits | 1,731,333 | 2,549,260 | |
Borrowings | 9,988 | 8 | |
Subordinated Debt Obligations, Fair Value Disclosure | 445,978 | 441,617 | |
Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and due from banks | 0 | 0 | |
Interest-earning deposits in financial institutions | 0 | 0 | |
Investment in FHLB stock, Fair Value | 0 | 0 | |
Loans and leases held for investment, net | 19,037,891 | ||
Equity warrants | 3,434 | ||
Demand, interest checking, money market, and savings deposits | 0 | 0 | |
Interest-bearing Domestic Deposit, Brokered | 0 | 0 | |
Time deposits | 0 | 0 | |
Borrowings | 0 | 0 | |
Subordinated Debt Obligations, Fair Value Disclosure | 0 | 0 | |
Fair Value, Measurements, Recurring | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Equity warrants | 4,742 | 3,434 | |
Other derivative assets, Fair Value | 3,614 | 1,234 | |
Derivative liabilities | 81 | 755 | |
Fair Value, Measurements, Recurring | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available-for-sale, Carrying Amount | 5,335 | 5,181 | |
Equity warrants | 0 | 0 | |
Other derivative assets, Fair Value | 0 | 0 | |
Equity Securities, FV-NI | 1,135 | 2,998 | |
Derivative liabilities | 0 | 0 | |
Fair Value, Measurements, Recurring | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available-for-sale, Carrying Amount | 4,492,006 | 3,769,307 | |
Equity warrants | 0 | 0 | |
Other derivative assets, Fair Value | 3,614 | 1,234 | |
Equity Securities, FV-NI | 0 | 0 | |
Derivative liabilities | 81 | 755 | |
Fair Value, Measurements, Recurring | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Securities available-for-sale, Carrying Amount | 35,273 | 22,699 | |
Equity warrants | 4,742 | 3,434 | |
Other derivative assets, Fair Value | 0 | 0 | |
Equity Securities, FV-NI | 0 | 0 | |
Derivative liabilities | 0 | 0 | |
NonPCI and PCI Loans | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans and leases held for investment, net | 19,055,004 | ||
NonPCI and PCI Loans | Level 1 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans and leases held for investment, net | 0 | 0 | |
NonPCI and PCI Loans | Level 2 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans and leases held for investment, net | $ 3,031 | 1,083 | |
NonPCI and PCI Loans | Level 3 | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Loans and leases held for investment, net | $ 19,053,921 | ||
[1] | Excludes accrued interest receivable of $71.5 million and $67.5 million at September 30, 2020 and December 31, 2019, respectively, which is recorded in "Other assets" on the condensed consolidated balance sheets. |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |||
Earnings Per Share [Abstract] | |||||||
Net earnings from continuing operations | $ 45,503 | $ 110,026 | $ (1,354,404) | $ 350,755 | |||
Less: Earnings allocated to unvested restricted stock | (578) | [1] | (1,369) | [1] | (1,603) | (3,725) | |
Net earnings allocated to common shares | $ 44,925 | $ 108,657 | $ (1,356,007) | $ 347,030 | |||
Weighted-average basic shares and unvested restricted stock outstanding (shares) | 118,438 | 119,831 | 118,469 | 120,691 | |||
Weighted-average unvested restricted stock outstanding (shares) | (1,684) | (1,622) | (1,596) | (1,480) | |||
Weighted-average basic shares outstanding (shares) | 116,754 | 118,209 | 116,873 | 119,211 | |||
Basic net income per share (usd per share) | $ 0.38 | $ 0.28 | $ 0.92 | $ (11.60) | $ 2.91 | ||
Net earnings from continuing operations allocated to common shares | $ 44,925 | $ 108,657 | $ (1,356,007) | $ 347,030 | |||
Diluted net income per share (usd per share) | $ 0.38 | $ 0.28 | $ 0.92 | $ (11.60) | $ 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 - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Jun. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Disaggregation of Revenue [Line Items] | |||||
Total interest income | $ 265,908 | $ 274,075 | $ 307,208 | $ 831,315 | $ 926,300 |
Service charges on deposit accounts | 2,570 | 2,004 | 3,525 | 7,232 | 11,026 |
Other commissions and fees | 10,541 | 10,111 | 10,855 | 30,373 | 33,453 |
Leased equipment income | 9,900 | 12,037 | 9,615 | 34,188 | 28,079 |
Gain on sale of loans and leases | 35 | 346 | 765 | 468 | 1,091 |
Gain on sale of securities | 5,270 | 7,715 | 908 | 13,167 | 25,261 |
Other income | 9,936 | 6,645 | 7,761 | 20,782 | 16,476 |
Total noninterest income | 38,252 | $ 38,858 | 33,429 | 106,210 | 115,386 |
Revenues | 304,160 | 340,637 | 937,525 | 1,041,686 | |
Service charges on deposit accounts | 6,087 | 8,918 | 18,581 | 26,940 | |
Interest Income | |||||
Disaggregation of Revenue [Line Items] | |||||
Service charges on deposit accounts | 0 | 0 | 0 | 0 | |
Service charges on deposit accounts | |||||
Disaggregation of Revenue [Line Items] | |||||
Service charges on deposit accounts | 2,570 | 3,525 | 7,232 | 11,026 | |
Other commissions and fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Service charges on deposit accounts | 3,228 | 4,965 | 10,388 | 14,661 | |
Leased equipment income | |||||
Disaggregation of Revenue [Line Items] | |||||
Service charges on deposit accounts | 0 | 0 | 0 | 0 | |
Gain on sale of loans | |||||
Disaggregation of Revenue [Line Items] | |||||
Service charges on deposit accounts | 0 | 0 | 0 | 0 | |
Gain on sale of securities | |||||
Disaggregation of Revenue [Line Items] | |||||
Service charges on deposit accounts | 0 | 0 | 0 | 0 | |
Other income | |||||
Disaggregation of Revenue [Line Items] | |||||
Service charges on deposit accounts | 289 | 428 | 961 | 1,253 | |
Noninterest Income | |||||
Disaggregation of Revenue [Line Items] | |||||
Service charges on deposit accounts | $ 6,087 | $ 8,918 | $ 18,581 | $ 26,940 |
Revenue From Contracts With C_4
Revenue From Contracts With Customers - Disaggregation of Revenue Based on Timing of Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue From Contracts With Customers [Abstract] | ||||
Products and services transferred at a point in time | $ 3,189 | $ 5,046 | $ 10,152 | $ 14,579 |
Products and services transferred over time | 2,898 | 3,872 | 8,429 | 12,361 |
Total revenue from contracts with customers | $ 6,087 | $ 8,918 | $ 18,581 | $ 26,940 |
Revenue From Contracts With C_5
Revenue From Contracts With Customers - Contract Balances (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Revenue From Contracts With Customers [Abstract] | ||
Receivables, which are included in "Other assets" | $ 1,207 | $ 1,094 |
Contract assets, which are included in "Other assets" | 0 | 0 |
Contract liabilities, which are included in "Accrued interest payable and other liabilities" | $ 392 | $ 490 |
Revenue From Contracts With C_6
Revenue From Contracts With Customers - Narrative (Details) | Dec. 31, 2019USD ($) |
Revenue From Contracts With Customers [Abstract] | |
Contract with Customer, Liability | $ 98,000 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)shares | Sep. 30, 2019USD ($) | Dec. 31, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Restricted Stock Amortization | $ | $ 7,100 | $ 7,300 | $ 19,200 | $ 19,300 | |
Unvested restricted shares (shares) | 1,706,690 | 1,706,690 | 1,513,197 | ||
Vesting period of time-based restricted stock, lower limit | three | ||||
Vesting period of time-based restricted stock, higher limit | 4 years | ||||
Discount From Appraisals | Weighted Average | Non Purchased Credit Impaired Loans and Leases | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Discount Rate | Third party appraisals | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Discount rates | 0.2300 | ||||
Discount From Appraisals | Minimum | Non Purchased Credit Impaired Loans and Leases | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Discount Rate | Third party appraisals | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Discount rates | 0.2300 | ||||
Discount From Appraisals | Maximum | Non Purchased Credit Impaired Loans and Leases | Level 3 | Fair Value, Measurements, Nonrecurring | Measurement Input, Discount Rate | Third party appraisals | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Discount rates | 0.2300 | ||||
Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested restricted shares (shares) | 315,008 | 315,008 | |||
Vesting term | 3 years | ||||
Performance Shares | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 0.00% | ||||
Performance Shares, One | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 150.00% | ||||
Performance Shares, Two | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 200.00% | ||||
PacWest 2017 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized (shares) | 4,000,000 | 4,000,000 | |||
Number of shares available for grant (shares) | 1,670,705 | 1,670,705 | |||
Unrecognized share based compensation expense | $ | $ 50,600 | $ 50,600 | |||
PacWest 2017 Stock Incentive Plan [Member] | Time-Based Restricted Stock Awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested restricted shares (shares) | 1,706,690 | 1,706,690 |
Uncategorized Items - pacw-2020
Label | Element | Value |
Reserve for Unfunded Loan Commitments | pacw_ReserveforUnfundedLoanCommitments | $ 39,571,000 |