Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 26, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | HAFC | ||
Entity Registrant Name | HANMI FINANCIAL CORPORATION | ||
Entity Central Index Key | 0001109242 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 30,728,745 | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity File Number | 000-30421 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 95-4788120 | ||
Entity Address, Address Line One | 3660 Wilshire Boulevard | ||
Entity Address, Address Line Two | Penthouse Suite A | ||
Entity Address, City or Town | Los Angeles | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 90010 | ||
City Area Code | 213 | ||
Local Phone Number | 382-2200 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, $0.001 Par Value | ||
Security Exchange Name | NASDAQ | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Public Float | $ 598,155,000 | ||
Documents Incorporated by Reference | Documents Incorporated By Reference Herein: Sections of the Registrant’s Definitive Proxy Statement for its 2020 Annual Meeting of Stockholders, which will be filed within 120 days of the fiscal year ended December 31, 2019, are incorporated by reference into Part III of this report (or information will be provided by amendment to this Form 10-K), as noted therein. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 121,678 | $ 155,376 |
Securities available for sale, at fair value (amortized cost of $629,725 as of December 31, 2019 and $583,444 as of December 31, 2018) | 634,477 | 574,908 |
Loans held for sale, at the lower of cost or fair value | 6,020 | 9,390 |
Loans and leases receivable, net of allowance for loan and lease losses of $61,408 as of December 31, 2019 and $31,974 as of December 31, 2018 | 4,548,739 | 4,568,566 |
Accrued interest receivable | 11,742 | 13,331 |
Premises and equipment, net | 26,070 | 27,752 |
Customers' liability on acceptances | 66 | 173 |
Servicing assets | 6,956 | 8,520 |
Goodwill and other intangible assets, net | 11,873 | 12,182 |
Federal Home Loan Bank ("FHLB") stock, at cost | 16,385 | 16,385 |
Deferred tax assets | 36,787 | 27,441 |
Current tax assets | 8,314 | |
Bank-owned life insurance | 52,782 | 51,661 |
Prepaid expenses and other assets | 64,609 | 28,220 |
Total assets | 5,538,184 | 5,502,219 |
Deposits: | ||
Noninterest-bearing | 1,391,624 | 1,284,530 |
Interest-bearing | 3,307,338 | 3,462,705 |
Total deposits | 4,698,962 | 4,747,235 |
Accrued interest payable | 11,215 | 11,379 |
Bank's liability on acceptances | 66 | 173 |
Borrowings | 90,000 | 55,000 |
Subordinated debentures | 118,377 | 117,808 |
Accrued expenses and other liabilities | 56,297 | 18,056 |
Total liabilities | 4,974,917 | 4,949,651 |
Stockholders' equity: | ||
Preferred Stock, $0.001 par value; authorized 10,000,000 shares; no shares issued as of December 31, 2019 and December 31, 2018 | 0 | 0 |
Common stock, $0.001 par value; authorized 62,500,000 shares; issued 33,475,402 shares (30,799,624 shares outstanding) as of December 31, 2019 and 33,202,369 shares (30,928,437 shares outstanding) as of December 31, 2018 | 33 | 33 |
Additional paid-in capital | 575,816 | 569,712 |
Accumulated other comprehensive income (loss), net of tax benefit (expense) of ($1,370) as of December 31, 2019 and $2,457 as of December 31, 2018 | 3,382 | (6,079) |
Retained earnings | 100,551 | 97,539 |
Less: treasury stock; 2,675,778 shares as of December 31, 2019 and 2,273,932 shares as of December 31, 2018 | (116,515) | (108,637) |
Total stockholders' equity | 563,267 | 552,568 |
Total liabilities and stockholders' equity | $ 5,538,184 | $ 5,502,219 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Amortized cost of securities available for sale | $ 629,725 | $ 583,444 |
Loans and leases receivable, allowance for loan losses | $ 61,408 | $ 31,974 |
Preferred stock par value (in USD per share) | $ 0.001 | $ 0.001 |
Preferred stock authorized (shares) | 10,000,000 | 10,000,000 |
Preferred stock issued (shares) | 0 | 0 |
Common stock par value (in USD per share) | $ 0.001 | $ 0.001 |
Common stock authorized (shares) | 62,500,000 | 62,500,000 |
Common stock issued (shares) | 33,475,402 | 33,202,369 |
Common stock outstanding (shares) | 30,799,624 | 30,928,437 |
Accumulated other comprehensive income (loss), tax benefit (expense) | $ (1,370) | $ 2,457 |
Treasury stock (shares) | 2,675,778 | 2,273,932 |
Consolidated Statements of Inco
Consolidated Statements of Income - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest and dividend income: | |||
Interest and fees on loans and leases | $ 229,402,000 | $ 219,590,000 | $ 195,790,000 |
Interest on securities | 14,661,000 | 12,817,000 | 11,850,000 |
Dividends on FHLB stock | 1,147,000 | 1,413,000 | 1,232,000 |
Interest on deposits in other banks | 1,562,000 | 577,000 | 449,000 |
Total interest and dividend income | 246,772,000 | 234,397,000 | 209,321,000 |
Interest expense: | |||
Interest on deposits | 63,105,000 | 43,080,000 | 26,089,000 |
Interest on borrowings | 763,000 | 3,379,000 | 1,077,000 |
Interest on subordinated debentures | 7,032,000 | 6,925,000 | 5,353,000 |
Total interest expense | 70,900,000 | 53,384,000 | 32,519,000 |
Net interest income before provision for loan and lease losses | 175,872,000 | 181,013,000 | 176,802,000 |
Loan and lease loss provision | 30,170,000 | 3,990,000 | 831,000 |
Net interest income after provision for loan and lease losses | 145,702,000 | 177,023,000 | 175,971,000 |
Noninterest income: | |||
Service charges on deposit accounts | 9,951,000 | 10,000,000 | 10,396,000 |
Trade finance and other service charges and fees | 4,786,000 | 4,616,000 | 4,495,000 |
Gain on sale of Small Business Administration ("SBA") loans | 5,251,000 | 4,954,000 | 8,734,000 |
Net gain (loss) on sales of securities | 1,295,000 | (341,000) | 1,748,000 |
Other operating income | 6,269,000 | 5,291,000 | 8,042,000 |
Total noninterest income | 27,552,000 | 24,520,000 | 33,415,000 |
Noninterest expense: | |||
Salaries and employee benefits | 67,900,000 | 69,435,000 | 67,944,000 |
Occupancy and equipment | 17,064,000 | 15,944,000 | 15,740,000 |
Data processing | 8,755,000 | 6,870,000 | 6,960,000 |
Professional fees | 9,060,000 | 6,178,000 | 5,464,000 |
Supplies and communications | 2,936,000 | 3,003,000 | 2,912,000 |
Advertising and promotion | 3,797,000 | 4,041,000 | 3,952,000 |
Merger and integration costs (income) | 846,000 | (40,000) | |
Other operating expenses | 16,394,000 | 11,256,000 | 11,170,000 |
Total noninterest expense | 125,906,000 | 117,573,000 | 114,102,000 |
Income before income taxes | 47,348,000 | 83,970,000 | 95,284,000 |
Income tax expense | 14,560,000 | 26,102,000 | 40,624,000 |
Net income | $ 32,788,000 | $ 57,868,000 | $ 54,660,000 |
Basic earnings per share | $ 1.06 | $ 1.80 | $ 1.70 |
Diluted earnings per share | $ 1.06 | $ 1.79 | $ 1.69 |
Weighted-average shares outstanding: | |||
Basic | 30,725,376 | 31,924,863 | 32,071,585 |
Diluted | 30,760,422 | 32,051,333 | 32,249,918 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income | $ 32,788 | $ 57,868 | $ 54,660 |
Unrealized gain (loss) on securities: | |||
Unrealized holding gain (loss) arising during period | 14,583 | (5,790) | 2,649 |
Less: reclassification adjustment for net gain included in net income | (1,295) | (87) | (1,748) |
Income tax (expense) benefit related to items of other comprehensive income | (3,827) | 1,684 | (376) |
Other comprehensive income (loss), net of tax | 9,461 | (4,193) | 525 |
Comprehensive income | $ 42,249 | $ 53,675 | $ 55,185 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock - Number of Shares, Shares Issued | Common Stock - Number of Shares, Treasury Shares | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings |
Balance at beginning of period at Dec. 31, 2016 | $ 531,025 | $ 33 | $ (70,786) | $ 562,446 | $ (2,394) | $ 41,726 |
Beginning balance, shares issued (shares) at Dec. 31, 2016 | 32,946,197 | |||||
Beginning balance, treasury stock (shares) at Dec. 31, 2016 | (615,450) | |||||
Beginning balance, shares outstanding (shares) at Dec. 31, 2016 | 32,330,747 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock options exercised | 288 | 288 | ||||
Stock options exercised (shares) | 23,813 | |||||
Restricted stock awards, net of forfeitures (shares) | 113,123 | |||||
Share-based compensation expense | 2,893 | 2,893 | ||||
Restricted stock surrendered due to employee tax liability | (1,103) | $ (1,103) | ||||
Restricted stock surrendered due to employee tax liability (shares) | (36,056) | (36,056) | ||||
Cash dividends declared (common stock, $0.80/share) | (25,811) | (25,811) | ||||
Net income | 54,660 | 54,660 | ||||
Change in unrealized gain (loss) on securities available for sale, net of income taxes | 525 | 525 | ||||
Balance at end of period at Dec. 31, 2017 | 562,477 | $ 33 | $ (71,889) | 565,627 | (1,869) | 70,575 |
Ending balance, shares issued (shares) at Dec. 31, 2017 | 33,083,133 | |||||
Ending balance, treasury stock (shares) at Dec. 31, 2017 | (651,506) | |||||
Ending balance, shares outstanding (shares) at Dec. 31, 2017 | 32,431,627 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Adjustments related to adoption of new accounting standards: | ASU 2016-01 | 382 | (382) | ||||
Adjustments related to adoption of new accounting standards: | ASU 2018-02 | (399) | 399 | ||||
Adjusted balance at Dec. 31, 2017 | 562,477 | $ 33 | $ (71,889) | 565,627 | (1,886) | 70,592 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock options exercised | 570 | 570 | ||||
Stock options exercised (shares) | 25,750 | |||||
Restricted stock awards, net of forfeitures (shares) | 93,486 | |||||
Share-based compensation expense | 3,515 | 3,515 | ||||
Restricted stock surrendered due to employee tax liability | (680) | $ (680) | ||||
Restricted stock surrendered due to employee tax liability (shares) | (22,426) | (22,426) | ||||
Repurchase of common stock | (36,068) | $ (36,068) | ||||
Repurchase of common stock (shares) | (1,600,000) | (1,600,000) | ||||
Cash dividends declared (common stock, $0.80/share) | (30,921) | (30,921) | ||||
Net income | 57,868 | 57,868 | ||||
Change in unrealized gain (loss) on securities available for sale, net of income taxes | (4,193) | (4,193) | ||||
Balance at end of period at Dec. 31, 2018 | $ 552,568 | $ 33 | $ (108,637) | 569,712 | (6,079) | 97,539 |
Ending balance, shares issued (shares) at Dec. 31, 2018 | 33,202,369 | |||||
Ending balance, treasury stock (shares) at Dec. 31, 2018 | (2,273,932) | (2,273,932) | ||||
Ending balance, shares outstanding (shares) at Dec. 31, 2018 | 30,928,437 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock options exercised | $ 2,979 | 2,979 | ||||
Stock options exercised (shares) | 181,900 | |||||
Restricted stock awards, net of forfeitures (shares) | 91,133 | |||||
Share-based compensation expense | 3,125 | 3,125 | ||||
Restricted stock surrendered due to employee tax liability | (517) | $ (517) | ||||
Restricted stock surrendered due to employee tax liability (shares) | (26,846) | (26,846) | ||||
Repurchase of common stock | (7,362) | $ (7,362) | ||||
Repurchase of common stock (shares) | (375,000) | (375,000) | ||||
Cash dividends declared (common stock, $0.80/share) | (29,776) | (29,776) | ||||
Net income | 32,788 | 32,788 | ||||
Change in unrealized gain (loss) on securities available for sale, net of income taxes | 9,461 | 9,461 | ||||
Balance at end of period at Dec. 31, 2019 | $ 563,267 | $ 33 | $ (116,515) | $ 575,816 | $ 3,382 | $ 100,551 |
Ending balance, shares issued (shares) at Dec. 31, 2019 | 33,475,402 | |||||
Ending balance, treasury stock (shares) at Dec. 31, 2019 | (2,675,778) | (2,675,778) | ||||
Ending balance, shares outstanding (shares) at Dec. 31, 2019 | 30,799,624 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Stockholders Equity [Abstract] | |||
Common stock (in usd per share) | $ 0.96 | $ 0.96 | $ 0.80 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 32,788 | $ 57,868 | $ 54,660 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 9,532 | 11,111 | 12,854 |
Share-based compensation expense | 3,125 | 3,515 | 2,893 |
Loan and lease loss provision | 30,170 | 3,990 | 831 |
(Gain) loss on sales of securities | (1,295) | 341 | (1,748) |
Gain on sales of SBA loans | (5,251) | (4,954) | (8,734) |
Origination of SBA loans held for sale | (76,765) | (79,146) | (109,111) |
Proceeds from sales of SBA loans | 74,866 | 82,133 | 117,780 |
Increase in cash surrender value of bank-owned life insurance | (1,121) | (1,107) | (1,114) |
Change in prepaid expenses and other assets | (5,770) | 404 | 98 |
Change in current tax assets | 8,314 | (2,490) | (4,109) |
Change in deferred tax assets | (13,173) | 6,698 | 13,501 |
Change in accrued expenses and other liabilities | 3,376 | (1,728) | 3,855 |
Net cash provided by operating activities | 58,796 | 76,635 | 81,656 |
Cash flows from investing activities: | |||
Purchases of securities available for sale | (320,815) | (141,351) | (242,369) |
Proceeds from matured, called and repayment of securities | 159,942 | 99,253 | 79,878 |
Proceeds from sales of securities available for sale | 113,306 | 34,751 | 97,271 |
Purchases of loans and leases receivable | (66,966) | (266,275) | |
Purchases of premises and equipment | (1,579) | (3,696) | (843) |
Proceeds from disposition of premises and equipment | 5,655 | ||
Proceeds from sales of other real estate owned ("OREO") | 716 | 2,173 | 5,711 |
Change in loans and leases receivable, excluding purchases | (1,770) | (235,731) | (193,557) |
Net cash used in investing activities | (44,545) | (311,567) | (520,184) |
Cash flows from financing activities: | |||
Change in deposits | (48,273) | 398,581 | 538,917 |
Change in overnight borrowings | (75,000) | (95,000) | (165,000) |
Proceeds from borrowings | 110,000 | ||
Issuance of subordinated debentures | 97,828 | ||
Proceeds from exercise of stock options | 2,979 | 570 | 288 |
Cash paid for surrender of vested shares due to employee tax liability | (517) | (680) | (1,103) |
Repurchase of common stock | (7,362) | (36,068) | |
Cash dividends paid | (29,776) | (30,921) | (25,811) |
Net cash (used in) provided by financing activities | (47,949) | 236,482 | 445,119 |
Net increase (decrease) in cash and due from banks | (33,698) | 1,550 | 6,591 |
Cash and due from banks at beginning of year | 155,376 | 153,826 | 147,235 |
Cash and due from banks at end of period | 121,678 | 155,376 | 153,826 |
Supplemental disclosures of cash flow information: | |||
Interest expense paid | 71,064 | 47,314 | 32,519 |
Income taxes paid | 15,570 | 20,792 | 28,135 |
Non-cash activities: | |||
Transfer of loans receivable to other real estate owned | 248 | 938 | 143 |
Income tax (expense) benefit related to items of other comprehensive income | (3,827) | 1,684 | (376) |
Change in unrealized (gain) loss in accumulated other comprehensive income | 14,583 | $ 5,790 | $ (2,649) |
Right-of-use asset obtained in exchange for lease liability | $ 43,085 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 1 — Summary of Significant Accounting Policies Summary of Operations Hanmi Financial Corporation (“Hanmi Financial,” the “Company,” “we,” “us” or “our”) was formed as a holding company of Hanmi Bank (the “Bank”) and registered with the Securities and Exchange Commission under the Securities Act on March 17, 2001. The Bank’s primary operations are related to traditional banking activities, including the acceptance of deposits and originating loans and investing in securities. The Bank is a California state-chartered financial institution insured by the FDIC. The Bank is a state nonmember bank and the FDIC is its primary federal bank regulator. The California Department of Business Oversight is the Bank's primary state bank regulator. The Bank is a community bank conducting general business banking, with its primary market encompassing the Korean-American and other ethnic communities. The Bank’s full-service offices are located in markets where many of the businesses are run by immigrants and other minority groups. The Bank’s client base reflects the multi-ethnic composition of these communities. As of December 31, 2019, the Bank maintained a network of 35 full-service branch offices and 9 loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Georgia and Washington State. Basis of Presentation The accounting and reporting policies of Hanmi Financial and subsidiaries conform, in all material respects, to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. The information set forth in the following notes is presented on a continuing operations basis, unless otherwise noted. The following is a summary of the significant accounting policies consistently applied in the preparation of the accompanying Consolidated Financial Statements. Principles of Consolidation The Consolidated Financial Statements include the accounts of Hanmi Financial and its wholly-owned subsidiary, the Bank and Hanmi Financial Corporation Statutory Trust I. All intercompany transactions and balances have been eliminated in consolidation. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain amounts in the prior years' financial statements and related disclosures were reclassified to conform to the current year presentation with no effect on previously reported net income, stockholders’ equity or cash flows. Segment Reporting Through our branch network and lending units, we provide a broad range of financial services to individuals and companies. These services include demand, time and savings deposits; and commercial and industrial, real estate and consumer lending. While our chief decision makers monitor the revenue streams of our various products and services, operations are managed and financial performance is evaluated on a company-wide basis. Accordingly, we consider all of our operations to be aggregated in one reportable operating segment. Securities Securities are classified into four categories and accounted for as follows: (i) Securities that we have the positive intent and ability to hold to maturity are classified as “held to maturity” and reported at amortized cost; (ii) Securities that are bought and held principally for the purpose of selling them in the near future are classified as “trading securities” and reported at fair value. Unrealized gains and losses are recognized in earnings; (iii) Securities not classified as held to maturity or trading securities are classified as “available for sale” and reported at fair value. Unrealized gains and losses are reported as a separate component of stockholders’ equity as accumulated other comprehensive income, net of income taxes; and (iv) Equity Securities, such as mutual funds, which would be classified as “available for sale” and reported at fair value. Unrealized gains and losses are reported as a separate component of income. We review securities on an ongoing basis for the presence of other-than-temporary impairment (“OTTI”) or permanent impairment, taking into consideration current market conditions, fair value in relationship to cost, extent and nature of the change in fair value, issuer rating changes and trends, whether we intend to sell a security or if it is likely that we will be required to sell the security before recovery of our amortized cost basis of the investment, which may be maturity, and other factors. Accounting Standards Codification (“ASC”) 320 requires other-than-temporarily impaired securities to be written down when fair value is below amortized cost in circumstances where: (1) an entity has the intent to sell a security; (2) it is more likely than not that an entity will be required to sell the security before recovery of its amortized cost basis; or (3) an entity does not expect to recover the entire amortized cost basis of the security. If we intend to sell a security or if it is more likely than not that we will be required to sell the security before recovery, an OTTI write-down is recognized in earnings equal to the difference between the security’s amortized cost basis and its fair value. If we do not intend to sell the security or it is not more likely than not that we will be required to sell the security before recovery, the OTTI write-down is separated into an amount representing credit loss, which is recognized in earnings, and the amount related to all other factors, which is recognized in other comprehensive income net of tax. A credit loss is the difference between the cost basis of the security and the present value of cash flows expected to be collected, discounted at the security’s effective interest rate at the date of acquisition. The cost basis of an other than temporarily impaired security is written down by the amount of impairment recognized in earnings. The new cost basis is not adjusted for subsequent recoveries in fair value. Loans and leases receivable Originated loans and leases: Loans and leases are originated by the Bank with the intent to hold them for investment and are stated at the principal amount outstanding, net of unearned income. Net deferred fees and costs include nonrefundable loan fees, direct loan origination costs and initial indirect costs. Net deferred fees or costs are recognized as an adjustment to interest income over the contractual life of the loans using the effective interest method or taken into income when the related loans are paid off or sold. The amortization of loan fees or costs is discontinued when a loan is placed on nonaccrual status. Interest income is recorded on an accrual basis in accordance with the terms of the respective loan and includes prepayment penalties. Equipment leases are similar to commercial business loans in that the leases are typically made on the basis of the borrower’s ability to make repayment from the cash flows of the borrower’s business. Nonaccrual loans and leases and nonperforming assets: Loans are placed on nonaccrual status when, in the opinion of management, the full timely collection of principal or interest is in doubt. Generally, the accrual of interest is discontinued when principal or interest payments become more than 90 days past due. However, in certain instances, we may place a particular loan on nonaccrual status earlier, depending upon the individual circumstances surrounding the loan’s delinquency. When an asset is placed on nonaccrual status, previously accrued but unpaid interest is reversed against current income. Subsequent collections of cash are applied as principal reductions when received, except when the ultimate collectability of principal is probable, in which case interest payments are credited to income. Nonaccrual assets may be restored to accrual status when principal and interest become current and full repayment is expected, which generally occurs after sustained payment of six months. Interest income is recognized on the accrual basis for impaired loans not meeting the criteria for nonaccrual. Nonperforming assets consist of loans and leases on nonaccrual status, loans 90 days or more past due and still accruing interest, loans restructured with troubled borrowers where the terms of repayment have been renegotiated resulting in a reduction or deferral of interest or principal, and other real estate owned (“OREO”). Loans are generally placed on nonaccrual status when they become 90 days past due unless management believes the loan is adequately collateralized and in the process of collection. Additionally, the Bank may place loans that are not 90 days past due on nonaccrual status, if management reasonably believes the borrower will not be able to comply with the contractual loan repayment terms and collection of principal or interest is in question. Loans Held for Sale Loans originated, or transferred from loans and leases receivable, and intended for sale in the secondary market are carried at the lower of aggregate cost or fair market value. Fair market value, if lower than cost, is determined based on valuations obtained from market participants or the value of underlying collateral, calculated individually. A valuation allowance is established if the market value of such loans is lower than their cost and net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Origination fees on loans held for sale, net of certain costs of processing and closing the loans, are deferred until the time of sale and are included in the computation of the gain or loss from the sale of the related loans. Allowance for Loan and Lease Losses Management believes the allowance for loan and lease losses is appropriate to provide for probable incurred losses inherent in the loan and lease portfolio. However, the allowance is an estimate that is inherently uncertain and depends on the outcome of future events. Management’s estimates are based on: previous loss experience; volume, growth, size and composition of the loan portfolio; the value of collateral; and current economic conditions. Our lending is concentrated generally in real estate, commercial, SBA and trade finance lending to small and middle market businesses primarily in California, Illinois, and Texas. The Bank charges or credits the income statement for provisions to the allowance for loan and lease losses and the allowance for off-balance sheet items at least quarterly based upon the allowance need. The allowance for loan and lease losses is maintained at a level considered adequate by management to absorb probable incurred losses in the loan and lease portfolio. The allowance is determined through an analysis involving quantitative calculations based on historic loss rates and qualitative adjustments for general allowances and individual impairment calculations for specific allocations. The Bank charges the allowance for actual losses on loans and leases and credits the allowance for recoveries on loans and leases previously charged-off. The Bank evaluates the allowance methodology at least annually. For the fourth quarter of 2019, the Bank utilized a 35-quarter look-back period, anchored to the first quarter of 2011, with equal weighting to all quarters. Management determined it was appropriate to anchor the look-back period, in consideration for a prolonged period of low losses and the procyclical nature of provisioning. The anchoring will allow the Bank to better capture the economic cycle while improving the ability to measure losses. For the fourth quarters of 2018 and 2017, the Bank utilized 31- and 27-quarter look-back periods, respectively. In addition, the estimated loss emergence period utilized in the Bank’s loss migration analysis changed to 2.5 years To determine general allowance requirements, existing loans were divided into eleven general pools of risk-rated loans as well as three homogeneous loan pools. For risk-rated loans, migration analysis allocates historical losses by loan pool and risk grade to determine risk factors for potential losses inherent in the current outstanding loan portfolio. Since the homogeneous loans are bulk graded, the risk grade is not factored into the historical loss analysis. In addition, specific allowances are allocated for loans deemed “impaired.” When determining the appropriate level for allowance for loan and lease losses, management considers qualitative adjustments for any factors that are likely to cause estimated losses associated with the Bank’s current portfolio to differ from historical loss experience, including, but not limited to, national and local economic and business conditions, volume and geographic concentrations, and problem loan and lease trends. To systematically quantify the credit risk impact of trends and changes within the loan and lease portfolio, a credit risk matrix is utilized. The qualitative factors are considered on a loan pool by loan pool basis subsequent to, and in conjunction with, a loss migration analysis. The credit risk matrix provides various scenarios with positive or negative impact on the portfolio along with corresponding basis points for qualitative adjustments. Loans are measured for impairment when it is probable that not all amounts, including principal and interest, will be collected in accordance with the original contractual terms of the loan agreement. The amount of impairment and any subsequent changes are recorded through the provision for loan losses as an adjustment to the allowance for loan losses. The Bank follows the “Interagency Policy Statement on the Allowance for Loan and Lease Losses” and, as an integral part of the quarterly credit review process, the allowance for loan losses and allowance for off-balance sheet items are reviewed for adequacy. The California Department of Business Oversight and/or the Federal Deposit Insurance Corporation may require the Bank to recognize additions to the allowance for loan losses based upon their assessment of the information available to them at the time of their examinations. In general, the Bank will charge off a loan and declare a loss when its collectability is questionable and when the Bank can no longer justify presenting the loan as an asset on its balance sheet. To determine if a loan should be charged off, possible sources of repayment are analyzed, including the potential for future cash flows from income or liquidation of other assets, the value of any collateral, and the strength of co-makers or guarantors. When these sources do not provide a reasonable probability that principal can be collected in full, the Bank will fully or partially charge off the loan. For a real estate loan, including commercial term loans secured by collateral, any impaired portion is considered as loss if the loan is more than 90 days past due. In a case where the fair value of collateral is less than the loan balance and the borrower has no other assets or income to support repayment, the amount of the deficiency is considered a loss and charged off. For a commercial and industrial loan other than those secured by real estate, if the borrower is in the process of a bankruptcy filing in which the Bank is an unsecured creditor or deemed virtually unsecured by lack of collateral equity or lien position and the borrower has no realizable equity in assets and prospects for recovery are negligible, the loan is considered a loss and charged off. Additionally, a commercial and industrial unsecured loan that is more than 120 days past due is considered a loss and charged off. For an unsecured consumer loan where a borrower files for bankruptcy, the loan is considered a loss within 60 days of receipt of notification of filing from the bankruptcy court. Other consumer loans are considered a loss if they are more than 90 days past due. Other events, such as bankruptcy, fraud, or death result in charge offs being recorded in an earlier period. Impaired Loans Loans are identified and classified as impaired when it is probable that not all amounts, including principal and interest, will be collected in accordance with the contractual terms of the loan agreement. The Bank will consider the following loans as impaired: nonaccrual loans or loans where principal or interest payments have been contractually past due for 90 days or more, unless the loan is both well-collateralized and in the process of collection; and loans classified as troubled debt restructuring loans. The Bank considers whether the borrower is experiencing problems such as operating losses, marginal working capital, inadequate cash flows or business deterioration in realizable value. The Bank also considers the financial condition of a borrower who is in industries or countries experiencing economic or political instability. When a loan is considered impaired, any future cash receipts on such loans will be treated as either interest income or return of principal depending upon management’s opinion of the ultimate risk of loss on the individual loan. Cash payments are treated as interest income where management believes the remaining principal balance is fully collectible. We evaluate loan impairment in accordance with GAAP. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent, less costs to sell. If the value of the impaired loan is less than the recorded investment in the loan, the deficiency will be charged off against the allowance for loan losses or, alternatively, a specific allocation will be established. Additionally, impaired loans are specifically excluded from the analysis when determining the amount of the general allowance for loan losses required for the period. For impaired loans where the impairment amount is measured based on the present value of expected future cash flows discounted at the loan’s original effective interest rate, any impairment that represents the change in present value attributable to the passage of time is recognized as provision for loan losses. Troubled Debt Restructuring A loan is identified as a troubled debt restructuring (“TDR”) when a borrower is experiencing financial difficulties and, for economic or legal reasons related to these difficulties, the Bank grants a concession to the borrower in the restructuring that it would not otherwise consider. The Bank has granted a concession when, as a result of the restructuring, it does not expect to collect all amounts due, including principal and/or interest accrued at the original terms of the loan. The concessions may be granted in various forms, including a below-market change in the stated interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a note split with principal forgiveness. TDRs are reviewed for potential impairment. Generally, a nonaccrual loan that is restructured remains on nonaccrual status for a period of six months to demonstrate that the borrower can perform under the restructured terms. If the borrower’s performance under the new terms is not reasonably assured, the loan remains classified as a nonaccrual loan. Loans classified as TDRs are reported as impaired loans. Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed on the straight-line method over the estimated useful lives of the various classes of assets. The ranges of useful lives for the principal classes of assets are as follows: Buildings and improvements 10 to 30 years Furniture and equipment 3 to 10 years Leasehold improvements Term of lease or useful life, whichever is shorter Software 3 years Impairment of Long-Lived Assets We review long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. Other Real Estate Owned Assets acquired through loan foreclosure are recorded at the lower of cost or fair value less estimated costs to sell when acquired. If fair value declines subsequent to foreclosure, valuation impairment is recorded through expense. Operating costs after acquisition are expensed. Servicing Assets and Servicing liabilities Servicing assets and servicing liabilities are initially recorded at fair value. The fair values of servicing assets and servicing liabilities represent either the price paid if purchased, or the allocated carrying amounts based on relative values when retained in a sale. Servicing assets and servicing liabilities are amortized in proportion to, and over the period of, estimated net servicing income. The servicing assets and servicing liabilities are recorded based on the present value of the contractually specified servicing fee, net of adequate compensation cost, for the estimated life of the loan, using a discount rate and a constant prepayment rate. Management periodically evaluates the servicing assets and servicing liabilities for impairment. Impairment, if it occurs, is recognized in a valuation allowance in the period of impairment. Goodwill and Other Intangible Assets Goodwill and other intangible assets consist of acquired intangible assets arising from acquisitions, including core deposit and third-party originators intangibles. The acquired intangible assets are initially measured at fair value and then are amortized on the straight-line method over their estimated useful lives while goodwill is not amortized. Goodwill and other intangible assets are assessed for impairment annually or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. The Company performed its annual impairment test and determined no impairment existed as of December 31, 2019. Federal Home Loan Bank Stock The Bank is a member of the FHLB of San Francisco and is required to own common stock in the FHLB based upon the Bank’s balance of outstanding FHLB advances. FHLB stock is carried at cost and may be sold back to the FHLB at its carrying value. FHLB stock is periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends received are reported as dividend income. Bank-Owned Life Insurance We have purchased single premium life insurance policies (“bank-owned life insurance”) on certain officers. The Bank and named beneficiaries of various current covered officers are the beneficiaries under each policy. In the event of the death of a covered officer, the Bank and named beneficiaries of the covered officer will receive the specified insurance benefit from the insurance carrier. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due, if any, that are probable at settlement. Under the Split Dollar Death Benefit Agreement, upon death of an active employee, the designated beneficiary(ies) are eligible to receive benefits, which in the aggregate, total $3.9 million. Income Tax We provide for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Bank has invested in limited partnerships formed to develop and operate affordable housing units for lower income tenants throughout California. The partnership interests are accounted for utilizing the proportional amortization method with amortization expense and tax benefits recognized through the income tax provision. Share-Based Compensation The Company provides awards of options, stock appreciation rights, restricted stock awards, restricted stock unit awards, shares granted as a bonus or in lieu of another award, dividend equivalent, other stock-based award or performance award, together with any other right or interest to a participant. Plan participants include executives and other employees, officers, directors, consultants and other persons who provide services to the Company or its related entities. All stock options granted under the Plans have an exercise price equal to the fair market value of the underlying common stock on the date of grant. Stock options granted generally vest based on three to five years of continuous service and expire 10 years from the date of grant. Restricted stock awards under the Plans become fully vested after a certain number of years or after certain performance criteria are met. Hanmi Financial becomes entitled to an income tax deduction in an amount equal to the taxable income reported by the holders of the restricted shares when the restrictions are released and the shares are issued. Restricted shares are forfeited if officers and employees terminate prior to the lapsing of restrictions. Forfeitures of restricted stock are treated as canceled shares. Excess tax benefits from exercise or vesting of share-based awards are included as a reduction in provision for income tax expense in the period in which the exercise or vesting occurs. Earnings per Share Earnings per share (“EPS”) is calculated on both a basic and a diluted basis. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted from the issuance of common stock that then shared in earnings, excluding common shares in treasury. For diluted EPS, weighted-average number of common shares included the impact of unvested restricted stock under the treasury method. Unvested restricted stock containing rights to non-forfeitable dividends are considered participating securities prior to vesting and have been included in the earnings allocation in computing basic and diluted EPS under the two-class method. Treasury Stock In January 2019, the Company's Board of Directors adopted a stock repurchase program. Under this repurchase program, the Company may repurchase up to 5.0 percent of its outstanding shares or approximately 1.5 million shares of its common stock. The program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares. During the year ended December 31, 2019, the Company repurchased 375,000 shares of common stock at a cost of $7.4 million under this program. We use the cost method of accounting for treasury stock. The cost method requires us to record the reacquisition cost of treasury stock as a deduction from stockholders’ equity on the Consolidated Balance Sheets. Accounting Standards Adopted in 2019 FASB ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Topic 310): Premium Amortization on Purchased Callable Debt Securities , shortens the period of amortization of the premium on certain callable debt securities to the earliest call date. ASU 2017-08 applies to securities that have explicit, non-contingent call features that are callable at fixed prices and on preset dates. Securities purchased at a discount and mortgage-backed securities in which early repayment is based on prepayment of the underlying assets of the security are outside the scope of ASU 2017-08. For public business entities, the standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period, and applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of this ASU did not have a material impact on its consolidated financial statements. FASB ASU 2016-02, Leases (Topic 842) , introduced the most significant change for lessees including the requirement under the new guidance to recognize right-of-use assets and lease liabilities for all leases not considered short-term leases. By definition, a short-term lease is one in which: (a) the lease term is 12 months or less; and (b) there is not an option to purchase the underlying asset that the lessee is reasonably certain to exercise. For short-term leases, lessees may elect an accounting policy by class of underlying asset under which right-of-use assets and lease liabilities are not recognized and lease payments are generally recognized as expense over the lease term on a straight-line basis. This change resulted in lessees recognizing right-of-use assets and lease liabilities for most leases previously accounted for as operating leases under the legacy lease accounting guidance. Examples of changes in the new guidance affecting both lessees and lessors included: (a) defining initial direct costs to only include those incremental costs that would not have been incurred if the lease had not been entered into, (b) requiring related party leases to be accounted for based on their legally enforceable terms and conditions, (c) eliminating the additional requirements that were previously applied to leases involving real estate and (d) revising the circumstances under which the transfer contract in a sale-leaseback transaction should be accounted for as the sale of an asset by the seller-lessee and the purchase of an asset by the buyer-lessor. In addition, both lessees and lessors are now subject to new disclosure requirements. ASU 2016-02 became effective for public entities for interim and annual periods beginning after December 15, 2018. Under the new lease guidance to recognize right-of-use assets and lease liabilities for all leases not considered short-term, the Company is required to recognize right-of-use assets and lease liabilities for most leases currently accounted for as operating leases under the legacy lease accounting standards. This impacted the Company’s Consolidated Balance Sheet by grossing up the assets and the liabilities to report the leases as an asset and a liability instead of reporting it as an expense to the income statement. The original opening amount of the right-of-use asset was $40.9 million, which had no impact to equity from the adoption of the standard. FASB ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , was issued in August 2017 with the objective of improvi |
Securities
Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | Note 2 — Securities The following is a summary of securities available for sale as of December 31, 2019 and 2018: Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gain Loss Value (in thousands) December 31, 2019 U.S. Treasury securities $ 34,946 $ 259 $ — $ 35,205 U.S. government agency and sponsored agency obligations: Mortgage-backed securities 406,813 4,334 (347 ) 410,800 Collateralized mortgage obligations 164,232 792 (432 ) 164,592 Debt securities 23,733 168 (22 ) 23,879 Total U.S. government agency and sponsored agency obligations 594,778 5,294 (801 ) 599,272 Total securities available for sale $ 629,725 $ 5,553 $ (801 ) $ 634,477 December 31, 2018 U.S. Treasury securities $ 39,768 $ 69 $ (7 ) $ 39,830 U.S. government agency and sponsored agency obligations: Mortgage-backed securities 300,957 61 (5,984 ) 295,034 Collateralized mortgage obligations 124,550 74 (2,332 ) 122,292 Debt securities 7,499 — (97 ) 7,402 Total U.S. government agency and sponsored agency obligations 433,006 135 (8,413 ) 424,728 Municipal bonds-tax exempt 110,670 197 (517 ) 110,350 Total securities available for sale $ 583,444 $ 401 $ (8,937 ) $ 574,908 The amortized cost and estimated fair value of securities as of December 31, 2019, by contractual or expected maturity, are shown below. Collateralized mortgage obligations are included in the table shown below based on their expected maturities. All other securities are included based on their contractual maturities. Available for Sale Amortized Estimated Cost Fair Value (in thousands) Within one year $ 38,285 $ 38,381 Over one year through five years 140,066 140,619 Over five years through ten years 209,985 212,473 Over ten years 241,389 243,004 Total $ 629,725 $ 634,477 ASC 320, “ Investments – Debt and Equity Securities Gross unrealized losses on securities available for sale, the estimated fair value of the related securities and the number of securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows as of December 31, 2019 and 2018: Holding Period Less than 12 Months 12 Months or More Total Gross Estimated Number Gross Estimated Number Gross Estimated Number Unrealized Fair of Unrealized Fair of Unrealized Fair of Loss Value Securities Loss Value Securities Loss Value Securities (in thousands, except number of securities) December 31, 2019 U.S. government agency and sponsored agency obligations: Mortgage-backed securities $ (186 ) $ 51,261 17 $ (161 ) $ 18,757 14 $ (347 ) $ 70,018 31 Collateralized mortgage obligations (112 ) 41,419 14 (320 ) 39,936 36 (432 ) 81,355 50 Debt securities (20 ) 8,235 2 (3 ) 2,997 1 (22 ) 11,233 3 Total U.S. government agency and sponsored agency obligations (318 ) 100,916 33 (483 ) 61,690 51 (801 ) 162,606 84 Total $ (318 ) $ 100,916 33 $ (483 ) $ 61,690 51 $ (801 ) $ 162,606 84 December 31, 2018 U.S. Treasury securities $ (7 ) $ 14,797 2 $ — $ — — $ (7 ) $ 14,797 2 U.S. government agency and sponsored agency obligations: Mortgage-backed securities (226 ) 41,527 10 (5,758 ) 244,550 106 (5,984 ) 286,077 116 Collateralized mortgage obligations (59 ) 13,732 3 (2,273 ) 92,532 49 (2,332 ) 106,264 52 Debt securities — — — (97 ) 7,402 3 (97 ) 7,402 3 Total U.S. government agency and sponsored agency obligations (285 ) 55,259 13 (8,128 ) 344,484 158 (8,413 ) 399,743 171 Municipal bonds-tax exempt (29 ) 8,196 5 (488 ) 65,644 30 (517 ) 73,840 35 Total $ (321 ) $ 78,252 20 $ (8,616 ) $ 410,128 188 $ (8,937 ) $ 488,380 208 All individual securities that have been in a continuous unrealized loss position for 12 months or longer as of December 31, 2019 and December 31, 2018 had investment grade ratings upon purchase. The issuers of these securities have not established any cause for default on these securities and the various rating agencies have reaffirmed these securities’ long-term investment grade status as of December 31, 2019 and December 31, 2018. These securities have fluctuated in value since their purchase dates as market interest rates have fluctuated. The Company does not intend to sell these securities and it is more likely than not that it will not be required to sell the investments before the recovery of its amortized cost basis. In addition, the unrealized losses on municipal securities are not considered other-than-temporarily impaired, as the bonds are rated investment grade and there are no credit quality concerns with the issuers. Interest payments have been made as scheduled, and management believes this will continue in the future and that the bonds will be repaid in full as scheduled. Therefore, in management’s opinion, all securities that have been in a continuous unrealized loss position for the past 12 months or longer as of December 31, 2019 and December 31, 2018 were not other-than-temporarily impaired, and therefore, no impairment charges as of December 31, 2019 and December 31, 2018 were warranted. Realized gains and losses on sales of securities and proceeds from sales of securities were as follows for the periods indicated: Year Ended December 31, 2019 2018 2017 (in thousands) Gross realized gains on sales of securities $ 1,359 $ 87 $ 1,891 Gross realized losses on sales of securities (64 ) (957 ) (143 ) Net realized gains (losses) on sales of securities $ 1,295 $ (870 ) $ 1,748 Proceeds from sales of securities $ 113,306 34,751 97,271 In January 2016, FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825). This new guidance, among other provisions, amends accounting related to the classification and measurement of investments in equity securities. We adopted this guidance, as required, in the first quarter of 2018. ASU 2016-01 requires the amounts reported in accumulated other comprehensive income for equity securities that exist as of the date of adoption previously classified as available-for-sale be reclassified to retained earnings. The Company reduced the balance of securities by $529,000 as of January 1, 2018, representing the loss related to all of our mutual fund equity securities, which resulted in a net reduction of retained earnings of $382,000 and an increase of $147,000 in net deferred tax assets based on the transition requirements of this standard. For the year ended December 31, 2019, the Company recorded $1.3 million in net realized gain from sale of securities that had previously been recognized as net unrealized gains of $586,000 in comprehensive income. This included the sale of all of the Company’s tax-exempt municipal bond securities. For the year ended December 31, 2018, the Company recorded $870,000 in net realized losses from sale of securities that had previously been recognized as net unrealized losses of $413,000 in comprehensive income. This included sale of all of the Company's mutual fund equity securities with gross realized losses of $957,000. The Company recorded a $428,000 net loss in earnings resulting from the sale of these securities. The remaining loss of $529,000 related to these sold securities was recorded as a transition adjustment upon adoption of ASU 2016-01 as of the beginning of the period as described in the preceding paragraph. For the year ended December 31, 2017, there was a $1.7 million net gain in earnings resulting from the sale of securities that had previously been recorded as net unrealized gains of $1.3 million in comprehensive income. Securities available for sale with market values of $30.2 million and $29.9 million as of December 31, 2019 and 2018, respectively, were pledged to secure advances from the Federal Reserve Bank, Discount Window facility, and for other purposes as required or permitted by law. |
Loans and Leases
Loans and Leases | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans and Leases | Note 3 — Loans and Leases The Board of Directors and management review and approve the Bank’s loan and lease policy and procedures on a regular basis to reflect matters such as regulatory and organizational structure changes, strategic planning revisions, concentrations of credit, loan and lease delinquencies and nonperforming loans and leases, and problem loans and leases. Real estate loans are loans secured by liens or interest in real estate, to provide purchase, construction, and refinance on real estate properties. Commercial and industrial loans consist of commercial term loans, commercial lines of credit, Small Business Administration (“SBA”) and international loans. Leases receivable include equipment finance agreements, which are typically secured by the business assets being financed. Consumer loans consist of auto loans, personal loans, and home equity lines of credit. We maintain management loan review and monitoring departments that review and monitor pass graded loans as well as problem loans to prevent further deterioration. Concentrations of Credit: The majority of the Bank’s loan and lease portfolio consists of commercial real estate loans. Loans and leases receivable, net Loans and leases receivable consisted of the following as of the dates indicated: December 31, 2019 2018 (in thousands) Real estate loans: Commercial property Retail $ 869,302 $ 906,260 Hospitality 922,288 830,679 Other (1) 1,358,432 1,449,270 Total commercial property loans 3,150,022 3,186,209 Construction 76,455 71,583 Residential property 402,028 500,563 Total real estate loans 3,628,505 3,758,355 Commercial and industrial loans: Commercial term 227,652 206,691 Commercial lines of credit 228,033 194,032 International loans 28,409 29,180 Total commercial and industrial loans 484,093 429,903 Leases receivable 483,879 398,858 Consumer loans (2) 13,670 13,424 Loans and leases receivable 4,610,147 4,600,540 Allowance for loan and lease losses (61,408 ) (31,974 ) Loans and leases receivable, net $ 4,548,739 $ 4,568,566 (1) (2) Consumer loans include home equity lines of credit of $8.2 million and $10.3 million as of December 31, 2019 and 2018, respectively. Accrued interest on loans and leases receivable was $10.0 million and $10.9 million at December 31, 2019 and 2018, respectively. At December 31, 2019 and 2018, $1.35 billion and $1.10 billion of loans and leases receivable, respectively, were pledged to secure advances from the FHLB. Loans Held for Sale The following table details the information on SBA loans held for sale by portfolio segment for the years ended December 31, 2019 and 2018: Real Estate Commercial and Industrial Total (in thousands) December 31, 2019 Balance at beginning of period $ 5,194 $ 4,196 $ 9,390 Originations 43,001 33,764 76,765 Sales (45,251 ) (34,865 ) (80,116 ) Principal paydowns and amortization (1 ) (18 ) (19 ) Balance at end of period $ 2,943 $ 3,077 $ 6,020 December 31, 2018 Balance at beginning of period $ 3,746 $ 2,648 $ 6,394 Originations 39,243 39,903 79,146 Sales (37,790 ) (38,161 ) (75,951 ) Principal paydowns and amortization (5 ) (194 ) (199 ) Balance at end of period $ 5,194 $ 4,196 $ 9,390 Allowance for Loan and Lease Losses Activity in the allowance for loan and lease losses was as follows for the periods indicated: As of and for the Year Ended December 31, 2019 2018 2017 (in thousands) Allowance for loan losses: Balance at beginning of period $ 31,974 $ 31,043 $ 32,429 Loans and leases charged off (4,588 ) (7,310 ) (5,899 ) Recoveries on loans and leases previously charged off 3,852 4,251 3,682 Net charge-offs (736 ) (3,059 ) (2,217 ) Loan and lease loss provision 30,170 3,990 831 Balance at end of period $ 61,408 $ 31,974 $ 31,043 The following table details the information on the allowance for loan and lease losses by portfolio segment for the years ended December 31, 2019 and 2018: Real Estate Commercial and Industrial Leases Receivable Consumer Unallocated Total (in thousands) December 31, 2019 Allowance for loan and lease losses: Beginning balance $ 18,384 $ 7,162 $ 6,303 $ 98 $ 27 $ 31,974 Less loans and leases charged off (131 ) (1,293 ) (3,162 ) (1 ) — (4,588 ) Recoveries on loans and leases previously charged off 2,190 1,241 422 0 — 3,852 Loan and lease loss provision 15,913 9,097 5,205 (17 ) (27 ) 30,170 Ending balance $ 36,355 $ 16,206 $ 8,767 $ 80 $ — $ 61,408 Individually evaluated for impairment $ 14,028 $ 8,885 $ 2,863 $ 1 $ — $ 25,778 Collectively evaluated for impairment $ 22,327 $ 7,321 $ 5,904 $ 79 $ — $ 35,631 Loans and leases receivable $ 3,628,505 $ 484,093 $ 483,879 $ 13,670 $ — $ 4,610,147 Individually evaluated for impairment $ 43,867 $ 13,700 $ 5,902 $ 1,297 $ — $ 64,766 Collectively evaluated for impairment $ 3,584,638 $ 470,393 $ 477,977 $ 12,373 $ — $ 4,545,382 December 31, 2018 Allowance for loan and lease losses: Beginning balance $ 17,012 $ 7,400 $ 6,279 $ 122 $ 230 $ 31,043 Less loans and leases charged off (3,897 ) (815 ) (2,598 ) — — (7,310 ) Recoveries on loans and leases previously charged off 2,512 1,369 368 2 — 4,251 Loan and lease loss provision 2,757 (792 ) 2,254 (26 ) (203 ) 3,990 Ending balance $ 18,384 $ 7,162 $ 6,303 $ 98 $ 27 $ 31,974 Individually evaluated for impairment $ 1 $ 428 $ 1,383 $ — $ — $ 1,812 Collectively evaluated for impairment $ 18,383 $ 6,734 $ 4,920 $ 98 $ 27 $ 30,162 Loans and leases receivable $ 3,758,355 $ 429,903 $ 398,858 $ 13,424 $ — $ 4,600,540 Individually evaluated for impairment $ 14,761 $ 4,396 $ 5,129 $ 839 $ — $ 25,125 Collectively evaluated for impairment $ 3,743,594 $ 425,507 $ 393,729 $ 12,585 $ — $ 4,575,415 Loan and Lease Quality Indicators As part of the on-going monitoring of the quality of our loan and lease portfolio, we utilize an internal loan and lease grading system to identify credit risk and assign an appropriate grade (from 0 to 8) for each and every loan or lease in our loan and lease portfolio. A third-party loan review is required on an annual basis. Additional adjustments are made when determined to be necessary. The loan and lease grade definitions are as follows: Pass and Pass-Watch: Pass and Pass-Watch loans and leases, grades (0-4), are in compliance with the Bank’s credit policy and regulatory requirements, and do not exhibit any potential or defined weaknesses as defined under “Special Mention,” “Substandard” or “Doubtful.” This category is the strongest level of the Bank’s loan and lease grading system. It consists of all performing loans and leases with no identified credit weaknesses. It includes cash and stock/security secured loans or other investment grade loans. Special Mention: A Special Mention loan or lease, grade (5), has potential weaknesses that deserve management’s close attention. If not corrected, these potential weaknesses may result in deterioration of the repayment of the debt and result in a Substandard classification. Loans and leases that have significant actual, not potential, weaknesses are considered more severely classified. Substandard: A Substandard loan or lease, grade (6), has a well-defined weakness that jeopardizes the liquidation of the debt. A loan or lease graded Substandard is not protected by the sound worth and paying capacity of the borrower, or of the value and type of collateral pledged. With a Substandard loan or lease, there is a distinct possibility that the Bank will sustain some loss if the weaknesses or deficiencies are not corrected. Doubtful: A Doubtful loan or lease, grade (7), is one that has critical weaknesses that would make the collection or liquidation of the full amount due improbable. However, there may be pending events which may work to strengthen the loan or lease, and therefore the amount or timing of a possible loss cannot be determined at the current time. Loss: A loan or lease classified as Loss, grade (8), is considered uncollectible and of such little value that their continuance as active bank assets is not warranted. This classification does not mean that the loan or lease has absolutely no recovery or salvage value, but rather it is not practical or desirable to defer writing off this asset even though partial recovery may be possible in the future. Loans and leases classified as Loss will be charged off in a timely manner. As of December 31, 2019 and 2018, the recorded investment in pass/pass-watch, special mention and classified (substandard, doubtful and loss) loans and leases, disaggregated by loan class, were as follows: Pass/Pass- Watch Special Mention Classified Total (in thousands) December 31, 2019 Real estate loans: Commercial property Retail $ 859,739 $ 2,835 $ 6,728 $ 869,302 Hospitality 915,834 939 5,515 922,288 Other 1,329,817 7,807 20,809 1,358,432 Total commercial property loans 3,105,390 11,580 33,052 3,150,022 Construction 36,956 1,613 37,886 76,455 Residential property 398,737 2,512 779 402,028 Total real estate loans 3,541,082 15,705 71,718 3,628,505 Commercial and industrial loans: Commercial term 210,026 2,139 15,487 227,652 Commercial lines of credit 222,348 5,485 200 228,033 International loans 25,810 2,598 — 28,409 Total commercial and industrial loans 458,184 10,222 15,687 484,093 Leases receivable 477,977 — 5,902 483,879 Consumer loans 12,247 705 718 13,670 Total loans and leases receivable $ 4,489,491 $ 26,632 $ 94,025 $ 4,610,147 December 31, 2018 Real estate loans: Commercial property Retail $ 901,354 $ 16 $ 4,890 $ 906,260 Hospitality 821,542 168 8,969 830,679 Other 1,441,219 2,723 5,328 1,449,270 Total commercial property loans 3,164,115 2,907 19,187 3,186,209 Construction 71,583 — — 71,583 Residential property 500,424 — 139 500,563 Total real estate loans 3,736,122 2,907 19,326 3,758,355 Commercial and industrial loans: Commercial term 197,992 4,977 3,722 206,691 Commercial lines of credit 172,338 21,107 587 194,032 International loans 29,180 — — 29,180 Total commercial and industrial loans 399,510 26,084 4,309 429,903 Leases receivable 393,729 — 5,129 398,858 Consumer loans 12,454 191 779 13,424 Total loans and leases receivable $ 4,541,815 $ 29,182 $ 29,543 $ 4,600,540 The following is an aging analysis of recorded investment in loans and leases, disaggregated by loan class, as of the dates indicated: 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total (in thousands) December 31, 2019 Real estate loans: Commercial property Retail $ 6 $ 132 $ 111 $ 249 $ 869,053 $ 869,302 Hospitality 907 — — 907 921,381 922,288 Other 51 — 38 89 1,358,344 1,358,432 Total commercial property loans 964 132 149 1,245 3,148,778 3,150,022 Construction — — — — 76,455 76,455 Residential property 540 1,627 309 2,477 399,551 402,028 Total real estate loans 1,504 1,759 458 3,721 3,624,784 3,628,505 Commercial and industrial loans: Commercial term 635 133 143 911 226,742 227,652 Commercial lines of credit — — — — 228,033 228,033 International loans — — — — 28,409 28,409 Total commercial and industrial loans 635 133 143 911 483,183 484,093 Leases receivable 5,358 2,138 3,493 10,990 472,889 483,879 Consumer loans — 30 — 30 13,639 13,670 Total loans and leases receivable $ 7,497 $ 4,060 $ 4,094 $ 15,652 $ 4,594,496 $ 4,610,147 December 31, 2018 Real estate loans: Commercial property Retail $ 221 $ — $ 986 $ 1,207 $ 905,053 $ 906,260 Hospitality 65 1,203 1,893 3,161 827,518 830,679 Other 816 206 1,205 2,227 1,447,043 1,449,270 Total commercial property loans 1,102 1,409 4,084 6,595 3,179,614 3,186,209 Construction — — — — 71,583 71,583 Residential property 3,947 273 44 4,264 496,299 500,563 Total real estate loans 5,049 1,682 4,128 10,859 3,747,496 3,758,355 Commercial and industrial loans: Commercial term 334 49 1,117 1,500 205,191 206,691 Commercial lines of credit — — 587 587 193,445 194,032 International loans — — — — 29,180 29,180 Total commercial and industrial loans 334 49 1,704 2,087 427,816 429,903 Leases receivable 4,681 845 3,737 9,263 389,595 398,858 Consumer loans 146 — — 146 13,278 13,424 Total loans and leases receivable $ 10,210 $ 2,576 $ 9,569 $ 22,355 $ 4,578,185 $ 4,600,540 There were no loans that were 90 days or more past due and accruing interest as of December 31, 2019 and $4,000 of loans that were 90 days or more past due and accruing interest as of December 31, 2018. Impaired Loans and Leases Loans and leases are considered impaired when: they are classified as nonaccrual and principal or interest payments have been contractually past due for 90 days or more, unless the loan is both well-collateralized and in the process of collection; they are classified as TDR loans to offer terms not typically granted by the Bank; current information or events make it unlikely to collect in full according to the contractual terms of the loan or lease agreements; there is a deterioration in the borrower’s financial condition that raises uncertainty as to timely collection of either principal or interest; or full payment of both interest and principal is in doubt according to the original contractual terms. We evaluate loan and lease impairment in accordance with GAAP. Impaired loans and leases are measured based on the present value of expected future cash flows discounted at the effective interest rate of the loan or lease, or, as a practical expedient, at the observable market price or the fair value of the collateral if the loan or lease is collateral dependent, less costs to sell. If the measure of the impaired loan or lease is less than the recorded investment, the deficiency will be charged off against the allowance for loan and lease receivable losses or, alternatively, a specific allocation will be established. Additionally, loans or leases that are considered impaired are specifically excluded from the analysis when determining the amount of the general allowance for loan and lease losses required for the period. The allowance for collateral-dependent loans and leases is determined by calculating the difference between the recorded investment and the value of the collateral as determined by recent appraisals. The allowance for collateral-dependent loans and leases varies from loan to loan based on the collateral coverage of the loan or lease at the time of designation as nonperforming. We continue to monitor the collateral coverage, using recent appraisals, on these loans and leases on a quarterly basis and adjust the allowance accordingly. The following table provides information on impaired loans and leases, disaggregated by loan class, as of the dates indicated: Recorded Investment Unpaid Principal Balance With No Related Allowance Recorded With an Allowance Recorded Related Allowance Average Recorded Investment Interest Income Recognized (in thousands) December 31, 2019 Real estate loans: Commercial property Retail $ 434 $ 459 $ 111 $ 323 $ 19 $ 894 $ 13 Hospitality 244 400 22 223 24 1,683 — Other 14,864 15,151 14,696 167 12 10,619 168 Total commercial property loans 15,542 16,010 14,829 713 55 13,196 181 Construction 27,201 28,000 — 27,201 13,973 18,421 249 Residential property 1,124 1,163 1,089 35 — 1,356 29 Total real estate loans 43,867 45,173 15,918 27,949 14,028 32,973 459 Commercial and industrial loans 13,700 14,090 143 13,557 8,885 19,361 512 Leases receivable 5,902 5,909 1,112 4,790 2,863 4,854 44 Consumer loans 1,297 1,588 1,220 77 1 1,489 37 Total $ 64,766 $ 66,760 $ 18,393 $ 46,373 $ 25,778 $ 58,677 $ 1,052 December 31, 2018 Real estate loans: Commercial property Retail $ 2,166 $ 2,207 $ 1,894 $ 272 $ — $ 2,001 $ 183 Hospitality 4,282 5,773 4,032 250 — 7,285 482 Other 7,525 8,016 6,253 1,272 1 7,978 601 Total commercial property loans 13,973 15,996 12,179 1,794 1 17,264 1,266 Construction — — — — — — — Residential property 788 929 788 — — 1,932 91 Total real estate loans 14,761 16,925 12,967 1,794 1 19,196 1,357 Commercial and industrial loans 4,396 4,601 1,644 2,752 428 3,568 211 Leases receivable 5,129 5,162 1,256 3,873 1,383 5,229 46 Consumer loans 839 1,073 746 93 — 1,020 60 Total $ 25,125 $ 27,761 $ 16,613 $ 8,512 $ 1,812 $ 29,013 $ 1,674 December 31, 2017 Real estate loans: Commercial property Retail $ 1,403 $ 1,423 $ 1,246 $ 157 $ 1 $ 1,528 $ 106 Hospitality 6,184 7,220 2,144 4,040 1,677 6,080 431 Other 8,513 9,330 7,569 944 394 9,551 842 Total commercial property loans 16,100 17,973 10,959 5,141 2,072 17,159 1,379 Construction — — — — — — — Residential property 2,563 2,728 824 1,739 21 2,771 122 Total real estate loans 18,663 20,701 11,783 6,880 2,093 19,930 1,501 Commercial and industrial loans 3,040 3,081 1,069 1,971 441 4,214 208 Leases receivable 4,452 4,626 455 3,997 3,334 4,464 47 Consumer loans 1,029 1,215 919 110 10 982 33 Total $ 27,184 $ 29,623 $ 14,226 $ 12,958 $ 5,878 $ 29,590 $ 1,789 The following is a summary of interest foregone on impaired loans and leases for the periods indicated: Year Ended December 31, 2019 2018 2017 (in thousands) Interest income that would have been recognized had impaired loans and leases performed in accordance with their original terms $ 3,439 $ 2,808 $ 2,575 Less: Interest income recognized on impaired loans and leases (1,279 ) (1,674 ) (1,790 ) Interest foregone on impaired loans and leases $ 2,160 $ 1,134 $ 785 There were no commitments to lend additional funds to borrowers whose loans or leases are included above. Nonaccrual Loans and Leases The following table details the recorded investment in nonaccrual loans and leases, disaggregated by loan class, as of the dates indicated: As of December 31, 2019 2018 (in thousands) Real estate loans: Commercial property Retail $ 277 $ 865 Hospitality 225 3,625 Other 14,864 1,641 Total commercial property loans 15,366 6,131 Construction 27,201 — Residential property 1,124 182 Total real estate loans 43,691 6,313 Commercial and industrial loans 13,479 3,337 Leases receivable 5,902 5,129 Consumer loans 689 746 Total nonaccrual loans and leases $ 63,761 $ 15,525 The following table details the recorded investment in nonperforming assets as of the dates indicated: As of December 31, 2019 2018 (in thousands) Nonaccrual loans and leases $ 63,761 $ 15,525 Loans and leases 90 days or more past due and still accruing — 4 Total nonperforming loans and leases 63,761 15,529 Other real estate owned ("OREO") 63 663 Total nonperforming assets $ 63,824 $ 16,192 OREO consisted of two properties with a combined carrying value of $63,000 as of December 31, 2019, and seven properties with a combined carrying value of $663,000 as of December 31, 2018. Troubled Debt Restructuring The following table details the recorded investment in TDRs, disaggregated by concession type and by loan type, as of December 31, 2019 and 2018: Nonaccrual TDRs Accrual TDRs Deferral of Principal Deferral of Principal and/or Interest Reduction of Principal and/or Interest Extension of Maturity Total Deferral of Principal Deferral of Principal and/or Interest Reduction of Principal and/or Interest Extension of Maturity Total (in thousands) December 31, 2019 Real estate loans $ — $ 132 $ 27,740 $ 13,926 $ 41,798 $ — $ — $ — $ — $ — Commercial and industrial loans — 153 12,527 312 12,991 — 36 71 114 222 Consumer loans 689 — — — 689 531 — 77 — 608 Total loans $ 689 $ 285 $ 40,266 $ 14,238 $ 55,478 $ 531 $ 36 $ 148 $ 114 $ 830 December 31, 2018 Real estate loans $ 462 $ 1,423 $ 174 $ — $ 2,059 $ 3,345 $ — $ 1,148 $ 741 $ 5,234 Commercial and industrial loans 265 107 669 430 1,471 — 166 386 150 702 Consumer loans 746 — — — 746 — — 93 — 93 Total loans $ 1,473 $ 1,530 $ 843 $ 430 $ 4,276 $ 3,345 $ 166 $ 1,627 $ 891 $ 6,029 As of December 31, 2019 and 2018, total TDRs were $56.3 million, and $10.3 million, respectively. A debt restructuring is considered a TDR if we grant a concession that we would not have otherwise considered to the borrower, for economic or legal reasons related to the borrower’s financial difficulties. Loans are considered to be TDRs if they were restructured through payment structure modifications such as reducing the amount of principal and interest due monthly and/or allowing for interest only monthly payments for six months or less. All TDRs are impaired and are individually evaluated for specific impairment using one of these three criteria: (1) the present value of expected future cash flows discounted at the loan’s effective interest rate; (2) the loan’s observable market price; or (3) the fair value of the collateral if the loan is collateral dependent. The following table presents the number of loans by class modified as troubled debt restructurings that occurred during the year ending December 31, 2019, 2018, and 2017 with their pre- and post-modification recorded amounts. December 31, 2019 December 31, 2018 December 31, 2017 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment (in thousands except for number of loans) Real estate loans 5 $ 40,743 $ 41,798 - $ - $ - 2 $ 182 $ 184 Commercial and industrial loans 2 12,779 12,562 2 684 664 1 123 123 Consumer loans 1 549 531 - - - 1 820 811 Total loans 8 $ 54,071 $ 54,892 2 $ 684 $ 664 4 $ 1,125 $ 1,118 At December 31, 2019 and 2018, TDRs were subjected to specific impairment analysis. We determined impairment allowances of $22.7 million and $300,000, respectively, related to these loans and such allowances were included in the allowance for loan and lease losses. A loan is considered to be in payment default once it is 30 days contractually past due under the modified terms. During the years ended December 31, 2019 and 2018, only one loan in the amount of $132,000, defaulted within the twelve-month period following modification in the year 2019. In order to determine whether a borrower is experiencing financial difficulty, an evaluation is performed of the probability that the borrower will be in payment default on any of its debt in the foreseeable future without the modification. This evaluation is performed under the Company’s internal underwriting policy. |
Servicing Assets
Servicing Assets | 12 Months Ended |
Dec. 31, 2019 | |
Transfers And Servicing [Abstract] | |
Servicing Assets | Note 4 — Servicing Assets The changes in servicing assets for the years ended December 31, 2019 and 2018 were as follows: As of December 31, 2019 2018 (in thousands) Balance at beginning of period $ 8,520 $ 10,218 Addition related to sale of SBA loans 1,699 1,589 Amortization (3,263 ) (3,287 ) Balance at end of period $ 6,956 $ 8,520 At December 31, 2019 and 2018, we serviced the loans sold to unaffiliated parties in the amount of $422.3 million and $448.6 million, respectively. These represent loans that have been sold for which the Bank continues to provide servicing. These loans are maintained off balance sheet and are not included in the loans receivable balance. All of the loans being serviced were SBA loans. The Company recorded servicing fee income of $4.4 million for the year ended December 31, 2019, and $4.7 million each of the years ended December 31, 2018 and 2017, respectively. Net amortization expense was $2.8 million, $2.6 million and $2.4 million for the years ended December 31, 2019, 2018 and 2017, respectively. Servicing fee income, net of amortization of servicing assets and liabilities, is included in other operating income in the consolidated statements of income. The fair value of servicing rights was $7.0 million at year-end 2019. Fair value at year-end 2019 was determined using the discount rates ranging from 7.7 percent to 21.4 percent, prepayment speeds ranging from 1.8 percent to 15.6 percent, depending on the stratification of the specific right. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Premises and Equipment | Note 5 — Premises and Equipment The following is a summary of the major components of premises and equipment: As of December 31, 2019 2018 (in thousands) Land $ 7,980 $ 8,470 Building and improvements 14,120 17,252 Furniture and equipment 27,358 24,144 Leasehold improvements 12,715 11,671 Leased equipment 879 879 63,052 62,416 Accumulated depreciation and amortization (36,982 ) (34,664 ) Total premises and equipment, net $ 26,070 $ 27,752 Depreciation and amortization expense related to premises and equipment was $3.3 million, $2.6 million and $2.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Note 6 — Leases As described in Note 1 to the consolidated financial statements, the Company adopted ASU 2016-02, Leases (Topic 842), In determining whether a contract contained a lease, we determined whether an arrangement was or included a lease at contract inception. Operating lease right-of-use asset and liability were recognized at commencement date and initially measured based on the present value of lease payments over the defined lease term. The opening balance for both our right-of-use asset and lease liability were $40.9 million as of the adoption date of January 1, 2019 and the outstanding balances were $36.5 million and $37.2 million, respectively, as of December 31, 2019. We had real estate lease agreements with lease and non-lease components, which are generally accounted for separately. However, we elected the practical expedient to not separate non-lease components from lease components for all classes of underlying assets. For certain equipment leases, such as machine equipment, we accounted for the lease and associated non-lease components as a single lease component. In determining the discount rates, since most of our leases do not provide an implicit rate, we used our incremental borrowing rate provided by the FHLB of San Francisco based on the information available at commencement date to calculate the present value of lease payments. In order to apply the incremental borrowing rate, a portfolio approach with a collateralized rate was utilized. Assets were grouped based on similar lease terms and economic environments in a manner whereby the Company reasonably expects that the application does not differ materially from a lease-by-lease approach. The Company's right-of-use asset is included in prepaid expenses and other assets and our lease liability is included in accrued expenses and other liabilities in the accompanying consolidated balance sheet. We lease our premises under non-cancelable operating leases. At December 31, 2019, future minimum annual rental commitments under these non-cancelable operating leases, with initial or remaining terms of one year or more, were as follows: Amount (in thousands) 2020 $ 6,374 2021 5,129 2022 4,843 2023 4,735 2024 4,281 Thereafter 17,445 Remaining lease commitments 42,807 Interest (5,648 ) Present value of lease liability $ 37,159 For the years ended December 31, 2019, 2018 and 2017, net rental expenses recorded under such leases amounted to $7.9 million, $7.4 million, and $7.0 million, respectively. Weighted average remaining lease terms for the Company’s operating leases were 8.57 years as of December 31, 2019. Weighted average discount rates used for the Company’s operating leases were 3.24 percent as of December 31, 2019. Net lease expense recognized for the twelve months ended December 31, 2019 was . Cash paid, and included in cash flows from operating activities, for amounts included in the measurement of the lease liability for the Company's operating leases for the twelve months ended December 31, 2019 was |
Goodwill and Other Intangibles
Goodwill and Other Intangibles | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangibles | Note 7 — Goodwill and other intangibles The third-party originators intangible of $483,000 and goodwill of $11.0 million were recorded as a result of the acquisition of a leasing portfolio in 2016. The core deposit intangible of $2.2 million was recognized for the core deposits acquired in a 2014 acquisition. The Company's intangible assets were as follows for the periods indicated: December 31, 2019 December 31, 2018 Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) Core deposit intangible 10 years $ 2,213 $ (1,567 ) $ 646 $ 2,213 $ (1,360 ) $ 853 Third-party originators intangible 7 years 483 (287 ) 196 483 (185 ) 298 Goodwill N/A 11,031 — 11,031 11,031 — 11,031 Total intangible assets $ 13,727 $ (1,854 ) $ 11,873 $ 13,727 $ (1,545 ) $ 12,182 Intangible assets amortization expense for the years ended December 31, 2019, 2018 and 2017 was $309,000, $362,000 and $345,000, respectively, and estimated future amortization expense related to the Core Deposit Intangible and the third-party originators intangible for each of the next five years is as follows: Amount (in thousands) 2020 $ 261 2021 216 2022 171 2023 126 2024 68 Thereafter — $ 842 The Company performed its annual goodwill impairment analysis in the fourth quarter of 2019 and determined no impairment existed as of December 31, 2019. As of December 31, 2019, management was not aware of any circumstances that would indicate impairment of goodwill or other intangible assets. There were no impairment charges related to intangible assets recorded in earnings in the three years ended December 31, 2019. |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Deposits | Note 8 — Deposits Time deposits at or exceeding the FDIC insurance limit of $250,000 at year-end 2019 and 2018 were $299.9 million and $288.6 million, respectively. At December 31, 2019, the scheduled maturities of time deposits are as follows: Year Ending December 31, Time Deposits of $250,000 or More Other Time Deposits Total (in thousands) 2020 $ 291,940 $ 1,098,666 $ 1,390,606 2021 7,186 130,331 137,517 2022 — 25,155 25,155 2023 789 1,185 1,974 2024 — 669 669 Total $ 299,914 $ 1,256,005 $ 1,555,919 A summary of interest expense on deposits was as follows for the periods indicated: Year Ended December 31, 2019 2018 2017 (in thousands) Demand: interest-bearing $ 116 $ 106 $ 74 Money market and savings 23,556 16,182 12,515 Time deposits of $100,000 or more 36,867 24,309 10,471 Other time deposits 2,566 2,483 3,029 Total interest expense on deposits $ 63,105 $ 43,080 $ 26,089 Accrued interest payable on deposits was $11.2 million and $11.4 million at December 31, 2019 and 2018, respectively. Total deposits reclassified to loans due to overdrafts at December 31, 2019 and 2018 were $1.5 million, respectively. |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | Note 9 — Borrowings Borrowings consisted of FHLB advances, which represent collateralized obligations with the FHLB. The following is a summary of contractual maturities of FHLB advances: December 31, 2019 December 31, 2018 Outstanding Balance Weighted Average Rate Outstanding Balance Weighted Average Rate (in thousands) Overnight advances $ 15,000 1.66 % $ 55,000 2.56 % Advances due within 12 months 25,000 1.75 % — — Advances due over 12 months through 24 months 25,000 1.66 % — — Advances due over 24 months through 36 months 25,000 1.72 % — — Outstanding advances $ 90,000 1.70 % $ 55,000 2.56 % The following is financial data pertaining to FHLB advances: As of December 31, 2019 2018 2017 (dollars in thousands) Weighted-average interest rate at end of year 1.70 % 2.56 % 1.41 % Weighted-average interest rate during the year 1.89 % 1.94 % 0.90 % Average balance of FHLB advances $ 40,374 $ 174,452 $ 119,041 Maximum amount outstanding at any month-end $ 285,000 $ 300,000 $ 330,000 We have pledged loans receivable with market values of $1.35 billion as collateral with the FHLB for this borrowing facility. The total borrowing capacity available from the collateral that has been pledged is $1.11 billion, of which $878.4 million remained available as of December 31, 2019. At December 31, 2019, we had $29.6 million available for use through the Federal Reserve Bank of San Francisco Discount Window, as we pledged securities with carrying values of $30.2 million, and there were no borrowings. At December 31, 2019, advances from the FHLB were $90.0 million, an increase of $35.0 million from $55.0 million at December 31, 2018, and $15.0 million of the FHLB advances were overnight borrowings at December 31, 2019. For the years ended December 31, 2019, 2018 and 2017 interest expense on FHLB advances were $763,000, $3.4 million and $1.1 million, respectively, and the weighted-average interest rates were 1.89 percent, 1.94 percent and 0.90 percent, respectively. |
Subordinated Debentures
Subordinated Debentures | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Subordinated Debentures | Note 10 — Subordinated Debentures The Company issued Fixed-to-Floating Subordinated Notes (“Notes”) of $100.0 million on March 21, 2017, with a final maturity on March 30, 2027. The Notes have an initial fixed interest rate of 5.45 percent per annum, payable semi-annually on March 30 and September 30 of each year. From and including March 30, 2022 and thereafter, the Notes bear interest at a floating rate equal to the then current three-month LIBOR, as calculated on each applicable date of determination, plus 3.315 percent payable quarterly. If the then current three-month LIBOR is less than zero, three-month LIBOR will be deemed to be zero. Debt issuance cost was $2.3 million, which is being amortized through the Note’s maturity date. At December 31, 2019 and December 31, 2018, the balance of Notes included in the Company’s Consolidated Balance Sheet, net of debt issuance cost, was $98.3 million and $98.1 million. The amortization of debt issuance cost was $193,000, $182,000 and $134,000 for the years ended December 31, 2019, 2018 and 2017, respectively. The Company assumed Junior Subordinated Deferrable Interest Debentures (“Subordinated Debentures”) as a result of an acquisition in 2014 with an unpaid principal balance of $26.8 million and an estimated fair value of $18.5 million. The $8.3 million discount is being amortized to interest expense through the debentures’ maturity date of March 15, 2036. A trust was formed in 2005 by the acquired entity and $26.0 million of Trust Preferred Securities (“TPS”) was issued at a 6.26 percent fixed rate for the first five years and a variable rate at the three-month LIBOR plus 140 basis points thereafter and invested the proceeds in the Subordinated Debentures. The Company may redeem the Subordinated Debentures at an earlier date if certain conditions are met. The TPS will be subject to mandatory redemption if the Subordinated Debentures are repaid by the Company. Interest is payable quarterly, and the Company has the option to defer interest payments on the Subordinated Debentures from time to time for a period not to exceed five consecutive years. At December 31, 2019 and December 31, 2018, the balance of Subordinated Debentures included in the Company’s Consolidated Balance Sheets, net of discount of $6.8 million and $7.1 million, was $20.0 million and $19.7 million. The amortization of discount was $376,000, $356,000 and $329,000 for the years ended December 31, 2019, 2018 and 2017, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11 — Income Taxes In accordance with the provisions of ASC 740, the Company periodically reviews its income tax positions based on tax laws and regulations and financial reporting considerations, and records adjustments as appropriate. This review takes into consideration the status of current taxing authorities’ examinations of the Company’s tax returns, recent positions taken by the taxing authorities on similar transactions, if any, and the overall tax environment. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, 2019 2018 2017 (in thousands) Unrecognized tax benefits at beginning of year $ 202 $ 1,039 $ 1,039 Gross decreases for tax positions of prior years (202 ) — — Lapse of statute of limitations — (837 ) — Gross increase for new tax positions 73 — — Unrecognized tax benefits (expense) at end of year $ 73 $ 202 $ 1,039 The total amount of unrecognized tax benefits that would affect our effective tax rate if recognized was $73,000, $202,000 and $1.0 million as of December 31, 2019, 2018 and 2017, respectively. For the year ended December 31, 2019, unrecognized tax benefits decreased by $129,000 related to state taxes, primarily in connection with the settlement of the California Franchise Tax Board 2008 and 2009 examinations. For the year ended December 31, 2018, unrecognized tax benefits decreased by $837,000 in connection with California Enterprise Zone interest deductions as result of the lapse of the statute of limitations. For the year ended December 31, 2017, unrecognized tax benefits in connection with California Enterprise Zone interest deductions did not change. In 2019, 2018 and 2017, the Company accrued interest of $0, $10,000 and $34,000 for uncertain tax benefits, respectively. As of December 31, 2019, 2018 and 2017, the total amounts of accrued interest related to uncertain tax positions, were $0, $57,000 and $132,000, respectively. We account for interest and penalties related to uncertain tax positions as part of our provision for federal and state income taxes. Accrued interest and penalties are included within accrued expenses and other liabilities on the Consolidated Balance Sheets. Unrecognized tax benefit primarily includes state tax exposure. The Company expects the currently open uncertain tax positions to be settled in the next twelve months. As of December 31, 2019, the Company is subject to examination by federal and various tax authorities for certain years ending December 31, 2015 through 2018. In February 2018, the FASB issued ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220). This ASU eliminates the stranded tax effects in other comprehensive income resulting from the Tax Cuts and Jobs Act (the “Tax Act”). Because the amendments only relate to the reclassification of the income tax effects of the Tax Act, the underlying guidance that requires that the effect of a change in tax laws or rates be included in income from continuing operations was not affected. ASU 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Act. The Company adopted this standard as of January 1, 2018, and recorded the impact as an adjustment, which increased retained earnings by $399,000 as of the date of adoption. A summary of the provision for income taxes was as follows: Year Ended December 31, 2019 2018 2017 (in thousands) Current expense: Federal $ 18,737 $ 13,415 $ 20,924 State 9,377 5,293 6,804 Total current expense 28,114 18,708 27,728 Deferred expense (benefit): Federal (10,515 ) 3,428 14,623 State (3,039 ) 3,966 (1,727 ) Total deferred expense (13,554 ) 7,394 12,896 Provision for income taxes $ 14,560 $ 26,102 $ 40,624 Deferred tax assets and liabilities were as follows: Year Ended December 31, 2019 2018 2017 (in thousands) Deferred tax assets: Allowance for loan and lease losses $ 18,401 $ 10,035 $ 9,282 Depreciation — — 192 Purchase accounting 3,912 2,724 4,685 Net operating loss carryforward 15,453 17,609 18,648 Unrealized (gain) loss on securities available for sale — 2,457 919 Mark to market 261 — — Indemnified assets 1,120 1,151 701 Lease liability 10,716 — — Tax credits 198 561 1,241 State taxes 1,739 1,138 1,489 Other 2,646 1,804 3,724 Total deferred tax assets 54,446 37,479 40,881 Deferred tax liabilities: Mark to market — (4,719 ) (4,879 ) Depreciation (388 ) (467 ) — Unrealized (gain) loss on securities available for sale (1,370 ) — — Leases - right of use assets (10,517 ) — — Other (532 ) — (797 ) Total deferred tax liabilities (12,807 ) (5,186 ) (5,676 ) Valuation allowance (4,852 ) (4,852 ) (2,750 ) Net deferred tax assets $ 36,787 $ 27,441 $ 32,455 As of December 31, 2019, the Company’s net deferred tax assets, which primarily consists of net operating loss carryforwards and the allowance for loan and lease losses, increased by $9.3 million from 2018 primarily due to the increase in the allowance for loan and lease losses. As of December 31, 2018, the Company’s net deferred tax assets, which primarily consists of net operating loss carryforwards and the allowance for loan and lease losses, decreased by $5.0 million from 2017 primarily due to the reduction in purchase accounting and an increase in the valuation allowance related to state net operating losses. As of each reporting date, management considers the realization of deferred tax assets based on management’s judgment of various future events and uncertainties, including the timing and amount of future income, as well as the implementation of various tax planning strategies to maximize realization of deferred tax assets. A valuation allowance is provided when it is more likely than not that some portion of deferred tax assets will not be realized. As of December 31, 2019, management determined that a valuation allowance of $4.9 million was appropriate against certain state net operating losses and certain state tax credits. For all other deferred tax assets, management believes it was more likely than not that these deferred tax assets will be realized principally through future taxable income and reversal of existing taxable temporary differences. As of December 31, 2018, management determined a valuation allowance of $4.9 million was appropriate against certain state net operating losses and certain state tax credits. Therefore the valuation allowance did not change in 2019. As of December 31, 2019, the Company had net operating loss carryforwards of $17.3 million and $216.4 million for federal and state income tax purposes, respectively. The federal net operating loss carryforwards of $17.3M expire at various dates from 2034 to 2035. The material state net operating loss carryforwards include California of $152.3M which expire at various dates from 2026 through 2035, and Illinois of $63.7M which expire at various dates from 2024 to 2025. Management determined a valuation allowance was required against the Illinois net operating loss carryforwards. As of December 31, 2019, the Company had state low income housing tax credit carryforwards of approximately $251,000. The state low income housing tax credits carry forward indefinitely. Reconciliation between the federal statutory income tax rate and the effective tax rate is shown in the following table: Year Ended December 31, 2019 2018 2017 Federal statutory income tax rate 21.00 % 21.00 % 35.00 % State taxes, net of federal tax benefits 9.39 % 9.50 % 6.64 % Tax-exempt municipal securities (0.29 )% (0.16 )% (0.24 )% Tax credit - federal (3.49 )% (2.37 )% (2.37 )% Federal rate adjustment, net of federal benefits of state (— )% 1.32 % 4.18 % Low income housing amortization 4.17 % 2.40 % 2.52 % Other (0.03 )% (0.60 )% (3.10 )% Effective tax rate 30.75 % 31.09 % 42.63 % The Tax Act was enacted into U.S. tax law on December 22, 2017. The Tax Act makes numerous changes to the U.S. tax code, including (although not limited to) reducing the U.S. federal corporate tax rate to 21 percent, eliminating the corporate alternative minimum tax (“AMT”), limiting deductible interest expense, increasing limitations on certain executive compensation, and enhancing bonus depreciation to provide for full expensing of qualified property. On that same date, the SEC staff also issued Staff Accounting Bulletin (“SAB”) 118, which provided guidance regarding financial statement accounting of the Tax Act. SAB 118 provides for the completion of the accounting related effects of the Tax Act in accordance with a measurement period of one year from the Tax Act enactment date. In 2017, the Company reported certain provisional amounts based on reasonable estimates as permitted under SAB 118 for which the accounting under ASC 740 was incomplete. Upon filing the 2017 income tax returns in 2018, the Company recorded a change of $1.1 million to the provisional amount related to the re-measurement of the ending deferred tax assets and liabilities from 35.0 percent to 21.0 percent. During the fourth quarter of 2018, the Company completed the accounting required under ASC 740. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Note 12 — Accumulated Other Comprehensive Income (Loss) Activity in accumulated other comprehensive income for the year ended December 31, 2019, 2018 and 2017 was as follows: Unrealized Gains and Losses on Available- for-Sale Tax Benefit Securities (Expense) Total (in thousands) For the year ended December 31, 2019 Balance at beginning of period $ (8,536 ) $ 2,457 $ (6,079 ) Other comprehensive income (loss) before reclassification 14,583 (3,827 ) 10,756 Reclassification from accumulated other comprehensive income (1,295 ) — (1,295 ) Net current period other comprehensive income 13,288 (3,827 ) 9,461 Balance at end of period $ 4,752 $ (1,370 ) $ 3,382 For the year ended December 31, 2018 Balance at beginning of period $ (3,188 ) $ 1,319 $ (1,869 ) Other comprehensive income (loss) before reclassification (5,790 ) 1,684 (4,106 ) Reclassification from accumulated other comprehensive income (87 ) — (87 ) Adjustments to accumulated other comprehensive income 529 (546 ) (17 ) Net current period other comprehensive income (5,348 ) 1,138 (4,210 ) Balance at end of period $ (8,536 ) $ 2,457 $ (6,079 ) For the year ended December 31, 2017 Balance at beginning of period $ (4,089 ) $ 1,695 $ (2,394 ) Other comprehensive income (loss) before reclassification 2,649 (376 ) 2,273 Reclassification from accumulated other comprehensive income (1,748 ) — (1,748 ) Net current period other comprehensive income 901 (376 ) 525 Balance at end of period $ (3,188 ) $ 1,319 $ (1,869 ) The Company recorded a net $17,000 adjustment related to adoption of two new accounting standards (ASU 2016-01 and ASU 2018-02) effective January 1, 2018. The $17,000 adjustment includes a $529,000 reduction of unrealized losses related to the Company’s mutual funds equity securities upon adoption of ASU 2016-01 and a $546,000 reduction in tax benefits upon adoption of ASU 2016-01 and ASU 2018-02. All mutual fund equity securities were sold during the three months ended March 31, 2018. See Notes 3 and 11 to the Consolidated Financial Statements for additional information on adoption of ASU 2016-01 and ASU 2018-02, respectively. For the year ended December 31, 2019, there was a $1.3 million reclassification from accumulated other comprehensive income to gains in earnings resulting from the redemption and sale of available-for-sale securities. The $1.3 million reclassification adjustment from accumulated other comprehensive income was included in net gain on sales of securities in noninterest income. Net unrealized gain of $586,000 related to these sold securities had previously been recorded in accumulated other comprehensive income or loss. For the year ended December 31, 2018, there was a $87,000 reclassification from accumulated other comprehensive income to gains in earnings resulting from the redemption and sale of available-for-sale securities. The $87,000 reclassification adjustment out of accumulated other comprehensive income was included in net gain on sales of securities in noninterest income. Net unrealized losses of $413,000 related to these sold securities had previously been recorded in accumulated other comprehensive income or loss. For the year ended December 31, 2017, there was a $1.7 million reclassification from accumulated other comprehensive income to gains in earnings resulting from the redemption and sale of available-for-sale securities. The $1.7 million reclassification adjustment out of accumulated other comprehensive income was included in net gain on sales of securities in noninterest income. Net unrealized losses of $1.3 million related to these sold securities had previously been recorded in accumulated other comprehensive income or loss. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Regulatory Matters | Note 13 — Regulatory Matters Risk-Based Capital Federal bank regulatory agencies require bank holding companies and banks to maintain a minimum ratio of qualifying total capital to risk-weighted assets of 8.0 percent and a minimum ratio of Tier 1 capital to risk-weighted assets of 6.0 percent. In addition to the risk-based guidelines, federal bank regulatory agencies require bank holding companies and banks to maintain a minimum ratio of Tier 1 capital to average assets, referred to as the leverage ratio, of 4.0 percent. In order for banks to be considered “well capitalized,” federal bank regulatory agencies require them to maintain a minimum ratio of qualifying total capital to risk-weighted assets of 10.0 percent and a minimum ratio of Tier 1 capital to risk-weighted assets of 8.0 percent. In addition to the risk-based guidelines, federal bank regulatory agencies require depository institutions to maintain a minimum ratio of Tier 1 capital to average assets, referred to as the leverage ratio, of 5.0 percent. At December 31, 2019, the Bank’s capital ratios exceeded the minimum requirements to place the Bank in the “well capitalized” category and the Company exceeded all of its applicable minimum regulatory capital ratio requirements. A capital conservation buffer of 2.5 percent became effective on January 1, 2019, and must be met to avoid limitations on the ability of the Bank to pay dividends, repurchase shares or pay discretionary bonuses. The Bank’s capital conservation buffer was 6.64 percent and 6.19 percent and the Company's capital conservation buffer was 5.78 percent and 5.74 percent as of December 31, 2019 and 2018, respectively. The capital ratios of Hanmi Financial and the Bank as of December 31, 2019 and 2018 were as follows: Minimum Minimum to Be Regulatory Categorized as Actual Requirement “Well Capitalized” Amount Ratio Amount Ratio Amount Ratio (in thousands) December 31, 2019 Total capital (to risk-weighted assets): Hanmi Financial $ 714,288 15.11 % $ 378,059 8.00 % N/A N/A Hanmi Bank $ 691,024 14.64 % $ 377,516 8.00 % $ 471,895 10.00 % Tier 1 capital (to risk-weighted assets): Hanmi Financial $ 556,820 11.78 % $ 283,544 6.00 % N/A N/A Hanmi Bank $ 631,978 13.39 % $ 283,137 6.00 % $ 377,516 8.00 % Common equity Tier 1 capital (to risk-weighted assets) Hanmi Financial $ 536,781 11.36 % $ 212,658 4.50 % N/A N/A Hanmi Bank $ 631,978 13.39 % $ 212,353 4.50 % $ 306,732 6.50 % Tier 1 capital (to average assets): Hanmi Financial $ 556,820 10.15 % $ 219,367 4.00 % N/A N/A Hanmi Bank $ 631,978 11.56 % $ 218,748 4.00 % $ 273,435 5.00 % December 31, 2018 Total capital (to risk-weighted assets): Hanmi Financial $ 682,398 14.54 % $ 375,449 8.00 % N/A N/A Hanmi Bank $ 664,195 14.19 % $ 374,538 8.00 % $ 468,173 10.00 % Tier 1 capital (to risk-weighted assets): Hanmi Financial $ 550,839 11.74 % $ 281,587 6.00 % N/A N/A Hanmi Bank $ 630,782 13.47 % $ 280,904 6.00 % $ 374,538 8.00 % Common equity Tier 1 capital (to risk-weighted assets) Hanmi Financial $ 531,177 11.32 % $ 211,190 4.50 % N/A N/A Hanmi Bank $ 630,782 13.47 % $ 210,678 4.50 % $ 304,312 6.50 % Tier 1 capital (to average assets): Hanmi Financial $ 550,839 10.18 % $ 216,526 4.00 % N/A N/A Hanmi Bank $ 630,782 11.67 % $ 216,265 4.00 % $ 270,331 5.00 % |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 14 — Fair Value Measurements Fair Value Measurements ASC 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value including a three-level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The three-level fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are defined as follows: • Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. • Level 2 - Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. • Level 3 - Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Fair value is used on a recurring basis for certain assets and liabilities in which fair value is the primary basis of accounting. Additionally, fair value is used on a non-recurring basis to evaluate assets or liabilities for impairment or for disclosure purposes. We record securities available for sale at fair value on a recurring basis. Certain other assets, such as loans held for sale, impaired loans, OREO, bank-owned premises, and core deposit intangible, are recorded at fair value on a non-recurring basis. Non-recurring fair value measurements typically involve assets that are periodically evaluated for impairment and for which any impairment is recorded in the period in which the re-measurement is performed. The following methods and assumptions were used to estimate the fair value of each class of financial instrument below: Securities available for sale - The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges. If quoted prices are not available, fair values are measured using matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities, or other model-based valuation techniques requiring observable inputs other than quoted prices such as yield curve, prepayment speeds, and default rates. Level 1 securities include U.S. Treasury securities and mutual funds that are traded on an active exchange or by dealers or brokers in active over-the-counter markets. The fair value of these securities is determined by quoted prices on an active exchange or over-the-counter market. Level 2 securities primarily include mortgage-backed securities, collateralized mortgage obligations, U.S. government agency securities and municipal bonds in markets that are active. In determining the fair value of the securities categorized as Level 2, we obtain reports from investment accounting service provider detailing the fair value of each investment security held as of each reporting date. The broker-dealers use prices obtained from an investment accounting service provider to value our fixed income securities. The fair value of the municipal securities is determined based on pricing data provided by nationally recognized pricing services. We review the prices obtained for reasonableness based on our understanding of the marketplace, and also consider any credit issues related to the bonds. As we have not made any adjustments to the market quotes provided to us and as they are based on observable market data, they have been categorized as Level 2 within the fair value hierarchy. Level 3 securities are instruments that are not traded in the market. As such, no observable market data for the instrument is available, which necessitates the use of significant unobservable inputs. Loans held for sale – All loans held for sale are SBA loans carried at the lower of cost or fair value. Management obtains quotes, bids or pricing indication sheets on all or part of these loans directly from the purchasing financial institutions. Premiums received or to be received on the quotes, bids or pricing indication sheets are indicative of the fact that cost is lower than fair value. At December 31, 2019 and 2018, the entire balance of SBA loans held for sale was recorded at its cost. We record SBA loans held for sale on a nonrecurring basis with Level 2 inputs. Impaired loans and leases – Nonaccrual loans and leases and performing restructured loans and leases are considered impaired for reporting purposes and are measured and recorded at fair value on a non-recurring basis. All impaired loans with a carrying balance over $250,000 are reviewed individually for the amount of impairment, if any. Impaired loans and leases with a carrying balance of $250,000 or less are evaluated for impairment collectively. The Company does not record loans and leases at fair value on a recurring basis. However, from time to time, nonrecurring fair value adjustments to collateral dependent impaired loans and leases are recorded based on either the current appraised value of the collateral, a Level 2 measurement, or management’s judgment and estimation of value reported on older appraisals that are then adjusted based on recent market trends, a Level 3 measurement. OREO – Fair value of OREO is based primarily on third party appraisals, less costs to sell and result in a Level 3 classification of the inputs for determining fair value. Appraisals are required annually and may be updated more frequently as circumstances require and the fair value adjustments are made to OREO based on the updated appraised value of the property. Assets and Liabilities Measured at Fair Value on a Recurring Basis As of December 31, 2019 and 2018, assets and liabilities measured at fair value on a recurring basis are as follows: Level 1 Level 2 Level 3 Quoted Significant Prices in Observable Active Inputs with Markets No Active for Identical Market with Identical Significant Unobservable Total Fair Assets Characteristics Inputs Value (in thousands) December 31, 2019 Assets: Securities available for sale: U.S. Treasury securities $ 35,205 $ — $ — $ 35,205 U.S. government agency and sponsored agency obligations: Mortgage-backed securities — 410,800 — 410,800 Collateralized mortgage obligations — 164,592 — 164,592 Debt securities — 23,879 — 23,879 Total U.S. government agency and sponsored agency obligations — 599,272 — 599,272 Total securities available for sale $ 35,205 $ 599,272 $ — $ 634,477 December 31, 2018 Assets: Securities available for sale: U.S. Treasury securities $ 39,830 $ — $ — $ 39,830 U.S. government agency and sponsored agency obligations: Mortgage-backed securities — 295,034 — 295,034 Collateralized mortgage obligations — 122,292 — 122,292 Debt securities — 7,402 — 7,402 Total U.S. government agency and sponsored agency obligations — 424,728 — 424,728 Municipal bonds-tax exempt — 110,350 — 110,350 Total securities available for sale $ 39,830 $ 535,078 $ — $ 574,908 Assets and Liabilities Measured at Fair Value on a Non-Recurring Basis As of December 31, 2019 and 2018, assets and liabilities measured at fair value on a non-recurring basis are as follows: Level 1 Level 2 Level 3 Quoted Significant Prices in Observable Active Inputs With Markets No Active for Identical Market With Identical Significant Unobservable Total Assets Characteristics Inputs (in thousands) December 31, 2019 Assets: Impaired loans and leases (1) $ 31,049 $ — $ — $ 31,049 Other real estate owned 63 — — 63 Bank-owned premises 1,900 — — 1,900 December 31, 2018 Assets: Impaired loans and leases (2) $ 5,210 $ — $ 3,253 $ 1,957 Other real estate owned 663 — 663 — (1) Includes real estate loans of $41.4 million and commercial and industrial loans of $12.5 million. (2) Includes real estate loans of $3.5 million and commercial and industrial loans of $1.7 million. The following table represents quantitative information about Level 3 fair value comments for assets measured at fair value on a non-recurring basis at December 31, 2019 and 2018: Fair Value Valuation Techniques Unobservable Input(s) Range (Weighted Average) (in thousands) December 31, 2019 Impaired loans and leases: Real estate loans: Commercial property Other $ 13,926 Market approach Market data comparison (1) Construction 13,228 Market approach Market data comparison (3)% to 43% /21% (2) Total real estate loans 27,154 Commercial and industrial loans: Commercial lines of credit 3,895 Market approach Market data comparison (8)% to 42% /18% (2) Total $ 31,049 Bank-owned premises 1,900 Market approach Market data comparison (30)% to 55% /(2)% (2) (1) The values were estimated by current market data comparison, supplemented by cost information. The properties compared when possible, with others for sale and that have sold in the general time period. Adjustments are made for differences in equipment, mileage, cosmetics, conversions, originality, condition as well as sale terms and current economic conditions at time of sale. (2) Appraisal reports utilize a combination of valuation techniques including a market approach, where prices and other relevant information generated by market transactions involving similar or comparable properties are used to determine the appraised value. Appraisals may include an ‘as is’ and ‘upon completion’ valuation scenarios. Adjustments are routinely made in the appraisal process by third-party appraisers to adjust for differences between the comparable sales and income data. Adjustments also result from the consideration of relevant economic and demographic factors with the potential to affect property values. Also, prospective values are based on the market conditions which exist at the date of inspection combined with informed forecasts based on current trends in supply and demand for the property types under appraisal. Positive adjustments disclosed in this table represent increases to the sales comparison and negative adjustment represent decreases. ASC 825, Financial Instruments, requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured on a recurring basis or non-recurring basis are discussed above. The estimated fair value of financial instruments has been determined by using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret market data in order to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Effective January 1, 2018, the Company adopted ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825). This standard, among other provisions, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Other than certain financial instruments for which we have concluded that the carrying amounts approximate fair value, the fair value estimates shown below are based on an exit price notion as of December 31, 2019 and 2018, as required by ASU 2016-01. The financial instruments for which we have concluded that the carrying amounts approximate fair value include: cash and due from banks, accrued interest receivable and payable, and noninterest-bearing deposits. The estimated fair values of financial instruments were as follows: December 31, 2019 Carrying Fair Value Amount Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and due from banks $ 121,678 $ 121,678 $ — $ — Securities available for sale 634,477 35,205 599,272 — Loans held for sale 6,020 — 6,382 — Loans and leases receivable, net of allowance for loan and lease losses 4,548,739 — — 4,520,322 Accrued interest receivable 11,742 11,742 — — Financial liabilities: Noninterest-bearing deposits 1,391,624 — 1,391,624 — Interest-bearing deposits 3,307,338 — — 3,317,867 Borrowings and subordinated debentures 208,377 — 89,831 118,807 Accrued interest payable 11,215 11,215 — — December 31, 2018 Carrying Fair Value Amount Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and due from banks $ 155,376 $ 155,376 $ — $ — Securities available for sale 574,908 39,830 535,078 — Loans held for sale 9,390 — 9,905 — Loans and leases receivable, net of allowance for loan and lease losses 4,568,566 — — 4,518,716 Accrued interest receivable 13,331 13,331 — — Financial liabilities: Noninterest-bearing deposits 1,284,530 — 1,284,530 — Interest-bearing deposits 3,462,705 — — 3,458,523 Borrowings and subordinated debentures 172,808 — 98,020 54,939 Accrued interest payable 11,379 11,379 — — The methods and assumptions used to estimate the fair value of each class of financial instruments for which it was practicable to estimate that value are explained below: Cash and due from banks – The carrying amounts of cash and due from banks approximate fair value due to the short-term nature of these instruments (Level 1). Securities – The fair value of securities, consisting of securities available for sale, is generally obtained from market bids for similar or identical securities, from independent securities brokers or dealers, or from other model-based valuation techniques described above (Level 1 and 2). Loans held for sale – Loans held for sale, representing the guaranteed portion of SBA loans, are carried at the lower of aggregate cost or fair market value, as determined based upon quotes, bids or sales contract prices (Level 2). Loans and leases receivable, net of allowance for loan and lease losses – The fair value of loans and leases receivable is estimated based on the discounted cash flow approach. To estimate the fair value of the loans and leases, certain loan and lease characteristics such as account types, remaining terms, annual interest rates or coupons, interest types, past delinquencies, timing of principal and interest payments, current market rates, loan-to-value ratios, loss exposures, and remaining balances are considered. Additionally, the Company’s prior charge-off rates and loss ratios as well as various other assumptions relating to credit, interest, and prepayment risks are used as part of valuing the loan and lease portfolio. Subsequently, the loans and leases were individually valued by sorting and pooling them based on loan and lease types, credit risk grades, and payment types. Consistent with the requirements of ASU 2016-01 which was adopted by the Company on January 1, 2018, the fair value of the Company's loans and leases receivable is considered to be an exit price notion as of December 31, 2019 (Level 3). The fair value of impaired loans is estimated based on the net realizable fair value of the collateral or the observable market price of the most recent sale or quoted price from loans held for sale. The Company does not record loans at fair value on a recurring basis. Nonrecurring fair value adjustments to collateral dependent impaired loans are recorded based on the current appraised value of the collateral (Level 3). Accrued interest receivable – The carrying amount of accrued interest receivable approximates its fair value (Level 1). Noninterest-bearing deposits – The fair value of noninterest-bearing deposits is the amount payable on demand at the reporting date (Level 2). Interest-bearing deposits – The fair value of interest-bearing deposits, such as savings accounts, money market checking, and certificates of deposit, is estimated based on discounted cash flows. The cash flows for non-maturity deposits, including savings accounts and money market checking, are estimated based on their historical decaying experiences. The discount rate used for fair valuation is based on interest rates currently being offered by the Bank on comparable deposits as to amount and term (Level 3). Borrowings and subordinated debentures – Borrowings consist of FHLB advances, subordinated debentures and other borrowings. Discounted cash flows based on current market rates for borrowings with similar remaining maturities are used to estimate the fair value of borrowings (Level 2 and 3). Accrued interest payable – The carrying amount of accrued interest payable approximates its fair value (Level 1). |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-based Compensation | Note 15 — Share-based Compensation At December 31, 2019, we had two incentive plans; the 2007 Equity Compensation Plan (the “2007 Plan”) and the 2013 Equity Compensation Plan (the “2013 Plan” and with 2007 Plan, the “Plans”) which replaced the 2007 Plan. The Company provides awards of options, stock appreciation rights, restricted stock awards, restricted stock unit awards, shares granted as a bonus or in lieu of another award, dividend equivalent, other stock-based award or performance award, together with any other right or interest to a participant. Plan participants include executives and other employees, officers, directors, consultants and other persons who provide services to the Company or its related entities. Although no future stock options may be granted under the earlier plans, certain employees, directors and officers of Hanmi Financial and its subsidiaries still hold options to purchase Hanmi Financial common stock under the 2007 Plan. Under the 2013 Plan, we may grant equity incentive awards for up to 1,500,000 shares of common stock. As of December 31, 2019, 348,922 shares were still available for issuance under the 2013 Plan. The table below provides the share-based compensation expense and related tax benefits for the periods indicated: Year Ended December 31, 2019 2018 2017 Share-based compensation expense $ 3,125 $ 3,515 $ 2,893 Related tax benefits $ 941 $ 984 $ 1,179 As of December 31, 2019, unrecognized share-based compensation expense was $4.5 million with an average expected recognition period of 2.0 years. 2013 and 2007 Equity Compensation Plans Stock Options All stock options granted under the Plans have an exercise price equal to the fair market value of the underlying common stock on the date of grant. Stock options granted generally vest based on three to five years of continuous service and expire 10 years from the date of grant. New shares of common stock are issued or treasury shares are utilized upon the exercise of stock options. There were no options granted during the three years ended December 31, 2019. The following information under the Plans is presented for the periods indicated: Year Ended December 31, 2019 2018 2017 Fair value of options vested $ — $ 184 $ 820 Total intrinsic value of options exercised (1) $ 842 $ — $ 432 Cash received from options exercised $ 2,979 $ — $ 288 (1) The following is a summary of stock option transactions under the Plans for the periods indicated: Year Ended December 31, 2019 2018 2017 Number of Shares Weighted- Average Exercise Price Per Share Number of Shares Weighted- Average Exercise Price Per Share Number of Shares Weighted- Average Exercise Price Per Share Options outstanding at beginning of period 338,338 $ 17.52 364,088 $ 17.86 387,901 $ 17.49 Options granted — $ — — $ — — $ — Options exercised (181,900 ) $ 16.38 (25,750 ) $ 22.06 (23,813 ) $ 12.21 Options forfeited — $ — — $ — — $ — Options expired — $ — — $ — — $ — Options outstanding at end of period 156,438 $ 18.84 338,338 $ 17.52 364,088 $ 17.86 Options exercisable at end of period 156,438 $ 18.84 338,338 $ 17.52 354,753 $ 17.71 As of December 31, 2019 there was no unrecognized compensation cost related to nonvested stock options granted under the plan. The following is a summary of transactions for non-vested stock options under the Plans for the periods indicated: Year Ended December 31, 2019 2018 2017 Number of Shares Weighted- Average Exercise Price Per Share Number of Shares Weighted- Average Exercise Price Per Share Number of Shares Weighted- Average Exercise Price Per Share Non-vested options outstanding at beginning of period — $ — 9,335 $ 23.47 46,340 $ 22.42 Options granted — $ — — $ — — $ — Options vested — $ — (9,335 ) $ 23.47 (37,005 ) $ 22.16 Options forfeited — $ — — $ — — $ — Non-vested options outstanding at end of period — $ — — $ — 9,335 $ 23.47 As of December 31, 2019, stock options outstanding under the Plans were as follows: Options Outstanding Options Exercisable Number of Shares Intrinsic Value (1) Weighted- Average Average Exercise Price Per Share Weighted- Average Remaining Contractual Life Number of Shares Intrinsic Value (1) Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Life $10.80 to $14.99 10,438 $ 78 $ 12.54 2.9 years 10,438 $ 78 $ 12.54 2.9 years $15.00 to $19.99 85,000 270 16.82 3.8 years 85,000 270 16.82 3.8 years $20.00 to $24.83 61,000 — 22.73 4.8 years 61,000 — 22.73 4.8 years 156,438 $ 348 $ 18.84 156,438 $ 924 $ 18.84 (1) Restricted Stock Awards Restricted stock awards under the Plans become fully vested after a certain number of years or after certain performance criteria are met. Hanmi Financial becomes entitled to an income tax deduction in an amount equal to the taxable income reported by the holders of the restricted shares when the restrictions are released and the shares are issued. Restricted shares are forfeited if officers and employees terminate prior to the lapsing of restrictions. Forfeitures of restricted stock are treated as canceled shares. The table below provides information for restricted stock awards under the 2013 Plan for the periods indicated: 2019 2018 2017 Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Restricted stock at beginning of period 304,595 $ 21.98 317,783 $ 21.09 343,958 $ 16.60 Restricted stock granted 181,204 $ 22.05 156,771 $ 25.02 127,239 $ 31.06 Restricted stock vested (99,527 ) $ 27.56 (106,674 ) $ 27.11 (139,298 ) $ 18.73 Restricted stock forfeited (90,071 ) $ 13.78 (63,285 ) $ 15.38 (14,116 ) $ 24.73 Restricted stock at end of period 296,201 $ 22.91 304,595 $ 21.98 317,783 $ 21.09 As of December 31, 2019, there was $4.5 million of total unrecognized compensation cost related to nonvested shares granted under the Plan. The cost is expected to be recognized over a weighted-average period of 2.0 years. The total fair value of shares vested during the years ended December 31, 2019, 2018, and 2017 was $2.1 million, $3.0 million, and $4.2 million, respectively. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | Note 16 — Earnings per Share The following table is a reconciliation of the components used to derive basic and diluted EPS for the periods indicated: Weighted- Net Average Per Income Shares Share (Numerator) (Denominator) Amount (1) Year Ended December 31, 2019 Basic EPS Net income $ 32,788 30,725,376 $ 1.07 Less: income allocated to unvested restricted stock 230 30,725,376 0.01 Basic EPS $ 32,558 30,725,376 $ 1.06 Effect of dilutive securities - options and unvested restricted stock — 35,046 — Diluted EPS Net income $ 32,788 30,760,422 $ 1.07 Less: income allocated to unvested restricted stock 230 30,760,422 0.01 Diluted EPS $ 32,558 30,760,422 $ 1.06 Year Ended December 31, 2018 Basic EPS Net income $ 57,868 31,924,863 $ 1.81 Less: income allocated to unvested restricted stock 359 31,924,863 0.01 Basic EPS $ 57,509 31,924,863 $ 1.80 Effect of dilutive securities - options and unvested restricted stock — 126,470 — Diluted EPS Net income $ 57,868 32,051,333 $ 1.80 Less: income allocated to unvested restricted stock 359 32,051,333 0.01 Diluted EPS $ 57,509 32,051,333 $ 1.79 Year Ended December 31, 2017 Basic EPS Net income $ 54,660 32,071,585 $ 1.71 Less: income allocated to unvested restricted stock 339 32,071,585 0.01 Basic EPS $ 54,321 32,071,585 $ 1.70 Effect of dilutive securities - options and unvested restricted stock — 178,333 — Diluted EPS Net income $ 54,660 32,249,918 $ 1.70 Less: income allocated to unvested restricted stock 339 32,249,918 0.01 Diluted EPS $ 54,321 32,249,918 $ 1.69 (1) Per share amounts may not be able to be recalculated using net income and weighted-average shares presented above due to rounding. There were no anti-dilutive options and shares of unvested restricted stock outstanding for the years ended December 31, 2019, 2018 and 2017. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Employee Benefits | Note 17 — Employee Benefits 401(k) Plan We have a 401(k) plan for the benefit of substantially all of our employees. We match 75 percent of participant contributions to the 401(k) plan up to 8 percent of each 401(k) plan participant’s annual compensation. Contributions to the 401(k) plan were $2.4 million, $2.4 million and $2.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. Personal Paid Time Off Full time employees of the Bank are provided a benefit for personal paid time off for vacation and sick time based on their length of employment. As of December 31, 2019, the accrued expense liability for personal paid time off was $2.5 million. Bank-Owned Life Insurance As of December 31, 2019, cash surrender value of bank-owned life insurance was $52.8 million. The Bank is the main beneficiary under the policy, although certain employees named on the policy are eligible for their heirs to be paid upon their death. In the event of the death of a covered officer, we will receive the specified insurance benefit from the insurance carrier. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 18 — Commitments and Contingencies In the normal course of business, we are involved in various legal claims. Management has reviewed all legal claims against us with in-house or outside legal counsel and has taken into consideration the views of such counsel as to the outcome of the claims. In management’s opinion, the final disposition of all such claims will not have a material adverse effect on our financial position or results of operations. |
Off-Balance Sheet Commitments
Off-Balance Sheet Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Risks And Uncertainties [Abstract] | |
Off-Balance Sheet Commitments | Note 19 — Off-Balance Sheet Commitments The Bank is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of our customers. These financial instruments include commitments to extend credit and standby letters of credit. These instruments involve, to varying degrees, elements of credit and interest rate risk similar to the risk involved with on-balance sheet items recognized in the Consolidated Balance Sheets and may expire without ever being utilized. The Bank’s exposure to loan losses in the event of non-performance by the other party to commitments to extend credit and standby letters of credit is represented by the contractual notional amount of those instruments. The Bank uses the same credit policies in making commitments and conditional obligations as it does for extending loan facilities to customers. The Bank evaluates each customer’s creditworthiness on a case-by-case basis. The amount of collateral obtained, if deemed necessary by the Bank upon extension of credit, was based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, premises and equipment, and income-producing or borrower-occupied properties. The following table shows the distribution of undisbursed loan commitments as of the dates indicated: December 31, 2019 2018 (in thousands) Commitments to extend credit $ 371,287 $ 325,100 Standby letters of credit 31,372 32,500 Commercial letters of credit 11,133 13,848 Total undisbursed loan commitments $ 413,792 $ 371,448 The allowance for off-balance sheet items is maintained at a level believed to be sufficient to absorb probable losses related to these unfunded credit facilities. The determination of the allowance adequacy is based on periodic evaluations of the unfunded credit facilities including an assessment of the probability of commitment usage, credit risk factors for loans outstanding to these same customers, and the terms and expiration dates of the unfunded credit facilities. Net adjustments to the allowance for off-balance sheet items are included in other operating expenses. Activity in the allowance for off-balance sheet items was as follows for the periods indicated: As of and for the Year Ended December 31, 2019 2018 2017 (in thousands) Allowance for off-balance sheet items: Balance at beginning of period $ 1,439 $ 1,296 $ 1,184 Provision charged to operating expense 958 143 112 Balance at end of period $ 2,397 $ 1,439 $ 1,296 |
Qualified Affordable Housing Pr
Qualified Affordable Housing Project Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments In Affordable Housing Projects [Abstract] | |
Qualified Affordable Housing Project Investments | Note 20 — Qualified Affordable Housing Project Investments The Company invests in qualified affordable housing projects. At December 31, 2019, the balance of the investment for qualified affordable housing project was $9.6 million. This balance is reflected in accrued interest receivable and other assets on the consolidated balance sheets. Total unfunded commitments related to the investments in qualified affordable housing projects aggregated $112,000 at December 31, 2019. The Company expects to fulfill these commitments during the year ending 2023. During the years ended December 31, 2019, the Company recognized amortization expense of $2.0 million, which was included within income tax expense on the consolidated statements of income. |
Liquidity
Liquidity | 12 Months Ended |
Dec. 31, 2019 | |
Liquidity [Abstract] | |
Liquidity | Note 21 — Liquidity Hanmi Financial Hanmi Financial had $17.1 million in cash on deposit with its bank subsidiary. Management believes that Hanmi Financial, on a stand-alone basis, had adequate liquid assets to meet its current debt obligations. Hanmi Bank The principal objective of our liquidity management program is to maintain the Bank’s ability to meet the day-to-day cash flow requirements of our customers who either wish to withdraw funds or to draw upon credit facilities to meet their cash needs. Management believes that the Bank, on a stand-alone basis, has adequate liquid assets to meet its current obligations. The Bank’s primary funding source will continue to be deposits originating from its branch platform. The Bank’s wholesale funds historically consisted of FHLB advances and brokered deposits. As of December 31, 2019 and 2018, the Bank had $90.0 million and $55.0 million of FHLB advances and $264.2 million and $351.3 million, respectively, of brokered deposits. We monitor the sources and uses of funds on a regular basis to maintain an acceptable liquidity position. The Bank’s primary source of borrowings is the FHLB, from which the Bank is eligible to borrow up to 30 percent of its assets. As of December 31, 2019, the total borrowing capacity available based on pledged collateral and the remaining available borrowing capacity were $1.11 billion and $878.4 million, respectively, compared to $924.4 million and $729.4 million, respectively, as of December 31, 2018. The amount that the FHLB is willing to advance differs based on the quality and character of qualifying collateral pledged by the Bank, and the advance rates for qualifying collateral may be adjusted upwards or downwards by the FHLB from time to time. To the extent deposit renewals and deposit growth are not sufficient to fund maturing and withdrawable deposits, repay maturing borrowings, fund existing and future loans, leases and securities, and otherwise fund working capital needs and capital expenditures, the Bank may utilize the remaining borrowing capacity from its FHLB borrowing arrangement. As a means of augmenting its liquidity, the Bank had an available borrowing source of $29.6 million from the Federal Reserve Discount Window, to which the Bank pledged securities with a carrying value of $30.2 million, and had no borrowings as of December 31, 2019. The Bank also maintains a line of credit for repurchase agreements up to $100.0 million. The Bank also had three unsecured federal funds lines of credit totaling $115.0 million with no outstanding balances as of December 31, 2019. |
Condensed Financial Information
Condensed Financial Information of Parent Company | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Condensed Financial Information of Parent Company | Note 22 — Condensed Financial Information of Parent Company Balance Sheets Year Ended December 31, 2019 2018 (in thousands) Assets Cash $ 17,105 $ 7,450 Investments in consolidated subsidiaries 658,464 652,174 Other assets 7,511 12,196 Total assets $ 683,080 $ 671,820 Liabilities and Stockholders' Equity Liabilities Subordinated debentures $ 118,377 $ 117,808 Other liabilities 1,436 1,444 Total liabilities 119,813 119,252 Stockholders' equity 563,267 552,568 Total liabilities and stockholders' equity $ 683,080 $ 671,820 Statements of Income Year Ended December 31, 2019 2018 2017 (in thousands) Dividends from bank subsidiaries $ 44,500 $ 76,669 $ 22,619 Interest expense (7,032 ) (6,925 ) (5,353 ) Other expense (5,333 ) (5,988 ) (5,291 ) Income before taxes and undistributed income of subsidiary 32,135 63,756 11,975 Income tax benefit 3,823 4,116 7,513 Income before undistributed income of subsidiary 35,958 67,872 19,488 Equity in undistributed income of subsidiary (3,170 ) (10,004 ) 35,172 Net income $ 32,788 $ 57,868 $ 54,660 Statements of Cash Flows Year Ended December 31, 2019 2018 2017 (in thousands) Cash Flows from Operating Activities: Net income $ 32,788 $ 57,868 $ 54,660 Adjustments to reconcile net income to net cash used in operating activities Undistributed income of subsidiary 3,170 10,004 (35,172 ) Amortization of subordinated debentures 569 538 463 Share-based compensation expense 3,125 3,515 2,893 Change in other assets and liabilities 4,679 (10,463 ) 5,156 Net cash provided by operating activities 44,331 61,462 28,000 Cash Flows from Investing Activities: Equity contribution to Hanmi Bank — — (90,000 ) Net cash provided by (used in) investing activities — — (90,000 ) Cash Flows from Financing Activities: Proceeds from exercise of stock options 2,979 570 288 Proceeds from insurance of long-term debt — — 97,828 Cash paid for repurchase of vested shares due to employee tax liability (517 ) (680 ) (1,103 ) Repurchase of common stock (7,362 ) (36,068 ) — Cash dividends paid (29,776 ) (30,921 ) (25,811 ) Net cash provided by (used in) investing activities (34,676 ) (67,099 ) 71,202 Net increase (decrease) in cash 9,655 (5,637 ) 9,202 Cash at beginning of year 7,450 13,087 3,885 Cash at end of year $ 17,105 $ 7,450 $ 13,087 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | Note 23 — Quarterly Financial Data (Unaudited) Summarized quarterly financial data is shown in the following tables: Quarter Ended March 31 June 30 September 30 December 31 2019: Interest and dividend income $ 62,414 $ 61,482 $ 62,177 $ 60,699 Interest expense 17,526 18,492 18,119 16,763 Net interest income before provision for loan and lease losses 44,888 42,990 44,058 43,936 Loan and lease loss provision 1,117 16,699 1,602 10,752 Noninterest income 6,254 7,729 6,860 6,709 Noninterest expense 29,065 30,144 32,607 34,089 Income before provision for income taxes 20,960 3,876 16,709 5,804 Provision for income taxes 6,288 1,220 4,333 2,720 Net income $ 14,672 $ 2,656 $ 12,377 $ 3,084 Basic earnings per share $ 0.48 $ 0.09 $ 0.40 $ 0.10 Diluted earnings per share $ 0.48 $ 0.09 $ 0.40 $ 0.10 Quarter Ended March 31 June 30 September 30 December 31 2018: Interest and dividend income $ 55,082 $ 57,322 $ 60,036 $ 61,957 Interest expense 10,158 12,208 14,707 16,311 Net interest income before provision for loan and lease losses 44,924 45,114 45,329 45,646 Loan and lease loss provision 649 100 200 3,041 Noninterest income 6,061 5,945 6,215 6,299 Noninterest expense 29,757 29,510 29,008 29,298 Income before provision for income taxes 20,579 21,449 22,336 19,606 Provision for income taxes 5,724 5,901 6,255 8,222 Net income $ 14,855 $ 15,548 $ 16,081 $ 11,384 Basic earnings per share $ 0.46 $ 0.48 $ 0.50 $ 0.37 Diluted earnings per share $ 0.46 $ 0.48 $ 0.50 $ 0.37 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 24 — Subsequent Events Management has evaluated subsequent events through the date of issuance of the financial data included herein. There have been no subsequent events that occurred during such period that would require disclosure in this Annual Report on Form 10-K or would be required to be recognized in the Consolidated Financial Statements as of December 31, 2019. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue From Contract With Customer [Abstract] | |
Revenue Recognition | Note 25 — Revenue Recognition The Company adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), as of January 1, 2018. ASU 2014-09 established a principles-based approach to recognizing revenue that applies to all contracts other than those covered by other authoritative U.S. GAAP guidance. Quantitative and qualitative disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows are also required. The standard’s core principle is that a company shall recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies generally are required to use more judgment and make more estimates than under prior guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. Since the guidance does not apply to revenue associated with financial instruments, including loans and securities that are accounted for under GAAP, the new guidance did not have an impact on revenue most closely associated with our financial instruments, including interest income and expense. The Company completed its overall assessment of revenue streams and review of related contracts potentially affected by the ASU, including revenue streams associated with our noninterest income. Based on this assessment, the Company concluded that ASU 2014-09 did not change the method in which the Company currently recognizes revenue for these revenue streams. The Company's noninterest income primarily includes service charges on deposit accounts, trade finance and other service charges and fees, servicing income, bank-owned life insurance income and gains or losses on sale of SBA loans and securities. Based on our assessment of revenue streams related to the Company's noninterest income, we concluded that the Company's performance obligations for such revenue streams are typically satisfied as services are rendered. If applicable, the Company records contract liabilities, or deferred revenue, when payments from customers are received or due in advance of providing services to customers and records contract assets when services are provided to customers before payment is received or before payment is due. The Company’s noninterest revenue streams are largely based on transactional activities and since the Company generally receives payments for its services during the period or at the time services are provided, there are no contract asset or receivable balances as of December 31, 2019 and 2018. Consideration is often received immediately or shortly after the Company satisfies its performance obligations and revenue is recognized. The Company also completed its evaluation of certain costs related to these revenue streams to determine whether such costs should be presented as expenses or contra-revenue (i.e., gross versus net) and concluded that our Consolidated Statements of Income do not include any revenue streams that are impacted by such gross versus net provisions of the new standard. The Company adopted ASU 2014-09 and its related amendments on its required effective date of January 1, 2018 utilizing the modified retrospective approach. Since there was no impact upon adoption of this new standard, a cumulative effect adjustment to opening retained earnings was not necessary. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Operations | Summary of Operations Hanmi Financial Corporation (“Hanmi Financial,” the “Company,” “we,” “us” or “our”) was formed as a holding company of Hanmi Bank (the “Bank”) and registered with the Securities and Exchange Commission under the Securities Act on March 17, 2001. The Bank’s primary operations are related to traditional banking activities, including the acceptance of deposits and originating loans and investing in securities. The Bank is a California state-chartered financial institution insured by the FDIC. The Bank is a state nonmember bank and the FDIC is its primary federal bank regulator. The California Department of Business Oversight is the Bank's primary state bank regulator. The Bank is a community bank conducting general business banking, with its primary market encompassing the Korean-American and other ethnic communities. The Bank’s full-service offices are located in markets where many of the businesses are run by immigrants and other minority groups. The Bank’s client base reflects the multi-ethnic composition of these communities. As of December 31, 2019, the Bank maintained a network of 35 full-service branch offices and 9 loan production offices in California, Texas, Illinois, Virginia, New Jersey, New York, Colorado, Georgia and Washington State. |
Basis of Presentation | Basis of Presentation The accounting and reporting policies of Hanmi Financial and subsidiaries conform, in all material respects, to U.S. generally accepted accounting principles (“GAAP”) and general practices within the banking industry. The information set forth in the following notes is presented on a continuing operations basis, unless otherwise noted. The following is a summary of the significant accounting policies consistently applied in the preparation of the accompanying Consolidated Financial Statements. |
Principles of Consolidation | Principles of Consolidation The Consolidated Financial Statements include the accounts of Hanmi Financial and its wholly-owned subsidiary, the Bank and Hanmi Financial Corporation Statutory Trust I. All intercompany transactions and balances have been eliminated in consolidation. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain amounts in the prior years' financial statements and related disclosures were reclassified to conform to the current year presentation with no effect on previously reported net income, stockholders’ equity or cash flows. |
Segment Reporting | Segment Reporting Through our branch network and lending units, we provide a broad range of financial services to individuals and companies. These services include demand, time and savings deposits; and commercial and industrial, real estate and consumer lending. While our chief decision makers monitor the revenue streams of our various products and services, operations are managed and financial performance is evaluated on a company-wide basis. Accordingly, we consider all of our operations to be aggregated in one reportable operating segment. |
Securities | Securities Securities are classified into four categories and accounted for as follows: (i) Securities that we have the positive intent and ability to hold to maturity are classified as “held to maturity” and reported at amortized cost; (ii) Securities that are bought and held principally for the purpose of selling them in the near future are classified as “trading securities” and reported at fair value. Unrealized gains and losses are recognized in earnings; (iii) Securities not classified as held to maturity or trading securities are classified as “available for sale” and reported at fair value. Unrealized gains and losses are reported as a separate component of stockholders’ equity as accumulated other comprehensive income, net of income taxes; and (iv) Equity Securities, such as mutual funds, which would be classified as “available for sale” and reported at fair value. Unrealized gains and losses are reported as a separate component of income. We review securities on an ongoing basis for the presence of other-than-temporary impairment (“OTTI”) or permanent impairment, taking into consideration current market conditions, fair value in relationship to cost, extent and nature of the change in fair value, issuer rating changes and trends, whether we intend to sell a security or if it is likely that we will be required to sell the security before recovery of our amortized cost basis of the investment, which may be maturity, and other factors. Accounting Standards Codification (“ASC”) 320 requires other-than-temporarily impaired securities to be written down when fair value is below amortized cost in circumstances where: (1) an entity has the intent to sell a security; (2) it is more likely than not that an entity will be required to sell the security before recovery of its amortized cost basis; or (3) an entity does not expect to recover the entire amortized cost basis of the security. If we intend to sell a security or if it is more likely than not that we will be required to sell the security before recovery, an OTTI write-down is recognized in earnings equal to the difference between the security’s amortized cost basis and its fair value. If we do not intend to sell the security or it is not more likely than not that we will be required to sell the security before recovery, the OTTI write-down is separated into an amount representing credit loss, which is recognized in earnings, and the amount related to all other factors, which is recognized in other comprehensive income net of tax. A credit loss is the difference between the cost basis of the security and the present value of cash flows expected to be collected, discounted at the security’s effective interest rate at the date of acquisition. The cost basis of an other than temporarily impaired security is written down by the amount of impairment recognized in earnings. The new cost basis is not adjusted for subsequent recoveries in fair value. |
Loans and Leases Receivable | Loans and leases receivable Originated loans and leases: Loans and leases are originated by the Bank with the intent to hold them for investment and are stated at the principal amount outstanding, net of unearned income. Net deferred fees and costs include nonrefundable loan fees, direct loan origination costs and initial indirect costs. Net deferred fees or costs are recognized as an adjustment to interest income over the contractual life of the loans using the effective interest method or taken into income when the related loans are paid off or sold. The amortization of loan fees or costs is discontinued when a loan is placed on nonaccrual status. Interest income is recorded on an accrual basis in accordance with the terms of the respective loan and includes prepayment penalties. Equipment leases are similar to commercial business loans in that the leases are typically made on the basis of the borrower’s ability to make repayment from the cash flows of the borrower’s business. Nonaccrual loans and leases and nonperforming assets: Loans are placed on nonaccrual status when, in the opinion of management, the full timely collection of principal or interest is in doubt. Generally, the accrual of interest is discontinued when principal or interest payments become more than 90 days past due. However, in certain instances, we may place a particular loan on nonaccrual status earlier, depending upon the individual circumstances surrounding the loan’s delinquency. When an asset is placed on nonaccrual status, previously accrued but unpaid interest is reversed against current income. Subsequent collections of cash are applied as principal reductions when received, except when the ultimate collectability of principal is probable, in which case interest payments are credited to income. Nonaccrual assets may be restored to accrual status when principal and interest become current and full repayment is expected, which generally occurs after sustained payment of six months. Interest income is recognized on the accrual basis for impaired loans not meeting the criteria for nonaccrual. Nonperforming assets consist of loans and leases on nonaccrual status, loans 90 days or more past due and still accruing interest, loans restructured with troubled borrowers where the terms of repayment have been renegotiated resulting in a reduction or deferral of interest or principal, and other real estate owned (“OREO”). Loans are generally placed on nonaccrual status when they become 90 days past due unless management believes the loan is adequately collateralized and in the process of collection. Additionally, the Bank may place loans that are not 90 days past due on nonaccrual status, if management reasonably believes the borrower will not be able to comply with the contractual loan repayment terms and collection of principal or interest is in question. |
Loans Held for Sale | Loans Held for Sale Loans originated, or transferred from loans and leases receivable, and intended for sale in the secondary market are carried at the lower of aggregate cost or fair market value. Fair market value, if lower than cost, is determined based on valuations obtained from market participants or the value of underlying collateral, calculated individually. A valuation allowance is established if the market value of such loans is lower than their cost and net unrealized losses, if any, are recognized through a valuation allowance by charges to income. Origination fees on loans held for sale, net of certain costs of processing and closing the loans, are deferred until the time of sale and are included in the computation of the gain or loss from the sale of the related loans. |
Allowance for Loan and Lease Losses | Allowance for Loan and Lease Losses Management believes the allowance for loan and lease losses is appropriate to provide for probable incurred losses inherent in the loan and lease portfolio. However, the allowance is an estimate that is inherently uncertain and depends on the outcome of future events. Management’s estimates are based on: previous loss experience; volume, growth, size and composition of the loan portfolio; the value of collateral; and current economic conditions. Our lending is concentrated generally in real estate, commercial, SBA and trade finance lending to small and middle market businesses primarily in California, Illinois, and Texas. The Bank charges or credits the income statement for provisions to the allowance for loan and lease losses and the allowance for off-balance sheet items at least quarterly based upon the allowance need. The allowance for loan and lease losses is maintained at a level considered adequate by management to absorb probable incurred losses in the loan and lease portfolio. The allowance is determined through an analysis involving quantitative calculations based on historic loss rates and qualitative adjustments for general allowances and individual impairment calculations for specific allocations. The Bank charges the allowance for actual losses on loans and leases and credits the allowance for recoveries on loans and leases previously charged-off. The Bank evaluates the allowance methodology at least annually. For the fourth quarter of 2019, the Bank utilized a 35-quarter look-back period, anchored to the first quarter of 2011, with equal weighting to all quarters. Management determined it was appropriate to anchor the look-back period, in consideration for a prolonged period of low losses and the procyclical nature of provisioning. The anchoring will allow the Bank to better capture the economic cycle while improving the ability to measure losses. For the fourth quarters of 2018 and 2017, the Bank utilized 31- and 27-quarter look-back periods, respectively. In addition, the estimated loss emergence period utilized in the Bank’s loss migration analysis changed to 2.5 years To determine general allowance requirements, existing loans were divided into eleven general pools of risk-rated loans as well as three homogeneous loan pools. For risk-rated loans, migration analysis allocates historical losses by loan pool and risk grade to determine risk factors for potential losses inherent in the current outstanding loan portfolio. Since the homogeneous loans are bulk graded, the risk grade is not factored into the historical loss analysis. In addition, specific allowances are allocated for loans deemed “impaired.” When determining the appropriate level for allowance for loan and lease losses, management considers qualitative adjustments for any factors that are likely to cause estimated losses associated with the Bank’s current portfolio to differ from historical loss experience, including, but not limited to, national and local economic and business conditions, volume and geographic concentrations, and problem loan and lease trends. To systematically quantify the credit risk impact of trends and changes within the loan and lease portfolio, a credit risk matrix is utilized. The qualitative factors are considered on a loan pool by loan pool basis subsequent to, and in conjunction with, a loss migration analysis. The credit risk matrix provides various scenarios with positive or negative impact on the portfolio along with corresponding basis points for qualitative adjustments. Loans are measured for impairment when it is probable that not all amounts, including principal and interest, will be collected in accordance with the original contractual terms of the loan agreement. The amount of impairment and any subsequent changes are recorded through the provision for loan losses as an adjustment to the allowance for loan losses. The Bank follows the “Interagency Policy Statement on the Allowance for Loan and Lease Losses” and, as an integral part of the quarterly credit review process, the allowance for loan losses and allowance for off-balance sheet items are reviewed for adequacy. The California Department of Business Oversight and/or the Federal Deposit Insurance Corporation may require the Bank to recognize additions to the allowance for loan losses based upon their assessment of the information available to them at the time of their examinations. In general, the Bank will charge off a loan and declare a loss when its collectability is questionable and when the Bank can no longer justify presenting the loan as an asset on its balance sheet. To determine if a loan should be charged off, possible sources of repayment are analyzed, including the potential for future cash flows from income or liquidation of other assets, the value of any collateral, and the strength of co-makers or guarantors. When these sources do not provide a reasonable probability that principal can be collected in full, the Bank will fully or partially charge off the loan. For a real estate loan, including commercial term loans secured by collateral, any impaired portion is considered as loss if the loan is more than 90 days past due. In a case where the fair value of collateral is less than the loan balance and the borrower has no other assets or income to support repayment, the amount of the deficiency is considered a loss and charged off. For a commercial and industrial loan other than those secured by real estate, if the borrower is in the process of a bankruptcy filing in which the Bank is an unsecured creditor or deemed virtually unsecured by lack of collateral equity or lien position and the borrower has no realizable equity in assets and prospects for recovery are negligible, the loan is considered a loss and charged off. Additionally, a commercial and industrial unsecured loan that is more than 120 days past due is considered a loss and charged off. For an unsecured consumer loan where a borrower files for bankruptcy, the loan is considered a loss within 60 days of receipt of notification of filing from the bankruptcy court. Other consumer loans are considered a loss if they are more than 90 days past due. Other events, such as bankruptcy, fraud, or death result in charge offs being recorded in an earlier period. |
Impaired Loans | Impaired Loans Loans are identified and classified as impaired when it is probable that not all amounts, including principal and interest, will be collected in accordance with the contractual terms of the loan agreement. The Bank will consider the following loans as impaired: nonaccrual loans or loans where principal or interest payments have been contractually past due for 90 days or more, unless the loan is both well-collateralized and in the process of collection; and loans classified as troubled debt restructuring loans. The Bank considers whether the borrower is experiencing problems such as operating losses, marginal working capital, inadequate cash flows or business deterioration in realizable value. The Bank also considers the financial condition of a borrower who is in industries or countries experiencing economic or political instability. When a loan is considered impaired, any future cash receipts on such loans will be treated as either interest income or return of principal depending upon management’s opinion of the ultimate risk of loss on the individual loan. Cash payments are treated as interest income where management believes the remaining principal balance is fully collectible. We evaluate loan impairment in accordance with GAAP. Impaired loans are measured based on the present value of expected future cash flows discounted at the loan’s effective interest rate or, as a practical expedient, at the loan’s observable market price or the fair value of the collateral if the loan is collateral dependent, less costs to sell. If the value of the impaired loan is less than the recorded investment in the loan, the deficiency will be charged off against the allowance for loan losses or, alternatively, a specific allocation will be established. Additionally, impaired loans are specifically excluded from the analysis when determining the amount of the general allowance for loan losses required for the period. For impaired loans where the impairment amount is measured based on the present value of expected future cash flows discounted at the loan’s original effective interest rate, any impairment that represents the change in present value attributable to the passage of time is recognized as provision for loan losses. |
Troubled Debt Restructuring | Troubled Debt Restructuring A loan is identified as a troubled debt restructuring (“TDR”) when a borrower is experiencing financial difficulties and, for economic or legal reasons related to these difficulties, the Bank grants a concession to the borrower in the restructuring that it would not otherwise consider. The Bank has granted a concession when, as a result of the restructuring, it does not expect to collect all amounts due, including principal and/or interest accrued at the original terms of the loan. The concessions may be granted in various forms, including a below-market change in the stated interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a note split with principal forgiveness. TDRs are reviewed for potential impairment. Generally, a nonaccrual loan that is restructured remains on nonaccrual status for a period of six months to demonstrate that the borrower can perform under the restructured terms. If the borrower’s performance under the new terms is not reasonably assured, the loan remains classified as a nonaccrual loan. Loans classified as TDRs are reported as impaired loans. |
Premises and Equipment | Premises and Equipment Premises and equipment are stated at cost, less accumulated depreciation and amortization. Depreciation and amortization are computed on the straight-line method over the estimated useful lives of the various classes of assets. The ranges of useful lives for the principal classes of assets are as follows: Buildings and improvements 10 to 30 years Furniture and equipment 3 to 10 years Leasehold improvements Term of lease or useful life, whichever is shorter Software 3 years |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets We review long-lived assets and certain identifiable intangibles for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to future net undiscounted cash flows expected to be generated by the asset. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. |
Other Real Estate Owned | Other Real Estate Owned Assets acquired through loan foreclosure are recorded at the lower of cost or fair value less estimated costs to sell when acquired. If fair value declines subsequent to foreclosure, valuation impairment is recorded through expense. Operating costs after acquisition are expensed. |
Servicing Assets and Servicing liabilities | Servicing Assets and Servicing liabilities Servicing assets and servicing liabilities are initially recorded at fair value. The fair values of servicing assets and servicing liabilities represent either the price paid if purchased, or the allocated carrying amounts based on relative values when retained in a sale. Servicing assets and servicing liabilities are amortized in proportion to, and over the period of, estimated net servicing income. The servicing assets and servicing liabilities are recorded based on the present value of the contractually specified servicing fee, net of adequate compensation cost, for the estimated life of the loan, using a discount rate and a constant prepayment rate. Management periodically evaluates the servicing assets and servicing liabilities for impairment. Impairment, if it occurs, is recognized in a valuation allowance in the period of impairment. |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets Goodwill and other intangible assets consist of acquired intangible assets arising from acquisitions, including core deposit and third-party originators intangibles. The acquired intangible assets are initially measured at fair value and then are amortized on the straight-line method over their estimated useful lives while goodwill is not amortized. Goodwill and other intangible assets are assessed for impairment annually or whenever events or changes in circumstances indicate the carrying amount may not be recoverable. The Company performed its annual impairment test and determined no impairment existed as of December 31, 2019. |
Federal Home Loan Bank Stock | Federal Home Loan Bank Stock The Bank is a member of the FHLB of San Francisco and is required to own common stock in the FHLB based upon the Bank’s balance of outstanding FHLB advances. FHLB stock is carried at cost and may be sold back to the FHLB at its carrying value. FHLB stock is periodically evaluated for impairment based on ultimate recovery of par value. Both cash and stock dividends received are reported as dividend income. |
Bank-Owned Life Insurance | Bank-Owned Life Insurance We have purchased single premium life insurance policies (“bank-owned life insurance”) on certain officers. The Bank and named beneficiaries of various current covered officers are the beneficiaries under each policy. In the event of the death of a covered officer, the Bank and named beneficiaries of the covered officer will receive the specified insurance benefit from the insurance carrier. Bank-owned life insurance is recorded at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender value adjusted for other charges or other amounts due, if any, that are probable at settlement. Under the Split Dollar Death Benefit Agreement, upon death of an active employee, the designated beneficiary(ies) are eligible to receive benefits, which in the aggregate, total $3.9 million. |
Income Tax | Income Tax We provide for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Bank has invested in limited partnerships formed to develop and operate affordable housing units for lower income tenants throughout California. The partnership interests are accounted for utilizing the proportional amortization method with amortization expense and tax benefits recognized through the income tax provision. |
Share-Based Compensation | Share-Based Compensation The Company provides awards of options, stock appreciation rights, restricted stock awards, restricted stock unit awards, shares granted as a bonus or in lieu of another award, dividend equivalent, other stock-based award or performance award, together with any other right or interest to a participant. Plan participants include executives and other employees, officers, directors, consultants and other persons who provide services to the Company or its related entities. All stock options granted under the Plans have an exercise price equal to the fair market value of the underlying common stock on the date of grant. Stock options granted generally vest based on three to five years of continuous service and expire 10 years from the date of grant. Restricted stock awards under the Plans become fully vested after a certain number of years or after certain performance criteria are met. Hanmi Financial becomes entitled to an income tax deduction in an amount equal to the taxable income reported by the holders of the restricted shares when the restrictions are released and the shares are issued. Restricted shares are forfeited if officers and employees terminate prior to the lapsing of restrictions. Forfeitures of restricted stock are treated as canceled shares. Excess tax benefits from exercise or vesting of share-based awards are included as a reduction in provision for income tax expense in the period in which the exercise or vesting occurs. |
Earnings per Share | Earnings per Share Earnings per share (“EPS”) is calculated on both a basic and a diluted basis. Basic EPS excludes dilution and is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted from the issuance of common stock that then shared in earnings, excluding common shares in treasury. For diluted EPS, weighted-average number of common shares included the impact of unvested restricted stock under the treasury method. Unvested restricted stock containing rights to non-forfeitable dividends are considered participating securities prior to vesting and have been included in the earnings allocation in computing basic and diluted EPS under the two-class method. |
Treasury Stock | Treasury Stock In January 2019, the Company's Board of Directors adopted a stock repurchase program. Under this repurchase program, the Company may repurchase up to 5.0 percent of its outstanding shares or approximately 1.5 million shares of its common stock. The program permits shares to be repurchased in open market or private transactions, through block trades, and pursuant to any trading plan that may be adopted in accordance with Rule 10b5-1 of the Securities and Exchange Commission. The repurchase program may be suspended, terminated or modified at any time for any reason, including market conditions, the cost of repurchasing shares, the availability of alternative investment opportunities, liquidity, and other factors deemed appropriate. These factors may also affect the timing and amount of share repurchases. The repurchase program does not obligate the Company to purchase any particular number of shares. During the year ended December 31, 2019, the Company repurchased 375,000 shares of common stock at a cost of $7.4 million under this program. We use the cost method of accounting for treasury stock. The cost method requires us to record the reacquisition cost of treasury stock as a deduction from stockholders’ equity on the Consolidated Balance Sheets. |
Recently Issued Accounting Standards | Accounting Standards Adopted in 2019 FASB ASU 2017-08, Receivables-Nonrefundable Fees and Other Costs (Topic 310): Premium Amortization on Purchased Callable Debt Securities , shortens the period of amortization of the premium on certain callable debt securities to the earliest call date. ASU 2017-08 applies to securities that have explicit, non-contingent call features that are callable at fixed prices and on preset dates. Securities purchased at a discount and mortgage-backed securities in which early repayment is based on prepayment of the underlying assets of the security are outside the scope of ASU 2017-08. For public business entities, the standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, including adoption in an interim period, and applied on a modified retrospective basis through a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The adoption of this ASU did not have a material impact on its consolidated financial statements. FASB ASU 2016-02, Leases (Topic 842) , introduced the most significant change for lessees including the requirement under the new guidance to recognize right-of-use assets and lease liabilities for all leases not considered short-term leases. By definition, a short-term lease is one in which: (a) the lease term is 12 months or less; and (b) there is not an option to purchase the underlying asset that the lessee is reasonably certain to exercise. For short-term leases, lessees may elect an accounting policy by class of underlying asset under which right-of-use assets and lease liabilities are not recognized and lease payments are generally recognized as expense over the lease term on a straight-line basis. This change resulted in lessees recognizing right-of-use assets and lease liabilities for most leases previously accounted for as operating leases under the legacy lease accounting guidance. Examples of changes in the new guidance affecting both lessees and lessors included: (a) defining initial direct costs to only include those incremental costs that would not have been incurred if the lease had not been entered into, (b) requiring related party leases to be accounted for based on their legally enforceable terms and conditions, (c) eliminating the additional requirements that were previously applied to leases involving real estate and (d) revising the circumstances under which the transfer contract in a sale-leaseback transaction should be accounted for as the sale of an asset by the seller-lessee and the purchase of an asset by the buyer-lessor. In addition, both lessees and lessors are now subject to new disclosure requirements. ASU 2016-02 became effective for public entities for interim and annual periods beginning after December 15, 2018. Under the new lease guidance to recognize right-of-use assets and lease liabilities for all leases not considered short-term, the Company is required to recognize right-of-use assets and lease liabilities for most leases currently accounted for as operating leases under the legacy lease accounting standards. This impacted the Company’s Consolidated Balance Sheet by grossing up the assets and the liabilities to report the leases as an asset and a liability instead of reporting it as an expense to the income statement. The original opening amount of the right-of-use asset was $40.9 million, which had no impact to equity from the adoption of the standard. FASB ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities , was issued in August 2017 with the objective of improving the financial reporting of hedging relationships to better portray the economic results of an entity’s risk management activities in its financial statements. In addition to that main objective, the amendments in this update make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The ASU requires certain hedging instrument to be presented in the same line item as the hedged item and also requires expanded disclosures. This ASU’s mandatory effective date for calendar year-end public companies is January 1, 2019, but the amendments may be early adopted in any interim or annual period after issuance. The Company does not currently have hedging transactions that are impacted by this ASU. Recently Issued Accounting Standards N ot Yet Effective FASB ASU 2017-04, Intangibles-Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment , simplifies the subsequent measurement of goodwill impairment by eliminating the requirement to calculate the implied fair value of goodwill (i.e., the current Step 2 of the goodwill impairment test) to measure a goodwill impairment charge. Under this ASU, the impairment test is simply the comparison of the fair value of a reporting unit with its carrying amount (the current Step 1), with the impairment charge being the deficit in fair value but not exceeding the total amount of goodwill allocated to that reporting unit. The simplified one-step impairment test applies to all reporting units (including those with zero or negative carrying amounts). An entity should apply the amendments in this ASU on a prospective basis. An entity is required to disclose the nature of and reason for the change in accounting principle upon transition. That disclosure should be provided in the first annual period and in the interim period within the first annual period when the entity initially adopts the amendments in this standard. Public business entities should adopt the amendments in this ASU for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. The Company is currently evaluating the impact of this ASU. FASB ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , introduces new guidance for the accounting for credit losses on instruments within its scope. The new guidance introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. Current expected credit losses (“CECL”) model, will apply to: (1) financial assets subject to credit losses and measured at amortized cost; and (2) certain off-balance sheet credit exposures. This includes loans, held-to-maturity debt securities, loan commitments, financial guarantees, and net investments in leases, as well as reinsurance and trade receivables. Upon initial recognition of the exposure, the CECL model requires an entity to estimate the credit losses expected over the life of an exposure (or pool of exposures). The estimate of expected credit losses ECL should consider historical information, current information, and reasonable and supportable forecasts, including estimates of prepayments. Financial instruments with similar risk characteristics should be grouped together when estimating ECL. ASU 2016-13 is effective for public entities for interim and annual periods beginning after December 15, 2019. On July 2, 2019, the FASB voted to delay CECL’s effective date for non-public companies and Smaller Reporting Companies who are public filers. Due to the Company’s categorization as a large accelerated filer, this delay will not have any impact on its adoption of ASU 2016-13. The Company has established a steering committee comprised of senior executives from the Accounting and Credit Risk functions and has engaged third party consultants to support CECL adoption activities. The Company expects to adopt CECL during the three-month period ending March 31, 2020. The Company is currently engaged in CECL implementation activities and has completed development of its methodologies, data/input gathering and validation, and testing of its designed models. The Company plans to leverage three loss rate methodologies across the Bank’s four major loan and lease segments. In addition, the Company has devised risk documentation, policies and procedures associated with CECL to support the ongoing estimation activities and the continuous assessment of risks related to the model, its methodologies, and data governance. The Company performed parallel runs and assessments of the model outputs during the three-month periods ended June 30, September 30, and December 31, 2019. This assisted the Company in identifying an expected coverage ratio of allowance for credit losses ranging from 1.63 percent to 1.88 percent of total loans and leases. Given the existing allowance for loan and lease losses of $61.4 million and a coverage ratio of 1.33 percent at December 31, 2019, the expected increase to this ratio of 22.6 percent to 41.4 percent will cause the Company to record a material adjustment to the allowance and a corresponding after-tax charge to retained earnings in the first quarter of 2020. |
Fair Value Measurements | ASC 820, Fair Value Measurements and Disclosures, defines fair value, establishes a framework for measuring fair value including a three-level valuation hierarchy, and expands disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The three-level fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three levels of inputs that may be used to measure fair value are defined as follows: • Level 1 - Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. • Level 2 - Significant other observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, and other inputs that are observable or can be corroborated by observable market data. • Level 3 - Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Fair value is used on a recurring basis for certain assets and liabilities in which fair value is the primary basis of accounting. Additionally, fair value is used on a non-recurring basis to evaluate assets or liabilities for impairment or for disclosure purposes. We record securities available for sale at fair value on a recurring basis. Certain other assets, such as loans held for sale, impaired loans, OREO, bank-owned premises, and core deposit intangible, are recorded at fair value on a non-recurring basis. Non-recurring fair value measurements typically involve assets that are periodically evaluated for impairment and for which any impairment is recorded in the period in which the re-measurement is performed. The following methods and assumptions were used to estimate the fair value of each class of financial instrument below: Securities available for sale - The fair values of securities available for sale are determined by obtaining quoted prices on nationally recognized securities exchanges. If quoted prices are not available, fair values are measured using matrix pricing, which is a mathematical technique used widely in the industry to value debt securities without relying exclusively on quoted prices for the specific securities but rather by relying on the securities’ relationship to other benchmark quoted securities, or other model-based valuation techniques requiring observable inputs other than quoted prices such as yield curve, prepayment speeds, and default rates. Level 1 securities include U.S. Treasury securities and mutual funds that are traded on an active exchange or by dealers or brokers in active over-the-counter markets. The fair value of these securities is determined by quoted prices on an active exchange or over-the-counter market. Level 2 securities primarily include mortgage-backed securities, collateralized mortgage obligations, U.S. government agency securities and municipal bonds in markets that are active. In determining the fair value of the securities categorized as Level 2, we obtain reports from investment accounting service provider detailing the fair value of each investment security held as of each reporting date. The broker-dealers use prices obtained from an investment accounting service provider to value our fixed income securities. The fair value of the municipal securities is determined based on pricing data provided by nationally recognized pricing services. We review the prices obtained for reasonableness based on our understanding of the marketplace, and also consider any credit issues related to the bonds. As we have not made any adjustments to the market quotes provided to us and as they are based on observable market data, they have been categorized as Level 2 within the fair value hierarchy. Level 3 securities are instruments that are not traded in the market. As such, no observable market data for the instrument is available, which necessitates the use of significant unobservable inputs. Loans held for sale – All loans held for sale are SBA loans carried at the lower of cost or fair value. Management obtains quotes, bids or pricing indication sheets on all or part of these loans directly from the purchasing financial institutions. Premiums received or to be received on the quotes, bids or pricing indication sheets are indicative of the fact that cost is lower than fair value. At December 31, 2019 and 2018, the entire balance of SBA loans held for sale was recorded at its cost. We record SBA loans held for sale on a nonrecurring basis with Level 2 inputs. Impaired loans and leases – Nonaccrual loans and leases and performing restructured loans and leases are considered impaired for reporting purposes and are measured and recorded at fair value on a non-recurring basis. All impaired loans with a carrying balance over $250,000 are reviewed individually for the amount of impairment, if any. Impaired loans and leases with a carrying balance of $250,000 or less are evaluated for impairment collectively. The Company does not record loans and leases at fair value on a recurring basis. However, from time to time, nonrecurring fair value adjustments to collateral dependent impaired loans and leases are recorded based on either the current appraised value of the collateral, a Level 2 measurement, or management’s judgment and estimation of value reported on older appraisals that are then adjusted based on recent market trends, a Level 3 measurement. OREO – Fair value of OREO is based primarily on third party appraisals, less costs to sell and result in a Level 3 classification of the inputs for determining fair value. Appraisals are required annually and may be updated more frequently as circumstances require and the fair value adjustments are made to OREO based on the updated appraised value of the property. The following table represents quantitative information about Level 3 fair value comments for assets measured at fair value on a non-recurring basis at December 31, 2019 and 2018: Fair Value Valuation Techniques Unobservable Input(s) Range (Weighted Average) (in thousands) December 31, 2019 Impaired loans and leases: Real estate loans: Commercial property Other $ 13,926 Market approach Market data comparison (1) Construction 13,228 Market approach Market data comparison (3)% to 43% /21% (2) Total real estate loans 27,154 Commercial and industrial loans: Commercial lines of credit 3,895 Market approach Market data comparison (8)% to 42% /18% (2) Total $ 31,049 Bank-owned premises 1,900 Market approach Market data comparison (30)% to 55% /(2)% (2) (1) The values were estimated by current market data comparison, supplemented by cost information. The properties compared when possible, with others for sale and that have sold in the general time period. Adjustments are made for differences in equipment, mileage, cosmetics, conversions, originality, condition as well as sale terms and current economic conditions at time of sale. (2) Appraisal reports utilize a combination of valuation techniques including a market approach, where prices and other relevant information generated by market transactions involving similar or comparable properties are used to determine the appraised value. Appraisals may include an ‘as is’ and ‘upon completion’ valuation scenarios. Adjustments are routinely made in the appraisal process by third-party appraisers to adjust for differences between the comparable sales and income data. Adjustments also result from the consideration of relevant economic and demographic factors with the potential to affect property values. Also, prospective values are based on the market conditions which exist at the date of inspection combined with informed forecasts based on current trends in supply and demand for the property types under appraisal. Positive adjustments disclosed in this table represent increases to the sales comparison and negative adjustment represent decreases. ASC 825, Financial Instruments, requires disclosure of the fair value of financial assets and financial liabilities, including those financial assets and financial liabilities that are not measured and reported at fair value on a recurring basis or non-recurring basis. The methodologies for estimating the fair value of financial assets and financial liabilities that are measured on a recurring basis or non-recurring basis are discussed above. The estimated fair value of financial instruments has been determined by using available market information and appropriate valuation methodologies. However, considerable judgment is required to interpret market data in order to develop estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that we could realize in a current market exchange. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Effective January 1, 2018, the Company adopted ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825). This standard, among other provisions, requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Other than certain financial instruments for which we have concluded that the carrying amounts approximate fair value, the fair value estimates shown below are based on an exit price notion as of December 31, 2019 and 2018, as required by ASU 2016-01. The financial instruments for which we have concluded that the carrying amounts approximate fair value include: cash and due from banks, accrued interest receivable and payable, and noninterest-bearing deposits. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Useful Lives for Principal Classes of Assets | The ranges of useful lives for the principal classes of assets are as follows: Buildings and improvements 10 to 30 years Furniture and equipment 3 to 10 years Leasehold improvements Term of lease or useful life, whichever is shorter Software 3 years |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Investment Securities Available for Sale | The following is a summary of securities available for sale as of December 31, 2019 and 2018: Gross Gross Estimated Amortized Unrealized Unrealized Fair Cost Gain Loss Value (in thousands) December 31, 2019 U.S. Treasury securities $ 34,946 $ 259 $ — $ 35,205 U.S. government agency and sponsored agency obligations: Mortgage-backed securities 406,813 4,334 (347 ) 410,800 Collateralized mortgage obligations 164,232 792 (432 ) 164,592 Debt securities 23,733 168 (22 ) 23,879 Total U.S. government agency and sponsored agency obligations 594,778 5,294 (801 ) 599,272 Total securities available for sale $ 629,725 $ 5,553 $ (801 ) $ 634,477 December 31, 2018 U.S. Treasury securities $ 39,768 $ 69 $ (7 ) $ 39,830 U.S. government agency and sponsored agency obligations: Mortgage-backed securities 300,957 61 (5,984 ) 295,034 Collateralized mortgage obligations 124,550 74 (2,332 ) 122,292 Debt securities 7,499 — (97 ) 7,402 Total U.S. government agency and sponsored agency obligations 433,006 135 (8,413 ) 424,728 Municipal bonds-tax exempt 110,670 197 (517 ) 110,350 Total securities available for sale $ 583,444 $ 401 $ (8,937 ) $ 574,908 |
Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity | The amortized cost and estimated fair value of securities as of December 31, 2019, by contractual or expected maturity, are shown below. Collateralized mortgage obligations are included in the table shown below based on their expected maturities. All other securities are included based on their contractual maturities. Available for Sale Amortized Estimated Cost Fair Value (in thousands) Within one year $ 38,285 $ 38,381 Over one year through five years 140,066 140,619 Over five years through ten years 209,985 212,473 Over ten years 241,389 243,004 Total $ 629,725 $ 634,477 |
Available for Sale Securities, Continuous Unrealized Loss Position, Fair Value | Gross unrealized losses on securities available for sale, the estimated fair value of the related securities and the number of securities aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, were as follows as of December 31, 2019 and 2018: Holding Period Less than 12 Months 12 Months or More Total Gross Estimated Number Gross Estimated Number Gross Estimated Number Unrealized Fair of Unrealized Fair of Unrealized Fair of Loss Value Securities Loss Value Securities Loss Value Securities (in thousands, except number of securities) December 31, 2019 U.S. government agency and sponsored agency obligations: Mortgage-backed securities $ (186 ) $ 51,261 17 $ (161 ) $ 18,757 14 $ (347 ) $ 70,018 31 Collateralized mortgage obligations (112 ) 41,419 14 (320 ) 39,936 36 (432 ) 81,355 50 Debt securities (20 ) 8,235 2 (3 ) 2,997 1 (22 ) 11,233 3 Total U.S. government agency and sponsored agency obligations (318 ) 100,916 33 (483 ) 61,690 51 (801 ) 162,606 84 Total $ (318 ) $ 100,916 33 $ (483 ) $ 61,690 51 $ (801 ) $ 162,606 84 December 31, 2018 U.S. Treasury securities $ (7 ) $ 14,797 2 $ — $ — — $ (7 ) $ 14,797 2 U.S. government agency and sponsored agency obligations: Mortgage-backed securities (226 ) 41,527 10 (5,758 ) 244,550 106 (5,984 ) 286,077 116 Collateralized mortgage obligations (59 ) 13,732 3 (2,273 ) 92,532 49 (2,332 ) 106,264 52 Debt securities — — — (97 ) 7,402 3 (97 ) 7,402 3 Total U.S. government agency and sponsored agency obligations (285 ) 55,259 13 (8,128 ) 344,484 158 (8,413 ) 399,743 171 Municipal bonds-tax exempt (29 ) 8,196 5 (488 ) 65,644 30 (517 ) 73,840 35 Total $ (321 ) $ 78,252 20 $ (8,616 ) $ 410,128 188 $ (8,937 ) $ 488,380 208 |
Realized Gains and Losses on Sales of Investment Securities | Realized gains and losses on sales of securities and proceeds from sales of securities were as follows for the periods indicated: Year Ended December 31, 2019 2018 2017 (in thousands) Gross realized gains on sales of securities $ 1,359 $ 87 $ 1,891 Gross realized losses on sales of securities (64 ) (957 ) (143 ) Net realized gains (losses) on sales of securities $ 1,295 $ (870 ) $ 1,748 Proceeds from sales of securities $ 113,306 34,751 97,271 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans Receivable | Loans and leases receivable consisted of the following as of the dates indicated: December 31, 2019 2018 (in thousands) Real estate loans: Commercial property Retail $ 869,302 $ 906,260 Hospitality 922,288 830,679 Other (1) 1,358,432 1,449,270 Total commercial property loans 3,150,022 3,186,209 Construction 76,455 71,583 Residential property 402,028 500,563 Total real estate loans 3,628,505 3,758,355 Commercial and industrial loans: Commercial term 227,652 206,691 Commercial lines of credit 228,033 194,032 International loans 28,409 29,180 Total commercial and industrial loans 484,093 429,903 Leases receivable 483,879 398,858 Consumer loans (2) 13,670 13,424 Loans and leases receivable 4,610,147 4,600,540 Allowance for loan and lease losses (61,408 ) (31,974 ) Loans and leases receivable, net $ 4,548,739 $ 4,568,566 (1) (2) Consumer loans include home equity lines of credit of $8.2 million and $10.3 million as of December 31, 2019 and 2018, respectively. |
Loans Receivable to Loans Held for Sale | The following table details the information on SBA loans held for sale by portfolio segment for the years ended December 31, 2019 and 2018: Real Estate Commercial and Industrial Total (in thousands) December 31, 2019 Balance at beginning of period $ 5,194 $ 4,196 $ 9,390 Originations 43,001 33,764 76,765 Sales (45,251 ) (34,865 ) (80,116 ) Principal paydowns and amortization (1 ) (18 ) (19 ) Balance at end of period $ 2,943 $ 3,077 $ 6,020 December 31, 2018 Balance at beginning of period $ 3,746 $ 2,648 $ 6,394 Originations 39,243 39,903 79,146 Sales (37,790 ) (38,161 ) (75,951 ) Principal paydowns and amortization (5 ) (194 ) (199 ) Balance at end of period $ 5,194 $ 4,196 $ 9,390 |
Allowance for Non-PCI Losses and Allowance for Off-Balance Sheet Items | Activity in the allowance for loan and lease losses was as follows for the periods indicated: As of and for the Year Ended December 31, 2019 2018 2017 (in thousands) Allowance for loan losses: Balance at beginning of period $ 31,974 $ 31,043 $ 32,429 Loans and leases charged off (4,588 ) (7,310 ) (5,899 ) Recoveries on loans and leases previously charged off 3,852 4,251 3,682 Net charge-offs (736 ) (3,059 ) (2,217 ) Loan and lease loss provision 30,170 3,990 831 Balance at end of period $ 61,408 $ 31,974 $ 31,043 |
Allowance for Loan Losses by Portfolio Segment | The following table details the information on the allowance for loan and lease losses by portfolio segment for the years ended December 31, 2019 and 2018: Real Estate Commercial and Industrial Leases Receivable Consumer Unallocated Total (in thousands) December 31, 2019 Allowance for loan and lease losses: Beginning balance $ 18,384 $ 7,162 $ 6,303 $ 98 $ 27 $ 31,974 Less loans and leases charged off (131 ) (1,293 ) (3,162 ) (1 ) — (4,588 ) Recoveries on loans and leases previously charged off 2,190 1,241 422 0 — 3,852 Loan and lease loss provision 15,913 9,097 5,205 (17 ) (27 ) 30,170 Ending balance $ 36,355 $ 16,206 $ 8,767 $ 80 $ — $ 61,408 Individually evaluated for impairment $ 14,028 $ 8,885 $ 2,863 $ 1 $ — $ 25,778 Collectively evaluated for impairment $ 22,327 $ 7,321 $ 5,904 $ 79 $ — $ 35,631 Loans and leases receivable $ 3,628,505 $ 484,093 $ 483,879 $ 13,670 $ — $ 4,610,147 Individually evaluated for impairment $ 43,867 $ 13,700 $ 5,902 $ 1,297 $ — $ 64,766 Collectively evaluated for impairment $ 3,584,638 $ 470,393 $ 477,977 $ 12,373 $ — $ 4,545,382 December 31, 2018 Allowance for loan and lease losses: Beginning balance $ 17,012 $ 7,400 $ 6,279 $ 122 $ 230 $ 31,043 Less loans and leases charged off (3,897 ) (815 ) (2,598 ) — — (7,310 ) Recoveries on loans and leases previously charged off 2,512 1,369 368 2 — 4,251 Loan and lease loss provision 2,757 (792 ) 2,254 (26 ) (203 ) 3,990 Ending balance $ 18,384 $ 7,162 $ 6,303 $ 98 $ 27 $ 31,974 Individually evaluated for impairment $ 1 $ 428 $ 1,383 $ — $ — $ 1,812 Collectively evaluated for impairment $ 18,383 $ 6,734 $ 4,920 $ 98 $ 27 $ 30,162 Loans and leases receivable $ 3,758,355 $ 429,903 $ 398,858 $ 13,424 $ — $ 4,600,540 Individually evaluated for impairment $ 14,761 $ 4,396 $ 5,129 $ 839 $ — $ 25,125 Collectively evaluated for impairment $ 3,743,594 $ 425,507 $ 393,729 $ 12,585 $ — $ 4,575,415 |
Credit Quality of Loan Portfolio | As of December 31, 2019 and 2018, the recorded investment in pass/pass-watch, special mention and classified (substandard, doubtful and loss) loans and leases, disaggregated by loan class, were as follows: Pass/Pass- Watch Special Mention Classified Total (in thousands) December 31, 2019 Real estate loans: Commercial property Retail $ 859,739 $ 2,835 $ 6,728 $ 869,302 Hospitality 915,834 939 5,515 922,288 Other 1,329,817 7,807 20,809 1,358,432 Total commercial property loans 3,105,390 11,580 33,052 3,150,022 Construction 36,956 1,613 37,886 76,455 Residential property 398,737 2,512 779 402,028 Total real estate loans 3,541,082 15,705 71,718 3,628,505 Commercial and industrial loans: Commercial term 210,026 2,139 15,487 227,652 Commercial lines of credit 222,348 5,485 200 228,033 International loans 25,810 2,598 — 28,409 Total commercial and industrial loans 458,184 10,222 15,687 484,093 Leases receivable 477,977 — 5,902 483,879 Consumer loans 12,247 705 718 13,670 Total loans and leases receivable $ 4,489,491 $ 26,632 $ 94,025 $ 4,610,147 December 31, 2018 Real estate loans: Commercial property Retail $ 901,354 $ 16 $ 4,890 $ 906,260 Hospitality 821,542 168 8,969 830,679 Other 1,441,219 2,723 5,328 1,449,270 Total commercial property loans 3,164,115 2,907 19,187 3,186,209 Construction 71,583 — — 71,583 Residential property 500,424 — 139 500,563 Total real estate loans 3,736,122 2,907 19,326 3,758,355 Commercial and industrial loans: Commercial term 197,992 4,977 3,722 206,691 Commercial lines of credit 172,338 21,107 587 194,032 International loans 29,180 — — 29,180 Total commercial and industrial loans 399,510 26,084 4,309 429,903 Leases receivable 393,729 — 5,129 398,858 Consumer loans 12,454 191 779 13,424 Total loans and leases receivable $ 4,541,815 $ 29,182 $ 29,543 $ 4,600,540 |
Analysis of Past Due Loans, Disaggregated by Loan Class | The following is an aging analysis of recorded investment in loans and leases, disaggregated by loan class, as of the dates indicated: 30-59 Days Past Due 60-89 Days Past Due 90 Days or More Past Due Total Past Due Current Total (in thousands) December 31, 2019 Real estate loans: Commercial property Retail $ 6 $ 132 $ 111 $ 249 $ 869,053 $ 869,302 Hospitality 907 — — 907 921,381 922,288 Other 51 — 38 89 1,358,344 1,358,432 Total commercial property loans 964 132 149 1,245 3,148,778 3,150,022 Construction — — — — 76,455 76,455 Residential property 540 1,627 309 2,477 399,551 402,028 Total real estate loans 1,504 1,759 458 3,721 3,624,784 3,628,505 Commercial and industrial loans: Commercial term 635 133 143 911 226,742 227,652 Commercial lines of credit — — — — 228,033 228,033 International loans — — — — 28,409 28,409 Total commercial and industrial loans 635 133 143 911 483,183 484,093 Leases receivable 5,358 2,138 3,493 10,990 472,889 483,879 Consumer loans — 30 — 30 13,639 13,670 Total loans and leases receivable $ 7,497 $ 4,060 $ 4,094 $ 15,652 $ 4,594,496 $ 4,610,147 December 31, 2018 Real estate loans: Commercial property Retail $ 221 $ — $ 986 $ 1,207 $ 905,053 $ 906,260 Hospitality 65 1,203 1,893 3,161 827,518 830,679 Other 816 206 1,205 2,227 1,447,043 1,449,270 Total commercial property loans 1,102 1,409 4,084 6,595 3,179,614 3,186,209 Construction — — — — 71,583 71,583 Residential property 3,947 273 44 4,264 496,299 500,563 Total real estate loans 5,049 1,682 4,128 10,859 3,747,496 3,758,355 Commercial and industrial loans: Commercial term 334 49 1,117 1,500 205,191 206,691 Commercial lines of credit — — 587 587 193,445 194,032 International loans — — — — 29,180 29,180 Total commercial and industrial loans 334 49 1,704 2,087 427,816 429,903 Leases receivable 4,681 845 3,737 9,263 389,595 398,858 Consumer loans 146 — — 146 13,278 13,424 Total loans and leases receivable $ 10,210 $ 2,576 $ 9,569 $ 22,355 $ 4,578,185 $ 4,600,540 |
Information on Impaired Loans and Leases, Disaggregated by Loan Class | The following table provides information on impaired loans and leases, disaggregated by loan class, as of the dates indicated: Recorded Investment Unpaid Principal Balance With No Related Allowance Recorded With an Allowance Recorded Related Allowance Average Recorded Investment Interest Income Recognized (in thousands) December 31, 2019 Real estate loans: Commercial property Retail $ 434 $ 459 $ 111 $ 323 $ 19 $ 894 $ 13 Hospitality 244 400 22 223 24 1,683 — Other 14,864 15,151 14,696 167 12 10,619 168 Total commercial property loans 15,542 16,010 14,829 713 55 13,196 181 Construction 27,201 28,000 — 27,201 13,973 18,421 249 Residential property 1,124 1,163 1,089 35 — 1,356 29 Total real estate loans 43,867 45,173 15,918 27,949 14,028 32,973 459 Commercial and industrial loans 13,700 14,090 143 13,557 8,885 19,361 512 Leases receivable 5,902 5,909 1,112 4,790 2,863 4,854 44 Consumer loans 1,297 1,588 1,220 77 1 1,489 37 Total $ 64,766 $ 66,760 $ 18,393 $ 46,373 $ 25,778 $ 58,677 $ 1,052 December 31, 2018 Real estate loans: Commercial property Retail $ 2,166 $ 2,207 $ 1,894 $ 272 $ — $ 2,001 $ 183 Hospitality 4,282 5,773 4,032 250 — 7,285 482 Other 7,525 8,016 6,253 1,272 1 7,978 601 Total commercial property loans 13,973 15,996 12,179 1,794 1 17,264 1,266 Construction — — — — — — — Residential property 788 929 788 — — 1,932 91 Total real estate loans 14,761 16,925 12,967 1,794 1 19,196 1,357 Commercial and industrial loans 4,396 4,601 1,644 2,752 428 3,568 211 Leases receivable 5,129 5,162 1,256 3,873 1,383 5,229 46 Consumer loans 839 1,073 746 93 — 1,020 60 Total $ 25,125 $ 27,761 $ 16,613 $ 8,512 $ 1,812 $ 29,013 $ 1,674 December 31, 2017 Real estate loans: Commercial property Retail $ 1,403 $ 1,423 $ 1,246 $ 157 $ 1 $ 1,528 $ 106 Hospitality 6,184 7,220 2,144 4,040 1,677 6,080 431 Other 8,513 9,330 7,569 944 394 9,551 842 Total commercial property loans 16,100 17,973 10,959 5,141 2,072 17,159 1,379 Construction — — — — — — — Residential property 2,563 2,728 824 1,739 21 2,771 122 Total real estate loans 18,663 20,701 11,783 6,880 2,093 19,930 1,501 Commercial and industrial loans 3,040 3,081 1,069 1,971 441 4,214 208 Leases receivable 4,452 4,626 455 3,997 3,334 4,464 47 Consumer loans 1,029 1,215 919 110 10 982 33 Total $ 27,184 $ 29,623 $ 14,226 $ 12,958 $ 5,878 $ 29,590 $ 1,789 |
Summary of Interest Foregone on Impaired Loans and Leases | The following is a summary of interest foregone on impaired loans and leases for the periods indicated: Year Ended December 31, 2019 2018 2017 (in thousands) Interest income that would have been recognized had impaired loans and leases performed in accordance with their original terms $ 3,439 $ 2,808 $ 2,575 Less: Interest income recognized on impaired loans and leases (1,279 ) (1,674 ) (1,790 ) Interest foregone on impaired loans and leases $ 2,160 $ 1,134 $ 785 |
Non-Accrual Loans, Disaggregated by Loan Class | The following table details the recorded investment in nonaccrual loans and leases, disaggregated by loan class, as of the dates indicated: As of December 31, 2019 2018 (in thousands) Real estate loans: Commercial property Retail $ 277 $ 865 Hospitality 225 3,625 Other 14,864 1,641 Total commercial property loans 15,366 6,131 Construction 27,201 — Residential property 1,124 182 Total real estate loans 43,691 6,313 Commercial and industrial loans 13,479 3,337 Leases receivable 5,902 5,129 Consumer loans 689 746 Total nonaccrual loans and leases $ 63,761 $ 15,525 |
Non-Performing Assets | The following table details the recorded investment in nonperforming assets as of the dates indicated: As of December 31, 2019 2018 (in thousands) Nonaccrual loans and leases $ 63,761 $ 15,525 Loans and leases 90 days or more past due and still accruing — 4 Total nonperforming loans and leases 63,761 15,529 Other real estate owned ("OREO") 63 663 Total nonperforming assets $ 63,824 $ 16,192 |
Troubled Debt Restructurings, Disaggregated by Type of Concession and by Loan Type | The following table details the recorded investment in TDRs, disaggregated by concession type and by loan type, as of December 31, 2019 and 2018: Nonaccrual TDRs Accrual TDRs Deferral of Principal Deferral of Principal and/or Interest Reduction of Principal and/or Interest Extension of Maturity Total Deferral of Principal Deferral of Principal and/or Interest Reduction of Principal and/or Interest Extension of Maturity Total (in thousands) December 31, 2019 Real estate loans $ — $ 132 $ 27,740 $ 13,926 $ 41,798 $ — $ — $ — $ — $ — Commercial and industrial loans — 153 12,527 312 12,991 — 36 71 114 222 Consumer loans 689 — — — 689 531 — 77 — 608 Total loans $ 689 $ 285 $ 40,266 $ 14,238 $ 55,478 $ 531 $ 36 $ 148 $ 114 $ 830 December 31, 2018 Real estate loans $ 462 $ 1,423 $ 174 $ — $ 2,059 $ 3,345 $ — $ 1,148 $ 741 $ 5,234 Commercial and industrial loans 265 107 669 430 1,471 — 166 386 150 702 Consumer loans 746 — — — 746 — — 93 — 93 Total loans $ 1,473 $ 1,530 $ 843 $ 430 $ 4,276 $ 3,345 $ 166 $ 1,627 $ 891 $ 6,029 |
Summary of Loans by Class Modified as Troubled Debt Restructurings | The following table presents the number of loans by class modified as troubled debt restructurings that occurred during the year ending December 31, 2019, 2018, and 2017 with their pre- and post-modification recorded amounts. December 31, 2019 December 31, 2018 December 31, 2017 Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment Number of Loans Pre- Modification Outstanding Recorded Investment Post- Modification Outstanding Recorded Investment (in thousands except for number of loans) Real estate loans 5 $ 40,743 $ 41,798 - $ - $ - 2 $ 182 $ 184 Commercial and industrial loans 2 12,779 12,562 2 684 664 1 123 123 Consumer loans 1 549 531 - - - 1 820 811 Total loans 8 $ 54,071 $ 54,892 2 $ 684 $ 664 4 $ 1,125 $ 1,118 |
Servicing Assets (Tables)
Servicing Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Transfers And Servicing [Abstract] | |
Changes in Servicing Assets | The changes in servicing assets for the years ended December 31, 2019 and 2018 were as follows: As of December 31, 2019 2018 (in thousands) Balance at beginning of period $ 8,520 $ 10,218 Addition related to sale of SBA loans 1,699 1,589 Amortization (3,263 ) (3,287 ) Balance at end of period $ 6,956 $ 8,520 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Summary of Major Components of Premises and Equipment | The following is a summary of the major components of premises and equipment: As of December 31, 2019 2018 (in thousands) Land $ 7,980 $ 8,470 Building and improvements 14,120 17,252 Furniture and equipment 27,358 24,144 Leasehold improvements 12,715 11,671 Leased equipment 879 879 63,052 62,416 Accumulated depreciation and amortization (36,982 ) (34,664 ) Total premises and equipment, net $ 26,070 $ 27,752 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Future Minimum Annual Rental Commitments Under Non-Cancelable Operating Leases | At December 31, 2019, future minimum annual rental commitments under these non-cancelable operating leases, with initial or remaining terms of one year or more, were as follows: Amount (in thousands) 2020 $ 6,374 2021 5,129 2022 4,843 2023 4,735 2024 4,281 Thereafter 17,445 Remaining lease commitments 42,807 Interest (5,648 ) Present value of lease liability $ 37,159 |
Goodwill and Other Intangibles
Goodwill and Other Intangibles (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill and Other Intangible Assets | The Company's intangible assets were as follows for the periods indicated: December 31, 2019 December 31, 2018 Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) Core deposit intangible 10 years $ 2,213 $ (1,567 ) $ 646 $ 2,213 $ (1,360 ) $ 853 Third-party originators intangible 7 years 483 (287 ) 196 483 (185 ) 298 Goodwill N/A 11,031 — 11,031 11,031 — 11,031 Total intangible assets $ 13,727 $ (1,854 ) $ 11,873 $ 13,727 $ (1,545 ) $ 12,182 |
Estimated Future Amortization Expense Related to Other Intangible Assets | Intangible assets amortization expense for the years ended December 31, 2019, 2018 and 2017 was $309,000, $362,000 and $345,000, respectively, and estimated future amortization expense related to the Core Deposit Intangible and the third-party originators intangible for each of the next five years is as follows: Amount (in thousands) 2020 $ 261 2021 216 2022 171 2023 126 2024 68 Thereafter — $ 842 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Scheduled Maturities of Time Deposits | At December 31, 2019, the scheduled maturities of time deposits are as follows: Year Ending December 31, Time Deposits of $250,000 or More Other Time Deposits Total (in thousands) 2020 $ 291,940 $ 1,098,666 $ 1,390,606 2021 7,186 130,331 137,517 2022 — 25,155 25,155 2023 789 1,185 1,974 2024 — 669 669 Total $ 299,914 $ 1,256,005 $ 1,555,919 |
Summary of Interest Expense on Deposits | A summary of interest expense on deposits was as follows for the periods indicated: Year Ended December 31, 2019 2018 2017 (in thousands) Demand: interest-bearing $ 116 $ 106 $ 74 Money market and savings 23,556 16,182 12,515 Time deposits of $100,000 or more 36,867 24,309 10,471 Other time deposits 2,566 2,483 3,029 Total interest expense on deposits $ 63,105 $ 43,080 $ 26,089 |
Borrowings (Tables)
Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Borrowings | The following is a summary of contractual maturities of FHLB advances: December 31, 2019 December 31, 2018 Outstanding Balance Weighted Average Rate Outstanding Balance Weighted Average Rate (in thousands) Overnight advances $ 15,000 1.66 % $ 55,000 2.56 % Advances due within 12 months 25,000 1.75 % — — Advances due over 12 months through 24 months 25,000 1.66 % — — Advances due over 24 months through 36 months 25,000 1.72 % — — Outstanding advances $ 90,000 1.70 % $ 55,000 2.56 % |
Summary of Financial Data Pertaining to Federal Home Loan Bank Advances | The following is financial data pertaining to FHLB advances: As of December 31, 2019 2018 2017 (dollars in thousands) Weighted-average interest rate at end of year 1.70 % 2.56 % 1.41 % Weighted-average interest rate during the year 1.89 % 1.94 % 0.90 % Average balance of FHLB advances $ 40,374 $ 174,452 $ 119,041 Maximum amount outstanding at any month-end $ 285,000 $ 300,000 $ 330,000 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: Year Ended December 31, 2019 2018 2017 (in thousands) Unrecognized tax benefits at beginning of year $ 202 $ 1,039 $ 1,039 Gross decreases for tax positions of prior years (202 ) — — Lapse of statute of limitations — (837 ) — Gross increase for new tax positions 73 — — Unrecognized tax benefits (expense) at end of year $ 73 $ 202 $ 1,039 |
Summary of Provision (Benefit) for Income Taxes | A summary of the provision for income taxes was as follows: Year Ended December 31, 2019 2018 2017 (in thousands) Current expense: Federal $ 18,737 $ 13,415 $ 20,924 State 9,377 5,293 6,804 Total current expense 28,114 18,708 27,728 Deferred expense (benefit): Federal (10,515 ) 3,428 14,623 State (3,039 ) 3,966 (1,727 ) Total deferred expense (13,554 ) 7,394 12,896 Provision for income taxes $ 14,560 $ 26,102 $ 40,624 |
Summary of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities were as follows: Year Ended December 31, 2019 2018 2017 (in thousands) Deferred tax assets: Allowance for loan and lease losses $ 18,401 $ 10,035 $ 9,282 Depreciation — — 192 Purchase accounting 3,912 2,724 4,685 Net operating loss carryforward 15,453 17,609 18,648 Unrealized (gain) loss on securities available for sale — 2,457 919 Mark to market 261 — — Indemnified assets 1,120 1,151 701 Lease liability 10,716 — — Tax credits 198 561 1,241 State taxes 1,739 1,138 1,489 Other 2,646 1,804 3,724 Total deferred tax assets 54,446 37,479 40,881 Deferred tax liabilities: Mark to market — (4,719 ) (4,879 ) Depreciation (388 ) (467 ) — Unrealized (gain) loss on securities available for sale (1,370 ) — — Leases - right of use assets (10,517 ) — — Other (532 ) — (797 ) Total deferred tax liabilities (12,807 ) (5,186 ) (5,676 ) Valuation allowance (4,852 ) (4,852 ) (2,750 ) Net deferred tax assets $ 36,787 $ 27,441 $ 32,455 |
Reconciliation between Federal Statutory Income Tax Rate and Effective Tax Rate | Reconciliation between the federal statutory income tax rate and the effective tax rate is shown in the following table: Year Ended December 31, 2019 2018 2017 Federal statutory income tax rate 21.00 % 21.00 % 35.00 % State taxes, net of federal tax benefits 9.39 % 9.50 % 6.64 % Tax-exempt municipal securities (0.29 )% (0.16 )% (0.24 )% Tax credit - federal (3.49 )% (2.37 )% (2.37 )% Federal rate adjustment, net of federal benefits of state (— )% 1.32 % 4.18 % Low income housing amortization 4.17 % 2.40 % 2.52 % Other (0.03 )% (0.60 )% (3.10 )% Effective tax rate 30.75 % 31.09 % 42.63 % |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accumulated Other Comprehensive Income Loss Net Of Tax [Abstract] | |
Activity in Accumulated Other Comprehensive Income | Activity in accumulated other comprehensive income for the year ended December 31, 2019, 2018 and 2017 was as follows: Unrealized Gains and Losses on Available- for-Sale Tax Benefit Securities (Expense) Total (in thousands) For the year ended December 31, 2019 Balance at beginning of period $ (8,536 ) $ 2,457 $ (6,079 ) Other comprehensive income (loss) before reclassification 14,583 (3,827 ) 10,756 Reclassification from accumulated other comprehensive income (1,295 ) — (1,295 ) Net current period other comprehensive income 13,288 (3,827 ) 9,461 Balance at end of period $ 4,752 $ (1,370 ) $ 3,382 For the year ended December 31, 2018 Balance at beginning of period $ (3,188 ) $ 1,319 $ (1,869 ) Other comprehensive income (loss) before reclassification (5,790 ) 1,684 (4,106 ) Reclassification from accumulated other comprehensive income (87 ) — (87 ) Adjustments to accumulated other comprehensive income 529 (546 ) (17 ) Net current period other comprehensive income (5,348 ) 1,138 (4,210 ) Balance at end of period $ (8,536 ) $ 2,457 $ (6,079 ) For the year ended December 31, 2017 Balance at beginning of period $ (4,089 ) $ 1,695 $ (2,394 ) Other comprehensive income (loss) before reclassification 2,649 (376 ) 2,273 Reclassification from accumulated other comprehensive income (1,748 ) — (1,748 ) Net current period other comprehensive income 901 (376 ) 525 Balance at end of period $ (3,188 ) $ 1,319 $ (1,869 ) |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Capital Ratios of Hanmi Financial and Bank | The capital ratios of Hanmi Financial and the Bank as of December 31, 2019 and 2018 were as follows: Minimum Minimum to Be Regulatory Categorized as Actual Requirement “Well Capitalized” Amount Ratio Amount Ratio Amount Ratio (in thousands) December 31, 2019 Total capital (to risk-weighted assets): Hanmi Financial $ 714,288 15.11 % $ 378,059 8.00 % N/A N/A Hanmi Bank $ 691,024 14.64 % $ 377,516 8.00 % $ 471,895 10.00 % Tier 1 capital (to risk-weighted assets): Hanmi Financial $ 556,820 11.78 % $ 283,544 6.00 % N/A N/A Hanmi Bank $ 631,978 13.39 % $ 283,137 6.00 % $ 377,516 8.00 % Common equity Tier 1 capital (to risk-weighted assets) Hanmi Financial $ 536,781 11.36 % $ 212,658 4.50 % N/A N/A Hanmi Bank $ 631,978 13.39 % $ 212,353 4.50 % $ 306,732 6.50 % Tier 1 capital (to average assets): Hanmi Financial $ 556,820 10.15 % $ 219,367 4.00 % N/A N/A Hanmi Bank $ 631,978 11.56 % $ 218,748 4.00 % $ 273,435 5.00 % December 31, 2018 Total capital (to risk-weighted assets): Hanmi Financial $ 682,398 14.54 % $ 375,449 8.00 % N/A N/A Hanmi Bank $ 664,195 14.19 % $ 374,538 8.00 % $ 468,173 10.00 % Tier 1 capital (to risk-weighted assets): Hanmi Financial $ 550,839 11.74 % $ 281,587 6.00 % N/A N/A Hanmi Bank $ 630,782 13.47 % $ 280,904 6.00 % $ 374,538 8.00 % Common equity Tier 1 capital (to risk-weighted assets) Hanmi Financial $ 531,177 11.32 % $ 211,190 4.50 % N/A N/A Hanmi Bank $ 630,782 13.47 % $ 210,678 4.50 % $ 304,312 6.50 % Tier 1 capital (to average assets): Hanmi Financial $ 550,839 10.18 % $ 216,526 4.00 % N/A N/A Hanmi Bank $ 630,782 11.67 % $ 216,265 4.00 % $ 270,331 5.00 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | As of December 31, 2019 and 2018, assets and liabilities measured at fair value on a recurring basis are as follows: Level 1 Level 2 Level 3 Quoted Significant Prices in Observable Active Inputs with Markets No Active for Identical Market with Identical Significant Unobservable Total Fair Assets Characteristics Inputs Value (in thousands) December 31, 2019 Assets: Securities available for sale: U.S. Treasury securities $ 35,205 $ — $ — $ 35,205 U.S. government agency and sponsored agency obligations: Mortgage-backed securities — 410,800 — 410,800 Collateralized mortgage obligations — 164,592 — 164,592 Debt securities — 23,879 — 23,879 Total U.S. government agency and sponsored agency obligations — 599,272 — 599,272 Total securities available for sale $ 35,205 $ 599,272 $ — $ 634,477 December 31, 2018 Assets: Securities available for sale: U.S. Treasury securities $ 39,830 $ — $ — $ 39,830 U.S. government agency and sponsored agency obligations: Mortgage-backed securities — 295,034 — 295,034 Collateralized mortgage obligations — 122,292 — 122,292 Debt securities — 7,402 — 7,402 Total U.S. government agency and sponsored agency obligations — 424,728 — 424,728 Municipal bonds-tax exempt — 110,350 — 110,350 Total securities available for sale $ 39,830 $ 535,078 $ — $ 574,908 |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | As of December 31, 2019 and 2018, assets and liabilities measured at fair value on a non-recurring basis are as follows: Level 1 Level 2 Level 3 Quoted Significant Prices in Observable Active Inputs With Markets No Active for Identical Market With Identical Significant Unobservable Total Assets Characteristics Inputs (in thousands) December 31, 2019 Assets: Impaired loans and leases (1) $ 31,049 $ — $ — $ 31,049 Other real estate owned 63 — — 63 Bank-owned premises 1,900 — — 1,900 December 31, 2018 Assets: Impaired loans and leases (2) $ 5,210 $ — $ 3,253 $ 1,957 Other real estate owned 663 — 663 — (1) Includes real estate loans of $41.4 million and commercial and industrial loans of $12.5 million. (2) Includes real estate loans of $3.5 million and commercial and industrial loans of $1.7 million. |
Quantitative Information about Level 3 Fair Value Comments for Assets Measured at Fair Value on Non-Recurring Basis | The following table represents quantitative information about Level 3 fair value comments for assets measured at fair value on a non-recurring basis at December 31, 2019 and 2018: Fair Value Valuation Techniques Unobservable Input(s) Range (Weighted Average) (in thousands) December 31, 2019 Impaired loans and leases: Real estate loans: Commercial property Other $ 13,926 Market approach Market data comparison (1) Construction 13,228 Market approach Market data comparison (3)% to 43% /21% (2) Total real estate loans 27,154 Commercial and industrial loans: Commercial lines of credit 3,895 Market approach Market data comparison (8)% to 42% /18% (2) Total $ 31,049 Bank-owned premises 1,900 Market approach Market data comparison (30)% to 55% /(2)% (2) (1) The values were estimated by current market data comparison, supplemented by cost information. The properties compared when possible, with others for sale and that have sold in the general time period. Adjustments are made for differences in equipment, mileage, cosmetics, conversions, originality, condition as well as sale terms and current economic conditions at time of sale. (2) Appraisal reports utilize a combination of valuation techniques including a market approach, where prices and other relevant information generated by market transactions involving similar or comparable properties are used to determine the appraised value. Appraisals may include an ‘as is’ and ‘upon completion’ valuation scenarios. Adjustments are routinely made in the appraisal process by third-party appraisers to adjust for differences between the comparable sales and income data. Adjustments also result from the consideration of relevant economic and demographic factors with the potential to affect property values. Also, prospective values are based on the market conditions which exist at the date of inspection combined with informed forecasts based on current trends in supply and demand for the property types under appraisal. Positive adjustments disclosed in this table represent increases to the sales comparison and negative adjustment represent decreases. |
Estimated Fair Values of Financial Instruments | The estimated fair values of financial instruments were as follows: December 31, 2019 Carrying Fair Value Amount Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and due from banks $ 121,678 $ 121,678 $ — $ — Securities available for sale 634,477 35,205 599,272 — Loans held for sale 6,020 — 6,382 — Loans and leases receivable, net of allowance for loan and lease losses 4,548,739 — — 4,520,322 Accrued interest receivable 11,742 11,742 — — Financial liabilities: Noninterest-bearing deposits 1,391,624 — 1,391,624 — Interest-bearing deposits 3,307,338 — — 3,317,867 Borrowings and subordinated debentures 208,377 — 89,831 118,807 Accrued interest payable 11,215 11,215 — — December 31, 2018 Carrying Fair Value Amount Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and due from banks $ 155,376 $ 155,376 $ — $ — Securities available for sale 574,908 39,830 535,078 — Loans held for sale 9,390 — 9,905 — Loans and leases receivable, net of allowance for loan and lease losses 4,568,566 — — 4,518,716 Accrued interest receivable 13,331 13,331 — — Financial liabilities: Noninterest-bearing deposits 1,284,530 — 1,284,530 — Interest-bearing deposits 3,462,705 — — 3,458,523 Borrowings and subordinated debentures 172,808 — 98,020 54,939 Accrued interest payable 11,379 11,379 — — |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation Expense and Related Tax Benefits | The table below provides the share-based compensation expense and related tax benefits for the periods indicated: Year Ended December 31, 2019 2018 2017 Share-based compensation expense $ 3,125 $ 3,515 $ 2,893 Related tax benefits $ 941 $ 984 $ 1,179 |
Summary of Information under Plans | The following information under the Plans is presented for the periods indicated: Year Ended December 31, 2019 2018 2017 Fair value of options vested $ — $ 184 $ 820 Total intrinsic value of options exercised (1) $ 842 $ — $ 432 Cash received from options exercised $ 2,979 $ — $ 288 (1) |
Summary of Stock Option Transactions under Plans | The following is a summary of stock option transactions under the Plans for the periods indicated: Year Ended December 31, 2019 2018 2017 Number of Shares Weighted- Average Exercise Price Per Share Number of Shares Weighted- Average Exercise Price Per Share Number of Shares Weighted- Average Exercise Price Per Share Options outstanding at beginning of period 338,338 $ 17.52 364,088 $ 17.86 387,901 $ 17.49 Options granted — $ — — $ — — $ — Options exercised (181,900 ) $ 16.38 (25,750 ) $ 22.06 (23,813 ) $ 12.21 Options forfeited — $ — — $ — — $ — Options expired — $ — — $ — — $ — Options outstanding at end of period 156,438 $ 18.84 338,338 $ 17.52 364,088 $ 17.86 Options exercisable at end of period 156,438 $ 18.84 338,338 $ 17.52 354,753 $ 17.71 |
Summary of Transactions for Non-Vested Stock Options | The following is a summary of transactions for non-vested stock options under the Plans for the periods indicated: Year Ended December 31, 2019 2018 2017 Number of Shares Weighted- Average Exercise Price Per Share Number of Shares Weighted- Average Exercise Price Per Share Number of Shares Weighted- Average Exercise Price Per Share Non-vested options outstanding at beginning of period — $ — 9,335 $ 23.47 46,340 $ 22.42 Options granted — $ — — $ — — $ — Options vested — $ — (9,335 ) $ 23.47 (37,005 ) $ 22.16 Options forfeited — $ — — $ — — $ — Non-vested options outstanding at end of period — $ — — $ — 9,335 $ 23.47 |
Summary of Stock Options Outstanding under Plans | As of December 31, 2019, stock options outstanding under the Plans were as follows: Options Outstanding Options Exercisable Number of Shares Intrinsic Value (1) Weighted- Average Average Exercise Price Per Share Weighted- Average Remaining Contractual Life Number of Shares Intrinsic Value (1) Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Life $10.80 to $14.99 10,438 $ 78 $ 12.54 2.9 years 10,438 $ 78 $ 12.54 2.9 years $15.00 to $19.99 85,000 270 16.82 3.8 years 85,000 270 16.82 3.8 years $20.00 to $24.83 61,000 — 22.73 4.8 years 61,000 — 22.73 4.8 years 156,438 $ 348 $ 18.84 156,438 $ 924 $ 18.84 (1) |
Schedule of Restricted Stock Awards under 2013 Plan | The table below provides information for restricted stock awards under the 2013 Plan for the periods indicated: 2019 2018 2017 Number of Shares Weighted- Average Grant Date Fair Value Per Share Number of Shares Weighted- Average Grant Date Per Share Number of Shares Weighted- Average Grant Date Fair Value Per Share Restricted stock at beginning of period 304,595 $ 21.98 317,783 $ 21.09 343,958 $ 16.60 Restricted stock granted 181,204 $ 22.05 156,771 $ 25.02 127,239 $ 31.06 Restricted stock vested (99,527 ) $ 27.56 (106,674 ) $ 27.11 (139,298 ) $ 18.73 Restricted stock forfeited (90,071 ) $ 13.78 (63,285 ) $ 15.38 (14,116 ) $ 24.73 Restricted stock at end of period 296,201 $ 22.91 304,595 $ 21.98 317,783 $ 21.09 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Reconciliation of Components Used to Derive Basic and Diluted EPS | The following table is a reconciliation of the components used to derive basic and diluted EPS for the periods indicated: Weighted- Net Average Per Income Shares Share (Numerator) (Denominator) Amount (1) Year Ended December 31, 2019 Basic EPS Net income $ 32,788 30,725,376 $ 1.07 Less: income allocated to unvested restricted stock 230 30,725,376 0.01 Basic EPS $ 32,558 30,725,376 $ 1.06 Effect of dilutive securities - options and unvested restricted stock — 35,046 — Diluted EPS Net income $ 32,788 30,760,422 $ 1.07 Less: income allocated to unvested restricted stock 230 30,760,422 0.01 Diluted EPS $ 32,558 30,760,422 $ 1.06 Year Ended December 31, 2018 Basic EPS Net income $ 57,868 31,924,863 $ 1.81 Less: income allocated to unvested restricted stock 359 31,924,863 0.01 Basic EPS $ 57,509 31,924,863 $ 1.80 Effect of dilutive securities - options and unvested restricted stock — 126,470 — Diluted EPS Net income $ 57,868 32,051,333 $ 1.80 Less: income allocated to unvested restricted stock 359 32,051,333 0.01 Diluted EPS $ 57,509 32,051,333 $ 1.79 Year Ended December 31, 2017 Basic EPS Net income $ 54,660 32,071,585 $ 1.71 Less: income allocated to unvested restricted stock 339 32,071,585 0.01 Basic EPS $ 54,321 32,071,585 $ 1.70 Effect of dilutive securities - options and unvested restricted stock — 178,333 — Diluted EPS Net income $ 54,660 32,249,918 $ 1.70 Less: income allocated to unvested restricted stock 339 32,249,918 0.01 Diluted EPS $ 54,321 32,249,918 $ 1.69 (1) Per share amounts may not be able to be recalculated using net income and weighted-average shares presented above due to rounding. |
Off-Balance Sheet Commitments (
Off-Balance Sheet Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Risks And Uncertainties [Abstract] | |
Distribution of Undisbursed Loan Commitments | The following table shows the distribution of undisbursed loan commitments as of the dates indicated: December 31, 2019 2018 (in thousands) Commitments to extend credit $ 371,287 $ 325,100 Standby letters of credit 31,372 32,500 Commercial letters of credit 11,133 13,848 Total undisbursed loan commitments $ 413,792 $ 371,448 |
Allowance For Loan Losses And Allowance For Off Balance Sheet Items | Activity in the allowance for off-balance sheet items was as follows for the periods indicated: As of and for the Year Ended December 31, 2019 2018 2017 (in thousands) Allowance for off-balance sheet items: Balance at beginning of period $ 1,439 $ 1,296 $ 1,184 Provision charged to operating expense 958 143 112 Balance at end of period $ 2,397 $ 1,439 $ 1,296 |
Condensed Financial Informati_2
Condensed Financial Information of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Of Parent Company Only Disclosure [Abstract] | |
Balance Sheets of Parent Company | Balance Sheets Year Ended December 31, 2019 2018 (in thousands) Assets Cash $ 17,105 $ 7,450 Investments in consolidated subsidiaries 658,464 652,174 Other assets 7,511 12,196 Total assets $ 683,080 $ 671,820 Liabilities and Stockholders' Equity Liabilities Subordinated debentures $ 118,377 $ 117,808 Other liabilities 1,436 1,444 Total liabilities 119,813 119,252 Stockholders' equity 563,267 552,568 Total liabilities and stockholders' equity $ 683,080 $ 671,820 |
Statement of Income of Parent Company | Statements of Income Year Ended December 31, 2019 2018 2017 (in thousands) Dividends from bank subsidiaries $ 44,500 $ 76,669 $ 22,619 Interest expense (7,032 ) (6,925 ) (5,353 ) Other expense (5,333 ) (5,988 ) (5,291 ) Income before taxes and undistributed income of subsidiary 32,135 63,756 11,975 Income tax benefit 3,823 4,116 7,513 Income before undistributed income of subsidiary 35,958 67,872 19,488 Equity in undistributed income of subsidiary (3,170 ) (10,004 ) 35,172 Net income $ 32,788 $ 57,868 $ 54,660 |
Statement of Cash Flows of Parent Company | Statements of Cash Flows Year Ended December 31, 2019 2018 2017 (in thousands) Cash Flows from Operating Activities: Net income $ 32,788 $ 57,868 $ 54,660 Adjustments to reconcile net income to net cash used in operating activities Undistributed income of subsidiary 3,170 10,004 (35,172 ) Amortization of subordinated debentures 569 538 463 Share-based compensation expense 3,125 3,515 2,893 Change in other assets and liabilities 4,679 (10,463 ) 5,156 Net cash provided by operating activities 44,331 61,462 28,000 Cash Flows from Investing Activities: Equity contribution to Hanmi Bank — — (90,000 ) Net cash provided by (used in) investing activities — — (90,000 ) Cash Flows from Financing Activities: Proceeds from exercise of stock options 2,979 570 288 Proceeds from insurance of long-term debt — — 97,828 Cash paid for repurchase of vested shares due to employee tax liability (517 ) (680 ) (1,103 ) Repurchase of common stock (7,362 ) (36,068 ) — Cash dividends paid (29,776 ) (30,921 ) (25,811 ) Net cash provided by (used in) investing activities (34,676 ) (67,099 ) 71,202 Net increase (decrease) in cash 9,655 (5,637 ) 9,202 Cash at beginning of year 7,450 13,087 3,885 Cash at end of year $ 17,105 $ 7,450 $ 13,087 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Data | Summarized quarterly financial data is shown in the following tables: Quarter Ended March 31 June 30 September 30 December 31 2019: Interest and dividend income $ 62,414 $ 61,482 $ 62,177 $ 60,699 Interest expense 17,526 18,492 18,119 16,763 Net interest income before provision for loan and lease losses 44,888 42,990 44,058 43,936 Loan and lease loss provision 1,117 16,699 1,602 10,752 Noninterest income 6,254 7,729 6,860 6,709 Noninterest expense 29,065 30,144 32,607 34,089 Income before provision for income taxes 20,960 3,876 16,709 5,804 Provision for income taxes 6,288 1,220 4,333 2,720 Net income $ 14,672 $ 2,656 $ 12,377 $ 3,084 Basic earnings per share $ 0.48 $ 0.09 $ 0.40 $ 0.10 Diluted earnings per share $ 0.48 $ 0.09 $ 0.40 $ 0.10 Quarter Ended March 31 June 30 September 30 December 31 2018: Interest and dividend income $ 55,082 $ 57,322 $ 60,036 $ 61,957 Interest expense 10,158 12,208 14,707 16,311 Net interest income before provision for loan and lease losses 44,924 45,114 45,329 45,646 Loan and lease loss provision 649 100 200 3,041 Noninterest income 6,061 5,945 6,215 6,299 Noninterest expense 29,757 29,510 29,008 29,298 Income before provision for income taxes 20,579 21,449 22,336 19,606 Provision for income taxes 5,724 5,901 6,255 8,222 Net income $ 14,855 $ 15,548 $ 16,081 $ 11,384 Basic earnings per share $ 0.46 $ 0.48 $ 0.50 $ 0.37 Diluted earnings per share $ 0.46 $ 0.48 $ 0.50 $ 0.37 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2019USD ($)branchSegmentshares | Dec. 31, 2018USD ($) | Dec. 31, 2016 | Jan. 24, 2019shares | Jan. 01, 2019USD ($) | |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Number of reportable segments | Segment | 1 | ||||
Estimated loss emergence period | 2 years 6 months | 2 years 6 months | 2 years 6 months | ||
Impairment of intangible assets | $ 0 | ||||
Goodwill impairment loss | 0 | ||||
Bank-owned life insurance | $ 52,782,000 | $ 51,661,000 | |||
Stock options, expiration term from date of grant | 10 years | ||||
Number of shares authorized for repurchase (percent) | 5.00% | ||||
Number of shares authorized for repurchase under program (shares) | shares | 1,500,000 | ||||
Shares repurchased | $ 7,362,000 | $ 36,068,000 | |||
Original opening amount of right-of-use asset | $ 36,500,000 | ||||
Number of loan and lease segments | Segment | 4 | ||||
Allowance for loan and lease losses | $ 61,400,000 | ||||
Leases coverage ratio | 1.33% | ||||
ASU 2016-02 | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Original opening amount of right-of-use asset | $ 40,900,000 | ||||
Stock Repurchase Program | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Shares repurchased (shares) | shares | 375,000 | ||||
Shares repurchased | $ 7,400,000 | ||||
Minimum | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Period of continuous service | 3 years | ||||
Expected allowance for credit losses coverage ratio | 1.63% | ||||
Expected allowance for credit losses coverage ratio Increases | 22.60% | ||||
Maximum | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Period of continuous service | 5 years | ||||
Expected allowance for credit losses coverage ratio | 1.88% | ||||
Expected allowance for credit losses coverage ratio Increases | 41.40% | ||||
Split Dollar Death Benefit Agreement | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Bank-owned life insurance | $ 3,900,000 | ||||
Full Service | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Number of branches | branch | 35 | ||||
Loan Production | |||||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||||
Number of branches | branch | 9 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Useful Lives for Principal Classes of Assets (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings and improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment useful life | 10 years |
Buildings and improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment useful life | 30 years |
Furniture and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment useful life | 3 years |
Furniture and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment useful life | 10 years |
Leasehold improvements | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment useful life | Term of lease or useful life, whichever is shorter |
Software | |
Property, Plant and Equipment [Line Items] | |
Premises and equipment useful life | 3 years |
Securities - Summary of Investm
Securities - Summary of Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 629,725 | $ 583,444 |
Gross Unrealized Gain | 5,553 | 401 |
Gross Unrealized Loss | (801) | (8,937) |
Estimated Fair Value | 634,477 | 574,908 |
Municipal bonds-tax exempt | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 110,670 | |
Gross Unrealized Gain | 197 | |
Gross Unrealized Loss | (517) | |
Estimated Fair Value | 110,350 | |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 34,946 | 39,768 |
Gross Unrealized Gain | 259 | 69 |
Gross Unrealized Loss | (7) | |
Estimated Fair Value | 35,205 | 39,830 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 406,813 | 300,957 |
Gross Unrealized Gain | 4,334 | 61 |
Gross Unrealized Loss | (347) | (5,984) |
Estimated Fair Value | 410,800 | 295,034 |
Collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 164,232 | 124,550 |
Gross Unrealized Gain | 792 | 74 |
Gross Unrealized Loss | (432) | (2,332) |
Estimated Fair Value | 164,592 | 122,292 |
Debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 23,733 | 7,499 |
Gross Unrealized Gain | 168 | |
Gross Unrealized Loss | (22) | (97) |
Estimated Fair Value | 23,879 | 7,402 |
Total U.S. government agency and sponsored agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 594,778 | 433,006 |
Gross Unrealized Gain | 5,294 | 135 |
Gross Unrealized Loss | (801) | (8,413) |
Estimated Fair Value | $ 599,272 | $ 424,728 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments Debt And Equity Securities [Abstract] | ||
Available-for-Sale Within one year, Amortized Cost | $ 38,285 | |
Available-for-Sale Over one year through five years, Amortized Cost | 140,066 | |
Available-for-Sale Over five years through ten years, Amortized Cost | 209,985 | |
Available-for-Sale Over ten years, Amortized Cost | 241,389 | |
Amortized Cost | 629,725 | $ 583,444 |
Available-for-Sale Within one year, Estimated Fair Value | 38,381 | |
Available-for-Sale Over one year through five years, Estimated Fair Value | 140,619 | |
Available-for-Sale Over five years through ten years, Estimated Fair Value | 212,473 | |
Available-for-Sale Over ten years, Estimated Fair Value | 243,004 | |
Estimated fair value | $ 634,477 | $ 574,908 |
Securities - Available for Sale
Securities - Available for Sale Securities, Continuous Unrealized Loss Position, Fair value (Detail) $ in Thousands | Dec. 31, 2019USD ($)Security | Dec. 31, 2018USD ($)Security |
Summary of Investment Holdings [Line Items] | ||
Available-for-Sale Within One Year, Gross Unrealized Loss | $ (318) | $ (321) |
Available-for-Sale Within One Year, Estimated Fair Value | $ 100,916 | $ 78,252 |
Available-for-Sale Within One Year, Number of Securities | Security | 33 | 20 |
Available-for-Sale More than One Year, Gross Unrealized Loss | $ (483) | $ (8,616) |
Available-for-Sale More than One Year, Estimated Fair Value | $ 61,690 | $ 410,128 |
Available-for-Sale More than One Year, Number of Securities | Security | 51 | 188 |
Available-for-Sale, Gross Unrealized Loss | $ (801) | $ (8,937) |
Available-for-Sale, Estimated Fair Value | $ 162,606 | $ 488,380 |
Available-for-Sale, Number of Securities | Security | 84 | 208 |
Municipal bonds-tax exempt | ||
Summary of Investment Holdings [Line Items] | ||
Available-for-Sale Within One Year, Gross Unrealized Loss | $ (29) | |
Available-for-Sale Within One Year, Estimated Fair Value | $ 8,196 | |
Available-for-Sale Within One Year, Number of Securities | Security | 5 | |
Available-for-Sale More than One Year, Gross Unrealized Loss | $ (488) | |
Available-for-Sale More than One Year, Estimated Fair Value | $ 65,644 | |
Available-for-Sale More than One Year, Number of Securities | Security | 30 | |
Available-for-Sale, Gross Unrealized Loss | $ (517) | |
Available-for-Sale, Estimated Fair Value | $ 73,840 | |
Available-for-Sale, Number of Securities | Security | 35 | |
Mortgage-backed securities | ||
Summary of Investment Holdings [Line Items] | ||
Available-for-Sale Within One Year, Gross Unrealized Loss | $ (186) | $ (226) |
Available-for-Sale Within One Year, Estimated Fair Value | $ 51,261 | $ 41,527 |
Available-for-Sale Within One Year, Number of Securities | Security | 17 | 10 |
Available-for-Sale More than One Year, Gross Unrealized Loss | $ (161) | $ (5,758) |
Available-for-Sale More than One Year, Estimated Fair Value | $ 18,757 | $ 244,550 |
Available-for-Sale More than One Year, Number of Securities | Security | 14 | 106 |
Available-for-Sale, Gross Unrealized Loss | $ (347) | $ (5,984) |
Available-for-Sale, Estimated Fair Value | $ 70,018 | $ 286,077 |
Available-for-Sale, Number of Securities | Security | 31 | 116 |
Collateralized mortgage obligations | ||
Summary of Investment Holdings [Line Items] | ||
Available-for-Sale Within One Year, Gross Unrealized Loss | $ (112) | $ (59) |
Available-for-Sale Within One Year, Estimated Fair Value | $ 41,419 | $ 13,732 |
Available-for-Sale Within One Year, Number of Securities | Security | 14 | 3 |
Available-for-Sale More than One Year, Gross Unrealized Loss | $ (320) | $ (2,273) |
Available-for-Sale More than One Year, Estimated Fair Value | $ 39,936 | $ 92,532 |
Available-for-Sale More than One Year, Number of Securities | Security | 36 | 49 |
Available-for-Sale, Gross Unrealized Loss | $ (432) | $ (2,332) |
Available-for-Sale, Estimated Fair Value | $ 81,355 | $ 106,264 |
Available-for-Sale, Number of Securities | Security | 50 | 52 |
Debt securities | ||
Summary of Investment Holdings [Line Items] | ||
Available-for-Sale Within One Year, Gross Unrealized Loss | $ (20) | |
Available-for-Sale Within One Year, Estimated Fair Value | $ 8,235 | |
Available-for-Sale Within One Year, Number of Securities | Security | 2 | |
Available-for-Sale More than One Year, Gross Unrealized Loss | $ (3) | $ (97) |
Available-for-Sale More than One Year, Estimated Fair Value | $ 2,997 | $ 7,402 |
Available-for-Sale More than One Year, Number of Securities | Security | 1 | 3 |
Available-for-Sale, Gross Unrealized Loss | $ (22) | $ (97) |
Available-for-Sale, Estimated Fair Value | $ 11,233 | $ 7,402 |
Available-for-Sale, Number of Securities | Security | 3 | 3 |
Total U.S. government agency and sponsored agency obligations | ||
Summary of Investment Holdings [Line Items] | ||
Available-for-Sale Within One Year, Gross Unrealized Loss | $ (318) | $ (285) |
Available-for-Sale Within One Year, Estimated Fair Value | $ 100,916 | $ 55,259 |
Available-for-Sale Within One Year, Number of Securities | Security | 33 | 13 |
Available-for-Sale More than One Year, Gross Unrealized Loss | $ (483) | $ (8,128) |
Available-for-Sale More than One Year, Estimated Fair Value | $ 61,690 | $ 344,484 |
Available-for-Sale More than One Year, Number of Securities | Security | 51 | 158 |
Available-for-Sale, Gross Unrealized Loss | $ (801) | $ (8,413) |
Available-for-Sale, Estimated Fair Value | $ 162,606 | $ 399,743 |
Available-for-Sale, Number of Securities | Security | 84 | 171 |
U.S. Treasury securities | ||
Summary of Investment Holdings [Line Items] | ||
Available-for-Sale Within One Year, Gross Unrealized Loss | $ (7) | |
Available-for-Sale Within One Year, Estimated Fair Value | $ 14,797 | |
Available-for-Sale Within One Year, Number of Securities | Security | 2 | |
Available-for-Sale, Gross Unrealized Loss | $ (7) | |
Available-for-Sale, Estimated Fair Value | $ 14,797 | |
Available-for-Sale, Number of Securities | Security | 2 |
Securities - Realized Gains and
Securities - Realized Gains and Losses on Sales of Investment Securities (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |||
Gross realized gains on sales of securities | $ 1,359,000 | $ 87,000 | $ 1,891,000 |
Gross realized losses on sales of securities | (64,000) | (957,000) | (143,000) |
Net realized gains (losses) on sales of securities | 1,295,000 | (870,000) | 1,748,000 |
Proceeds from sales of securities | $ 113,306,000 | $ 34,751,000 | $ 97,271,000 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||||
Reduction in securities available for sale | $ (634,477,000) | $ (574,908,000) | ||
Reduction to retained earnings | (100,551,000) | (97,539,000) | ||
Net gain (loss) in earnings resulting from sale of securities | 1,295,000 | (870,000) | $ 1,748,000 | |
Net unrealized gains (losses) recorded in comprehensive income | 586,000 | (413,000) | 1,300,000 | |
Gross realized losses included in earnings | 64,000 | 957,000 | $ 143,000 | |
Gain (Loss) on Sale of Investments | (428,000) | |||
Available for sale securities pledged as collateral | $ 30,200,000 | 29,900,000 | ||
ASU 2016-01 | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Reduction in securities available for sale | $ 529,000 | |||
Reduction to retained earnings | 382,000 | |||
Increase in net deferred tax asset | $ 147,000 | |||
Net unrealized gains (losses) recorded in comprehensive income | $ (529,000) |
Loans and Leases - Loans and Le
Loans and Leases - Loans and Leases Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases receivable | $ 4,610,147 | $ 4,600,540 | ||
Allowance for loan and lease losses | (61,408) | (31,974) | $ (31,043) | $ (32,429) |
Loans and leases receivable, net | 4,548,739 | 4,568,566 | ||
Real Estate | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases receivable | 3,628,505 | 3,758,355 | ||
Real Estate | Retail | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases receivable | 869,302 | 906,260 | ||
Real Estate | Hospitality | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases receivable | 922,288 | 830,679 | ||
Real Estate | Other | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases receivable | 1,358,432 | 1,449,270 | ||
Real Estate | Total commercial property loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases receivable | 3,150,022 | 3,186,209 | ||
Real Estate | Construction | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases receivable | 76,455 | 71,583 | ||
Real Estate | Residential property | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases receivable | 402,028 | 500,563 | ||
Commercial and Industrial | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases receivable | 484,093 | 429,903 | ||
Commercial and Industrial | Commercial term | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases receivable | 227,652 | 206,691 | ||
Commercial and Industrial | Commercial lines of credit | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases receivable | 228,033 | 194,032 | ||
Commercial and Industrial | International loans | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases receivable | 28,409 | 29,180 | ||
Leases Receivable | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases receivable | 483,879 | 398,858 | ||
Consumer | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases receivable | 13,670 | 13,424 | ||
Consumer | Home equity line of credit | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total gross loans and leases receivable | $ 8,200 | $ 10,300 |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($)Property | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable | $ 11,742,000 | $ 13,331,000 |
Loans and leases receivable pledged to secure advances | 1,350,000,000 | 1,100,000,000 |
Loans 90 days or more past due and still accruing | $ 0 | $ 4,000 |
Number of real estate properties | Property | 2 | 7 |
Other real estate owned ("OREO") | $ 63,000 | $ 663,000 |
TDR loans receivable | $ 56,300,000 | 10,300,000 |
Principal and interest due | 6 months | |
Reserves relating to loans included in allowance for loan and lease losses | $ 22,700,000 | 300,000 |
Loans default payment past due period | 30 days | |
Total recorded investment | $ 132,000 | 132,000 |
Loans and lease receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable | $ 10,000,000 | $ 10,900,000 |
Loans and Leases - Activity for
Loans and Leases - Activity for SBA Loans Held for Sale (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Reclassification From Portfolio Loans To Loans Held For Sale [Roll Forward] | |||
Balance at beginning of period | $ 9,390 | $ 6,394 | |
Originations | 76,765 | 79,146 | $ 109,111 |
Sales | (80,116) | (75,951) | |
Principal paydowns and amortization | (19) | (199) | |
Balance at end of period | 6,020 | 9,390 | 6,394 |
Real Estate | |||
Financing Receivable, Reclassification From Portfolio Loans To Loans Held For Sale [Roll Forward] | |||
Balance at beginning of period | 5,194 | 3,746 | |
Originations | 43,001 | 39,243 | |
Sales | (45,251) | (37,790) | |
Principal paydowns and amortization | (1) | (5) | |
Balance at end of period | 2,943 | 5,194 | 3,746 |
Commercial and Industrial | |||
Financing Receivable, Reclassification From Portfolio Loans To Loans Held For Sale [Roll Forward] | |||
Balance at beginning of period | 4,196 | 2,648 | |
Originations | 33,764 | 39,903 | |
Sales | (34,865) | (38,161) | |
Principal paydowns and amortization | (18) | (194) | |
Balance at end of period | $ 3,077 | $ 4,196 | $ 2,648 |
Loans and Leases - Allowance fo
Loans and Leases - Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for loan losses: | |||
Balance at beginning of period | $ 31,974 | $ 31,043 | $ 32,429 |
Loans and leases charged off | (4,588) | (7,310) | (5,899) |
Recoveries on loans and leases previously charged off | 3,852 | 4,251 | 3,682 |
Net charge-offs | (736) | (3,059) | (2,217) |
Loan and lease loss provision | 30,170 | 3,990 | 831 |
Balance at end of period | $ 61,408 | $ 31,974 | $ 31,043 |
Loans and Leases - Allowance _2
Loans and Leases - Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for loan losses: | |||
Balance at beginning of period | $ 31,974 | $ 31,043 | $ 32,429 |
Less loans and leases charged off | (4,588) | (7,310) | (5,899) |
Recoveries on loans and leases previously charged off | 3,852 | 4,251 | 3,682 |
Loan and lease loss provision | 30,170 | 3,990 | 831 |
Balance at end of period | 61,408 | 31,974 | 31,043 |
Loans receivable: | |||
Total loans and leases receivable | 4,610,147 | 4,600,540 | |
Real Estate | |||
Loans receivable: | |||
Total loans and leases receivable | 3,628,505 | 3,758,355 | |
Commercial and Industrial | |||
Loans receivable: | |||
Total loans and leases receivable | 484,093 | 429,903 | |
Leases Receivable | |||
Loans receivable: | |||
Total loans and leases receivable | 483,879 | 398,858 | |
Consumer | |||
Loans receivable: | |||
Total loans and leases receivable | 13,670 | 13,424 | |
Non-PCI Loans and Leases | |||
Allowance for loan losses: | |||
Balance at beginning of period | 31,974 | 31,043 | |
Less loans and leases charged off | (4,588) | (7,310) | |
Recoveries on loans and leases previously charged off | 3,852 | 4,251 | |
Loan and lease loss provision | 30,170 | 3,990 | |
Balance at end of period | 61,408 | 31,974 | 31,043 |
Ending balance: individually evaluated for impairment | 25,778 | 1,812 | |
Ending balance: collectively evaluated for impairment | 35,631 | 30,162 | |
Loans receivable: | |||
Total loans and leases receivable | 4,610,147 | 4,600,540 | |
Individually evaluated for impairment | 64,766 | 25,125 | |
Collectively evaluated for impairment | 4,545,382 | 4,575,415 | |
Non-PCI Loans and Leases | Real Estate | |||
Allowance for loan losses: | |||
Balance at beginning of period | 18,384 | 17,012 | |
Less loans and leases charged off | (131) | (3,897) | |
Recoveries on loans and leases previously charged off | 2,190 | 2,512 | |
Loan and lease loss provision | 15,913 | 2,757 | |
Balance at end of period | 36,355 | 18,384 | 17,012 |
Ending balance: individually evaluated for impairment | 14,028 | 1 | |
Ending balance: collectively evaluated for impairment | 22,327 | 18,383 | |
Loans receivable: | |||
Total loans and leases receivable | 3,628,505 | 3,758,355 | |
Individually evaluated for impairment | 43,867 | 14,761 | |
Collectively evaluated for impairment | 3,584,638 | 3,743,594 | |
Non-PCI Loans and Leases | Commercial and Industrial | |||
Allowance for loan losses: | |||
Balance at beginning of period | 7,162 | 7,400 | |
Less loans and leases charged off | (1,293) | (815) | |
Recoveries on loans and leases previously charged off | 1,241 | 1,369 | |
Loan and lease loss provision | 9,097 | (792) | |
Balance at end of period | 16,206 | 7,162 | 7,400 |
Ending balance: individually evaluated for impairment | 8,885 | 428 | |
Ending balance: collectively evaluated for impairment | 7,321 | 6,734 | |
Loans receivable: | |||
Total loans and leases receivable | 484,093 | 429,903 | |
Individually evaluated for impairment | 13,700 | 4,396 | |
Collectively evaluated for impairment | 470,393 | 425,507 | |
Non-PCI Loans and Leases | Leases Receivable | |||
Allowance for loan losses: | |||
Balance at beginning of period | 6,303 | 6,279 | |
Less loans and leases charged off | (3,162) | (2,598) | |
Recoveries on loans and leases previously charged off | 422 | 368 | |
Loan and lease loss provision | 5,205 | 2,254 | |
Balance at end of period | 8,767 | 6,303 | 6,279 |
Ending balance: individually evaluated for impairment | 2,863 | 1,383 | |
Ending balance: collectively evaluated for impairment | 5,904 | 4,920 | |
Loans receivable: | |||
Total loans and leases receivable | 483,879 | 398,858 | |
Individually evaluated for impairment | 5,902 | 5,129 | |
Collectively evaluated for impairment | 477,977 | 393,729 | |
Non-PCI Loans and Leases | Consumer | |||
Allowance for loan losses: | |||
Balance at beginning of period | 98 | 122 | |
Less loans and leases charged off | (1) | ||
Recoveries on loans and leases previously charged off | 0 | 2 | |
Loan and lease loss provision | (17) | (26) | |
Balance at end of period | 80 | 98 | 122 |
Ending balance: individually evaluated for impairment | 1 | 0 | |
Ending balance: collectively evaluated for impairment | 79 | 98 | |
Loans receivable: | |||
Total loans and leases receivable | 13,670 | 13,424 | |
Individually evaluated for impairment | 1,297 | 839 | |
Collectively evaluated for impairment | 12,373 | 12,585 | |
Non-PCI Loans and Leases | Unallocated | |||
Allowance for loan losses: | |||
Balance at beginning of period | 27 | 230 | |
Loan and lease loss provision | (27) | (203) | |
Balance at end of period | 27 | $ 230 | |
Ending balance: individually evaluated for impairment | 0 | ||
Ending balance: collectively evaluated for impairment | 27 | ||
Loans receivable: | |||
Total loans and leases receivable | 0 | 0 | |
Individually evaluated for impairment | 0 | 0 | |
Collectively evaluated for impairment | $ 0 | $ 0 |
Loans and Leases - Credit Quali
Loans and Leases - Credit Quality of Loan and Lease Portfolio (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | $ 4,610,147 | $ 4,600,540 |
Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 3,628,505 | 3,758,355 |
Real Estate | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 869,302 | 906,260 |
Real Estate | Hospitality | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 922,288 | 830,679 |
Real Estate | Total commercial property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 3,150,022 | 3,186,209 |
Real Estate | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 76,455 | 71,583 |
Real Estate | Residential property | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 402,028 | 500,563 |
Commercial and Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 484,093 | 429,903 |
Commercial and Industrial | Commercial term | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 227,652 | 206,691 |
Commercial and Industrial | Commercial lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 228,033 | 194,032 |
Commercial and Industrial | International loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 28,409 | 29,180 |
Leases Receivable | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 483,879 | 398,858 |
Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 13,670 | 13,424 |
Non-PCI Loans and Leases | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 4,610,147 | 4,600,540 |
Non-PCI Loans and Leases | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 3,628,505 | 3,758,355 |
Non-PCI Loans and Leases | Real Estate | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 869,302 | 906,260 |
Non-PCI Loans and Leases | Real Estate | Hospitality | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 922,288 | 830,679 |
Non-PCI Loans and Leases | Real Estate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 1,358,432 | 1,449,270 |
Non-PCI Loans and Leases | Real Estate | Total commercial property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 3,150,022 | 3,186,209 |
Non-PCI Loans and Leases | Real Estate | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 76,455 | 71,583 |
Non-PCI Loans and Leases | Real Estate | Residential property | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 402,028 | 500,563 |
Non-PCI Loans and Leases | Commercial and Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 484,093 | 429,903 |
Non-PCI Loans and Leases | Commercial and Industrial | Commercial term | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 227,652 | 206,691 |
Non-PCI Loans and Leases | Commercial and Industrial | Commercial lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 228,033 | 194,032 |
Non-PCI Loans and Leases | Commercial and Industrial | International loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 28,409 | 29,180 |
Non-PCI Loans and Leases | Leases Receivable | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 483,879 | 398,858 |
Non-PCI Loans and Leases | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 13,670 | 13,424 |
Non-PCI Loans and Leases | Pass/Pass-Watch | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 4,489,491 | 4,541,815 |
Non-PCI Loans and Leases | Pass/Pass-Watch | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 3,541,082 | 3,736,122 |
Non-PCI Loans and Leases | Pass/Pass-Watch | Real Estate | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 859,739 | 901,354 |
Non-PCI Loans and Leases | Pass/Pass-Watch | Real Estate | Hospitality | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 915,834 | 821,542 |
Non-PCI Loans and Leases | Pass/Pass-Watch | Real Estate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 1,329,817 | 1,441,219 |
Non-PCI Loans and Leases | Pass/Pass-Watch | Real Estate | Total commercial property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 3,105,390 | 3,164,115 |
Non-PCI Loans and Leases | Pass/Pass-Watch | Real Estate | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 36,956 | 71,583 |
Non-PCI Loans and Leases | Pass/Pass-Watch | Real Estate | Residential property | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 398,737 | 500,424 |
Non-PCI Loans and Leases | Pass/Pass-Watch | Commercial and Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 458,184 | 399,510 |
Non-PCI Loans and Leases | Pass/Pass-Watch | Commercial and Industrial | Commercial term | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 210,026 | 197,992 |
Non-PCI Loans and Leases | Pass/Pass-Watch | Commercial and Industrial | Commercial lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 222,348 | 172,338 |
Non-PCI Loans and Leases | Pass/Pass-Watch | Commercial and Industrial | International loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 25,810 | 29,180 |
Non-PCI Loans and Leases | Pass/Pass-Watch | Leases Receivable | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 477,977 | 393,729 |
Non-PCI Loans and Leases | Pass/Pass-Watch | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 12,247 | 12,454 |
Non-PCI Loans and Leases | Special Mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 26,632 | 29,182 |
Non-PCI Loans and Leases | Special Mention | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 15,705 | 2,907 |
Non-PCI Loans and Leases | Special Mention | Real Estate | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 2,835 | 16 |
Non-PCI Loans and Leases | Special Mention | Real Estate | Hospitality | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 939 | 168 |
Non-PCI Loans and Leases | Special Mention | Real Estate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 7,807 | 2,723 |
Non-PCI Loans and Leases | Special Mention | Real Estate | Total commercial property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 11,580 | 2,907 |
Non-PCI Loans and Leases | Special Mention | Real Estate | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 1,613 | |
Non-PCI Loans and Leases | Special Mention | Real Estate | Residential property | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 2,512 | |
Non-PCI Loans and Leases | Special Mention | Commercial and Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 10,222 | 26,084 |
Non-PCI Loans and Leases | Special Mention | Commercial and Industrial | Commercial term | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 2,139 | 4,977 |
Non-PCI Loans and Leases | Special Mention | Commercial and Industrial | Commercial lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 5,485 | 21,107 |
Non-PCI Loans and Leases | Special Mention | Commercial and Industrial | International loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 2,598 | |
Non-PCI Loans and Leases | Special Mention | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 705 | 191 |
Non-PCI Loans and Leases | Classified | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 94,025 | 29,543 |
Non-PCI Loans and Leases | Classified | Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 71,718 | 19,326 |
Non-PCI Loans and Leases | Classified | Real Estate | Retail | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 6,728 | 4,890 |
Non-PCI Loans and Leases | Classified | Real Estate | Hospitality | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 5,515 | 8,969 |
Non-PCI Loans and Leases | Classified | Real Estate | Other | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 20,809 | 5,328 |
Non-PCI Loans and Leases | Classified | Real Estate | Total commercial property loans | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 33,052 | 19,187 |
Non-PCI Loans and Leases | Classified | Real Estate | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 37,886 | |
Non-PCI Loans and Leases | Classified | Real Estate | Residential property | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 779 | 139 |
Non-PCI Loans and Leases | Classified | Commercial and Industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 15,687 | 4,309 |
Non-PCI Loans and Leases | Classified | Commercial and Industrial | Commercial term | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 15,487 | 3,722 |
Non-PCI Loans and Leases | Classified | Commercial and Industrial | Commercial lines of credit | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 200 | 587 |
Non-PCI Loans and Leases | Classified | Leases Receivable | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | 5,902 | 5,129 |
Non-PCI Loans and Leases | Classified | Consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Total gross loans and leases receivable | $ 718 | $ 779 |
Loans and Leases - Analysis of
Loans and Leases - Analysis of Past Due Loans, Disaggregated by Loan Class, Non-PCI (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases receivable | $ 4,610,147 | $ 4,600,540 |
Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases receivable | 3,628,505 | 3,758,355 |
Real Estate | Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases receivable | 869,302 | 906,260 |
Real Estate | Hospitality | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases receivable | 922,288 | 830,679 |
Real Estate | Total commercial property loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases receivable | 3,150,022 | 3,186,209 |
Real Estate | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases receivable | 76,455 | 71,583 |
Real Estate | Residential property | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases receivable | 402,028 | 500,563 |
Leases Receivable | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases receivable | 483,879 | 398,858 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total loans and leases receivable | 13,670 | 13,424 |
Non-PCI Loans and Leases | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 15,652 | 22,355 |
Current | 4,594,496 | 4,578,185 |
Total loans and leases receivable | 4,610,147 | 4,600,540 |
Non-PCI Loans and Leases | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 7,497 | 10,210 |
Non-PCI Loans and Leases | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 4,060 | 2,576 |
Non-PCI Loans and Leases | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 4,094 | 9,569 |
Non-PCI Loans and Leases | Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 3,721 | 10,859 |
Current | 3,624,784 | 3,747,496 |
Total loans and leases receivable | 3,628,505 | 3,758,355 |
Non-PCI Loans and Leases | Real Estate | Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 249 | 1,207 |
Current | 869,053 | 905,053 |
Total loans and leases receivable | 869,302 | 906,260 |
Non-PCI Loans and Leases | Real Estate | Hospitality | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 907 | 3,161 |
Current | 921,381 | 827,518 |
Total loans and leases receivable | 922,288 | 830,679 |
Non-PCI Loans and Leases | Real Estate | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 89 | 2,227 |
Current | 1,358,344 | 1,447,043 |
Total loans and leases receivable | 1,358,432 | 1,449,270 |
Non-PCI Loans and Leases | Real Estate | Total commercial property loans | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 1,245 | 6,595 |
Current | 3,148,778 | 3,179,614 |
Total loans and leases receivable | 3,150,022 | 3,186,209 |
Non-PCI Loans and Leases | Real Estate | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 76,455 | 71,583 |
Total loans and leases receivable | 76,455 | 71,583 |
Non-PCI Loans and Leases | Real Estate | Residential property | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 2,477 | 4,264 |
Current | 399,551 | 496,299 |
Total loans and leases receivable | 402,028 | 500,563 |
Non-PCI Loans and Leases | Real Estate | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 1,504 | 5,049 |
Non-PCI Loans and Leases | Real Estate | 30-59 Days Past Due | Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 6 | 221 |
Non-PCI Loans and Leases | Real Estate | 30-59 Days Past Due | Hospitality | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 907 | 65 |
Non-PCI Loans and Leases | Real Estate | 30-59 Days Past Due | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 51 | 816 |
Non-PCI Loans and Leases | Real Estate | 30-59 Days Past Due | Total commercial property loans | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 964 | 1,102 |
Non-PCI Loans and Leases | Real Estate | 30-59 Days Past Due | Residential property | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 540 | 3,947 |
Non-PCI Loans and Leases | Real Estate | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 1,759 | 1,682 |
Non-PCI Loans and Leases | Real Estate | 60-89 Days Past Due | Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 132 | |
Non-PCI Loans and Leases | Real Estate | 60-89 Days Past Due | Hospitality | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 1,203 | |
Non-PCI Loans and Leases | Real Estate | 60-89 Days Past Due | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 206 | |
Non-PCI Loans and Leases | Real Estate | 60-89 Days Past Due | Total commercial property loans | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 132 | 1,409 |
Non-PCI Loans and Leases | Real Estate | 60-89 Days Past Due | Residential property | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 1,627 | 273 |
Non-PCI Loans and Leases | Real Estate | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 458 | 4,128 |
Non-PCI Loans and Leases | Real Estate | 90 Days or More Past Due | Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 111 | 986 |
Non-PCI Loans and Leases | Real Estate | 90 Days or More Past Due | Hospitality | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 1,893 | |
Non-PCI Loans and Leases | Real Estate | 90 Days or More Past Due | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 38 | 1,205 |
Non-PCI Loans and Leases | Real Estate | 90 Days or More Past Due | Total commercial property loans | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 149 | 4,084 |
Non-PCI Loans and Leases | Real Estate | 90 Days or More Past Due | Residential property | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 309 | 44 |
Non-PCI Loans and Leases | Commercial and industrial loans | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 911 | 2,087 |
Current | 483,183 | 427,816 |
Total loans and leases receivable | 484,093 | 429,903 |
Non-PCI Loans and Leases | Commercial and industrial loans | Commercial term | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 911 | 1,500 |
Current | 226,742 | 205,191 |
Total loans and leases receivable | 227,652 | 206,691 |
Non-PCI Loans and Leases | Commercial and industrial loans | Commercial lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 587 | |
Current | 228,033 | 193,445 |
Total loans and leases receivable | 228,033 | 194,032 |
Non-PCI Loans and Leases | Commercial and industrial loans | International loans | ||
Financing Receivable, Past Due [Line Items] | ||
Current | 28,409 | 29,180 |
Total loans and leases receivable | 28,409 | 29,180 |
Non-PCI Loans and Leases | Commercial and industrial loans | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 635 | 334 |
Non-PCI Loans and Leases | Commercial and industrial loans | 30-59 Days Past Due | Commercial term | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 635 | 334 |
Non-PCI Loans and Leases | Commercial and industrial loans | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 133 | 49 |
Non-PCI Loans and Leases | Commercial and industrial loans | 60-89 Days Past Due | Commercial term | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 133 | 49 |
Non-PCI Loans and Leases | Commercial and industrial loans | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 143 | 1,704 |
Non-PCI Loans and Leases | Commercial and industrial loans | 90 Days or More Past Due | Commercial term | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 143 | 1,117 |
Non-PCI Loans and Leases | Commercial and industrial loans | 90 Days or More Past Due | Commercial lines of credit | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 587 | |
Non-PCI Loans and Leases | Leases Receivable | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 10,990 | 9,263 |
Current | 472,889 | 389,595 |
Total loans and leases receivable | 483,879 | 398,858 |
Non-PCI Loans and Leases | Leases Receivable | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 5,358 | 4,681 |
Non-PCI Loans and Leases | Leases Receivable | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 2,138 | 845 |
Non-PCI Loans and Leases | Leases Receivable | 90 Days or More Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 3,493 | 3,737 |
Non-PCI Loans and Leases | Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | 30 | 146 |
Current | 13,639 | 13,278 |
Total loans and leases receivable | 13,670 | 13,424 |
Non-PCI Loans and Leases | Consumer | 30-59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | $ 146 | |
Non-PCI Loans and Leases | Consumer | 60-89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Past due loans and leases receivable | $ 30 |
Loans and Leases - Information
Loans and Leases - Information on Impaired Loans and Leases, Disaggregated by Loan Class (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | $ 64,766 | $ 25,125 | $ 27,184 |
Unpaid Principal Balance | 66,760 | 27,761 | 29,623 |
With No Related Allowance Recorded | 18,393 | 16,613 | 14,226 |
With an Allowance Recorded | 46,373 | 8,512 | 12,958 |
Related Allowance | 25,778 | 1,812 | 5,878 |
Average Recorded Investment | 58,677 | 29,013 | 29,590 |
Interest Income Recognized | 1,052 | 1,674 | 1,789 |
Real Estate | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 43,867 | 14,761 | 18,663 |
Unpaid Principal Balance | 45,173 | 16,925 | 20,701 |
With No Related Allowance Recorded | 15,918 | 12,967 | 11,783 |
With an Allowance Recorded | 27,949 | 1,794 | 6,880 |
Related Allowance | 14,028 | 1 | 2,093 |
Average Recorded Investment | 32,973 | 19,196 | 19,930 |
Interest Income Recognized | 459 | 1,357 | 1,501 |
Real Estate | Retail | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 434 | 2,166 | 1,403 |
Unpaid Principal Balance | 459 | 2,207 | 1,423 |
With No Related Allowance Recorded | 111 | 1,894 | 1,246 |
With an Allowance Recorded | 323 | 272 | 157 |
Related Allowance | 19 | 1 | |
Average Recorded Investment | 894 | 2,001 | 1,528 |
Interest Income Recognized | 13 | 183 | 106 |
Real Estate | Hospitality | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 244 | 4,282 | 6,184 |
Unpaid Principal Balance | 400 | 5,773 | 7,220 |
With No Related Allowance Recorded | 22 | 4,032 | 2,144 |
With an Allowance Recorded | 223 | 250 | 4,040 |
Related Allowance | 24 | 1,677 | |
Average Recorded Investment | 1,683 | 7,285 | 6,080 |
Interest Income Recognized | 482 | 431 | |
Real Estate | Other | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 14,864 | 7,525 | 8,513 |
Unpaid Principal Balance | 15,151 | 8,016 | 9,330 |
With No Related Allowance Recorded | 14,696 | 6,253 | 7,569 |
With an Allowance Recorded | 167 | 1,272 | 944 |
Related Allowance | 12 | 1 | 394 |
Average Recorded Investment | 10,619 | 7,978 | 9,551 |
Interest Income Recognized | 168 | 601 | 842 |
Real Estate | Total commercial property loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 15,542 | 13,973 | 16,100 |
Unpaid Principal Balance | 16,010 | 15,996 | 17,973 |
With No Related Allowance Recorded | 14,829 | 12,179 | 10,959 |
With an Allowance Recorded | 713 | 1,794 | 5,141 |
Related Allowance | 55 | 1 | 2,072 |
Average Recorded Investment | 13,196 | 17,264 | 17,159 |
Interest Income Recognized | 181 | 1,266 | 1,379 |
Real Estate | Construction | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 27,201 | ||
Unpaid Principal Balance | 28,000 | ||
With an Allowance Recorded | 27,201 | ||
Related Allowance | 13,973 | ||
Average Recorded Investment | 18,421 | ||
Interest Income Recognized | 249 | ||
Real Estate | Residential property | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 1,124 | 788 | 2,563 |
Unpaid Principal Balance | 1,163 | 929 | 2,728 |
With No Related Allowance Recorded | 1,089 | 788 | 824 |
With an Allowance Recorded | 35 | 1,739 | |
Related Allowance | 21 | ||
Average Recorded Investment | 1,356 | 1,932 | 2,771 |
Interest Income Recognized | 29 | 91 | 122 |
Commercial and Industrial | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 13,700 | 4,396 | 3,040 |
Unpaid Principal Balance | 14,090 | 4,601 | 3,081 |
With No Related Allowance Recorded | 143 | 1,644 | 1,069 |
With an Allowance Recorded | 13,557 | 2,752 | 1,971 |
Related Allowance | 8,885 | 428 | 441 |
Average Recorded Investment | 19,361 | 3,568 | 4,214 |
Interest Income Recognized | 512 | 211 | 208 |
Leases Receivable | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 5,902 | 5,129 | 4,452 |
Unpaid Principal Balance | 5,909 | 5,162 | 4,626 |
With No Related Allowance Recorded | 1,112 | 1,256 | 455 |
With an Allowance Recorded | 4,790 | 3,873 | 3,997 |
Related Allowance | 2,863 | 1,383 | 3,334 |
Average Recorded Investment | 4,854 | 5,229 | 4,464 |
Interest Income Recognized | 44 | 46 | 47 |
Consumer | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 1,297 | 839 | 1,029 |
Unpaid Principal Balance | 1,588 | 1,073 | 1,215 |
With No Related Allowance Recorded | 1,220 | 746 | 919 |
With an Allowance Recorded | 77 | 93 | 110 |
Related Allowance | 1 | 10 | |
Average Recorded Investment | 1,489 | 1,020 | 982 |
Interest Income Recognized | $ 37 | $ 60 | $ 33 |
Loans and Leases - Summary of I
Loans and Leases - Summary of Interest Foregone on Impaired Loans and Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | |||
Interest income that would have been recognized had impaired loans and leases performed in accordance with their original terms | $ 3,439 | $ 2,808 | $ 2,575 |
Less: Interest income recognized on impaired loans and leases | (1,279) | (1,674) | (1,790) |
Interest foregone on impaired loans and leases | $ 2,160 | $ 1,134 | $ 785 |
Loans and Leases - Non-Accrual
Loans and Leases - Non-Accrual Loans, Disaggregated by Loan Class (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | $ 63,761 | $ 15,525 |
Real Estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | 43,691 | 6,313 |
Real Estate | Retail | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | 277 | 865 |
Real Estate | Hospitality | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | 225 | 3,625 |
Real Estate | Other | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | 14,864 | 1,641 |
Real Estate | Total commercial property loans | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | 15,366 | 6,131 |
Real Estate | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | 27,201 | |
Real Estate | Residential property | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | 1,124 | 182 |
Commercial and Industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | 13,479 | 3,337 |
Leases Receivable | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | 5,902 | 5,129 |
Consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | $ 689 | $ 746 |
Loans and Leases - Non-Performi
Loans and Leases - Non-Performing Assets (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Nonaccrual loans and leases | $ 63,761,000 | $ 15,525,000 |
Loans and leases 90 days or more past due and still accruing | 0 | 4,000 |
Total nonperforming loans and leases | 63,761,000 | 15,529,000 |
Other real estate owned ("OREO") | 63,000 | 663,000 |
Total nonperforming assets | $ 63,824,000 | $ 16,192,000 |
Loans and Leases - Troubled Deb
Loans and Leases - Troubled Debt Restructurings, Disaggregated by Type of Concession and by Loan Type (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Nonaccrual TDRs | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 55,478 | $ 4,276 |
Nonaccrual TDRs | Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 41,798 | 2,059 |
Nonaccrual TDRs | Commercial and Industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 12,991 | 1,471 |
Nonaccrual TDRs | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 689 | 746 |
Nonaccrual TDRs | Deferral of Principal | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 689 | 1,473 |
Nonaccrual TDRs | Deferral of Principal | Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 462 | |
Nonaccrual TDRs | Deferral of Principal | Commercial and Industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 265 | |
Nonaccrual TDRs | Deferral of Principal | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 689 | 746 |
Nonaccrual TDRs | Deferral of Principal and/or Interest | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 285 | 1,530 |
Nonaccrual TDRs | Deferral of Principal and/or Interest | Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 132 | 1,423 |
Nonaccrual TDRs | Deferral of Principal and/or Interest | Commercial and Industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 153 | 107 |
Nonaccrual TDRs | Reduction of Principal and/or Interest | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 40,266 | 843 |
Nonaccrual TDRs | Reduction of Principal and/or Interest | Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 27,740 | 174 |
Nonaccrual TDRs | Reduction of Principal and/or Interest | Commercial and Industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 12,527 | 669 |
Nonaccrual TDRs | Extension of Maturity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 14,238 | 430 |
Nonaccrual TDRs | Extension of Maturity | Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 13,926 | |
Nonaccrual TDRs | Extension of Maturity | Commercial and Industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 312 | 430 |
Accrual TDRs | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 830 | 6,029 |
Accrual TDRs | Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 5,234 | |
Accrual TDRs | Commercial and Industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 222 | 702 |
Accrual TDRs | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 608 | 93 |
Accrual TDRs | Deferral of Principal | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 531 | 3,345 |
Accrual TDRs | Deferral of Principal | Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 3,345 | |
Accrual TDRs | Deferral of Principal | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 531 | |
Accrual TDRs | Deferral of Principal and/or Interest | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 36 | 166 |
Accrual TDRs | Deferral of Principal and/or Interest | Commercial and Industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 36 | 166 |
Accrual TDRs | Reduction of Principal and/or Interest | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 148 | 1,627 |
Accrual TDRs | Reduction of Principal and/or Interest | Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 1,148 | |
Accrual TDRs | Reduction of Principal and/or Interest | Commercial and Industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 71 | 386 |
Accrual TDRs | Reduction of Principal and/or Interest | Consumer | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 77 | 93 |
Accrual TDRs | Extension of Maturity | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 114 | 891 |
Accrual TDRs | Extension of Maturity | Real Estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | 741 | |
Accrual TDRs | Extension of Maturity | Commercial and Industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Financing Receivable, Troubled Debt Restructuring, Commitment to Lend | $ 114 | $ 150 |
Loans and Leases - Summary of L
Loans and Leases - Summary of Loans by Class Modified as Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Loan | Dec. 31, 2018USD ($)Loan | Dec. 31, 2017USD ($)Loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | Loan | 8 | 2 | 4 |
Pre- Modification Outstanding Recorded Investment | $ 54,071 | $ 684 | $ 1,125 |
Post- Modification Outstanding Recorded Investment | $ 54,892 | $ 664 | $ 1,118 |
Commercial and Industrial Loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | Loan | 2 | 2 | 1 |
Pre- Modification Outstanding Recorded Investment | $ 12,779 | $ 684 | $ 123 |
Post- Modification Outstanding Recorded Investment | $ 12,562 | $ 664 | $ 123 |
Consumer Loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | Loan | 1 | 1 | |
Pre- Modification Outstanding Recorded Investment | $ 549 | $ 820 | |
Post- Modification Outstanding Recorded Investment | $ 531 | $ 811 | |
Real Estate Loans | |||
Financing Receivable, Troubled Debt Restructuring [Line Items] | |||
Number of Loans | Loan | 5 | 2 | |
Pre- Modification Outstanding Recorded Investment | $ 40,743 | $ 182 | |
Post- Modification Outstanding Recorded Investment | $ 41,798 | $ 184 |
Servicing Assets (Details)
Servicing Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Transfers And Servicing [Abstract] | ||
Balance at beginning of period | $ 8,520 | $ 10,218 |
Addition related to sale of SBA loans | 1,699 | 1,589 |
Amortization | (3,263) | (3,287) |
Balance at end of period | $ 6,956 | $ 8,520 |
Servicing Assets - Additional I
Servicing Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Risks Inherent In Servicing Assets And Servicing Liabilities [Line Items] | |||
Serviced loans sold to unaffiliated parties | $ 422,300 | $ 448,600 | |
Servicing fee income | 4,400 | 4,700 | $ 4,700 |
Net amortization expense | 2,800 | 2,600 | 2,400 |
Fair value of servicing rights | $ 6,956 | $ 8,520 | $ 10,218 |
Minimum | |||
Risks Inherent In Servicing Assets And Servicing Liabilities [Line Items] | |||
Discount rates ranging | 7.70% | ||
Prepayment speeds | 1.80% | ||
Maximum | |||
Risks Inherent In Servicing Assets And Servicing Liabilities [Line Items] | |||
Discount rates ranging | 21.40% | ||
Prepayment speeds | 15.60% |
Premises and Equipment - Summar
Premises and Equipment - Summary of Major Components of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 63,052 | $ 62,416 |
Accumulated depreciation and amortization | (36,982) | (34,664) |
Total premises and equipment, net | 26,070 | 27,752 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 7,980 | 8,470 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 14,120 | 17,252 |
Furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 27,358 | 24,144 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | 12,715 | 11,671 |
Leased equipment | ||
Property, Plant and Equipment [Line Items] | ||
Premises and equipment, gross | $ 879 | $ 879 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization expense | $ 3.3 | $ 2.6 | $ 2.9 |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 01, 2019USD ($)lease | |
Lessee, Lease, Description [Line Items] | ||||
Number of leases | lease | 45 | |||
Right-of-use assets | $ 36,500,000 | |||
Total lease liabilities - Operating leases | 37,159,000 | |||
Net rental expenses | $ 7,900,000 | $ 7,400,000 | $ 7,000,000 | |
Weighted average remaining lease term | 8 years 6 months 25 days | |||
Weighted average discount rate (percent) | 3.24% | |||
Net lease expense | $ 7,900,000 | |||
Operating lease costs | 8,000,000 | |||
Sublease income | 132,000 | |||
Cash paid for amounts included in the measurement of Company's operating lease liabilities | $ 7,200,000 | |||
ASU 2016-02 | ||||
Lessee, Lease, Description [Line Items] | ||||
Right-of-use assets | $ 40,900,000 | |||
Total lease liabilities - Operating leases | $ 40,900,000 | |||
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Initial lease terms | 2 years | |||
Lease renewal term | 2 years | |||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Initial lease terms | 25 years | |||
Lease renewal term | 12 years |
Leases - Future Minimum Annual
Leases - Future Minimum Annual Rental Commitments Under Non-Cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 6,374 |
2021 | 5,129 |
2022 | 4,843 |
2023 | 4,735 |
2024 | 4,281 |
Thereafter | 17,445 |
Remaining lease commitments | 42,807 |
Interest | (5,648) |
Present value of lease liability | $ 37,159 |
Goodwill and Other Intangible_2
Goodwill and Other Intangibles - Additional Information (Detail) - USD ($) | Oct. 27, 2016 | Aug. 31, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill impairment | $ 0 | ||||
Intangible asset impairment charges | 0 | $ 0 | $ 0 | ||
Core deposit intangible | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Total amortization expense for other intangible assets, including discontinued operations | $ 309,000 | $ 362,000 | $ 345,000 | ||
CBI Merger | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill | $ 11,000,000 | ||||
CBI Merger | Third-party originators intangible | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets acquired | $ 483,000 | ||||
CBI Merger | Core deposit intangible | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Intangible assets acquired | $ 2,200,000 |
Goodwill and Other Intangible_3
Goodwill and Other Intangibles - Summary of Other Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Accumulated amortization | $ (1,854) | $ (1,545) |
Net carrying amount, excluding goodwill | 842 | |
Goodwill | 11,031 | 11,031 |
Gross carrying amount | 13,727 | 13,727 |
Net carrying amount | $ 11,873 | 12,182 |
Core deposit intangible | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 10 years | |
Gross carrying amount, excluding goodwill | $ 2,213 | 2,213 |
Accumulated amortization | (1,567) | (1,360) |
Net carrying amount, excluding goodwill | $ 646 | 853 |
Third-party originators intangible | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 7 years | |
Gross carrying amount, excluding goodwill | $ 483 | 483 |
Accumulated amortization | (287) | (185) |
Net carrying amount, excluding goodwill | $ 196 | $ 298 |
Goodwill and Other Intangible_4
Goodwill and Other Intangibles - Estimated Future Amortization Expense Related to Other Intangible Assets (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Goodwill And Intangible Assets Disclosure [Abstract] | |
2020 | $ 261 |
2021 | 216 |
2022 | 171 |
2023 | 126 |
2024 | 68 |
Total | $ 842 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Time Deposits | $ 1,555,919 | |
Accrued interest payable on deposits | 11,200 | $ 11,400 |
Total deposits reclassified to loans due to overdrafts | 1,500 | 1,500 |
Time Deposits of $250,000 or More | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Time Deposits | $ 299,914 | $ 288,600 |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Restricted Cash And Cash Equivalents Items [Line Items] | ||
2020 | $ 1,390,606 | |
2021 | 137,517 | |
2022 | 25,155 | |
2023 | 1,974 | |
2024 | 669 | |
Total | 1,555,919 | |
Time Deposits of $250,000 or More | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
2020 | 291,940 | |
2021 | 7,186 | |
2022 | 0 | |
2023 | 789 | |
2024 | 0 | |
Total | 299,914 | $ 288,600 |
Other Time Deposits | ||
Restricted Cash And Cash Equivalents Items [Line Items] | ||
2020 | 1,098,666 | |
2021 | 130,331 | |
2022 | 25,155 | |
2023 | 1,185 | |
2024 | 669 | |
Total | $ 1,256,005 |
Deposits - Summary of Interest
Deposits - Summary of Interest Expense on Deposits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Banking And Thrift [Abstract] | |||
Demand: interest-bearing | $ 116 | $ 106 | $ 74 |
Money market and savings | 23,556 | 16,182 | 12,515 |
Time deposits of $100,000 or more | 36,867 | 24,309 | 10,471 |
Other time deposits | 2,566 | 2,483 | 3,029 |
Total interest expense on deposits | $ 63,105 | $ 43,080 | $ 26,089 |
Borrowings - Borrowings (Detail
Borrowings - Borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Outstanding Balance | |||
Overnight advances | $ 15,000 | ||
Outstanding advances | $ 90,000 | $ 55,000 | |
Weighted Average Rate | |||
Outstanding advances (percent) | 1.70% | 2.56% | 1.41% |
FHLB of San Francisco | |||
Outstanding Balance | |||
Overnight advances | $ 15,000 | $ 55,000 | |
Advances due within 12 months | 25,000 | 0 | |
Advances due over 12 months through 24 months | 25,000 | 0 | |
Advances due over 24 months through 36 months | 25,000 | 0 | |
Outstanding advances | $ 90,000 | $ 55,000 | |
Weighted Average Rate | |||
Overnight advances (percent) | 1.66% | 2.56% | |
Advances due within 12 months | 1.75% | 0.00% | |
Advances due over 12 months through 24 months (percent) | 1.66% | 0.00% | |
Advances due over 24 months through 36 months (percent) | 1.72% | 0.00% | |
Outstanding advances (percent) | 1.70% | 2.56% |
Borrowings - Summary of Financi
Borrowings - Summary of Financial Data Pertaining to Federal Home Loan Bank Advances (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal Home Loan Banks [Abstract] | |||
Weighted-average interest rate at end of year | 1.70% | 2.56% | 1.41% |
Weighted-average interest rate during the year | 1.89% | 1.94% | 0.90% |
Average balance of FHLB advances | $ 40,374,000 | $ 174,452,000 | $ 119,041,000 |
Maximum amount outstanding at any month-end | $ 285,000,000 | $ 300,000,000 | $ 330,000,000 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |||
Pledged loans receivable, carrying value | $ 1,350,000,000 | ||
Total borrowing capacity available from the collateral | 1,110,000,000 | ||
Available borrowing capacity | 878,400,000 | ||
Available for use through the Federal Reserve Bank of San Francisco Discount Window | 29,600,000 | ||
Pledged loans, carrying values | 30,200,000 | ||
Borrowings | 0 | ||
Advances from the FHLB | 90,000,000 | $ 55,000,000 | |
Increase in the advances from the FHLB | 35,000,000 | ||
Interest on subordinated debentures | $ 763,000 | $ 3,379,000 | $ 1,077,000 |
Weighted-average interest rates | 1.89% | 1.94% | 0.90% |
Overnight advances from federal home loan banks | $ 15,000,000 |
Subordinated Debentures - Addit
Subordinated Debentures - Additional Information (Detail) - Subordinated debentures - USD ($) | Mar. 21, 2017 | Dec. 31, 2005 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2014 |
Debt Instrument [Line Items] | ||||||
Subordinated debentures issued | $ 100,000,000 | |||||
Fixed interest rate | 5.45% | |||||
Debt issuance costs | $ 2,300,000 | |||||
Debt outstanding, net of issuance cost | $ 98,300,000 | $ 98,100,000 | ||||
Amortization of debt issuance costs | 193,000 | 182,000 | $ 134,000 | |||
Central Bancorp, Inc | ||||||
Debt Instrument [Line Items] | ||||||
Subordinated debentures issued | $ 26,000,000 | |||||
Fixed interest rate | 6.26% | |||||
Debt outstanding, net of issuance cost | 20,000,000 | 19,700,000 | ||||
Unpaid principal balance | $ 26,800,000 | |||||
Estimated fair value | 18,500,000 | |||||
Debt instrument discount | $ 6,800,000 | 7,100,000 | $ 8,300,000 | |||
Frequency of interest payment | quarterly | |||||
Term for the initial fixed interest rate | 5 years | |||||
Optional interest payment deferral period (not to exceed) | 5 years | |||||
Variable interest rate basis | three-month LIBOR plus 140 basis points | |||||
Amortization of subordinated debentures | $ 376,000 | $ 356,000 | $ 329,000 | |||
Debt instrument, maturity date | Mar. 15, 2036 | |||||
3-month London Interbank Offered Rate (LIBOR) | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread | 3.315% | |||||
3-month London Interbank Offered Rate (LIBOR) | Central Bancorp, Inc | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread | 1.40% |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits at beginning of year | $ 202,000 | $ 1,039,000 | $ 1,039,000 |
Gross decreases for tax positions of prior years | (202,000) | 0 | 0 |
Lapse of statute of limitations | 0 | (837,000) | 0 |
Gross increase for new tax positions | 73,000 | 0 | 0 |
Unrecognized tax benefits (expense) at end of year | $ 73,000 | $ 202,000 | $ 1,039,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Operating Loss Carryforwards [Line Items] | ||||
Unrecognized tax benefits that would affect our effective tax rate if recognized | $ 73,000 | $ 202,000 | $ 1,000,000 | |
Decrease in unrecognized tax benefits due to state taxes | 129,000 | |||
Decrease in unrecognized tax benefits due to lapse of statute of limitations | 0 | 837,000 | 0 | |
Accrued interest on uncertain tax benefits | 0 | 10,000 | 34,000 | |
Accrued interest related to uncertain tax positions | 0 | 57,000 | 132,000 | |
Valuation allowance | 4,852,000 | $ 4,852,000 | $ 2,750,000 | |
Federal and state income tax | $ 216,400,000 | |||
Federal statutory income tax rate | 21.00% | 21.00% | 35.00% | |
Change to provisional amount related to remeasurement of deferred tax assets and liabilities | $ 1,100,000 | |||
Federal [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 17,300,000 | |||
Federal [Member] | California [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 152,300 | |||
Federal [Member] | Illinois [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | 63,700 | |||
State [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Low income housing tax credit | 251,000 | |||
Central Bancorp, Inc | ||||
Operating Loss Carryforwards [Line Items] | ||||
Increase (decrease) in deferred tax assets | $ 9,300,000 | $ (5,000,000) | ||
ASU 2018-02 | ||||
Operating Loss Carryforwards [Line Items] | ||||
Impact on retained earnings of adopting recent accounting pronouncement | $ 399,000 |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current expense: | |||||||||||
Federal | $ 18,737 | $ 13,415 | $ 20,924 | ||||||||
State | 9,377 | 5,293 | 6,804 | ||||||||
Total current expense | 28,114 | 18,708 | 27,728 | ||||||||
Deferred expense (benefit): | |||||||||||
Federal | (10,515) | 3,428 | 14,623 | ||||||||
State | (3,039) | 3,966 | (1,727) | ||||||||
Total deferred expense | (13,554) | 7,394 | 12,896 | ||||||||
Provision for income taxes | $ 2,720 | $ 4,333 | $ 1,220 | $ 6,288 | $ 8,222 | $ 6,255 | $ 5,901 | $ 5,724 | $ 14,560 | $ 26,102 | $ 40,624 |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | |||
Allowance for loan and lease losses | $ 18,401 | $ 10,035 | $ 9,282 |
Depreciation | 192 | ||
Purchase accounting | 3,912 | 2,724 | 4,685 |
Net operating loss carryforward | 15,453 | 17,609 | 18,648 |
Unrealized (gain) loss on securities available for sale | 2,457 | 919 | |
Mark to market | 261 | ||
Indemnified assets | 1,120 | 1,151 | 701 |
Lease liability | 10,716 | ||
Tax credits | 198 | 561 | 1,241 |
State taxes | 1,739 | 1,138 | 1,489 |
Other | 2,646 | 1,804 | 3,724 |
Total deferred tax assets | 54,446 | 37,479 | 40,881 |
Deferred tax liabilities: | |||
Mark to market | (4,719) | (4,879) | |
Depreciation | (388) | (467) | |
Unrealized (gain) loss on securities available for sale | (1,370) | ||
Leases - right of use assets | (10,517) | ||
Other | (532) | (797) | |
Total deferred tax liabilities | (12,807) | (5,186) | (5,676) |
Valuation allowance | (4,852) | (4,852) | (2,750) |
Net deferred tax assets | $ 36,787 | $ 27,441 | $ 32,455 |
Income Taxes - Reconciliation b
Income Taxes - Reconciliation between Federal Statutory Income Tax Rate and Effective Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 21.00% | 21.00% | 35.00% |
State taxes, net of federal tax benefits | 9.39% | 9.50% | 6.64% |
Tax-exempt municipal securities | (0.29%) | (0.16%) | (0.24%) |
Tax credit - federal | (3.49%) | (2.37%) | (2.37%) |
Federal rate adjustment, net of federal benefits of state | 1.32% | 4.18% | |
Low income housing amortization | 4.17% | 2.40% | 2.52% |
Other | (0.03%) | (0.60%) | (3.10%) |
Effective tax rate | 30.75% | 31.09% | 42.63% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Activity in Accumulated Other Comprehensive Income (Detail) - USD ($) | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Reclassification from accumulated other comprehensive income | $ (1,295,000) | $ (87,000) | $ (1,748,000) | |
Balance at beginning of period | (2,457,000) | |||
Balance at end of period | 1,370,000 | (2,457,000) | ||
Balance at beginning of period | $ 562,477,000 | 552,568,000 | 562,477,000 | 531,025,000 |
Other comprehensive income (loss), net of tax | 9,461,000 | (4,193,000) | 525,000 | |
Balance at end of period | 563,267,000 | 552,568,000 | 562,477,000 | |
Unrealized Gains and Losses on Available for Sale Securities | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (3,188,000) | (8,536,000) | (3,188,000) | (4,089,000) |
Other comprehensive income (loss) before reclassification | 14,583,000 | (5,790,000) | 2,649,000 | |
Reclassification from accumulated other comprehensive income | (1,295,000) | (87,000) | (1,748,000) | |
Adjustments to accumulated other comprehensive income | 529,000 | 529,000 | ||
Net current period other comprehensive income | 13,288,000 | (5,348,000) | 901,000 | |
Balance at end of period | 4,752,000 | (8,536,000) | (3,188,000) | |
Tax Benefit (Expense) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | 1,319,000 | 2,457,000 | 1,319,000 | 1,695,000 |
Other comprehensive income (loss) before reclassification | (3,827,000) | 1,684,000 | (376,000) | |
Reclassification from accumulated other comprehensive income | 0 | 0 | 0 | |
Adjustments to accumulated other comprehensive income | (546,000) | (546,000) | ||
Net current period other comprehensive income | (3,827,000) | 1,138,000 | (376,000) | |
Balance at end of period | (1,370,000) | 2,457,000 | 1,319,000 | |
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Balance at beginning of period | (1,869,000) | (6,079,000) | (1,869,000) | (2,394,000) |
Other comprehensive income (loss) before reclassification | 10,756,000 | (4,106,000) | 2,273,000 | |
Reclassification from accumulated other comprehensive income | (1,295,000) | (87,000) | (1,748,000) | |
Adjustments to accumulated other comprehensive income | $ (17,000) | (17,000) | ||
Other comprehensive income (loss), net of tax | 9,461,000 | (4,210,000) | 525,000 | |
Balance at end of period | $ 3,382,000 | $ (6,079,000) | $ (1,869,000) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) - USD ($) | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Net gain (loss) on sales of securities | $ 1,295,000 | $ (341,000) | $ 1,748,000 | |
Net unrealized gains (losses) recorded in comprehensive income | 586,000 | (413,000) | 1,300,000 | |
Accumulated Other Comprehensive Income (Loss) | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Adjustment to accumulated other comprehensive income related to adoption of ASU 2016-01 and 2018-02, net of tax | $ 17,000 | 17,000 | ||
Unrealized Gains and Losses on Available for Sale Securities | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Reduction of unrealized losses related to securities | 529,000 | 529,000 | ||
Unrealized Gains and Losses on Available for Sale Securities | Reclassification out of Accumulated Other Comprehensive Income | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Net gain (loss) on sales of securities | $ 1,300,000 | 87,000 | $ 1,700,000 | |
Tax Benefit (Expense) | ||||
Accumulated Other Comprehensive Income Loss [Line Items] | ||||
Reduction in tax benefits upon adoption of ASUs | $ 546,000 | $ 546,000 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Minimum ratio of qualifying total capital to risk-weighted assets | 8.00% | ||
Minimum ratio of Tier 1 capital to risk-weighted assets | 6.00% | ||
Leverage ratio | 4.00% | ||
Minimum ratio of qualifying total capital to risk-weighted assets for well capitalized | 10.00% | ||
Minimum ratio of Tier 1 capital to average assets for well capitalized | 8.00% | ||
Capital conservation buffer (percent) | 6.64% | 2.50% | 6.19% |
Hanmi Bank | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Minimum ratio of qualifying total capital to risk-weighted assets | 8.00% | 8.00% | |
Minimum ratio of Tier 1 capital to risk-weighted assets | 6.00% | 6.00% | |
Leverage ratio | 4.00% | 4.00% | |
Minimum ratio of qualifying total capital to risk-weighted assets for well capitalized | 10.00% | 10.00% | |
Minimum ratio of Tier 1 capital to average assets for well capitalized | 8.00% | 8.00% | |
Capital conservation buffer (percent) | 5.78% | 5.74% | |
Depository Institutions | |||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | |||
Leverage ratio | 5.00% |
Regulatory Matters - Capital Ra
Regulatory Matters - Capital Ratios of Hanmi Financial and Bank (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Minimum Regulatory Requirement Ratio for Total capital to risk-weighted assets | 8.00% | |
Minimum Regulatory Requirement Ratio for Tier 1 capital to risk-weighted assets | 6.00% | |
Minimum Regulatory Requirement Ratio for Tier 1 capital to average assets | 4.00% | |
Minimum to Be Categorized as Well Capitalized Ratio, Total capital to risk-weighted assets | 10.00% | |
Minimum to Be Categorized as Well Capitalized Ratio, Tier 1 capital to risk-weighted assets | 8.00% | |
Hanmi Financial | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual Capital, Total capital to risk-weighted assets | $ 714,288 | $ 682,398 |
Actual Capital, Tier 1 capital to risk-weighted assets | 556,820 | 550,839 |
Actual Capital, Common equity Tier 1 capital to risk-weighted assets | 536,781 | 531,177 |
Actual Capital, Tier 1 capital to average assets | $ 556,820 | $ 550,839 |
Actual Capital Ratio, Total capital to risk-weighted assets | 15.11% | 14.54% |
Actual Capital Ratio, Tier 1 capital to risk-weighted assets | 11.78% | 11.74% |
Actual Capital Ratio, Common equity Tier 1 capital to risk-weighted assets | 11.36% | 11.32% |
Actual Capital Ratio, Tier 1 capital to average assets | 10.15% | 10.18% |
Minimum Regulatory Requirement Capital, Total capital to risk-weighted assets | $ 378,059 | $ 375,449 |
Minimum Regulatory Requirement Capital, Tier 1 capital to risk-weighted assets | 283,544 | 281,587 |
Minimum Regulatory Requirement Capital, Common equity Tier 1 capital to risk-weighted assets | 212,658 | 211,190 |
Minimum Regulatory Requirement Capital, Tier 1 capital to average assets | $ 219,367 | $ 216,526 |
Minimum Regulatory Requirement Ratio for Total capital to risk-weighted assets | 8.00% | 8.00% |
Minimum Regulatory Requirement Ratio for Tier 1 capital to risk-weighted assets | 6.00% | 6.00% |
Minimum Regulatory Requirement Ratio for Common equity Tier 1 capital to risk-weighted assets | 4.50% | 4.50% |
Minimum Regulatory Requirement Ratio for Tier 1 capital to average assets | 4.00% | 4.00% |
Hanmi Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Actual Capital, Total capital to risk-weighted assets | $ 691,024 | $ 664,195 |
Actual Capital, Tier 1 capital to risk-weighted assets | 631,978 | 630,782 |
Actual Capital, Common equity Tier 1 capital to risk-weighted assets | 631,978 | 630,782 |
Actual Capital, Tier 1 capital to average assets | $ 631,978 | $ 630,782 |
Actual Capital Ratio, Total capital to risk-weighted assets | 14.64% | 14.19% |
Actual Capital Ratio, Tier 1 capital to risk-weighted assets | 13.39% | 13.47% |
Actual Capital Ratio, Common equity Tier 1 capital to risk-weighted assets | 13.39% | 13.47% |
Actual Capital Ratio, Tier 1 capital to average assets | 11.56% | 11.67% |
Minimum Regulatory Requirement Capital, Total capital to risk-weighted assets | $ 377,516 | $ 374,538 |
Minimum Regulatory Requirement Capital, Tier 1 capital to risk-weighted assets | 283,137 | 280,904 |
Minimum Regulatory Requirement Capital, Common equity Tier 1 capital to risk-weighted assets | 212,353 | 210,678 |
Minimum Regulatory Requirement Capital, Tier 1 capital to average assets | $ 218,748 | $ 216,265 |
Minimum Regulatory Requirement Ratio for Total capital to risk-weighted assets | 8.00% | 8.00% |
Minimum Regulatory Requirement Ratio for Tier 1 capital to risk-weighted assets | 6.00% | 6.00% |
Minimum Regulatory Requirement Ratio for Common equity Tier 1 capital to risk-weighted assets | 4.50% | 4.50% |
Minimum Regulatory Requirement Ratio for Tier 1 capital to average assets | 4.00% | 4.00% |
Minimum to Be Categorized as Well Capitalized Capital, Total capital to risk-weighted assets | $ 471,895 | $ 468,173 |
Minimum to Be Categorized as Well Capitalized Capital, Tier 1 capital to risk-weighted assets | 377,516 | 374,538 |
Minimum to Be Categorized as Well Capitalized Capital, Common equity Tier 1 capital to risk-weighted average | 306,732 | 304,312 |
Minimum to Be Categorized as Well Capitalized Capital, Tier 1 capital to average assets | $ 273,435 | $ 270,331 |
Minimum to Be Categorized as Well Capitalized Ratio, Total capital to risk-weighted assets | 10.00% | 10.00% |
Minimum to Be Categorized as Well Capitalized Ratio, Tier 1 capital to risk-weighted assets | 8.00% | 8.00% |
Minimum to Be Categorized as Well Capitalized Ratio, Common equity Tier 1 capital to risk-weighted assets | 6.50% | 6.50% |
Minimum to Be Categorized as Well Capitalized Ratio, Tier 1 capital to average assets | 5.00% | 5.00% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Dec. 31, 2019USD ($) |
Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unpaid principal balance of Non-accrual Non-PCI loans reviewed individually for amount of impairment | $ 250,000 |
Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unpaid principal balance of Non-accrual Non-PCI loans and leases reviewed collectively for amount of impairment | $ 250,000 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 634,477 | $ 574,908 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 35,205 | 39,830 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 410,800 | 295,034 |
Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 164,592 | 122,292 |
Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 23,879 | 7,402 |
Total U.S. government agency and sponsored agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 599,272 | 424,728 |
Municipal bonds-tax exempt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 110,350 | |
Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 634,477 | 574,908 |
Recurring Basis | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 35,205 | 39,830 |
Recurring Basis | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 410,800 | 295,034 |
Recurring Basis | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 164,592 | 122,292 |
Recurring Basis | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 23,879 | 7,402 |
Recurring Basis | Total U.S. government agency and sponsored agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 599,272 | 424,728 |
Recurring Basis | Municipal bonds-tax exempt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 110,350 | |
Recurring Basis | Quoted Prices in Active Markets for Identical Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 35,205 | 39,830 |
Recurring Basis | Quoted Prices in Active Markets for Identical Assets | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 35,205 | 39,830 |
Recurring Basis | Quoted Prices in Active Markets for Identical Assets | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring Basis | Quoted Prices in Active Markets for Identical Assets | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring Basis | Quoted Prices in Active Markets for Identical Assets | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring Basis | Quoted Prices in Active Markets for Identical Assets | Total U.S. government agency and sponsored agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring Basis | Quoted Prices in Active Markets for Identical Assets | Municipal bonds-tax exempt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | |
Recurring Basis | Significant Observable Inputs with No Active Market with Identical Characteristics | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 599,272 | 535,078 |
Recurring Basis | Significant Observable Inputs with No Active Market with Identical Characteristics | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | |
Recurring Basis | Significant Observable Inputs with No Active Market with Identical Characteristics | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 410,800 | 295,034 |
Recurring Basis | Significant Observable Inputs with No Active Market with Identical Characteristics | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 164,592 | 122,292 |
Recurring Basis | Significant Observable Inputs with No Active Market with Identical Characteristics | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 23,879 | 7,402 |
Recurring Basis | Significant Observable Inputs with No Active Market with Identical Characteristics | Total U.S. government agency and sponsored agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 599,272 | 424,728 |
Recurring Basis | Significant Observable Inputs with No Active Market with Identical Characteristics | Municipal bonds-tax exempt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 110,350 | |
Recurring Basis | Significant Unobservable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring Basis | Significant Unobservable Inputs | U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | |
Recurring Basis | Significant Unobservable Inputs | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring Basis | Significant Unobservable Inputs | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring Basis | Significant Unobservable Inputs | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 0 | 0 |
Recurring Basis | Significant Unobservable Inputs | Total U.S. government agency and sponsored agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 0 | 0 |
Recurring Basis | Significant Unobservable Inputs | Municipal bonds-tax exempt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 0 |
Fair Value Measurements - Ass_2
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Non-recurring Basis - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases | $ 31,049 | $ 5,210 |
Other real estate owned | 63 | 663 |
Bank-owned premises | 1,900 | |
Real estate loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases | 41,400 | 3,500 |
Commercial and industrial loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases | 12,500 | 1,700 |
Quoted Prices in Active Markets for Identical Assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases | 0 | 0 |
Other real estate owned | 0 | 0 |
Bank-owned premises | 0 | |
Significant Observable Inputs with No Active Market with Identical Characteristics | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases | 0 | 3,253 |
Other real estate owned | 0 | 663 |
Bank-owned premises | 0 | |
Significant Unobservable Inputs | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Impaired loans and leases | 31,049 | 1,957 |
Other real estate owned | 63 | $ 0 |
Bank-owned premises | $ 1,900 |
Fair Value Measurements - Quant
Fair Value Measurements - Quantitative Information about Level 3 Fair Value Comments for Assets Measured at Fair Value on Non-Recurring Basis (Detail) - Significant Unobservable Inputs - Non-recurring Basis $ in Thousands | Dec. 31, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value | $ 31,049 |
Real Estate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value | 27,154 |
Other | Real Estate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value | $ 13,926 |
Alternative Investment, Valuation Technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember |
Construction | Real Estate | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value | $ 13,228 |
Alternative Investment, Valuation Technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember |
Construction | Real Estate | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range | (0.003) |
Construction | Real Estate | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range | 0.043 |
Construction | Real Estate | Weighted Average | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range | 0.021 |
Commercial lines of credit | Commercial and Industrial | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value | $ 3,895 |
Alternative Investment, Valuation Technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember |
Commercial lines of credit | Commercial and Industrial | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range | (0.008) |
Commercial lines of credit | Commercial and Industrial | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range | 0.042 |
Commercial lines of credit | Commercial and Industrial | Weighted Average | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range | 0.018 |
Bank-Owned Premises | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value | $ 1,900 |
Alternative Investment, Valuation Technique [Extensible List] | us-gaap:MarketApproachValuationTechniqueMember |
Bank-Owned Premises | Minimum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range | (0.030) |
Bank-Owned Premises | Maximum | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range | 0.055 |
Bank-Owned Premises | Weighted Average | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Range | (0.002) |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Cash and due from banks | $ 121,678 | $ 155,376 |
Securities available for sale | 634,477 | 574,908 |
Accrued interest receivable | 11,742 | 13,331 |
Financial liabilities: | ||
Noninterest-bearing deposits | 1,391,624 | 1,284,530 |
Interest-bearing deposits | 3,307,338 | 3,462,705 |
Accrued interest payable | 11,215 | 11,379 |
Carrying Amount | ||
Financial assets: | ||
Cash and due from banks | 121,678 | 155,376 |
Securities available for sale | 634,477 | 574,908 |
Loans held for sale | 6,020 | 9,390 |
Loans and leases receivable, net of allowance for loan and lease losses | 4,548,739 | 4,568,566 |
Accrued interest receivable | 11,742 | 13,331 |
Financial liabilities: | ||
Noninterest-bearing deposits | 1,391,624 | 1,284,530 |
Interest-bearing deposits | 3,307,338 | 3,462,705 |
Borrowings and subordinated debentures | 208,377 | 172,808 |
Accrued interest payable | 11,215 | 11,379 |
Quoted Prices in Active Markets for Identical Assets | Fair Value | ||
Financial assets: | ||
Cash and due from banks | 121,678 | 155,376 |
Securities available for sale | 35,205 | 39,830 |
Loans held for sale | 0 | 0 |
Loans and leases receivable, net of allowance for loan and lease losses | 0 | 0 |
Accrued interest receivable | 11,742 | 13,331 |
Financial liabilities: | ||
Noninterest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Borrowings and subordinated debentures | 0 | 0 |
Accrued interest payable | 11,215 | 11,379 |
Significant Observable Inputs with No Active Market with Identical Characteristics | Fair Value | ||
Financial assets: | ||
Cash and due from banks | 0 | 0 |
Securities available for sale | 599,272 | 535,078 |
Loans held for sale | 6,382 | 9,905 |
Loans and leases receivable, net of allowance for loan and lease losses | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Noninterest-bearing deposits | 1,391,624 | 1,284,530 |
Interest-bearing deposits | 0 | 0 |
Borrowings and subordinated debentures | 89,831 | 98,020 |
Accrued interest payable | 0 | 0 |
Significant Unobservable Inputs | Fair Value | ||
Financial assets: | ||
Cash and due from banks | 0 | 0 |
Securities available for sale | 0 | 0 |
Loans held for sale | 0 | 0 |
Loans and leases receivable, net of allowance for loan and lease losses | 4,520,322 | 4,518,716 |
Accrued interest receivable | 0 | 0 |
Financial liabilities: | ||
Noninterest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 3,317,867 | 3,458,523 |
Borrowings and subordinated debentures | 118,807 | 54,939 |
Accrued interest payable | $ 0 | $ 0 |
Share-based Compensation - Addi
Share-based Compensation - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019USD ($)Planshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of incentive plans | Plan | 2 | ||
Unrecognized compensation expense | $ 4,500,000 | ||
Weighted average period cost expected to be recognized | 2 years | ||
Stock options, expiration term from date of grant | 10 years | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period of continuous service | 3 years | ||
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period of continuous service | 5 years | ||
2013 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares of common stock to be granted under equity incentive awards | shares | 1,500,000 | ||
Shares available for issuance under the Plan | shares | 348,922 | ||
2007 and 2013 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 0 | ||
Options granted in period (shares) | shares | 0 | ||
Stock options, expiration term from date of grant | 10 years | ||
2007 and 2013 Plan | Restricted stock awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 4,500,000 | ||
Weighted average period cost expected to be recognized | 2 years | ||
Total fair value of vested shares | $ 2,100,000 | $ 3,000,000 | $ 4,200,000 |
2007 and 2013 Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period of continuous service | 3 years | ||
2007 and 2013 Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Period of continuous service | 5 years |
Share-based Compensation - Shar
Share-based Compensation - Share-Based Compensation Expense and Related Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Share-based compensation expense | $ 3,125 | $ 3,515 | $ 2,893 |
Related tax benefits | $ 941 | $ 984 | $ 1,179 |
Share-based Compensation - Summ
Share-based Compensation - Summary of Information under Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds from exercise of stock options | $ 2,979 | $ 570 | $ 288 |
2007 and 2013 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Fair value of options vested | $ 184 | 820 | |
Total intrinsic value of options exercised | 842 | 432 | |
Proceeds from exercise of stock options | $ 2,979 | $ 288 |
Share-based Compensation - Su_2
Share-based Compensation - Summary of Stock Option Transactions under Plans (Detail) - 2007 and 2013 Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Number of Shares, options outstanding at beginning of period (shares) | 338,338 | 364,088 | 387,901 |
Number of Shares, Options granted (shares) | 0 | ||
Number of Shares, Options exercised (shares) | (181,900) | (25,750) | (23,813) |
Number of Shares, Options forfeited (shares) | 0 | 0 | |
Number of Shares, Options expired (shares) | 0 | 0 | |
Number of Shares, Options outstanding at end of period (shares) | 156,438 | 338,338 | 364,088 |
Number of Shares, Options exercisable at end of period (shares) | 156,438 | 338,338 | 354,753 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted-Average Exercise Price Per Share, Options outstanding at beginning of period (in USD per share) | $ 17.52 | $ 17.86 | $ 17.49 |
Weighted-Average Exercise Price Per Share, Options exercised (in USD per share) | 16.38 | 22.06 | 12.21 |
Weighted-Average Exercise Price Per Share, Options forfeited (in USD per share) | 0 | 0 | |
Weighted-Average Exercise Price Per Share, Options expired (in USD per share) | 0 | 0 | |
Weighted-Average Exercise Price Per Share, Options outstanding at end of period (in USD per share) | 18.84 | 17.52 | 17.86 |
Weighted-Average Exercise Price Per Share, Options exercisable at end of period (in USD per share) | $ 18.84 | $ 17.52 | $ 17.71 |
Share-based Compensation - Su_3
Share-based Compensation - Summary of Transactions for Non-Vested Stock Options (Detail) - 2007 and 2013 Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Shares, Non-vested options outstanding at beginning of period (shares) | 0 | 9,335 | 46,340 |
Number of Shares, Options granted (shares) | 0 | ||
Number of Shares, Options vested (shares) | (9,335) | (37,005) | |
Number of Shares, Options forfeited (shares) | 0 | 0 | |
Number of Shares, Non-vested options outstanding at end of period (shares) | 0 | 9,335 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted-Average Exercise Price Per Share, Non-vested options outstanding at beginning of period (in USD per share) | $ 0 | $ 23.47 | $ 22.42 |
Weighted-Average Exercise Price Per Share, Options vested (in USD per share) | 23.47 | 22.16 | |
Weighted-Average Exercise Price Per Share, Options forfeited (in USD per share) | 0 | 0 | |
Weighted-Average Exercise Price Per Share, Non-vested options outstanding at end of period (in USD per share) | $ 0 | $ 23.47 |
Share-based Compensation - Su_4
Share-based Compensation - Summary of Stock Options Outstanding under Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
2007 and 2013 Plan | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Number of Shares (shares) | 156,438 | 338,338 | 364,088 | 387,901 |
Options Outstanding, Intrinsic Value | $ 348 | |||
Options Outstanding, Weighted-Average Exercise Price Per Share (in USD per share) | $ 18.84 | $ 17.52 | $ 17.86 | $ 17.49 |
Options Exercisable, Number of Shares (shares) | 156,438 | 338,338 | 354,753 | |
Options Exercisable, Intrinsic Value | $ 924 | |||
Options Exercisable, Weighted-Average Exercise Price Per Share (in USD per share) | $ 18.84 | $ 17.52 | $ 17.71 | |
Intrinsic value of stock options outstanding (in USD per share) | 20 | |||
$10.80 to $14.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Limit (in USD per share) | 10.80 | |||
Exercise Price Range, Upper Limit (in USD per share) | $ 14.99 | |||
$10.80 to $14.99 | 2007 and 2013 Plan | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Number of Shares (shares) | 10,438 | |||
Options Outstanding, Intrinsic Value | $ 78 | |||
Options Outstanding, Weighted-Average Exercise Price Per Share (in USD per share) | $ 12.54 | |||
Options Outstanding, Weighted-Average Remaining Contractual Life | 2 years 10 months 24 days | |||
Options Exercisable, Number of Shares (shares) | 10,438 | |||
Options Exercisable, Intrinsic Value | $ 78 | |||
Options Exercisable, Weighted-Average Exercise Price Per Share (in USD per share) | $ 12.54 | |||
Options Exercisable, Weighted-Average Exercise Price Per Share (in USD per share) | 2 years 10 months 24 days | |||
$15.00 to $19.99 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Limit (in USD per share) | $ 15 | |||
Exercise Price Range, Upper Limit (in USD per share) | $ 19.99 | |||
$15.00 to $19.99 | 2007 and 2013 Plan | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Number of Shares (shares) | 85,000 | |||
Options Outstanding, Intrinsic Value | $ 270 | |||
Options Outstanding, Weighted-Average Exercise Price Per Share (in USD per share) | $ 16.82 | |||
Options Outstanding, Weighted-Average Remaining Contractual Life | 3 years 9 months 18 days | |||
Options Exercisable, Number of Shares (shares) | 85,000 | |||
Options Exercisable, Intrinsic Value | $ 270 | |||
Options Exercisable, Weighted-Average Exercise Price Per Share (in USD per share) | $ 16.82 | |||
Options Exercisable, Weighted-Average Exercise Price Per Share (in USD per share) | 3 years 9 months 18 days | |||
$20.00 to $24.83 | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Exercise Price Range, Lower Limit (in USD per share) | $ 20 | |||
Exercise Price Range, Upper Limit (in USD per share) | $ 24.83 | |||
$20.00 to $24.83 | 2007 and 2013 Plan | ||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||
Options Outstanding, Number of Shares (shares) | 61,000 | |||
Options Outstanding, Weighted-Average Exercise Price Per Share (in USD per share) | $ 22.73 | |||
Options Outstanding, Weighted-Average Remaining Contractual Life | 4 years 9 months 18 days | |||
Options Exercisable, Number of Shares (shares) | 61,000 | |||
Options Exercisable, Weighted-Average Exercise Price Per Share (in USD per share) | $ 22.73 | |||
Options Exercisable, Weighted-Average Exercise Price Per Share (in USD per share) | 4 years 9 months 18 days |
Share-based Compensation - Sche
Share-based Compensation - Schedule of Restricted Stock Awards under 2013 Plan (Detail) - 2007 and 2013 Plan - Restricted stock awards - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of Shares, Restricted stock at beginning of period | 304,595 | 317,783 | 343,958 |
Number of Shares, Restricted stock granted | 181,204 | 156,771 | 127,239 |
Number of Shares, Restricted stock vested | (99,527) | (106,674) | (139,298) |
Number of Shares, Restricted stock forfeited | (90,071) | (63,285) | (14,116) |
Number of Shares, Restricted stock at end of period | 296,201 | 304,595 | 317,783 |
Weighted-Average Grant Date Fair Value Per Share, Restricted stock at beginning of period (in USD per share) | $ 21.98 | $ 21.09 | $ 16.60 |
Weighted-Average Grant Date Fair Value Per Share, Restricted stock granted (in USD per share) | 22.05 | 25.02 | 31.06 |
Weighted-Average Grant Date Fair Value Per Share, Restricted stock vested (in USD per share) | 27.56 | 27.11 | 18.73 |
Weighted-Average Grant Date Fair Value Per Share, Restricted stock forfeited (in USD per share) | 13.78 | 15.38 | 24.73 |
Weighted-Average Grant Date Fair Value Per Share, Restricted stock at end of period (in USD per share) | $ 22.91 | $ 21.98 | $ 21.09 |
Earnings per Share - Reconcilia
Earnings per Share - Reconciliation of Components Used to Derive Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 3,084 | $ 12,377 | $ 2,656 | $ 14,672 | $ 11,384 | $ 16,081 | $ 15,548 | $ 14,855 | $ 32,788 | $ 57,868 | $ 54,660 |
Less: income allocated to unvested restricted shares | 230 | 359 | 339 | ||||||||
Net Income (Loss) Available to Common Stockholders, Basic | 32,558 | 57,509 | 54,321 | ||||||||
Income allocated to common shares | $ 32,558 | $ 57,509 | $ 54,321 | ||||||||
Weighted-average shares for basic EPS (shares) | 30,725,376 | 31,924,863 | 32,071,585 | ||||||||
Effect of dilutive securities - options and unvested restricted stock (shares) | 35,046 | 126,470 | 178,333 | ||||||||
Weighted-average shares for diluted EPS | 30,760,422 | 32,051,333 | 32,249,918 | ||||||||
Net income per share, basic (in USD per share) | $ 1.07 | $ 1.81 | $ 1.71 | ||||||||
Effect of dilutive securities (in USD per share) | 0.01 | 0.01 | 0.01 | ||||||||
Basic earnings per share (in USD per share) | $ 0.10 | $ 0.40 | $ 0.09 | $ 0.48 | $ 0.37 | $ 0.50 | $ 0.48 | $ 0.46 | 1.06 | 1.80 | 1.70 |
Net income per share, diluted (in USD per share) | 1.07 | 1.80 | 1.70 | ||||||||
Diluted earnings per share (in USD per share) | $ 0.10 | $ 0.40 | $ 0.09 | $ 0.48 | $ 0.37 | $ 0.50 | $ 0.48 | $ 0.46 | $ 1.06 | $ 1.79 | $ 1.69 |
Earnings per Share - Additional
Earnings per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stock option awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of diluted EPS (shares) | 0 | 0 | 0 |
Unvested restricted stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of diluted EPS (shares) | 0 | 0 | 0 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Accrued expense liability for personal paid time off | $ 2.5 | ||
Bank-Owned Life Insurance | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Cash surrender value | $ 52.8 | ||
Section 401(k) Plan | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Percent of participant contributions (percent) | 75.00% | ||
Percent of employer contribution (up to, percent) | 8.00% | ||
Contributions | $ 2.4 | $ 2.4 | $ 2 |
Off-Balance Sheet Commitments -
Off-Balance Sheet Commitments - Distribution of Undisbursed Loan Commitments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | |||
Total undisbursed loan commitments | $ 413,792 | $ 371,448 | |
Allowance for off-balance sheet items: | |||
Balance at beginning of period | 1,439 | 1,296 | $ 1,184 |
Provision charged to operating expense | 958 | 143 | 112 |
Balance at end of period | 2,397 | 1,439 | $ 1,296 |
Commitments to extend credit | |||
Loss Contingencies [Line Items] | |||
Total undisbursed loan commitments | 371,287 | 325,100 | |
Standby letters of credit | |||
Loss Contingencies [Line Items] | |||
Total undisbursed loan commitments | 31,372 | 32,500 | |
Commercial letters of credit | |||
Loss Contingencies [Line Items] | |||
Total undisbursed loan commitments | $ 11,133 | $ 13,848 |
Qualified Affordable Housing _2
Qualified Affordable Housing Project Investments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Investments in Affordable Housing Projects [Line Items] | |
Qualified affordable housing project investments | $ 9,600,000 |
Unfunded commitments related to investments | $ 112,000 |
Investment commitments expected to be paid | 2023 |
Income Tax Expense | |
Investments in Affordable Housing Projects [Line Items] | |
Qualified affordable housing project investments, amortization expense recognized | $ 2,000,000 |
Liquidity - Additional Informat
Liquidity - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2014 | Dec. 31, 2012 |
Line of Credit Facility [Line Items] | ||||
Borrowings | $ 0 | |||
Line of credit | $ 115,000,000 | |||
Hanmi Bank | ||||
Line of Credit Facility [Line Items] | ||||
Cash on deposit with bank subsidiary | 17,100,000 | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank, Amount of Advances | 90,000,000 | $ 55,000,000 | ||
Broker deposits | $ 264,200,000 | 351,300,000 | ||
Percentage of borrowings from FHLB (up to) | 30.00% | |||
Total borrowing capacity based on pledged collateral | $ 1,110,000,000 | 924,400,000 | ||
Borrowing capacity available based on pledged collateral | 878,400,000 | $ 729,400,000 | ||
Amount available from borrowing source | 29,600,000 | |||
Carrying value for loans pledged by Bank | 30,200,000 | |||
Borrowings | $ 0 | |||
Maximum borrowing capacity of line of credit | $ 100,000,000 |
Condensed Financial Informati_3
Condensed Financial Information of Parent Company - Balance Sheets of Parent Company (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Total assets | $ 5,538,184 | $ 5,502,219 | ||
Liabilities: | ||||
Subordinated debentures | 118,377 | 117,808 | ||
Total liabilities | 4,974,917 | 4,949,651 | ||
Stockholders' equity | 563,267 | 552,568 | $ 562,477 | $ 531,025 |
Total liabilities and stockholders' equity | 5,538,184 | 5,502,219 | ||
Hanmi Financial | ||||
Assets | ||||
Cash | 17,105 | 7,450 | ||
Investments in consolidated subsidiaries | 658,464 | 652,174 | ||
Other assets | 7,511 | 12,196 | ||
Total assets | 683,080 | 671,820 | ||
Liabilities: | ||||
Subordinated debentures | 118,377 | 117,808 | ||
Other liabilities | 1,436 | 1,444 | ||
Total liabilities | 119,813 | 119,252 | ||
Stockholders' equity | 563,267 | 552,568 | ||
Total liabilities and stockholders' equity | $ 683,080 | $ 671,820 |
Condensed Financial Informati_4
Condensed Financial Information of Parent Company - Statement of Income of Parent Company (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Income Statements, Captions [Line Items] | |||||||||||
Interest expense | $ (16,763) | $ (18,119) | $ (18,492) | $ (17,526) | $ (16,311) | $ (14,707) | $ (12,208) | $ (10,158) | $ (70,900) | $ (53,384) | $ (32,519) |
Other expense | (16,394) | (11,256) | (11,170) | ||||||||
Income tax benefit | (2,720) | (4,333) | (1,220) | (6,288) | (8,222) | (6,255) | (5,901) | (5,724) | (14,560) | (26,102) | (40,624) |
Net income | $ 3,084 | $ 12,377 | $ 2,656 | $ 14,672 | $ 11,384 | $ 16,081 | $ 15,548 | $ 14,855 | 32,788 | 57,868 | 54,660 |
Hanmi Financial | |||||||||||
Condensed Income Statements, Captions [Line Items] | |||||||||||
Dividends from bank subsidiaries | 44,500 | 76,669 | 22,619 | ||||||||
Interest expense | (7,032) | (6,925) | (5,353) | ||||||||
Other expense | (5,333) | (5,988) | (5,291) | ||||||||
Income before taxes and undistributed income of subsidiary | 32,135 | 63,756 | 11,975 | ||||||||
Income tax benefit | 3,823 | 4,116 | 7,513 | ||||||||
Income before undistributed income of subsidiary | 35,958 | 67,872 | 19,488 | ||||||||
Equity in undistributed income of subsidiary | (3,170) | (10,004) | 35,172 | ||||||||
Net income | $ 32,788 | $ 57,868 | $ 54,660 |
Condensed Financial Informati_5
Condensed Financial Information of Parent Company - Statement of Cash Flows of Parent Company (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | |||||||||||
Net income | $ 3,084 | $ 12,377 | $ 2,656 | $ 14,672 | $ 11,384 | $ 16,081 | $ 15,548 | $ 14,855 | $ 32,788 | $ 57,868 | $ 54,660 |
Adjustments to reconcile net income to net cash used in operating activities | |||||||||||
Share-based compensation expense | 3,125 | 3,515 | 2,893 | ||||||||
Net cash provided by operating activities | 58,796 | 76,635 | 81,656 | ||||||||
Cash flows from investing activities: | |||||||||||
Net cash used in investing activities | (44,545) | (311,567) | (520,184) | ||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of stock options | 2,979 | 570 | 288 | ||||||||
Proceeds from insurance of long-term debt | 97,828 | ||||||||||
Cash paid for repurchase of vested shares due to employee tax liability | (517) | (680) | (1,103) | ||||||||
Repurchase of common stock | (7,362) | (36,068) | |||||||||
Cash dividends paid | (29,776) | (30,921) | (25,811) | ||||||||
Net cash (used in) provided by financing activities | (47,949) | 236,482 | 445,119 | ||||||||
Net increase (decrease) in cash and due from banks | (33,698) | 1,550 | 6,591 | ||||||||
Cash and due from banks at beginning of year | 155,376 | 153,826 | 155,376 | 153,826 | 147,235 | ||||||
Cash and due from banks at end of period | 121,678 | 155,376 | 121,678 | 155,376 | 153,826 | ||||||
Hanmi Financial | |||||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | 32,788 | 57,868 | 54,660 | ||||||||
Adjustments to reconcile net income to net cash used in operating activities | |||||||||||
Undistributed income of subsidiary | 3,170 | 10,004 | (35,172) | ||||||||
Amortization of subordinated debentures | 569 | 538 | 463 | ||||||||
Share-based compensation expense | 3,125 | 3,515 | 2,893 | ||||||||
Change in other assets and liabilities | 4,679 | (10,463) | 5,156 | ||||||||
Net cash provided by operating activities | 44,331 | 61,462 | 28,000 | ||||||||
Cash flows from investing activities: | |||||||||||
Equity contribution to Hanmi Bank | 0 | 0 | (90,000) | ||||||||
Net cash used in investing activities | 0 | 0 | (90,000) | ||||||||
Cash flows from financing activities: | |||||||||||
Proceeds from exercise of stock options | 2,979 | 570 | 288 | ||||||||
Proceeds from insurance of long-term debt | 0 | 0 | 97,828 | ||||||||
Cash paid for repurchase of vested shares due to employee tax liability | (517) | (680) | (1,103) | ||||||||
Repurchase of common stock | (7,362) | (36,068) | 0 | ||||||||
Cash dividends paid | (29,776) | (30,921) | (25,811) | ||||||||
Net cash (used in) provided by financing activities | (34,676) | (67,099) | 71,202 | ||||||||
Net increase (decrease) in cash and due from banks | 9,655 | (5,637) | 9,202 | ||||||||
Cash and due from banks at beginning of year | $ 7,450 | $ 13,087 | 7,450 | 13,087 | 3,885 | ||||||
Cash and due from banks at end of period | $ 17,105 | $ 7,450 | $ 17,105 | $ 7,450 | $ 13,087 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) - Summary of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Interest and dividend income | $ 60,699 | $ 62,177 | $ 61,482 | $ 62,414 | $ 61,957 | $ 60,036 | $ 57,322 | $ 55,082 | $ 246,772 | $ 234,397 | $ 209,321 |
Interest expense | 16,763 | 18,119 | 18,492 | 17,526 | 16,311 | 14,707 | 12,208 | 10,158 | 70,900 | 53,384 | 32,519 |
Net interest income before provision for loan and lease losses | 43,936 | 44,058 | 42,990 | 44,888 | 45,646 | 45,329 | 45,114 | 44,924 | 175,872 | 181,013 | 176,802 |
Loan and lease loss provision | 10,752 | 1,602 | 16,699 | 1,117 | 3,041 | 200 | 100 | 649 | 30,170 | 3,990 | 831 |
Noninterest income | 6,709 | 6,860 | 7,729 | 6,254 | 6,299 | 6,215 | 5,945 | 6,061 | 27,552 | 24,520 | 33,415 |
Noninterest expense | 34,089 | 32,607 | 30,144 | 29,065 | 29,298 | 29,008 | 29,510 | 29,757 | 125,906 | 117,573 | 114,102 |
Income before provision for income taxes | 5,804 | 16,709 | 3,876 | 20,960 | 19,606 | 22,336 | 21,449 | 20,579 | |||
Provision for income taxes | 2,720 | 4,333 | 1,220 | 6,288 | 8,222 | 6,255 | 5,901 | 5,724 | 14,560 | 26,102 | 40,624 |
Net income | $ 3,084 | $ 12,377 | $ 2,656 | $ 14,672 | $ 11,384 | $ 16,081 | $ 15,548 | $ 14,855 | $ 32,788 | $ 57,868 | $ 54,660 |
Basic earnings per share | $ 0.10 | $ 0.40 | $ 0.09 | $ 0.48 | $ 0.37 | $ 0.50 | $ 0.48 | $ 0.46 | $ 1.06 | $ 1.80 | $ 1.70 |
Diluted earnings per share | $ 0.10 | $ 0.40 | $ 0.09 | $ 0.48 | $ 0.37 | $ 0.50 | $ 0.48 | $ 0.46 | $ 1.06 | $ 1.79 | $ 1.69 |