Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 07, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year focus | 2019 | |
Document Fiscal Year Focus | Q1 | |
Trading Symbol | HAFC | |
Entity Registrant Name | HANMI FINANCIAL CORP | |
Entity Central Index Key | 0001109242 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Common Stock, Shares Outstanding | 30,928,043 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 169,830,000 | $ 155,376,000 |
Securities available for sale, at fair value (amortized cost of $624,112 as of March 31, 2019 and $583,444 as of December 31, 2018) | 621,470,000 | 574,908,000 |
Loans held for sale, at the lower of cost or fair value | 7,140,000 | 9,390,000 |
Loans and leases receivable, net of allowance for loan and lease losses of $32,896 as of March 31, 2019 and $31,974 as of December 31, 2018 | 4,542,724,000 | 4,568,566,000 |
Accrued interest receivable | 13,397,000 | 13,331,000 |
Premises and equipment, net | 28,426,000 | 27,752,000 |
Customers’ liability on acceptances | 750,000 | 173,000 |
Servicing assets | 7,978,000 | 8,520,000 |
Goodwill and other intangible assets, net | 12,105,000 | 12,182,000 |
Federal Home Loan Bank (“FHLB”) stock, at cost | 16,385,000 | 16,385,000 |
Bank-owned life insurance | 51,941,000 | 51,661,000 |
Prepaid expenses and other assets | 98,922,000 | 63,975,000 |
Total assets | 5,571,068,000 | 5,502,219,000 |
Deposits: | ||
Noninterest-bearing | 1,316,114,000 | 1,284,530,000 |
Interest-bearing | 3,504,061,000 | 3,462,705,000 |
Total deposits | 4,820,175,000 | 4,747,235,000 |
Accrued interest payable | 14,437,000 | 11,379,000 |
Bank’s liability on acceptances | 750,000 | 173,000 |
Borrowings | 0 | 55,000,000 |
Subordinated debentures | 117,947,000 | 117,808,000 |
Accrued expenses and other liabilities | 53,467,000 | 18,056,000 |
Total liabilities | 5,006,776,000 | 4,949,651,000 |
Stockholders’ equity: | ||
Common stock, $0.001 par value; authorized 62,500,000 shares; issued 33,153,888 shares (30,860,533 shares outstanding) as of March 31, 2019 and issued 33,202,369 shares (30,928,437 shares outstanding) as of December 31, 2018 | 33,000 | 33,000 |
Additional paid-in capital | 570,432,000 | 569,712,000 |
Accumulated other comprehensive loss, net of tax benefit of $760 as of March 31, 2019 and $2,457 as of December 31, 2018 | (1,882,000) | (6,079,000) |
Retained earnings | 104,771,000 | 97,539,000 |
Less: treasury stock, at cost; 2,293,355 shares as of March 31, 2019 and 2,273,932 shares as of December 31, 2018 | (109,062,000) | (108,637,000) |
Total stockholders’ equity | 564,292,000 | 552,568,000 |
Total liabilities and stockholders’ equity | $ 5,571,068,000 | $ 5,502,219,000 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Amortized cost of securities available for sale | $ 624,112 | $ 583,444 |
Allowance for loan losses of loans receivable | $ 32,896 | $ 31,974 |
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) | 33,153,888 | 33,202,369 |
Common stock outstanding (shares) | 30,860,533 | 30,928,437 |
Accumulated other comprehensive loss, tax expense/(benefit) | $ 760 | $ 2,457 |
Treasury stock (shares) | 2,293,355 | 2,273,932 |
Consolidated Statements of Inco
Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Interest and dividend income: | ||
Interest and fees on loans and leases | $ 58,334 | $ 51,574 |
Interest on securities | 3,456 | 3,105 |
Dividends on FHLB stock | 289 | 289 |
Interest on deposits in other banks | 335 | 114 |
Total interest and dividend income | 62,414 | 55,082 |
Interest expense: | ||
Interest on deposits | 15,683 | 7,785 |
Interest on borrowings | 71 | 679 |
Interest on subordinated debentures | 1,772 | 1,694 |
Total interest expense | 17,526 | 10,158 |
Net interest income before provision for loan and lease losses | 44,888 | 44,924 |
Loan and lease loss provision | 1,117 | 649 |
Net interest income after provision for loan and lease losses | 43,771 | 44,275 |
Noninterest income: | ||
Service charges on deposit accounts | 2,358 | 2,511 |
Trade finance and other service charges and fees | 1,124 | 1,173 |
Gain on sales of Small Business Administration (“SBA”) loans | 926 | 1,448 |
Net gain (loss) on sales of securities | 725 | (428) |
Other operating income | 1,121 | 1,357 |
Total noninterest income | 6,254 | 6,061 |
Noninterest expense: | ||
Salaries and employee benefits | 15,738 | 18,702 |
Occupancy and equipment | 4,521 | 4,072 |
Data processing | 2,083 | 1,678 |
Professional fees | 1,649 | 1,369 |
Supplies and communications | 844 | 708 |
Advertising and promotion | 760 | 876 |
Other operating expenses | 3,470 | 2,352 |
Total noninterest expense | 29,065 | 29,757 |
Income before income tax expense | 20,960 | 20,579 |
Income tax expense | 6,288 | 5,724 |
Net income | $ 14,672 | $ 14,855 |
Basic earnings per share (in usd per share) | $ 0.48 | $ 0.46 |
Diluted earnings per share (in usd per share) | $ 0.48 | $ 0.46 |
Weighted-average shares outstanding: | ||
Basic (shares) | 30,667,378 | 32,145,214 |
Diluted (shares) | 30,720,772 | 32,301,095 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 14,672 | $ 14,855 |
Unrealized gain (loss) on securities: | ||
Unrealized holding gain (loss) arising during period | 6,619 | (8,864) |
Less: reclassification adjustment for net gain included in net income | (725) | 0 |
Income tax (expense) benefit related to items of other comprehensive income | (1,697) | 2,543 |
Other comprehensive income (loss), net of tax | 4,197 | (6,321) |
Comprehensive income | $ 18,869 | $ 8,534 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 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, 2017 | $ 562,477 | $ 33 | $ (71,889) | $ 565,627 | $ (1,869) | $ 70,575 |
Beginning balance, shares issued (shares) at Dec. 31, 2017 | 33,083,133 | |||||
Beginning balance, treasury stock (shares) at Dec. 31, 2017 | (651,506) | |||||
Beginning balance, shares outstanding (shares) at Dec. 31, 2017 | 32,431,627 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock options exercised | 570 | 570 | ||||
Stock options exercised (shares) | 25,750 | |||||
Restricted stock awards, net of forfeitures | 0 | |||||
Restricted stock awards, net of forfeitures (shares) | 58,885 | |||||
Share-based compensation expense | 884 | 884 | ||||
Restricted stock surrendered due to employee tax liability (shares) | (13,604) | (13,604) | ||||
Restricted stock surrendered due to employee tax liability | (431) | $ (431) | ||||
Cash dividends declared | (7,756) | (7,756) | ||||
Net income | 14,855 | 14,855 | ||||
Change in unrealized gain on securities available for sale, net of income taxes | (6,321) | (6,321) | ||||
Balance at end of period at Mar. 31, 2018 | 564,278 | $ 33 | $ (72,320) | 567,081 | (8,207) | 77,691 |
Ending balance, shares issued (shares) at Mar. 31, 2018 | 33,167,768 | |||||
Ending balance, treasury stock (shares) at Mar. 31, 2018 | (665,110) | |||||
Ending balance, shares outstanding (shares) at Mar. 31, 2018 | 32,502,658 | |||||
Balance at beginning of period at Dec. 31, 2018 | $ 552,568 | $ 33 | $ (108,637) | 569,712 | (6,079) | 97,539 |
Beginning balance, shares issued (shares) at Dec. 31, 2018 | 33,202,369 | |||||
Beginning balance, treasury stock (shares) at Dec. 31, 2018 | (2,273,932) | (2,273,932) | ||||
Beginning balance, shares outstanding (shares) at Dec. 31, 2018 | 30,928,437 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Stock options exercised | $ 8 | 8 | ||||
Restricted stock awards, net of forfeitures (shares) | (49,131) | |||||
Restricted stock awards, net of forfeitures | $ 0 | |||||
Stock options exercised (shares) | 650 | 650 | ||||
Share-based compensation expense | $ 712 | 712 | ||||
Restricted stock surrendered due to employee tax liability (shares) | (19,423) | (19,423) | ||||
Restricted stock surrendered due to employee tax liability | (425) | $ (425) | ||||
Cash dividends declared | (7,440) | (7,440) | ||||
Net income | 14,672 | 14,672 | ||||
Change in unrealized gain on securities available for sale, net of income taxes | 4,197 | 4,197 | ||||
Balance at end of period at Mar. 31, 2019 | $ 564,292 | $ 33 | $ (109,062) | $ 570,432 | $ (1,882) | $ 104,771 |
Ending balance, shares issued (shares) at Mar. 31, 2019 | 33,153,888 | |||||
Ending balance, treasury stock (shares) at Mar. 31, 2019 | (2,293,355) | (2,293,355) | ||||
Ending balance, shares outstanding (shares) at Mar. 31, 2019 | 30,860,533 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 14,672 | $ 14,855 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,622 | 1,757 |
Share-based compensation expense | 712 | 884 |
Loan and lease loss provision | 1,117 | 649 |
(Gain) loss on sales of securities | (725) | 428 |
Gain on sales of SBA loans | (926) | (1,448) |
Origination of SBA loans held for sale | (13,223) | (18,805) |
Proceeds from sales of SBA loans | 16,608 | 20,981 |
Change in accrued interest receivable | (66) | 19 |
Change in bank-owned life insurance | (280) | (277) |
Change in prepaid expenses and other assets | 1,737 | 5,192 |
Change in accrued interest payable | 3,058 | 622 |
Change in accrued expenses and other liabilities | (2,873) | (6,357) |
Net cash provided by operating activities | 22,433 | 18,500 |
Cash flows from investing activities: | ||
Proceeds from matured, called and repayment of securities | 20,544 | 22,495 |
Proceeds from sales of securities available for sale | 69,187 | 21,958 |
Change in loans and leases receivable, excluding purchases | 24,201 | |
Change in loans and leases receivable, excluding purchases | (70,971) | |
Purchases of securities available for sale | (130,550) | (46,641) |
Purchases of premises and equipment | (1,444) | (481) |
Purchases of loans and leases receivable | 0 | (38,905) |
Net cash used in investing activities | (18,062) | (112,545) |
Cash flows from financing activities: | ||
Change in deposits | 72,940 | 29,447 |
Change in borrowings | (55,000) | 70,000 |
Proceeds from exercise of stock options | 8 | 570 |
Cash paid for surrender of vested shares due to employee tax liability | (425) | (431) |
Cash dividends paid | (7,440) | (7,756) |
Net cash provided by financing activities | 10,083 | 91,830 |
Net increase (decrease) in cash and cash equivalents | 14,454 | (2,215) |
Cash and cash equivalents at beginning of year | 155,376 | 153,826 |
Cash and cash equivalents at end of period | 169,830 | 151,611 |
Cash paid during the period for: | ||
Interest | 14,468 | 9,536 |
Income taxes | 88 | 39 |
Non-cash activities: | ||
Income tax (expense) benefit related to items in other comprehensive income | (1,697) | 2,543 |
Change in unrealized loss in accumulated other comprehensive income | (5,894) | 8,864 |
Cash dividends declared | (7,440) | $ (7,756) |
Right-of-use asset obtained in exchange for lease liability | $ (40,909) |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | Organization and Basis of Presentation Hanmi Financial Corporation (“Hanmi Financial,” the “Company,” “we,” “us” or “our”) is a bank holding company whose subsidiary is Hanmi Bank (the “Bank”). Our primary operations are related to traditional banking activities, including the acceptance of deposits and the lending and investing of money through the operation of the Bank. On January 24, 2019, the Company's Board of Directors adopted a new stock repurchase program under which the Company may repurchase up to 5% of its outstanding shares, or approximately 1.5 million shares, of its common stock. The repurchase 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. Repurchases will be made at management’s discretion at prices management considers to be attractive and in the best interests of both the Company and its stockholders, subject to the availability of stock, general market conditions, the trading price of the stock, alternative uses for capital, and the Company’s financial performance. 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. The repurchase program does not obligate the Company to purchase any particular number of shares. The Company did no t repurchase common stock during the three months ended March 31, 2019. In management’s opinion, the accompanying unaudited consolidated financial statements of Hanmi Financial and its subsidiaries reflect all adjustments of a normal and recurring nature that are necessary for a fair presentation of the results for the interim period ended March 31, 2019 , but are not necessarily indicative of the results that will be reported for the entire year or any other interim period. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. The aforementioned unaudited consolidated financial statements are prepared in conformity with GAAP and in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission. The interim information should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the “ 2018 Annual Report on Form 10-K”). The preparation of interim unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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. Material estimates subject to change include, among other items, the determination of allowance for loan and lease losses and allowance for off-balance sheet items, other-than-temporary impairment, securities valuations, the fair value of other assets and liabilities acquired in a business combination and income taxes. Actual results could differ from those estimates. Descriptions of our significant accounting policies are included in Note 1 - Summary of Significant Accounting Policies in the Notes to consolidated financial statements in our 2018 Annual Report on Form 10-K. Effective January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825) and ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220). Summaries of ASU 2016-01 and 2018-02 and the impact of their adoption are included in Notes 2 and 5 to the unaudited consolidated financial statements, respectively. In addition to other provisions, ASU 2016-01 requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Beginning with the quarter ended March 31, 2018, the Company measured the fair value of certain financial instruments, included in Note 10 to the unaudited consolidated financial statements, using an exit price notion. The Company also adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), as of January 1, 2018, as required. ASU 2014-09 replaces existing revenue recognition guidance for contracts to provide goods or services to customers and amends existing guidance related to recognition of gains and losses on the sale of certain nonfinancial assets such as real estate. See Note 13 to the accompanying unaudited consolidated financial statements for the impact of the adoption of this new standard on the Company's consolidated financial statements. Effective January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842) . ), which requires lessees to recognize a right of use asset and a lease liability on their balance sheet for all leases, including operating leases, with a term of greater than 12 months. In July 2018, the FASB issued ASU 2018-11, which adds a transition option permitting entities to apply the provisions of the new standard at its adoption date instead of the earliest comparative period presented in the consolidated financial statements. Under this transition option, comparative reporting would not be required, and the provisions of the standard would be applied prospectively to leases in effect at the date of adoption. The Company elected to use the optional transition method provided by ASU 2018-11. The Company also elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to carry forward its ASC 840 assessment regarding definition of a lease, lease classification, and initial direct costs. The following practical expedients were applied implementing this standard. • We did not reassess whether any expired or existing contracts are, or contain, leases. Additionally, we did not reassess for lease classifications of expired or existing leases, or initial direct costs for any existing leases. • We applied incremental borrowing rates as of adoption date of January 1, 2019. • We elected to not separate non-lease components from lease components and, instead, to account for each separate lease component and the non-lease components associated with it as a single lease component recognized on the balance sheet. This election has been made for all classes of leases. • We elected the short-term lease exception, which allows us to account for leases with a lease term of twelve months or less to be accounted for similar to existing operating leases. The cost of these leases is disclosed, but is not recognized in the right-of-use asset and lease liability balances. Consistent with ASC 842 requirements, leases that are one month or less are not included in the disclosures. • We have elected to account for the leases under the portfolio approach applying them prospectively for this accounting change. The portfolio approach allows us to present multiple similar leased assets in a pool and prospectively allows us to commence the calculation of the portfolio of leases using the remaining commitments from adoption date forward. See Note 14 to the unaudited consolidated financial statements for the impact of the adoption of this new standard on the Company's consolidated financial statements. |
Securities
Securities | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities The following is a summary of securities available for sale as of the dates indicated: Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value (in thousands) March 31, 2019 U.S. Treasury securities $ 54,584 $ 148 $ 4 $ 54,728 U.S. government agency and sponsored agency obligations: Mortgage-backed securities 356,973 566 2,938 354,601 Collateralized mortgage obligations 153,286 298 1,557 152,027 Debt securities 17,472 74 53 17,493 Total U.S. government agency and sponsored agency obligations 527,731 938 4,548 524,121 Municipal bonds-tax exempt 41,797 839 15 42,621 Total securities available for sale $ 624,112 $ 1,925 $ 4,567 $ 621,470 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 March 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 Cost Estimated Fair Value (in thousands) Within one year $ 32,693 $ 32,694 Over one year through five years 146,323 145,744 Over five years through ten years 232,279 231,518 Over ten years 212,817 211,514 Total $ 624,112 $ 621,470 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 March 31, 2019 and December 31, 2018 : Holding Period Less Than 12 Months 12 Months or More Total Gross Unrealized Loss Estimated Fair Value Number of Securities Gross Unrealized Loss Estimated Fair Value Number of Securities Gross Unrealized Loss Estimated Fair Value Number of Securities (in thousands, except number of securities) March 31, 2019 U.S. Treasury securities $ 4 $ 19,773 3 $ — $ — — $ 4 $ 19,773 3 U.S. government agency and sponsored agency obligations Mortgage-backed securities 19 13,442 2 2,919 214,791 101 2,938 228,233 103 Collateralized mortgage obligations 17 17,874 5 1,540 92,822 50 1,557 110,696 55 Debt securities — — — 53 7,447 3 53 7,447 3 Total U.S. government agency and sponsored agency obligations 36 31,316 7 4,512 315,060 154 4,548 346,376 161 Municipal bonds-tax exempt — — — 15 3,993 3 15 3,993 3 Total $ 40 $ 51,089 10 $ 4,527 $ 319,053 157 $ 4,567 $ 370,142 167 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 March 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 March 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 we will not be required to sell the investments before the recovery of their 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 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 March 31, 2019 and December 31, 2018 were not other-than-temporarily impaired, and therefore, no impairment charges as of March 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: Three Months Ended March 31, 2019 2018 (in thousands) Gross realized gains on sales of securities $ 725 $ — Gross realized losses on sales of securities — (957 ) Net realized gains (losses) on sales of securities $ 725 $ (957 ) Proceeds from sales of securities $ 69,187 $ 21,958 During the three months ended March 31, 2019 , there was a $725,000 net gain in earnings resulting from the sale of securities. Net unrealized loss of $206,000 related to these securities had previously been recorded in accumulated other comprehensive income as of the beginning of the period in 2019. In January 2016, the Financial Accounting Standards Board (“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. During the three months ended March 31, 2018 , we sold all of our 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. Securities available for sale with market values of $30.0 million and $29.9 million as of March 31, 2019 and December 31, 2018 , respectively, were pledged to secure public deposits and for other purposes as required or permitted by law. |
Loans and Leases
Loans and Leases | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Loans and Leases | Loans and Leases Loans and Leases Receivable Loans and leases receivable consisted of the following as of the dates indicated: March 31, 2019 December 31, 2018 (in thousands) Real estate loans: Commercial property Retail $ 898,632 $ 906,260 Hospitality 812,592 830,679 Other (1) 1,436,593 1,449,270 Total commercial property loans 3,147,817 3,186,209 Construction 82,709 71,583 Residential property 483,830 500,563 Total real estate loans 3,714,356 3,758,355 Commercial and industrial loans: Commercial term 186,471 206,691 Commercial lines of credit 196,213 194,032 International loans 39,818 29,180 Total commercial and industrial loans 422,502 429,903 Leases receivable 425,530 398,858 Consumer loans (2) 13,232 13,424 Loans and leases receivable 4,575,620 4,600,540 Allowance for loan and lease losses (32,896 ) (31,974 ) Loans and leases receivable, net $ 4,542,724 $ 4,568,566 (1) Includes, among other types, mixed-use, apartment, office, industrial, gas stations, faith-based facilities and warehouse; all other property types represent less than one percent of total loans and leases receivable. (2) Consumer loans include home equity lines of credit of $9.9 million and $10.3 million as of March 31, 2019 and December 31, 2018 , respectively. Accrued interest on loans and leases receivable was $11.5 million and $10.9 million at March 31, 2019 and December 31, 2018 , respectively. At March 31, 2019 and December 31, 2018 , loans and leases receivable of $1.1 billion were pledged to secure advances from the FHLB. Loans Held for Sale The following is the activity for SBA loans held for sale for the three months ended March 31, 2019 and 2018 : SBA Loans Held for Sale Real Estate Commercial and Industrial Total (in thousands) March 31, 2019 Balance at beginning of period $ 5,194 $ 4,196 $ 9,390 Originations 9,064 4,159 13,223 Sales (7,756 ) (7,703 ) (15,459 ) Principal payoffs and amortization (2 ) (12 ) (14 ) Balance at end of period $ 6,500 $ 640 $ 7,140 March 31, 2018 Balance at beginning of period $ 3,746 $ 2,648 $ 6,394 Originations 10,433 8,372 18,805 Sales (12,028 ) (7,159 ) (19,187 ) Principal payoffs and amortization — (4 ) (4 ) Balance at end of period $ 2,151 $ 3,857 $ 6,008 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 Three Months Ended March 31, 2019 2018 (in thousands) Balance at beginning of period $ 31,974 $ 31,043 Loans and leases charged off (1,107 ) (1,632 ) Recoveries on loans and leases previously charged off 912 1,717 Net (charge-offs) recoveries (195 ) 85 Loan and lease loss provision 1,117 649 Balance at end of period $ 32,896 $ 31,777 Management believes the allowance for loan and lease losses is appropriate to provide for probable 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; size, growth and composition of the loan and lease portfolio; the value of collateral; and current economic conditions. Our lending is concentrated generally in real estate loans, commercial loans and leases and SBA loans to small and middle market businesses primarily in California, Texas, Illinois and New York. The following table details the information on the allowance for loan and lease losses by portfolio segment as of and for the three months ended March 31, 2019 and 2018 : Real Estate Commercial and Industrial Leases Receivable Consumer Unallocated Total (in thousands) As of and for the Three Months Ended March 31, 2019 Allowance for loan and lease losses on loans and leases: Beginning balance $ 18,384 $ 7,162 6,303 $ 98 $ 27 $ 31,974 Less loans and leases charged off (122 ) (133 ) (852 ) — — (1,107 ) Recoveries on loans and leases previously charged off 440 382 90 — — 912 Loan and lease loss provision (income) (396 ) 1,300 39 (9 ) 183 1,117 Ending balance $ 18,306 $ 8,711 $ 5,580 $ 89 $ 210 $ 32,896 Individually evaluated for impairment $ — $ 3,269 $ 1,099 $ — $ — $ 4,368 Collectively evaluated for impairment $ 18,306 $ 5,442 $ 4,481 $ 89 $ 210 $ 28,528 Loans and leases receivable: $ 3,714,356 $ 422,502 $ 425,530 $ 13,232 $ — $ 4,575,620 Individually evaluated for impairment $ 14,015 $ 23,114 $ 4,783 $ 1,370 $ — $ 43,282 Collectively evaluated for impairment $ 3,700,341 $ 399,388 $ 420,747 $ 11,862 $ — $ 4,532,338 As of and for the Three Months Ended March 31, 2018 Allowance for loan and lease losses on loans and leases: Beginning balance $ 17,012 $ 7,400 6,279 $ 122 $ 230 $ 31,043 Less loans and leases charged off (989 ) (279 ) (364 ) — — (1,632 ) Recoveries on loans and leases previously charged off 885 736 95 1 — 1,717 Loan and lease loss provision (income) 732 (967 ) 1,100 2 (218 ) 649 Ending balance $ 17,640 $ 6,890 $ 7,110 $ 125 $ 12 $ 31,777 Individually evaluated for impairment $ 1,549 $ 357 $ 1,110 $ — $ — $ 3,016 Collectively evaluated for impairment $ 16,091 $ 6,533 $ 6,000 $ 125 $ 12 $ 28,761 Loans and leases receivable: $ 3,667,797 $ 409,380 $ 321,481 $ 14,899 $ — $ 4,413,557 Individually evaluated for impairment $ 18,513 $ 2,843 $ 4,200 $ 894 $ — $ 26,450 Collectively evaluated for impairment $ 3,649,284 $ 406,537 $ 317,281 $ 14,005 $ — $ 4,387,107 Loan 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 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 uncollectable 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. Under regulatory guidance, loans and leases graded special mention or worse are considered criticized loans and leases, and loans and leases graded substandard or worse are considered classified loans and leases. As of March 31, 2019 and December 31, 2018 , pass/pass-watch, special mention and classified loans and leases, disaggregated by loan class, were as follows: Pass/Pass-Watch Special Mention Classified Total (in thousands) March 31, 2019 Real estate loans: Commercial property Retail $ 891,084 $ 3,320 $ 4,228 $ 898,632 Hospitality 803,895 163 8,534 812,592 Other 1,422,697 3,037 10,859 1,436,593 Total commercial property loans 3,117,676 6,520 23,621 3,147,817 Construction 82,709 — — 82,709 Residential property 482,614 808 408 483,830 Total real estate loans 3,682,999 7,328 24,029 3,714,356 Commercial and industrial loans: Commercial term 179,424 449 6,598 186,471 Commercial lines of credit 178,558 743 16,912 196,213 International loans 39,818 — — 39,818 Total commercial and industrial loans 397,800 1,192 23,510 422,502 Leases receivable 420,747 — 4,783 425,530 Consumer loans 11,731 737 764 13,232 Total $ 4,513,277 $ 9,257 $ 53,086 $ 4,575,620 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 $ 4,541,815 $ 29,182 $ 29,543 $ 4,600,540 The following is an aging analysis of 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) March 31, 2019 Real estate loans: Commercial property Retail $ 239 $ 161 $ 84 $ 484 $ 898,148 $ 898,632 Hospitality 1,099 — 2,793 3,892 808,700 812,592 Other 58 354 1,016 1,428 1,435,165 1,436,593 Total commercial property loans 1,396 515 3,893 5,804 3,142,013 3,147,817 Construction — — — — 82,709 82,709 Residential property 2,392 — 273 2,665 481,165 483,830 Total real estate loans 3,788 515 4,166 8,469 3,705,887 3,714,356 Commercial and industrial loans: Commercial term 710 — 108 818 185,653 186,471 Commercial lines of credit 1,310 — — 1,310 194,903 196,213 International loans 10 — — 10 39,808 39,818 Total commercial and industrial loans 2,030 — 108 2,138 420,364 422,502 Leases receivable 3,130 766 2,842 6,738 418,792 425,530 Consumer loans — 102 — 102 13,130 13,232 Total $ 8,948 $ 1,383 $ 7,116 $ 17,447 $ 4,558,173 $ 4,575,620 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 $ 10,210 $ 2,576 $ 9,569 $ 22,355 $ 4,578,185 $ 4,600,540 There were no loans and leases that were 90 days or more past due and accruing interest as of March 31, 2019 . As of December 31, 2018 , $4,000 of loans and leases were 90 days or more past due and accruing interest. Impaired Loans and Leases Loans and leases are considered impaired when the Bank will be unable to collect all interest and principal payments per the contractual terms of the loan and lease agreement, unless the loan is well-collateralized and in the process of collection; they are classified as Troubled Debt Restructurings (“TDRs”) because, due to the financial difficulties of the borrowers, we have granted concessions to the borrowers we would not otherwise consider; when 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 receivable's effective interest rate or, as a practical expedient, at the receivable's observable market price or the fair value of the collateral if the loan or lease is collateral dependent, less estimated costs to sell. If the estimated value of the impaired loan or lease is less than the recorded investment in the loan or lease, the deficiency is either charged off against the allowance for loan and lease losses or we establish a specific allocation in the allowance for loan and lease losses. Additionally, loans and leases that are considered impaired are specifically excluded from the quarterly migration analysis when determining the amount of the allowance for loan and lease losses required for the period. The allowance for collateral-dependent loans is determined by calculating the difference between the outstanding loan balance and the value of the collateral as determined by recent appraisals. The allowance for collateral-dependent loans varies from loan to loan based on the collateral coverage of the loan at the time of designation as nonperforming. We continue to monitor the collateral coverage, using recent appraisals, on these loans on a quarterly basis and adjust the allowance accordingly. The following tables provide information on impaired loans and leases, disaggregated by loan class, as of the dates indicated: Recorded Unpaid With No With an Related (in thousands) March 31, 2019 Real estate loans: Commercial property Retail $ 982 $ 1,033 $ 898 $ 84 $ — Hospitality 3,237 4,580 3,237 — — Other 8,748 9,111 8,748 — — Total commercial property loans 12,967 14,724 12,883 84 — Residential property 1,048 1,186 1,048 — — Total real estate loans 14,015 15,910 13,931 84 — Commercial and industrial loans 23,114 23,334 1,397 21,717 3,269 Leases receivable 4,783 4,801 1,456 3,327 1,099 Consumer loans 1,370 1,618 1,370 — — Total $ 43,282 $ 45,663 $ 18,154 $ 25,128 $ 4,368 December 31, 2018 Real estate loans: Commercial property Retail $ 2,166 $ 2,207 $ 1,894 $ 272 $ — Hospitality 4,282 5,773 4,032 250 — Other 7,525 8,016 6,253 1,272 1 Total commercial property loans 13,973 15,996 12,179 1,794 1 Residential property 788 929 788 — — Total real estate loans 14,761 16,925 12,967 1,794 1 Commercial and industrial loans 4,396 4,601 1,644 2,752 428 Leases receivable 5,129 5,162 1,256 3,873 1,383 Consumer loans 839 1,073 746 93 — Total $ 25,125 $ 27,761 $ 16,613 $ 8,512 $ 1,812 Three Months Ended Average Recorded Investment Interest Income Recognized (in thousands) March 31, 2019 Real estate loans: Commercial property Retail $ 1,000 $ 16 Hospitality 3,366 72 Other 9,055 141 Total commercial property loans 13,421 229 Residential property 1,178 12 Total real estate loans 14,599 241 Commercial and industrial loans 27,144 409 Leases receivable 5,294 8 Consumer loans 1,522 24 Total $ 48,559 $ 682 March 31, 2018 Real estate loans: Commercial property Retail $ 1,409 $ 22 Hospitality 8,105 141 Other 7,843 110 Total commercial property loans 17,357 273 Residential property 2,580 30 Total real estate loans 19,937 303 Commercial and industrial loans 2,914 40 Leases receivable 4,603 10 Consumer loans 1,048 14 Total $ 28,502 $ 367 The following is a summary of interest foregone on impaired loans and leases for the periods indicated: Three Months Ended March 31, 2019 2018 (in thousands) Interest income that would have been recognized had impaired loans and leases performed in accordance with their original terms $ 888 $ 654 Less: Interest income recognized on impaired loans and leases (682 ) (367 ) Interest foregone on impaired loans and leases $ 206 $ 287 There were no commitments to lend additional funds to borrowers whose loans are included above. Nonaccrual Loans and Leases and Nonperforming Assets Loans and leases 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, unless management believes the receivable is adequately collateralized and in the process of collection. However, in certain instances, we may place a particular loan or lease receivable on nonaccrual status earlier, depending upon the individual circumstances surrounding the delinquency. When a receivable 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 loans and leases may be restored to accrual status when principal and interest payments become current and full repayment is expected. The following table details nonaccrual loans and leases, disaggregated by loan class, as of the dates indicated: March 31, 2019 December 31, 2018 (in thousands) Real estate loans: Commercial property Retail $ 830 $ 865 Hospitality 3,237 3,625 Other 7,215 1,641 Total commercial property loans 11,282 6,131 Residential property 449 182 Total real estate loans 11,731 6,313 Commercial and industrial loans 22,795 3,337 Leases receivable 4,783 5,129 Consumer loans 732 746 Total nonaccrual loans and leases $ 40,041 $ 15,525 The following table details nonperforming assets as of the dates indicated: March 31, 2019 December 31, 2018 (in thousands) Nonaccrual loans and leases $ 40,041 $ 15,525 Loans and leases 90 days or more past due and still accruing — 4 Total nonperforming loans and leases 40,041 15,529 Other real estate owned (“OREO”) 622 663 Total nonperforming assets $ 40,663 $ 16,192 OREO is included in prepaid expenses and other assets in the accompanying Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018 . Troubled Debt Restructurings The following table details TDRs loans as of March 31, 2019 and December 31, 2018 : Nonaccrual TDRs Accrual TDRs Deferral Deferral Reduction Extension Total Deferral Deferral Reduction Extension Total (in thousands) March 31, 2019 Real estate loans $ 2,083 $ 1,378 $ 153 $ 818 $ 4,432 $ 2,127 $ — $ — $ — $ 2,127 Commercial and industrial loans 1,161 272 — 345 1,778 — — 112 171 283 Consumer loans 732 — — — 732 549 — 88 — 637 Total $ 3,976 $ 1,650 $ 153 $ 1,163 $ 6,942 $ 2,676 $ — $ 200 $ 171 $ 3,047 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 $ 1,473 $ 1,530 $ 843 $ 430 $ 4,276 $ 3,345 $ 166 $ 1,627 $ 891 $ 6,029 As of March 31, 2019 and December 31, 2018 , total TDRs were $10.0 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 three months or more. 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. At March 31, 2019 and December 31, 2018 , $397,000 and $313,000 , respectively, of allowance relating to these loans were included in the allowance for loan and lease losses. For the restructured loans on accrual status, we determined that, based on the financial capabilities of the borrowers at the time of the loan restructuring and the borrowers’ past performance in the payment of debt service under the previous loan terms, performance and collection under the revised terms are probable. |
Servicing Assets and Liabilitie
Servicing Assets and Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Servicing Assets and Liabilities | Servicing Assets and Liabilities The changes in servicing assets and liabilities for the three months ended March 31, 2019 and 2018 were as follows: 2019 2018 (in thousands) Servicing assets: Balance at beginning of period $ 8,520 $ 10,218 Addition related to sale of SBA loans 315 435 Amortization (857 ) (786 ) Balance at end of period $ 7,978 $ 9,867 Servicing liabilities: Balance at beginning of period $ 1,517 $ 2,217 Amortization (97 ) (195 ) Balance at end of period $ 1,420 $ 2,022 At March 31, 2019 and December 31, 2018 , we serviced loans sold to unaffiliated parties in the amounts of $438.4 million and $ 448.6 million , respectively. These represented 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 serviced were SBA loans. The Company recorded servicing fee income of $1.1 million for each of the three month periods ended March 31, 2019 and 2018 . Servicing fee income, net of the amortization of servicing assets and liabilities, is included in other operating income in the consolidated statements of income. Net amortization expense was $760,000 and $591,000 for the three months ended March 31, 2019 and 2018 , respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company’s income tax expense was $6.3 million and $5.7 million representing an effective income tax rate of 30.0 percent and 27.8 percent for the three months ended March 31, 2019 and 2018 , respectively. Management concluded that as of March 31, 2019 and December 31, 2018 , a valuation allowance of $4.9 million was appropriate against certain state net operating losses and certain 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. A net deferred tax asset of $25.6 million and $27.4 million and a net current tax asset of $2.3 million and $8.3 million as of March 31, 2019 and December 31, 2018 , respectively, are included in prepaid expenses and other assets in the accompanying Consolidated Balance Sheets. 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. 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 SAB 118, which provided guidance regarding financial statement accounting of the tax effects 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. The Company completed its accounting required under ASC 740 in 2018. The Company is subject to examination by various federal and state tax authorities for certain years ended December 31, 2014 through 2018. Management does not anticipate any material changes in our consolidated financial statements which may arise as a result of these audits or examinations. As of March 31, 2019, the examination by the California Franchise Tax Board for the 2008 and 2009 tax years has closed. The Company recorded a provision expense of $400,000 during the first quarter of 2019 in connection with both the release of an uncertain tax position and the settlement remitted, net of federal benefit. The Company paid $900,000 in connection with the settlement. |
Borrowings and Subordinated Deb
Borrowings and Subordinated Debentures | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings and Subordinated Debentures | Borrowings and Subordinated Debentures Borrowings The Bank had no advances from the FHLB as of March 31, 2019 and advances of $55.0 million from the FHLB as of December 31, 2018 . The FHLB advances were all overnight borrowings at December 31, 2018 . For the three months ended March 31, 2019 and 2018 , interest expense on FHLB advances was $71,000 and $679,000 , respectively, and the weighted-average interest rate was 2.71 percent and 1.54 percent , respectively. The Bank maintains a secured credit facility with the FHLB, allowing the Bank to borrow on an overnight and term basis. The Bank had $1.1 billion of loans pledged as collateral with the FHLB, which provides $893.7 million in borrowing capacity, of which $753.7 million remained available at March 31, 2019 . The Bank also has securities with market values of $30.0 million pledged with the Federal Reserve Bank (“FRB”), which provides $29.5 million in available borrowing capacity through the Fed Discount Window. There were no outstanding borrowings with the FRB as of March 31, 2019 and December 31, 2018 . Subordinated Debentures The Company issued Fixed-to-Floating Subordinated Notes (the “Notes”) of $100 million on March 21, 2017, with a final maturity on March 30, 2027. The Notes have an initial fixed interest rate of 5.45% per annum, payable semi-monthly 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% 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 Notes' maturity date. At March 31, 2019 and December 31, 2018 , the balance of Notes included in the Company's consolidated balance sheet, net of debt issuance cost, was $98.2 million and $98.1 million , respectively. The amortization of debt issuance cost was $47,000 and $45,000 for the three months ended March 31, 2019 and 2018 , respectively. The Company assumed Junior Subordinated Deferrable Interest Debentures (“Subordinated Debentures”) as a result of the acquisition of Central Bancorp Inc. (“CBI”) 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. CBI formed a trust in 2005 and issued $26.0 million of Trust Preferred Securities (“TPS”) at 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 March 31, 2019 and December 31, 2018 , the balance of Subordinated Debentures included in the Company's consolidated balance sheets, net of discount of $7.0 million and $7.1 million , was $19.8 million and $19.7 million , respectively. The amortization of discount was $92,000 and $86,000 for the three months ended March 31, 2019 , and 2018 , respectively. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
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. The following table is a reconciliation of the components used to derive basic and diluted EPS for the periods indicated: Net Income Weighted-Average Shares Per Share Amount (Numerator) (Denominator) (1) (in thousands, except for share and per share data) Three Months Ended March 31, 2019 Basic EPS Net income $ 14,672 30,667,378 $ 0.48 Less: Income allocated to unvested restricted shares 79 30,667,378 — Basic EPS $ 14,593 30,667,378 $ 0.48 Effect of dilutive securities - options and unvested restricted stock 53,394 Diluted EPS Net income $ 14,672 30,720,772 $ 0.48 Less: Income allocated to unvested restricted shares 79 30,720,772 — Diluted EPS $ 14,593 30,720,772 $ 0.48 Three Months Ended March 31, 2018 Basic EPS Net income $ 14,855 32,145,214 $ 0.46 Less: Income allocated to unvested restricted shares 89 32,145,214 — Basic EPS $ 14,766 32,145,214 $ 0.46 Effect of dilutive securities - options and unvested restricted stock 155,881 Diluted EPS Net income $ 14,855 $ 32,301,095 $ 0.46 Less: Income allocated to unvested restricted shares 89 32,301,095 — Diluted EPS $ 14,766 $ 32,301,095 $ 0.46 (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 three months ended March 31, 2019 or 2018. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated Other Comprehensive Income Activity in accumulated other comprehensive income for the three months ended March 31, 2019 and 2018 was as follows: Unrealized Gains and Losses on Available for Sale Securities Tax Benefit (Expense) Total (in thousands) March 31, 2019 Balance at beginning of period $ (8,536 ) $ 2,457 $ (6,079 ) Other comprehensive loss before reclassification 6,619 (1,697 ) 4,922 Reclassification from accumulated other comprehensive income (725 ) — (725 ) Period change 5,894 (1,697 ) 4,197 Balance at end of period $ (2,642 ) $ 760 $ (1,882 ) March 31, 2018 Balance at beginning of period $ (3,188 ) $ 1,319 $ (1,869 ) Other comprehensive income before reclassification (8,864 ) 2,543 (6,321 ) Adjustment to accumulated other comprehensive income related to adoption of ASU 2016-01 and 2018-02 (see Notes 2 and 5) 529 (546 ) (17 ) Period change (8,335 ) 1,997 (6,338 ) Balance at end of period $ (11,523 ) $ 3,316 $ (8,207 ) For the three months ended March 31, 2019 , there was a $725,000 reclassification from accumulated other comprehensive income to gains in earnings resulting from the sale of available-for-sale securities. The $725,000 reclassification adjustment out of accumulated other comprehensive income was included in net gain on sales of securities under noninterest income. Net unrealized loss of $206,000 related to these sold securities had previously been recorded in accumulated other comprehensive income as of the beginning of the period. 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 2 and 5 to the unaudited consolidated financial statements for additional information on adoption of ASU 2016-01 and ASU 2018-02, respectively. |
Regulatory Matters
Regulatory Matters | 3 Months Ended |
Mar. 31, 2019 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | Regulatory Matters 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 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 March 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% 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 6.37% and 6.19% and the Company's capital conservation buffer was 5.94% and 5.74% as of March 31, 2019 and December 31, 2018 , respectively. The capital ratios of Hanmi Financial and the Bank as of March 31, 2019 and December 31, 2018 were as follows: Actual Minimum Regulatory Requirement Minimum to Be Categorized as “Well Capitalized” Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) March 31, 2019 Total capital (to risk-weighted assets): Hanmi Financial $ 667,875 14.17 % $ 377,044 8.00 % N/A N/A Hanmi Bank $ 676,526 14.37 % $ 376,735 8.00 % $ 470,919 10.00 % Tier 1 capital (to risk-weighted assets): Hanmi Financial $ 562,650 11.94 % $ 282,783 6.00 % N/A N/A Hanmi Bank $ 642,529 13.64 % $ 282,551 6.00 % $ 376,735 8.00 % Common equity Tier 1 capital (to risk-weighted assets): Hanmi Financial $ 542,895 11.52 % $ 212,087 4.50 % N/A N/A Hanmi Bank $ 642,529 13.64 % $ 211,913 4.50 % $ 306,097 6.50 % Tier 1 capital (to average assets): Hanmi Financial $ 562,650 10.39 % $ 216,708 4.00 % N/A N/A Hanmi Bank $ 642,529 11.88 % $ 216,428 4.00 % $ 270,535 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 | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 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, 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 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 U.S. government agency and sponsored agency mortgage-backed securities, collateralized mortgage obligations and debt securities as well as municipal bonds in markets that are active. In determining the fair value of the securities categorized as Level 2, we obtain reports from nationally recognized broker-dealers detailing the fair value of each investment security held as of each reporting date. The broker-dealers use prices obtained from nationally recognized pricing services 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 - Loans held for sale are all SBA loans and 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 March 31, 2019 and December 31, 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 - Nonaccrual loans and performing restructured loans 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 with a carrying balance of $250,000 or less are evaluated for impairment collectively. The Company does not record loans at fair value on a recurring basis. However, from time to time, nonrecurring fair value adjustments to collateral-dependent impaired loans 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 2 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 March 31, 2019 and December 31, 2018 , assets and liabilities measured at fair value on a recurring basis are as follows: Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs with No Active Market with Identical Characteristics Significant Unobservable Inputs Balance (in thousands) March 31, 2019 Assets: Securities available for sale: U.S. Treasury securities $ 54,728 $ — $ — $ 54,728 U.S. government agency and sponsored agency obligations: Mortgage-backed securities — 354,601 — 354,601 Collateralized mortgage obligations — 152,027 — 152,027 Debt securities — 17,493 — 17,493 Total U.S. government agency and sponsored agency obligations — 524,121 — 524,121 Municipal bonds-tax exempt — 42,621 — 42,621 Total securities available for sale $ 54,728 $ 566,742 $ — $ 621,470 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 March 31, 2019 and December 31, 2018 , assets and liabilities measured at fair value on a non-recurring basis are as follows: Level 1 Level 2 Level 3 Quoted Prices in Significant Significant Loss During the Three Months Ended March 31, 2019 (in thousands) March 31, 2019 Assets: Impaired loans (1) $ — $ 2,923 $ 18,720 $ 2,973 OREO — 622 — — Loss During the December 31, 2018 Assets: Impaired loans (2) $ — $ 3,253 $ 1,957 $ 456 OREO — 663 — — (1) Consist of real estate loans of $3.0 million and commercial and industrial loans of $18.7 million . (2) Consist of real estate loans of $3.5 million , commercial and industrial loans of $1.7 million . 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 March 31, 2019 , 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, FHLB stock, and noninterest-bearing deposits. The fair values of off-balance sheet items are based upon the difference between the current value of similar loans and the price at which the Bank has committed to make the loans. The estimated fair values of financial instruments were as follows: March 31, 2019 Carrying Fair Value Amount Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and due from banks $ 169,830 $ 169,830 $ — $ — Securities available for sale 621,470 54,728 566,742 — Loans held for sale 7,140 — 7,576 — Loans and leases receivable, net of allowance for loan and lease losses 4,542,724 — — 4,522,306 Accrued interest receivable 13,397 13,397 — — FHLB stock 16,385 — 16,385 — Financial liabilities: Noninterest-bearing deposits 1,316,114 — 1,316,114 — Interest-bearing deposits 3,504,061 — — 3,514,296 Subordinated debentures 117,947 — 117,459 — Accrued interest payable 14,437 14,437 — — Off-balance sheet items: Commitments to extend credit 270,051 — — 270,051 Standby letters of credit 30,597 — — 30,597 Commercial letters of credit 11,920 — — 11,920 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 — — FHLB stock 16,385 — 16,385 — 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 — — Off-balance sheet items: Commitments to extend credit 325,100 — — 325,100 Standby letters of credit 32,500 — — 32,500 Commercial letters of credit 13,848 — — 13,848 |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | Share-Based Compensation Share-Based Compensation Expense For the three months ended March 31, 2019 and 2018 , share-based compensation expenses were $711,000 and $884,000 , respectively, and net tax benefits recognized from stock option and restricted stock awards were $213,000 and $247,000 , respectively. Excess tax benefits related to the Company's share-based compensation are recognized as income tax expense in the consolidated statement of income. Unrecognized Share-Based Compensation Expense As of March 31, 2019 , unrecognized share-based compensation expense was as follows: Unrecognized Average Expected (in thousands) Restricted stock awards $ 3,315 1.8 years There was no unrecognized share-based compensation expense for stock options at March 31, 2019 . Stock Option Awards The table below provides stock option information for the three months ended March 31, 2019 : Number of Weighted- Weighted- Aggregate (in thousands) Options outstanding at beginning of period 338,338 $ 17.52 4.9 years $ 1,213 (1) Options exercised (650 ) $ 12.54 3.9 years 5 Options outstanding at end of period 337,688 $ 17.53 4.6 years $ 1,356 (2) Options exercisable at end of period 337,688 $ 17.53 4.6 years $ 1,356 (2) (1) Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was $19.70 as of December 31, 2018 , over the exercise price, multiplied by the number of options. (2) Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was $21.27 as of March 31, 2019 , over the exercise price, multiplied by the number of options. Restricted Stock Awards Restricted stock awards under the outstanding equity 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 for the period indicated: Three Months Ended March 31, 2019 Number of Weighted- Restricted stock at beginning of period 304,595 $ 21.98 Restricted stock granted 1,670 $ 19.84 Restricted stock vested (69,170 ) $ 27.99 Restricted stock forfeited (50,801 ) $ 12.10 Restricted stock at end of period 186,294 $ 22.31 |
Off-Balance Sheet Commitments
Off-Balance Sheet Commitments | 3 Months Ended |
Mar. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Off-Balance Sheet Commitments | 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. The Bank’s exposure to 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: March 31, 2019 December 31, 2018 (in thousands) Commitments to extend credit $ 270,051 $ 325,100 Standby letters of credit 30,597 32,500 Commercial letters of credit 11,920 13,848 Total undisbursed loan commitments $ 312,568 $ 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 loan off-balance sheet items was as follows for the periods indicated: Three Months Ended March 31, 2019 2018 (in thousands) Balance at beginning of period $ 1,439 $ 1,296 (Income) provision (339 ) 27 Balance at end of period $ 1,100 $ 1,323 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition The Company also 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 other 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 March 31, 2019 . 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 deemed necessary. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases As described in Note 1 to the unaudited consolidated financial statements, the Company adopted ASU 2016-02, Leases (Topic 842), effective January 1, 2019. We had approximately 45 operating leases for real estate and other assets. These included various leases for our branch and office locations as well as those for postage and copier machines and an advertising billboard. Our leases had initial lease terms of two to twenty-five years . Most leases included one or more options to renew, with renewal terms that can extend the lease term from two to twelve years. We assessed these options using a threshold of reasonably certain. For leases where we were reasonably certain to renew, those option periods were included within the lease term and, therefore, the measurement of the right-of-use asset and lease liability. Certain leases included options to terminate the lease, which allows the contract parties to terminate their obligations under the lease contract, typically in return for an agreed financial consideration. The terms and conditions of the termination options vary by contract. Leases with an initial term of 12 months or less were not recognized on the balance sheet. We recognized lease expense for these leases on a straight-line basis over the lease term. Certain lease agreements included payments based on Consumer Price Index (CPI) on which variable lease payments were determined and included in the right-of-use asset and liability. Variable lease payments that were not based on CPI were excluded from the right-of-use asset and lease liability and recognized in the period in which the obligations for those payments were incurred. Our lease agreements did not contain any material residual value guarantees, restrictions or covenants. 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 $39.3 million and $39.5 million , respectively, as of March 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 following table presents the Company's right-of-use asset and lease liability for the period indicated: March 31, 2019 (in thousands) Assets Operating leases $ 39,340 Total right-of-use asset $ 39,340 Liabilities Operating leases $ 39,531 Total lease liability $ 39,531 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. The following table presents the Company's lease costs for the periods indicated: Three Months Ended March 31, 2019 (in thousands) Operating lease cost (1) $ 1,943 Sublease income (2) (33 ) Net lease cost $ 1,910 (1) Includes short-term leases and variable lease costs, which are recorded in rent expense. (2) Includes rental income from leased properties, which are included as contra-expense in rent expense. The following table presents the Company's remaining lease liability by maturity as of March 31, 2019: Operating Leases (in thousands) 2019 $ 4,700 2020 5,691 2021 4,991 2022 4,696 2023 4,538 Thereafter 21,390 46,006 Interest (6,475 ) Present value of lease liability $ 39,531 The Company did not have any finance leases as of January 1, 2019 or March 31, 2019. Weighted average remaining leases terms for the Company's operating leases were 9.18 years as of March 31, 2019. Weighted average discount rates used for the Company's operating leases was 3.25 percent as of March 31, 2019. Net lease expense recognized for the three months ended March 31, 2019 was $1.9 million . The Company chose the practical expedients and reviewed the lease and non-lease components for any impairment or otherwise, subsequently determining that no cumulative-effect adjustment to equity was necessary as part of implementing the modified retrospective approach for its adoption of ASC 842 . 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 was $1.7 million for the three months ended March 31, 2019. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Management has evaluated subsequent events through the date of issuance of the financial data included herein. Other than as disclosed above, there have been no subsequent events that occurred during such period that would require disclosure in this Quarterly Report on Form 10-Q for the period ended March 31, 2019 , or would be required to be recognized in the unaudited consolidated financial statements as of March 31, 2019 . |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Accounting | In management’s opinion, the accompanying unaudited consolidated financial statements of Hanmi Financial and its subsidiaries reflect all adjustments of a normal and recurring nature that are necessary for a fair presentation of the results for the interim period ended March 31, 2019 , but are not necessarily indicative of the results that will be reported for the entire year or any other interim period. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) have been condensed or omitted. The aforementioned unaudited consolidated financial statements are prepared in conformity with GAAP and in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission. The interim information should be read in conjunction with our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the “ 2018 Annual Report on Form 10-K”). |
Use of Estimates | The preparation of interim unaudited consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the 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. Material estimates subject to change include, among other items, the determination of allowance for loan and lease losses and allowance for off-balance sheet items, other-than-temporary impairment, securities valuations, the fair value of other assets and liabilities acquired in a business combination and income taxes. Actual results could differ from those estimates. |
Recent Accounting Pronouncements | Descriptions of our significant accounting policies are included in Note 1 - Summary of Significant Accounting Policies in the Notes to consolidated financial statements in our 2018 Annual Report on Form 10-K. Effective January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (Topic 825) and ASU 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (Topic 220). Summaries of ASU 2016-01 and 2018-02 and the impact of their adoption are included in Notes 2 and 5 to the unaudited consolidated financial statements, respectively. In addition to other provisions, ASU 2016-01 requires public business entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Beginning with the quarter ended March 31, 2018, the Company measured the fair value of certain financial instruments, included in Note 10 to the unaudited consolidated financial statements, using an exit price notion. The Company also adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606), as of January 1, 2018, as required. ASU 2014-09 replaces existing revenue recognition guidance for contracts to provide goods or services to customers and amends existing guidance related to recognition of gains and losses on the sale of certain nonfinancial assets such as real estate. See Note 13 to the accompanying unaudited consolidated financial statements for the impact of the adoption of this new standard on the Company's consolidated financial statements. Effective January 1, 2019, the Company adopted ASU 2016-02, Leases (Topic 842) . ), which requires lessees to recognize a right of use asset and a lease liability on their balance sheet for all leases, including operating leases, with a term of greater than 12 months. In July 2018, the FASB issued ASU 2018-11, which adds a transition option permitting entities to apply the provisions of the new standard at its adoption date instead of the earliest comparative period presented in the consolidated financial statements. Under this transition option, comparative reporting would not be required, and the provisions of the standard would be applied prospectively to leases in effect at the date of adoption. The Company elected to use the optional transition method provided by ASU 2018-11. The Company also elected the package of practical expedients permitted under the transition guidance within the new standard, which allowed the Company to carry forward its ASC 840 assessment regarding definition of a lease, lease classification, and initial direct costs. The following practical expedients were applied implementing this standard. • We did not reassess whether any expired or existing contracts are, or contain, leases. Additionally, we did not reassess for lease classifications of expired or existing leases, or initial direct costs for any existing leases. • We applied incremental borrowing rates as of adoption date of January 1, 2019. • We elected to not separate non-lease components from lease components and, instead, to account for each separate lease component and the non-lease components associated with it as a single lease component recognized on the balance sheet. This election has been made for all classes of leases. • We elected the short-term lease exception, which allows us to account for leases with a lease term of twelve months or less to be accounted for similar to existing operating leases. The cost of these leases is disclosed, but is not recognized in the right-of-use asset and lease liability balances. Consistent with ASC 842 requirements, leases that are one month or less are not included in the disclosures. • We have elected to account for the leases under the portfolio approach applying them prospectively for this accounting change. The portfolio approach allows us to present multiple similar leased assets in a pool and prospectively allows us to commence the calculation of the portfolio of leases using the remaining commitments from adoption date forward. See Note 14 to the unaudited consolidated financial statements for the impact of the adoption of this new standard on the Company's consolidated financial statements. |
Fair Value Assumptions of Financial Instruments | 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 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 U.S. government agency and sponsored agency mortgage-backed securities, collateralized mortgage obligations and debt securities as well as municipal bonds in markets that are active. In determining the fair value of the securities categorized as Level 2, we obtain reports from nationally recognized broker-dealers detailing the fair value of each investment security held as of each reporting date. The broker-dealers use prices obtained from nationally recognized pricing services 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 - Loans held for sale are all SBA loans and 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 March 31, 2019 and December 31, 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 - Nonaccrual loans and performing restructured loans 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 with a carrying balance of $250,000 or less are evaluated for impairment collectively. The Company does not record loans at fair value on a recurring basis. However, from time to time, nonrecurring fair value adjustments to collateral-dependent impaired loans 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 2 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. |
Fair Value Measurements | 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 March 31, 2019 , 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, FHLB stock, and noninterest-bearing deposits. The fair values of off-balance sheet items are based upon the difference between the current value of similar loans and the price at which the Bank has committed to make the loans. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 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 the dates indicated: Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Estimated Fair Value (in thousands) March 31, 2019 U.S. Treasury securities $ 54,584 $ 148 $ 4 $ 54,728 U.S. government agency and sponsored agency obligations: Mortgage-backed securities 356,973 566 2,938 354,601 Collateralized mortgage obligations 153,286 298 1,557 152,027 Debt securities 17,472 74 53 17,493 Total U.S. government agency and sponsored agency obligations 527,731 938 4,548 524,121 Municipal bonds-tax exempt 41,797 839 15 42,621 Total securities available for sale $ 624,112 $ 1,925 $ 4,567 $ 621,470 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 March 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 Cost Estimated Fair Value (in thousands) Within one year $ 32,693 $ 32,694 Over one year through five years 146,323 145,744 Over five years through ten years 232,279 231,518 Over ten years 212,817 211,514 Total $ 624,112 $ 621,470 |
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 March 31, 2019 and December 31, 2018 : Holding Period Less Than 12 Months 12 Months or More Total Gross Unrealized Loss Estimated Fair Value Number of Securities Gross Unrealized Loss Estimated Fair Value Number of Securities Gross Unrealized Loss Estimated Fair Value Number of Securities (in thousands, except number of securities) March 31, 2019 U.S. Treasury securities $ 4 $ 19,773 3 $ — $ — — $ 4 $ 19,773 3 U.S. government agency and sponsored agency obligations Mortgage-backed securities 19 13,442 2 2,919 214,791 101 2,938 228,233 103 Collateralized mortgage obligations 17 17,874 5 1,540 92,822 50 1,557 110,696 55 Debt securities — — — 53 7,447 3 53 7,447 3 Total U.S. government agency and sponsored agency obligations 36 31,316 7 4,512 315,060 154 4,548 346,376 161 Municipal bonds-tax exempt — — — 15 3,993 3 15 3,993 3 Total $ 40 $ 51,089 10 $ 4,527 $ 319,053 157 $ 4,567 $ 370,142 167 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: Three Months Ended March 31, 2019 2018 (in thousands) Gross realized gains on sales of securities $ 725 $ — Gross realized losses on sales of securities — (957 ) Net realized gains (losses) on sales of securities $ 725 $ (957 ) Proceeds from sales of securities $ 69,187 $ 21,958 |
Loans and Leases (Tables)
Loans and Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Receivables [Abstract] | |
Loans Receivable | Loans and leases receivable consisted of the following as of the dates indicated: March 31, 2019 December 31, 2018 (in thousands) Real estate loans: Commercial property Retail $ 898,632 $ 906,260 Hospitality 812,592 830,679 Other (1) 1,436,593 1,449,270 Total commercial property loans 3,147,817 3,186,209 Construction 82,709 71,583 Residential property 483,830 500,563 Total real estate loans 3,714,356 3,758,355 Commercial and industrial loans: Commercial term 186,471 206,691 Commercial lines of credit 196,213 194,032 International loans 39,818 29,180 Total commercial and industrial loans 422,502 429,903 Leases receivable 425,530 398,858 Consumer loans (2) 13,232 13,424 Loans and leases receivable 4,575,620 4,600,540 Allowance for loan and lease losses (32,896 ) (31,974 ) Loans and leases receivable, net $ 4,542,724 $ 4,568,566 (1) Includes, among other types, mixed-use, apartment, office, industrial, gas stations, faith-based facilities and warehouse; all other property types represent less than one percent of total loans and leases receivable. (2) Consumer loans include home equity lines of credit of $9.9 million and $10.3 million as of March 31, 2019 and December 31, 2018 , respectively. |
Loans Receivable to Loans Held for Sale | The following is the activity for SBA loans held for sale for the three months ended March 31, 2019 and 2018 : SBA Loans Held for Sale Real Estate Commercial and Industrial Total (in thousands) March 31, 2019 Balance at beginning of period $ 5,194 $ 4,196 $ 9,390 Originations 9,064 4,159 13,223 Sales (7,756 ) (7,703 ) (15,459 ) Principal payoffs and amortization (2 ) (12 ) (14 ) Balance at end of period $ 6,500 $ 640 $ 7,140 March 31, 2018 Balance at beginning of period $ 3,746 $ 2,648 $ 6,394 Originations 10,433 8,372 18,805 Sales (12,028 ) (7,159 ) (19,187 ) Principal payoffs and amortization — (4 ) (4 ) Balance at end of period $ 2,151 $ 3,857 $ 6,008 |
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 Three Months Ended March 31, 2019 2018 (in thousands) Balance at beginning of period $ 31,974 $ 31,043 Loans and leases charged off (1,107 ) (1,632 ) Recoveries on loans and leases previously charged off 912 1,717 Net (charge-offs) recoveries (195 ) 85 Loan and lease loss provision 1,117 649 Balance at end of period $ 32,896 $ 31,777 Activity in the allowance for loan off-balance sheet items was as follows for the periods indicated: Three Months Ended March 31, 2019 2018 (in thousands) Balance at beginning of period $ 1,439 $ 1,296 (Income) provision (339 ) 27 Balance at end of period $ 1,100 $ 1,323 |
Allowance for Loan Losses by Portfolio Segment | The following table details the information on the allowance for loan and lease losses by portfolio segment as of and for the three months ended March 31, 2019 and 2018 : Real Estate Commercial and Industrial Leases Receivable Consumer Unallocated Total (in thousands) As of and for the Three Months Ended March 31, 2019 Allowance for loan and lease losses on loans and leases: Beginning balance $ 18,384 $ 7,162 6,303 $ 98 $ 27 $ 31,974 Less loans and leases charged off (122 ) (133 ) (852 ) — — (1,107 ) Recoveries on loans and leases previously charged off 440 382 90 — — 912 Loan and lease loss provision (income) (396 ) 1,300 39 (9 ) 183 1,117 Ending balance $ 18,306 $ 8,711 $ 5,580 $ 89 $ 210 $ 32,896 Individually evaluated for impairment $ — $ 3,269 $ 1,099 $ — $ — $ 4,368 Collectively evaluated for impairment $ 18,306 $ 5,442 $ 4,481 $ 89 $ 210 $ 28,528 Loans and leases receivable: $ 3,714,356 $ 422,502 $ 425,530 $ 13,232 $ — $ 4,575,620 Individually evaluated for impairment $ 14,015 $ 23,114 $ 4,783 $ 1,370 $ — $ 43,282 Collectively evaluated for impairment $ 3,700,341 $ 399,388 $ 420,747 $ 11,862 $ — $ 4,532,338 As of and for the Three Months Ended March 31, 2018 Allowance for loan and lease losses on loans and leases: Beginning balance $ 17,012 $ 7,400 6,279 $ 122 $ 230 $ 31,043 Less loans and leases charged off (989 ) (279 ) (364 ) — — (1,632 ) Recoveries on loans and leases previously charged off 885 736 95 1 — 1,717 Loan and lease loss provision (income) 732 (967 ) 1,100 2 (218 ) 649 Ending balance $ 17,640 $ 6,890 $ 7,110 $ 125 $ 12 $ 31,777 Individually evaluated for impairment $ 1,549 $ 357 $ 1,110 $ — $ — $ 3,016 Collectively evaluated for impairment $ 16,091 $ 6,533 $ 6,000 $ 125 $ 12 $ 28,761 Loans and leases receivable: $ 3,667,797 $ 409,380 $ 321,481 $ 14,899 $ — $ 4,413,557 Individually evaluated for impairment $ 18,513 $ 2,843 $ 4,200 $ 894 $ — $ 26,450 Collectively evaluated for impairment $ 3,649,284 $ 406,537 $ 317,281 $ 14,005 $ — $ 4,387,107 |
Credit Quality of Loan Portfolio | As of March 31, 2019 and December 31, 2018 , pass/pass-watch, special mention and classified loans and leases, disaggregated by loan class, were as follows: Pass/Pass-Watch Special Mention Classified Total (in thousands) March 31, 2019 Real estate loans: Commercial property Retail $ 891,084 $ 3,320 $ 4,228 $ 898,632 Hospitality 803,895 163 8,534 812,592 Other 1,422,697 3,037 10,859 1,436,593 Total commercial property loans 3,117,676 6,520 23,621 3,147,817 Construction 82,709 — — 82,709 Residential property 482,614 808 408 483,830 Total real estate loans 3,682,999 7,328 24,029 3,714,356 Commercial and industrial loans: Commercial term 179,424 449 6,598 186,471 Commercial lines of credit 178,558 743 16,912 196,213 International loans 39,818 — — 39,818 Total commercial and industrial loans 397,800 1,192 23,510 422,502 Leases receivable 420,747 — 4,783 425,530 Consumer loans 11,731 737 764 13,232 Total $ 4,513,277 $ 9,257 $ 53,086 $ 4,575,620 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 $ 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 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) March 31, 2019 Real estate loans: Commercial property Retail $ 239 $ 161 $ 84 $ 484 $ 898,148 $ 898,632 Hospitality 1,099 — 2,793 3,892 808,700 812,592 Other 58 354 1,016 1,428 1,435,165 1,436,593 Total commercial property loans 1,396 515 3,893 5,804 3,142,013 3,147,817 Construction — — — — 82,709 82,709 Residential property 2,392 — 273 2,665 481,165 483,830 Total real estate loans 3,788 515 4,166 8,469 3,705,887 3,714,356 Commercial and industrial loans: Commercial term 710 — 108 818 185,653 186,471 Commercial lines of credit 1,310 — — 1,310 194,903 196,213 International loans 10 — — 10 39,808 39,818 Total commercial and industrial loans 2,030 — 108 2,138 420,364 422,502 Leases receivable 3,130 766 2,842 6,738 418,792 425,530 Consumer loans — 102 — 102 13,130 13,232 Total $ 8,948 $ 1,383 $ 7,116 $ 17,447 $ 4,558,173 $ 4,575,620 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 $ 10,210 $ 2,576 $ 9,569 $ 22,355 $ 4,578,185 $ 4,600,540 |
Information on Impaired Loans, Disaggregated by Loan Class | The following tables provide information on impaired loans and leases, disaggregated by loan class, as of the dates indicated: Recorded Unpaid With No With an Related (in thousands) March 31, 2019 Real estate loans: Commercial property Retail $ 982 $ 1,033 $ 898 $ 84 $ — Hospitality 3,237 4,580 3,237 — — Other 8,748 9,111 8,748 — — Total commercial property loans 12,967 14,724 12,883 84 — Residential property 1,048 1,186 1,048 — — Total real estate loans 14,015 15,910 13,931 84 — Commercial and industrial loans 23,114 23,334 1,397 21,717 3,269 Leases receivable 4,783 4,801 1,456 3,327 1,099 Consumer loans 1,370 1,618 1,370 — — Total $ 43,282 $ 45,663 $ 18,154 $ 25,128 $ 4,368 December 31, 2018 Real estate loans: Commercial property Retail $ 2,166 $ 2,207 $ 1,894 $ 272 $ — Hospitality 4,282 5,773 4,032 250 — Other 7,525 8,016 6,253 1,272 1 Total commercial property loans 13,973 15,996 12,179 1,794 1 Residential property 788 929 788 — — Total real estate loans 14,761 16,925 12,967 1,794 1 Commercial and industrial loans 4,396 4,601 1,644 2,752 428 Leases receivable 5,129 5,162 1,256 3,873 1,383 Consumer loans 839 1,073 746 93 — Total $ 25,125 $ 27,761 $ 16,613 $ 8,512 $ 1,812 Three Months Ended Average Recorded Investment Interest Income Recognized (in thousands) March 31, 2019 Real estate loans: Commercial property Retail $ 1,000 $ 16 Hospitality 3,366 72 Other 9,055 141 Total commercial property loans 13,421 229 Residential property 1,178 12 Total real estate loans 14,599 241 Commercial and industrial loans 27,144 409 Leases receivable 5,294 8 Consumer loans 1,522 24 Total $ 48,559 $ 682 March 31, 2018 Real estate loans: Commercial property Retail $ 1,409 $ 22 Hospitality 8,105 141 Other 7,843 110 Total commercial property loans 17,357 273 Residential property 2,580 30 Total real estate loans 19,937 303 Commercial and industrial loans 2,914 40 Leases receivable 4,603 10 Consumer loans 1,048 14 Total $ 28,502 $ 367 |
Summary of Interest Foregone on Impaired Loans | The following is a summary of interest foregone on impaired loans and leases for the periods indicated: Three Months Ended March 31, 2019 2018 (in thousands) Interest income that would have been recognized had impaired loans and leases performed in accordance with their original terms $ 888 $ 654 Less: Interest income recognized on impaired loans and leases (682 ) (367 ) Interest foregone on impaired loans and leases $ 206 $ 287 |
Non-Accrual Loans, Disaggregated by Loan Class | The following table details nonaccrual loans and leases, disaggregated by loan class, as of the dates indicated: March 31, 2019 December 31, 2018 (in thousands) Real estate loans: Commercial property Retail $ 830 $ 865 Hospitality 3,237 3,625 Other 7,215 1,641 Total commercial property loans 11,282 6,131 Residential property 449 182 Total real estate loans 11,731 6,313 Commercial and industrial loans 22,795 3,337 Leases receivable 4,783 5,129 Consumer loans 732 746 Total nonaccrual loans and leases $ 40,041 $ 15,525 |
Non-Performing Assets | The following table details nonperforming assets as of the dates indicated: March 31, 2019 December 31, 2018 (in thousands) Nonaccrual loans and leases $ 40,041 $ 15,525 Loans and leases 90 days or more past due and still accruing — 4 Total nonperforming loans and leases 40,041 15,529 Other real estate owned (“OREO”) 622 663 Total nonperforming assets $ 40,663 $ 16,192 |
Troubled Debt Restructurings, Disaggregated by Type of Concession and by Loan Type | The following table details TDRs loans as of March 31, 2019 and December 31, 2018 : Nonaccrual TDRs Accrual TDRs Deferral Deferral Reduction Extension Total Deferral Deferral Reduction Extension Total (in thousands) March 31, 2019 Real estate loans $ 2,083 $ 1,378 $ 153 $ 818 $ 4,432 $ 2,127 $ — $ — $ — $ 2,127 Commercial and industrial loans 1,161 272 — 345 1,778 — — 112 171 283 Consumer loans 732 — — — 732 549 — 88 — 637 Total $ 3,976 $ 1,650 $ 153 $ 1,163 $ 6,942 $ 2,676 $ — $ 200 $ 171 $ 3,047 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 $ 1,473 $ 1,530 $ 843 $ 430 $ 4,276 $ 3,345 $ 166 $ 1,627 $ 891 $ 6,029 |
Servicing Assets and Liabilit_2
Servicing Assets and Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Transfers and Servicing [Abstract] | |
Changes in Servicing Assets | The changes in servicing assets and liabilities for the three months ended March 31, 2019 and 2018 were as follows: 2019 2018 (in thousands) Servicing assets: Balance at beginning of period $ 8,520 $ 10,218 Addition related to sale of SBA loans 315 435 Amortization (857 ) (786 ) Balance at end of period $ 7,978 $ 9,867 Servicing liabilities: Balance at beginning of period $ 1,517 $ 2,217 Amortization (97 ) (195 ) Balance at end of period $ 1,420 $ 2,022 |
Change in Servicing Liabilities | The changes in servicing assets and liabilities for the three months ended March 31, 2019 and 2018 were as follows: 2019 2018 (in thousands) Servicing assets: Balance at beginning of period $ 8,520 $ 10,218 Addition related to sale of SBA loans 315 435 Amortization (857 ) (786 ) Balance at end of period $ 7,978 $ 9,867 Servicing liabilities: Balance at beginning of period $ 1,517 $ 2,217 Amortization (97 ) (195 ) Balance at end of period $ 1,420 $ 2,022 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table is a reconciliation of the components used to derive basic and diluted EPS for the periods indicated: Net Income Weighted-Average Shares Per Share Amount (Numerator) (Denominator) (1) (in thousands, except for share and per share data) Three Months Ended March 31, 2019 Basic EPS Net income $ 14,672 30,667,378 $ 0.48 Less: Income allocated to unvested restricted shares 79 30,667,378 — Basic EPS $ 14,593 30,667,378 $ 0.48 Effect of dilutive securities - options and unvested restricted stock 53,394 Diluted EPS Net income $ 14,672 30,720,772 $ 0.48 Less: Income allocated to unvested restricted shares 79 30,720,772 — Diluted EPS $ 14,593 30,720,772 $ 0.48 Three Months Ended March 31, 2018 Basic EPS Net income $ 14,855 32,145,214 $ 0.46 Less: Income allocated to unvested restricted shares 89 32,145,214 — Basic EPS $ 14,766 32,145,214 $ 0.46 Effect of dilutive securities - options and unvested restricted stock 155,881 Diluted EPS Net income $ 14,855 $ 32,301,095 $ 0.46 Less: Income allocated to unvested restricted shares 89 32,301,095 — Diluted EPS $ 14,766 $ 32,301,095 $ 0.46 (1) Per share amounts may not be able to be recalculated using net income and weighted-average shares presented above due to rounding. |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Activity in Accumulated Other Comprehensive Income | Activity in accumulated other comprehensive income for the three months ended March 31, 2019 and 2018 was as follows: Unrealized Gains and Losses on Available for Sale Securities Tax Benefit (Expense) Total (in thousands) March 31, 2019 Balance at beginning of period $ (8,536 ) $ 2,457 $ (6,079 ) Other comprehensive loss before reclassification 6,619 (1,697 ) 4,922 Reclassification from accumulated other comprehensive income (725 ) — (725 ) Period change 5,894 (1,697 ) 4,197 Balance at end of period $ (2,642 ) $ 760 $ (1,882 ) March 31, 2018 Balance at beginning of period $ (3,188 ) $ 1,319 $ (1,869 ) Other comprehensive income before reclassification (8,864 ) 2,543 (6,321 ) Adjustment to accumulated other comprehensive income related to adoption of ASU 2016-01 and 2018-02 (see Notes 2 and 5) 529 (546 ) (17 ) Period change (8,335 ) 1,997 (6,338 ) Balance at end of period $ (11,523 ) $ 3,316 $ (8,207 ) |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Banking and Thrift [Abstract] | |
Capital Ratios of Hanmi Financial and Bank | The capital ratios of Hanmi Financial and the Bank as of March 31, 2019 and December 31, 2018 were as follows: Actual Minimum Regulatory Requirement Minimum to Be Categorized as “Well Capitalized” Amount Ratio Amount Ratio Amount Ratio (dollars in thousands) March 31, 2019 Total capital (to risk-weighted assets): Hanmi Financial $ 667,875 14.17 % $ 377,044 8.00 % N/A N/A Hanmi Bank $ 676,526 14.37 % $ 376,735 8.00 % $ 470,919 10.00 % Tier 1 capital (to risk-weighted assets): Hanmi Financial $ 562,650 11.94 % $ 282,783 6.00 % N/A N/A Hanmi Bank $ 642,529 13.64 % $ 282,551 6.00 % $ 376,735 8.00 % Common equity Tier 1 capital (to risk-weighted assets): Hanmi Financial $ 542,895 11.52 % $ 212,087 4.50 % N/A N/A Hanmi Bank $ 642,529 13.64 % $ 211,913 4.50 % $ 306,097 6.50 % Tier 1 capital (to average assets): Hanmi Financial $ 562,650 10.39 % $ 216,708 4.00 % N/A N/A Hanmi Bank $ 642,529 11.88 % $ 216,428 4.00 % $ 270,535 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) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | As of March 31, 2019 and December 31, 2018 , assets and liabilities measured at fair value on a recurring basis are as follows: Level 1 Level 2 Level 3 Quoted Prices in Active Markets for Identical Assets Significant Observable Inputs with No Active Market with Identical Characteristics Significant Unobservable Inputs Balance (in thousands) March 31, 2019 Assets: Securities available for sale: U.S. Treasury securities $ 54,728 $ — $ — $ 54,728 U.S. government agency and sponsored agency obligations: Mortgage-backed securities — 354,601 — 354,601 Collateralized mortgage obligations — 152,027 — 152,027 Debt securities — 17,493 — 17,493 Total U.S. government agency and sponsored agency obligations — 524,121 — 524,121 Municipal bonds-tax exempt — 42,621 — 42,621 Total securities available for sale $ 54,728 $ 566,742 $ — $ 621,470 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 March 31, 2019 and December 31, 2018 , assets and liabilities measured at fair value on a non-recurring basis are as follows: Level 1 Level 2 Level 3 Quoted Prices in Significant Significant Loss During the Three Months Ended March 31, 2019 (in thousands) March 31, 2019 Assets: Impaired loans (1) $ — $ 2,923 $ 18,720 $ 2,973 OREO — 622 — — Loss During the December 31, 2018 Assets: Impaired loans (2) $ — $ 3,253 $ 1,957 $ 456 OREO — 663 — — (1) Consist of real estate loans of $3.0 million and commercial and industrial loans of $18.7 million . (2) Consist of real estate loans of $3.5 million , commercial and industrial loans of $1.7 million . |
Estimated Fair Values of Financial Instruments | The estimated fair values of financial instruments were as follows: March 31, 2019 Carrying Fair Value Amount Level 1 Level 2 Level 3 (in thousands) Financial assets: Cash and due from banks $ 169,830 $ 169,830 $ — $ — Securities available for sale 621,470 54,728 566,742 — Loans held for sale 7,140 — 7,576 — Loans and leases receivable, net of allowance for loan and lease losses 4,542,724 — — 4,522,306 Accrued interest receivable 13,397 13,397 — — FHLB stock 16,385 — 16,385 — Financial liabilities: Noninterest-bearing deposits 1,316,114 — 1,316,114 — Interest-bearing deposits 3,504,061 — — 3,514,296 Subordinated debentures 117,947 — 117,459 — Accrued interest payable 14,437 14,437 — — Off-balance sheet items: Commitments to extend credit 270,051 — — 270,051 Standby letters of credit 30,597 — — 30,597 Commercial letters of credit 11,920 — — 11,920 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 — — FHLB stock 16,385 — 16,385 — 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 — — Off-balance sheet items: Commitments to extend credit 325,100 — — 325,100 Standby letters of credit 32,500 — — 32,500 Commercial letters of credit 13,848 — — 13,848 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Unrecognized Share-Based Compensation Expense | As of March 31, 2019 , unrecognized share-based compensation expense was as follows: Unrecognized Average Expected (in thousands) Restricted stock awards $ 3,315 1.8 years |
Summary of Stock Options Outstanding under Plans | The table below provides stock option information for the three months ended March 31, 2019 : Number of Weighted- Weighted- Aggregate (in thousands) Options outstanding at beginning of period 338,338 $ 17.52 4.9 years $ 1,213 (1) Options exercised (650 ) $ 12.54 3.9 years 5 Options outstanding at end of period 337,688 $ 17.53 4.6 years $ 1,356 (2) Options exercisable at end of period 337,688 $ 17.53 4.6 years $ 1,356 (2) (1) Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was $19.70 as of December 31, 2018 , over the exercise price, multiplied by the number of options. (2) Intrinsic value represents the excess of the closing stock price on the last trading day of the period, which was $21.27 as of March 31, 2019 , over the exercise price, multiplied by the number of options. |
Schedule of Restricted Stock Awards | The table below provides information for restricted stock awards for the period indicated: Three Months Ended March 31, 2019 Number of Weighted- Restricted stock at beginning of period 304,595 $ 21.98 Restricted stock granted 1,670 $ 19.84 Restricted stock vested (69,170 ) $ 27.99 Restricted stock forfeited (50,801 ) $ 12.10 Restricted stock at end of period 186,294 $ 22.31 |
Off-Balance Sheet Commitments (
Off-Balance Sheet Commitments (Tables) | 3 Months Ended |
Mar. 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: March 31, 2019 December 31, 2018 (in thousands) Commitments to extend credit $ 270,051 $ 325,100 Standby letters of credit 30,597 32,500 Commercial letters of credit 11,920 13,848 Total undisbursed loan commitments $ 312,568 $ 371,448 |
Allowance For Loan 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 Three Months Ended March 31, 2019 2018 (in thousands) Balance at beginning of period $ 31,974 $ 31,043 Loans and leases charged off (1,107 ) (1,632 ) Recoveries on loans and leases previously charged off 912 1,717 Net (charge-offs) recoveries (195 ) 85 Loan and lease loss provision 1,117 649 Balance at end of period $ 32,896 $ 31,777 Activity in the allowance for loan off-balance sheet items was as follows for the periods indicated: Three Months Ended March 31, 2019 2018 (in thousands) Balance at beginning of period $ 1,439 $ 1,296 (Income) provision (339 ) 27 Balance at end of period $ 1,100 $ 1,323 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Schedule of Operating Lease Assets and Lease Liabilities | The following table presents the Company's right-of-use asset and lease liability for the period indicated: March 31, 2019 (in thousands) Assets Operating leases $ 39,340 Total right-of-use asset $ 39,340 Liabilities Operating leases $ 39,531 Total lease liability $ 39,531 |
Schedule of Operating Lease Costs | The following table presents the Company's lease costs for the periods indicated: Three Months Ended March 31, 2019 (in thousands) Operating lease cost (1) $ 1,943 Sublease income (2) (33 ) Net lease cost $ 1,910 (1) Includes short-term leases and variable lease costs, which are recorded in rent expense. (2) Includes rental income from leased properties, which are included as contra-expense in rent expense. |
Maturity Schedule of Operating Lease Liabilities | The following table presents the Company's remaining lease liability by maturity as of March 31, 2019: Operating Leases (in thousands) 2019 $ 4,700 2020 5,691 2021 4,991 2022 4,696 2023 4,538 Thereafter 21,390 46,006 Interest (6,475 ) Present value of lease liability $ 39,531 |
Organization and Basis of Pre_3
Organization and Basis of Presentation - Narrative (Details) - Stock Repurchase Program - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Jan. 24, 2019 | |
Equity, Class of Treasury Stock [Line Items] | ||
Number of shares authorized for repurchase, percentage of outstanding (percent) | 5.00% | |
Number of shares authorized for repurchase (shares) | 1,500,000 | |
Stock repurchased during period (shares) | 0 | |
Stock repurchased during period | $ 0 |
Securities - Summary of Investm
Securities - Summary of Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 624,112 | $ 583,444 |
Gross Unrealized Gain | 1,925 | 401 |
Gross Unrealized Loss | 4,567 | 8,937 |
Estimated Fair Value | 621,470 | 574,908 |
U.S. Treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 54,584 | 39,768 |
Gross Unrealized Gain | 148 | 69 |
Gross Unrealized Loss | 4 | 7 |
Estimated Fair Value | 54,728 | 39,830 |
Mortgage-backed securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 356,973 | 300,957 |
Gross Unrealized Gain | 566 | 61 |
Gross Unrealized Loss | 2,938 | 5,984 |
Estimated Fair Value | 354,601 | 295,034 |
Collateralized mortgage obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 153,286 | 124,550 |
Gross Unrealized Gain | 298 | 74 |
Gross Unrealized Loss | 1,557 | 2,332 |
Estimated Fair Value | 152,027 | 122,292 |
Debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 17,472 | 7,499 |
Gross Unrealized Gain | 74 | 0 |
Gross Unrealized Loss | 53 | 97 |
Estimated Fair Value | 17,493 | 7,402 |
Total U.S. government agency and sponsored agency obligations | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 527,731 | 433,006 |
Gross Unrealized Gain | 938 | 135 |
Gross Unrealized Loss | 4,548 | 8,413 |
Estimated Fair Value | 524,121 | 424,728 |
Municipal bonds-tax exempt | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 41,797 | 110,670 |
Gross Unrealized Gain | 839 | 197 |
Gross Unrealized Loss | 15 | 517 |
Estimated Fair Value | $ 42,621 | $ 110,350 |
Securities - Schedule of Amorti
Securities - Schedule of Amortized Cost and Estimated Fair Value of Investment Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-Sale Within one year, Amortized Cost | $ 32,693 | |
Available-for-Sale Over one year through five years, Amortized Cost | 146,323 | |
Available-for-Sale Over five years through ten years, Amortized Cost | 232,279 | |
Available-for-Sale Over ten years, Amortized Cost | 212,817 | |
Amortized Cost | 624,112 | $ 583,444 |
Available-for-Sale Within one year, Estimated Fair Value | 32,694 | |
Available-for-Sale Over one year through five years, Estimated Fair Value | 145,744 | |
Available-for-Sale Over five years through ten years, Estimated Fair Value | 231,518 | |
Available-for-Sale Over ten years, Estimated Fair Value | 211,514 | |
Estimated fair value | $ 621,470 | $ 574,908 |
Securities - Available for Sale
Securities - Available for Sale Securities, Continuous Unrealized Loss Position, Fair value (Detail) $ in Thousands | Mar. 31, 2019USD ($)Security | Dec. 31, 2018USD ($)Security |
Summary of Investment Holdings [Line Items] | ||
Available-for-Sale Within One Year, Gross Unrealized Loss | $ 40 | $ 321 |
Available-for-Sale Within One Year, Estimated Fair Value | $ 51,089 | $ 78,252 |
Available-for-Sale Within One Year, Number of Securities | Security | 10 | 20 |
Available-for-Sale More than One Year, Gross Unrealized Loss | $ 4,527 | $ 8,616 |
Available-for-Sale More than One Year, Estimated Fair Value | $ 319,053 | $ 410,128 |
Available-for-Sale More than One Year, Number of Securities | Security | 157 | 188 |
Available-for-Sale, Gross Unrealized Loss | $ 4,567 | $ 8,937 |
Available-for-Sale, Estimated Fair Value | $ 370,142 | $ 488,380 |
Available-for-Sale, Number of Securities | Security | 167 | 208 |
U.S. Treasury securities | ||
Summary of Investment Holdings [Line Items] | ||
Available-for-Sale Within One Year, Gross Unrealized Loss | $ 4 | $ 7 |
Available-for-Sale Within One Year, Estimated Fair Value | $ 19,773 | $ 14,797 |
Available-for-Sale Within One Year, Number of Securities | Security | 3 | 2 |
Available-for-Sale More than One Year, Gross Unrealized Loss | $ 0 | $ 0 |
Available-for-Sale More than One Year, Estimated Fair Value | $ 0 | $ 0 |
Available-for-Sale More than One Year, Number of Securities | Security | 0 | 0 |
Available-for-Sale, Gross Unrealized Loss | $ 4 | $ 7 |
Available-for-Sale, Estimated Fair Value | $ 19,773 | $ 14,797 |
Available-for-Sale, Number of Securities | Security | 3 | 2 |
Mortgage-backed securities | ||
Summary of Investment Holdings [Line Items] | ||
Available-for-Sale Within One Year, Gross Unrealized Loss | $ 19 | $ 226 |
Available-for-Sale Within One Year, Estimated Fair Value | $ 13,442 | $ 41,527 |
Available-for-Sale Within One Year, Number of Securities | Security | 2 | 10 |
Available-for-Sale More than One Year, Gross Unrealized Loss | $ 2,919 | $ 5,758 |
Available-for-Sale More than One Year, Estimated Fair Value | $ 214,791 | $ 244,550 |
Available-for-Sale More than One Year, Number of Securities | Security | 101 | 106 |
Available-for-Sale, Gross Unrealized Loss | $ 2,938 | $ 5,984 |
Available-for-Sale, Estimated Fair Value | $ 228,233 | $ 286,077 |
Available-for-Sale, Number of Securities | Security | 103 | 116 |
Collateralized mortgage obligations | ||
Summary of Investment Holdings [Line Items] | ||
Available-for-Sale Within One Year, Gross Unrealized Loss | $ 17 | $ 59 |
Available-for-Sale Within One Year, Estimated Fair Value | $ 17,874 | $ 13,732 |
Available-for-Sale Within One Year, Number of Securities | Security | 5 | 3 |
Available-for-Sale More than One Year, Gross Unrealized Loss | $ 1,540 | $ 2,273 |
Available-for-Sale More than One Year, Estimated Fair Value | $ 92,822 | $ 92,532 |
Available-for-Sale More than One Year, Number of Securities | Security | 50 | 49 |
Available-for-Sale, Gross Unrealized Loss | $ 1,557 | $ 2,332 |
Available-for-Sale, Estimated Fair Value | $ 110,696 | $ 106,264 |
Available-for-Sale, Number of Securities | Security | 55 | 52 |
Debt securities | ||
Summary of Investment Holdings [Line Items] | ||
Available-for-Sale Within One Year, Gross Unrealized Loss | $ 0 | $ 0 |
Available-for-Sale Within One Year, Estimated Fair Value | $ 0 | $ 0 |
Available-for-Sale Within One Year, Number of Securities | Security | 0 | 0 |
Available-for-Sale More than One Year, Gross Unrealized Loss | $ 53 | $ 97 |
Available-for-Sale More than One Year, Estimated Fair Value | $ 7,447 | $ 7,402 |
Available-for-Sale More than One Year, Number of Securities | Security | 3 | 3 |
Available-for-Sale, Gross Unrealized Loss | $ 53 | $ 97 |
Available-for-Sale, Estimated Fair Value | $ 7,447 | $ 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 | $ 36 | $ 285 |
Available-for-Sale Within One Year, Estimated Fair Value | $ 31,316 | $ 55,259 |
Available-for-Sale Within One Year, Number of Securities | Security | 7 | 13 |
Available-for-Sale More than One Year, Gross Unrealized Loss | $ 4,512 | $ 8,128 |
Available-for-Sale More than One Year, Estimated Fair Value | $ 315,060 | $ 344,484 |
Available-for-Sale More than One Year, Number of Securities | Security | 154 | 158 |
Available-for-Sale, Gross Unrealized Loss | $ 4,548 | $ 8,413 |
Available-for-Sale, Estimated Fair Value | $ 346,376 | $ 399,743 |
Available-for-Sale, Number of Securities | Security | 161 | 171 |
Municipal bonds-tax exempt | ||
Summary of Investment Holdings [Line Items] | ||
Available-for-Sale Within One Year, Gross Unrealized Loss | $ 0 | $ 29 |
Available-for-Sale Within One Year, Estimated Fair Value | $ 0 | $ 8,196 |
Available-for-Sale Within One Year, Number of Securities | Security | 0 | 5 |
Available-for-Sale More than One Year, Gross Unrealized Loss | $ 15 | $ 488 |
Available-for-Sale More than One Year, Estimated Fair Value | $ 3,993 | $ 65,644 |
Available-for-Sale More than One Year, Number of Securities | Security | 3 | 30 |
Available-for-Sale, Gross Unrealized Loss | $ 15 | $ 517 |
Available-for-Sale, Estimated Fair Value | $ 3,993 | $ 73,840 |
Available-for-Sale, Number of Securities | Security | 3 | 35 |
Securities - Realized Gains and
Securities - Realized Gains and Losses on Sales of Investment Securities (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Investments, Debt and Equity Securities [Abstract] | ||
Gross realized gains on sales of securities | $ 725 | $ 0 |
Gross realized losses on sales of securities | 0 | (957) |
Net realized gains (losses) on sales of securities | 725 | (957) |
Proceeds from sales of securities | $ 69,187 | $ 21,958 |
Securities - Additional Informa
Securities - Additional Information (Detail) - USD ($) | Jan. 01, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||||
Impairment charges on securities in continuous unrealized loss position for 12 months or longer | $ 0 | $ 0 | ||
Net gain (loss) in earnings resulting from sale of securities | 725,000 | $ (428,000) | ||
Net unrealized gains (losses) recorded in comprehensive income | (206,000) | |||
Reduction in securities available for sale | (621,470,000) | (574,908,000) | ||
Reduction to retained earnings | (104,771,000) | (97,539,000) | ||
Increase in net deferred tax asset | 25,600,000 | 27,400,000 | ||
Gross realized losses included in earnings | $ 957,000 | |||
Available for sale securities pledged as collateral | $ 30,000,000 | $ 29,900,000 | ||
ASU 2016-01 | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Net unrealized gains (losses) recorded in comprehensive income | $ (529,000) | |||
Reduction in securities available for sale | 529,000 | |||
Reduction to retained earnings | 382,000 | |||
Increase in net deferred tax asset | $ 147,000 |
Loans and Leases - Loans and Le
Loans and Leases - Loans and Leases Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans and leases receivable | $ 4,575,620 | $ 4,600,540 |
Allowance for loan and lease losses | (32,896) | (31,974) |
Loans and leases receivable, net | 4,542,724 | 4,568,566 |
Real estate loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans and leases receivable | 3,714,356 | 3,758,355 |
Real estate loans | Commercial property loan [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans and leases receivable | 3,147,817 | 3,186,209 |
Real estate loans | Retail | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans and leases receivable | 898,632 | 906,260 |
Real estate loans | Hospitality | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans and leases receivable | 812,592 | 830,679 |
Real estate loans | Other | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans and leases receivable | 1,436,593 | 1,449,270 |
Real estate loans | Construction | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans and leases receivable | 82,709 | 71,583 |
Real estate loans | Residential property | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans and leases receivable | 483,830 | 500,563 |
Commercial and industrial loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans and leases receivable | 422,502 | 429,903 |
Commercial and industrial loans | Commercial term | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans and leases receivable | 186,471 | 206,691 |
Commercial and industrial loans | Commercial lines of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans and leases receivable | 196,213 | 194,032 |
Commercial and industrial loans | International loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans and leases receivable | 39,818 | 29,180 |
Leases Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans and leases receivable | 425,530 | 398,858 |
Consumer loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans and leases receivable | $ 13,232 | $ 13,424 |
Loans and Leases - Additional I
Loans and Leases - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans and leases receivable | $ 4,575,620,000 | $ 4,600,540,000 |
Accrued interest receivable | 13,397,000 | 13,331,000 |
Loans and leases receivable pledged to secure advances | 1,100,000,000 | 1,100,000,000 |
Loans and leases 90 days or more past due and still accruing | 0 | 4,000 |
Commitments to lend additional funds to borrowers whose loans are impaired | 0 | 0 |
TDR loans receivable | $ 10,000,000 | 10,300,000 |
Principal and interest due | 3 months | |
Reserves relating to loans included in allowance for loan losses | $ 397,000 | 313,000 |
Home equity line of credit | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total gross loans and leases receivable | 9,900,000 | 10,300,000 |
Loans and lease receivables | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable | $ 11,500,000 | $ 10,900,000 |
Loans and Leases - Activity for
Loans and Leases - Activity for SBA Loans Held for Sale (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Financing Receivable, Reclassification From Portfolio Loans To Loans Held For Sale [Roll Forward] | ||
Balance at beginning of period | $ 9,390 | $ 6,394 |
Originations | 13,223 | 18,805 |
Sales | (15,459) | (19,187) |
Principal payoffs and amortization | (14) | (4) |
Balance at end of period | 7,140 | 6,008 |
Real estate loans | ||
Financing Receivable, Reclassification From Portfolio Loans To Loans Held For Sale [Roll Forward] | ||
Balance at beginning of period | 5,194 | 3,746 |
Originations | 9,064 | 10,433 |
Sales | (7,756) | (12,028) |
Principal payoffs and amortization | (2) | 0 |
Balance at end of period | 6,500 | 2,151 |
Commercial and industrial loans | ||
Financing Receivable, Reclassification From Portfolio Loans To Loans Held For Sale [Roll Forward] | ||
Balance at beginning of period | 4,196 | 2,648 |
Originations | 4,159 | 8,372 |
Sales | (7,703) | (7,159) |
Principal payoffs and amortization | (12) | (4) |
Balance at end of period | $ 640 | $ 3,857 |
Loans and Leases - Allowance fo
Loans and Leases - Allowance for Loan and Lease Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Allowance for loan losses: | ||
Balance at beginning of period | $ 31,974 | |
Loan and lease loss provision | 1,117 | $ 649 |
Balance at end of period | 32,896 | |
Allowance for loan and lease losses | ||
Allowance for loan losses: | ||
Balance at beginning of period | 31,974 | 31,043 |
Loans and leases charged off | (1,107) | (1,632) |
Recoveries on loans and leases previously charged off | 912 | 1,717 |
Net (charge-offs) recoveries | (195) | 85 |
Loan and lease loss provision | 1,117 | 649 |
Balance at end of period | $ 32,896 | $ 31,777 |
Loans and Leases - Allowance _2
Loans and Leases - Allowance for Loan Losses by Portfolio Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Allowance for loan losses: | |||
Balance at beginning of period | $ 31,974 | ||
Loan and lease loss provision | 1,117 | $ 649 | |
Balance at end of period | 32,896 | ||
Loans receivable: | |||
Total Loans and leases receivable | 4,575,620 | $ 4,600,540 | |
Non-PCI Loans and Leases | |||
Allowance for loan losses: | |||
Balance at beginning of period | 31,974 | 31,043 | |
Loans and leases charged off | (1,107) | (1,632) | |
Recoveries on loans and leases previously charged off | 912 | 1,717 | |
Loan and lease loss provision | 1,117 | 649 | |
Balance at end of period | 32,896 | 31,777 | |
Ending balance: individually evaluated for impairment | 4,368 | 3,016 | |
Ending balance: collectively evaluated for impairment | 28,528 | 28,761 | |
Loans receivable: | |||
Total Loans and leases receivable | 4,575,620 | 4,413,557 | $ 4,600,540 |
Individually evaluated for impairment | 43,282 | 26,450 | |
Collectively evaluated for impairment | 4,532,338 | 4,387,107 | |
Non-PCI Loans and Leases | Real Estate | |||
Allowance for loan losses: | |||
Balance at beginning of period | 18,384 | 17,012 | |
Loans and leases charged off | (122) | (989) | |
Recoveries on loans and leases previously charged off | 440 | 885 | |
Loan and lease loss provision | (396) | 732 | |
Balance at end of period | 18,306 | 17,640 | |
Ending balance: individually evaluated for impairment | 0 | 1,549 | |
Ending balance: collectively evaluated for impairment | 18,306 | 16,091 | |
Loans receivable: | |||
Total Loans and leases receivable | 3,714,356 | 3,667,797 | |
Individually evaluated for impairment | 14,015 | 18,513 | |
Collectively evaluated for impairment | 3,700,341 | 3,649,284 | |
Non-PCI Loans and Leases | Commercial and Industrial | |||
Allowance for loan losses: | |||
Balance at beginning of period | 7,162 | 7,400 | |
Loans and leases charged off | (133) | (279) | |
Recoveries on loans and leases previously charged off | 382 | 736 | |
Loan and lease loss provision | 1,300 | (967) | |
Balance at end of period | 8,711 | 6,890 | |
Ending balance: individually evaluated for impairment | 3,269 | 357 | |
Ending balance: collectively evaluated for impairment | 5,442 | 6,533 | |
Loans receivable: | |||
Total Loans and leases receivable | 422,502 | 409,380 | |
Individually evaluated for impairment | 23,114 | 2,843 | |
Collectively evaluated for impairment | 399,388 | 406,537 | |
Non-PCI Loans and Leases | Leases Receivable | |||
Allowance for loan losses: | |||
Balance at beginning of period | 6,303 | 6,279 | |
Loans and leases charged off | (852) | (364) | |
Recoveries on loans and leases previously charged off | 90 | 95 | |
Loan and lease loss provision | 39 | 1,100 | |
Balance at end of period | 5,580 | 7,110 | |
Ending balance: individually evaluated for impairment | 1,099 | 1,110 | |
Ending balance: collectively evaluated for impairment | 4,481 | 6,000 | |
Loans receivable: | |||
Total Loans and leases receivable | 425,530 | 321,481 | |
Individually evaluated for impairment | 4,783 | 4,200 | |
Collectively evaluated for impairment | 420,747 | 317,281 | |
Non-PCI Loans and Leases | Consumer | |||
Allowance for loan losses: | |||
Balance at beginning of period | 98 | 122 | |
Loans and leases charged off | 0 | 0 | |
Recoveries on loans and leases previously charged off | 0 | 1 | |
Loan and lease loss provision | (9) | 2 | |
Balance at end of period | 89 | 125 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 89 | 125 | |
Loans receivable: | |||
Total Loans and leases receivable | 13,232 | 14,899 | |
Individually evaluated for impairment | 1,370 | 894 | |
Collectively evaluated for impairment | 11,862 | 14,005 | |
Non-PCI Loans and Leases | Unallocated | |||
Allowance for loan losses: | |||
Balance at beginning of period | 27 | 230 | |
Loans and leases charged off | 0 | 0 | |
Recoveries on loans and leases previously charged off | 0 | 0 | |
Loan and lease loss provision | 183 | (218) | |
Balance at end of period | 210 | 12 | |
Ending balance: individually evaluated for impairment | 0 | 0 | |
Ending balance: collectively evaluated for impairment | 210 | 12 | |
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 | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | $ 4,575,620 | $ 4,600,540 | |
Real estate loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 3,714,356 | 3,758,355 | |
Real estate loans | Retail | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 898,632 | 906,260 | |
Real estate loans | Hospitality | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 812,592 | 830,679 | |
Real estate loans | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 82,709 | 71,583 | |
Real estate loans | Residential property | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 483,830 | 500,563 | |
Commercial and industrial loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 422,502 | 429,903 | |
Commercial and industrial loans | Commercial term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 186,471 | 206,691 | |
Commercial and industrial loans | Commercial lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 196,213 | 194,032 | |
Commercial and industrial loans | International loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 39,818 | 29,180 | |
Leases Receivable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 425,530 | 398,858 | |
Consumer loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 13,232 | 13,424 | |
Non-PCI Loans and Leases | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 4,575,620 | 4,600,540 | $ 4,413,557 |
Non-PCI Loans and Leases | Pass/Pass-Watch | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 4,513,277 | 4,541,815 | |
Non-PCI Loans and Leases | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 9,257 | 29,182 | |
Non-PCI Loans and Leases | Classified | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 53,086 | 29,543 | |
Non-PCI Loans and Leases | Real estate loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 3,714,356 | 3,758,355 | |
Non-PCI Loans and Leases | Real estate loans | Commercial property loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 3,147,817 | 3,186,209 | |
Non-PCI Loans and Leases | Real estate loans | Retail | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 898,632 | 906,260 | |
Non-PCI Loans and Leases | Real estate loans | Hospitality | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 812,592 | 830,679 | |
Non-PCI Loans and Leases | Real estate loans | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 1,436,593 | 1,449,270 | |
Non-PCI Loans and Leases | Real estate loans | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 82,709 | 71,583 | |
Non-PCI Loans and Leases | Real estate loans | Residential property | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 483,830 | 500,563 | |
Non-PCI Loans and Leases | Real estate loans | Pass/Pass-Watch | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 3,682,999 | 3,736,122 | |
Non-PCI Loans and Leases | Real estate loans | Pass/Pass-Watch | Commercial property loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 3,117,676 | 3,164,115 | |
Non-PCI Loans and Leases | Real estate loans | Pass/Pass-Watch | Retail | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 891,084 | 901,354 | |
Non-PCI Loans and Leases | Real estate loans | Pass/Pass-Watch | Hospitality | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 803,895 | 821,542 | |
Non-PCI Loans and Leases | Real estate loans | Pass/Pass-Watch | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 1,422,697 | 1,441,219 | |
Non-PCI Loans and Leases | Real estate loans | Pass/Pass-Watch | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 82,709 | 71,583 | |
Non-PCI Loans and Leases | Real estate loans | Pass/Pass-Watch | Residential property | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 482,614 | 500,424 | |
Non-PCI Loans and Leases | Real estate loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 7,328 | 2,907 | |
Non-PCI Loans and Leases | Real estate loans | Special Mention | Commercial property loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 6,520 | 2,907 | |
Non-PCI Loans and Leases | Real estate loans | Special Mention | Retail | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 3,320 | 16 | |
Non-PCI Loans and Leases | Real estate loans | Special Mention | Hospitality | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 163 | 168 | |
Non-PCI Loans and Leases | Real estate loans | Special Mention | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 3,037 | 2,723 | |
Non-PCI Loans and Leases | Real estate loans | Special Mention | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 0 | 0 | |
Non-PCI Loans and Leases | Real estate loans | Special Mention | Residential property | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 808 | 0 | |
Non-PCI Loans and Leases | Real estate loans | Classified | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 24,029 | 19,326 | |
Non-PCI Loans and Leases | Real estate loans | Classified | Commercial property loans [Member] | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 23,621 | 19,187 | |
Non-PCI Loans and Leases | Real estate loans | Classified | Retail | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 4,228 | 4,890 | |
Non-PCI Loans and Leases | Real estate loans | Classified | Hospitality | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 8,534 | 8,969 | |
Non-PCI Loans and Leases | Real estate loans | Classified | Other | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 10,859 | 5,328 | |
Non-PCI Loans and Leases | Real estate loans | Classified | Construction | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 0 | 0 | |
Non-PCI Loans and Leases | Real estate loans | Classified | Residential property | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 408 | 139 | |
Non-PCI Loans and Leases | Commercial and industrial loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 422,502 | 429,903 | |
Non-PCI Loans and Leases | Commercial and industrial loans | Commercial term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 186,471 | 206,691 | |
Non-PCI Loans and Leases | Commercial and industrial loans | Commercial lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 196,213 | 194,032 | |
Non-PCI Loans and Leases | Commercial and industrial loans | International loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 39,818 | 29,180 | |
Non-PCI Loans and Leases | Commercial and industrial loans | Pass/Pass-Watch | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 397,800 | 399,510 | |
Non-PCI Loans and Leases | Commercial and industrial loans | Pass/Pass-Watch | Commercial term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 179,424 | 197,992 | |
Non-PCI Loans and Leases | Commercial and industrial loans | Pass/Pass-Watch | Commercial lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 178,558 | 172,338 | |
Non-PCI Loans and Leases | Commercial and industrial loans | Pass/Pass-Watch | International loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 39,818 | 29,180 | |
Non-PCI Loans and Leases | Commercial and industrial loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 1,192 | 26,084 | |
Non-PCI Loans and Leases | Commercial and industrial loans | Special Mention | Commercial term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 449 | 4,977 | |
Non-PCI Loans and Leases | Commercial and industrial loans | Special Mention | Commercial lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 743 | 21,107 | |
Non-PCI Loans and Leases | Commercial and industrial loans | Special Mention | International loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 0 | 0 | |
Non-PCI Loans and Leases | Commercial and industrial loans | Classified | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 23,510 | 4,309 | |
Non-PCI Loans and Leases | Commercial and industrial loans | Classified | Commercial term | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 6,598 | 3,722 | |
Non-PCI Loans and Leases | Commercial and industrial loans | Classified | Commercial lines of credit | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 16,912 | 587 | |
Non-PCI Loans and Leases | Commercial and industrial loans | Classified | International loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 0 | 0 | |
Non-PCI Loans and Leases | Leases Receivable | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 425,530 | 398,858 | |
Non-PCI Loans and Leases | Leases Receivable | Pass/Pass-Watch | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 420,747 | 393,729 | |
Non-PCI Loans and Leases | Leases Receivable | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 0 | 0 | |
Non-PCI Loans and Leases | Leases Receivable | Classified | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 4,783 | 5,129 | |
Non-PCI Loans and Leases | Consumer loans | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 13,232 | 13,424 | |
Non-PCI Loans and Leases | Consumer loans | Pass/Pass-Watch | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 11,731 | 12,454 | |
Non-PCI Loans and Leases | Consumer loans | Special Mention | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | 737 | 191 | |
Non-PCI Loans and Leases | Consumer loans | Classified | |||
Financing Receivable, Recorded Investment [Line Items] | |||
Total gross loans and leases receivable | $ 764 | $ 779 |
Loans and Leases - Analysis of
Loans and Leases - Analysis of Past Due Loans, Disaggregated by Loan Class, Non-PCI (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and leases receivable | $ 4,575,620 | $ 4,600,540 | |
Real estate loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and leases receivable | 3,714,356 | 3,758,355 | |
Real estate loans | Hospitality | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and leases receivable | 812,592 | 830,679 | |
Real estate loans | Construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and leases receivable | 82,709 | 71,583 | |
Real estate loans | Residential property | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and leases receivable | 483,830 | 500,563 | |
Commercial and industrial loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and leases receivable | 422,502 | 429,903 | |
Commercial and industrial loans | Commercial term | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and leases receivable | 186,471 | 206,691 | |
Commercial and industrial loans | Commercial lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and leases receivable | 196,213 | 194,032 | |
Commercial and industrial loans | International loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and leases receivable | 39,818 | 29,180 | |
Leases Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and leases receivable | 425,530 | 398,858 | |
Consumer loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Total Loans and leases receivable | 13,232 | 13,424 | |
30-59 Days Past Due | Commercial and industrial loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 2,030 | 334 | |
30-59 Days Past Due | Commercial and industrial loans | International loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 10 | 0 | |
30-59 Days Past Due | Leases Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 3,130 | 4,681 | |
Non-PCI Loans and Leases | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 17,447 | 22,355 | |
Current | 4,558,173 | 4,578,185 | |
Total Loans and leases receivable | 4,575,620 | 4,600,540 | $ 4,413,557 |
Non-PCI Loans and Leases | Real estate loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 8,469 | 10,859 | |
Current | 3,705,887 | 3,747,496 | |
Total Loans and leases receivable | 3,714,356 | 3,758,355 | |
Non-PCI Loans and Leases | Real estate loans | Commercial property loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 5,804 | 6,595 | |
Current | 3,142,013 | 3,179,614 | |
Total Loans and leases receivable | 3,147,817 | 3,186,209 | |
Non-PCI Loans and Leases | Real estate loans | Retail | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 484 | 1,207 | |
Current | 898,148 | 905,053 | |
Total Loans and leases receivable | 898,632 | 906,260 | |
Non-PCI Loans and Leases | Real estate loans | Hospitality | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 3,892 | 3,161 | |
Current | 808,700 | 827,518 | |
Total Loans and leases receivable | 812,592 | 830,679 | |
Non-PCI Loans and Leases | Real estate loans | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 1,428 | 2,227 | |
Current | 1,435,165 | 1,447,043 | |
Total Loans and leases receivable | 1,436,593 | 1,449,270 | |
Non-PCI Loans and Leases | Real estate loans | Construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 0 | 0 | |
Current | 82,709 | 71,583 | |
Total Loans and leases receivable | 82,709 | 71,583 | |
Non-PCI Loans and Leases | Real estate loans | Residential property | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 2,665 | 4,264 | |
Current | 481,165 | 496,299 | |
Total Loans and leases receivable | 483,830 | 500,563 | |
Non-PCI Loans and Leases | Commercial and industrial loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 2,138 | 2,087 | |
Current | 420,364 | 427,816 | |
Total Loans and leases receivable | 422,502 | 429,903 | |
Non-PCI Loans and Leases | Commercial and industrial loans | Commercial term | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 818 | 1,500 | |
Current | 185,653 | 205,191 | |
Total Loans and leases receivable | 186,471 | 206,691 | |
Non-PCI Loans and Leases | Commercial and industrial loans | Commercial lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 1,310 | 587 | |
Current | 194,903 | 193,445 | |
Total Loans and leases receivable | 196,213 | 194,032 | |
Non-PCI Loans and Leases | Commercial and industrial loans | International loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 10 | 0 | |
Current | 39,808 | 29,180 | |
Total Loans and leases receivable | 39,818 | 29,180 | |
Non-PCI Loans and Leases | Leases Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 6,738 | 9,263 | |
Current | 418,792 | 389,595 | |
Total Loans and leases receivable | 425,530 | 398,858 | |
Non-PCI Loans and Leases | Consumer loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 102 | 146 | |
Current | 13,130 | 13,278 | |
Total Loans and leases receivable | 13,232 | 13,424 | |
Non-PCI Loans and Leases | 30-59 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 8,948 | 10,210 | |
Non-PCI Loans and Leases | 30-59 Days Past Due | Real estate loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 3,788 | 5,049 | |
Non-PCI Loans and Leases | 30-59 Days Past Due | Real estate loans | Commercial property loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 1,396 | 1,102 | |
Non-PCI Loans and Leases | 30-59 Days Past Due | Real estate loans | Retail | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 239 | 221 | |
Non-PCI Loans and Leases | 30-59 Days Past Due | Real estate loans | Hospitality | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 1,099 | 65 | |
Non-PCI Loans and Leases | 30-59 Days Past Due | Real estate loans | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 58 | 816 | |
Non-PCI Loans and Leases | 30-59 Days Past Due | Real estate loans | Construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 0 | 0 | |
Non-PCI Loans and Leases | 30-59 Days Past Due | Real estate loans | Residential property | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 2,392 | 3,947 | |
Non-PCI Loans and Leases | 30-59 Days Past Due | Commercial and industrial loans | Commercial term | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 710 | 334 | |
Non-PCI Loans and Leases | 30-59 Days Past Due | Commercial and industrial loans | Commercial lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 1,310 | 0 | |
Non-PCI Loans and Leases | 30-59 Days Past Due | Consumer loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 0 | 146 | |
Non-PCI Loans and Leases | 60-89 Days Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 1,383 | 2,576 | |
Non-PCI Loans and Leases | 60-89 Days Past Due | Real estate loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 515 | 1,682 | |
Non-PCI Loans and Leases | 60-89 Days Past Due | Real estate loans | Commercial property loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 515 | 1,409 | |
Non-PCI Loans and Leases | 60-89 Days Past Due | Real estate loans | Retail | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 161 | 0 | |
Non-PCI Loans and Leases | 60-89 Days Past Due | Real estate loans | Hospitality | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 0 | 1,203 | |
Non-PCI Loans and Leases | 60-89 Days Past Due | Real estate loans | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 354 | 206 | |
Non-PCI Loans and Leases | 60-89 Days Past Due | Real estate loans | Construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 0 | 0 | |
Non-PCI Loans and Leases | 60-89 Days Past Due | Real estate loans | Residential property | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 0 | 273 | |
Non-PCI Loans and Leases | 60-89 Days Past Due | Commercial and industrial loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 0 | 49 | |
Non-PCI Loans and Leases | 60-89 Days Past Due | Commercial and industrial loans | Commercial term | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 0 | 49 | |
Non-PCI Loans and Leases | 60-89 Days Past Due | Commercial and industrial loans | Commercial lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 0 | 0 | |
Non-PCI Loans and Leases | 60-89 Days Past Due | Commercial and industrial loans | International loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 0 | 0 | |
Non-PCI Loans and Leases | 60-89 Days Past Due | Leases Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 766 | 845 | |
Non-PCI Loans and Leases | 60-89 Days Past Due | Consumer loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 102 | 0 | |
Non-PCI Loans and Leases | 90 Days or More Past Due | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 7,116 | 9,569 | |
Non-PCI Loans and Leases | 90 Days or More Past Due | Real estate loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 4,166 | 4,128 | |
Non-PCI Loans and Leases | 90 Days or More Past Due | Real estate loans | Commercial property loans [Member] | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 3,893 | 4,084 | |
Non-PCI Loans and Leases | 90 Days or More Past Due | Real estate loans | Retail | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 84 | 986 | |
Non-PCI Loans and Leases | 90 Days or More Past Due | Real estate loans | Hospitality | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 2,793 | 1,893 | |
Non-PCI Loans and Leases | 90 Days or More Past Due | Real estate loans | Other | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 1,016 | 1,205 | |
Non-PCI Loans and Leases | 90 Days or More Past Due | Real estate loans | Construction | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 0 | 0 | |
Non-PCI Loans and Leases | 90 Days or More Past Due | Real estate loans | Residential property | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 273 | 44 | |
Non-PCI Loans and Leases | 90 Days or More Past Due | Commercial and industrial loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 108 | 1,704 | |
Non-PCI Loans and Leases | 90 Days or More Past Due | Commercial and industrial loans | Commercial term | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 108 | 1,117 | |
Non-PCI Loans and Leases | 90 Days or More Past Due | Commercial and industrial loans | Commercial lines of credit | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 0 | 587 | |
Non-PCI Loans and Leases | 90 Days or More Past Due | Commercial and industrial loans | International loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 0 | 0 | |
Non-PCI Loans and Leases | 90 Days or More Past Due | Leases Receivable | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | 2,842 | 3,737 | |
Non-PCI Loans and Leases | 90 Days or More Past Due | Consumer loans | |||
Financing Receivable, Recorded Investment, Past Due [Line Items] | |||
Past due loans and leases receivable | $ 0 | $ 0 |
Loans and Leases - Information
Loans and Leases - Information on Impaired Loans, Disaggregated by Loan Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | $ 43,282 | $ 25,125 | |
Unpaid Principal Balance | 45,663 | 27,761 | |
With No Related Allowance Recorded | 18,154 | 16,613 | |
With an Allowance Recorded | 25,128 | 8,512 | |
Related Allowance | 4,368 | 1,812 | |
Average Recorded Investment | 48,559 | $ 28,502 | |
Interest Income Recognized | 682 | 367 | |
Real estate loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 14,015 | 14,761 | |
Unpaid Principal Balance | 15,910 | 16,925 | |
With No Related Allowance Recorded | 13,931 | 12,967 | |
With an Allowance Recorded | 84 | 1,794 | |
Related Allowance | 0 | 1 | |
Average Recorded Investment | 14,599 | 19,937 | |
Interest Income Recognized | 241 | 303 | |
Real estate loans | Commercial property loans [Member] | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 12,967 | 13,973 | |
Unpaid Principal Balance | 14,724 | 15,996 | |
With No Related Allowance Recorded | 12,883 | 12,179 | |
With an Allowance Recorded | 84 | 1,794 | |
Related Allowance | 0 | 1 | |
Average Recorded Investment | 13,421 | 17,357 | |
Interest Income Recognized | 229 | 273 | |
Real estate loans | Retail | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 982 | 2,166 | |
Unpaid Principal Balance | 1,033 | 2,207 | |
With No Related Allowance Recorded | 898 | 1,894 | |
With an Allowance Recorded | 84 | 272 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 1,000 | 1,409 | |
Interest Income Recognized | 16 | 22 | |
Real estate loans | Hospitality | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 3,237 | 4,282 | |
Unpaid Principal Balance | 4,580 | 5,773 | |
With No Related Allowance Recorded | 3,237 | 4,032 | |
With an Allowance Recorded | 0 | 250 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 3,366 | 8,105 | |
Interest Income Recognized | 72 | 141 | |
Real estate loans | Other | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 8,748 | 7,525 | |
Unpaid Principal Balance | 9,111 | 8,016 | |
With No Related Allowance Recorded | 8,748 | 6,253 | |
With an Allowance Recorded | 0 | 1,272 | |
Related Allowance | 0 | 1 | |
Average Recorded Investment | 9,055 | 7,843 | |
Interest Income Recognized | 141 | 110 | |
Real estate loans | Residential property | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 1,048 | 788 | |
Unpaid Principal Balance | 1,186 | 929 | |
With No Related Allowance Recorded | 1,048 | 788 | |
With an Allowance Recorded | 0 | 0 | |
Related Allowance | 0 | 0 | |
Average Recorded Investment | 1,178 | 2,580 | |
Interest Income Recognized | 12 | 30 | |
Commercial and industrial loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 23,114 | 4,396 | |
Unpaid Principal Balance | 23,334 | 4,601 | |
With No Related Allowance Recorded | 1,397 | 1,644 | |
With an Allowance Recorded | 21,717 | 2,752 | |
Related Allowance | 3,269 | 428 | |
Average Recorded Investment | 27,144 | 2,914 | |
Interest Income Recognized | 409 | 40 | |
Leases Receivable | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 4,783 | 5,129 | |
Unpaid Principal Balance | 4,801 | 5,162 | |
With No Related Allowance Recorded | 1,456 | 1,256 | |
With an Allowance Recorded | 3,327 | 3,873 | |
Related Allowance | 1,099 | 1,383 | |
Average Recorded Investment | 5,294 | 4,603 | |
Interest Income Recognized | 8 | 10 | |
Consumer loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded Investment | 1,370 | 839 | |
Unpaid Principal Balance | 1,618 | 1,073 | |
With No Related Allowance Recorded | 1,370 | 746 | |
With an Allowance Recorded | 0 | 93 | |
Related Allowance | 0 | $ 0 | |
Average Recorded Investment | 1,522 | 1,048 | |
Interest Income Recognized | $ 24 | $ 14 |
Loans and Leases - Summary of I
Loans and Leases - Summary of Interest Foregone on Impaired Loans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Receivables [Abstract] | ||
Interest income that would have been recognized had impaired loans performed in accordance with their original terms | $ 888 | $ 654 |
Less: Interest income recognized on impaired loans | (682) | (367) |
Interest foregone on impaired loans | $ 206 | $ 287 |
Loans and Leases - Non-Accrual
Loans and Leases - Non-Accrual Loans and Leases, Disaggregated by Class (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | $ 40,041 | $ 15,525 |
Real estate loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | 11,731 | 6,313 |
Real estate loans | Commercial property loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | 11,282 | 6,131 |
Real estate loans | Retail | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | 830 | 865 |
Real estate loans | Hospitality | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | 3,237 | 3,625 |
Real estate loans | Other | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | 7,215 | 1,641 |
Real estate loans | Residential property | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | 449 | 182 |
Commercial and industrial loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | 22,795 | 3,337 |
Leases Receivable | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | 4,783 | 5,129 |
Consumer loans | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Total non-accrual Non-PCI loans and leases | $ 732 | $ 746 |
Loans and Leases - Non-Performi
Loans and Leases - Non-Performing Assets (Detail) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Receivables [Abstract] | ||
Nonaccrual loans and leases | $ 40,041,000 | $ 15,525,000 |
Loans and leases 90 days or more past due and still accruing | 0 | 4,000 |
Total nonperforming loans and leases | 40,041,000 | 15,529,000 |
Other real estate owned (“OREO”) | 622,000 | 663,000 |
Total nonperforming assets | $ 40,663,000 | $ 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 | Mar. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Modifications [Line Items] | ||
Non-Accrual TDRs, Deferral of Principal | $ 3,976 | $ 1,473 |
Non-Accrual TDRs, Deferral of Principal and Interest | 1,650 | 1,530 |
Non-Accrual TDRs, Reduction of Principal and Interest | 153 | 843 |
Non-Accrual TDRs, Extension of Maturity | 1,163 | 430 |
Non-Accrual TDRs, Total | 6,942 | 4,276 |
Accrual TDRs, Deferral of Principal | 2,676 | 3,345 |
Accrual Tdrs Deferral Of Principal and Interest | 0 | 166 |
Accrual TDRs, Reduction of Principal and Interest | 200 | 1,627 |
Accrual TDRs, Extension of Maturity | 171 | 891 |
Accrual TDRs | 3,047 | 6,029 |
Real estate loans | ||
Financing Receivable, Modifications [Line Items] | ||
Non-Accrual TDRs, Deferral of Principal | 2,083 | 462 |
Non-Accrual TDRs, Deferral of Principal and Interest | 1,378 | 1,423 |
Non-Accrual TDRs, Reduction of Principal and Interest | 153 | 174 |
Non-Accrual TDRs, Extension of Maturity | 818 | 0 |
Non-Accrual TDRs, Total | 4,432 | 2,059 |
Accrual TDRs, Deferral of Principal | 2,127 | 3,345 |
Accrual Tdrs Deferral Of Principal and Interest | 0 | 0 |
Accrual TDRs, Reduction of Principal and Interest | 0 | 1,148 |
Accrual TDRs, Extension of Maturity | 0 | 741 |
Accrual TDRs | 2,127 | 5,234 |
Commercial and industrial loans | ||
Financing Receivable, Modifications [Line Items] | ||
Non-Accrual TDRs, Deferral of Principal | 1,161 | 265 |
Non-Accrual TDRs, Deferral of Principal and Interest | 272 | 107 |
Non-Accrual TDRs, Reduction of Principal and Interest | 0 | 669 |
Non-Accrual TDRs, Extension of Maturity | 345 | 430 |
Non-Accrual TDRs, Total | 1,778 | 1,471 |
Accrual TDRs, Deferral of Principal | 0 | 0 |
Accrual Tdrs Deferral Of Principal and Interest | 0 | 166 |
Accrual TDRs, Reduction of Principal and Interest | 112 | 386 |
Accrual TDRs, Extension of Maturity | 171 | 150 |
Accrual TDRs | 283 | 702 |
Consumer loans | ||
Financing Receivable, Modifications [Line Items] | ||
Non-Accrual TDRs, Deferral of Principal | 732 | 746 |
Non-Accrual TDRs, Deferral of Principal and Interest | 0 | 0 |
Non-Accrual TDRs, Reduction of Principal and Interest | 0 | 0 |
Non-Accrual TDRs, Extension of Maturity | 0 | 0 |
Non-Accrual TDRs, Total | 732 | 746 |
Accrual TDRs, Deferral of Principal | 549 | 0 |
Accrual Tdrs Deferral Of Principal and Interest | 0 | 0 |
Accrual TDRs, Reduction of Principal and Interest | 88 | 93 |
Accrual TDRs, Extension of Maturity | 0 | 0 |
Accrual TDRs | $ 637 | $ 93 |
Servicing Assets and Liabilit_3
Servicing Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Servicing assets: | ||
Balance at beginning of period | $ 8,520 | $ 10,218 |
Addition related to sale of SBA loans | 315 | 435 |
Amortization | (857) | (786) |
Balance at end of period | 7,978 | 9,867 |
Servicing liabilities: | ||
Balance at beginning of period | 1,517 | 2,217 |
Amortization | (97) | (195) |
Balance at end of period | 1,420 | 2,022 |
Serviced loans sold to unaffiliated parties | 438,400 | 448,600 |
Servicing fee income | 1,100 | 1,100 |
Net amortization expense | $ 760 | $ 591 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Provision (benefit) for income taxes for continuing operations | $ 6,288 | $ 5,724 | ||
Effective income tax rate | 30.00% | 27.80% | ||
Valuation allowance | $ 4,900 | $ 4,900 | ||
Net deferred tax asset | 25,600 | 27,400 | ||
Net current tax asset | 2,300 | $ 8,300 | ||
Provision expense | 400 | |||
Tax settlement paid to the Franchise Tax Board | $ 900 | |||
ASU 2018-02 | ||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||
Impact on retained earnings of adopting recent accounting pronouncement | $ 399 |
Borrowings and Subordinated D_2
Borrowings and Subordinated Debentures - Additional Information (Detail) - USD ($) | Mar. 21, 2017 | Dec. 31, 2005 | Dec. 31, 2005 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | Aug. 31, 2014 |
Debt Instrument [Line Items] | |||||||
Borrowings | $ 0 | $ 55,000,000 | |||||
Interest on borrowings | $ 71,000 | $ 679,000 | |||||
Weighted-average interest rate | 2.71% | 1.54% | |||||
Loans pledged as collateral | $ 1,100,000,000 | ||||||
Borrowing capacity | 893,700,000 | ||||||
Available borrowing capacity | 753,700,000 | ||||||
Loans pledged with FRB | 30,000,000 | ||||||
Borrowing capacity through Fed Discount Window | 29,500,000 | ||||||
Outstanding borrowings | 0 | 0 | |||||
Subordinated Debentures | |||||||
Debt Instrument [Line Items] | |||||||
Subordinated debentures issued | $ 100,000,000 | ||||||
Fixed interest rate | 5.45% | ||||||
Debt issue cost | $ 2,300,000 | ||||||
Debt outstanding, net of issuance cost | 98,200,000 | 98,100,000 | |||||
Amortization of debt issue costs | 47,000 | $ 45,000 | |||||
Subordinated Debentures | 3-month London Interbank Offered Rate (LIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread | 3.315% | ||||||
Central Bancorp, Inc | Subordinated Debentures | |||||||
Debt Instrument [Line Items] | |||||||
Subordinated debentures issued | $ 26,000,000 | $ 26,000,000 | |||||
Fixed interest rate | 6.26% | 6.26% | |||||
Debt outstanding, net of issuance cost | 19,800,000 | 19,700,000 | |||||
Unpaid principal balance | $ 26,800,000 | ||||||
Estimated fair value | 18,500,000 | ||||||
Debt instrument discount | 7,000,000 | $ 7,100,000 | $ 8,300,000 | ||||
Term for the initial fixed interest rate | 5 years | ||||||
Optional interest payment deferral period (not to exceed) | 5 years | ||||||
Amortization of discount on debentures | $ 92,000 | $ 86,000 | |||||
Central Bancorp, Inc | Subordinated Debentures | 3-month London Interbank Offered Rate (LIBOR) | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread | 1.40% |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Basic EPS | ||
Net income | $ 14,672 | $ 14,855 |
Less: Income allocated to unvested restricted shares | 79 | 89 |
Basic EPS | $ 14,593 | $ 14,766 |
Weighted-average shares for basic EPS (shares) | 30,667,378 | 32,145,214 |
Basic earnings per share (in usd per share) | $ 0.48 | $ 0.46 |
Effect of dilutive securities - options and unvested restricted stock (shares) | 53,394 | 155,881 |
Diluted EPS | ||
Net income | $ 14,672 | $ 14,855 |
Less: Income allocated to unvested restricted shares | 79 | 89 |
Diluted EPS | $ 14,593 | $ 14,766 |
Weighted-average shares for diluted EPS (shares) | 30,720,772 | 32,301,095 |
Diluted earnings per share (in usd per share) | $ 0.48 | $ 0.46 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
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 |
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 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income - Activity in Accumulated Other Comprehensive Income (Detail) - USD ($) $ in Thousands | Jan. 01, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | $ 562,477 | $ 552,568 | $ 562,477 |
Other comprehensive income (loss), net of tax | 4,197 | (6,321) | |
Balance at end of period | 564,292 | 564,278 | |
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) | (8,536) | (3,188) |
Other comprehensive income before reclassification, before tax | 6,619 | (8,864) | |
Reclassification from accumulated other comprehensive income, before tax | (725) | 529 | |
Adjustment to accumulated other comprehensive income related to adoption of ASU 2016-01 and 2018-02, before tax | 529 | ||
Period change, before tax | 5,894 | (8,335) | |
Balance at end of period | (2,642) | (11,523) | |
Tax Benefit (Expense) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period, tax | 1,319 | 2,457 | 1,319 |
Other comprehensive (loss) income before reclassification, tax | (1,697) | 2,543 | |
Reclassification from accumulated other comprehensive income, tax | 0 | (546) | |
Adjustment to accumulated other comprehensive income related to adoption of ASU 2016-01 and 2018-02, tax | (546) | ||
Period change, tax | (1,697) | 1,997 | |
Balance at end of period, tax | 760 | 3,316 | |
Accumulated Other Comprehensive Income (Loss) | |||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | |||
Balance at beginning of period | (1,869) | (6,079) | (1,869) |
Other comprehensive income before reclassification, net of tax | 4,922 | (6,321) | |
Reclassification from accumulated other comprehensive income | (725) | (17) | |
Adjustment to accumulated other comprehensive income related to adoption of ASU 2016-01 and 2018-02, net of tax | $ (17) | ||
Other comprehensive income (loss), net of tax | 4,197 | (6,338) | |
Balance at end of period | $ (1,882) | $ (8,207) |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2018 | Mar. 31, 2019 | Mar. 31, 2018 |
Accumulated Other Comprehensive Income [Line Items] | |||
Net gain (loss) on sales of securities | $ 725 | $ (428) | |
Net unrealized gains (losses) recorded in comprehensive income | (206) | ||
Unrealized Gains and Losses on Available for Sale Securities | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Reduction of unrealized losses related to securities | $ 529 | ||
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Adjustment to accumulated other comprehensive income related to adoption of ASU 2016-01 and 2018-02, net of tax | 17 | ||
Tax Benefit (Expense) | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Reduction in tax benefits upon adoption of ASUs | $ 546 | ||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Unrealized Gains and Losses on Available for Sale Securities | |||
Accumulated Other Comprehensive Income [Line Items] | |||
Net gain (loss) on sales of securities | $ 725 |
Regulatory Matters - Capital Ra
Regulatory Matters - Capital Ratios of Hanmi Financial and Bank (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Hanmi Bank | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer (percent) | 6.37% | 6.19% |
Actual Capital, Total capital to risk-weighted assets | $ 676,526 | $ 664,195 |
Actual Capital, Tier 1 capital to risk-weighted assets | 642,529 | 630,782 |
Actual Capital, Common equity Tier 1 capital to risk-weighted assets | 642,529 | 630,782 |
Actual Capital, Tier 1 capital to average assets | $ 642,529 | $ 630,782 |
Actual Capital Ratio, Total capital to risk-weighted assets | 14.37% | 14.19% |
Actual Capital Ratio, Tier 1 capital to risk-weighted assets | 13.64% | 13.47% |
Actual Capital Ratio, Common equity Tier 1 capital to risk-weighted assets | 13.64% | 13.47% |
Actual Capital Ratio, Tier 1 capital to average assets | 11.88% | 11.67% |
Minimum Regulatory Requirement Capital, Total capital to risk-weighted assets | $ 376,735 | $ 374,538 |
Minimum Regulatory Requirement Capital, Tier 1 capital to risk-weighted assets | 282,551 | 280,904 |
Minimum Regulatory Requirement Capital, Common equity Tier 1 capital to risk-weighted assets | 211,913 | 210,678 |
Minimum Regulatory Requirement Capital, Tier 1 capital to average assets | $ 216,428 | $ 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 | $ 470,919 | $ 468,173 |
Minimum to Be Categorized as Well Capitalized Capital, Tier 1 capital to risk-weighted assets | 376,735 | 374,538 |
Minimum to Be Categorized as Well Capitalized Capital, Common equity Tier 1 capital to risk-weighted assets | 306,097 | 304,312 |
Minimum to Be Categorized as Well Capitalized Capital, Tier 1 capital to average assets | $ 270,535 | $ 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% |
Hanmi Financial | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Capital conservation buffer (percent) | 5.94% | 5.74% |
Actual Capital, Total capital to risk-weighted assets | $ 667,875 | $ 682,398 |
Actual Capital, Tier 1 capital to risk-weighted assets | 562,650 | 550,839 |
Actual Capital, Common equity Tier 1 capital to risk-weighted assets | 542,895 | 531,177 |
Actual Capital, Tier 1 capital to average assets | $ 562,650 | $ 550,839 |
Actual Capital Ratio, Total capital to risk-weighted assets | 14.17% | 14.54% |
Actual Capital Ratio, Tier 1 capital to risk-weighted assets | 11.94% | 11.74% |
Actual Capital Ratio, Common equity Tier 1 capital to risk-weighted assets | 11.52% | 11.32% |
Actual Capital Ratio, Tier 1 capital to average assets | 10.39% | 10.18% |
Minimum Regulatory Requirement Capital, Total capital to risk-weighted assets | $ 377,044 | $ 375,449 |
Minimum Regulatory Requirement Capital, Tier 1 capital to risk-weighted assets | 282,783 | 281,587 |
Minimum Regulatory Requirement Capital, Common equity Tier 1 capital to risk-weighted assets | 212,087 | 211,190 |
Minimum Regulatory Requirement Capital, Tier 1 capital to average assets | $ 216,708 | $ 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% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Mar. 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 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 | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | $ 621,470 | $ 574,908 |
U.S. Treasury securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 54,728 | 39,830 |
Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 354,601 | 295,034 |
Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 152,027 | 122,292 |
Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 17,493 | 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 | 524,121 | 424,728 |
Municipal bonds-tax exempt | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 42,621 | 110,350 |
Recurring Basis | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 621,470 | 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 | 54,728 | 39,830 |
Recurring Basis | Mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 354,601 | 295,034 |
Recurring Basis | Collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 152,027 | 122,292 |
Recurring Basis | Debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities available for sale | 17,493 | 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 | 524,121 | 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 | 42,621 | 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 | 54,728 | 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 | 54,728 | 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 | 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 | 566,742 | 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 | 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 | 354,601 | 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 | 152,027 | 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 | 17,493 | 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 | 524,121 | 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 | 42,621 | 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 | 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 | $ 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 | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Unrealized losses impaired loans | $ 2,973 | $ 456 | |
Unrealized losses other real estate owned | 0 | $ 0 | |
Impaired loans | Real estate loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 3,000 | $ 3,500 | |
Impaired loans | Commercial and industrial loans | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 18,700 | 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 | 0 | 0 | |
Other real estate owned | 0 | 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 | 2,923 | 3,253 | |
Other real estate owned | 622 | 663 | |
Significant Unobservable Inputs | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Impaired loans | 18,720 | 1,957 | |
Other real estate owned | $ 0 | $ 0 |
Fair Value Measurements - Estim
Fair Value Measurements - Estimated Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Financial assets: | ||
Cash and due from banks | $ 169,830 | $ 155,376 |
Securities available for sale | 621,470 | 574,908 |
Accrued interest receivable | 13,397 | 13,331 |
Financial liabilities: | ||
Noninterest-bearing deposits | 1,316,114 | 1,284,530 |
Interest-bearing deposits | 3,504,061 | 3,462,705 |
Accrued interest payable | 14,437 | 11,379 |
Carrying Amount | ||
Financial assets: | ||
Cash and due from banks | 169,830 | 155,376 |
Securities available for sale | 621,470 | 574,908 |
Loans held for sale | 7,140 | 9,390 |
Loans and leases receivable, net of allowance for loan and lease losses | 4,542,724 | 4,568,566 |
Accrued interest receivable | 13,397 | 13,331 |
FHLB stock | 16,385 | 16,385 |
Financial liabilities: | ||
Noninterest-bearing deposits | 1,316,114 | 1,284,530 |
Interest-bearing deposits | 3,504,061 | 3,462,705 |
Borrowings and subordinated debentures | 117,947 | 172,808 |
Accrued interest payable | 14,437 | 11,379 |
Off-balance sheet items: | ||
Commitments to extend credit | 270,051 | 325,100 |
Carrying Amount | Standby letters of credit | ||
Off-balance sheet items: | ||
Letters of credit | 30,597 | 32,500 |
Carrying Amount | Commercial letters of credit | ||
Off-balance sheet items: | ||
Letters of credit | 11,920 | 13,848 |
Quoted Prices in Active Markets for Identical Assets | Fair Value | ||
Financial assets: | ||
Cash and due from banks | 169,830 | 155,376 |
Securities available for sale | 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 | 13,397 | 13,331 |
FHLB stock | 0 | 0 |
Financial liabilities: | ||
Noninterest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 0 | 0 |
Borrowings and subordinated debentures | 0 | 0 |
Accrued interest payable | 14,437 | 11,379 |
Off-balance sheet items: | ||
Commitments to extend credit | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets | Fair Value | Standby letters of credit | ||
Off-balance sheet items: | ||
Letters of credit | 0 | 0 |
Quoted Prices in Active Markets for Identical Assets | Fair Value | Commercial letters of credit | ||
Off-balance sheet items: | ||
Letters of credit | 0 | 0 |
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 | 535,078 | |
Loans held for sale | 7,576 | 9,905 |
Loans and leases receivable, net of allowance for loan and lease losses | 0 | 0 |
Accrued interest receivable | 0 | 0 |
FHLB stock | 16,385 | 16,385 |
Financial liabilities: | ||
Noninterest-bearing deposits | 1,316,114 | 1,284,530 |
Interest-bearing deposits | 0 | 0 |
Borrowings and subordinated debentures | 117,459 | 98,020 |
Accrued interest payable | 0 | 0 |
Off-balance sheet items: | ||
Commitments to extend credit | 0 | 0 |
Significant Observable Inputs with No Active Market with Identical Characteristics | Fair Value | Standby letters of credit | ||
Off-balance sheet items: | ||
Letters of credit | 0 | 0 |
Significant Observable Inputs with No Active Market with Identical Characteristics | Fair Value | Commercial letters of credit | ||
Off-balance sheet items: | ||
Letters of credit | 0 | 0 |
Significant Unobservable Inputs | Fair Value | ||
Financial assets: | ||
Cash and due from banks | 0 | 0 |
Securities available for sale | 0 | |
Loans held for sale | 0 | 0 |
Loans and leases receivable, net of allowance for loan and lease losses | 4,522,306 | 4,518,716 |
Accrued interest receivable | 0 | 0 |
FHLB stock | 0 | 0 |
Financial liabilities: | ||
Noninterest-bearing deposits | 0 | 0 |
Interest-bearing deposits | 3,514,296 | 3,458,523 |
Borrowings and subordinated debentures | 0 | 54,939 |
Accrued interest payable | 0 | 0 |
Off-balance sheet items: | ||
Commitments to extend credit | 270,051 | 325,100 |
Significant Unobservable Inputs | Fair Value | Standby letters of credit | ||
Off-balance sheet items: | ||
Letters of credit | 30,597 | 32,500 |
Significant Unobservable Inputs | Fair Value | Commercial letters of credit | ||
Off-balance sheet items: | ||
Letters of credit | $ 11,920 | $ 13,848 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 711,000 | $ 884,000 |
Related tax benefits on non-qualified stock options | $ 213,000 | $ 247,000 |
Number of shares, stock options exercised (shares) | 650 | |
Stock option awards | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Unrecognized share-based compensation expense | $ 0 | |
Restricted stock awards | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Unrecognized share-based compensation expense | $ 3,315,000 |
Share-Based Compensation - Unre
Share-Based Compensation - Unrecognized Share-Based Compensation Expense (Detail) | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Stock option awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Expense | $ 0 |
Restricted stock awards | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized Expense | $ 3,315,000 |
Average Expected Recognition Period | 1 year 9 months 18 days |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Stock Options Outstanding under Plans (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
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 | ||
Number of shares, Stock options exercised (shares) | (650) | ||
Number of Shares, Options outstanding at end of period (shares) | 337,688 | ||
Number of Shares, Options exercisable at end of period (shares) | 337,688 | ||
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 | ||
Weighted-Average Exercise Price Per Share, Options exercised (in usd per share) | 12.54 | ||
Weighted-Average Exercise Price Per Share, Options outstanding at end of period (in usd per share) | 17.53 | ||
Weighted-Average Exercise Price Per Share, Options exercisable at end of period (in usd per share) | $ 17.53 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term [Abstract] | |||
Weighted-Average Remaining Contractual Life, Options outstanding at beginning of period | 4 years 7 months 6 days | 4 years 10 months 24 days | |
Weighted-Average Remaining Contractual Life, Options exercised | 3 years 10 months 24 days | ||
Weighted-Average Remaining Contractual Life, Options outstanding at end of period | 4 years 7 months 6 days | 4 years 10 months 24 days | |
Weighted-Average Remaining Contractual Life, Options exercisable at end of period | 4 years 7 months 6 days | ||
Aggregate Intrinsic Value of In-the-Money Options, Options outstanding at beginning of period | $ 1,213 | ||
Aggregate Intrinsic Value of In-the-Money Options, Options exercised | 5 | ||
Aggregate Intrinsic Value of In-the-Money Options, Options outstanding at end of period | 1,356 | ||
Aggregate Intrinsic Value of In-the-Money Options, Options exercisable at end of period | $ 1,356 | ||
Intrinsic value represents the excess of the closing stock price related to options outstanding (in usd per share) | $ 21.27 | $ 19.70 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Restricted Stock Awards (Detail) - Restricted stock awards | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
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 (shares) | shares | 304,595 |
Number of Shares, Restricted stock granted (shares) | shares | 1,670 |
Number of Shares, Restricted stock vested (shares) | shares | (69,170) |
Number of Shares, Restricted stock forfeited (shares) | shares | (50,801) |
Number of Shares, Restricted stock at end of period (shares) | shares | 186,294 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |
Weighted-Average Grant Date Fair Value Per Share, Restricted stock at beginning of period (in usd per share) | $ / shares | $ 21.98 |
Weighted-Average Grant Date Fair Value Per Share, Restricted stock granted (in usd per share) | $ / shares | 19.84 |
Weighted-Average Grant Date Fair Value Per Share, Restricted stock vested (in usd per share) | $ / shares | 27.99 |
Weighted-Average Grant Date Fair Value Per Share, Restricted stock forfeited (in usd per share) | $ / shares | 12.10 |
Weighted-Average Grant Date Fair Value Per Share, Restricted stock at end of period (in usd per share) | $ / shares | $ 22.31 |
Off-Balance Sheet Commitments -
Off-Balance Sheet Commitments - Distribution of Undisbursed Loan Commitments (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Loss Contingencies [Line Items] | |||
Total undisbursed loan commitments | $ 312,568 | $ 371,448 | |
Allowance for Loan Off-Balance Sheet Items [Roll Forward] | |||
Balance at beginning of period | 31,974 | ||
(Income) provision | 1,117 | $ 649 | |
Balance at end of period | 32,896 | ||
Non-PCI Loans and Leases | |||
Allowance for Loan Off-Balance Sheet Items [Roll Forward] | |||
Balance at beginning of period | 31,974 | 31,043 | |
(Income) provision | 1,117 | 649 | |
Balance at end of period | 32,896 | 31,777 | |
Allowance for off-balance sheet items | Non-PCI Loans and Leases | |||
Allowance for Loan Off-Balance Sheet Items [Roll Forward] | |||
Balance at beginning of period | 1,439 | 1,296 | |
(Income) provision | (339) | 27 | |
Balance at end of period | 1,100 | $ 1,323 | |
Commitments to extend credit | |||
Loss Contingencies [Line Items] | |||
Total undisbursed loan commitments | 270,051 | 325,100 | |
Standby letters of credit | |||
Loss Contingencies [Line Items] | |||
Total undisbursed loan commitments | 30,597 | 32,500 | |
Commercial letters of credit | |||
Loss Contingencies [Line Items] | |||
Total undisbursed loan commitments | $ 11,920 | $ 13,848 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)lease | Jan. 01, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | ||
Number of leases | lease | 45 | |
Right-of-use assets | $ 39,340 | |
Total lease liability | $ 39,531 | |
Weighted average remaining lease term | 9 years 2 months 4 days | |
Weighted average discount rate (percent) | 3.25% | |
Cash paid for amounts included in the measurement of Company's operating lease liabilities | $ 1,700 | |
Net lease expense | $ 1,900 | |
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 | |
ASU 2016-02 | ||
Lessee, Lease, Description [Line Items] | ||
Right-of-use assets | $ 39,300 | $ 40,900 |
Total lease liability | $ 39,500 | $ 40,900 |
Leases - Lease Assets and Lease
Leases - Lease Assets and Lease Liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
Total right-of-use asset | $ 39,340 |
Total lease liability | $ 39,531 |
Leases - Lease Costs (Details)
Leases - Lease Costs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 1,943 |
Sublease income | (33) |
Net lease cost | $ 1,910 |
Leases - Maturity of Lease Liab
Leases - Maturity of Lease Liabilities (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 4,700 |
2020 | 5,691 |
2021 | 4,991 |
2022 | 4,696 |
2023 | 4,538 |
Thereafter | 21,390 |
Total lease liabilities due | 46,006 |
Interest | (6,475) |
Present value of lease liability | $ 39,531 |
Uncategorized Items - hafc-2019
Label | Element | Value |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | $ 562,477,000 |
AOCI Attributable to Parent [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (1,886,000) |
Common Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 33,000 |
Additional Paid-in Capital [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 565,627,000 |
Treasury Stock [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | (71,889,000) |
Retained Earnings [Member] | ||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Adjusted Balance | us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestAdjustedBalance1 | 70,592,000 |
Accounting Standards Update 2016-01 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Accounting Standards Update 2016-01 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 382,000 |
Accounting Standards Update 2016-01 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (382,000) |
Accounting Standards Update 2018-02 [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | 0 |
Accounting Standards Update 2018-02 [Member] | AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (399,000) |
Accounting Standards Update 2018-02 [Member] | Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 399,000 |