Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 04, 2022 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-35522 | |
Entity Registrant Name | BANC OF CALIFORNIA, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 04-3639825 | |
Entity Address, Address Line One | 3 MacArthur Place | |
Entity Address, City or Town | Santa Ana | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92707 | |
City Area Code | 855 | |
Local Phone Number | 361-2262 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | BANC | |
Security Exchange Name | NYSE | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001169770 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 59,502,549 | |
Class B Non-Voting Non-Convertible Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 477,321 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 43,736 | $ 41,729 |
Interest-earning deposits in financial institutions | 199,328 | 186,394 |
Total cash and cash equivalents | 243,064 | 228,123 |
Securities held-to-maturity, at amortized cost (fair value of $285,672 at June 30, 2022) | 329,272 | 0 |
Securities available-for-sale, at fair value | 865,435 | 1,315,703 |
Loans receivable | 7,451,264 | 7,251,480 |
Allowance for loan losses | (93,793) | (92,584) |
Loans receivable, net | 7,357,471 | 7,158,896 |
Federal Home Loan Bank and other bank stock, at cost | 51,489 | 44,632 |
Premises and equipment, net | 108,523 | 112,868 |
Bank owned life insurance | 125,326 | 123,720 |
Operating lease right-of-use assets | 32,632 | 35,442 |
Investments in alternative energy partnerships, net | 23,531 | 25,888 |
Deferred income taxes, net | 54,455 | 50,774 |
Income tax receivable | 4,563 | 7,952 |
Goodwill | 95,127 | 94,301 |
Other intangible assets, net | 4,677 | 6,411 |
Other assets | 206,548 | 189,033 |
Total assets | 9,502,113 | 9,393,743 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Noninterest-bearing deposits | 2,826,599 | 2,788,196 |
Interest-bearing deposits | 4,732,084 | 4,651,239 |
Total deposits | 7,558,683 | 7,439,435 |
Federal Home Loan Bank advances, net | 511,695 | 476,059 |
Other borrowings | 98,000 | 25,000 |
Long-term debt, net | 274,587 | 274,386 |
Reserve for loss on repurchased loans | 3,222 | 4,348 |
Operating lease liabilities | 37,500 | 40,675 |
Accrued expenses and other liabilities | 69,296 | 68,550 |
Total liabilities | 8,552,983 | 8,328,453 |
Commitments and contingent liabilities | ||
Preferred stock | 0 | 94,956 |
Additional paid-in capital | 856,079 | 854,873 |
Retained earnings | 210,471 | 147,894 |
Treasury stock, at cost (4,739,690 and 2,410,964 shares at June 30, 2022 and December 31, 2021) | (84,013) | (40,827) |
Accumulated other comprehensive (loss) income, net | (34,059) | 7,743 |
Total stockholders’ equity | 949,130 | 1,065,290 |
Total liabilities and stockholders’ equity | 9,502,113 | 9,393,743 |
Voting | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Common stock | 647 | 646 |
Class B Common Stock | ||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Common stock | $ 5 | $ 5 |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value | $ 285,672 | |
Treasury stock (in shares) | 4,739,690 | 2,410,964 |
Voting | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 446,863,844 | 446,863,844 |
Common stock, shares issued (in shares) | 64,725,426 | 64,599,170 |
Common stock, shares outstanding (in shares) | 59,985,736 | 62,188,206 |
Class B Common Stock | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 3,136,156 | 3,136,156 |
Common stock, shares issued (in shares) | 477,321 | 477,321 |
Common stock, shares outstanding (in shares) | 477,321 | 477,321 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Interest and dividend income | |||||
Loans, including fees | $ 78,895 | $ 76,234 | $ 61,900 | $ 155,129 | $ 123,245 |
Securities | 8,124 | 7,309 | 6,986 | 15,433 | 13,487 |
Other interest-earning assets | 1,399 | 726 | 791 | 2,125 | 1,563 |
Total interest and dividend income | 88,418 | 84,269 | 69,677 | 172,687 | 138,295 |
Interest expense | |||||
Deposits | 3,180 | 1,388 | 3,543 | 4,568 | 7,829 |
Federal Home Loan Bank advances | 3,114 | 2,953 | 2,944 | 6,067 | 6,056 |
Long-term debt and other interest-bearing liabilities | 3,825 | 3,487 | 3,343 | 7,312 | 6,647 |
Total interest expense | 10,119 | 7,828 | 9,830 | 17,947 | 20,532 |
Net interest income | 78,299 | 76,441 | 59,847 | 154,740 | 117,763 |
(Reversal of) provision for credit losses | 0 | (31,542) | (2,154) | (31,542) | (3,261) |
Net interest income after (reversal of) provision for credit losses | 78,299 | 107,983 | 62,001 | 186,282 | 121,024 |
Noninterest income | |||||
Customer service fees | 2,578 | 2,434 | 1,990 | 5,012 | 3,748 |
Loan servicing income | 109 | 212 | 38 | 321 | 306 |
Income from bank owned life insurance | 810 | 796 | 690 | 1,606 | 1,362 |
Net gain on sale of securities available-for-sale | 0 | 16 | 0 | 16 | 0 |
Other income | 3,689 | 2,452 | 725 | 6,141 | 2,836 |
Total noninterest income | 7,186 | 5,910 | 3,443 | 13,096 | 8,252 |
Noninterest expense | |||||
Salaries and employee benefits | 28,264 | 28,987 | 25,042 | 57,251 | 50,761 |
Occupancy and equipment | 7,876 | 7,855 | 7,277 | 15,731 | 14,473 |
Professional fees | 4,107 | 2,907 | 1,749 | 7,014 | 5,771 |
Data processing | 1,782 | 1,828 | 1,621 | 3,610 | 3,276 |
Regulatory assessments | 1,021 | 775 | 769 | 1,796 | 1,543 |
Loss (gain) on investments in alternative energy partnerships | 1,043 | 158 | (829) | 1,201 | 2,801 |
Reversal of provision for loan repurchases | (490) | (471) | (99) | (961) | (231) |
Amortization of intangible assets | 313 | 441 | 282 | 754 | 564 |
Merger-related costs | 0 | 0 | 700 | 0 | 1,400 |
All other expense | 4,696 | 4,116 | 3,320 | 8,812 | 6,637 |
Total noninterest expense | 48,612 | 46,596 | 39,832 | 95,208 | 86,995 |
Income from operations before income taxes | 36,873 | 67,297 | 25,612 | 104,170 | 42,281 |
Income tax expense | 10,161 | 18,785 | 6,562 | 28,946 | 8,856 |
Net income | 26,712 | 48,512 | 19,050 | 75,224 | 33,425 |
Preferred stock dividends | 0 | 1,420 | 1,727 | 1,420 | 4,868 |
Income allocated to participating securities | 0 | 0 | 0 | 0 | 122 |
Impact of preferred stock redemption | 0 | 3,747 | 0 | 3,747 | 3,347 |
Net income available to common stockholders | 26,712 | $ 43,345 | 17,323 | 70,057 | 25,088 |
Voting | |||||
Noninterest expense | |||||
Preferred stock dividends | 0 | 1,711 | 1,409 | 4,822 | |
Income allocated to participating securities | 0 | 121 | |||
Impact of preferred stock redemption | $ 0 | $ 0 | $ 3,718 | $ 3,315 | |
Earnings per common share: | |||||
Basic (in dollars per share) | $ 0.44 | $ 0.69 | $ 0.34 | $ 1.13 | $ 0.50 |
Diluted (loss) earnings per common share | |||||
Diluted (in dollars per share) | $ 0.43 | 0.69 | $ 0.34 | $ 1.13 | $ 0.49 |
Class B Common Stock | |||||
Noninterest expense | |||||
Preferred stock dividends | $ 0 | $ 16 | $ 11 | $ 46 | |
Income allocated to participating securities | 0 | 1 | |||
Impact of preferred stock redemption | $ 0 | $ 0 | $ 29 | $ 32 | |
Earnings per common share: | |||||
Basic (in dollars per share) | $ 0.44 | 0.69 | $ 0.34 | $ 1.13 | $ 0.50 |
Diluted (loss) earnings per common share | |||||
Diluted (in dollars per share) | $ 0.44 | $ 0.69 | $ 0.34 | $ 1.13 | $ 0.50 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Comprehensive Income [Abstract] | |||||
Net income | $ 26,712 | $ 48,512 | $ 19,050 | $ 75,224 | $ 33,425 |
Unrealized (loss) gain on available-for-sale securities: | |||||
Unrealized (loss) gain arising during the period | (15,113) | (26,913) | 9,555 | (42,026) | 6,994 |
Reclassification adjustment for gain included in net income | 0 | (11) | 0 | (11) | 0 |
Total change in unrealized (loss) gain on available-for-sale securities | (15,113) | (26,924) | 9,555 | (42,037) | 6,994 |
Amortization of unrealized loss on securities transferred from available-for-sale to held-to-maturity | 226 | 9 | 0 | 235 | 0 |
Total other comprehensive (loss)/income | (14,887) | (26,915) | 9,555 | (41,802) | 6,994 |
Comprehensive income | $ 11,825 | $ 21,597 | $ 28,605 | $ 33,422 | $ 40,419 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) $ in Thousands | Total | Preferred Stock | Common Stock Voting | Common Stock Class B Non-Voting | Additional Paid-in Capital | Retained Earnings | Treasury Stock | Accumulated Other Comprehensive Income (Loss) |
Beginning Balance at Dec. 31, 2020 | $ 897,207 | $ 184,878 | $ 522 | $ 5 | $ 634,704 | $ 110,179 | $ (40,827) | $ 7,746 |
Comprehensive income: | ||||||||
Net income | 33,425 | 33,425 | ||||||
Other comprehensive (loss) gain | 6,994 | 6,994 | ||||||
Issuance of common stock | 0 | 2 | (2) | |||||
Redemption of preferred stock | (93,269) | (89,922) | (3,347) | |||||
Exercise of stock options | 300 | 300 | ||||||
Exercise of stock appreciation rights | (5,372) | 3 | (5,375) | |||||
Share-based compensation expense | 2,882 | 2,882 | ||||||
Restricted stock surrendered due to employee tax liability | (1,855) | (1,855) | ||||||
Shares purchased under the Dividend Reinvestment Plan | (59) | (59) | ||||||
Dividends declared | (6,023) | (6,023) | ||||||
Preferred stock dividends | (4,868) | (4,868) | ||||||
Ending Balance at Jun. 30, 2021 | 829,362 | 94,956 | 527 | 5 | 630,654 | 129,307 | (40,827) | 14,740 |
Beginning Balance at Mar. 31, 2021 | 804,693 | 94,956 | 526 | 5 | 629,844 | 115,004 | (40,827) | 5,185 |
Comprehensive income: | ||||||||
Net income | 19,050 | 19,050 | ||||||
Other comprehensive (loss) gain | 9,555 | 9,555 | ||||||
Issuance of common stock | 0 | 1 | (1) | |||||
Share-based compensation expense | 1,338 | 1,338 | ||||||
Restricted stock surrendered due to employee tax liability | (527) | (527) | ||||||
Shares purchased under the Dividend Reinvestment Plan | (30) | (30) | ||||||
Dividends declared | (2,990) | (2,990) | ||||||
Preferred stock dividends | (1,727) | (1,727) | ||||||
Ending Balance at Jun. 30, 2021 | 829,362 | 94,956 | 527 | 5 | 630,654 | 129,307 | (40,827) | 14,740 |
Beginning Balance at Dec. 31, 2021 | 1,065,290 | 94,956 | 646 | 5 | 854,873 | 147,894 | (40,827) | 7,743 |
Comprehensive income: | ||||||||
Net income | 48,512 | |||||||
Other comprehensive (loss) gain | (26,915) | |||||||
Ending Balance at Mar. 31, 2022 | 979,009 | 0 | 646 | 5 | 855,198 | 187,457 | (45,125) | (19,172) |
Beginning Balance at Dec. 31, 2021 | 1,065,290 | 94,956 | 646 | 5 | 854,873 | 147,894 | (40,827) | 7,743 |
Comprehensive income: | ||||||||
Net income | 75,224 | 75,224 | ||||||
Other comprehensive (loss) gain | (41,802) | (41,802) | ||||||
Issuance of common stock | 0 | 1 | (1) | |||||
Redemption of preferred stock | (98,703) | (94,956) | (3,747) | |||||
Purchase of 2,113,176 shares of treasury stock | (43,186) | (43,186) | ||||||
Share-based compensation expense | 2,767 | 2,767 | ||||||
Restricted stock surrendered due to employee tax liability | (1,560) | (1,560) | ||||||
Shares purchased under the Dividend Reinvestment Plan | (60) | (60) | ||||||
Dividends declared | (7,420) | (7,420) | ||||||
Preferred stock dividends | (1,420) | (1,420) | ||||||
Ending Balance at Jun. 30, 2022 | 949,130 | 0 | 647 | 5 | 856,079 | 210,471 | (84,013) | (34,059) |
Beginning Balance at Mar. 31, 2022 | 979,009 | 0 | 646 | 5 | 855,198 | 187,457 | (45,125) | (19,172) |
Comprehensive income: | ||||||||
Net income | 26,712 | 26,712 | ||||||
Other comprehensive (loss) gain | (14,887) | (14,887) | ||||||
Issuance of common stock | 0 | 1 | (1) | |||||
Purchase of 2,113,176 shares of treasury stock | (38,888) | (38,888) | ||||||
Share-based compensation expense | 1,482 | 1,482 | ||||||
Restricted stock surrendered due to employee tax liability | (600) | (600) | ||||||
Shares purchased under the Dividend Reinvestment Plan | (30) | (30) | ||||||
Dividends declared | (3,668) | (3,668) | ||||||
Preferred stock dividends | 0 | 0 | ||||||
Ending Balance at Jun. 30, 2022 | $ 949,130 | $ 0 | $ 647 | $ 5 | $ 856,079 | $ 210,471 | $ (84,013) | $ (34,059) |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||
Shares repurchased (in shares) | 2,113,176 | 2,328,726 | ||
Dividends declared, per common share (in dollars per share) | $ 0.06 | $ 0.06 | $ 0.12 | $ 0.12 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income | $ 75,224 | $ 33,425 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Reversal of provision for credit losses | (31,542) | (3,261) |
Reversal of provision for loan repurchases | (961) | (231) |
Depreciation on premises and equipment | 7,920 | 7,741 |
Amortization of intangible assets | 754 | 564 |
Amortization of debt issuance costs | 837 | 812 |
Net amortization of premium on securities | 587 | 774 |
Net accretion of deferred loan costs and fees | (81) | (1,983) |
Net amortization of premiums on purchased loans | 652 | 1,434 |
Deferred income tax expense (benefit) | 975 | (1,963) |
Bank owned life insurance income | (1,606) | (1,362) |
Share-based compensation expense | 2,767 | 2,882 |
Income from interest rate swaps | (185) | (200) |
Loss on investments in alternative energy partnerships and affordable housing investments | 3,456 | 4,864 |
Fair value adjustment for loans held-for-sale | 0 | (20) |
Net gain on sale of securities available-for-sale | (16) | 0 |
Gain on sale-leaseback of branch | (771) | 0 |
Loss on disposal of property and equipment | 8 | 0 |
Repurchase of mortgage loans | (1,262) | (1,433) |
Proceeds from sales of and principal collected on other loans held-for-sale | 0 | 13 |
Change in accrued interest receivable and other assets | 26,514 | (3,246) |
Change in accrued interest payable and other liabilities | (8,122) | 25,279 |
Net cash provided by operating activities | 75,148 | 64,089 |
Cash flows from investing activities: | ||
Proceeds from sales of securities available-for-sale | 17,645 | 0 |
Proceeds from maturities and calls of securities available-for-sale | 38,500 | 100,230 |
Purchases of securities available-for-sale | (15,000) | (226,813) |
Proceeds from principal repayments of securities held-to-maturity and available-for-sale | 20,495 | 14,000 |
Loan originations and principal collections, net | 474,252 | 274,971 |
Purchases of loans | (641,556) | (366,000) |
Redemption of Federal Home Loan Bank stock | 0 | 436 |
Purchases of Federal Home Loan Bank and other bank stock | (6,857) | (499) |
Payments for (Proceeds from) Mortgage Servicing Rights | (20,563) | 0 |
Purchases of premises and equipment | (1,381) | (1,718) |
Proceeds from sale-leaseback of branch | 2,400 | 0 |
Payments of capital lease obligations | 0 | (69) |
Funding of equity investments | (3,950) | (1,879) |
Decrease in investments in alternative energy partnerships | 1,156 | 1,108 |
Net cash (used in) provided by investing activities | (134,859) | (206,233) |
Cash flows from financing activities: | ||
Net increase in deposits | 119,248 | 120,744 |
Net increase (decrease) in short-term Federal Home Loan Bank advances | 35,000 | (50,000) |
Net increase in other borrowings | 73,000 | 125,000 |
Redemption of preferred stock | (98,703) | (93,269) |
Purchase of treasury stock | (43,186) | 0 |
Proceeds from exercise of stock options | 0 | 300 |
Purchase of stock surrendered to pay tax liability | (1,560) | (7,227) |
Dividends paid on preferred stock | (1,727) | (4,868) |
Dividends paid on common stock | (7,420) | (6,023) |
Net cash provided by financing activities | 74,652 | 84,657 |
Net change in cash and cash equivalents | 14,941 | (57,487) |
Cash and cash equivalents at beginning of period | 228,123 | 220,819 |
Cash and cash equivalents at end of period | 243,064 | 163,332 |
Supplemental cash flow information | ||
Interest paid on deposits and borrowed funds | 16,574 | 19,996 |
Income taxes paid | 9,692 | 8,932 |
Supplemental disclosure of non-cash activities | ||
Transfer from loans to other real estate owned, net | 0 | 3,253 |
Reclassification of securities available-for-sale to held-to-maturity | 329,416 | 0 |
Equipment acquired under capital leases | 0 | 256 |
Operating lease right-of-use assets recognized | 1,253 | 3,883 |
Operating lease liabilities recognized | 1,253 | 3,883 |
Commitments to fund low income housing tax credit investments | 7,000 | 0 |
Goodwill adjustments for purchase accounting | $ 826 | $ 0 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of Operations: Banc of California, Inc. (collectively, with its consolidated subsidiaries, the Company, we, us, and our) is a financial holding company under the Bank Holding Company Act of 1956, as amended, headquartered in Santa Ana, California and incorporated under the laws of Maryland. Banc of California, Inc. is subject to regulation by the Board of Governors of the Federal Reserve System (“FRB”) and its wholly-owned subsidiary, Banc of California, National Association (the “Bank”), operates under a national bank charter issued by the Office of the Comptroller of the Currency (“OCC”), the Bank's primary regulator. The Bank is a member of the Federal Home Loan Bank (“FHLB”) system, and maintains insurance on deposit accounts with the Federal Deposit Insurance Corporation (“FDIC”). The Bank offers a variety of financial services to meet the banking and financial needs of the communities it serves, with operations conducted through 31 full-service branches located throughout Southern California as of June 30, 2022. Basis of Presentation: The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Article 10 of SEC Regulation S-X and other SEC rules and regulations for reporting on the Quarterly Report on Form 10-Q. Accordingly, certain disclosures required by U.S. generally accepted accounting principles (“GAAP”) are not included herein. These interim statements should be read in conjunction with the consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2021 filed by us with the SEC. The December 31, 2021 consolidated statements of financial condition presented herein have been derived from the audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC. Certain prior period amounts have been reclassified to conform to current period presentation, including reclassification of (i) loans held for sale to other assets in the consolidated statement of financial condition, (ii) fair value adjustment for loans held-for-sale to other income, (iii) income or loss from equity investments to other income, and (iv) advertising and promotion to all other expense in the accompanying consolidated statements of operations. In the opinion of management of the Company, the accompanying unaudited interim consolidated financial statements reflect all of the adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial condition and consolidated results of operations as of the dates and for the periods presented. The results of operations for the three and six months ended June 30, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022. Principles of Consolidation: The accompanying unaudited consolidated financial statements include the accounts of the Company and its consolidated subsidiaries as of June 30, 2022 and December 31, 2021 and for the three and six months ended June 30, 2022 and 2021. Significant intercompany accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, all references to the Company include its then wholly-owned subsidiaries. Significant Accounting Policies: The accounting and reporting policies of the Company are based upon GAAP and conform to predominant practices within the banking industry. We have not made any significant changes in our critical accounting policies from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC, except for the accounting for securities held-to-maturity, as described below. Securities Held-to-Maturity. Securities held-to-maturity consist of debt securities that the Company has the positive intent and ability to hold to maturity. These securities are recorded at cost, adjusted for the amortization of premiums or accretion of discounts. Premiums and discounts are amortized or accreted over the life of the security as an adjustment to its yield using the interest method. Transfers of debt securities into the held-to-maturity portfolio are accounted for at fair value. The unrealized gain or loss at the date of transfer is recognized as part of the amortized cost of the transferred security. This amount, along with the unrealized gain or loss included in accumulated other comprehensive income, is amortized or accreted over the life of the security as an adjustment to its yield using the interest method. Securities held-to-maturity are analyzed for credit losses under ASC 326, which requires the Company to determine whether any impairment exists as of the reporting date and, as applicable, whether that impairment is due to credit deterioration. An allowance for credit losses would be established for losses on held-to-maturity debt securities due to credit deterioration and would be recorded as a component of provision for credit losses. Accrued interest is excluded from our expected credit loss estimates. Held-to-maturity debt securities are typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When held-to-maturity debt securities are placed on nonaccrual status, unpaid interest recognized as interest income is reversed. Mortgage Servicing Rights: Mortgage servicing rights ("MSRs") give the Company the contractual rights to receive service fees in exchange for performing loan servicing functions on behalf of investors who have an ownership interest in the mortgage loan balances. Purchased mortgage servicing rights are recorded at the purchase price at the time of acquisition, which approximates the fair value of such assets. Subsequent to acquisition, MSRs are accounted for under the amortization method and are then amortized over the period of estimated net servicing income (level yield method) generated from servicing the loans. MSRs are evaluated quarterly for impairment by estimating the fair value of the MSRs and comparing that value to their amortized cost. Impairment, if any, is recognized in a valuation allowance to the extent the fair value is less than the carrying amount of the MSRs. Subsequent increases in the fair value of impaired MSRs are recognized only up to the amount of the previously recognized valuation allowance. The estimated fair value of the MSRs is obtained through independent third party valuations based on an analysis of future cash flows, incorporating key assumptions including discount rates, prepayment speeds and interest rates that we believe are consistent with the assumptions used by other similar market participants in valuing MSRs. We purchased $22.8 million of SFR mortgage servicing rights during the second quarter of 2022. The unpaid principal balance of the loans underlying these purchased servicing rights is approximately $1.73 billion at June 30, 2022. We do not have an ownership interest in the mortgage loan balances therefore those loans are not included in our consolidated statements of financial condition. Use of Estimates in the Preparation of Financial Statements: The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the consolidated financial statements and disclosures provided, and actual results could differ. The allowance for credit losses (“ACL”) (which includes the allowance for loan losses (“ALL”) and the reserve for unfunded loan commitments), provision for credit losses, loan repurchase reserve, realization of deferred tax assets, valuation of goodwill and other intangible assets, valuation of investments in alternative energy partnerships, and the fair value measurement of financial instruments are particularly complex and require judgment which may have a material effect on the consolidated financial statements. Recent Accounting Guidance: In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments—Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”), which addresses areas identified by the FASB as part of its post-implementation review of the credit losses standard (ASU 2016-13) that introduced the current expected credit losses (“CECL”) model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted if an entity has adopted ASU 2016-13. ASU 2022-02 is not expected to have a material effect on our consolidated financial statements. Business Combination: On October 18, 2021, we completed our merger with Pacific Mercantile Bancorp (“PMB”), pursuant to which PMB merged with and into the Company, with the Company as the surviving corporation. PMB was the bank holding company of the wholly-owned Pacific Mercantile Bank, a California state chartered commercial bank headquartered in Costa Mesa, California and operated seven banking offices, including three full service branches, located throughout Southern California. Under the terms and conditions of the merger, each outstanding share of PMB common stock, aggregating 23,713,417 shares, was converted into the right to receive 0.5 (the "Exchange Ratio") of a share of the Company's common stock. In addition, at the effective time of the merger, the Company paid $3.2 million in cash for all outstanding PMB share-based awards, including outstanding shares subject to unvested restricted stock awards. In the merger, the Company issued 11,856,713 shares of common stock with an estimated fair value of $222.2 million based upon the $18.74 closing price of the Company's common stock on October 18, 2021. Together with the cash consideration, this resulted in an aggregate purchase price of $225.4 million. The operating results of PMB have been included since the date of acquisition and consequently, may impact the comparison of the financial results for the periods presented. Goodwill in the amount of $58.0 million was recognized and represents the synergies and economies of scale expected from combining the operations of PMB with ours. Refer to Note 2 - Business Combinations in Item 8 of our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC for further information. |
FAIR VALUES OF FINANCIAL INSTRU
FAIR VALUES OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUES OF FINANCIAL INSTRUMENTS | FAIR VALUES OF FINANCIAL INSTRUMENTSFair Value Hierarchy ASC 820-10 establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The topic describes three levels of inputs that may be used to measure fair value: • 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 observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3: Significant unobservable inputs that reflect a reporting entity’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Assets and Liabilities Measured on a Recurring Basis Securities Available-for-Sale: The fair values of securities available-for-sale are generally determined by quoted market prices in active markets, if available (Level 1). If quoted market prices are not available, we primarily employ independent pricing services that utilize pricing models to calculate fair value. Such fair value measurements consider observable data such as dealer quotes, market spreads, cash flows, yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information, and respective terms and conditions for debt instruments (Level 2). We adhere to established processes to monitor the pricing services' assumptions and challenge the valuations that appear unusual or unexpected. Multiple quotes or prices may be obtained in this process and we determine which fair value is most appropriate based on market information and analysis. Quotes obtained through this process are generally non-binding. We follow established procedures to ensure that assets and liabilities are properly classified in the fair value hierarchy. Level 2 securities include SBA loan pool securities, U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities, non-agency residential mortgage-backed securities, non-agency commercial mortgage-backed securities, collateralized loan obligations, and corporate debt securities. When a market is illiquid or there is a lack of transparency around the inputs to valuation, including at least one unobservable input, the securities are classified as Level 3 and reliance is placed upon internally developed models and management's judgment and evaluation for valuation. Derivative Assets and Liabilities: Interest Rate Swaps. We offer interest rate swap products to certain loan clients to allow them to hedge the risk of rising interest rates on their variable rate loans. We originate a variable rate loan and enter into a variable-to-fixed interest rate swap with the client. We also enter into an offsetting swap with a correspondent bank. These back-to-back agreements are intended to offset each other and allow us to originate a variable rate loan while providing a contract for fixed interest payments for the client. The net cash flow for us is equal to the interest income received from a variable rate loan originated with the client plus a fee. The fair value of these derivatives is based on a discounted cash flow approach. Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of interest rate swaps is classified as Level 2. Foreign Exchange Contracts. We offer short-term foreign exchange contracts to customers to purchase and/or sell foreign currencies at set rates in the future. These products allow customers to hedge the foreign exchange rate risk of their deposits and loans denominated in foreign currencies. In conjunction with these products, we also enter into offsetting back-to-back contracts with institutional counterparties to hedge our foreign exchange rate risk. These back-to-back contracts are intended to offset each other and allow us to offer our customers foreign exchange products. The fair value of both of these offsetting asset and liability instruments is based on the change in the underlying foreign exchange rate. We are subject to counterparty risk in the event our customers or institutional counterparties default under these contracts. Given the short-term nature of the contracts, the counterparties’ credit risks are considered nominal and typically result in no adjustments to the valuation of the short-term foreign exchange contracts. Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of these contracts is classified as Level 2. The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated: Fair Value Measurement Level ($ in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2022 Assets Securities available-for-sale: SBA loan pools securities $ 13,062 $ — $ 13,062 $ — U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 11,365 — 11,365 — U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 154,053 — 154,053 — Non-agency residential mortgage-backed securities 45,481 — 45,481 — Collateralized loan obligations 478,203 — 478,203 — Corporate debt securities 163,271 — 163,271 — Derivative assets: Interest rate swaps (1) 1,074 — 1,074 — Foreign exchange contracts (1) 186 — 186 — Liabilities Derivative liabilities: Interest rate swaps (2) 1,082 — 1,082 — Foreign exchange contracts (2) 168 — 168 — December 31, 2021 Assets Securities available-for-sale: SBA loan pools securities $ 14,591 $ — $ 14,591 $ — U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 191,969 — 191,969 — U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 241,541 — 241,541 — Municipal securities 119,015 — 119,015 — Non-agency residential mortgage-backed securities 56,025 — 56,025 — Collateralized loan obligations 518,964 — 518,964 — Corporate debt securities 173,598 — 173,598 — Derivative assets: Interest rate swaps (1) 3,390 — 3,390 — Foreign exchange contracts (1) 175 — 175 — Liabilities Derivative liabilities: Interest rate swaps (2) 3,594 — 3,594 — Foreign exchange contracts (2) 146 — 146 — (1) Included in other assets in the Consolidated Statements of Financial Condition. (2) Included in accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. There were no assets measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three and six months ended June 30, 2022 and 2021. Assets and Liabilities Measured on a Non-Recurring Basis Individually Evaluated Loans: The fair value of individually evaluated loans with specific allocations of the ACL based on collateral values is generally based on recent real estate appraisals and automated valuation models (“AVMs”). These appraisals may utilize a single valuation approach or a combination of approaches including comparable sales and the income approach. Adjustments are routinely made in the appraisal process by the appraisers for differences between the comparable sales and income data available. Such adjustments are typically deemed significant unobservable inputs used for determining fair value and result in a Level 3 classification. The following table presents our financial assets and liabilities measured at fair value on a non-recurring basis as of the dates indicated: Fair Value Measurement Level ($ in thousands) Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2022 Assets Collateral dependent loans: Single family residential mortgage $ 3,600 $ — $ — $ 3,600 Commercial and industrial 10,903 — — 10,903 SBA 4,029 — — 4,029 December 31, 2021 Assets Collateral dependent loans: Commercial and industrial $ 12,272 $ — $ — $ 12,272 SBA 3,886 — — 3,886 The following table presents the gains (losses) recognized on assets measured at fair value on a non-recurring basis for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Collateral dependent loans: Single family residential mortgage $ (1) $ (211) $ (340) $ (211) Commercial and industrial (564) 20 (1,198) 38 SBA (198) (376) (172) (509) Other consumer (216) — (243) — Commercial real estate — (140) — (140) Estimated Fair Values of Financial Instruments The following table presents the carrying amounts and estimated fair values of financial assets and liabilities as of the dates indicated: Carrying Amount Fair Value Measurement Level ($ in thousands) Level 1 Level 2 Level 3 Total June 30, 2022 Financial assets Cash and cash equivalents $ 243,064 $ 243,064 $ — $ — $ 243,064 Securities held-to-maturity 329,272 — 285,672 — 285,672 Securities available-for-sale 865,435 — 865,435 — 865,435 Federal Home Loan Bank and other bank stock 51,489 — 51,489 — 51,489 Loans receivable, net of allowance for credit losses 7,357,471 — — 6,980,780 6,980,780 Accrued interest receivable 32,750 32,750 — — 32,750 Derivative assets 1,260 — 1,260 — 1,260 Financial liabilities Deposits 7,558,683 6,809,378 743,027 — 7,552,405 Advances from Federal Home Loan Bank 511,695 — 506,061 — 506,061 Other borrowings 98,000 — 98,017 — 98,017 Long-term debt 274,587 — 269,763 — 269,763 Derivative liabilities 1,250 — 1,250 — 1,250 Accrued interest payable 4,082 4,082 — — 4,082 December 31, 2021 Financial assets Cash and cash equivalents $ 228,123 $ 228,123 $ — $ — $ 228,123 Securities available-for-sale 1,315,703 — 1,315,703 — 1,315,703 Federal Home Loan Bank and other bank stock 44,632 — 44,632 — 44,632 Loans receivable, net of allowance for credit losses 7,158,896 — — 7,150,703 7,150,703 Accrued interest receivable 30,991 30,991 — — 30,991 Derivative assets 3,565 — 3,565 — 3,565 Financial liabilities Deposits 7,439,435 6,932,717 506,711 — 7,439,428 Advances from Federal Home Loan Bank 476,059 — 500,323 — 500,323 Other borrowings 25,000 — 25,000 — 25,000 Long-term debt 274,386 — 294,404 — 294,404 Derivative liabilities 3,740 — 3,740 — 3,740 Accrued interest payable 3,546 3,546 — — 3,546 |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | INVESTMENT SECURITIES The following table presents the amortized cost and fair value of the investment securities portfolio as of the dates indicated: ($ in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2022 Securities held-to-maturity: U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities $ 153,621 $ — $ (18,334) $ 135,287 U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 61,447 — (8,051) 53,396 Municipal securities 114,204 — (17,215) 96,989 Total securities held-to-maturity $ 329,272 $ — $ (43,600) $ 285,672 Securities available-for-sale: SBA loan pool securities $ 13,085 $ — $ (23) $ 13,062 U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 12,051 — (686) 11,365 U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 160,657 258 (6,862) 154,053 Non-agency residential mortgage-backed securities 53,122 — (7,641) 45,481 Collateralized loan obligations 492,775 — (14,572) 478,203 Corporate debt securities 165,266 973 (2,968) 163,271 Total securities available-for-sale $ 896,956 $ 1,231 $ (32,752) $ 865,435 December 31, 2021 Securities available-for-sale: SBA loan pool securities $ 14,679 $ — $ (88) $ 14,591 U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 190,382 2,898 (1,311) 191,969 U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 242,458 1,171 (2,088) 241,541 Municipal securities 117,913 2,641 (1,539) 119,015 Non-agency residential mortgage-backed securities 56,014 11 — 56,025 Collateralized loan obligations 521,275 — (2,311) 518,964 Corporate debt securities 162,002 11,603 (7) 173,598 Total securities available-for-sale $ 1,304,723 $ 18,324 $ (7,344) $ 1,315,703 During the first quarter of 2022, certain longer-duration fixed-rate mortgage-backed securities and municipal securities with an amortized cost basis of $346.0 million were transferred from the available-for-sale portfolio to the held-to-maturity portfolio. At the time of the transfer, the securities had an unrealized gross loss of $16.6 million, which along with the related unrealized loss in accumulated other comprehensive income, is being amortized into interest income as a yield adjustment over the remaining term of the securities. At June 30, 2022, our investment securities portfolio consisted of agency securities, municipal securities, mortgage-backed securities, collateralized loan obligations (“CLOs”), and corporate debt securities. The expected maturities of these types of securities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. There was no allowance for credit losses for debt securities held-to-maturity and available-for sale as of June 30, 2022 and December 31, 2021. The Company does not consider unrealized losses on these securities to be attributable to credit-related factors, as the unrealized losses have occurred as a result of changes in non-credit related factors such as interest rates, market spreads, and market conditions subsequent to purchase. Accrued interest receivable on debt securities held-to-maturity and available-for-sale totaled $5.5 million and $4.7 million at June 30, 2022 and December 31, 2021, and is included within other assets in the accompanying consolidated statements of financial condition. At June 30, 2022 and December 31, 2021, there were no holdings of any one issuer, other than U.S. government agency and sponsored enterprises, in an amount greater than 10 percent of our stockholders’ equity. The following table presents proceeds from sales and calls of securities available-for-sale and the associated gross gains and losses realized through earnings upon the sales and calls of securities available-for-sale for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Gross realized gains $ — $ — $ 209 $ — Gross realized losses — — (193) — Net realized gains on sales and calls $ — $ — $ 16 $ — Proceeds from sales and calls $ 38,500 $ 100,230 $ 56,145 $ 100,230 The following table summarizes the investment securities available-for-sale with unrealized losses by security type and length of time in a continuous, unrealized loss position as of the dates indicated: Less Than 12 Months 12 Months or Longer Total ($ in thousands) Fair Gross Unrealized Losses Fair Gross Unrealized Losses Fair Gross Unrealized Losses June 30, 2022 Securities available-for-sale: SBA loan pool securities $ — $ — $ 13,062 $ (23) $ 13,062 $ (23) U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 11,365 (686) — — 11,365 (686) U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 86,032 (4,126) 21,159 (2,736) 107,191 (6,862) Non-agency residential mortgage-backed securities 45,481 (7,641) — — 45,481 (7,641) Collateralized loan obligations 218,486 (6,514) 240,717 (8,058) 459,203 (14,572) Corporate debt securities 88,532 (2,968) — — 88,532 (2,968) Total securities available-for-sale $ 449,896 $ (21,935) $ 274,938 $ (10,817) $ 724,834 $ (32,752) December 31, 2021 Securities available-for-sale: SBA loan pool securities $ — $ — $ 14,591 $ (88) $ 14,591 $ (88) U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 67,588 (1,311) — — 67,588 (1,311) U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 85,290 (1,184) 17,754 (904) 103,044 (2,088) Municipal securities 44,748 (919) 10,762 (620) 55,510 (1,539) Collateralized loan obligations 81,962 (38) 253,002 (2,273) 334,964 (2,311) Corporate debt securities 4,993 (7) — — 4,993 (7) Total securities available-for-sale $ 284,581 $ (3,459) $ 296,109 $ (3,885) $ 580,690 $ (7,344) At June 30, 2022, our securities available-for-sale portfolio consisted of 79 securities, of which 63 securities were in an unrealized loss position. At December 31, 2021, our securities available-for-sale portfolio consisted of 119 securities, of which 46 securities were in an unrealized loss position. We monitor our securities portfolio to ensure it has adequate credit support. We consider the lowest credit rating for identification of credit impairment for collateralized loan obligations and other securities. The decline in fair value of our securities since acquisition was attributable to a combination of changes in interest rates and general volatility in the credit market conditions in response to the economic uncertainty caused by the global pandemic, rising inflation and conflict between Russia and Ukraine. We do not currently intend to sell any of the securities in an unrealized loss position and further believe, it is more likely than not, that we will not be required to sell these securities before their anticipated recovery. As of June 30, 2022, all of our collateralized loan obligations investment securities in an unrealized loss position received an investment grade credit rating. During the three and six months ended June 30, 2022 and 2021, there was no provision for credit losses related to securities held-to-maturity or available-for-sale. The following table presents the amortized cost and fair value of the investment securities portfolio, based on the earlier of contractual maturity dates or next repricing date, as of June 30, 2022: Held-to-Maturity Available-for-Sale ($ in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Maturity: Within one year $ — $ — $ 592,364 $ 577,867 One to five years — — 162,240 159,271 Five to ten years 19,351 17,134 65,645 60,513 Greater than ten years 309,921 268,538 76,707 67,784 Total $ 329,272 $ 285,672 $ 896,956 $ 865,435 Contractual maturities may not reflect the actual maturities of the investments. The average lives for mortgage-backed securities and collateralized mortgage obligations likely will be faster than their contractual maturities due to prepayments and amortization. Pledged Securities The following table presents the fair value and weighted average yields using amortized cost of the securities held-to-maturity portfolio as of June 30, 2022, based on the earlier of contractual maturity dates or next repricing dates: One year or less More than One Year through Five Years More than Five Years through Ten Years More than Ten Years Total ($ in thousands) Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Securities held-to-maturity: U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities $ — — % $ — — % $ — — % $ 135,287 2.69 % $ 135,287 2.69 % U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations — — % — — % — — % 53,396 2.64 % 53,396 2.64 % Municipal securities — — % — — % 17,134 2.19 % 79,855 2.71 % 96,989 2.62 % Total securities held-to-maturity $ — — % $ — — % $ 17,134 2.19 % $ 268,538 2.68 % $ 285,672 2.66 % The following table presents the fair value and weighted average yields using amortized cost of the securities available-for-sale portfolio as of June 30, 2022, based on the earlier of contractual maturity dates or next repricing dates: One year or less More than One Year through Five Years More than Five Years through Ten Years More than Ten Years Total ($ in thousands) Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Securities available-for-sale: SBA loan pool securities $ 13,062 1.06 % $ — — % $ — — % $ — — % $ 13,062 1.06 % U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities — — % — — % 11,365 2.23 % — — % 11,365 2.23 % U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 86,602 1.73 % 9,630 2.24 % 35,518 1.55 % 22,303 1.81 % 154,053 1.73 % Non-agency residential mortgage-backed securities — — % — — % — — % 45,481 2.51 % 45,481 2.51 % Collateralized loan obligations 478,203 2.70 % — — % — — % — — % 478,203 2.70 % Corporate debt securities — — % 149,641 4.71 % 13,630 5.73 % — — % 163,271 4.80 % Total securities available-for-sale $ 577,867 2.52 % $ 159,271 4.56 % $ 60,513 2.52 % $ 67,784 2.29 % $ 865,435 2.87 % |
LOANS AND ALLOWANCE FOR CREDIT
LOANS AND ALLOWANCE FOR CREDIT LOSSES | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
LOANS AND ALLOWANCE FOR CREDIT LOSSES | LOANS AND ALLOWANCE FOR CREDIT LOSSES The following table presents the balances in our loan portfolio as of the dates indicated: ($ in thousands) June 30, December 31, Commercial: Commercial and industrial (1) $ 2,433,464 $ 2,668,984 Commercial real estate 1,204,414 1,311,105 Multifamily 1,572,308 1,361,054 SBA (2) 92,235 205,548 Construction 228,341 181,841 Consumer: Single family residential mortgage 1,832,279 1,420,023 Other consumer 88,223 102,925 Total loans $ 7,451,264 $ 7,251,480 Allowance for loan losses (93,793) (92,584) Loans receivable, net $ 7,357,471 $ 7,158,896 (1) Includes warehouse lending balances of $1.16 billion and $1.60 billion at June 30, 2022 and December 31, 2021. (2) Includes 79 PPP loans totaling $28.4 million at June 30, 2022 and 397 PPP loans totaling $123.1 million at December 31, 2021. The following table presents the balances of total loans as of the dates indicated: ($ in thousands) June 30, December 31, Unpaid principal balance $ 7,436,887 $ 7,245,952 Unamortized net premiums 25,960 18,005 Unamortized net deferred (fees) costs (902) 819 Unamortized SBA PPP fees (21) (831) Fair value adjustment (1) (10,660) (12,465) Total loans $ 7,451,264 $ 7,251,480 (1) At June 30, 2022. includes $9.0 million related to the PMB Acquisition, of which $4.3 million related to PCD loans. At December 31, 2021, includes $10.6 million related to the PMB Acquisition, of which $3.9 million related to PCD loans. Credit Quality Indicators We categorize loans into risk categories based on relevant information about the ability of borrowers to repay their debt such as current financial information, historical payment experience, credit documentation, public information, and current economic trends, among other factors. We perform a historical loss analysis that is combined with a comprehensive loan to value analysis to analyze the associated risks in the current loan portfolio. We analyze loans individually and grade each loan for credit risk. This analysis includes all loans delinquent over 60 days and non-homogeneous loans such as commercial and commercial real estate loans. We use the following definitions for credit risk ratings: Pass : Loans classified as pass are in compliance in all respects with the Bank’s credit policy and regulatory requirements, and do not exhibit any potential or defined weakness as defined under “Special Mention”, “Substandard” or “Doubtful.” Special Mention : Loans risk rated as special mention have a potential weakness that deserves management’s close attention. If left uncorrected, these potential weaknesses may result in deterioration of the repayment prospects for the loans or of our credit position at some future date. Substandard : Loans risk rated as substandard are inadequately protected by the current net worth and paying capacity of the obligor or of the collateral pledged, if any. Loans so classified have a well-defined weakness or a weakness that jeopardizes the liquidation of the debt. They are characterized by the distinct possibility that we will sustain some loss if the deficiencies are not corrected. Doubtful : Loans classified as doubtful have all the weaknesses inherent in those classified as substandard, with the added characteristic that the weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. The following table presents the risk categories for total loans by class of loans and origination year as of June 30, 2022: Term Loans Amortized Cost Basis by Origination Year ($ in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Amortized Cost Basis Total June 30, 2022 Commercial: Commercial and industrial Pass $ 151,151 $ 217,900 $ 69,281 $ 74,539 $ 82,341 $ 181,285 $ 1,528,413 $ 11,741 $ 2,316,651 Special mention 3,367 5,373 30 516 1,877 18,566 13,160 2,516 45,405 Substandard — 1,265 4,586 14,162 12,377 3,207 35,359 452 71,408 Doubtful — — — — — — — — — Commercial and industrial 154,518 224,538 73,897 89,217 96,595 203,058 1,576,932 14,709 2,433,464 Commercial real estate Pass 188,712 385,057 61,027 118,169 161,165 271,356 1,167 66 1,186,719 Special mention — — — — 1,909 1,770 — — 3,679 Substandard — — — — 4,188 8,936 892 — 14,016 Doubtful — — — — — — — — — Commercial real estate 188,712 385,057 61,027 118,169 167,262 282,062 2,059 66 1,204,414 Multifamily Pass 424,820 405,151 158,545 263,048 116,158 160,374 9,384 — 1,537,480 Special mention — — 4,968 — 11,165 — — — 16,133 Substandard — — — — — 18,695 — — 18,695 Doubtful — — — — — — — — — Multifamily 424,820 405,151 163,513 263,048 127,323 179,069 9,384 — 1,572,308 SBA Pass 5,310 32,808 9,532 2,453 1,276 23,115 628 156 75,278 Special mention — — — 3,909 219 1,091 — 2 5,221 Substandard — — 338 190 385 9,361 666 796 11,736 Doubtful — — — — — — — — — SBA 5,310 32,808 9,870 6,552 1,880 33,567 1,294 954 92,235 Construction Pass 52,355 86,325 30,183 10,288 15,223 25,446 (26) — 219,794 Special mention — — — — — 8,547 — — 8,547 Substandard — — — — — — — — — Doubtful — — — — — — — — — Construction 52,355 86,325 30,183 10,288 15,223 33,993 (26) — 228,341 Consumer: Single family residential mortgage Pass 473,398 815,560 77,676 50,930 102,538 290,831 6,135 — 1,817,068 Special mention 651 222 — 670 902 3,547 — 226 6,218 Substandard — — — 339 6,091 2,563 — — 8,993 Doubtful — — — — — — — — — Single family residential mortgage 474,049 815,782 77,676 51,939 109,531 296,941 6,135 226 1,832,279 Other consumer Pass 12,734 19,886 10,469 6,538 3,843 19,725 12,893 1,639 87,727 Special mention — — — 3 — 21 63 58 145 Substandard — — 59 — 73 35 — 184 351 Doubtful — — — — — — — — — Other consumer 12,734 19,886 10,528 6,541 3,916 19,781 12,956 1,881 88,223 Total loans $ 1,312,498 $ 1,969,547 $ 426,694 $ 545,754 $ 521,730 $ 1,048,471 $ 1,608,734 $ 17,836 $ 7,451,264 Total loans Pass $ 1,308,480 $ 1,962,687 $ 416,713 $ 525,965 $ 482,544 $ 972,132 $ 1,558,594 $ 13,602 $ 7,240,717 Special mention 4,018 5,595 4,998 5,098 16,072 33,542 13,223 2,802 85,348 Substandard — 1,265 4,983 14,691 23,114 42,797 36,917 1,432 125,199 Doubtful — — — — — — — — — Total loans $ 1,312,498 $ 1,969,547 $ 426,694 $ 545,754 $ 521,730 $ 1,048,471 $ 1,608,734 $ 17,836 $ 7,451,264 The following table presents the risk categories for total loans by class of loans and origination year as of December 31, 2021: Term Loans Amortized Cost Basis by Origination Year ($ in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Amortized Cost Basis Total December 31, 2021 Commercial: Commercial and industrial Pass $ 254,218 $ 81,177 $ 71,950 $ 78,461 $ 56,439 $ 110,490 $ 1,888,126 $ 9,679 $ 2,550,540 Special mention 1,206 5,971 13,721 835 7,272 9,846 20,460 6,348 65,659 Substandard 2 241 17,853 11,378 3,374 117 17,429 2,391 52,785 Doubtful — — — — — — — — — Commercial and industrial 255,426 87,389 103,524 90,674 67,085 120,453 1,926,015 18,418 2,668,984 Commercial real estate Pass 465,524 82,759 140,108 192,263 85,755 317,941 8,416 71 1,292,837 Special mention — — — 1,925 — 2,920 — — 4,845 Substandard — — 506 — — 9,084 3,833 — 13,423 Doubtful — — — — — — — — — Commercial real estate 465,524 82,759 140,614 194,188 85,755 329,945 12,249 71 1,311,105 Multifamily Pass 410,958 208,396 315,119 157,640 61,457 158,464 4 — 1,312,038 Special mention — 1,988 — 11,261 — 33,065 — — 46,314 Substandard — — — — — 2,702 — — 2,702 Doubtful — — — — — — — — — Multifamily 410,958 210,384 315,119 168,901 61,457 194,231 4 — 1,361,054 SBA Pass 106,749 23,972 8,049 1,957 10,836 28,495 928 143 181,129 Special mention — 1,586 3,618 236 — 596 — 4 6,040 Substandard — 5,888 — 390 3,358 7,245 599 899 18,379 Doubtful — — — — — — — — — SBA 106,749 31,446 11,667 2,583 14,194 36,336 1,527 1,046 205,548 Construction Pass 67,074 32,995 29,038 17,139 25,485 — — — 171,731 Special mention — — — 1,607 — 8,503 — — 10,110 Substandard — — — — — — — — — Doubtful — — — — — — — — — Construction 67,074 32,995 29,038 18,746 25,485 8,503 — — 181,841 Consumer: Single family residential mortgage Pass 713,844 96,339 67,075 140,329 88,123 277,247 12,828 — 1,395,785 Special mention — 1,644 339 910 692 6,838 — — 10,423 Substandard — — — 11,005 975 1,601 — 234 13,815 Doubtful — — — — — — — — — Single family residential mortgage 713,844 97,983 67,414 152,244 89,790 285,686 12,828 234 1,420,023 Other consumer Pass 26,179 13,556 8,891 5,265 9,038 15,951 21,327 2,331 102,538 Special mention — — 4 — — 25 63 — 92 Substandard — 61 14 148 46 26 — — 295 Doubtful — — — — — — — — — Other consumer 26,179 13,617 8,909 5,413 9,084 16,002 21,390 2,331 102,925 Total loans $ 2,045,754 $ 556,573 $ 676,285 $ 632,749 $ 352,850 $ 991,156 $ 1,974,013 $ 22,100 $ 7,251,480 Total loans Pass $ 2,044,546 $ 539,194 $ 640,230 $ 593,054 $ 337,133 $ 908,588 $ 1,931,629 $ 12,224 $ 7,006,598 Special mention 1,206 11,189 17,682 16,774 7,964 61,793 20,523 6,352 143,483 Substandard 2 6,190 18,373 22,921 7,753 20,775 21,861 3,524 101,399 Doubtful — — — — — — — — — Total loans $ 2,045,754 $ 556,573 $ 676,285 $ 632,749 $ 352,850 $ 991,156 $ 1,974,013 $ 22,100 $ 7,251,480 Past Due Loans The following table presents the aging of the recorded investment in past due loans, excluding accrued interest receivable (which is not considered to be material), by class of loans as of the dates indicated: ($ in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 89 Days Past due Total Past Due Current Total June 30, 2022 Commercial: Commercial and industrial 3,433 2,567 7,204 13,204 2,420,260 2,433,464 Commercial real estate 893 — — 893 1,203,521 1,204,414 Multifamily — — — — 1,572,308 1,572,308 SBA 4,766 115 10,087 14,968 77,267 92,235 Construction — — — — 228,341 228,341 Consumer: Single family residential mortgage 23,226 2,848 6,430 32,504 1,799,775 1,832,279 Other consumer 437 — 184 621 87,602 88,223 Total $ 32,755 $ 5,530 $ 23,905 $ 62,190 $ 7,389,074 $ 7,451,264 December 31, 2021 Commercial: Commercial and industrial 9,342 1,351 9,503 20,196 2,648,788 2,668,984 Commercial real estate — — — — 1,311,105 1,311,105 Multifamily 786 — — 786 1,360,268 1,361,054 SBA 987 2,360 15,941 19,288 186,260 205,548 Construction — — — — 181,841 181,841 Consumer: Single family residential mortgage 24,867 — 7,076 31,943 1,388,080 1,420,023 Other consumer 449 — 89 538 102,387 102,925 Total $ 36,431 $ 3,711 $ 32,609 $ 72,751 $ 7,178,729 $ 7,251,480 Nonaccrual Loans The following table presents nonaccrual loans as of the dates indicated: June 30, 2022 December 31, 2021 ($ in thousands) Total Nonaccrual Loans with no ACL Total Nonaccrual Loans with no ACL Nonaccrual loans Commercial: Commercial and industrial $ 25,380 $ 6,413 $ 28,594 $ 9,137 Commercial real estate 893 893 — — SBA 10,537 5,163 16,653 11,443 Consumer: Single family residential mortgage 7,341 3,412 7,076 7,076 Other consumer 292 292 235 235 Total nonaccrual loans $ 44,443 $ 16,173 $ 52,558 $ 27,891 At June 30, 2022 and December 31, 2021, there were no loans that were past due 90 days or more and still accruing. Other Real Estate Owned, Net and Loans in Process of Foreclosure At June 30, 2022 and December 31, 2021, there was no other real estate owned. At June 30, 2022, there were four consumer mortgage loans totaling $4.5 million secured by residential real estate properties for which formal foreclosure proceedings were in process according to local requirements of the applicable jurisdiction. There were no consumer mortgage loans secured by residential real estate properties in foreclosure at December 31, 2021. Allowance for Credit Losses The ACL methodology uses a nationally recognized, third-party model that includes many assumptions based on historical and peer loss data, current loan portfolio risk profile including risk ratings, and economic forecasts including macroeconomic variables (MEVs) released by the model provider during June 2022. The published forecasts consider rising inflation, higher oil prices, ongoing supply chain issues and the military conflict between Russia and Ukraine, among other factors. The ACL also incorporates qualitative factors to account for certain loan portfolio characteristics that are not taken into consideration by the third-party model including underlying strengths and weaknesses in various segments of the loan portfolio. As is the case with all estimates, the ACL is expected to be impacted in future periods by economic volatility, changing economic forecasts, underlying model assumptions, and asset quality metrics, all of which may be better than or worse than current estimates. The ACL process involves subjective and complex judgments as well as adjustments for numerous factors including those described in the federal banking agencies' joint interagency policy statement on ALL, which include underwriting experience and collateral value changes, among others. The reserve for unfunded loan commitments is established to cover the current expected credit losses for the estimated level of funding of these loan commitments, except for unconditionally cancellable commitments for which no reserve is required under ASC 326. At June 30, 2022 and December 31, 2021, the reserve for unfunded loan commitments was $5.9 million and $5.6 million, respectively, and was included in accrued expenses and other liabilities on the consolidated statements of financial condition. The following table presents a summary of activity in the ACL for the periods indicated: Three Months Ended June 30, ($ in thousands) 2022 2021 Allowance Reserve for Unfunded Loan Commitments Allowance Allowance Reserve for Unfunded Loan Commitments Allowance Balance at beginning of period $ 93,226 $ 5,405 $ 98,631 $ 79,353 $ 3,360 $ 82,713 Charge-offs (494) — (494) (886) — (886) Recoveries 1,561 — 1,561 26 — 26 Net recoveries (charge-offs) 1,067 — 1,067 (860) — (860) (Reversal of) provision for credit losses (500) 500 — (2,608) 454 (2,154) Balance at end of period $ 93,793 $ 5,905 $ 99,698 $ 75,885 $ 3,814 $ 79,699 Six Months Ended June 30, ($ in thousands) 2022 2021 Allowance Reserve for Unfunded Loan Commitments Allowance Allowance Reserve for Unfunded Loan Commitments Allowance Balance at beginning of period $ 92,584 $ 5,605 $ 98,189 $ 81,030 $ 3,183 $ 84,213 Charge-offs (725) — (725) (1,451) — (1,451) Recoveries 33,776 — 33,776 198 — 198 Net charge-offs 33,051 — 33,051 (1,253) — (1,253) (Reversal of) provision for credit losses (31,842) 300 (31,542) (3,892) 631 (3,261) Balance at end of period $ 93,793 $ 5,905 $ 99,698 $ 75,885 $ 3,814 $ 79,699 During the six months ended June 30, 2022, total recoveries included $31.3 million related to a recovery from the settlement of a loan previously charged-off in 2019. This recovery resulted in a reversal of provision for credit losses during the same period. Accrued interest receivable on loans receivable, net totaled $26.6 million and $25.8 million at June 30, 2022 and December 31, 2021, and is included within other assets in the accompanying consolidated statements of financial condition. Accrued interest receivable is excluded from the estimate of expected credit losses. The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans as of or for the three and six months ended June 30, 2022: ($ in thousands) Commercial and Industrial Commercial Real Estate Multifamily SBA Construction Single Family Residential Mortgage Other Consumer Total ALL: Three Months Ended June 30, 2022: Balance at March 31, 2022 $ 39,967 $ 16,490 $ 15,337 $ 3,041 $ 6,268 $ 11,029 $ 1,094 $ 93,226 Charge-offs (138) — — (139) — — (217) (494) Recoveries 1,400 — — 3 — 154 4 1,561 Net recoveries (charge-offs) 1,262 — — (136) — 154 (213) 1,067 Provision for (reversal of) credit losses - loans 184 (748) 341 128 (2,013) 1,622 (14) (500) Balance at June 30, 2022 $ 41,413 $ 15,742 $ 15,678 $ 3,033 $ 4,255 $ 12,805 $ 867 $ 93,793 Six Months Ended June 30, 2022: Balance at December 31, 2021 $ 33,557 $ 21,727 $ 17,893 $ 3,017 $ 5,622 $ 9,608 $ 1,160 $ 92,584 Charge-offs (320) — — (152) — (10) (243) (725) Recoveries 32,817 — — 761 — 192 6 33,776 Net recoveries (charge-offs) 32,497 — — 609 — 182 (237) 33,051 Provision for (reversal of) credit losses - loans (24,641) (5,985) (2,215) (593) (1,367) 3,015 (56) (31,842) Balance at June 30, 2022 $ 41,413 $ 15,742 $ 15,678 $ 3,033 $ 4,255 $ 12,805 $ 867 $ 93,793 The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans as of or for the three and six months ended June 30, 2021: ($ in thousands) Commercial and Industrial Commercial Real Estate Multifamily SBA Construction Single Family Residential Mortgage Other Consumer Total ALL: Three Months Ended June 30, 2021: Balance at March 31, 2021 $ 19,703 $ 17,100 $ 23,884 $ 3,451 $ 5,552 $ 9,161 $ 502 $ 79,353 Charge-offs (500) — — (386) — — — (886) Recoveries 23 — — 3 — — — 26 Net (charge-offs) recoveries (477) — — (383) — — — (860) (Reversal of) provision for credit losses - loans 930 (676) (2,481) 628 (818) (53) (138) (2,608) Balance at June 30, 2021 $ 20,156 $ 16,424 $ 21,403 $ 3,696 $ 4,734 $ 9,108 $ 364 $ 75,885 Six Months Ended June 30, 2021: Balance at December 31, 2020 $ 20,608 $ 19,074 $ 22,512 $ 3,145 $ 5,849 $ 9,191 $ 651 $ 81,030 Charge-offs (1,065) — — (386) — — — (1,451) Recoveries 68 — — 129 — — 1 198 Net (charge-offs) recoveries (997) — — (257) — — 1 (1,253) Provision for (reversal of) credit losses - loans 545 (2,650) (1,109) 808 (1,115) (83) (288) (3,892) Balance at June 30, 2021 $ 20,156 $ 16,424 $ 21,403 $ 3,696 $ 4,734 $ 9,108 $ 364 $ 75,885 Collateral Dependent Loans A loan is considered collateral dependent when the borrower is experiencing financial difficulty and repayment of the loan is expected to be provided substantially through the operation or sale of the collateral. Collateral dependent loans are evaluated individually and the ACL is determined based on the amount by which amortized costs exceed the estimated fair value of the collateral, adjusted for estimated selling costs. Collateral dependent loans consisted of the following as of the dates indicated: June 30, 2022 Real Estate ($ in thousands) Commercial Residential Business Assets Automobile Total Commercial: Commercial and industrial $ 12,349 $ — $ 4,316 $ — $ 16,665 Commercial real estate 893 — — — 893 SBA 98 4,710 5,729 — 10,537 Consumer: Single family residential mortgage — 8,789 — — 8,789 Other consumer — 184 — 111 295 Total loans $ 13,340 $ 13,683 $ 10,045 $ 111 $ 37,179 December 31, 2021 Real Estate ($ in thousands) Commercial Residential Business Assets Automobile Total Commercial: Commercial and industrial $ 13,518 $ 37 $ 4,776 $ — $ 18,331 SBA 689 4,458 11,511 — 16,658 Consumer: Single family residential mortgage — 14,012 — — 14,012 Other consumer — — — 235 235 Total loans $ 14,207 $ 18,507 $ 16,287 $ 235 $ 49,236 Troubled Debt Restructurings TDR loans consisted of the following as of the dates indicated: ($ in thousands) June 30, December 31, Commercial: Commercial and industrial $ 19,778 $ 5,241 Commercial real estate 4,187 4,243 SBA 522 265 Consumer: Single family residential mortgage 1,448 6,935 Total $ 25,935 $ 16,684 We had commitments to lend to customers with outstanding loans that were classified as TDRs of $769 thousand and $63 thousand at June 30, 2022 and December 31, 2021. Accruing TDRs were $10.9 million and nonaccrual TDRs were $15.0 million at June 30, 2022, compared to accruing TDRs of $12.5 million and nonaccrual TDRs of $4.1 million at December 31, 2021. The increase in TDRs during the six months ended June 30, 2022 was due mostly to the modification of a non-performing PCD loan acquired in the PMB acquisition. The following table summarizes the pre-modification and post-modification balances of the new TDRs for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment June 30, 2022 Commercial: Commercial and industrial (1) — $ — $ — 1 $ 12,840 $ 12,840 SBA 2 833 833 2 833 833 Total 2 $ 833 $ 833 3 $ 13,673 $ 13,673 June 30, 2021 Consumer: Single family residential mortgage (1) — $ — $ — 1 $ 1,800 $ 1,800 Total — $ — $ — 1 $ 1,800 $ 1,800 (1) Modifications during the three and six months ended June 30, 2022 and 2021 consisted of extensions of maturity. We consider a TDR to be in payment default once it becomes 30 days or more past due following a modification. During the three and six months ended June 30, 2022 and 2021, there were no loans that were modified as a TDR during the past 12 months that had subsequent payment defaults. Purchases, Sales, and Transfers From time to time, we purchase and sell loans in the secondary market. During the three and six months ended June 30, 2022, we purchased loans aggregating $277.2 million and $641.5 million. During the three and six months ended June 30, 2021, we purchased loans aggregating $233.1 million and $366.0 million. There were no loans transferred from held for investment to loans held-for-sale and there were no sales of loans for the three and six months ended June 30, 2022 and 2021. Non-Traditional Mortgage Loans (“NTM”) NTM loans are included in our SFR mortgage portfolio and are comprised of interest only loans and Green Loans. As of June 30, 2022 and December 31, 2021, the NTM loans totaled $841.1 million, or 11.3% of total loans, and $635.3 million, or 8.8% of total loans, respectively. We no longer originate SFR loans, however we have and may continue to purchase pools of loans that include NTM loans such as interest only loans with maturities of up to 40 years and flexible initial repricing dates, ranging from 1 to 10 years, and periodic repricing dates through the life of the loan. Interest only loans are primarily SFR first mortgage loans that generally have a 30 to 40-year term at the time of origination and include payment features that allow interest only payments in initial periods before converting to a fully amortizing loan. At June 30, 2022 and December 31, 2021, interest only loans totaled $833.6 million and $613.3 million. Green Loans are SFR first and second mortgage lines of credit with a linked checking account that allows all types of deposits and withdrawals to be performed. Green Loans are generally interest only for a 15-year term with a balloon payment due at maturity. At June 30, 2022 and December 31, 2021, Green Loans totaled $7.4 million and $21.9 million. At June 30, 2022 and December 31, 2021, nonperforming NTM loans totaled zero and $4.0 million. Non-Traditional Mortgage Performance Indicators |
GOODWILL AND OTHER INTANGIBLE A
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND OTHER INTANGIBLE ASSETS, NET | GOODWILL AND OTHER INTANGIBLE ASSETS, NET At June 30, 2022 and December 31, 2021, we had goodwill of $95.1 million and $94.3 million. We evaluate goodwill for impairment as of October 1 st each year, and more frequently if events or circumstances indicate that there may be impairment. We completed our most recent annual goodwill impairment test as of October 1, 2021 and determined that no goodwill impairment existed. The following table presents changes in the carrying amount of goodwill for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Goodwill, beginning of period $ 95,127 $ 37,144 $ 94,301 $ 37,144 Goodwill adjustments for purchase accounting — — 826 — Goodwill, end of period $ 95,127 $ 37,144 $ 95,127 $ 37,144 Accumulated impairment losses at end of period $ 2,100 $ 2,100 $ 2,100 $ 2,100 During the six months ended June 30, 2022, goodwill was adjusted for fair value and deferred tax adjustments related to the PMB acquisition. Core deposit intangibles are amortized over their useful lives of ten years and reviewed for impairment at least quarterly. As of June 30, 2022, the weighted average remaining amortization period for core deposit intangibles was approximately 7.6 years. The following table presents changes in the carrying amount of intangible assets, net for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Core deposit intangibles: Balance, beginning of period $ 34,978 $ 30,904 $ 35,958 $ 30,904 Core deposit intangible adjustments for purchase accounting — — (980) — Balance, end of period 34,978 30,904 34,978 30,904 Accumulated amortization: Balance, beginning of period 29,988 28,553 29,547 28,271 Amortization of intangible assets 313 282 754 564 Balance, end of period 30,301 28,835 30,301 28,835 Intangible assets, net $ 4,677 $ 2,069 $ 4,677 $ 2,069 The following table presents estimated future amortization expense of intangible assets, net as of June 30, 2022: ($ in thousands) Remainder of 2022 2023 2024 2025 2026 2027 and After Total Estimated future amortization expense $ 745 $ 1,092 $ 719 $ 420 $ 373 $ 1,328 $ 4,677 |
FEDERAL HOME LOAN BANK ADVANCES
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | 6 Months Ended |
Jun. 30, 2022 | |
Federal Home Loan Banks [Abstract] | |
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS | FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS FHLB Advances The following table presents advances from the FHLB as of the dates indicated: ($ in thousands) June 30, December 31, Fixed rate: Outstanding balance (1) $ 411,000 $ 411,000 Interest rates ranging from 0.64 % 0.64 % Interest rates ranging to 3.32 % 3.32 % Weighted average interest rate 2.53 % 2.53 % Variable rate: Outstanding balance $ 105,000 $ 70,000 Weighted average interest rate 1.64 % 0.20 % (1) Excludes $4.3 million and $4.9 million of unamortized debt issuance costs at June 30, 2022 and December 31, 2021. Each advance is payable at its maturity date. Advances paid early are subject to a prepayment penalty. As of June 30, 2022, FHLB advances included $105.0 million in overnight borrowings with a weighted average interest rate of 1.64% and $411.0 million in term advances with a weighted average life of 3.5 years and weighted average interest rate of 2.53%. Investments securities with carrying value of $205.5 million as of June 30, 2022 were pledged to secure FHLB advances. The Bank’s advances from the FHLB are also collateralized by a blanket lien on all real estate loans. Our secured borrowing capacity with the FHLB totaled $1.76 billion, of which the Bank was eligible to borrow an additional $985.4 million at June 30, 2022 based on qualifying loans with an aggregate unpaid principal balance of $2.38 billion as of that date. The Bank’s investment in capital stock of the FHLB of San Francisco totaled $17.3 million at June 30, 2022 and December 31, 2021. FRB Borrowings At June 30, 2022, the Bank had borrowing capacity with the Federal Reserve Bank of San Francisco (the “Federal Reserve”) of $789.0 million, including the secured borrowing capacity through the Federal Reserve Discount Window and Borrower-in-Custody ("BIC") program. At June 30, 2022, the Bank has pledged certain qualifying loans with an unpaid principal balance of $1.01 billion and securities with a carrying value of $123.2 million as collateral for these lines of credit. Borrowings under the BIC program are overnight advances with interest chargeable at the discount window (“primary credit”) borrowing rate. There were no secured borrowings from the FRB at June 30, 2022 and December 31, 2021 There were no borrowings under this arrangement for the three and six months ended June 30, 2022 and 2021. The Bank’s investment in capital stock of the Federal Reserve totaled $34.2 million and $27.3 million at June 30, 2022 and December 31, 2021. Other Borrowings The Bank maintained available unsecured federal funds lines with five correspondent banks totaling $210.0 million, with no outstanding borrowings at June 30, 2022. The Bank also has the ability to access unsecured overnight borrowings from various financial institutions through the American Financial Exchange platform ("AFX"). The availability of such unsecured borrowings fluctuates regularly and are subject to the counterparties discretion and totaled $445.0 million at June 30, 2022 and December 31, 2021. Borrowings under the AFX totaled $85.0 million and $25.0 million at June 30, 2022 and December 31, 2021. In December 2021, the holding company entered into a $50.0 million revolving line of credit, which matures on December 19, 2022. There were $13.0 million and zero in borrowings under this line of credit at June 30, 2022 and December 31, 2021. At June 30, 2022, we were in compliance with all covenants under our revolving line of credit. |
LONG-TERM DEBT
LONG-TERM DEBT | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT | LONG-TERM DEBT The following table presents our long-term debt as of the dates indicated: June 30, 2022 December 31, 2021 ($ in thousands) Interest Maturity Par Unamortized Debt Issuance Cost and Discount Par Unamortized Debt Issuance Cost and Discount Senior notes 5.25% 4/15/2025 $ 175,000 $ (910) $ 175,000 $ (1,014) Subordinated notes 4.375% 10/30/2030 85,000 (2,030) 85,000 (2,127) PMB Statutory Trust III, junior subordinated debentures Libor + 3.40% 9/26/2032 7,217 — 7,217 — PMB Capital Trust III, junior subordinated debentures Libor + 2.00% 10/8/2034 10,310 — 10,310 — Total $ 277,527 $ (2,940) $ 277,527 $ (3,141) |
INCOME TAXES
INCOME TAXES | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES For the three and six months ended June 30, 2022, income tax expense was $10.2 million and $28.9 million, resulting in an effective tax rate of 27.6% and 27.8%. For the three and six months ended June 30, 2021, income tax expense was $6.6 million and $8.9 million, resulting in an effective tax rate of 25.6% and 20.9%. The effective tax rate for the three and six months ended June 30, 2022 and for the three months ended June 30, 2021, differs from the combined federal and state statutory rate for the consolidated company of 28.9% due primarily to various permanent tax differences, tax credits and other discrete tax items that impact our effective tax rate. For the six months ended June 30, 2021, the effective tax rate differs from the 28.9% combined federal and state statutory rate due primarily to the net tax benefit of $2.6 million from share-based awards, including the exercise of all previously issued outstanding stock appreciation rights in the first quarter of 2021 in addition to the various permanent tax differences, tax credits and other discrete tax items that impact our effective tax rate. We account for income taxes by recognizing deferred tax assets and liabilities based upon temporary differences between the amounts for financial reporting purposes and the tax basis of our assets and liabilities. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion, or all, of the deferred tax asset will not be realized. In assessing the realization of deferred tax assets, management will continue to evaluate both positive and negative evidence on a quarterly basis, including considering the four possible sources of future taxable income, such as future reversal of existing taxable temporary differences, future taxable income exclusive of reversing temporary differences and carryforwards, taxable income in prior carryback year(s), and future tax planning strategies. Based on this analysis, management determined, it was more likely than not, that all of the deferred tax assets would be realized; therefore, no valuation allowance was provided against the net deferred tax assets of $54.5 million and $50.8 million at June 30, 2022 and December 31, 2021. ASC 740-10-25 relates to the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. ASC 740-10-25 prescribes a threshold and a measurement process for recognizing in the financial statements a tax position taken or expected to be taken in a tax return and also provides guidance on de-recognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. We had unrecognized tax benefits of $955 thousand and $925 thousand at June 30, 2022 and December 31, 2021, respectively. We do not believe that the unrecognized tax benefits will change materially in the next twelve months. As of June 30, 2022, the total unrecognized tax benefit that, if recognized, would impact the effective tax rate was $725 thousand. At June 30, 2022 and December 31, 2021, we had no accrued interest or penalties. In the event we are assessed interest and/or penalties by federal or state tax authorities, such amounts will be classified in the consolidated financial statements as income tax expense. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS We use derivative instruments and other risk management techniques to reduce our exposure to adverse fluctuations in interest rates and foreign currency exchange rates in accordance with our risk management policies and to certain loan clients to allow them to hedge the risk of rising interest rates on their variable rate loans. During the three and six months ended June 30, 2022, changes in fair value of interest rate swaps on loans and foreign exchange contracts were gains of $82 thousand and $185 thousand and were included in other income on the consolidated statements of operations. During the three and six months ended June 30, 2021, changes in fair value of interest rate swaps on loans and foreign exchange contracts were losses of $71 thousand and gains of $200 thousand. The following table presents the notional amount and fair value of derivative instruments included in the consolidated statements of financial condition as of the dates indicated. June 30, 2022 December 31, 2021 ($ in thousands) Notional Amount Fair Value (1) Notional Amount Fair Value (1) Derivative assets: Interest rate swaps on loans $ 34,702 $ 1,074 $ 58,834 $ 3,390 Foreign exchange contracts 5,511 186 4,725 175 Total $ 40,213 $ 1,260 $ 63,559 $ 3,565 Derivative liabilities: Interest rate swaps on loans $ 34,702 $ 1,082 $ 58,834 3,594 Foreign exchange contracts 5,511 168 4,725 146 Total $ 40,213 $ 1,250 $ 63,559 $ 3,740 (1) The fair value of interest rate swaps on loans and foreign exchange contracts are included in other assets and accrued expenses and other liabilities, respectively, in the accompanying consolidated statements of financial condition. We have entered into agreements with counterparty financial institutions, which include master netting agreements that provide for the net settlement of all contracts with a single counterparty in the event of default. We elect, however, to account for all derivatives with counterparty institutions on a gross basis. |
EMPLOYEE STOCK COMPENSATION
EMPLOYEE STOCK COMPENSATION | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
EMPLOYEE STOCK COMPENSATION | EMPLOYEE STOCK COMPENSATION On May 31, 2018, our stockholders approved the Company's 2018 Omnibus Stock Incentive Plan (“2018 Omnibus Plan”). The 2018 Omnibus Plan provides that the maximum number of shares available for awards is 4,417,882. As of June 30, 2022, 2,169,018 shares were available for future awards. Stock-based Compensation Expense The following table presents total stock-based compensation expense and the related tax benefits for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Restricted stock awards and units $ 1,482 $ 1,338 $ 2,767 $ 2,882 Related tax benefits $ 428 $ 394 $ 799 $ 849 Total stock-based compensation expense represents the cost of time-based and performance-based stock units and awards. At June 30, 2022, unrecognized compensation expense related to restricted stock awards and restricted stock units totaled $14.2 million and will be recognized over a weighted average remaining period of 3.0 years. Restricted Stock Awards and Restricted Stock Units We have granted restricted stock awards and restricted stock units to certain employees, officers, and directors. The restricted stock awards and units are valued at the closing price of our stock on the measurement date. The restricted stock awards and units fully vest after a specified period (generally ranging from one The following table presents unvested restricted stock awards and restricted stock units activity for the three and six months ended June 30, 2022: Three Months Ended Six Months Ended Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Outstanding at beginning of period 784,791 $ 18.08 649,010 $ 17.17 Granted (1) 750,615 $ 11.52 1,021,182 $ 13.65 Vested (2) (122,738) $ 15.66 (239,319) $ 16.34 Forfeited (3) (9,608) $ 19.31 (27,813) $ 17.28 Outstanding at end of period 1,403,060 $ 14.77 1,403,060 $ 14.77 (1) There were 695,567 and 764,692 performance-based shares/units included in shares granted for the three and six months ended June 30, 2022. (2) There were 24,783 and 24,783 performance-based shares/units included in vested shares for the three and six months ended June 30, 2022. (3) The number of forfeited shares included aggregate performance-based shares/units of zero and 9,428 for the three and six months ended June 30, 2022. Stock Options There were no stock options granted during the three and six months ended June 30, 2022. There were no unvested stock options as of June 30, 2022 and December 31, 2021. The following tables represents stock option activity for the three months ended June 30, 2022: Three Months Ended June 30, 2022 ($ in thousands, except per share data) Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contract Term Aggregated Intrinsic Value Outstanding at beginning of period 14,904 $ 13.05 Exercised — $ — Outstanding at end of period 14,904 $ 13.05 2.8 years $ 68 Exercisable at end of period 14,904 $ 13.05 2.8 years $ 68 The following table represents stock option activity for the six months ended June 30, 2022: Six Months Ended June 30, 2022 ($ in thousands, except per share data) Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contract Term Aggregated Intrinsic Value Outstanding at beginning of period 14,904 $ 13.05 Exercised — $ — Outstanding at end of period 14,904 $ 13.05 2.8 years $ 68 Exercisable at end of period 14,904 $ 13.05 2.8 years $ 68 Stock Appreciation Rights In the first quarter of 2021, all of our then outstanding stock appreciation rights (“SARs”) were fully exercised resulting in the issuance of 305,772 shares of voting common stock. In connection with the exercise of the SARs, we recognized a tax benefit of $2.1 million (refer to Note 8 - Income Taxes |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Preferred Stock We are authorized to issue 50,000,000 shares of preferred stock with par value of $0.01 per share. Preferred shares outstanding rank senior to common shares both as to dividends and liquidation preference but generally have no voting rights. All of our outstanding shares of preferred stock had a $1,000 per share liquidation preference. The following table presents our total outstanding preferred stock as of the dates indicated: June 30, 2022 December 31, 2021 ($ in thousands) Shares Outstanding Liquidation Preference Carrying Value Shares Outstanding Liquidation Preference Carrying Value Series E non-cumulative perpetual — — — 98,702 98,702 94,956 Total — $ — $ — 98,702 $ 98,702 $ 94,956 The following table summarizes redemptions and repurchases of these depositary shares for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Series D Preferred Stock: Depositary shares repurchased — — — 3,730,767 Preferred Stock retired (shares) — — — 93,269 Consideration paid $ — $ — $ — $ 93,269 Carrying value — — — 89,922 Impact of preferred stock redemption $ — $ — $ — $ 3,347 Series E Preferred Stock: Depositary shares repurchased — — 3,948,080 — Preferred Stock retired (shares) — — 98,702 — Consideration paid $ — $ — $ 98,703 $ — Carrying value — — 94,956 — Impact of preferred stock redemption $ — $ — $ 3,747 $ — During the first quarter of 2022, we redeemed all of our outstanding Series E Depositary Shares, resulting in an after-tax charge of $3.7 million in the accompanying consolidated statements of operations. During the first quarter of 2021, we redeemed all of our outstanding Series D Depositary Shares, resulting in an after-tax charge of $3.3 million in the accompanying consolidated statements of operations. Stock Repurchase Program On March 15, 2022, we announced our Board of Directors authorized the repurchase of up to $75 million of our common stock. The repurchase authorization expires in March 2023. Purchases may be made in open-market transactions, in block transactions on or off an exchange, in privately negotiated transactions or by other means as determined by our management and in accordance with the regulations of the SEC. The timing of purchases and the number of shares repurchased under the program will depend on a variety of factors including price, trading volume, corporate and regulatory requirements and market conditions During the three months ended June 30, 2022, common stock repurchased under the program totaled 2,113,176 shares at a weighted average price of $18.38. During the six months ended June 30, 2022, common stock repurchased under the program totaled 2,328,726 shares at a weighted average price of $18.52. As of June 30, 2022, the Company had $31.9 million remaining under the current stock repurchase authorization. Change in Accumulated Other Comprehensive (Loss) Income ("AOCI") Our AOCI includes unrealized gain (loss) on securities available-for-sale. Changes to AOCI are presented net of the tax effect as a component of stockholders' equity. Reclassifications from AOCI occur when a security is sold, called or matures and are recorded on the consolidated statements of operations either as a gain or loss. During the quarter ended March 31, 2022, we transferred certain AFS debt securities to HTM. The unrealized loss on such securities at the time of transfer continues to be reported in AOCI and is amortized over the remaining life of the security as a yield adjustment. The following table presents changes to AOCI for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Balance at beginning of period $ (19,172) $ 5,185 $ 7,743 $ 7,746 Unrealized loss on securities available-for-sale: Unrealized loss arising during the period (21,016) 13,550 (59,103) 9,912 Reclassification adjustment from other comprehensive income — — (16) — Total unrealized loss on securities available-for-sale (21,016) 13,550 (59,119) 9,912 Amortization of unrealized loss of available-for-sale securities transferred to held-to-maturity 246 — 333 — Tax effect of current period changes 5,883 (3,995) 16,984 (2,918) Total changes, net of taxes (14,887) 9,555 (41,802) 6,994 Balance at end of period $ (34,059) $ 14,740 $ (34,059) $ 14,740 |
VARIABLE INTEREST ENTITIES
VARIABLE INTEREST ENTITIES | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES | VARIABLE INTEREST ENTITIESWe hold ownership interests in alternative energy partnerships and qualified affordable housing partnerships and have a variable interest in a multifamily securitization trust. We evaluate our interests in these entities to determine whether they meet the definition of a variable interest entity ("VIE") and whether we are required to consolidate these entities. A VIE is consolidated by its primary beneficiary, which is the party that has both (i) the power to direct the activities that most significantly impact the economic performance of the VIE and (ii) a variable interest that could potentially be significant to the VIE. To determine whether or not a variable interest we hold could potentially be significant to the VIE, we consider both qualitative and quantitative factors regarding the nature, size, and form of our involvement with the VIE. We have determined that our interests in these entities meet the definition of variable interests; however none of the VIE's meet the criteria for consolidation. Unconsolidated VIEs Multifamily Securitization During the third quarter of 2019, we transferred $573.5 million of multifamily loans, through a two-step process, to a third-party depositor which placed the multifamily loans into a third-party trust (a VIE) that issued structured pass-through certificates to investors. The transfer of these loans was accounted for as a sale for financial reporting purposes, in accordance with ASC 860. We determined that we are not the primary beneficiary of this VIE as we do not have the power to direct the activities that will have the most significant economic impact on the entity, therefore we do not consolidate the securitization trust. Our continuing involvement in this securitization is limited to customary obligations associated with the securitization of loans, including the obligation to cure, repurchase, or substitute loans in the event of a material breach in representations. Additionally, we have the obligation to guarantee credit losses up to 12% of the aggregate unpaid principal balances at cut-off date of the securitization. This obligation is supported by a $68.8 million letter of credit between the Freddie Mac and the FHLB. The maximum loss exposure that would be absorbed by us in the event that all of the assets in the securitization trust are deemed worthless is $68.8 million, which represents the aforementioned obligation to guarantee credit losses up to 12%. We believe that the loss exposure on the multifamily securitization is reduced by both loan-to-value ratios of the underlying collateral balances and the overcollateralization that exists within the securitization trust. At June 30, 2022, we have a $2.0 million repurchase reserve related to this VIE. Alternative Energy Partnerships We invested in certain alternative energy partnerships (limited liability companies) formed to provide sustainable energy projects that are designed to generate a return primarily through the realization of federal tax credits (energy tax credits). These entities were formed to invest in newly established residential and commercial solar leases and power purchase agreements. As a result of our investments, we have the right to certain investment tax credits and tax depreciation benefits (recognized on the flow through income statement method in accordance with ASC 740), and to a lesser extent, cash flows generated from the installed solar systems leased to individual consumers for a fixed period of time. While our interest in the alternative energy partnerships meets the definition of a VIE in accordance with ASC 810, we have determined that we are not the primary beneficiary because we do not have the power to direct the activities that most significantly impact the economic performance of the entities including operational and credit risk management activities. As we are not the primary beneficiary, we did not consolidate the entities. We use the Hypothetical Liquidation at Book Value ("HLBV") method to account for our investments in energy tax projects as an equity investment under ASC 970-323-25-17. Under the HLBV method, an equity method investor determines its share of an investee's net earnings by comparing its claim on the investee's book value at the beginning and end of the period, assuming the investee were to liquidate all assets at their U.S. GAAP amounts and distribute the resulting cash to creditors and investors under their respective priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is our share of the earnings or losses from the equity investment for the period. To account for the tax credits earned on investments in alternative energy partnerships, we use the flow-through income statement method. Under this method, the tax credits are recognized as a reduction to income tax expense and the initial book-tax differences in the basis of the investments are recognized as additional tax expense in the year they are earned. Investments in alternative energy partnerships totaled $23.5 million and $25.9 million at June 30, 2022 and December 31, 2021. The following table presents information regarding activity in our alternative energy partnerships for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Fundings $ — $ — $ — $ — Cash distribution from investment 582 570 1,156 1,108 (Loss) gain on investments in alternative energy partnerships (1,043) 829 (1,201) (2,801) Income tax credits recognized — — — — Tax expense (benefit) recognized from HLBV application (301) 228 (347) (770) The following table represents the carrying value of the associated unconsolidated assets and liabilities and the associated maximum loss exposure for alternative energy partnerships as of the dates indicated: ($ in thousands) June 30, December 31, Cash $ 2,367 $ 4,227 Equipment, net of depreciation 242,097 246,421 Other assets 9,311 9,098 Total unconsolidated assets $ 253,775 $ 259,746 Total unconsolidated liabilities $ 9,292 $ 12,129 Maximum loss exposure $ 23,531 $ 25,888 The maximum loss exposure that would be absorbed by us in the event that all of the assets in alternative energy partnerships are deemed worthless is $23.5 million, which is our recorded investment amount at June 30, 2022. We believe that the loss exposure on our investments is reduced considering our return on our investment is provided not only by the cash flows of the underlying client leases and power purchase agreements, but also through the significant tax benefits, including the federal tax credit carryover that resulted from the investments. In addition, our exposure is further limited as the arrangements include a transition manager to support any transition of the solar company sponsor, whose role includes that of the servicer and operation and maintenance provider, in the event the sponsor would be required to be removed from its responsibilities (e.g., bankruptcy, breach of contract, etc.). Capital Trusts - Trust Preferred Securities In connection with our merger with PMB, we acquired investments in two grantor trusts. These grantor trusts were originally formed to sell and issue trust preferred securities to institutional investors (Refer to Note 7 - Long-term Debt ). We are not the primary beneficiary, and consequently, these grantor trusts are not consolidated in the consolidated financial statements. At June 30, 2022 and December 31, 2021, our investment in these grantor trusts, which is included in other assets in the consolidated statements of financial condition, totaled $527 thousand. Qualified Affordable Housing Partnerships - Low Income Housing Tax Credits We invest in limited partnerships that operate qualified affordable housing projects that qualify for low income housing tax credits (“LIHTC”). The returns on these investments are generated primarily through allocated Federal tax credits and other tax benefits. In addition, LIHTC investments contribute to our compliance with the Community Reinvestment Act. These limited partnerships are considered to be VIEs, because either (i) they do not have sufficient equity investment at risk or (ii) the limited partners with equity at risk do not have substantive kick-out rights through voting rights or substantive participating rights over the general partner. As a limited partner, we are not the primary beneficiary because the general partner has the ability to direct the activities of the VIEs that most significantly impact their economic performance. As a result, we do not consolidate these partnerships. The following table presents information regarding balances in LIHTC investments for the periods indicated: ($ in thousands) June 30, December 31, Ending balance (1) $ 44,006 $ 38,982 Aggregate funding commitment 67,961 61,278 Total amount funded 53,038 51,014 Unfunded commitment 14,923 10,264 Maximum loss exposure 44,006 38,982 (1) Included in other assets in the accompanying Consolidated Statements of Financial Condition. The following table presents information regarding activity in our LIHTC investments for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Fundings $ 919 $ 1,161 $ 2,024 $ 2,164 Proportional amortization recognized 1,027 881 2,573 2,063 Income tax credits recognized 1,163 1,158 2,536 2,311 |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | EARNINGS PER COMMON SHARE The following table presents computations of basic and diluted earnings per common share ("EPS") for the three and six months ended June 30, 2022: Three Months Ended June 30, 2022 Six Months Ended ($ in thousands except per share data) Common Stock Class B Common Stock Class B Common Stock Net income $ 26,504 $ 208 $ 74,645 $ 579 Less: preferred stock dividends — — (1,409) (11) Less: preferred stock redemption — — (3,718) (29) Net income allocated to common stockholders $ 26,504 $ 208 $ 69,518 $ 539 Weighted average common shares outstanding 60,873,481 477,321 61,497,261 477,321 Dilutive effects of restricted shares/units 245,571 — 269,093 — Dilutive effects of stock options 4,242 — 4,701 — Average shares and dilutive common shares 61,123,294 477,321 61,771,055 477,321 Basic earnings per common share $ 0.44 $ 0.44 $ 1.13 $ 1.13 Diluted earnings per common share $ 0.43 $ 0.44 $ 1.13 $ 1.13 For the three and six months ended June 30, 2022, there were 354,484 and 806 anti-dilutive restricted shares/units and no anti-dilutive stock options that were excluded from computing diluted earnings per common share. The following table presents computations of basic and diluted EPS for the three and six months ended June 30, 2021: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 ($ in thousands except per share data) Common Stock Class B Common Stock Common Stock Class B Common Stock Net income $ 18,870 $ 180 $ 33,109 $ 316 Less: income allocated to participating securities — — (121) (1) Less: preferred stock dividends (1,711) (16) (4,822) (46) Less: preferred stock redemption — — (3,315) (32) Net income allocated to common stockholders $ 17,159 $ 164 $ 24,851 $ 237 Weighted average common shares outstanding 50,172,865 477,321 50,024,048 477,321 Dilutive effects of stock units 238,008 — 302,848 — Dilutive effects of stock options 4,008 — 6,068 — Average shares and dilutive common shares 50,414,881 477,321 50,332,964 477,321 Basic earnings per common share $ 0.34 $ 0.34 $ 0.50 $ 0.50 Diluted earnings per common share $ 0.34 $ 0.34 $ 0.49 $ 0.50 For the three and six months ended June 30, 2021, there were 218,829 and 134,037 anti-dilutive restricted shares/units and no anti-dilutive stock options that were excluded from computing diluted earnings per common share. During the first quarter of 2021, all of the Company's outstanding stock appreciation rights (SARs) were exercised resulting in the net issuance of 305,772 shares of voting common stock. Prior to this exercise, the SARs were considered participating securities and income was allocated to the respective holder and not part of income (loss) available to common stockholders. After the exercise of all of the Company's outstanding SARs, there are no longer any participating securities outstanding and the net shares issued in settlement of such SARs are included in the computation of average common shares for both basic and diluted earnings per share. |
LOAN COMMITMENTS AND OTHER RELA
LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES | LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES Some financial instruments, such as unfunded loan commitments, credit lines, letters of credit, and overdraft protection, are issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as long as conditions established in the contract are met prior to their expiration dates. Commitments may expire without being used. Risk of credit loss exists up to the face amount of these instruments. The same credit policies are used to make such commitments as are used for originating loans, including obtaining collateral at exercise of the commitment. The following table presents the contractual amount of financial instruments with off-balance-sheet risk as of the periods indicated: June 30, 2022 December 31, 2021 ($ in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to extend credit $ 48,805 $ 185,478 $ 37,107 $ 136,921 Unused lines of credit 4,454 1,995,891 6,894 1,699,933 Letters of credit 2,825 7,299 2,553 5,617 Other Commitments At June 30, 2022, we had unfunded commitments of $14.9 million, $9.4 million, and $7.9 million for LIHTC investments, Small Business Investment Company ("SBIC") investments, and other investments, respectively. |
REVENUE RECOGNITION
REVENUE RECOGNITION | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
REVENUE RECOGNITION | REVENUE RECOGNITION The following table presents noninterest income, segregated by revenue streams, in-scope and out-of-scope of Topic 606 - Revenue From Contracts With Customers , for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Noninterest income In scope of Topic 606 Deposit service fees $ 1,627 $ 825 $ 3,281 $ 1,635 Debit card fees 542 496 995 883 Other 137 102 296 181 Noninterest income (in-scope of Topic 606) 2,306 1,423 4,572 2,699 Noninterest income (out-of-scope of Topic 606) 4,880 2,020 8,524 5,553 Total noninterest income $ 7,186 $ 3,443 $ 13,096 $ 8,252 We do not typically enter into long-term revenue contracts with clients and as of June 30, 2022 and December 31, 2021, we did not have any significant contract balances within the scope of Topic 606. As of June 30, 2022, we did not capitalize any revenue contract acquisition costs. Sale-leaseback Transaction: In January 2022, we completed a sale-leaseback transaction for one of our branch locations. We sold the branch for $2.4 million and recognized a gain of $771 thousand which is included in other income in the accompanying consolidated statements of operations. |
RELATED-PARTY TRANSACTIONS
RELATED-PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED-PARTY TRANSACTIONS | RELATED-PARTY TRANSACTIONS Certain of our executive officers and directors, and their related interests, are customers of, or have had transactions with the Bank in the ordinary course of business, including deposits, loans and other financial services related transactions. From time to time, the Bank may make loans to executive officers and directors, and their related interests, in the ordinary course of business and on substantially the same terms and conditions, including interest rates and collateral, as those of comparable transactions with non-insiders prevailing at the time, in accordance with the Bank’s underwriting guidelines, and do not involve more than the normal risk of collectability or present other unfavorable features. As of June 30, 2022, no related party loans were categorized as nonaccrual, past due, restructured or potential problem loans. Transactions with Related Parties The Company and the Bank have engaged in transactions described below with the Company’s current or former directors, executive officers, and beneficial owners of more than five percent of the outstanding shares of the Company’s voting common stock and certain persons related to them. As previously disclosed, the Company’s Board of Directors has authorized and directed the Company to provide indemnification, advancement and/or reimbursement for the costs of separate independent counsel retained by any then-current officer or director, in their individual capacity, with respect to matters related to (i) an investigation by the Special Committee of the Company’s Board of Directors in late 2016, (ii) a formal order of investigation issued by the SEC on January 4, 2017 (since resolved), and (iii) any civil or administrative proceedings against the Company as well as officers and directors currently or previously associated with the Company (collectively, the “Indemnified Matters”). Indemnification costs were paid or reimbursed by the Company or its insurance carriers on behalf of certain current directors in connection with the Indemnified Matters, in an aggregate amount less than $120 thousand and $208 thousand for the three and six months ended June 30, 2022. Indemnification costs were paid or reimbursed by the Company or its insurance carriers on behalf of certain current directors in connection with the Indemnified Matters in aggregate amount of $156 thousand for the three and six months ended June 30, 2021. |
LITIGATION
LITIGATION | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
LITIGATION | LITIGATION From time to time, we are involved as plaintiff or defendant in various legal actions arising in the normal course of business. In accordance with applicable accounting guidance, we establish an accrued liability when those matters present loss contingencies that are both probable and estimable. While the ultimate liability with respect to legal actions cannot be determined at this time, we believe that damages, if any, and other amounts relating to pending matters are not likely to be material to the consolidated financial statements. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS We have evaluated events from the date of the consolidated financial statements on June 30, 2022 through the issuance of these consolidated financial statements included in this Quarterly Report on Form 10-Q. Subsequent to June 30, 2022, we repurchased 485,282 shares of common stock at a weighted average price of $18.07, or $8.8 million. Since the announcement of the stock repurchase program on March 15, 2022, we have repurchased a total of 2,813,978 shares of common stock at a weighted average price of $18.45 per share, or $51.9 million. There have been no other subsequent events that occurred during such period that would require disclosure in this report or would be required to be recognized in the consolidated financial statements as of June 30, 2022. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation: The accompanying unaudited interim consolidated financial statements have been prepared pursuant to Article 10 of SEC Regulation S-X and other SEC rules and regulations for reporting on the Quarterly Report on Form 10-Q. Accordingly, certain disclosures required by U.S. generally accepted accounting principles (“GAAP”) are not included herein. These interim statements should be read in conjunction with the consolidated financial statements and notes included in the Annual Report on Form 10-K for the year ended December 31, 2021 filed by us with the SEC. The December 31, 2021 consolidated statements of financial condition presented herein have been derived from the audited financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC. |
Reclassification | Certain prior period amounts have been reclassified to conform to current period presentation, including reclassification of (i) loans held for sale to other assets in the consolidated statement of financial condition, (ii) fair value adjustment for loans held-for-sale to other income, (iii) income or loss from equity investments to other income, and (iv) advertising and promotion to all other expense in the accompanying consolidated statements of operations.In the opinion of management of the Company, the accompanying unaudited interim consolidated financial statements reflect all of the adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the consolidated financial condition and consolidated results of operations as of the dates and for the periods presented. |
Principles of Consolidation | Principles of Consolidation: The accompanying unaudited consolidated financial statements include the accounts of the Company and its consolidated subsidiaries as of June 30, 2022 and December 31, 2021 and for the three and six months ended June 30, 2022 and 2021. Significant intercompany accounts and transactions have been eliminated in consolidation. Unless the context requires otherwise, all references to the Company include its then wholly-owned subsidiaries. |
Significant Accounting Policies, and Recent Accounting Guidance | Significant Accounting Policies: The accounting and reporting policies of the Company are based upon GAAP and conform to predominant practices within the banking industry. We have not made any significant changes in our critical accounting policies from those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC, except for the accounting for securities held-to-maturity, as described below. Securities Held-to-Maturity. Securities held-to-maturity consist of debt securities that the Company has the positive intent and ability to hold to maturity. These securities are recorded at cost, adjusted for the amortization of premiums or accretion of discounts. Premiums and discounts are amortized or accreted over the life of the security as an adjustment to its yield using the interest method. Transfers of debt securities into the held-to-maturity portfolio are accounted for at fair value. The unrealized gain or loss at the date of transfer is recognized as part of the amortized cost of the transferred security. This amount, along with the unrealized gain or loss included in accumulated other comprehensive income, is amortized or accreted over the life of the security as an adjustment to its yield using the interest method. Securities held-to-maturity are analyzed for credit losses under ASC 326, which requires the Company to determine whether any impairment exists as of the reporting date and, as applicable, whether that impairment is due to credit deterioration. An allowance for credit losses would be established for losses on held-to-maturity debt securities due to credit deterioration and would be recorded as a component of provision for credit losses. Accrued interest is excluded from our expected credit loss estimates. Held-to-maturity debt securities are typically classified as nonaccrual when the contractual payment of principal or interest has become 90 days past due or management has serious doubts about the further collectability of principal or interest. When held-to-maturity debt securities are placed on nonaccrual status, unpaid interest recognized as interest income is reversed. Recent Accounting Guidance: In March 2022, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2022-02, Financial Instruments—Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”), which addresses areas identified by the FASB as part of its post-implementation review of the credit losses standard (ASU 2016-13) that introduced the current expected credit losses (“CECL”) model. The amendments eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the CECL model and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. In addition, the amendments require a public business entity to disclose current-period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. ASU 2022-02 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted if an entity has adopted ASU 2016-13. ASU 2022-02 is not expected to have a material effect on our consolidated financial statements. |
Mortgage Servicing Rights | Mortgage Servicing Rights: Mortgage servicing rights ("MSRs") give the Company the contractual rights to receive service fees in exchange for performing loan servicing functions on behalf of investors who have an ownership interest in the mortgage loan balances. Purchased mortgage servicing rights are recorded at the purchase price at the time of acquisition, which approximates the fair value of such assets. Subsequent to acquisition, MSRs are accounted for under the amortization method and are then amortized over the period of estimated net servicing income (level yield method) generated from servicing the loans. MSRs are evaluated quarterly for impairment by estimating the fair value of the MSRs and comparing that value to their amortized cost. Impairment, if any, is recognized in a valuation allowance to the extent the fair value is less than the carrying amount of the MSRs. Subsequent increases in the fair value of impaired MSRs are recognized only up to the amount of the previously recognized valuation allowance. The estimated fair value of the MSRs is obtained through independent third party valuations based on an analysis of future cash flows, incorporating key assumptions including discount rates, prepayment speeds and interest rates that we believe are consistent with the assumptions used by other similar market participants in valuing MSRs. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements: The preparation of financial statements, in conformity with GAAP, requires management to make estimates and assumptions based on available information. These estimates and assumptions affect the amounts reported in the consolidated financial statements and disclosures provided, and actual results could differ. The allowance for credit losses (“ACL”) (which includes the allowance for loan losses (“ALL”) and the reserve for unfunded loan commitments), provision for credit losses, loan repurchase reserve, realization of deferred tax assets, valuation of goodwill and other intangible assets, valuation of investments in alternative energy partnerships, and the fair value measurement of financial instruments are particularly complex and require judgment which may have a material effect on the consolidated financial statements. |
Business Combination | Business Combination: |
Sale-leaseback Transaction | Sale-leaseback Transaction: In January 2022, we completed a sale-leaseback transaction for one of our branch locations. We sold the branch for $2.4 million and recognized a gain of $771 thousand which is included in other income in the accompanying consolidated statements of operations. |
FAIR VALUES OF FINANCIAL INST_2
FAIR VALUES OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value Assets Measured on a Recurring Basis | The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated: Fair Value Measurement Level ($ in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2022 Assets Securities available-for-sale: SBA loan pools securities $ 13,062 $ — $ 13,062 $ — U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 11,365 — 11,365 — U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 154,053 — 154,053 — Non-agency residential mortgage-backed securities 45,481 — 45,481 — Collateralized loan obligations 478,203 — 478,203 — Corporate debt securities 163,271 — 163,271 — Derivative assets: Interest rate swaps (1) 1,074 — 1,074 — Foreign exchange contracts (1) 186 — 186 — Liabilities Derivative liabilities: Interest rate swaps (2) 1,082 — 1,082 — Foreign exchange contracts (2) 168 — 168 — December 31, 2021 Assets Securities available-for-sale: SBA loan pools securities $ 14,591 $ — $ 14,591 $ — U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 191,969 — 191,969 — U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 241,541 — 241,541 — Municipal securities 119,015 — 119,015 — Non-agency residential mortgage-backed securities 56,025 — 56,025 — Collateralized loan obligations 518,964 — 518,964 — Corporate debt securities 173,598 — 173,598 — Derivative assets: Interest rate swaps (1) 3,390 — 3,390 — Foreign exchange contracts (1) 175 — 175 — Liabilities Derivative liabilities: Interest rate swaps (2) 3,594 — 3,594 — Foreign exchange contracts (2) 146 — 146 — (1) Included in other assets in the Consolidated Statements of Financial Condition. (2) Included in accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. |
Schedule of Fair Value Liabilities Measured on a Recurring Basis | The following table presents our financial assets and liabilities measured at fair value on a recurring basis as of the dates indicated: Fair Value Measurement Level ($ in thousands) Carrying Value Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2022 Assets Securities available-for-sale: SBA loan pools securities $ 13,062 $ — $ 13,062 $ — U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 11,365 — 11,365 — U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 154,053 — 154,053 — Non-agency residential mortgage-backed securities 45,481 — 45,481 — Collateralized loan obligations 478,203 — 478,203 — Corporate debt securities 163,271 — 163,271 — Derivative assets: Interest rate swaps (1) 1,074 — 1,074 — Foreign exchange contracts (1) 186 — 186 — Liabilities Derivative liabilities: Interest rate swaps (2) 1,082 — 1,082 — Foreign exchange contracts (2) 168 — 168 — December 31, 2021 Assets Securities available-for-sale: SBA loan pools securities $ 14,591 $ — $ 14,591 $ — U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 191,969 — 191,969 — U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 241,541 — 241,541 — Municipal securities 119,015 — 119,015 — Non-agency residential mortgage-backed securities 56,025 — 56,025 — Collateralized loan obligations 518,964 — 518,964 — Corporate debt securities 173,598 — 173,598 — Derivative assets: Interest rate swaps (1) 3,390 — 3,390 — Foreign exchange contracts (1) 175 — 175 — Liabilities Derivative liabilities: Interest rate swaps (2) 3,594 — 3,594 — Foreign exchange contracts (2) 146 — 146 — (1) Included in other assets in the Consolidated Statements of Financial Condition. (2) Included in accrued expenses and other liabilities in the Consolidated Statements of Financial Condition. |
Schedule of Assets and Liabilities Measured on Non-recurring Basis | The following table presents our financial assets and liabilities measured at fair value on a non-recurring basis as of the dates indicated: Fair Value Measurement Level ($ in thousands) Fair Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs June 30, 2022 Assets Collateral dependent loans: Single family residential mortgage $ 3,600 $ — $ — $ 3,600 Commercial and industrial 10,903 — — 10,903 SBA 4,029 — — 4,029 December 31, 2021 Assets Collateral dependent loans: Commercial and industrial $ 12,272 $ — $ — $ 12,272 SBA 3,886 — — 3,886 |
Schedule of Gains and (Losses) Recognized on Assets Measured at Fair Value on Non-recurring Basis | The following table presents the gains (losses) recognized on assets measured at fair value on a non-recurring basis for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Collateral dependent loans: Single family residential mortgage $ (1) $ (211) $ (340) $ (211) Commercial and industrial (564) 20 (1,198) 38 SBA (198) (376) (172) (509) Other consumer (216) — (243) — Commercial real estate — (140) — (140) |
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments | Estimated Fair Values of Financial Instruments The following table presents the carrying amounts and estimated fair values of financial assets and liabilities as of the dates indicated: Carrying Amount Fair Value Measurement Level ($ in thousands) Level 1 Level 2 Level 3 Total June 30, 2022 Financial assets Cash and cash equivalents $ 243,064 $ 243,064 $ — $ — $ 243,064 Securities held-to-maturity 329,272 — 285,672 — 285,672 Securities available-for-sale 865,435 — 865,435 — 865,435 Federal Home Loan Bank and other bank stock 51,489 — 51,489 — 51,489 Loans receivable, net of allowance for credit losses 7,357,471 — — 6,980,780 6,980,780 Accrued interest receivable 32,750 32,750 — — 32,750 Derivative assets 1,260 — 1,260 — 1,260 Financial liabilities Deposits 7,558,683 6,809,378 743,027 — 7,552,405 Advances from Federal Home Loan Bank 511,695 — 506,061 — 506,061 Other borrowings 98,000 — 98,017 — 98,017 Long-term debt 274,587 — 269,763 — 269,763 Derivative liabilities 1,250 — 1,250 — 1,250 Accrued interest payable 4,082 4,082 — — 4,082 December 31, 2021 Financial assets Cash and cash equivalents $ 228,123 $ 228,123 $ — $ — $ 228,123 Securities available-for-sale 1,315,703 — 1,315,703 — 1,315,703 Federal Home Loan Bank and other bank stock 44,632 — 44,632 — 44,632 Loans receivable, net of allowance for credit losses 7,158,896 — — 7,150,703 7,150,703 Accrued interest receivable 30,991 30,991 — — 30,991 Derivative assets 3,565 — 3,565 — 3,565 Financial liabilities Deposits 7,439,435 6,932,717 506,711 — 7,439,428 Advances from Federal Home Loan Bank 476,059 — 500,323 — 500,323 Other borrowings 25,000 — 25,000 — 25,000 Long-term debt 274,386 — 294,404 — 294,404 Derivative liabilities 3,740 — 3,740 — 3,740 Accrued interest payable 3,546 3,546 — — 3,546 |
INVESTMENT SECURITIES (Tables)
INVESTMENT SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Amortized Cost and Fair Value of Available-for-Sale Investment Securities | The following table presents the amortized cost and fair value of the investment securities portfolio as of the dates indicated: ($ in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2022 Securities held-to-maturity: U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities $ 153,621 $ — $ (18,334) $ 135,287 U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 61,447 — (8,051) 53,396 Municipal securities 114,204 — (17,215) 96,989 Total securities held-to-maturity $ 329,272 $ — $ (43,600) $ 285,672 Securities available-for-sale: SBA loan pool securities $ 13,085 $ — $ (23) $ 13,062 U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 12,051 — (686) 11,365 U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 160,657 258 (6,862) 154,053 Non-agency residential mortgage-backed securities 53,122 — (7,641) 45,481 Collateralized loan obligations 492,775 — (14,572) 478,203 Corporate debt securities 165,266 973 (2,968) 163,271 Total securities available-for-sale $ 896,956 $ 1,231 $ (32,752) $ 865,435 December 31, 2021 Securities available-for-sale: SBA loan pool securities $ 14,679 $ — $ (88) $ 14,591 U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 190,382 2,898 (1,311) 191,969 U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 242,458 1,171 (2,088) 241,541 Municipal securities 117,913 2,641 (1,539) 119,015 Non-agency residential mortgage-backed securities 56,014 11 — 56,025 Collateralized loan obligations 521,275 — (2,311) 518,964 Corporate debt securities 162,002 11,603 (7) 173,598 Total securities available-for-sale $ 1,304,723 $ 18,324 $ (7,344) $ 1,315,703 |
Schedule of Proceeds from Sales and Calls of Securities and Associated Gross Gains and Losses | The following table presents proceeds from sales and calls of securities available-for-sale and the associated gross gains and losses realized through earnings upon the sales and calls of securities available-for-sale for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Gross realized gains $ — $ — $ 209 $ — Gross realized losses — — (193) — Net realized gains on sales and calls $ — $ — $ 16 $ — Proceeds from sales and calls $ 38,500 $ 100,230 $ 56,145 $ 100,230 |
Schedule of Securities Available-for-Sale | The following table summarizes the investment securities available-for-sale with unrealized losses by security type and length of time in a continuous, unrealized loss position as of the dates indicated: Less Than 12 Months 12 Months or Longer Total ($ in thousands) Fair Gross Unrealized Losses Fair Gross Unrealized Losses Fair Gross Unrealized Losses June 30, 2022 Securities available-for-sale: SBA loan pool securities $ — $ — $ 13,062 $ (23) $ 13,062 $ (23) U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 11,365 (686) — — 11,365 (686) U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 86,032 (4,126) 21,159 (2,736) 107,191 (6,862) Non-agency residential mortgage-backed securities 45,481 (7,641) — — 45,481 (7,641) Collateralized loan obligations 218,486 (6,514) 240,717 (8,058) 459,203 (14,572) Corporate debt securities 88,532 (2,968) — — 88,532 (2,968) Total securities available-for-sale $ 449,896 $ (21,935) $ 274,938 $ (10,817) $ 724,834 $ (32,752) December 31, 2021 Securities available-for-sale: SBA loan pool securities $ — $ — $ 14,591 $ (88) $ 14,591 $ (88) U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities 67,588 (1,311) — — 67,588 (1,311) U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 85,290 (1,184) 17,754 (904) 103,044 (2,088) Municipal securities 44,748 (919) 10,762 (620) 55,510 (1,539) Collateralized loan obligations 81,962 (38) 253,002 (2,273) 334,964 (2,311) Corporate debt securities 4,993 (7) — — 4,993 (7) Total securities available-for-sale $ 284,581 $ (3,459) $ 296,109 $ (3,885) $ 580,690 $ (7,344) The following table presents the fair value and weighted average yields using amortized cost of the securities available-for-sale portfolio as of June 30, 2022, based on the earlier of contractual maturity dates or next repricing dates: One year or less More than One Year through Five Years More than Five Years through Ten Years More than Ten Years Total ($ in thousands) Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Securities available-for-sale: SBA loan pool securities $ 13,062 1.06 % $ — — % $ — — % $ — — % $ 13,062 1.06 % U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities — — % — — % 11,365 2.23 % — — % 11,365 2.23 % U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations 86,602 1.73 % 9,630 2.24 % 35,518 1.55 % 22,303 1.81 % 154,053 1.73 % Non-agency residential mortgage-backed securities — — % — — % — — % 45,481 2.51 % 45,481 2.51 % Collateralized loan obligations 478,203 2.70 % — — % — — % — — % 478,203 2.70 % Corporate debt securities — — % 149,641 4.71 % 13,630 5.73 % — — % 163,271 4.80 % Total securities available-for-sale $ 577,867 2.52 % $ 159,271 4.56 % $ 60,513 2.52 % $ 67,784 2.29 % $ 865,435 2.87 % |
Schedule of Investments Classified by Contractual Maturity Date | The following table presents the amortized cost and fair value of the investment securities portfolio, based on the earlier of contractual maturity dates or next repricing date, as of June 30, 2022: Held-to-Maturity Available-for-Sale ($ in thousands) Amortized Cost Fair Value Amortized Cost Fair Value Maturity: Within one year $ — $ — $ 592,364 $ 577,867 One to five years — — 162,240 159,271 Five to ten years 19,351 17,134 65,645 60,513 Greater than ten years 309,921 268,538 76,707 67,784 Total $ 329,272 $ 285,672 $ 896,956 $ 865,435 |
Schedule of Fair Value and Weighted Average Yields of Securities Held-to-Maturity | The following table presents the fair value and weighted average yields using amortized cost of the securities held-to-maturity portfolio as of June 30, 2022, based on the earlier of contractual maturity dates or next repricing dates: One year or less More than One Year through Five Years More than Five Years through Ten Years More than Ten Years Total ($ in thousands) Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Fair Weighted-Average Yield Securities held-to-maturity: U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities $ — — % $ — — % $ — — % $ 135,287 2.69 % $ 135,287 2.69 % U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations — — % — — % — — % 53,396 2.64 % 53,396 2.64 % Municipal securities — — % — — % 17,134 2.19 % 79,855 2.71 % 96,989 2.62 % Total securities held-to-maturity $ — — % $ — — % $ 17,134 2.19 % $ 268,538 2.68 % $ 285,672 2.66 % |
LOANS AND ALLOWANCE FOR CREDI_2
LOANS AND ALLOWANCE FOR CREDIT LOSSES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Schedule of Loans and Leases Receivable | The following table presents the balances in our loan portfolio as of the dates indicated: ($ in thousands) June 30, December 31, Commercial: Commercial and industrial (1) $ 2,433,464 $ 2,668,984 Commercial real estate 1,204,414 1,311,105 Multifamily 1,572,308 1,361,054 SBA (2) 92,235 205,548 Construction 228,341 181,841 Consumer: Single family residential mortgage 1,832,279 1,420,023 Other consumer 88,223 102,925 Total loans $ 7,451,264 $ 7,251,480 Allowance for loan losses (93,793) (92,584) Loans receivable, net $ 7,357,471 $ 7,158,896 (1) Includes warehouse lending balances of $1.16 billion and $1.60 billion at June 30, 2022 and December 31, 2021. (2) Includes 79 PPP loans totaling $28.4 million at June 30, 2022 and 397 PPP loans totaling $123.1 million at December 31, 2021. The following table presents the balances of total loans as of the dates indicated: ($ in thousands) June 30, December 31, Unpaid principal balance $ 7,436,887 $ 7,245,952 Unamortized net premiums 25,960 18,005 Unamortized net deferred (fees) costs (902) 819 Unamortized SBA PPP fees (21) (831) Fair value adjustment (1) (10,660) (12,465) Total loans $ 7,451,264 $ 7,251,480 (1) At June 30, 2022. includes $9.0 million related to the PMB Acquisition, of which $4.3 million related to PCD loans. At December 31, 2021, includes $10.6 million related to the PMB Acquisition, of which $3.9 million related to PCD loans. Collateral dependent loans consisted of the following as of the dates indicated: June 30, 2022 Real Estate ($ in thousands) Commercial Residential Business Assets Automobile Total Commercial: Commercial and industrial $ 12,349 $ — $ 4,316 $ — $ 16,665 Commercial real estate 893 — — — 893 SBA 98 4,710 5,729 — 10,537 Consumer: Single family residential mortgage — 8,789 — — 8,789 Other consumer — 184 — 111 295 Total loans $ 13,340 $ 13,683 $ 10,045 $ 111 $ 37,179 December 31, 2021 Real Estate ($ in thousands) Commercial Residential Business Assets Automobile Total Commercial: Commercial and industrial $ 13,518 $ 37 $ 4,776 $ — $ 18,331 SBA 689 4,458 11,511 — 16,658 Consumer: Single family residential mortgage — 14,012 — — 14,012 Other consumer — — — 235 235 Total loans $ 14,207 $ 18,507 $ 16,287 $ 235 $ 49,236 |
Schedule of Risk Categories for Loans and Leases | The following table presents the risk categories for total loans by class of loans and origination year as of June 30, 2022: Term Loans Amortized Cost Basis by Origination Year ($ in thousands) 2022 2021 2020 2019 2018 Prior Revolving Loans Amortized Cost Basis Revolving Loans Amortized Cost Basis Total June 30, 2022 Commercial: Commercial and industrial Pass $ 151,151 $ 217,900 $ 69,281 $ 74,539 $ 82,341 $ 181,285 $ 1,528,413 $ 11,741 $ 2,316,651 Special mention 3,367 5,373 30 516 1,877 18,566 13,160 2,516 45,405 Substandard — 1,265 4,586 14,162 12,377 3,207 35,359 452 71,408 Doubtful — — — — — — — — — Commercial and industrial 154,518 224,538 73,897 89,217 96,595 203,058 1,576,932 14,709 2,433,464 Commercial real estate Pass 188,712 385,057 61,027 118,169 161,165 271,356 1,167 66 1,186,719 Special mention — — — — 1,909 1,770 — — 3,679 Substandard — — — — 4,188 8,936 892 — 14,016 Doubtful — — — — — — — — — Commercial real estate 188,712 385,057 61,027 118,169 167,262 282,062 2,059 66 1,204,414 Multifamily Pass 424,820 405,151 158,545 263,048 116,158 160,374 9,384 — 1,537,480 Special mention — — 4,968 — 11,165 — — — 16,133 Substandard — — — — — 18,695 — — 18,695 Doubtful — — — — — — — — — Multifamily 424,820 405,151 163,513 263,048 127,323 179,069 9,384 — 1,572,308 SBA Pass 5,310 32,808 9,532 2,453 1,276 23,115 628 156 75,278 Special mention — — — 3,909 219 1,091 — 2 5,221 Substandard — — 338 190 385 9,361 666 796 11,736 Doubtful — — — — — — — — — SBA 5,310 32,808 9,870 6,552 1,880 33,567 1,294 954 92,235 Construction Pass 52,355 86,325 30,183 10,288 15,223 25,446 (26) — 219,794 Special mention — — — — — 8,547 — — 8,547 Substandard — — — — — — — — — Doubtful — — — — — — — — — Construction 52,355 86,325 30,183 10,288 15,223 33,993 (26) — 228,341 Consumer: Single family residential mortgage Pass 473,398 815,560 77,676 50,930 102,538 290,831 6,135 — 1,817,068 Special mention 651 222 — 670 902 3,547 — 226 6,218 Substandard — — — 339 6,091 2,563 — — 8,993 Doubtful — — — — — — — — — Single family residential mortgage 474,049 815,782 77,676 51,939 109,531 296,941 6,135 226 1,832,279 Other consumer Pass 12,734 19,886 10,469 6,538 3,843 19,725 12,893 1,639 87,727 Special mention — — — 3 — 21 63 58 145 Substandard — — 59 — 73 35 — 184 351 Doubtful — — — — — — — — — Other consumer 12,734 19,886 10,528 6,541 3,916 19,781 12,956 1,881 88,223 Total loans $ 1,312,498 $ 1,969,547 $ 426,694 $ 545,754 $ 521,730 $ 1,048,471 $ 1,608,734 $ 17,836 $ 7,451,264 Total loans Pass $ 1,308,480 $ 1,962,687 $ 416,713 $ 525,965 $ 482,544 $ 972,132 $ 1,558,594 $ 13,602 $ 7,240,717 Special mention 4,018 5,595 4,998 5,098 16,072 33,542 13,223 2,802 85,348 Substandard — 1,265 4,983 14,691 23,114 42,797 36,917 1,432 125,199 Doubtful — — — — — — — — — Total loans $ 1,312,498 $ 1,969,547 $ 426,694 $ 545,754 $ 521,730 $ 1,048,471 $ 1,608,734 $ 17,836 $ 7,451,264 The following table presents the risk categories for total loans by class of loans and origination year as of December 31, 2021: Term Loans Amortized Cost Basis by Origination Year ($ in thousands) 2021 2020 2019 2018 2017 Prior Revolving Loans Amortized Cost Basis Revolving Loans Amortized Cost Basis Total December 31, 2021 Commercial: Commercial and industrial Pass $ 254,218 $ 81,177 $ 71,950 $ 78,461 $ 56,439 $ 110,490 $ 1,888,126 $ 9,679 $ 2,550,540 Special mention 1,206 5,971 13,721 835 7,272 9,846 20,460 6,348 65,659 Substandard 2 241 17,853 11,378 3,374 117 17,429 2,391 52,785 Doubtful — — — — — — — — — Commercial and industrial 255,426 87,389 103,524 90,674 67,085 120,453 1,926,015 18,418 2,668,984 Commercial real estate Pass 465,524 82,759 140,108 192,263 85,755 317,941 8,416 71 1,292,837 Special mention — — — 1,925 — 2,920 — — 4,845 Substandard — — 506 — — 9,084 3,833 — 13,423 Doubtful — — — — — — — — — Commercial real estate 465,524 82,759 140,614 194,188 85,755 329,945 12,249 71 1,311,105 Multifamily Pass 410,958 208,396 315,119 157,640 61,457 158,464 4 — 1,312,038 Special mention — 1,988 — 11,261 — 33,065 — — 46,314 Substandard — — — — — 2,702 — — 2,702 Doubtful — — — — — — — — — Multifamily 410,958 210,384 315,119 168,901 61,457 194,231 4 — 1,361,054 SBA Pass 106,749 23,972 8,049 1,957 10,836 28,495 928 143 181,129 Special mention — 1,586 3,618 236 — 596 — 4 6,040 Substandard — 5,888 — 390 3,358 7,245 599 899 18,379 Doubtful — — — — — — — — — SBA 106,749 31,446 11,667 2,583 14,194 36,336 1,527 1,046 205,548 Construction Pass 67,074 32,995 29,038 17,139 25,485 — — — 171,731 Special mention — — — 1,607 — 8,503 — — 10,110 Substandard — — — — — — — — — Doubtful — — — — — — — — — Construction 67,074 32,995 29,038 18,746 25,485 8,503 — — 181,841 Consumer: Single family residential mortgage Pass 713,844 96,339 67,075 140,329 88,123 277,247 12,828 — 1,395,785 Special mention — 1,644 339 910 692 6,838 — — 10,423 Substandard — — — 11,005 975 1,601 — 234 13,815 Doubtful — — — — — — — — — Single family residential mortgage 713,844 97,983 67,414 152,244 89,790 285,686 12,828 234 1,420,023 Other consumer Pass 26,179 13,556 8,891 5,265 9,038 15,951 21,327 2,331 102,538 Special mention — — 4 — — 25 63 — 92 Substandard — 61 14 148 46 26 — — 295 Doubtful — — — — — — — — — Other consumer 26,179 13,617 8,909 5,413 9,084 16,002 21,390 2,331 102,925 Total loans $ 2,045,754 $ 556,573 $ 676,285 $ 632,749 $ 352,850 $ 991,156 $ 1,974,013 $ 22,100 $ 7,251,480 Total loans Pass $ 2,044,546 $ 539,194 $ 640,230 $ 593,054 $ 337,133 $ 908,588 $ 1,931,629 $ 12,224 $ 7,006,598 Special mention 1,206 11,189 17,682 16,774 7,964 61,793 20,523 6,352 143,483 Substandard 2 6,190 18,373 22,921 7,753 20,775 21,861 3,524 101,399 Doubtful — — — — — — — — — Total loans $ 2,045,754 $ 556,573 $ 676,285 $ 632,749 $ 352,850 $ 991,156 $ 1,974,013 $ 22,100 $ 7,251,480 |
Schedule of Aging of Recorded Investment in Past Due Loans and Leases | The following table presents the aging of the recorded investment in past due loans, excluding accrued interest receivable (which is not considered to be material), by class of loans as of the dates indicated: ($ in thousands) 30 - 59 Days Past Due 60 - 89 Days Past Due Greater than 89 Days Past due Total Past Due Current Total June 30, 2022 Commercial: Commercial and industrial 3,433 2,567 7,204 13,204 2,420,260 2,433,464 Commercial real estate 893 — — 893 1,203,521 1,204,414 Multifamily — — — — 1,572,308 1,572,308 SBA 4,766 115 10,087 14,968 77,267 92,235 Construction — — — — 228,341 228,341 Consumer: Single family residential mortgage 23,226 2,848 6,430 32,504 1,799,775 1,832,279 Other consumer 437 — 184 621 87,602 88,223 Total $ 32,755 $ 5,530 $ 23,905 $ 62,190 $ 7,389,074 $ 7,451,264 December 31, 2021 Commercial: Commercial and industrial 9,342 1,351 9,503 20,196 2,648,788 2,668,984 Commercial real estate — — — — 1,311,105 1,311,105 Multifamily 786 — — 786 1,360,268 1,361,054 SBA 987 2,360 15,941 19,288 186,260 205,548 Construction — — — — 181,841 181,841 Consumer: Single family residential mortgage 24,867 — 7,076 31,943 1,388,080 1,420,023 Other consumer 449 — 89 538 102,387 102,925 Total $ 36,431 $ 3,711 $ 32,609 $ 72,751 $ 7,178,729 $ 7,251,480 |
Schedule of Allowance for Loan and Lease Losses and Recorded Investment, Excluding Accrued Interest, in Loans | The following table presents a summary of activity in the ACL for the periods indicated: Three Months Ended June 30, ($ in thousands) 2022 2021 Allowance Reserve for Unfunded Loan Commitments Allowance Allowance Reserve for Unfunded Loan Commitments Allowance Balance at beginning of period $ 93,226 $ 5,405 $ 98,631 $ 79,353 $ 3,360 $ 82,713 Charge-offs (494) — (494) (886) — (886) Recoveries 1,561 — 1,561 26 — 26 Net recoveries (charge-offs) 1,067 — 1,067 (860) — (860) (Reversal of) provision for credit losses (500) 500 — (2,608) 454 (2,154) Balance at end of period $ 93,793 $ 5,905 $ 99,698 $ 75,885 $ 3,814 $ 79,699 Six Months Ended June 30, ($ in thousands) 2022 2021 Allowance Reserve for Unfunded Loan Commitments Allowance Allowance Reserve for Unfunded Loan Commitments Allowance Balance at beginning of period $ 92,584 $ 5,605 $ 98,189 $ 81,030 $ 3,183 $ 84,213 Charge-offs (725) — (725) (1,451) — (1,451) Recoveries 33,776 — 33,776 198 — 198 Net charge-offs 33,051 — 33,051 (1,253) — (1,253) (Reversal of) provision for credit losses (31,842) 300 (31,542) (3,892) 631 (3,261) Balance at end of period $ 93,793 $ 5,905 $ 99,698 $ 75,885 $ 3,814 $ 79,699 The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans as of or for the three and six months ended June 30, 2022: ($ in thousands) Commercial and Industrial Commercial Real Estate Multifamily SBA Construction Single Family Residential Mortgage Other Consumer Total ALL: Three Months Ended June 30, 2022: Balance at March 31, 2022 $ 39,967 $ 16,490 $ 15,337 $ 3,041 $ 6,268 $ 11,029 $ 1,094 $ 93,226 Charge-offs (138) — — (139) — — (217) (494) Recoveries 1,400 — — 3 — 154 4 1,561 Net recoveries (charge-offs) 1,262 — — (136) — 154 (213) 1,067 Provision for (reversal of) credit losses - loans 184 (748) 341 128 (2,013) 1,622 (14) (500) Balance at June 30, 2022 $ 41,413 $ 15,742 $ 15,678 $ 3,033 $ 4,255 $ 12,805 $ 867 $ 93,793 Six Months Ended June 30, 2022: Balance at December 31, 2021 $ 33,557 $ 21,727 $ 17,893 $ 3,017 $ 5,622 $ 9,608 $ 1,160 $ 92,584 Charge-offs (320) — — (152) — (10) (243) (725) Recoveries 32,817 — — 761 — 192 6 33,776 Net recoveries (charge-offs) 32,497 — — 609 — 182 (237) 33,051 Provision for (reversal of) credit losses - loans (24,641) (5,985) (2,215) (593) (1,367) 3,015 (56) (31,842) Balance at June 30, 2022 $ 41,413 $ 15,742 $ 15,678 $ 3,033 $ 4,255 $ 12,805 $ 867 $ 93,793 The following table presents the activity and balance in the ALL and the recorded investment, excluding accrued interest, in loans as of or for the three and six months ended June 30, 2021: ($ in thousands) Commercial and Industrial Commercial Real Estate Multifamily SBA Construction Single Family Residential Mortgage Other Consumer Total ALL: Three Months Ended June 30, 2021: Balance at March 31, 2021 $ 19,703 $ 17,100 $ 23,884 $ 3,451 $ 5,552 $ 9,161 $ 502 $ 79,353 Charge-offs (500) — — (386) — — — (886) Recoveries 23 — — 3 — — — 26 Net (charge-offs) recoveries (477) — — (383) — — — (860) (Reversal of) provision for credit losses - loans 930 (676) (2,481) 628 (818) (53) (138) (2,608) Balance at June 30, 2021 $ 20,156 $ 16,424 $ 21,403 $ 3,696 $ 4,734 $ 9,108 $ 364 $ 75,885 Six Months Ended June 30, 2021: Balance at December 31, 2020 $ 20,608 $ 19,074 $ 22,512 $ 3,145 $ 5,849 $ 9,191 $ 651 $ 81,030 Charge-offs (1,065) — — (386) — — — (1,451) Recoveries 68 — — 129 — — 1 198 Net (charge-offs) recoveries (997) — — (257) — — 1 (1,253) Provision for (reversal of) credit losses - loans 545 (2,650) (1,109) 808 (1,115) (83) (288) (3,892) Balance at June 30, 2021 $ 20,156 $ 16,424 $ 21,403 $ 3,696 $ 4,734 $ 9,108 $ 364 $ 75,885 |
Schedule of Composition of Nonaccrual Loans and Leases | The following table presents nonaccrual loans as of the dates indicated: June 30, 2022 December 31, 2021 ($ in thousands) Total Nonaccrual Loans with no ACL Total Nonaccrual Loans with no ACL Nonaccrual loans Commercial: Commercial and industrial $ 25,380 $ 6,413 $ 28,594 $ 9,137 Commercial real estate 893 893 — — SBA 10,537 5,163 16,653 11,443 Consumer: Single family residential mortgage 7,341 3,412 7,076 7,076 Other consumer 292 292 235 235 Total nonaccrual loans $ 44,443 $ 16,173 $ 52,558 $ 27,891 |
Schedule of Troubled Debt Restructurings | TDR loans consisted of the following as of the dates indicated: ($ in thousands) June 30, December 31, Commercial: Commercial and industrial $ 19,778 $ 5,241 Commercial real estate 4,187 4,243 SBA 522 265 Consumer: Single family residential mortgage 1,448 6,935 Total $ 25,935 $ 16,684 The following table summarizes the pre-modification and post-modification balances of the new TDRs for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Number of Loans Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment June 30, 2022 Commercial: Commercial and industrial (1) — $ — $ — 1 $ 12,840 $ 12,840 SBA 2 833 833 2 833 833 Total 2 $ 833 $ 833 3 $ 13,673 $ 13,673 June 30, 2021 Consumer: Single family residential mortgage (1) — $ — $ — 1 $ 1,800 $ 1,800 Total — $ — $ — 1 $ 1,800 $ 1,800 (1) Modifications during the three and six months ended June 30, 2022 and 2021 consisted of extensions of maturity. |
GOODWILL AND OTHER INTANGIBLE_2
GOODWILL AND OTHER INTANGIBLE ASSETS, NET (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table presents changes in the carrying amount of goodwill for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Goodwill, beginning of period $ 95,127 $ 37,144 $ 94,301 $ 37,144 Goodwill adjustments for purchase accounting — — 826 — Goodwill, end of period $ 95,127 $ 37,144 $ 95,127 $ 37,144 Accumulated impairment losses at end of period $ 2,100 $ 2,100 $ 2,100 $ 2,100 |
Schedule of Finite-lived Intangible Assets | The following table presents changes in the carrying amount of intangible assets, net for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Core deposit intangibles: Balance, beginning of period $ 34,978 $ 30,904 $ 35,958 $ 30,904 Core deposit intangible adjustments for purchase accounting — — (980) — Balance, end of period 34,978 30,904 34,978 30,904 Accumulated amortization: Balance, beginning of period 29,988 28,553 29,547 28,271 Amortization of intangible assets 313 282 754 564 Balance, end of period 30,301 28,835 30,301 28,835 Intangible assets, net $ 4,677 $ 2,069 $ 4,677 $ 2,069 |
Schedule of Estimated Future Amortization Expense | The following table presents estimated future amortization expense of intangible assets, net as of June 30, 2022: ($ in thousands) Remainder of 2022 2023 2024 2025 2026 2027 and After Total Estimated future amortization expense $ 745 $ 1,092 $ 719 $ 420 $ 373 $ 1,328 $ 4,677 |
FEDERAL HOME LOAN BANK ADVANC_2
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Federal Home Loan Banks [Abstract] | |
Schedule of Advances from the FHLB | The following table presents advances from the FHLB as of the dates indicated: ($ in thousands) June 30, December 31, Fixed rate: Outstanding balance (1) $ 411,000 $ 411,000 Interest rates ranging from 0.64 % 0.64 % Interest rates ranging to 3.32 % 3.32 % Weighted average interest rate 2.53 % 2.53 % Variable rate: Outstanding balance $ 105,000 $ 70,000 Weighted average interest rate 1.64 % 0.20 % |
LONG-TERM DEBT (Tables)
LONG-TERM DEBT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The following table presents our long-term debt as of the dates indicated: June 30, 2022 December 31, 2021 ($ in thousands) Interest Maturity Par Unamortized Debt Issuance Cost and Discount Par Unamortized Debt Issuance Cost and Discount Senior notes 5.25% 4/15/2025 $ 175,000 $ (910) $ 175,000 $ (1,014) Subordinated notes 4.375% 10/30/2030 85,000 (2,030) 85,000 (2,127) PMB Statutory Trust III, junior subordinated debentures Libor + 3.40% 9/26/2032 7,217 — 7,217 — PMB Capital Trust III, junior subordinated debentures Libor + 2.00% 10/8/2034 10,310 — 10,310 — Total $ 277,527 $ (2,940) $ 277,527 $ (3,141) |
DERIVATIVE INSTRUMENTS (Tables)
DERIVATIVE INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Amount and Market Value of Mortgage Banking Derivatives | The following table presents the notional amount and fair value of derivative instruments included in the consolidated statements of financial condition as of the dates indicated. June 30, 2022 December 31, 2021 ($ in thousands) Notional Amount Fair Value (1) Notional Amount Fair Value (1) Derivative assets: Interest rate swaps on loans $ 34,702 $ 1,074 $ 58,834 $ 3,390 Foreign exchange contracts 5,511 186 4,725 175 Total $ 40,213 $ 1,260 $ 63,559 $ 3,565 Derivative liabilities: Interest rate swaps on loans $ 34,702 $ 1,082 $ 58,834 3,594 Foreign exchange contracts 5,511 168 4,725 146 Total $ 40,213 $ 1,250 $ 63,559 $ 3,740 |
EMPLOYEE STOCK COMPENSATION (Ta
EMPLOYEE STOCK COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of Share-based Compensation Expense | The following table presents total stock-based compensation expense and the related tax benefits for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Restricted stock awards and units $ 1,482 $ 1,338 $ 2,767 $ 2,882 Related tax benefits $ 428 $ 394 $ 799 $ 849 |
Schedule of Restricted Stock and Restricted Stock Units Activity | The following table presents unvested restricted stock awards and restricted stock units activity for the three and six months ended June 30, 2022: Three Months Ended Six Months Ended Number of Shares Weighted Average Grant Date Fair Value Per Share Number of Shares Weighted Outstanding at beginning of period 784,791 $ 18.08 649,010 $ 17.17 Granted (1) 750,615 $ 11.52 1,021,182 $ 13.65 Vested (2) (122,738) $ 15.66 (239,319) $ 16.34 Forfeited (3) (9,608) $ 19.31 (27,813) $ 17.28 Outstanding at end of period 1,403,060 $ 14.77 1,403,060 $ 14.77 (1) There were 695,567 and 764,692 performance-based shares/units included in shares granted for the three and six months ended June 30, 2022. (2) There were 24,783 and 24,783 performance-based shares/units included in vested shares for the three and six months ended June 30, 2022. (3) The number of forfeited shares included aggregate performance-based shares/units of zero and 9,428 for the three and six months ended June 30, 2022. |
Schedule of Option Activity | The following tables represents stock option activity for the three months ended June 30, 2022: Three Months Ended June 30, 2022 ($ in thousands, except per share data) Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contract Term Aggregated Intrinsic Value Outstanding at beginning of period 14,904 $ 13.05 Exercised — $ — Outstanding at end of period 14,904 $ 13.05 2.8 years $ 68 Exercisable at end of period 14,904 $ 13.05 2.8 years $ 68 The following table represents stock option activity for the six months ended June 30, 2022: Six Months Ended June 30, 2022 ($ in thousands, except per share data) Number of Shares Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contract Term Aggregated Intrinsic Value Outstanding at beginning of period 14,904 $ 13.05 Exercised — $ — Outstanding at end of period 14,904 $ 13.05 2.8 years $ 68 Exercisable at end of period 14,904 $ 13.05 2.8 years $ 68 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of Preferred Stock | The following table presents our total outstanding preferred stock as of the dates indicated: June 30, 2022 December 31, 2021 ($ in thousands) Shares Outstanding Liquidation Preference Carrying Value Shares Outstanding Liquidation Preference Carrying Value Series E non-cumulative perpetual — — — 98,702 98,702 94,956 Total — $ — $ — 98,702 $ 98,702 $ 94,956 The following table summarizes redemptions and repurchases of these depositary shares for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Series D Preferred Stock: Depositary shares repurchased — — — 3,730,767 Preferred Stock retired (shares) — — — 93,269 Consideration paid $ — $ — $ — $ 93,269 Carrying value — — — 89,922 Impact of preferred stock redemption $ — $ — $ — $ 3,347 Series E Preferred Stock: Depositary shares repurchased — — 3,948,080 — Preferred Stock retired (shares) — — 98,702 — Consideration paid $ — $ — $ 98,703 $ — Carrying value — — 94,956 — Impact of preferred stock redemption $ — $ — $ 3,747 $ — |
Schedule of Changes to Accumulate Other Comprehensive Income by Components | The following table presents changes to AOCI for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Balance at beginning of period $ (19,172) $ 5,185 $ 7,743 $ 7,746 Unrealized loss on securities available-for-sale: Unrealized loss arising during the period (21,016) 13,550 (59,103) 9,912 Reclassification adjustment from other comprehensive income — — (16) — Total unrealized loss on securities available-for-sale (21,016) 13,550 (59,119) 9,912 Amortization of unrealized loss of available-for-sale securities transferred to held-to-maturity 246 — 333 — Tax effect of current period changes 5,883 (3,995) 16,984 (2,918) Total changes, net of taxes (14,887) 9,555 (41,802) 6,994 Balance at end of period $ (34,059) $ 14,740 $ (34,059) $ 14,740 |
VARIABLE INTEREST ENTITIES (Tab
VARIABLE INTEREST ENTITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Variable Interest Entity [Line Items] | |
Schedule of Unconsolidated VIEs | The following table represents the carrying value of the associated unconsolidated assets and liabilities and the associated maximum loss exposure for alternative energy partnerships as of the dates indicated: ($ in thousands) June 30, December 31, Cash $ 2,367 $ 4,227 Equipment, net of depreciation 242,097 246,421 Other assets 9,311 9,098 Total unconsolidated assets $ 253,775 $ 259,746 Total unconsolidated liabilities $ 9,292 $ 12,129 Maximum loss exposure $ 23,531 $ 25,888 |
Variable Interest Entity, Not Primary Beneficiary | |
Variable Interest Entity [Line Items] | |
Schedule of Unconsolidated VIEs | The following table presents information regarding activity in our alternative energy partnerships for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Fundings $ — $ — $ — $ — Cash distribution from investment 582 570 1,156 1,108 (Loss) gain on investments in alternative energy partnerships (1,043) 829 (1,201) (2,801) Income tax credits recognized — — — — Tax expense (benefit) recognized from HLBV application (301) 228 (347) (770) |
Variable Interest Entity, Not Primary Beneficiary | Affordable Housing Fund Investment | |
Variable Interest Entity [Line Items] | |
Schedule of Unconsolidated VIEs | The following table presents information regarding balances in LIHTC investments for the periods indicated: ($ in thousands) June 30, December 31, Ending balance (1) $ 44,006 $ 38,982 Aggregate funding commitment 67,961 61,278 Total amount funded 53,038 51,014 Unfunded commitment 14,923 10,264 Maximum loss exposure 44,006 38,982 (1) Included in other assets in the accompanying Consolidated Statements of Financial Condition. The following table presents information regarding activity in our LIHTC investments for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Fundings $ 919 $ 1,161 $ 2,024 $ 2,164 Proportional amortization recognized 1,027 881 2,573 2,063 Income tax credits recognized 1,163 1,158 2,536 2,311 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Earnings Per Common Share | The following table presents computations of basic and diluted earnings per common share ("EPS") for the three and six months ended June 30, 2022: Three Months Ended June 30, 2022 Six Months Ended ($ in thousands except per share data) Common Stock Class B Common Stock Class B Common Stock Net income $ 26,504 $ 208 $ 74,645 $ 579 Less: preferred stock dividends — — (1,409) (11) Less: preferred stock redemption — — (3,718) (29) Net income allocated to common stockholders $ 26,504 $ 208 $ 69,518 $ 539 Weighted average common shares outstanding 60,873,481 477,321 61,497,261 477,321 Dilutive effects of restricted shares/units 245,571 — 269,093 — Dilutive effects of stock options 4,242 — 4,701 — Average shares and dilutive common shares 61,123,294 477,321 61,771,055 477,321 Basic earnings per common share $ 0.44 $ 0.44 $ 1.13 $ 1.13 Diluted earnings per common share $ 0.43 $ 0.44 $ 1.13 $ 1.13 The following table presents computations of basic and diluted EPS for the three and six months ended June 30, 2021: Three Months Ended June 30, 2021 Six Months Ended June 30, 2021 ($ in thousands except per share data) Common Stock Class B Common Stock Common Stock Class B Common Stock Net income $ 18,870 $ 180 $ 33,109 $ 316 Less: income allocated to participating securities — — (121) (1) Less: preferred stock dividends (1,711) (16) (4,822) (46) Less: preferred stock redemption — — (3,315) (32) Net income allocated to common stockholders $ 17,159 $ 164 $ 24,851 $ 237 Weighted average common shares outstanding 50,172,865 477,321 50,024,048 477,321 Dilutive effects of stock units 238,008 — 302,848 — Dilutive effects of stock options 4,008 — 6,068 — Average shares and dilutive common shares 50,414,881 477,321 50,332,964 477,321 Basic earnings per common share $ 0.34 $ 0.34 $ 0.50 $ 0.50 Diluted earnings per common share $ 0.34 $ 0.34 $ 0.49 $ 0.50 |
LOAN COMMITMENTS AND OTHER RE_2
LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contractual Amount of Financial Instruments With Off-balance-sheet Risk | The following table presents the contractual amount of financial instruments with off-balance-sheet risk as of the periods indicated: June 30, 2022 December 31, 2021 ($ in thousands) Fixed Rate Variable Rate Fixed Rate Variable Rate Commitments to extend credit $ 48,805 $ 185,478 $ 37,107 $ 136,921 Unused lines of credit 4,454 1,995,891 6,894 1,699,933 Letters of credit 2,825 7,299 2,553 5,617 |
REVENUE RECOGNITION (Tables)
REVENUE RECOGNITION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Noninterest (Loss) Income | The following table presents noninterest income, segregated by revenue streams, in-scope and out-of-scope of Topic 606 - Revenue From Contracts With Customers , for the periods indicated: Three Months Ended Six Months Ended ($ in thousands) 2022 2021 2022 2021 Noninterest income In scope of Topic 606 Deposit service fees $ 1,627 $ 825 $ 3,281 $ 1,635 Debit card fees 542 496 995 883 Other 137 102 296 181 Noninterest income (in-scope of Topic 606) 2,306 1,423 4,572 2,699 Noninterest income (out-of-scope of Topic 606) 4,880 2,020 8,524 5,553 Total noninterest income $ 7,186 $ 3,443 $ 13,096 $ 8,252 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Additional Information (Details) $ / shares in Units, $ in Millions | 3 Months Ended | |
Oct. 18, 2021 USD ($) office branch $ / shares shares | Jun. 30, 2022 USD ($) branch | |
Restructuring Cost and Reserve [Line Items] | ||
Number of banking offices | branch | 31 | |
Purchase of mortgage servicing rights | $ 22.8 | |
Unpaid principal balance on underlying loans of MSRs | $ 1,730 | |
Common Stock | ||
Restructuring Cost and Reserve [Line Items] | ||
Closing price of BOC's common stock (in USD per share) | $ / shares | $ 18.74 | |
Pacific Mercantile Bancorp (“PMB”) | ||
Restructuring Cost and Reserve [Line Items] | ||
Exchange ratio | 0.5 | |
Pacific Mercantile Bancorp (“PMB”) | ||
Restructuring Cost and Reserve [Line Items] | ||
Number of banking offices | office | 7 | |
Number of full service brances | branch | 3 | |
Acquisitions shares (in shares) | shares | 23,713,417 | |
Cash paid at closing | $ 3.2 | |
Shares paid as merger consideration (in shares) | shares | 11,856,713 | |
Stock consideration | $ 222.2 | |
Aggregate purchase price | 225.4 | |
Goodwill | $ 58 |
FAIR VALUES OF FINANCIAL INST_3
FAIR VALUES OF FINANCIAL INSTRUMENTS - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | $ 865,435 | $ 1,315,703 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities available-for-sale, at fair value | $ 0 | $ 0 |
FAIR VALUES OF FINANCIAL INST_4
FAIR VALUES OF FINANCIAL INSTRUMENTS - Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | $ 865,435 | $ 1,315,703 |
Derivative assets | 1,260 | 3,565 |
Derivative liabilities | 1,250 | 3,740 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 865,435 | 1,315,703 |
Derivative assets | 1,260 | 3,565 |
Derivative liabilities | 1,250 | 3,740 |
Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 865,435 | 1,315,703 |
Derivative assets | 1,260 | 3,565 |
Derivative liabilities | 1,250 | 3,740 |
SBA loan pool securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 13,062 | 14,591 |
SBA loan pool securities | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
SBA loan pool securities | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 13,062 | 14,591 |
SBA loan pool securities | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
SBA loan pool securities | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 13,062 | 14,591 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 11,365 | 191,969 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 11,365 | 191,969 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 11,365 | 191,969 |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 154,053 | 241,541 |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 154,053 | 241,541 |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 154,053 | 241,541 |
Municipal securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 119,015 | |
Municipal securities | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | |
Municipal securities | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 119,015 | |
Municipal securities | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | |
Municipal securities | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 119,015 | |
Non-agency residential mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 45,481 | 56,025 |
Non-agency residential mortgage-backed securities | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Non-agency residential mortgage-backed securities | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 45,481 | 56,025 |
Non-agency residential mortgage-backed securities | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Non-agency residential mortgage-backed securities | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 45,481 | 56,025 |
Collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 478,203 | 518,964 |
Collateralized loan obligations | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Collateralized loan obligations | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 478,203 | 518,964 |
Collateralized loan obligations | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Collateralized loan obligations | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 478,203 | 518,964 |
Corporate debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 163,271 | 173,598 |
Corporate debt securities | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Corporate debt securities | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 163,271 | 173,598 |
Corporate debt securities | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 0 | 0 |
Corporate debt securities | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Available-for-sale securities | 163,271 | 173,598 |
Interest rate swaps | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Interest rate swaps | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,074 | 3,390 |
Derivative liabilities | 1,082 | 3,594 |
Interest rate swaps | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Interest rate swaps | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 1,074 | 3,390 |
Derivative liabilities | 1,082 | 3,594 |
Foreign exchange contracts | Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Foreign exchange contracts | Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 186 | 175 |
Derivative liabilities | 168 | 146 |
Foreign exchange contracts | Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 0 | 0 |
Derivative liabilities | 0 | 0 |
Foreign exchange contracts | Recurring | Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative assets | 186 | 175 |
Derivative liabilities | $ 168 | $ 146 |
FAIR VALUES OF FINANCIAL INST_5
FAIR VALUES OF FINANCIAL INSTRUMENTS - Nonrecurring Basis (Details) - Nonrecurring - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Single family residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | $ 0 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Commercial and industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | 0 | $ 0 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | 0 | 0 |
Significant Other Observable Inputs (Level 2) | Single family residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | 0 | |
Significant Other Observable Inputs (Level 2) | Commercial and industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | 0 | 0 |
Significant Other Observable Inputs (Level 2) | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | 0 | 0 |
Significant Unobservable Inputs (Level 3) | Single family residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | 3,600 | |
Significant Unobservable Inputs (Level 3) | Commercial and industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | 10,903 | 12,272 |
Significant Unobservable Inputs (Level 3) | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | 4,029 | 3,886 |
Fair Value | Single family residential mortgage | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | 3,600 | |
Fair Value | Commercial and industrial | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | 10,903 | 12,272 |
Fair Value | SBA | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Collateral dependent loans: | $ 4,029 | $ 3,886 |
FAIR VALUES OF FINANCIAL INST_6
FAIR VALUES OF FINANCIAL INSTRUMENTS - Gains and (Losses) on Non-Recurring Assets (Details) - Nonrecurring - Collateral dependent loans: - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Single family residential mortgage | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (losses) recognized on assets measured at fair value | $ (1) | $ (211) | $ (340) | $ (211) |
Commercial and industrial | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (losses) recognized on assets measured at fair value | (564) | 20 | (1,198) | 38 |
SBA | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (losses) recognized on assets measured at fair value | (198) | (376) | (172) | (509) |
Other consumer | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (losses) recognized on assets measured at fair value | (216) | 0 | (243) | 0 |
Commercial real estate | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Gains (losses) recognized on assets measured at fair value | $ 0 | $ (140) | $ 0 | $ (140) |
FAIR VALUES OF FINANCIAL INST_7
FAIR VALUES OF FINANCIAL INSTRUMENTS - Carrying Amounts and Estimated Fair Values of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financial assets | ||
Cash and cash equivalents | $ 243,064 | $ 228,123 |
Securities held-to-maturity | 285,672 | |
Securities available-for-sale | 865,435 | 1,315,703 |
Federal Home Loan Bank and other bank stock | 51,489 | 44,632 |
Loans receivable, net of allowance for credit losses | 6,980,780 | 7,150,703 |
Accrued interest receivable | 32,750 | 30,991 |
Derivative assets | 1,260 | 3,565 |
Financial liabilities | ||
Deposits | 7,552,405 | 7,439,428 |
Advances from Federal Home Loan Bank | 506,061 | 500,323 |
Other borrowings | 98,017 | 25,000 |
Long-term debt | 269,763 | 294,404 |
Derivative liabilities | 1,250 | 3,740 |
Accrued interest payable | 4,082 | 3,546 |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Financial assets | ||
Cash and cash equivalents | 243,064 | 228,123 |
Securities held-to-maturity | 0 | |
Securities available-for-sale | 0 | 0 |
Federal Home Loan Bank and other bank stock | 0 | 0 |
Loans receivable, net of allowance for credit losses | 0 | 0 |
Accrued interest receivable | 32,750 | 30,991 |
Derivative assets | 0 | 0 |
Financial liabilities | ||
Deposits | 6,809,378 | 6,932,717 |
Advances from Federal Home Loan Bank | 0 | 0 |
Other borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Derivative liabilities | 0 | 0 |
Accrued interest payable | 4,082 | 3,546 |
Significant Other Observable Inputs (Level 2) | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Securities held-to-maturity | 285,672 | |
Securities available-for-sale | 865,435 | 1,315,703 |
Federal Home Loan Bank and other bank stock | 51,489 | 44,632 |
Loans receivable, net of allowance for credit losses | 0 | 0 |
Accrued interest receivable | 0 | 0 |
Derivative assets | 1,260 | 3,565 |
Financial liabilities | ||
Deposits | 743,027 | 506,711 |
Advances from Federal Home Loan Bank | 506,061 | 500,323 |
Other borrowings | 98,017 | 25,000 |
Long-term debt | 269,763 | 294,404 |
Derivative liabilities | 1,250 | 3,740 |
Accrued interest payable | 0 | 0 |
Significant Unobservable Inputs (Level 3) | ||
Financial assets | ||
Cash and cash equivalents | 0 | 0 |
Securities held-to-maturity | 0 | |
Securities available-for-sale | 0 | 0 |
Federal Home Loan Bank and other bank stock | 0 | 0 |
Loans receivable, net of allowance for credit losses | 6,980,780 | 7,150,703 |
Accrued interest receivable | 0 | 0 |
Derivative assets | 0 | 0 |
Financial liabilities | ||
Deposits | 0 | 0 |
Advances from Federal Home Loan Bank | 0 | 0 |
Other borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Derivative liabilities | 0 | 0 |
Accrued interest payable | 0 | 0 |
Carrying Value | ||
Financial assets | ||
Cash and cash equivalents | 243,064 | 228,123 |
Securities held-to-maturity | 329,272 | |
Securities available-for-sale | 865,435 | 1,315,703 |
Federal Home Loan Bank and other bank stock | 51,489 | 44,632 |
Loans receivable, net of allowance for credit losses | 7,357,471 | 7,158,896 |
Accrued interest receivable | 32,750 | 30,991 |
Derivative assets | 1,260 | 3,565 |
Financial liabilities | ||
Deposits | 7,558,683 | 7,439,435 |
Advances from Federal Home Loan Bank | 511,695 | 476,059 |
Other borrowings | 98,000 | 25,000 |
Long-term debt | 274,587 | 274,386 |
Derivative liabilities | 1,250 | 3,740 |
Accrued interest payable | $ 4,082 | $ 3,546 |
INVESTMENT SECURITIES - Summary
INVESTMENT SECURITIES - Summary of Amortized Cost and Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Securities held-to-maturity: | ||
Amortized Cost | $ 329,272 | $ 0 |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (43,600) | |
Fair Value | 285,672 | |
Securities available-for-sale: | ||
Amortized Cost | 896,956 | 1,304,723 |
Gross Unrealized Gains | 1,231 | 18,324 |
Gross Unrealized Losses | (32,752) | (7,344) |
Securities available-for-sale, at fair value | 865,435 | 1,315,703 |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | ||
Securities held-to-maturity: | ||
Amortized Cost | 153,621 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (18,334) | |
Fair Value | 135,287 | |
Securities available-for-sale: | ||
Amortized Cost | 12,051 | 190,382 |
Gross Unrealized Gains | 0 | 2,898 |
Gross Unrealized Losses | (686) | (1,311) |
Securities available-for-sale, at fair value | 11,365 | 191,969 |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | ||
Securities held-to-maturity: | ||
Amortized Cost | 61,447 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (8,051) | |
Fair Value | 53,396 | |
Securities available-for-sale: | ||
Amortized Cost | 160,657 | 242,458 |
Gross Unrealized Gains | 258 | 1,171 |
Gross Unrealized Losses | (6,862) | (2,088) |
Securities available-for-sale, at fair value | 154,053 | 241,541 |
Municipal securities | ||
Securities held-to-maturity: | ||
Amortized Cost | 114,204 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (17,215) | |
Fair Value | 96,989 | |
Securities available-for-sale: | ||
Amortized Cost | 117,913 | |
Gross Unrealized Gains | 2,641 | |
Gross Unrealized Losses | (1,539) | |
Securities available-for-sale, at fair value | 119,015 | |
SBA loan pool securities | ||
Securities available-for-sale: | ||
Amortized Cost | 13,085 | 14,679 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (23) | (88) |
Securities available-for-sale, at fair value | 13,062 | 14,591 |
Non-agency residential mortgage-backed securities | ||
Securities available-for-sale: | ||
Amortized Cost | 53,122 | 56,014 |
Gross Unrealized Gains | 0 | 11 |
Gross Unrealized Losses | (7,641) | 0 |
Securities available-for-sale, at fair value | 45,481 | 56,025 |
Collateralized loan obligations | ||
Securities available-for-sale: | ||
Amortized Cost | 492,775 | 521,275 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (14,572) | (2,311) |
Securities available-for-sale, at fair value | 478,203 | 518,964 |
Corporate debt securities | ||
Securities available-for-sale: | ||
Amortized Cost | 165,266 | 162,002 |
Gross Unrealized Gains | 973 | 11,603 |
Gross Unrealized Losses | (2,968) | (7) |
Securities available-for-sale, at fair value | $ 163,271 | $ 173,598 |
INVESTMENT SECURITIES - Additio
INVESTMENT SECURITIES - Additional Information (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) security | Mar. 31, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) security | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) security | |
Debt Securities, Available-for-sale [Line Items] | ||||||
Amortized cost basis, transferred from the available-for-sale portfolio to the held-to-maturity portfolio | $ 346,000,000 | |||||
Available-for-sale securities, accumulated gross unrealized loss, before tax | $ 16,600,000 | |||||
Net unrealized loss on securities transferred from available-for-sale to held-to-maturity | $ 0 | $ 0 | $ 0 | |||
Securities available for sale portfolio | security | 79 | 79 | 119 | |||
Available for sale securities in unrealized loss position | security | 63 | 63 | 46 | |||
Credit losses on held to maturity securities | $ 0 | $ 0 | $ 0 | $ 0 | ||
Credit losses on available for sale securities | 0 | $ 0 | 0 | $ 0 | ||
Collateral Pledged | FRB Discount Window | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Securities pledged | 123,200,000 | 123,200,000 | $ 8,900,000 | |||
Collateral Pledged | FHLB Advances | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Securities pledged | 205,500,000 | 205,500,000 | 0 | |||
Available-for-sale Securities | ||||||
Debt Securities, Available-for-sale [Line Items] | ||||||
Debt securities, available-for-sale and held to maturity, accrued interest, after allowance for credit loss | $ 5,500,000 | $ 5,500,000 | $ 4,700,000 |
INVESTMENT SECURITIES - Proceed
INVESTMENT SECURITIES - Proceeds from Sales and Calls of Securities and Associated Gross Gains and Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Gross realized gains | $ 0 | $ 0 | $ 209 | $ 0 | |
Gross realized losses | 0 | 0 | (193) | 0 | |
Net realized gains on sales and calls | 0 | $ 16 | 0 | 16 | 0 |
Proceeds from sales and calls | $ 38,500 | $ 100,230 | $ 56,145 | $ 100,230 |
INVESTMENT SECURITIES - Summa_2
INVESTMENT SECURITIES - Summary of Investment Securities with Unrealized Losses (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Securities available-for-sale: | ||
Less Than 12 Months | $ 449,896 | $ 284,581 |
12 Months or Longer | 274,938 | 296,109 |
Total | 724,834 | 580,690 |
Gross Unrealized Losses | ||
Less Than 12 Months | (21,935) | (3,459) |
12 Months or Longer | (10,817) | (3,885) |
Total | (32,752) | (7,344) |
SBA loan pool securities | ||
Securities available-for-sale: | ||
Less Than 12 Months | 0 | 0 |
12 Months or Longer | 13,062 | 14,591 |
Total | 13,062 | 14,591 |
Gross Unrealized Losses | ||
Less Than 12 Months | 0 | 0 |
12 Months or Longer | (23) | (88) |
Total | (23) | (88) |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | ||
Securities available-for-sale: | ||
Less Than 12 Months | 11,365 | 67,588 |
12 Months or Longer | 0 | 0 |
Total | 11,365 | 67,588 |
Gross Unrealized Losses | ||
Less Than 12 Months | (686) | (1,311) |
12 Months or Longer | 0 | 0 |
Total | (686) | (1,311) |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | ||
Securities available-for-sale: | ||
Less Than 12 Months | 86,032 | 85,290 |
12 Months or Longer | 21,159 | 17,754 |
Total | 107,191 | 103,044 |
Gross Unrealized Losses | ||
Less Than 12 Months | (4,126) | (1,184) |
12 Months or Longer | (2,736) | (904) |
Total | (6,862) | (2,088) |
Non-agency residential mortgage-backed securities | ||
Securities available-for-sale: | ||
Less Than 12 Months | 45,481 | |
12 Months or Longer | 0 | |
Total | 45,481 | |
Gross Unrealized Losses | ||
Less Than 12 Months | (7,641) | |
12 Months or Longer | 0 | |
Total | (7,641) | |
Municipal securities | ||
Securities available-for-sale: | ||
Less Than 12 Months | 44,748 | |
12 Months or Longer | 10,762 | |
Total | 55,510 | |
Gross Unrealized Losses | ||
Less Than 12 Months | (919) | |
12 Months or Longer | (620) | |
Total | (1,539) | |
Collateralized loan obligations | ||
Securities available-for-sale: | ||
Less Than 12 Months | 218,486 | 81,962 |
12 Months or Longer | 240,717 | 253,002 |
Total | 459,203 | 334,964 |
Gross Unrealized Losses | ||
Less Than 12 Months | (6,514) | (38) |
12 Months or Longer | (8,058) | (2,273) |
Total | (14,572) | (2,311) |
Corporate debt securities | ||
Securities available-for-sale: | ||
Less Than 12 Months | 88,532 | 4,993 |
12 Months or Longer | 0 | 0 |
Total | 88,532 | 4,993 |
Gross Unrealized Losses | ||
Less Than 12 Months | (2,968) | (7) |
12 Months or Longer | 0 | 0 |
Total | $ (2,968) | $ (7) |
INVESTMENT SECURITIES - Contrac
INVESTMENT SECURITIES - Contractual Maturity Schedule (Detail) $ in Thousands | Jun. 30, 2022 USD ($) |
Amortized Cost | |
Within one year | $ 0 |
One to five years | 0 |
Five to ten years | 19,351 |
Greater than ten years | 309,921 |
Total | 329,272 |
Fair Value | |
Within one year | 0 |
One to five years | 0 |
Five to ten years | 17,134 |
Greater than ten years | 268,538 |
Total | 285,672 |
Amortized Cost | |
Within one year | 592,364 |
One to five years | 162,240 |
Five to ten years | 65,645 |
Greater than ten years | 76,707 |
Total | 896,956 |
Fair Value | |
One year or less | 577,867 |
More than One Year through Five Years | 159,271 |
More than Five Years through Ten Years | 60,513 |
More than Ten Years | 67,784 |
Total | $ 865,435 |
INVESTMENT SECURITIES - Composi
INVESTMENT SECURITIES - Composition, Repricing and Yield Information of Investment Securities Portfolio (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Fair Value | |
One year or less | $ 0 |
More than One Year through Five Years | 0 |
More than Five Years through Ten Years | 17,134 |
More than Ten Years | 268,538 |
Total | $ 285,672 |
Weighted-Average Yield | |
One year or less | 0% |
More than One Year through Five Years | 0% |
More than Five Years through Ten Years | 2.19% |
More than Ten Years | 2.68% |
Total | 2.66% |
Fair Value | |
One year or less | $ 577,867 |
More than One Year through Five Years | 159,271 |
More than Five Years through Ten Years | 60,513 |
More than Ten Years | 67,784 |
Total | $ 865,435 |
Weighted-Average Yield | |
One year or less | 2.52% |
More than One Year through Five Years | 4.56% |
More than Five Years through Ten Years | 2.52% |
More than Ten Years | 2.29% |
Total | 2.87% |
SBA loan pool securities | |
Fair Value | |
One year or less | $ 13,062 |
More than One Year through Five Years | 0 |
More than Five Years through Ten Years | 0 |
More than Ten Years | 0 |
Total | $ 13,062 |
Weighted-Average Yield | |
One year or less | 1.06% |
More than One Year through Five Years | 0% |
More than Five Years through Ten Years | 0% |
More than Ten Years | 0% |
Total | 1.06% |
U.S. government agency and U.S. government sponsored enterprise residential mortgage-backed securities | |
Fair Value | |
One year or less | $ 0 |
More than One Year through Five Years | 0 |
More than Five Years through Ten Years | 0 |
More than Ten Years | 135,287 |
Total | $ 135,287 |
Weighted-Average Yield | |
One year or less | 0% |
More than One Year through Five Years | 0% |
More than Five Years through Ten Years | 0% |
More than Ten Years | 2.69% |
Total | 2.69% |
Fair Value | |
One year or less | $ 0 |
More than One Year through Five Years | 0 |
More than Five Years through Ten Years | 11,365 |
More than Ten Years | 0 |
Total | $ 11,365 |
Weighted-Average Yield | |
One year or less | 0% |
More than One Year through Five Years | 0% |
More than Five Years through Ten Years | 2.23% |
More than Ten Years | 0% |
Total | 2.23% |
U.S. government agency and U.S. government sponsored enterprise collateralized mortgage obligations | |
Fair Value | |
One year or less | $ 0 |
More than One Year through Five Years | 0 |
More than Five Years through Ten Years | 0 |
More than Ten Years | 53,396 |
Total | $ 53,396 |
Weighted-Average Yield | |
One year or less | 0% |
More than One Year through Five Years | 0% |
More than Five Years through Ten Years | 0% |
More than Ten Years | 2.64% |
Total | 2.64% |
Fair Value | |
One year or less | $ 86,602 |
More than One Year through Five Years | 9,630 |
More than Five Years through Ten Years | 35,518 |
More than Ten Years | 22,303 |
Total | $ 154,053 |
Weighted-Average Yield | |
One year or less | 1.73% |
More than One Year through Five Years | 2.24% |
More than Five Years through Ten Years | 1.55% |
More than Ten Years | 1.81% |
Total | 1.73% |
Municipal securities | |
Fair Value | |
One year or less | $ 0 |
More than One Year through Five Years | 0 |
More than Five Years through Ten Years | 17,134 |
More than Ten Years | 79,855 |
Total | $ 96,989 |
Weighted-Average Yield | |
One year or less | 0% |
More than One Year through Five Years | 0% |
More than Five Years through Ten Years | 2.19% |
More than Ten Years | 2.71% |
Total | 2.62% |
Non-agency residential mortgage-backed securities | |
Fair Value | |
One year or less | $ 0 |
More than One Year through Five Years | 0 |
More than Five Years through Ten Years | 0 |
More than Ten Years | 45,481 |
Total | $ 45,481 |
Weighted-Average Yield | |
One year or less | 0% |
More than One Year through Five Years | 0% |
More than Five Years through Ten Years | 0% |
More than Ten Years | 2.51% |
Total | 2.51% |
Collateralized loan obligations | |
Fair Value | |
One year or less | $ 478,203 |
More than One Year through Five Years | 0 |
More than Five Years through Ten Years | 0 |
More than Ten Years | 0 |
Total | $ 478,203 |
Weighted-Average Yield | |
One year or less | 2.70% |
More than One Year through Five Years | 0% |
More than Five Years through Ten Years | 0% |
More than Ten Years | 0% |
Total | 2.70% |
Corporate debt securities | |
Fair Value | |
One year or less | $ 0 |
More than One Year through Five Years | 149,641 |
More than Five Years through Ten Years | 13,630 |
More than Ten Years | 0 |
Total | $ 163,271 |
Weighted-Average Yield | |
One year or less | 0% |
More than One Year through Five Years | 4.71% |
More than Five Years through Ten Years | 5.73% |
More than Ten Years | 0% |
Total | 4.80% |
LOANS AND ALLOWANCE FOR CREDI_3
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Loans Receivable (Details) $ in Thousands | Jun. 30, 2022 USD ($) loan | Mar. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) loan | Jun. 30, 2021 USD ($) | Mar. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable | $ 7,451,264 | $ 7,251,480 | ||||
Allowance for loan losses | (93,793) | (92,584) | ||||
Loans receivable, net | 7,357,471 | 7,158,896 | ||||
Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Allowance for loan losses | (99,698) | $ (98,631) | (98,189) | $ (79,699) | $ (82,713) | $ (84,213) |
Commercial | Commercial and industrial | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable | 2,433,464 | 2,668,984 | ||||
Commercial | Commercial real estate | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable | 1,204,414 | 1,311,105 | ||||
Commercial | Multifamily | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable | 1,572,308 | 1,361,054 | ||||
Commercial | SBA | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable | 92,235 | 205,548 | ||||
Commercial | Warehouse lending balances | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable | 1,160,000 | 1,600,000 | ||||
Commercial | PPP loans | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable | $ 28,400 | $ 123,100 | ||||
Number of loans | loan | 79 | 397 | ||||
Consumer | Single family residential mortgage | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable | $ 1,832,279 | $ 1,420,023 | ||||
Consumer | Other consumer | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Loans receivable | $ 88,223 | $ 102,925 |
LOANS AND ALLOWANCE FOR CREDI_4
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Schedule of Participating Mortgage Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unpaid principal balance | $ 7,436,887 | $ 7,245,952 |
Unamortized net premiums | 25,960 | 18,005 |
Unamortized net deferred (fees) costs | (902) | 819 |
Unamortized SBA PPP fees | (21) | (831) |
Fair value adjustment | (10,660) | (12,465) |
Loans receivable, net | 7,451,264 | 7,251,480 |
PMB Acquisition | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fair value adjustment | (9,000) | (10,600) |
PMB Acquisition | PCD loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fair value adjustment | $ (4,300) | $ (3,900) |
LOANS AND ALLOWANCE FOR CREDI_5
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Credit Quality Indicators Additional Information (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Receivables [Abstract] | |
Loans delinquent | 60 days |
LOANS AND ALLOWANCE FOR CREDI_6
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Risk Categories for Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | $ 1,312,498 | $ 2,045,754 |
Origination year - 1 year prior to current fiscal year | 1,969,547 | 556,573 |
Origination year - 2 years prior to current fiscal year | 426,694 | 676,285 |
Origination year - 3 years prior to current fiscal year | 545,754 | 632,749 |
Origination year - 4 years prior to current fiscal year | 521,730 | 352,850 |
Origination year - more than 4 years prior to current fiscal year | 1,048,471 | 991,156 |
Revolving Loans Amortized Cost Basis | 1,608,734 | 1,974,013 |
Revolving Loans Amortized Cost Basis Converted to Term | 17,836 | 22,100 |
Loans receivable, net | 7,451,264 | 7,251,480 |
Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 1,308,480 | 2,044,546 |
Origination year - 1 year prior to current fiscal year | 1,962,687 | 539,194 |
Origination year - 2 years prior to current fiscal year | 416,713 | 640,230 |
Origination year - 3 years prior to current fiscal year | 525,965 | 593,054 |
Origination year - 4 years prior to current fiscal year | 482,544 | 337,133 |
Origination year - more than 4 years prior to current fiscal year | 972,132 | 908,588 |
Revolving Loans Amortized Cost Basis | 1,558,594 | 1,931,629 |
Revolving Loans Amortized Cost Basis Converted to Term | 13,602 | 12,224 |
Loans receivable, net | 7,240,717 | 7,006,598 |
Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 4,018 | 1,206 |
Origination year - 1 year prior to current fiscal year | 5,595 | 11,189 |
Origination year - 2 years prior to current fiscal year | 4,998 | 17,682 |
Origination year - 3 years prior to current fiscal year | 5,098 | 16,774 |
Origination year - 4 years prior to current fiscal year | 16,072 | 7,964 |
Origination year - more than 4 years prior to current fiscal year | 33,542 | 61,793 |
Revolving Loans Amortized Cost Basis | 13,223 | 20,523 |
Revolving Loans Amortized Cost Basis Converted to Term | 2,802 | 6,352 |
Loans receivable, net | 85,348 | 143,483 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 2 |
Origination year - 1 year prior to current fiscal year | 1,265 | 6,190 |
Origination year - 2 years prior to current fiscal year | 4,983 | 18,373 |
Origination year - 3 years prior to current fiscal year | 14,691 | 22,921 |
Origination year - 4 years prior to current fiscal year | 23,114 | 7,753 |
Origination year - more than 4 years prior to current fiscal year | 42,797 | 20,775 |
Revolving Loans Amortized Cost Basis | 36,917 | 21,861 |
Revolving Loans Amortized Cost Basis Converted to Term | 1,432 | 3,524 |
Loans receivable, net | 125,199 | 101,399 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 0 | 0 |
Commercial | Commercial and industrial | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 154,518 | 255,426 |
Origination year - 1 year prior to current fiscal year | 224,538 | 87,389 |
Origination year - 2 years prior to current fiscal year | 73,897 | 103,524 |
Origination year - 3 years prior to current fiscal year | 89,217 | 90,674 |
Origination year - 4 years prior to current fiscal year | 96,595 | 67,085 |
Origination year - more than 4 years prior to current fiscal year | 203,058 | 120,453 |
Revolving Loans Amortized Cost Basis | 1,576,932 | 1,926,015 |
Revolving Loans Amortized Cost Basis Converted to Term | 14,709 | 18,418 |
Loans receivable, net | 2,433,464 | 2,668,984 |
Commercial | Commercial and industrial | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 151,151 | 254,218 |
Origination year - 1 year prior to current fiscal year | 217,900 | 81,177 |
Origination year - 2 years prior to current fiscal year | 69,281 | 71,950 |
Origination year - 3 years prior to current fiscal year | 74,539 | 78,461 |
Origination year - 4 years prior to current fiscal year | 82,341 | 56,439 |
Origination year - more than 4 years prior to current fiscal year | 181,285 | 110,490 |
Revolving Loans Amortized Cost Basis | 1,528,413 | 1,888,126 |
Revolving Loans Amortized Cost Basis Converted to Term | 11,741 | 9,679 |
Loans receivable, net | 2,316,651 | 2,550,540 |
Commercial | Commercial and industrial | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 3,367 | 1,206 |
Origination year - 1 year prior to current fiscal year | 5,373 | 5,971 |
Origination year - 2 years prior to current fiscal year | 30 | 13,721 |
Origination year - 3 years prior to current fiscal year | 516 | 835 |
Origination year - 4 years prior to current fiscal year | 1,877 | 7,272 |
Origination year - more than 4 years prior to current fiscal year | 18,566 | 9,846 |
Revolving Loans Amortized Cost Basis | 13,160 | 20,460 |
Revolving Loans Amortized Cost Basis Converted to Term | 2,516 | 6,348 |
Loans receivable, net | 45,405 | 65,659 |
Commercial | Commercial and industrial | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 2 |
Origination year - 1 year prior to current fiscal year | 1,265 | 241 |
Origination year - 2 years prior to current fiscal year | 4,586 | 17,853 |
Origination year - 3 years prior to current fiscal year | 14,162 | 11,378 |
Origination year - 4 years prior to current fiscal year | 12,377 | 3,374 |
Origination year - more than 4 years prior to current fiscal year | 3,207 | 117 |
Revolving Loans Amortized Cost Basis | 35,359 | 17,429 |
Revolving Loans Amortized Cost Basis Converted to Term | 452 | 2,391 |
Loans receivable, net | 71,408 | 52,785 |
Commercial | Commercial and industrial | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 0 | 0 |
Commercial | Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 188,712 | 465,524 |
Origination year - 1 year prior to current fiscal year | 385,057 | 82,759 |
Origination year - 2 years prior to current fiscal year | 61,027 | 140,614 |
Origination year - 3 years prior to current fiscal year | 118,169 | 194,188 |
Origination year - 4 years prior to current fiscal year | 167,262 | 85,755 |
Origination year - more than 4 years prior to current fiscal year | 282,062 | 329,945 |
Revolving Loans Amortized Cost Basis | 2,059 | 12,249 |
Revolving Loans Amortized Cost Basis Converted to Term | 66 | 71 |
Loans receivable, net | 1,204,414 | 1,311,105 |
Commercial | Commercial real estate | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 188,712 | 465,524 |
Origination year - 1 year prior to current fiscal year | 385,057 | 82,759 |
Origination year - 2 years prior to current fiscal year | 61,027 | 140,108 |
Origination year - 3 years prior to current fiscal year | 118,169 | 192,263 |
Origination year - 4 years prior to current fiscal year | 161,165 | 85,755 |
Origination year - more than 4 years prior to current fiscal year | 271,356 | 317,941 |
Revolving Loans Amortized Cost Basis | 1,167 | 8,416 |
Revolving Loans Amortized Cost Basis Converted to Term | 66 | 71 |
Loans receivable, net | 1,186,719 | 1,292,837 |
Commercial | Commercial real estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 1,925 |
Origination year - 4 years prior to current fiscal year | 1,909 | 0 |
Origination year - more than 4 years prior to current fiscal year | 1,770 | 2,920 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 3,679 | 4,845 |
Commercial | Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 506 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 4,188 | 0 |
Origination year - more than 4 years prior to current fiscal year | 8,936 | 9,084 |
Revolving Loans Amortized Cost Basis | 892 | 3,833 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 14,016 | 13,423 |
Commercial | Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 0 | 0 |
Commercial | Multifamily | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 424,820 | 410,958 |
Origination year - 1 year prior to current fiscal year | 405,151 | 210,384 |
Origination year - 2 years prior to current fiscal year | 163,513 | 315,119 |
Origination year - 3 years prior to current fiscal year | 263,048 | 168,901 |
Origination year - 4 years prior to current fiscal year | 127,323 | 61,457 |
Origination year - more than 4 years prior to current fiscal year | 179,069 | 194,231 |
Revolving Loans Amortized Cost Basis | 9,384 | 4 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 1,572,308 | 1,361,054 |
Commercial | Multifamily | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 424,820 | 410,958 |
Origination year - 1 year prior to current fiscal year | 405,151 | 208,396 |
Origination year - 2 years prior to current fiscal year | 158,545 | 315,119 |
Origination year - 3 years prior to current fiscal year | 263,048 | 157,640 |
Origination year - 4 years prior to current fiscal year | 116,158 | 61,457 |
Origination year - more than 4 years prior to current fiscal year | 160,374 | 158,464 |
Revolving Loans Amortized Cost Basis | 9,384 | 4 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 1,537,480 | 1,312,038 |
Commercial | Multifamily | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 1,988 |
Origination year - 2 years prior to current fiscal year | 4,968 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 11,261 |
Origination year - 4 years prior to current fiscal year | 11,165 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 33,065 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 16,133 | 46,314 |
Commercial | Multifamily | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 18,695 | 2,702 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 18,695 | 2,702 |
Commercial | Multifamily | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 0 | 0 |
Commercial | SBA | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 5,310 | 106,749 |
Origination year - 1 year prior to current fiscal year | 32,808 | 31,446 |
Origination year - 2 years prior to current fiscal year | 9,870 | 11,667 |
Origination year - 3 years prior to current fiscal year | 6,552 | 2,583 |
Origination year - 4 years prior to current fiscal year | 1,880 | 14,194 |
Origination year - more than 4 years prior to current fiscal year | 33,567 | 36,336 |
Revolving Loans Amortized Cost Basis | 1,294 | 1,527 |
Revolving Loans Amortized Cost Basis Converted to Term | 954 | 1,046 |
Loans receivable, net | 92,235 | 205,548 |
Commercial | SBA | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 5,310 | 106,749 |
Origination year - 1 year prior to current fiscal year | 32,808 | 23,972 |
Origination year - 2 years prior to current fiscal year | 9,532 | 8,049 |
Origination year - 3 years prior to current fiscal year | 2,453 | 1,957 |
Origination year - 4 years prior to current fiscal year | 1,276 | 10,836 |
Origination year - more than 4 years prior to current fiscal year | 23,115 | 28,495 |
Revolving Loans Amortized Cost Basis | 628 | 928 |
Revolving Loans Amortized Cost Basis Converted to Term | 156 | 143 |
Loans receivable, net | 75,278 | 181,129 |
Commercial | SBA | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 1,586 |
Origination year - 2 years prior to current fiscal year | 0 | 3,618 |
Origination year - 3 years prior to current fiscal year | 3,909 | 236 |
Origination year - 4 years prior to current fiscal year | 219 | 0 |
Origination year - more than 4 years prior to current fiscal year | 1,091 | 596 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 2 | 4 |
Loans receivable, net | 5,221 | 6,040 |
Commercial | SBA | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 5,888 |
Origination year - 2 years prior to current fiscal year | 338 | 0 |
Origination year - 3 years prior to current fiscal year | 190 | 390 |
Origination year - 4 years prior to current fiscal year | 385 | 3,358 |
Origination year - more than 4 years prior to current fiscal year | 9,361 | 7,245 |
Revolving Loans Amortized Cost Basis | 666 | 599 |
Revolving Loans Amortized Cost Basis Converted to Term | 796 | 899 |
Loans receivable, net | 11,736 | 18,379 |
Commercial | SBA | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 0 | 0 |
Commercial | Construction | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 52,355 | 67,074 |
Origination year - 1 year prior to current fiscal year | 86,325 | 32,995 |
Origination year - 2 years prior to current fiscal year | 30,183 | 29,038 |
Origination year - 3 years prior to current fiscal year | 10,288 | 18,746 |
Origination year - 4 years prior to current fiscal year | 15,223 | 25,485 |
Origination year - more than 4 years prior to current fiscal year | 33,993 | 8,503 |
Revolving Loans Amortized Cost Basis | (26) | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 228,341 | 181,841 |
Commercial | Construction | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 52,355 | 67,074 |
Origination year - 1 year prior to current fiscal year | 86,325 | 32,995 |
Origination year - 2 years prior to current fiscal year | 30,183 | 29,038 |
Origination year - 3 years prior to current fiscal year | 10,288 | 17,139 |
Origination year - 4 years prior to current fiscal year | 15,223 | 25,485 |
Origination year - more than 4 years prior to current fiscal year | 25,446 | 0 |
Revolving Loans Amortized Cost Basis | (26) | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 219,794 | 171,731 |
Commercial | Construction | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 1,607 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 8,547 | 8,503 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 8,547 | 10,110 |
Commercial | Construction | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 0 | 0 |
Commercial | Construction | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 0 | 0 |
Consumer | Single family residential mortgage | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 474,049 | 713,844 |
Origination year - 1 year prior to current fiscal year | 815,782 | 97,983 |
Origination year - 2 years prior to current fiscal year | 77,676 | 67,414 |
Origination year - 3 years prior to current fiscal year | 51,939 | 152,244 |
Origination year - 4 years prior to current fiscal year | 109,531 | 89,790 |
Origination year - more than 4 years prior to current fiscal year | 296,941 | 285,686 |
Revolving Loans Amortized Cost Basis | 6,135 | 12,828 |
Revolving Loans Amortized Cost Basis Converted to Term | 226 | 234 |
Loans receivable, net | 1,832,279 | 1,420,023 |
Consumer | Single family residential mortgage | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 473,398 | 713,844 |
Origination year - 1 year prior to current fiscal year | 815,560 | 96,339 |
Origination year - 2 years prior to current fiscal year | 77,676 | 67,075 |
Origination year - 3 years prior to current fiscal year | 50,930 | 140,329 |
Origination year - 4 years prior to current fiscal year | 102,538 | 88,123 |
Origination year - more than 4 years prior to current fiscal year | 290,831 | 277,247 |
Revolving Loans Amortized Cost Basis | 6,135 | 12,828 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 1,817,068 | 1,395,785 |
Consumer | Single family residential mortgage | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 651 | 0 |
Origination year - 1 year prior to current fiscal year | 222 | 1,644 |
Origination year - 2 years prior to current fiscal year | 0 | 339 |
Origination year - 3 years prior to current fiscal year | 670 | 910 |
Origination year - 4 years prior to current fiscal year | 902 | 692 |
Origination year - more than 4 years prior to current fiscal year | 3,547 | 6,838 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 226 | 0 |
Loans receivable, net | 6,218 | 10,423 |
Consumer | Single family residential mortgage | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 339 | 11,005 |
Origination year - 4 years prior to current fiscal year | 6,091 | 975 |
Origination year - more than 4 years prior to current fiscal year | 2,563 | 1,601 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 234 |
Loans receivable, net | 8,993 | 13,815 |
Consumer | Single family residential mortgage | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | 0 | 0 |
Consumer | Other consumer | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 12,734 | 26,179 |
Origination year - 1 year prior to current fiscal year | 19,886 | 13,617 |
Origination year - 2 years prior to current fiscal year | 10,528 | 8,909 |
Origination year - 3 years prior to current fiscal year | 6,541 | 5,413 |
Origination year - 4 years prior to current fiscal year | 3,916 | 9,084 |
Origination year - more than 4 years prior to current fiscal year | 19,781 | 16,002 |
Revolving Loans Amortized Cost Basis | 12,956 | 21,390 |
Revolving Loans Amortized Cost Basis Converted to Term | 1,881 | 2,331 |
Loans receivable, net | 88,223 | 102,925 |
Consumer | Other consumer | Pass | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 12,734 | 26,179 |
Origination year - 1 year prior to current fiscal year | 19,886 | 13,556 |
Origination year - 2 years prior to current fiscal year | 10,469 | 8,891 |
Origination year - 3 years prior to current fiscal year | 6,538 | 5,265 |
Origination year - 4 years prior to current fiscal year | 3,843 | 9,038 |
Origination year - more than 4 years prior to current fiscal year | 19,725 | 15,951 |
Revolving Loans Amortized Cost Basis | 12,893 | 21,327 |
Revolving Loans Amortized Cost Basis Converted to Term | 1,639 | 2,331 |
Loans receivable, net | 87,727 | 102,538 |
Consumer | Other consumer | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 4 |
Origination year - 3 years prior to current fiscal year | 3 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 21 | 25 |
Revolving Loans Amortized Cost Basis | 63 | 63 |
Revolving Loans Amortized Cost Basis Converted to Term | 58 | 0 |
Loans receivable, net | 145 | 92 |
Consumer | Other consumer | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 61 |
Origination year - 2 years prior to current fiscal year | 59 | 14 |
Origination year - 3 years prior to current fiscal year | 0 | 148 |
Origination year - 4 years prior to current fiscal year | 73 | 46 |
Origination year - more than 4 years prior to current fiscal year | 35 | 26 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 184 | 0 |
Loans receivable, net | 351 | 295 |
Consumer | Other consumer | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Origination year - current fiscal year | 0 | 0 |
Origination year - 1 year prior to current fiscal year | 0 | 0 |
Origination year - 2 years prior to current fiscal year | 0 | 0 |
Origination year - 3 years prior to current fiscal year | 0 | 0 |
Origination year - 4 years prior to current fiscal year | 0 | 0 |
Origination year - more than 4 years prior to current fiscal year | 0 | 0 |
Revolving Loans Amortized Cost Basis | 0 | 0 |
Revolving Loans Amortized Cost Basis Converted to Term | 0 | 0 |
Loans receivable, net | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR CREDI_7
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Aging of Recorded Investment in Past Due Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | $ 7,451,264 | $ 7,251,480 |
30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 32,755 | 36,431 |
60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 5,530 | 3,711 |
Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 23,905 | 32,609 |
Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 62,190 | 72,751 |
Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 7,389,074 | 7,178,729 |
Commercial | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 2,433,464 | 2,668,984 |
Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,204,414 | 1,311,105 |
Commercial | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,572,308 | 1,361,054 |
Commercial | SBA | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 92,235 | 205,548 |
Commercial | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 228,341 | 181,841 |
Commercial | Loans and Finance Receivables, Traditional | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 2,433,464 | 2,668,984 |
Commercial | Loans and Finance Receivables, Traditional | Commercial and industrial | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 3,433 | 9,342 |
Commercial | Loans and Finance Receivables, Traditional | Commercial and industrial | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 2,567 | 1,351 |
Commercial | Loans and Finance Receivables, Traditional | Commercial and industrial | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 7,204 | 9,503 |
Commercial | Loans and Finance Receivables, Traditional | Commercial and industrial | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 13,204 | 20,196 |
Commercial | Loans and Finance Receivables, Traditional | Commercial and industrial | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 2,420,260 | 2,648,788 |
Commercial | Loans and Finance Receivables, Traditional | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,204,414 | 1,311,105 |
Commercial | Loans and Finance Receivables, Traditional | Commercial real estate | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 893 | 0 |
Commercial | Loans and Finance Receivables, Traditional | Commercial real estate | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial | Loans and Finance Receivables, Traditional | Commercial real estate | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial | Loans and Finance Receivables, Traditional | Commercial real estate | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 893 | 0 |
Commercial | Loans and Finance Receivables, Traditional | Commercial real estate | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,203,521 | 1,311,105 |
Commercial | Loans and Finance Receivables, Traditional | Multifamily | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,572,308 | 1,361,054 |
Commercial | Loans and Finance Receivables, Traditional | Multifamily | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 786 |
Commercial | Loans and Finance Receivables, Traditional | Multifamily | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial | Loans and Finance Receivables, Traditional | Multifamily | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial | Loans and Finance Receivables, Traditional | Multifamily | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 786 |
Commercial | Loans and Finance Receivables, Traditional | Multifamily | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,572,308 | 1,360,268 |
Commercial | Loans and Finance Receivables, Traditional | SBA | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 92,235 | 205,548 |
Commercial | Loans and Finance Receivables, Traditional | SBA | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 4,766 | 987 |
Commercial | Loans and Finance Receivables, Traditional | SBA | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 115 | 2,360 |
Commercial | Loans and Finance Receivables, Traditional | SBA | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 10,087 | 15,941 |
Commercial | Loans and Finance Receivables, Traditional | SBA | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 14,968 | 19,288 |
Commercial | Loans and Finance Receivables, Traditional | SBA | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 77,267 | 186,260 |
Commercial | Loans and Finance Receivables, Traditional | Construction | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 228,341 | 181,841 |
Commercial | Loans and Finance Receivables, Traditional | Construction | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial | Loans and Finance Receivables, Traditional | Construction | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial | Loans and Finance Receivables, Traditional | Construction | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial | Loans and Finance Receivables, Traditional | Construction | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Commercial | Loans and Finance Receivables, Traditional | Construction | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 228,341 | 181,841 |
Consumer | Single family residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,832,279 | 1,420,023 |
Consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 88,223 | 102,925 |
Consumer | Loans and Finance Receivables, Traditional | Single family residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,832,279 | 1,420,023 |
Consumer | Loans and Finance Receivables, Traditional | Single family residential mortgage | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 23,226 | 24,867 |
Consumer | Loans and Finance Receivables, Traditional | Single family residential mortgage | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 2,848 | 0 |
Consumer | Loans and Finance Receivables, Traditional | Single family residential mortgage | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 6,430 | 7,076 |
Consumer | Loans and Finance Receivables, Traditional | Single family residential mortgage | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 32,504 | 31,943 |
Consumer | Loans and Finance Receivables, Traditional | Single family residential mortgage | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 1,799,775 | 1,388,080 |
Consumer | Loans and Finance Receivables, Traditional | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 88,223 | 102,925 |
Consumer | Loans and Finance Receivables, Traditional | Other consumer | 30 - 59 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 437 | 449 |
Consumer | Loans and Finance Receivables, Traditional | Other consumer | 60 - 89 Days Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 0 | 0 |
Consumer | Loans and Finance Receivables, Traditional | Other consumer | Greater than 89 Days Past due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 184 | 89 |
Consumer | Loans and Finance Receivables, Traditional | Other consumer | Total Past Due | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | 621 | 538 |
Consumer | Loans and Finance Receivables, Traditional | Other consumer | Current | ||
Financing Receivable, Past Due [Line Items] | ||
Loans receivable | $ 87,602 | $ 102,387 |
LOANS AND ALLOWANCE FOR CREDI_8
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Composition of Nonaccrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | $ 44,443 | $ 52,558 |
Nonaccrual Loans with no ACL | 16,173 | 27,891 |
Commercial | Commercial and industrial | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 25,380 | 28,594 |
Nonaccrual Loans with no ACL | 6,413 | 9,137 |
Commercial | Commercial real estate | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 893 | 0 |
Nonaccrual Loans with no ACL | 893 | 0 |
Commercial | SBA | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 10,537 | 16,653 |
Nonaccrual Loans with no ACL | 5,163 | 11,443 |
Consumer | Single family residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 7,341 | 7,076 |
Nonaccrual Loans with no ACL | 3,412 | 7,076 |
Consumer | Other consumer | ||
Financing Receivable, Past Due [Line Items] | ||
Total non-accrual loans | 292 | 235 |
Nonaccrual Loans with no ACL | $ 292 | $ 235 |
LOANS AND ALLOWANCE FOR CREDI_9
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Nonaccrual Loans and Leases Additional Information (Details) $ in Thousands | Jun. 30, 2022 USD ($) loan | Dec. 31, 2021 USD ($) loan |
Financing Receivable, Past Due [Line Items] | ||
Loans 90 days past due and still accruing | $ 0 | $ 0 |
Single family residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Other real estate owned, net | $ 0 | $ 0 |
Consumer | Single family residential mortgage | ||
Financing Receivable, Past Due [Line Items] | ||
Number of loans in process of foreclosure | loan | 4 | 0 |
Loans in process of foreclosure | $ 4,500 |
LOANS AND ALLOWANCE FOR CRED_10
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unfunded loan commitments | $ 93,793 | $ 92,584 |
Allowance for loan losses recovery from settlement of charged off | 31,300 | |
Loans Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accrued interest receivable on loans receivable | 26,600 | 25,800 |
Unfunded Loan Commitment | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Unfunded loan commitments | $ 5,900 | $ 5,600 |
LOANS AND ALLOWANCE FOR CRED_11
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | $ 92,584 | $ 92,584 | |||
(Reversal of) provision for credit losses | $ 0 | (31,542) | $ (2,154) | (31,542) | $ (3,261) |
Balance at end of period | 93,793 | 93,793 | |||
Loans | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 98,631 | 98,189 | 82,713 | 98,189 | 84,213 |
Charge-offs | (494) | (886) | (725) | (1,451) | |
Recoveries | 1,561 | 26 | 33,776 | 198 | |
Net recoveries (charge-offs) | 1,067 | (860) | 33,051 | (1,253) | |
(Reversal of) provision for credit losses | 0 | (2,154) | (31,542) | (3,261) | |
Balance at end of period | 99,698 | 98,631 | 79,699 | 99,698 | 79,699 |
Allowance for Loan Losses | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 93,226 | 92,584 | 79,353 | 92,584 | 81,030 |
Charge-offs | (494) | (886) | (725) | (1,451) | |
Recoveries | 1,561 | 26 | 33,776 | 198 | |
Net recoveries (charge-offs) | 1,067 | (860) | 33,051 | (1,253) | |
(Reversal of) provision for credit losses | (500) | (2,608) | (31,842) | (3,892) | |
Balance at end of period | 93,793 | 93,226 | 75,885 | 93,793 | 75,885 |
Allowance for Loan Losses | Loans | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 93,226 | 92,584 | 79,353 | 92,584 | 81,030 |
Charge-offs | (494) | (886) | (725) | (1,451) | |
Recoveries | 1,561 | 26 | 33,776 | 198 | |
Net recoveries (charge-offs) | 1,067 | (860) | 33,051 | (1,253) | |
(Reversal of) provision for credit losses | (500) | (2,608) | (31,842) | (3,892) | |
Balance at end of period | 93,793 | 93,226 | 75,885 | 93,793 | 75,885 |
Reserve for Unfunded Loan Commitments | Loans | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 5,405 | 5,605 | 3,360 | 5,605 | 3,183 |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | 0 | 0 | |
(Reversal of) provision for credit losses | 500 | 454 | 300 | 631 | |
Balance at end of period | $ 5,905 | $ 5,405 | $ 3,814 | $ 5,905 | $ 3,814 |
LOANS AND ALLOWANCE FOR CRED_12
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Allowance for Credit Losses and Recorded Investment Excluding Accrued Interest in Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | $ 92,584 | $ 92,584 | |||
Provision for (reversal of) credit losses - loans | $ 0 | (31,542) | $ (2,154) | (31,542) | $ (3,261) |
Balance at end of period | 93,793 | 93,793 | |||
Commercial real estate | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 98,631 | 98,189 | 82,713 | 98,189 | 84,213 |
Charge-offs | (494) | (886) | (725) | (1,451) | |
Recoveries | 1,561 | 26 | 33,776 | 198 | |
Net recoveries (charge-offs) | 1,067 | (860) | 33,051 | (1,253) | |
Provision for (reversal of) credit losses - loans | 0 | (2,154) | (31,542) | (3,261) | |
Balance at end of period | 99,698 | 98,631 | 79,699 | 99,698 | 79,699 |
Allowance for Loan Losses | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 93,226 | 92,584 | 79,353 | 92,584 | 81,030 |
Charge-offs | (494) | (886) | (725) | (1,451) | |
Recoveries | 1,561 | 26 | 33,776 | 198 | |
Net recoveries (charge-offs) | 1,067 | (860) | 33,051 | (1,253) | |
Provision for (reversal of) credit losses - loans | (500) | (2,608) | (31,842) | (3,892) | |
Balance at end of period | 93,793 | 93,226 | 75,885 | 93,793 | 75,885 |
Allowance for Loan Losses | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 93,226 | 92,584 | 79,353 | 92,584 | 81,030 |
Charge-offs | (494) | (886) | (725) | (1,451) | |
Recoveries | 1,561 | 26 | 33,776 | 198 | |
Net recoveries (charge-offs) | 1,067 | (860) | 33,051 | (1,253) | |
Provision for (reversal of) credit losses - loans | (500) | (2,608) | (31,842) | (3,892) | |
Balance at end of period | 93,793 | 93,226 | 75,885 | 93,793 | 75,885 |
Allowance for Loan Losses | Commercial | Commercial and industrial | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 39,967 | 33,557 | 19,703 | 33,557 | 20,608 |
Charge-offs | (138) | (500) | (320) | (1,065) | |
Recoveries | 1,400 | 23 | 32,817 | 68 | |
Net recoveries (charge-offs) | 1,262 | (477) | 32,497 | (997) | |
Provision for (reversal of) credit losses - loans | 184 | 930 | (24,641) | 545 | |
Balance at end of period | 41,413 | 39,967 | 20,156 | 41,413 | 20,156 |
Allowance for Loan Losses | Commercial | Commercial real estate | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 16,490 | 21,727 | 17,100 | 21,727 | 19,074 |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | 0 | 0 | |
Provision for (reversal of) credit losses - loans | (748) | (676) | (5,985) | (2,650) | |
Balance at end of period | 15,742 | 16,490 | 16,424 | 15,742 | 16,424 |
Allowance for Loan Losses | Commercial | Multifamily | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 15,337 | 17,893 | 23,884 | 17,893 | 22,512 |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | 0 | 0 | |
Provision for (reversal of) credit losses - loans | 341 | (2,481) | (2,215) | (1,109) | |
Balance at end of period | 15,678 | 15,337 | 21,403 | 15,678 | 21,403 |
Allowance for Loan Losses | Commercial | SBA | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 3,041 | 3,017 | 3,451 | 3,017 | 3,145 |
Charge-offs | (139) | (386) | (152) | (386) | |
Recoveries | 3 | 3 | 761 | 129 | |
Net recoveries (charge-offs) | (136) | (383) | 609 | (257) | |
Provision for (reversal of) credit losses - loans | 128 | 628 | (593) | 808 | |
Balance at end of period | 3,033 | 3,041 | 3,696 | 3,033 | 3,696 |
Allowance for Loan Losses | Commercial | Construction | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 6,268 | 5,622 | 5,552 | 5,622 | 5,849 |
Charge-offs | 0 | 0 | 0 | 0 | |
Recoveries | 0 | 0 | 0 | 0 | |
Net recoveries (charge-offs) | 0 | 0 | 0 | 0 | |
Provision for (reversal of) credit losses - loans | (2,013) | (818) | (1,367) | (1,115) | |
Balance at end of period | 4,255 | 6,268 | 4,734 | 4,255 | 4,734 |
Allowance for Loan Losses | Consumer | Single Family Residential Mortgage | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 11,029 | 9,608 | 9,161 | 9,608 | 9,191 |
Charge-offs | 0 | 0 | (10) | 0 | |
Recoveries | 154 | 0 | 192 | 0 | |
Net recoveries (charge-offs) | 154 | 0 | 182 | 0 | |
Provision for (reversal of) credit losses - loans | 1,622 | (53) | 3,015 | (83) | |
Balance at end of period | 12,805 | 11,029 | 9,108 | 12,805 | 9,108 |
Allowance for Loan Losses | Consumer | Other Consumer | |||||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||||
Balance at beginning of period | 1,094 | 1,160 | 502 | 1,160 | 651 |
Charge-offs | (217) | 0 | (243) | 0 | |
Recoveries | 4 | 0 | 6 | 1 | |
Net recoveries (charge-offs) | (213) | 0 | (237) | 1 | |
Provision for (reversal of) credit losses - loans | (14) | (138) | (56) | (288) | |
Balance at end of period | $ 867 | $ 1,094 | $ 364 | $ 867 | $ 364 |
LOANS AND ALLOWANCE FOR CRED_13
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | $ 37,179 | $ 49,236 |
Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 13,340 | 14,207 |
Residential | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 13,683 | 18,507 |
Business Assets | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 10,045 | 16,287 |
Automobile | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 111 | 235 |
Commercial | Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 16,665 | 18,331 |
Commercial | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 893 | |
Commercial | SBA | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 10,537 | 16,658 |
Commercial | Commercial | Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 12,349 | 13,518 |
Commercial | Commercial | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 893 | |
Commercial | Commercial | SBA | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 98 | 689 |
Commercial | Residential | Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 0 | 37 |
Commercial | Residential | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 0 | |
Commercial | Residential | SBA | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 4,710 | 4,458 |
Commercial | Business Assets | Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 4,316 | 4,776 |
Commercial | Business Assets | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 0 | |
Commercial | Business Assets | SBA | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 5,729 | 11,511 |
Commercial | Automobile | Commercial and industrial | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Commercial | Automobile | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 0 | |
Commercial | Automobile | SBA | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Consumer | Single family residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 8,789 | 14,012 |
Consumer | Other consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 295 | 235 |
Consumer | Commercial | Single family residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Consumer | Commercial | Other consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Consumer | Residential | Single family residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 8,789 | 14,012 |
Consumer | Residential | Other consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 184 | 0 |
Consumer | Business Assets | Single family residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Consumer | Business Assets | Other consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Consumer | Automobile | Single family residential mortgage | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | 0 | 0 |
Consumer | Automobile | Other consumer | ||
Financing Receivable, Impaired [Line Items] | ||
Collateral dependent loans | $ 111 | $ 235 |
LOANS AND ALLOWANCE FOR CRED_14
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Components of Troubled Debt Restructured Loans and Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | $ 25,935 | $ 16,684 |
Commercial | Commercial and industrial | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | 19,778 | 5,241 |
Commercial | Commercial real estate | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | 4,187 | 4,243 |
Commercial | SBA | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | 522 | 265 |
Consumer | Single family residential mortgage | ||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||
Troubled debt restructured loans and leases | $ 1,448 | $ 6,935 |
LOANS AND ALLOWANCE FOR CRED_15
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Troubled Debt Restructurings Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 loan | Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 loan | Dec. 31, 2021 USD ($) | |
Receivables [Abstract] | |||||
Commitments to lend to customers with outstanding loans classified as TDRs | $ 769 | $ 769 | $ 63 | ||
Accruing TDRs | 10,900 | 10,900 | 12,500 | ||
Non-accruing TDRs | $ 15,000 | $ 15,000 | $ 4,100 | ||
Number of loans modified that had payments default during the period | loan | 0 | 0 | 0 | 0 |
LOANS AND ALLOWANCE FOR CRED_16
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Loans by Class Modified as Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 USD ($) loan | Jun. 30, 2022 USD ($) loan | Jun. 30, 2021 USD ($) loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 2 | |||
Pre-Modification Outstanding Recorded Investment | $ 833 | |||
Post-Modification Outstanding Recorded Investment | $ 833 | |||
Commercial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 3 | |||
Pre-Modification Outstanding Recorded Investment | $ 13,673 | |||
Post-Modification Outstanding Recorded Investment | $ 13,673 | |||
Commercial | Commercial and industrial | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 12,840 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 12,840 | ||
Commercial | SBA | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 2 | 2 | ||
Pre-Modification Outstanding Recorded Investment | $ 833 | $ 833 | ||
Post-Modification Outstanding Recorded Investment | $ 833 | $ 833 | ||
Consumer | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 1,800 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 1,800 | ||
Consumer | Single family residential mortgage | ||||
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of Loans | loan | 0 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 0 | $ 1,800 | ||
Post-Modification Outstanding Recorded Investment | $ 0 | $ 1,800 |
LOANS AND ALLOWANCE FOR CRED_17
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Purchases, Sales, and Transfers (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Receivables [Abstract] | ||||
Purchases of loans (excluding loans held-for-sale) | $ 277,200,000 | $ 233,100,000 | $ 641,500,000 | $ 366,000,000 |
Transfers of loans from held-for-sale | 0 | 0 | 0 | 0 |
Transfers of loans to held-for-sale | 0 | 0 | 0 | 0 |
Loans sold | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS AND ALLOWANCE FOR CRED_18
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Non Traditional Mortgage Loans Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 7,451,264 | $ 7,251,480 |
NTM Loans | Loan Portfolio | Loan Portfolio Concentration Risk | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage to total loans and leases (percent) | 11.30% | 8.80% |
NTM Loans | Consumer | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 841,100 | $ 635,300 |
NTM Loans | Consumer | Non-performing Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 0 | 4,000 |
Weighted average LTV (percent) | 60% | |
NTM Loans | Consumer | Interest Only | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 833,600 | 613,300 |
NTM Loans | Consumer | Interest Only | Minimum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loan term (in years) | 30 years | |
Mortgage loan, flexible initial term (in years) | 1 year | |
NTM Loans | Consumer | Interest Only | Maximum | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Mortgage loan term (in years) | 40 years | |
Mortgage loan, flexible initial term (in years) | 10 years | |
NTM Loans | Consumer | Green | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total loans | $ 7,400 | $ 21,900 |
Interest only notes balloon payment period | 15 years |
LOANS AND ALLOWANCE FOR CRED_19
LOANS AND ALLOWANCE FOR CREDIT LOSSES - Non Traditional Mortgages Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | $ 7,451,264 | $ 7,251,480 |
Consumer | NTM Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | 841,100 | 635,300 |
Consumer | NTM Loans | Green | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans receivable | $ 7,400 | $ 21,900 |
GOODWILL AND OTHER INTANGIBLE_3
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Additional Information (Details) - USD ($) | 6 Months Ended | ||||||
Oct. 01, 2021 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | |||||||
Goodwill | $ 95,127,000 | $ 95,127,000 | $ 94,301,000 | $ 37,144,000 | $ 37,144,000 | $ 37,144,000 | |
Goodwill impairment | $ 0 | ||||||
Core Deposit Intangibles | |||||||
Finite-Lived Intangible Assets [Line Items] | |||||||
Amortization period of other intangible assets | 10 years | ||||||
Weighted average amortization period | 7 years 7 months 6 days |
GOODWILL AND OTHER INTANGIBLE_4
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Goodwill [Roll Forward] | ||||
Goodwill, beginning of period | $ 95,127 | $ 37,144 | $ 94,301 | $ 37,144 |
Goodwill adjustments for purchase accounting | 0 | 0 | 826 | 0 |
Goodwill, end of period | 95,127 | 37,144 | 95,127 | 37,144 |
Accumulated impairment losses at end of period | $ 2,100 | $ 2,100 | $ 2,100 | $ 2,100 |
GOODWILL AND OTHER INTANGIBLE_5
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Other Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated amortization: | |||||
Amortization of intangible assets | $ 313 | $ 441 | $ 282 | $ 754 | $ 564 |
Total | 4,677 | 4,677 | |||
Core Deposit Intangibles | |||||
Core deposit intangibles: | |||||
Balance, beginning of period | 34,978 | 35,958 | 30,904 | 35,958 | 30,904 |
Core deposit intangible adjustments for purchase accounting | 0 | 0 | (980) | 0 | |
Balance, end of period | 34,978 | 34,978 | 30,904 | 34,978 | 30,904 |
Accumulated amortization: | |||||
Balance, beginning of period | 29,988 | 29,547 | 28,553 | 29,547 | 28,271 |
Amortization of intangible assets | 313 | 282 | 754 | 564 | |
Balance, end of period | 30,301 | $ 29,988 | 28,835 | 30,301 | 28,835 |
Total | $ 4,677 | $ 2,069 | $ 4,677 | $ 2,069 |
GOODWILL AND OTHER INTANGIBLE_6
GOODWILL AND OTHER INTANGIBLE ASSETS, NET - Estimated Future Amortization Expense (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
Remainder of 2022 | $ 745 |
2023 | 1,092 |
2024 | 719 |
2025 | 420 |
2026 | 373 |
2027 and After | 1,328 |
Total | $ 4,677 |
FEDERAL HOME LOAN BANK ADVANC_3
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS - Summary of Advances From the FHLB (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fixed rate: | ||
Outstanding balance | $ 411,000 | $ 411,000 |
Variable rate: | ||
Outstanding balance | $ 105,000 | $ 70,000 |
Weighted average interest rate (percent) | 1.64% | 0.20% |
Unamortized debt issuance costs | $ 4,300 | $ 4,900 |
Minimum | ||
Fixed rate: | ||
Interest rate (percent) | 0.64% | 0.64% |
Maximum | ||
Fixed rate: | ||
Interest rate (percent) | 3.32% | 3.32% |
Weighted average (percent) | ||
Fixed rate: | ||
Interest rate (percent) | 2.53% | 2.53% |
FEDERAL HOME LOAN BANK ADVANC_4
FEDERAL HOME LOAN BANK ADVANCES AND OTHER BORROWINGS - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) bank | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) bank | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Overnight borrowings | $ 105,000,000 | $ 105,000,000 | |||
Term advances | 411,000,000 | $ 411,000,000 | |||
Weighted average life of advances maturing | 3 years 6 months | ||||
Weighted average interest rate advances maturing (percent) | 2.53% | ||||
Advances from FHLB collateralized | 2,380,000,000 | $ 2,380,000,000 | |||
Investment in capital stock of the federal reserve | $ 34,200,000 | $ 34,200,000 | $ 27,300,000 | ||
Number of correspondent banks | bank | 5 | 5 | |||
Available capacity | $ 445,000,000 | $ 445,000,000 | 445,000,000 | ||
Other borrowings | 98,000,000 | 98,000,000 | 25,000,000 | ||
Securities sold under repurchase agreements | 0 | 0 | 0 | ||
Revolving Credit Facility | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Line of credit facility | 50,000,000 | ||||
Other borrowings | 13,000,000 | 13,000,000 | 0 | ||
Line of Credit | Unsecured Federal Funds Line of Credit | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Line of credit facility | 210,000,000 | 210,000,000 | |||
Borrowings outstanding | 0 | 0 | |||
Other borrowings | 85,000,000 | 85,000,000 | 25,000,000 | ||
Federal Reserve Bank Advances | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Line of credit facility | 789,000,000 | 789,000,000 | |||
Borrowings during the period | 0 | $ 0 | 0 | $ 0 | |
Borrowings outstanding | 0 | 0 | 0 | ||
Federal Reserve Bank Advances | Collateralized loan obligations | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Advances from FHLB collateralized | 1,010,000,000 | 1,010,000,000 | |||
Collateral on line of credit facility | 123,200,000 | 123,200,000 | |||
Federal Home Loan Bank of San Francisco | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Secured borrowing capacity from FHLB | 1,760,000,000 | 1,760,000,000 | |||
Amount of additional available borrowing | 985,400,000 | 985,400,000 | |||
FHLB stock | 17,300,000 | 17,300,000 | 17,300,000 | ||
FHLB Advances | Collateral Pledged | |||||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||||
Securities pledged | $ 205,500,000 | $ 205,500,000 | $ 0 |
LONG-TERM DEBT - Summary of Lon
LONG-TERM DEBT - Summary of Long-Term Debt (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||
Par Value | $ 277,527 | $ 277,527 |
Unamortized Debt Issuance Cost and Discount | $ (2,940) | (3,141) |
Senior Notes | Senior notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 5.25% | |
Par Value | $ 175,000 | 175,000 |
Unamortized Debt Issuance Cost and Discount | $ (910) | (1,014) |
Senior Notes | Subordinated notes | ||
Debt Instrument [Line Items] | ||
Stated interest rate | 4.375% | |
Par Value | $ 85,000 | 85,000 |
Unamortized Debt Issuance Cost and Discount | (2,030) | (2,127) |
Senior Notes | PMB Statutory Trust III, junior subordinated debentures | ||
Debt Instrument [Line Items] | ||
Par Value | 7,217 | 7,217 |
Unamortized Debt Issuance Cost and Discount | $ 0 | 0 |
Senior Notes | PMB Statutory Trust III, junior subordinated debentures | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 3.40% | |
Senior Notes | PMB Capital Trust III, junior subordinated debentures | ||
Debt Instrument [Line Items] | ||
Par Value | $ 10,310 | 10,310 |
Unamortized Debt Issuance Cost and Discount | $ 0 | $ 0 |
Senior Notes | PMB Capital Trust III, junior subordinated debentures | London Interbank Offered Rate (LIBOR) | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate (percent) | 2% |
INCOME TAXES (Details)
INCOME TAXES (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||||
Income tax expense (benefit) | $ 10,200,000 | $ 6,600,000 | $ 28,900,000 | $ 8,900,000 | |
Effective tax rate (percent) | 27.60% | 25.60% | 27.80% | 20.90% | |
Effective income tax rate reconciliation, at federal and state statutory income tax rate, percent (percent) | 28.90% | ||||
Effective income tax rate reconciliation, state and local income taxes, amount | $ 2,600,000 | ||||
Valuation allowance | $ 0 | $ 0 | $ 0 | ||
Net deferred tax asset | 54,500,000 | 54,500,000 | 50,800,000 | ||
Unrecognized tax benefits | 955,000 | 955,000 | 925,000 | ||
Unrecognized tax benefits that would impact the effective tax rate | 725,000 | 725,000 | |||
Accrued interest or penalties | $ 0 | $ 0 | $ 0 |
DERIVATIVE INSTRUMENTS - Amount
DERIVATIVE INSTRUMENTS - Amount and Market Value of Mortgage Banking Derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Derivatives, Fair Value [Line Items] | |||||
Gain (loss) on derivatives | $ 185 | $ 200 | |||
Notional Amount Assets | $ 40,213 | 40,213 | $ 63,559 | ||
Derivatives asset, fair values | 1,260 | 1,260 | 3,565 | ||
Notional Amount Liability | 40,213 | 40,213 | 63,559 | ||
Derivatives liability, fair values | 1,250 | 1,250 | 3,740 | ||
Interest rate swaps on loans | |||||
Derivatives, Fair Value [Line Items] | |||||
Gain (loss) on derivatives | 82 | $ (71) | 185 | $ 200 | |
Notional Amount Assets | 34,702 | 34,702 | 58,834 | ||
Derivatives asset, fair values | 1,074 | 1,074 | 3,390 | ||
Notional Amount Liability | 34,702 | 34,702 | 58,834 | ||
Derivatives liability, fair values | 1,082 | 1,082 | 3,594 | ||
Foreign exchange contracts | |||||
Derivatives, Fair Value [Line Items] | |||||
Notional Amount Assets | 5,511 | 5,511 | 4,725 | ||
Derivatives asset, fair values | 186 | 186 | 175 | ||
Notional Amount Liability | 5,511 | 5,511 | 4,725 | ||
Derivatives liability, fair values | $ 168 | $ 168 | $ 146 |
EMPLOYEE STOCK COMPENSATION - A
EMPLOYEE STOCK COMPENSATION - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | May 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 0 | 0 | ||||
Unvested options outstanding (in shares) | 0 | 0 | 0 | |||
Restricted stock awards and units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense | $ 14.2 | $ 14.2 | ||||
Expense recognition period | 3 years | |||||
Restricted stock awards and units | Minimum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 1 year | |||||
Restricted stock awards and units | Maximum | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period | 5 years | |||||
Stock Appreciation Rights | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Common stock issued upon exercise of SARs (in shares) | 305,772 | |||||
Tax benefit recognized in connection with exercise of SARs | $ 2.1 | |||||
Share-based compensation arrangement by share-based payment award, non-option equity instruments, outstanding, number (in shares) | 0 | 0 | ||||
2018 Omnibus Plan | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum number of shares authorized for grant (in shares) | 4,417,882 | |||||
Common stock available under new plan (in shares) | 2,169,018 | 2,169,018 |
EMPLOYEE STOCK COMPENSATION - S
EMPLOYEE STOCK COMPENSATION - Share Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Related tax benefits | $ 428 | $ 394 | $ 799 | $ 849 |
Restricted stock awards and units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total share-based compensation expense | $ 1,482 | $ 1,338 | $ 2,767 | $ 2,882 |
EMPLOYEE STOCK COMPENSATION - N
EMPLOYEE STOCK COMPENSATION - Nonvested Restricted Stock Awards and Restricted Stock Units (Details) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 | Jun. 30, 2022 | |
Restricted stock awards and units | ||
Number of Shares | ||
Outstanding at beginning of period (in shares) | 784,791 | 649,010 |
Granted (in shares) | 750,615 | 1,021,182 |
Vested (in shares) | (122,738) | (239,319) |
Forfeited (in shares) | (9,608) | (27,813) |
Outstanding at end of period (in shares) | 1,403,060 | 1,403,060 |
Weighted Average Grant Date Fair Value Per Share | ||
Outstanding at beginning of period (in dollars per share) | $ 18.08 | $ 17.17 |
Granted (in dollars per share) | 11.52 | 13.65 |
Vested (in dollars per share) | 15.66 | 16.34 |
Forfeited (in dollars per share) | 19.31 | 17.28 |
Outstanding at end of period (in dollars per share) | $ 14.77 | $ 14.77 |
Performance Shares | ||
Number of Shares | ||
Granted (in shares) | 695,567 | 764,692 |
Vested (in shares) | (24,783) | (24,783) |
Forfeited (in shares) | 0 | (9,428) |
EMPLOYEE STOCK COMPENSATION - O
EMPLOYEE STOCK COMPENSATION - Option Activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | |
Number of Shares | ||
Outstanding at beginning of period (in shares) | shares | 14,904 | 14,904 |
Exercised (in shares) | shares | 0 | 0 |
Outstanding at end of period (in shares) | shares | 14,904 | 14,904 |
Exercisable at end of period (in shares) | shares | 14,904 | 14,904 |
Weighted-Average Exercise Price Per Share | ||
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 13.05 | $ 13.05 |
Exercised (in dollars per share) | $ / shares | 0 | 0 |
Outstanding at end of period (in dollars per share) | $ / shares | 13.05 | 13.05 |
Exercisable at end of period (in dollars per share) | $ / shares | $ 13.05 | $ 13.05 |
Weighted-Average Remaining Contract Term | ||
Outstanding at end of period | 2 years 9 months 18 days | 2 years 9 months 18 days |
Exercisable at end of period | 2 years 9 months 18 days | 2 years 9 months 18 days |
Aggregated Intrinsic Value | ||
Outstanding | $ | $ 68 | $ 68 |
Exercisable at end of period | $ | $ 68 | $ 68 |
STOCKHOLDERS' EQUITY - Addition
STOCKHOLDERS' EQUITY - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Mar. 15, 2022 | |
Class of Stock [Line Items] | |||||||
Impact of preferred stock redemption | $ 0 | $ 3,747 | $ 0 | $ 3,747 | $ 3,347 | ||
Authorized repurchase amount | $ 75,000 | ||||||
Shares repurchased (in shares) | 2,113,176 | 2,328,726 | |||||
Shares repurchased, weighted average price (in usd per share) | $ 18.38 | $ 18.52 | |||||
Remaining authorized repurchase amount | $ 31,900 | $ 31,900 | |||||
Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, authorized (in shares) | 50,000,000 | 50,000,000 | |||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | |||||
Preferred stock, liquidation preference per share (in dollars per share) | $ 1,000 | $ 1,000 | |||||
Preferred Stock | Series E Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Impact of preferred stock redemption | $ 0 | $ 3,700 | 0 | $ 3,747 | 0 | ||
Preferred Stock | Series D Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Impact of preferred stock redemption | $ 0 | $ 0 | $ 3,300 | $ 0 | $ 3,347 |
STOCKHOLDERS' EQUITY - Summary
STOCKHOLDERS' EQUITY - Summary of Preferred Stock (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||
Carrying Value | $ 0 | $ 94,956 |
Preferred Stock | ||
Class of Stock [Line Items] | ||
Preferred stock, outstanding (in shares) | 0 | 98,702 |
Liquidation Preference | $ 0 | $ 98,702 |
Carrying Value | $ 0 | $ 94,956 |
Preferred Stock | Series E 7.00% non-cumulative perpetual | ||
Class of Stock [Line Items] | ||
Non cumulative preferred stock, dividend rate (percent) | 7% | |
Preferred stock, outstanding (in shares) | 0 | 98,702 |
Liquidation Preference | $ 0 | $ 98,702 |
Carrying Value | $ 0 | $ 94,956 |
STOCKHOLDERS' EQUITY - Deposito
STOCKHOLDERS' EQUITY - Depository Share Repurchases (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Class of Stock [Line Items] | ||||||
Impact of preferred stock redemption | $ 0 | $ 3,747 | $ 0 | $ 3,747 | $ 3,347 | |
Preferred Stock | Series D Depository Shares | ||||||
Class of Stock [Line Items] | ||||||
Shares redeemed (in shares) | 0 | 0 | 0 | 3,730,767 | ||
Preferred Stock | Series D Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares redeemed (in shares) | 0 | 0 | 0 | 93,269 | ||
Consideration paid | $ 0 | $ 0 | $ 0 | $ 93,269 | ||
Carrying value | 0 | 0 | 0 | 89,922 | ||
Impact of preferred stock redemption | $ 0 | $ 0 | $ 3,300 | $ 0 | $ 3,347 | |
Preferred Stock | Series E Depository Shares | ||||||
Class of Stock [Line Items] | ||||||
Shares redeemed (in shares) | 0 | 0 | 3,948,080 | 0 | ||
Preferred Stock | Series E Preferred Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares redeemed (in shares) | 0 | 0 | 98,702 | 0 | ||
Consideration paid | $ 0 | $ 0 | $ 98,703 | $ 0 | ||
Carrying value | 0 | 0 | 94,956 | 0 | ||
Impact of preferred stock redemption | $ 0 | $ 3,700 | $ 0 | $ 3,747 | $ 0 |
STOCKHOLDERS' EQUITY - Changes
STOCKHOLDERS' EQUITY - Changes to Accumulated Other Comprehensive (Loss) Income by Components (Details) - Gain (loss) on securities available-for-sale - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | ||||
Balance at beginning of period | $ (19,172) | $ 5,185 | $ 7,743 | $ 7,746 |
Unrealized loss arising during the period | (21,016) | 13,550 | (59,103) | 9,912 |
Reclassification adjustment from other comprehensive income | 0 | 0 | (16) | 0 |
Total unrealized loss on securities available-for-sale | (21,016) | 13,550 | (59,119) | 9,912 |
Amortization of unrealized loss of available-for-sale securities transferred to held-to-maturity | 246 | 0 | 333 | 0 |
Tax effect of current period changes | 5,883 | (3,995) | 16,984 | (2,918) |
Total changes, net of taxes | (14,887) | 9,555 | (41,802) | 6,994 |
Balance at end of period | $ (34,059) | $ 14,740 | $ (34,059) | $ 14,740 |
VARIABLE INTEREST ENTITIES - Ad
VARIABLE INTEREST ENTITIES - Additional Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) trust | Jun. 30, 2021 USD ($) | Dec. 31, 2019 USD ($) | Jun. 30, 2022 USD ($) trust | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Variable Interest Entity [Line Items] | ||||||
Total assets | $ 9,502,113 | $ 9,502,113 | $ 9,393,743 | |||
Number of grantor trusts | trust | 2 | 2 | ||||
Variable Interest Entity, Not Primary Beneficiary | ||||||
Variable Interest Entity [Line Items] | ||||||
Fundings | $ 0 | $ 0 | $ 0 | $ 0 | ||
Maximum loss exposure | 23,531 | 23,531 | 25,888 | |||
Total assets | 253,775 | 253,775 | 259,746 | |||
Investments in grantor trusts | 527 | 527 | 527 | |||
Variable Interest Entity, Not Primary Beneficiary | Other Assets | ||||||
Variable Interest Entity [Line Items] | ||||||
Total assets | $ 23,500 | $ 23,500 | $ 25,900 | |||
Variable Interest Entity, Not Primary Beneficiary | Multifamily | ||||||
Variable Interest Entity [Line Items] | ||||||
Fundings | $ 573,500 | |||||
Credit losses guaranteed (percent) | 12% | 12% | ||||
Maximum loss exposure | $ 68,800 | $ 68,800 | ||||
Repurchase liability recognized | $ 2,000 | $ 2,000 |
VARIABLE INTEREST ENTITIES - In
VARIABLE INTEREST ENTITIES - Information Regarding Activity in Alternative Energy Partnerships (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Variable Interest Entity [Line Items] | |||||
(Loss) gain on investments in alternative energy partnerships | $ (1,043) | $ (158) | $ 829 | $ (1,201) | $ (2,801) |
Tax expense (benefit) recognized from HLBV application | 10,161 | $ 18,785 | 6,562 | 28,946 | 8,856 |
Variable Interest Entity, Not Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Fundings | 0 | 0 | 0 | 0 | |
Cash distribution from investment | 582 | 570 | 1,156 | 1,108 | |
(Loss) gain on investments in alternative energy partnerships | (1,043) | 829 | (1,201) | (2,801) | |
Income tax credits recognized | 0 | 0 | 0 | 0 | |
Tax expense (benefit) recognized from HLBV application | $ (301) | $ 228 | $ (347) | $ (770) |
VARIABLE INTEREST ENTITIES - Su
VARIABLE INTEREST ENTITIES - Summary of Unconsolidated VIEs (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Equipment, net of depreciation | $ 108,523 | $ 112,868 |
Other assets | 206,548 | 189,033 |
Total assets | 9,502,113 | 9,393,743 |
Total unconsolidated liabilities | 8,552,983 | 8,328,453 |
Variable Interest Entity, Not Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Cash | 2,367 | 4,227 |
Equipment, net of depreciation | 242,097 | 246,421 |
Other assets | 9,311 | 9,098 |
Total assets | 253,775 | 259,746 |
Total unconsolidated liabilities | 9,292 | 12,129 |
Maximum loss exposure | $ 23,531 | $ 25,888 |
VARIABLE INTEREST ENTITIES - Ba
VARIABLE INTEREST ENTITIES - Balances and Activity in Affordable Housing Partnerships (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Variable Interest Entity [Line Items] | |||||
Fundings | $ 3,950 | $ 1,879 | |||
Variable Interest Entity, Not Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Ending balance | $ 23,531 | 23,531 | $ 25,888 | ||
Maximum loss exposure | 23,531 | 23,531 | 25,888 | ||
Affordable Housing Fund Investment | Variable Interest Entity, Not Primary Beneficiary | |||||
Variable Interest Entity [Line Items] | |||||
Ending balance | 44,006 | 44,006 | 38,982 | ||
Aggregate funding commitment | 67,961 | 67,961 | 61,278 | ||
Total amount funded | 53,038 | 53,038 | 51,014 | ||
Unfunded commitment | 14,923 | 14,923 | 10,264 | ||
Maximum loss exposure | 44,006 | 44,006 | $ 38,982 | ||
Fundings | 919 | $ 1,161 | 2,024 | 2,164 | |
Proportional amortization recognized | 1,027 | 881 | 2,573 | 2,063 | |
Income tax credits recognized | $ 1,163 | $ 1,158 | $ 2,536 | $ 2,311 |
EARNINGS PER COMMON SHARE - Com
EARNINGS PER COMMON SHARE - Computations for Basic and Diluted Earnings/(Loss) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule of Earnings Per Share [Line Items] | |||||
Less: income allocated to participating securities | $ 0 | $ 0 | $ 0 | $ 0 | $ (122) |
Less: preferred stock dividends | 0 | (1,420) | (1,727) | (1,420) | (4,868) |
Less: preferred stock redemption | 0 | $ (3,747) | 0 | (3,747) | (3,347) |
Common Stock | |||||
Schedule of Earnings Per Share [Line Items] | |||||
Net income(loss) | 26,504 | 18,870 | 74,645 | 33,109 | |
Less: income allocated to participating securities | 0 | (121) | |||
Less: preferred stock dividends | 0 | (1,711) | (1,409) | (4,822) | |
Less: preferred stock redemption | 0 | 0 | (3,718) | (3,315) | |
Net income allocated to common stockholders | $ 26,504 | $ 17,159 | $ 69,518 | $ 24,851 | |
Weighted average common shares outstanding (in shares) | 60,873,481 | 50,172,865 | 61,497,261 | 50,024,048 | |
Average shares and dilutive common shares (in shares) | 61,123,294 | 50,414,881 | 61,771,055 | 50,332,964 | |
Basic loss per common share | |||||
Basic earnings (loss) per common share (in dollars per share) | $ 0.44 | $ 0.69 | $ 0.34 | $ 1.13 | $ 0.50 |
Diluted loss per common share | |||||
Diluted earnings (loss) per common share (in dollars per share) | $ 0.43 | 0.69 | $ 0.34 | $ 1.13 | $ 0.49 |
Common Stock | Dilutive effects of restricted shares/units | |||||
Schedule of Earnings Per Share [Line Items] | |||||
Dilutive effects of stock units and stock options (in shares) | 245,571 | 238,008 | 269,093 | 302,848 | |
Common Stock | Dilutive effects of stock options | |||||
Schedule of Earnings Per Share [Line Items] | |||||
Dilutive effects of stock units and stock options (in shares) | 4,242 | 4,008 | 4,701 | 6,068 | |
Class B Common Stock | |||||
Schedule of Earnings Per Share [Line Items] | |||||
Net income(loss) | $ 208 | $ 180 | $ 579 | $ 316 | |
Less: income allocated to participating securities | 0 | (1) | |||
Less: preferred stock dividends | 0 | (16) | (11) | (46) | |
Less: preferred stock redemption | 0 | 0 | (29) | (32) | |
Net income allocated to common stockholders | $ 208 | $ 164 | $ 539 | $ 237 | |
Weighted average common shares outstanding (in shares) | 477,321 | 477,321 | 477,321 | 477,321 | |
Average shares and dilutive common shares (in shares) | 477,321 | 477,321 | 477,321 | 477,321 | |
Basic loss per common share | |||||
Basic earnings (loss) per common share (in dollars per share) | $ 0.44 | 0.69 | $ 0.34 | $ 1.13 | $ 0.50 |
Diluted loss per common share | |||||
Diluted earnings (loss) per common share (in dollars per share) | $ 0.44 | $ 0.69 | $ 0.34 | $ 1.13 | $ 0.50 |
Class B Common Stock | Dilutive effects of restricted shares/units | |||||
Schedule of Earnings Per Share [Line Items] | |||||
Dilutive effects of stock units and stock options (in shares) | 0 | 0 | 0 | 0 | |
Class B Common Stock | Dilutive effects of stock options | |||||
Schedule of Earnings Per Share [Line Items] | |||||
Dilutive effects of stock units and stock options (in shares) | 0 | 0 | 0 | 0 |
EARNINGS PER COMMON SHARE - Add
EARNINGS PER COMMON SHARE - Additional Information (Details) - shares | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Mar. 31, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock Appreciation Rights | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Common stock issued upon exercise of SARs (in shares) | 305,772 | ||||
Dilutive effects of restricted shares/units | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Stock excluded from computation of earnings per share (in shares) | 354,484 | 218,829 | 806 | 134,037 | |
Dilutive effects of stock options | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Stock excluded from computation of earnings per share (in shares) | 0 | 0 | 0 | 0 |
LOAN COMMITMENTS AND OTHER RE_3
LOAN COMMITMENTS AND OTHER RELATED ACTIVITIES - Contractual Amount of Financial Instruments with Off-Balance-Sheet Risk (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
LIHTC Investments | ||
Other Commitments [Line Items] | ||
Unfunded commitment | $ 14,900 | |
Small Business Investment Companies | ||
Other Commitments [Line Items] | ||
Unfunded commitment | 9,400 | |
Other Investments | ||
Other Commitments [Line Items] | ||
Unfunded commitment | 7,900 | |
Commitments to extend credit | ||
Other Commitments [Line Items] | ||
Fixed Rate | 48,805 | $ 37,107 |
Variable Rate | 185,478 | 136,921 |
Unused lines of credit | ||
Other Commitments [Line Items] | ||
Fixed Rate | 4,454 | 6,894 |
Variable Rate | 1,995,891 | 1,699,933 |
Letters of credit | ||
Other Commitments [Line Items] | ||
Fixed Rate | 2,825 | 2,553 |
Variable Rate | $ 7,299 | $ 5,617 |
REVENUE RECOGNITION - Summary o
REVENUE RECOGNITION - Summary of Noninterest Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Disaggregation of Revenue [Line Items] | |||||
Noninterest income (in-scope of Topic 606) | $ 2,306 | $ 1,423 | $ 4,572 | $ 2,699 | |
Noninterest income (out-of-scope of Topic 606) | 4,880 | 2,020 | 8,524 | 5,553 | |
Total noninterest income | 7,186 | $ 5,910 | 3,443 | 13,096 | 8,252 |
Deposit service fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Noninterest income (in-scope of Topic 606) | 1,627 | 825 | 3,281 | 1,635 | |
Debit card fees | |||||
Disaggregation of Revenue [Line Items] | |||||
Noninterest income (in-scope of Topic 606) | 542 | 496 | 995 | 883 | |
Other | |||||
Disaggregation of Revenue [Line Items] | |||||
Noninterest income (in-scope of Topic 606) | $ 137 | $ 102 | $ 296 | $ 181 |
REVENUE RECOGNITION - Additiona
REVENUE RECOGNITION - Additional Information (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2022 USD ($) branch | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | |
Revenue from Contract with Customer [Abstract] | |||
Number of branches under sale-leaseback transactions | branch | 1 | ||
Sale leaseback transaction, net book value | $ 2,400 | ||
Gain on sale-leaseback of branch | $ 771 | $ 771 | $ 0 |
RELATED-PARTY TRANSACTIONS - Ad
RELATED-PARTY TRANSACTIONS - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Current Directors | Special Committee Investigation Indemnification | ||||
Related Party Transaction [Line Items] | ||||
Expenses from transactions with related parties | $ 120 | $ 156 | $ 208 | $ 156 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 5 Months Ended | 6 Months Ended |
Aug. 08, 2022 | Jun. 30, 2022 | Aug. 08, 2022 | Jun. 30, 2022 | |
Subsequent Event [Line Items] | ||||
Shares repurchased (in shares) | 2,113,176 | 2,328,726 | ||
Shares repurchased, weighted average price (in usd per share) | $ 18.38 | $ 18.52 | ||
Value of shares repurchased | $ 38,888 | $ 43,186 | ||
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Shares repurchased (in shares) | 485,282 | 2,813,978 | ||
Shares repurchased, weighted average price (in usd per share) | $ 18.07 | $ 18.45 | ||
Value of shares repurchased | $ 8,800 | $ 51,900 |