Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 04, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | FFWM | |
Entity Registrant Name | FIRST FOUNDATION INC. | |
Entity Central Index Key | 0001413837 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-36461 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-8639702 | |
Entity Address, Address Line One | 18101 Von Karman Avenue | |
Entity Address, Address Line Two | Suite 700 | |
Entity Address, City or Town | Irvine | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92612 | |
City Area Code | 949 | |
Local Phone Number | 202-4160 | |
Entity Common Stock, Shares Outstanding | 44,626,324 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 414,179 | $ 65,387 |
Securities available-for-sale ("AFS") | 863,778 | 1,014,966 |
Allowance for credit losses ("ACL") | (2,371) | |
Net securities | 861,407 | 1,014,966 |
Loans held for sale | 527,970 | 503,036 |
Loans, net of deferred fees | 5,136,812 | 4,547,633 |
Allowance for credit losses | (28,129) | (20,800) |
Net loans | 5,108,683 | 4,526,833 |
Investment in FHLB stock | 23,598 | 21,519 |
Deferred taxes | 9,194 | 11,079 |
Premises and equipment, net | 8,188 | 8,355 |
Goodwill and intangibles | 96,181 | 97,191 |
Other assets | 91,893 | 66,070 |
Total Assets | 7,141,293 | 6,314,436 |
Liabilities: | ||
Deposits | 5,647,841 | 4,891,144 |
Borrowings | 764,600 | 743,000 |
Accounts payable and other liabilities | 90,131 | 66,423 |
Total Liabilities | 6,502,572 | 5,700,567 |
Shareholders' Equity | ||
Common Stock, par value $0.001: 70,000,000 shares authorized; 44,625,324 and 44,670,743 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively | 45 | 45 |
Additional paid-in-capital | 432,791 | 433,775 |
Retained earnings | 200,582 | 175,773 |
Accumulated other comprehensive income, net of tax | 5,303 | 4,276 |
Total Shareholders' Equity | 638,721 | 613,869 |
Total Liabilities and Shareholders' Equity | $ 7,141,293 | $ 6,314,436 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 70,000,000 | 70,000,000 |
Common stock, shares issued | 44,625,324 | 44,670,743 |
Common stock, shares outstanding | 44,625,324 | 44,670,743 |
CONSOLIDATED INCOME STATEMENTS
CONSOLIDATED INCOME STATEMENTS - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Interest income: | ||||
Loans | $ 55,134 | $ 56,510 | $ 110,018 | $ 110,345 |
Securities | 6,539 | 6,186 | 13,536 | 12,351 |
FHLB stock, fed funds sold and interest-bearing deposits | 259 | 612 | 716 | 1,156 |
Total interest income | 61,932 | 63,308 | 124,270 | 123,852 |
Interest expense: | ||||
Deposits | 10,914 | 16,296 | 25,560 | 31,744 |
Borrowings | 2,571 | 5,125 | 5,395 | 9,174 |
Total interest expense | 13,485 | 21,421 | 30,955 | 40,918 |
Net interest income | 48,447 | 41,887 | 93,315 | 82,934 |
Provision for credit losses | 1,367 | 1,231 | 5,431 | 1,771 |
Net interest income after provision for credit losses | 47,080 | 40,656 | 87,884 | 81,163 |
Noninterest income: | ||||
Revenue from contract with customers | $ 6,733 | $ 7,136 | $ 14,495 | $ 13,930 |
Type of Revenue [Extensible List] | us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember | us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember | us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember | us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember |
Other income | $ 2,236 | $ 1,995 | $ 5,149 | $ 3,666 |
Total noninterest income | 8,969 | 9,131 | 19,644 | 17,596 |
Noninterest expense: | ||||
Compensation and benefits | 18,288 | 17,333 | 38,145 | 36,235 |
Occupancy and depreciation | 5,855 | 5,167 | 11,367 | 10,035 |
Professional services and marketing costs | 2,049 | 2,024 | 3,803 | 4,028 |
Customer service costs | 1,622 | 4,283 | 3,994 | 7,672 |
Other expenses | 3,123 | 3,475 | 6,500 | 7,257 |
Total noninterest expense | 30,937 | 32,282 | 63,809 | 65,227 |
Income before taxes on income | 25,112 | 17,505 | 43,719 | 33,532 |
Taxes on income | 7,258 | 5,095 | 12,654 | 9,863 |
Net income | $ 17,854 | $ 12,410 | $ 31,065 | $ 23,669 |
Net income per share: | ||||
Basic | $ 0.40 | $ 0.28 | $ 0.70 | $ 0.53 |
Diluted | $ 0.40 | $ 0.28 | $ 0.69 | $ 0.53 |
Shares used in computation: | ||||
Basic | 44,620,716 | 44,625,673 | 44,645,189 | 44,583,503 |
Diluted | 44,812,369 | 44,894,720 | 44,882,520 | 44,846,779 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY - UNAUDITED - USD ($) $ in Thousands | Common Stock | Additional Paid-in-Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total |
Beginning balance at Dec. 31, 2018 | $ 44 | $ 431,832 | $ 128,461 | $ (1,153) | $ 559,184 |
Beginning balance (in shares) at Dec. 31, 2018 | 44,496,007 | ||||
Net income | 23,669 | 23,669 | |||
Other comprehensive income (loss) | 7,212 | 7,212 | |||
Stock based compensation | 989 | 989 | |||
Cash dividend | (4,462) | (4,462) | |||
Exercise of options | 135 | 135 | |||
Exercise of options (in shares) | 18,000 | ||||
Stock grants - vesting of Restricted Stock Units | $ 1 | (1) | |||
Stock grants - vesting of Restricted Stock Units (in shares) | 121,640 | ||||
Stock repurchase | (24) | (24) | |||
Stock repurchase (in shares) | (1,800) | ||||
Ending balance at Jun. 30, 2019 | $ 45 | 432,931 | 147,668 | 6,059 | 586,703 |
Ending balance (in shares) at Jun. 30, 2019 | 44,633,847 | ||||
Beginning balance at Dec. 31, 2019 | $ 45 | 433,775 | 175,773 | 4,276 | 613,869 |
Beginning balance (in shares) at Dec. 31, 2019 | 44,670,743 | ||||
Net income | 31,065 | 31,065 | |||
Other comprehensive income (loss) | 1,027 | 1,027 | |||
Stock based compensation | 1,195 | 1,195 | |||
Cash dividend | (6,256) | (6,256) | |||
Exercise of options | 645 | 645 | |||
Exercise of options (in shares) | 86,000 | ||||
Stock grants - vesting of Restricted Stock Units (in shares) | 92,915 | ||||
Stock repurchase | (2,824) | (2,824) | |||
Stock repurchase (in shares) | (224,334) | ||||
Ending balance at Jun. 30, 2020 | $ 45 | $ 432,791 | $ 200,582 | $ 5,303 | $ 638,721 |
Ending balance (in shares) at Jun. 30, 2020 | 44,625,324 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 17,854 | $ 12,410 | $ 31,065 | $ 23,669 |
Other comprehensive income: | ||||
Unrealized holding gains on securities arising during the period | 678 | 11,265 | 1,450 | 10,191 |
Other comprehensive income before tax | 678 | 11,265 | 1,450 | 10,191 |
Income tax expense related to items of other comprehensive income | 198 | 3,294 | 423 | 2,979 |
Other comprehensive income | 480 | 7,971 | 1,027 | 7,212 |
Total comprehensive income | $ 18,334 | $ 20,381 | $ 32,092 | $ 30,881 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows from Operating Activities: | ||
Net income | $ 31,065 | $ 23,669 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses - loans | 3,060 | 1,771 |
Provision for credit losses - securities AFS | 2,371 | |
Stock-based compensation expense | 1,195 | 989 |
Depreciation and amortization | 1,547 | 1,480 |
Deferred tax expense | 1,462 | 685 |
Amortization of core deposit intangible | 1,010 | 1,228 |
Amortization of mortgage servicing rights - net | 705 | 320 |
Amortization of premiums on purchased loans - net | (4,169) | (3,889) |
Gain on sale of REO | (263) | |
Gain from hedging activities | (224) | (355) |
Increase in other assets | (11,266) | (1,339) |
Decrease in accounts payable and other liabilities | 1,322 | (460) |
Net cash provided by operating activities | 28,078 | 23,836 |
Cash Flows from Investing Activities: | ||
Net increase in loans | (594,872) | (434,209) |
Proceeds from sale of REO | 613 | |
Purchase of premises and equipment | (1,380) | (1,181) |
Recovery of allowance for credit losses | 564 | 363 |
Purchases of AFS securities | (6,757) | (400) |
Maturities of AFS securities | 155,376 | 46,957 |
Sale (purchases) of FHLB stock, net | (2,079) | 1,083 |
Net cash used in investing activities | (449,148) | (386,774) |
Cash Flows from Financing Activities: | ||
Increase in deposits | 756,697 | 210,974 |
Net increase in FHLB advances | 21,600 | 159,000 |
Line of credit net change - borrowings (paydowns), net | 15,000 | |
Dividends paid | (6,256) | (4,462) |
Proceeds from sale of stock, net | 645 | 135 |
Repurchase of stock | (2,824) | (24) |
Net cash provided by financing activities | 769,862 | 380,623 |
Increase (decrease) in cash and cash equivalents | 348,792 | 17,685 |
Cash and cash equivalents at beginning of year | 65,387 | 67,312 |
Cash and cash equivalents at end of period | 414,179 | 84,997 |
Supplemental disclosures of cash flow information: | ||
Income taxes | 185 | 8,784 |
Interest | 30,289 | 37,456 |
Noncash transactions: | ||
Transfer of loans to loans held for sale | 14,666 | 101,444 |
Chargeoffs against allowance for credit losses | $ 1,055 | $ 934 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | NOTE 1: BASIS OF PRESENTATION The consolidated financial statements include First Foundation Inc. (“FFI”) and its wholly owned subsidiaries: First Foundation Advisors (“FFA”) and First Foundation Bank (“FFB” or the “Bank”) and the wholly owned subsidiaries of FFB, First Foundation Insurance Services (“FFIS”) and Blue Moon Management, LLC (collectively referred to as the “Company”). All intercompany balances and transactions have been eliminated in consolidation. The results of operations reflect any interim adjustments, all of which are of a normal recurring nature and which, in the opinion of management, are necessary for a fair presentation of the results for the interim period presented. The results for the 2020 interim periods are not necessarily indicative of the results expected for the full year. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and prevailing practices within the banking industry. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. The accompanying unaudited consolidated financial statements include all information and footnotes required for interim financial statement presentation. These financial statements assume that readers have read the most recent Annual Report on Form 10-K which contains the latest available audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2019. Certain reclassifications have been made to the prior year consolidated financial statements to conform to the 2020 presentation. Recently Adopted Accounting Guidance Measurement of Credit Losses on Financial Instruments: In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The Company adopted the amendments within ASU 2016-13 on January 1, 2020 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for the periods beginning after that date are presented under Topic 326, while prior period amounts continue to be reported in accordance with previously applicable generally accepted accounting principles (“GAAP”). There was not any cumulative effect adjustment upon adoption. The instruments that were accounted for as purchased credit impaired (“PCI”) are transitioned under the new purchased credit deteriorated (“PCD”) model using the prospective transition approach. The Company applied the prospective transition approach for debt securities for which other than temporary impairment had been recognized prior to January 1, 2020. As a result, the amortized cost basis remains the same before and after the effective date. Allowance for credit losses on investment securities: On January 1, 2020, the Company adopted the amendments within ASU 2016-13, which replaces the legacy US GAAP Other Than Temporary Impairment (“OTTI”) model with a credit loss model. The credit loss model under Accounting Standards Codification (“ASC”) 326-30, applicable to debt securities available for sale (“Securities AFS”), requires recognition of credit losses through an allowance account, but retains the concept from the OTTI model that credit losses are recognized once securities become impaired. For Securities AFS, a decline in fair value due to credit loss results in recognition of an allowance for credit losses. Impairment may result from credit deterioration of the issuer or collateral underlying the security. The assessment of determining if a decline in fair value resulted from a credit loss is performed at the individual security level. Among other factors, the Company considers: 1) the extent to which the fair value is less than the amortized cost basis; 2) the financial condition and near term prospects of the issuer, including consideration of relevant financial metrics or ratios of the issuer; 3) any adverse conditions related to an industry or geographic area of an issuer; 4) any changes to the rating of the security by a rating agency; and 5) any past due principal or interest payments from the issuer. If an assessment of the above factors indicates that a credit loss exists, the Company records an allowance for credit losses for the excess of the amortized cost basis over the present value of cash flows expected to be collected, limited to the amount that the security’s fair value is less than its amortized cost basis. Subsequent changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Interest accruals and amortization and accretion of premiums and discounts are suspended when the credit loss is recognized in earnings. Any interest received after the security has been placed on nonaccrual status is recognized on a cash basis. Accrued interest receivable on Securities AFS is excluded from the estimate of expected credit losses. The provision for credit losses on the consolidated income statement includes the provisions for credit losses for loans and securities AFS. For the six months ending June 30, 2020, the provision for credit losses for loans was $3 million and the provision for credit losses for Securities AFS was $2.4 million, resulting in a total provision for credit losses of $5.4 million. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting” In November 2019, the FASB issued ASU 2019-12, “ Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes” Topic 740 In July 2019, the FASB issued ASU 2019-07, Codification Updates to SEC Sections Disclosure Update and Simplification Investment Company Reporting Modernization |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | NOTE 2: FAIR VALUE MEASUREMENTS Assets Measured at Fair Value on a Recurring Basis Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Current accounting guidance 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. There are three levels of inputs that may be used to measure fair values: Level 1: Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date. Level 2: Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. Level 3: Significant unobservable inputs that reflect the Company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability. Securities available for sale and effective with the adoption of ASU 2016-01 on January 1, 2018, investments in equity securities are measured at fair value on a recurring basis depending upon whether the inputs are Level 1, 2 or 3 as described above. The following tables show the recorded amounts of assets and liabilities measured at fair value on a recurring basis as of: Fair Value Measurement Level (dollars in thousands) Total Level 1 Level 2 Level 3 June 30, 2020: Investment securities available for sale: Agency mortgage-backed securities $ 773,131 $ — $ 773,131 $ — Beneficial interest – FHLMC securitizations 28,956 — — 28,956 Corporate bonds 57,827 — 57,827 — Other 1,493 407 1,086 — Investment in equity securities 299 299 — — Total assets at fair value on a recurring basis $ 861,706 $ 706 $ 832,044 $ 28,956 Derivatives: Interest rate swaps $ 11,688 $ — $ 11,688 $ — December 31, 2019: Investment securities available for sale: Agency mortgage-backed securities $ 914,977 $ — $ 914,977 $ — Beneficial interest – FHLMC securitizations 42,706 — — 42,706 Corporate bonds 55,834 — 55,834 — Other 1,449 403 1,046 — Investment in equity securities 434 434 — — Total assets at fair value on a recurring basis $ 1,015,400 $ 837 $ 971,857 $ 42,706 The decrease in Level 3 assets from December 31, 2019 was due to Beneficial interest – FHLMC securitization paydowns. Due to a change in expected cash flows on an interest only strip security, a $2.4 million allowance was taken in the first six months of 2020. Assets Measured at Fair Value on a Nonrecurring Basis From time to time, we may be required to measure other assets at fair value on a nonrecurring basis. These nonrecurring fair value adjustments typically involve application of lower of cost or market accounting or write-downs of individual assets. Loans Real Estate Owned Mortgage Servicing Rights. Fair Value of Financial Instruments FASB ASC 825-10, “Disclosures about Fair Value of Financial Instruments” requires disclosure of the fair value information about financial instruments, whether or not recognized in the balance sheet, for which it is practicable to estimate such value. The methodologies for estimating the fair value of financial assets and financial liabilities measured at fair value on a recurring and non-recurring basis are discussed above. The estimated fair value amounts have been determined by management using available market information and appropriate valuation methodologies and are based on the exit price notion set forth by ASU 2016-01. In cases where quoted market prices are not available, fair values are based on estimates using present value or other market value techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. The aggregate fair value amounts presented below do not represent the underlying value of the Company. Fair value estimates are made at a discrete point in time based on relevant market information and other information about the financial instruments. Because no active market exists for a significant portion of our financial instruments, fair value estimates are based in large part on judgments we make primarily regarding current economic conditions, risk characteristics of various financial instruments, prepayment rates, and future expected loss experience. These estimates are subjective in nature and invariably involve some inherent uncertainties. Additionally, unexpected changes in events or circumstances can occur that could require us to make changes to our assumptions and which, in turn, could significantly affect and require us to make changes to our previous estimates of fair value. In addition, the fair value estimates are based on existing on and off-balance sheet financial instruments without attempting to estimate the value of existing and anticipated future customer relationships and the value of assets and liabilities that are not considered financial instruments, such as premises and equipment and other real estate owned. The following methods and assumptions were used to estimate the fair value of financial instruments: Cash and Cash Equivalents Interest-Bearing Deposits with Financial Institutions Investment Securities Available for Sale Federal Home Loan Bank Stock. Loans Held For Sale. Loans Held for Investment Deposits Borrowings Interest rate swaps The carrying amounts and estimated fair values of financial instruments are as follows as of: Carrying Fair Value Measurement Level (dollars in thousands) Value 1 2 3 Total June 30, 2020: Assets: Cash and cash equivalents $ 414,179 $ 414,179 $ — $ — $ 414,179 Securities AFS, net 861,407 407 832,044 28,956 861,407 Loans held for sale 527,970 — 533,565 — 533,565 Loans, net 5,108,683 — — 5,163,076 5,163,076 Investment in FHLB stock 23,598 — 23,598 — 23,598 Investment in equity securities 299 299 — — 299 Liabilities: Deposits $ 5,647,841 $ 3,825,306 $ 1,832,007 $ — $ 5,657,313 Borrowings 764,600 — 760,000 4,600 764,600 Interest rate swaps 11,688 — 11,688 — 11,688 December 31, 2019: Assets: Cash and cash equivalents $ 65,387 $ 65,387 $ — $ — $ 65,387 Securities AFS 1,014,966 403 971,857 42,706 1,014,966 Loans held for sale 503,036 — 506,750 — 506,750 Loans, net 4,526,833 — — 4,573,516 4,573,516 Investment in FHLB stock 21,519 — 21,519 — 21,519 Investment in equity securities 434 434 — — 434 Liabilities: Deposits $ 4,891,144 $ 2,913,493 $ 1,977,652 $ — $ 4,891,145 Borrowings 743,000 — 733,000 10,000 743,000 |
Securities
Securities | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Securities | NOTE 3: SECURITIES The following table provides a summary of the Company’s securities AFS portfolio as of: Amortized Gross Unrealized Allowance for Estimated (dollars in thousands) Cost Gains Losses Credit Losses Fair Value June 30, 2020: Agency mortgage-backed securities $ 761,247 $ 11,884 $ — $ — $ 773,131 Beneficial interests in FHLMC securitization 36,637 241 (5,551) (2,371) 28,956 Corporate bonds 57,000 935 (108) — 57,827 Other 1,399 94 — — 1,493 Total $ 856,283 $ 13,154 $ (5,659) $ (2,371) $ 861,407 December 31, 2019: Agency mortgage-backed securities $ 905,949 $ 9,174 $ (146) $ — $ 914,977 Beneficial interests in FHLMC securitization 47,586 1,801 (6,681) — 42,706 Corporate bonds 54,000 1,834 — — 55,834 Other 1,386 63 — — 1,449 Total $ 1,008,921 $ 12,872 $ (6,827) $ — $ 1,014,966 US Treasury securities of $0.4 million as of June 30, 2020 that are included in the table above as Other are pledged as collateral to the State of California to meet regulatory requirements related to the Bank’s trust operations. As of June 30, 2020, $131 million of agency mortgage-backed securities are pledged as collateral as support for the Bank’s obligations under loan sales and securitization agreements entered into in 2019 and 2018. The tables below indicate, as of June 30, 2020 and December 31, 2019, the gross unrealized losses and fair values of our investments, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. Securities with Unrealized Loss at June 30, 2020 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Value Loss Value Loss Value Loss Beneficial interests in FHLMC securitization $ 13,954 $ (5,119) $ 346 $ (432) $ 14,300 $ (5,551) Corporate bonds 14,892 (108) — — 14,892 (108) Total temporarily impaired securities $ 28,846 (5,227) $ 346 $ (432) $ 29,192 $ (5,659) Securities with Unrealized Loss at December 31, 2019 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Value Loss Value Loss Value Loss Agency mortgage-backed securities $ 5,488 $ (2) $ 13,880 $ (144) $ 19,368 $ (146) Beneficial interests in FHLMC securitization 20,609 (2,856) 3,220 (3,825) 23,829 (6,681) Total temporarily impaired securities $ 26,097 $ (2,858) $ 17,100 $ (3,969) $ 43,197 $ (6,827) Unrealized losses in agency mortgage-backed securities, beneficial interests in FHLMC securitizations, and other securities have not been recognized into income because the issuer bonds are of high credit quality, management does not intend to sell, it is not more likely than not that management would be required to sell the securities prior to their anticipated recovery, and the decline in fair value is largely due to changes in discount rates and assumptions regarding future interest rates. The fair value is expected to recover as the bonds approach maturity. The assessment of determining if a decline in fair value resulted from a credit loss is performed at the individual security level. Among other factors considered are: 1) the extent to which the fair value is less than the amortized cost basis; 2) the financial condition and near term prospects of the issuer, including consideration of relevant financial metrics or ratios of the issuer; 3) any adverse conditions related to an industry or geographic area of an issuer; 4) any changes to the rating of the security by a rating agency; and 5) any past due principal or interest payments from the issuer. If an assessment of the above factors indicates that a credit loss exists, the Company records an allowance for credit losses for the excess of the amortized cost basis over the present value of cash flows expected to be collected, limited to the amount that the security’s fair value is less than its amortized cost basis. Subsequent changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Interest accruals and amortization and accretion of premiums and discounts are suspended when the credit loss is recognized in earnings. Any interest received after the security has been placed on nonaccrual status is recognized on a cash basis. Allowance for credit losses - Investments (dollars in thousands) Balance: December 31, 2019 $ — Provision for credit losses 2,371 Balance: June 30, 2020 $ 2,371 Due to a change in expected cash flows of an interest only strip security, a $2.4 million allowance was taken in the first six months of 2020. The allowance was included as a charge in provision for credit losses on the consolidated income statement. The scheduled maturities of securities AFS and the related weighted average yields were as follows for the periods indicated: Less than 1 Through 5 Through After (dollars in thousands) 1 Year 5 years 10 Years 10 Years Total June 30, 2020 Amortized Cost: Corporate bonds $ — $ — $ 57,000 $ — $ 57,000 Other 400 — 999 — 1,399 Total $ 400 $ — $ 57,999 $ — $ 58,399 Weighted average yield 2.16 % — % 5.35 % — % 5.33 % Estimated Fair Value: Corporate bonds $ — $ — $ 57,827 $ — $ 57,827 Other 407 — 1,086 — 1,493 Total $ 407 $ — $ 58,913 $ — $ 59,320 Less than 1 Through 5 Through After (dollars in thousands) 1 Year 5 years 10 Years 10 Years Total December 31, 2019 Amortized Cost: Corporate bonds $ — $ — $ 54,000 $ — $ 54,000 Other — 400 986 — 1,386 Total $ — $ 400 $ 54,986 $ — $ 55,386 Weighted average yield — % 2.25 % 5.29 % — % 5.27 % Estimated Fair Value: Corporate bonds $ — $ — $ 55,834 $ — $ 55,834 Other — 403 1,046 — 1,449 Total $ — $ 403 $ 56,880 $ — $ 57,283 Agency mortgage-backed securities and beneficial interests in FHLMC securitizations are excluded from the above table because such securities are not due at a single maturity date. The weighted average yield of the agency mortgage-backed securities and beneficial interests as of June 30, 2020 was 2.48%. |
Loans
Loans | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Loans | NOTE 4: LOANS The following is a summary of our loans as of: June 30, December 31, (dollars in thousands) 2020 2019 Outstanding principal balance: Loans secured by real estate: Residential properties: Multifamily $ 2,556,332 $ 2,143,919 Single family 839,537 871,181 Total real estate loans secured by residential properties 3,395,869 3,015,100 Commercial properties 774,939 834,042 Land 65,094 70,257 Total real estate loans 4,235,902 3,919,399 Commercial and industrial loans 875,464 600,213 Consumer loans 18,640 16,273 Total loans 5,130,006 4,535,885 Premiums, discounts and deferred fees and expenses 6,806 11,748 Total $ 5,136,812 $ 4,547,633 In 2017 and 2018 the Company purchased loans, for which there was, at acquisition, evidence of deterioration of credit quality since origination and it was probable, at acquisition, that all contractually required payments would not be collected. As of December 31, 2019, the principal balance shown above is net of unaccreted discount related to loans acquired in acquisitions of $8.4 million. The carrying amount of these PCD loans is as follows as of: June 30, December 31, (dollars in thousands) 2020 2019 Outstanding principal balance: Loans secured by real estate: Residential properties $ 291 $ 366 Commercial properties 5,529 6,146 Land — 1,058 Total real estate loans 5,820 7,570 Commercial and industrial loans 317 603 Total loans 6,137 8,173 Unaccreted discount on purchased credit deteriorated loans — (3,657) Total $ 6,137 $ 4,516 The following table summarizes our delinquent and nonaccrual loans as of: Past Due and Still Accruing Total Past 90 Days Due and (dollars in thousands) 30–59 Days 60-89 Days or More Nonaccrual Nonaccrual Current Total June 30, 2020: Real estate loans: Residential properties $ 5,572 $ — $ — $ 7,027 $ 12,599 $ 3,383,270 $ 3,395,869 Commercial properties 1,255 4,159 — 2,320 7,734 767,205 774,939 Land — 455 — 500 955 64,139 65,094 Commercial and industrial loans 2,051 685 — 5,648 8,384 867,080 875,464 Consumer loans 350 — — 17 367 18,273 18,640 Total $ 9,228 $ 5,299 $ — $ 15,512 $ 30,039 $ 5,099,967 $ 5,130,006 Percentage of total loans 0.18 % 0.10 % — % 0.30 % 0.59 % December 31, 2019: Real estate loans: Residential properties $ 89 $ 13 $ — $ 1,743 $ 1,845 $ 3,013,255 $ 3,015,100 Commercial properties 7,586 — 403 2,410 10,399 823,643 834,042 Land — — — — — 70,257 70,257 Commercial and industrial loans 695 2,007 — 8,714 11,416 588,797 600,213 Consumer loans 22 3 — — 25 16,248 16,273 Total $ 8,392 $ 2,023 $ 403 $ 12,867 $ 23,685 $ 4,512,200 $ 4,535,885 Percentage of total loans 0.19 % 0.04 % 0.01 % 0.28 % 0.52 % The following table presents the loans classified as troubled debt restructurings (“TDR”) by accrual and nonaccrual status as of: June 30, 2020 December 31, 2019 (dollars in thousands) Accrual Nonaccrual Total Accrual Nonaccrual Total Residential loans $ 1,200 $ — $ 1,200 $ 1,200 $ — $ 1,200 Commercial real estate loans 1,148 1,374 2,522 1,188 2,166 3,354 Commercial and industrial loans 606 3,875 4,481 557 2,972 3,529 Total $ 2,954 $ 5,249 $ 8,203 $ 2,945 $ 5,138 $ 8,083 The following table provides information on loans that were modified as TDRs for the following periods: Outstanding Recorded Investment (dollars in thousands) Number of loans Pre-Modification Post-Modification Financial Impact Six Months Ended June 30, 2020: Commercial and industrial loans 1 $ 521 521 $ — Total 1 $ 521 $ 521 $ — Outstanding Recorded Investment (dollars in thousands) Number of loans Pre-Modification Post-Modification Financial Impact Year Ended December 31, 2019 Residential loans 1 $ 1,200 $ 1,200 $ — Commercial real estate loans 1 2,872 2,872 — Commercial and industrial loans 7 1,754 1,754 — Total 9 $ 5,826 $ 5,826 $ — All of these loans were classified as a TDR as a result of a reduction in required principal payments and an extension of the maturity date of the loans. These loans have been paying in accordance with the terms of their restructure. |
Allowance for Credit Losses
Allowance for Credit Losses | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Allowance for Credit Losses | NOTE 5: ALLOWANCE FOR CREDIT LOSSES The following is a roll forward of the Bank’s allowance for credit losses related to loans for the following periods: Beginning Adoption of Provision for Ending (dollars in thousands) Balance ASC 326 Credit Losses Charge-offs Recoveries Balance Quarter Ended June 30, 2020: Real estate loans: Residential properties $ 6,026 $ — $ 730 $ — $ — $ 6,756 Commercial properties 1,178 — 8,133 — — 9,311 Land 1,252 — 2,116 — — 3,368 Commercial and industrial loans 10,125 — (1,225) (525) 113 8,488 Consumer loans 204 — 2 — — 206 Total $ 18,785 $ — $ 9,756 $ (525) $ 113 $ 28,129 Six Months Ended June 30, 2020: Real estate loans: Residential properties $ 8,423 $ (363) $ (1,304) $ — $ — $ 6,756 Commercial properties 4,166 (3,760) 8,905 — — 9,311 Land 573 (92) 2,887 — — 3,368 Commercial and industrial loans 7,448 — 1,531 (1,055) 564 8,488 Consumer loans 190 — 16 — — 206 Total $ 20,800 $ (4,215) $ 12,035 $ (1,055) $ 564 $ 28,129 Year Ended December 31, 2019: Real estate loans: Residential properties $ 9,216 $ — $ (793) $ — $ — $ 8,423 Commercial properties 4,547 — (381) — — 4,166 Land 391 — 182 — — 573 Commercial and industrial loans 4,628 — 3,653 (2,687) 1,854 7,448 Consumer loans 218 — (24) (5) 1 190 Total $ 19,000 $ — $ 2,637 $ (2,692) $ 1,855 $ 20,800 The following table presents the balance in the allowance for credit losses and the recorded investment in loans by impairment method as of: Allowance for Credit Losses Unaccreted Purchased Credit Evaluated for Impairment Credit Component (dollars in thousands) Individually Collectively Deteriorated Total Other Loans June 30, 2020: Allowance for credit losses: Real estate loans: Residential properties $ 34 $ 6,722 $ — $ 6,756 $ Commercial properties 385 8,926 — 9,311 Land — 3,368 — 3,368 Commercial and industrial loans 784 7,704 — 8,488 Consumer loans — 206 — 206 Total $ 1,203 $ 26,926 $ — $ 28,129 $ Loans: Real estate loans: Residential properties $ 5,556 $ 3,390,022 $ 291 $ 3,395,869 $ Commercial properties 6,546 762,864 5,529 774,939 Land 500 64,594 — 65,094 Commercial and industrial loans 6,067 869,080 317 875,464 Consumer loans 17 18,623 — 18,640 Total $ 18,686 $ 5,105,183 $ 6,137 $ 5,130,006 $ December 31, 2019: Allowance for credit losses: Real estate loans: Residential properties $ — $ 8,423 $ — $ 8,423 $ 1,013 Commercial properties 107 4,059 — 4,166 1,048 Land — 573 — 573 6 Commercial and industrial loans 763 6,685 — 7,448 277 Consumer loans — 190 — 190 1 Total $ 870 $ 19,930 $ — $ 20,800 $ 2,345 Loans: Real estate loans: Residential properties $ 2,897 $ 3,012,203 $ — $ 3,015,100 $ 189,339 Commercial properties 6,689 824,026 3,327 834,042 201,370 Land — 69,476 781 70,257 28,660 Commercial and industrial loans 9,316 590,489 408 600,213 24,143 Consumer loans — 16,273 — 16,273 253 Total $ 18,902 $ 4,512,467 $ 4,516 $ 4,535,885 $ 443,765 The column labeled “Unaccreted Credit Component Other Loans” represents the amount of unaccreted credit component discount for the other loans acquired in a business combination, and the stated principal balance of the related loans. The discount is equal to 0.53% of the stated principal balance of these loans as of December 31, 2019. In addition to this unaccreted credit component discount, an additional $0.3 million of ACL has been provided for these loans as of December 31, 2019. Assets that were previously accounted for as PCI under ASC 310-30 are accounted for as PCD assets under the new impairment standard. When instruments that were accounted for as PCI are transitioned to the new PCD model, a “gross up” is recorded to the amortized cost basis of the asset and the allowance for credit losses of these instruments. If any noncredit discount still exists, it is accredited to interest income using the interest method. The Bank categorizes loans into risk categories based on relevant information about the ability of borrowers to service their debt such as current financial information, historical payment experience, collateral adequacy, credit documentation, and current economic trends, among other factors. The Bank analyzes loans individually by classifying the loans as to credit risk. This analysis typically includes larger, non-homogeneous loans such as loans secured by multifamily or commercial real estate and commercial and industrial loans. This analysis is performed on an ongoing basis as new information is obtained. The Bank uses the following definitions for risk ratings: Pass: Special Mention: Substandard: Loans individually evaluated Loans listed as pass include larger non-homogeneous loans not meeting the risk rating definitions above and smaller, homogeneous loans not assessed on an individual basis. Based on the most recent analysis performed, the risk category of loans by class of loans is as follows as of: Loans Individually (dollars in thousands) Pass Special Mention Substandard Loans Evaluated Total June 30, 2020: Real estate loans: Residential properties $ 3,383,143 $ — $ 7,170 $ 5,556 $ 3,395,869 Commercial properties 760,071 663 7,659 6,546 774,939 Land 64,594 — — 500 65,094 Commercial and industrial loans 859,832 5,824 3,741 6,067 875,464 Consumer loans 18,623 — — 17 18,640 Total $ 5,086,263 $ 6,487 $ 18,570 $ 18,686 $ 5,130,006 December 31, 2019: Real estate loans: Residential properties $ 3,012,203 $ — $ — $ 2,897 $ 3,015,100 Commercial properties 821,425 679 5,249 6,689 834,042 Land 69,476 — 781 — 70,257 Commercial and industrial loans 579,153 8,202 3,542 9,316 600,213 Consumer loans 16,273 — — — 16,273 Total $ 4,498,530 $ 8,881 $ 9,572 $ 18,902 $ 4,535,885 The risk categories of loans based on year of origination, with classified loans defined as special mention loans, substandard loans and loans individually evaluated as of June 30, 2020, are as follows: Revolving (dollars in thousands) 2020 2019 2018 2017 2016 Prior Loans Total Loans secured by Real Estate: Residential Multifamily Pass $ 714,812 $ 694,794 $ 590,767 $ 326,321 $ 156,876 $ 72,762 $ — $ 2,556,332 Classified — — — — — — — — Total $ 714,812 $ 694,794 $ 590,767 $ 326,321 $ 156,876 $ 72,762 $ — $ 2,556,332 Single Family Pass $ 75,833 $ 103,177 $ 142,061 $ 127,670 $ 128,707 $ 222,836 $ 26,527 $ 826,811 Classified — — — 1,971 — 7,763 2,992 12,726 Total $ 75,833 $ 103,177 $ 142,061 $ 129,641 $ 128,707 $ 230,599 $ 29,519 $ 839,537 Commercial Real Estate Pass $ 7,753 $ 108,580 $ 141,335 $ 137,158 $ 135,078 $ 230,167 $ — $ 760,071 Classified — 44 — 2,397 2,542 9,885 — 14,868 Total $ 7,753 $ 108,624 $ 141,335 $ 139,555 $ 137,620 $ 240,052 $ — $ 774,939 Land and Constructions Pass $ — $ 14,647 $ 25,798 $ 22,311 $ 783 $ 1,055 $ — $ 64,594 Classified — — 500 — — — — 500 Total $ — $ 14,647 $ 26,298 $ 22,311 $ 783 $ 1,055 $ — $ 65,094 Commercial Pass $ 304,033 $ 185,354 $ 83,577 $ 21,366 $ 18,864 $ 21,684 $ 224,954 $ 859,832 Classified 826 4,090 2,570 704 2,300 283 4,859 15,632 Total $ 304,859 $ 189,444 $ 86,147 $ 22,070 $ 21,164 $ 21,967 $ 229,813 $ 875,464 Consumer Pass $ 1,704 $ — $ 1,430 $ 5 $ 7,061 $ 134 $ 8,289 $ 18,623 Classified — — — 17 — — — 17 Total $ 1,704 $ — $ 1,430 $ 22 $ 7,061 $ 134 $ 8,289 $ 18,640 Total loans Pass $ 1,104,135 $ 1,106,552 $ 984,968 $ 634,831 $ 447,369 $ 548,638 $ 259,770 $ 5,086,263 Classified 826 4,134 3,070 5,089 4,842 17,931 7,851 43,743 Total $ 1,104,961 $ 1,110,686 $ 988,038 $ 639,920 $ 452,211 $ 566,569 $ 267,621 $ 5,130,006 Loans evaluated individually and any related allowance are as follows as of: With No Allowance Recorded With an Allowance Recorded Unpaid Unpaid Principal Recorded Principal Recorded Related (dollars in thousands) Balance Investment Balance Investment Allowance June 30, 2020: Real estate loans: Residential properties $ 4,849 $ 4,803 $ 801 $ 753 $ 32 Commercial properties 5,686 5,398 1,148 1,148 101 Land 500 500 — — — Commercial and industrial loans 3,405 3,046 3,207 3,021 778 Consumer loans 17 17 — — — Total $ 14,457 $ 13,764 $ 5,156 $ 4,922 $ 911 December 31, 2019: Real estate loans: Residential properties $ 2,970 $ 2,897 $ — $ — $ — Commercial properties 5,683 5,456 1,188 1,188 107 Land — — — — — Commercial and industrial loans 6,485 5,708 3,764 3,653 763 Total $ 15,138 $ 14,061 $ 4,952 $ 4,841 $ 870 The weighted average annualized average balance of the recorded investment for these loans, beginning from when the loan became classified as a loan individually evaluated, and any interest income recorded on these loans after they became classified as a loan individually evaluated is as follows for the: Six Months Ended Year Ended June 30, 2020 December 31, 2019 Average Average Recorded Interest Recorded Interest (dollars in thousands) Investment Income Investment Income Real estate loans: Residential properties $ 6,316 $ 26 $ 1,765 $ 13 Commercial properties 10,925 118 8,889 341 Land 165 523 — Commercial and industrial loans 12,450 891 10,608 11 Consumer loans 25 — — — Total $ 29,881 $ 1,035 $ 21,785 $ 365 There was no interest income recognized on a cash basis in either 2020 or 2019 on these loans. The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses and the related ACL allocated to these loans: Equipment/ ACL (dollars in thousands) Real Estate Cash Receivables Total Allocation June 30, 2020: Loans secured by Real Estate: Residential properties Single family $ 3,649 $ — $ — $ 3,649 $ — Commercial real estate loans 421 — — 421 — Land 500 — — 500 — Commercial loans 1,039 250 1,180 2,469 116 Consumer loans — 18 — 18 — Total $ 5,609 $ 268 $ 1,180 $ 7,057 $ 116 |
Loan Sales and Mortgage Servici
Loan Sales and Mortgage Servicing Rights | 6 Months Ended |
Jun. 30, 2020 | |
Loan Sales And Mortgage Servicing Rights Disclosure [Abstract] | |
Loan Sales and Mortgage Servicing Rights | NOTE 6: LOAN SALES AND MORTGAGE SERVICING RIGHTS In 2019, FFB recognized $4.2 million of gains on the sale of $549 million of multifamily loans. For sales of multifamily loans, FFB retained servicing rights for the majority of these loans and recognized mortgage servicing rights as part of the transactions. As of June 30, 2020 and December 31, 2019, mortgage servicing rights were $5.8 million and $7 million, respectively and the amount of loans serviced for others totaled $1.4 billion at June 30, 2020 and $1.7 billion at December 31, 2019. The $5.8 million in mortgage servicing rights as of June 30, 2020 is net of a $0.5 million valuation allowance. Servicing fees for the six months ended June 30, 2020, and in 2019 were $0.3 million and $0.8 million, respectively. |
Deposits
Deposits | 6 Months Ended |
Jun. 30, 2020 | |
Deposits [Abstract] | |
Deposits | NOTE 7: DEPOSITS The following table summarizes the outstanding balance of deposits and average rates paid thereon as of: June 30, 2020 December 31, 2019 Weighted Weighted (dollars in thousands) Amount Average Rate Amount Average Rate Demand deposits: Noninterest-bearing $ 1,770,382 — $ 1,192,481 — Interest-bearing 411,053 0.308 % 386,276 0.635 % Money market and savings 1,643,871 0.799 % 1,334,736 1.355 % Certificates of deposits 1,822,535 1.277 % 1,977,651 1.971 % Total $ 5,647,841 0.667 % $ 4,891,144 1.217 % At June 30, 2020, of the $553 million of certificates of deposits of $250,000 or more, $546 million mature within one year and $7 million mature after one year. Of the $1.3 billion of certificates of deposit of less than $250,000, $1.3 billion mature within one year and $16 million mature after one year. At December 31, 2019, of the $472 million of certificates of deposits of $250,000 or more, $471 million mature within one year and $0.8 million mature after one year. Of the $1.5 billion of certificates of deposit of less than $250,000, $1.5 billion mature within one year and $13 million mature after one year. |
Borrowings
Borrowings | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Borrowings | NOTE 8: BORROWINGS At June 30, 2020, our borrowings consisted of $750 million in FHLB term advances at the Bank, $10 million in FHLB zero interest advances, and $4.6 million of borrowings under a holding company line of credit. At December 31, 2019, our borrowings consisted of $233 million of overnight FHLB advances at the Bank, a $500 million FHLB term advance at the Bank, and $10 million of borrowings under a holding company line of credit. The $500 million and $250 million FHLB term advances outstanding at June 30, 2020 mature in September 2020 and April 2021, and bear interest rates of 1.77% and 0.47%, respectively. The two $5 million FHLB advances are collateralized primarily by loans secured by multifamily and commercial real estate properties with a carrying value of $3.8 billion as of June 30, 2020. As a matter of practice, the Bank provides substantially all of its qualifying loans as collateral to the FHLB or the Federal Reserve Bank. The Bank’s total borrowing capacity from the FHLB at June 30, 2020 was $1.7 billion. In addition to the $760 million borrowing at June 30, 2020, the Bank had in place $282 million of letters of credit from the FHLB which are used to meet collateral requirements for borrowings from the State of California and local agencies. During 2017, FFI entered into a loan agreement with an unaffiliated lender that provides for a revolving line of credit for up to $40 million. The loan agreement matures in five years, with an option to extend the maturity date subject to certain conditions, and bears interest at 90 day LIBOR plus 350 The Bank also has $195 million available borrowing capacity through unsecured fed funds lines, ranging in size from $20 million to $100 million, with five other financial institutions, and a $217 million secured line with the Federal Reserve Bank. None of these lines had outstanding borrowings as June 30, 2020. Combined, the Bank’s unused lines of credit as of June 30, 2020 and December 31, 2019 were $2 billion and $1.4 billion, respectively. The average balance of overnight borrowings during the first six months of 2020 was $88 million, as compared to $413 million during all of 2019. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | NOTE 9: LEASES The Company leases certain facilities for its corporate offices and branch operations under non-cancelable operating leases that expire through 2026. All leases were classified as operating leases and therefore, were previously not recognized on the Company’s consolidated balance sheet. With the adoption of Topic 842, operating lease agreements are required to be recognized on the consolidated balance sheet as a right-of-use (“ROU”) asset and a corresponding lease liability. Certain leases include options to renew, with renewal terms that can extend the lease term. The depreciable life of leased assets is limited by the expected lease term. Supplemental lease information at or for the six months ended June 30, 2020 is as follows: (dollars in thousands) Balance Sheet: Operating lease asset classified as other assets $ 16,943 Operating lease liability classified as other liabilities 18,265 Income Statement: Operating lease cost classified as occupancy and equipment expense $ 2,959 Weighted average lease term, in years 3.94 Weighted average discount rate 5.29 % Operating cash flows $ 2,905 The calculated amount of the ROU assets and lease liabilities in the table above are impacted by the length of the lease term and the discount rate used to present value the minimum lease payments. The Company’s lease agreements often include one or more options to renew at the Company’s discretion. Topic 842 requires the use of the rate implicit in the lease whenever this rate is readily determinable. As this rate is rarely determinable, the Company utilizes its incremental borrowing rate at lease inception, on a collateralized basis, over a similar term. For operating leases existing prior to January 1, 2019, the rate for the remaining lease term as of January 1, 2019 was used. The table below summarizes the maturity of remaining lease liabilities at June 30, 2020: (dollars in thousands) 2020 $ 3,236 2021 6,292 2022 5,344 2023 2,526 2024 and after 4,345 Total future minimum lease payments $ 21,743 Discount on cash flows (3,478) Total lease liability $ 18,265 |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | NOTE 10: EARNINGS PER SHARE Basic earnings per share excludes dilution and is computed by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share reflects the potential dilution that could occur if contracts to issue common stock were exercised or converted into common stock that would then share in earnings. The following table sets forth the Company’s unaudited earnings per share calculations for the quarters and six months ended June 30: Quarter Ended Quarter Ended June 30, 2020 June 30, 2019 (dollars in thousands, except per share amounts) Basic Diluted Basic Diluted Net income $ 17,854 $ 17,854 $ 12,410 $ 12,410 Basic common shares outstanding 44,620,716 44,620,716 44,625,673 44,625,673 Effect of contingent shares issuable 1,592 Effect of options and restricted stock 191,653 267,455 Diluted common shares outstanding 44,812,369 44,894,720 Earnings per share $ 0.40 $ 0.40 $ 0.28 $ 0.28 Six Months Ended Six Months Ended June 30, 2020 June 30, 2019 (dollars in thousands, except share and per share amounts) Basic Diluted Basic Diluted Net income $ 31,065 $ 31,065 $ 23,669 $ 23,669 Basic common shares outstanding 44,645,189 44,645,189 44,583,503 44,583,503 Effect of contingent shares issuable — 1,592 Effect of options and restricted stock 237,331 261,684 Diluted common shares outstanding 44,882,520 44,846,779 Earnings per share $ 0.70 $ 0.69 $ 0.53 $ 0.53 Based on a weighted average basis, restricted stock units to purchase 59,375 shares of common stock were excluded for the six months ended June 30, 2020, because their effect would have been anti-dilutive. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 11: SEGMENT REPORTING For the three and six months ended June 30, 2020 and 2019, the Company had two reportable business segments: Banking (FFB and FFIS) and Wealth Management (FFA). The results of FFI and any elimination entries are included in the column labeled Other. The following tables show key operating results for each of our business segments used to arrive at our consolidated totals for the following periods: Wealth (dollars in thousands) Banking Management Other Total Quarter ended June 30, 2020: Interest income $ 61,932 $ — $ — $ 61,932 Interest expense 13,435 — 50 13,485 Net interest income 48,497 — (50) 48,447 Provision for credit losses 1,367 — — 1,367 Noninterest income 3,635 5,631 (297) 8,969 Noninterest expense 25,042 5,404 491 30,937 Income (loss) before taxes on income $ 25,723 $ 227 $ (838) $ 25,112 Quarter ended June 30, 2019: Interest income $ 63,308 $ — $ — $ 63,308 Interest expense 21,322 — 99 21,421 Net interest income 41,986 — (99) 41,887 Provision for credit losses 1,231 — — 1,231 Noninterest income 3,471 5,982 (322) 9,131 Noninterest expense 25,801 5,567 914 32,282 Income (loss) before taxes on income $ 18,425 $ 415 $ (1,335) $ 17,505 Wealth (dollars in thousands) Banking Management Other Total Six Months Ended June 30, 2020: Interest income $ 124,270 $ — $ — $ 124,270 Interest expense 30,875 — 80 30,955 Net interest income 93,395 — (80) 93,315 Provision for credit losses 5,431 — — 5,431 Noninterest income 8,294 12,119 (769) 19,644 Noninterest expense 51,286 11,569 954 63,809 Income (loss) before taxes on income $ 44,972 $ 550 $ (1,803) $ 43,719 Six Months Ended June 30, 2019: Interest income $ 123,852 $ — $ — $ 123,852 Interest expense 40,804 — 114 40,918 Net interest income 83,048 — (114) 82,934 Provision for credit losses 1,771 — — 1,771 Noninterest income 6,465 11,713 (582) 17,596 Noninterest expense 52,388 11,085 1,754 65,227 Income (loss) before taxes on income $ 35,354 $ 628 $ (2,450) $ 33,532 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | NOTE 12: SUBSEQUENT EVENTS Cash Dividend On July 21, 2020, the Board of Directors of the Company declared a quarterly cash dividend of $0.07 per common share to be paid on August 17, 2020 to stockholders of record as of the close of business on August 3, 2020. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The consolidated financial statements include First Foundation Inc. (“FFI”) and its wholly owned subsidiaries: First Foundation Advisors (“FFA”) and First Foundation Bank (“FFB” or the “Bank”) and the wholly owned subsidiaries of FFB, First Foundation Insurance Services (“FFIS”) and Blue Moon Management, LLC (collectively referred to as the “Company”). All intercompany balances and transactions have been eliminated in consolidation. The results of operations reflect any interim adjustments, all of which are of a normal recurring nature and which, in the opinion of management, are necessary for a fair presentation of the results for the interim period presented. The results for the 2020 interim periods are not necessarily indicative of the results expected for the full year. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America and prevailing practices within the banking industry. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the balance sheet and revenues and expenses for the period. Actual results could differ significantly from those estimates. The accompanying unaudited consolidated financial statements include all information and footnotes required for interim financial statement presentation. These financial statements assume that readers have read the most recent Annual Report on Form 10-K which contains the latest available audited consolidated financial statements and notes thereto as of and for the year ended December 31, 2019. Certain reclassifications have been made to the prior year consolidated financial statements to conform to the 2020 presentation. |
Recently Adopted Accounting Guidance and Recent Accounting Pronouncements | Recently Adopted Accounting Guidance Measurement of Credit Losses on Financial Instruments: In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments The Company adopted the amendments within ASU 2016-13 on January 1, 2020 using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet credit exposures. Results for the periods beginning after that date are presented under Topic 326, while prior period amounts continue to be reported in accordance with previously applicable generally accepted accounting principles (“GAAP”). There was not any cumulative effect adjustment upon adoption. The instruments that were accounted for as purchased credit impaired (“PCI”) are transitioned under the new purchased credit deteriorated (“PCD”) model using the prospective transition approach. The Company applied the prospective transition approach for debt securities for which other than temporary impairment had been recognized prior to January 1, 2020. As a result, the amortized cost basis remains the same before and after the effective date. Allowance for credit losses on investment securities: On January 1, 2020, the Company adopted the amendments within ASU 2016-13, which replaces the legacy US GAAP Other Than Temporary Impairment (“OTTI”) model with a credit loss model. The credit loss model under Accounting Standards Codification (“ASC”) 326-30, applicable to debt securities available for sale (“Securities AFS”), requires recognition of credit losses through an allowance account, but retains the concept from the OTTI model that credit losses are recognized once securities become impaired. For Securities AFS, a decline in fair value due to credit loss results in recognition of an allowance for credit losses. Impairment may result from credit deterioration of the issuer or collateral underlying the security. The assessment of determining if a decline in fair value resulted from a credit loss is performed at the individual security level. Among other factors, the Company considers: 1) the extent to which the fair value is less than the amortized cost basis; 2) the financial condition and near term prospects of the issuer, including consideration of relevant financial metrics or ratios of the issuer; 3) any adverse conditions related to an industry or geographic area of an issuer; 4) any changes to the rating of the security by a rating agency; and 5) any past due principal or interest payments from the issuer. If an assessment of the above factors indicates that a credit loss exists, the Company records an allowance for credit losses for the excess of the amortized cost basis over the present value of cash flows expected to be collected, limited to the amount that the security’s fair value is less than its amortized cost basis. Subsequent changes in the allowance for credit losses are recorded as a provision for (or reversal of) credit loss expense. Interest accruals and amortization and accretion of premiums and discounts are suspended when the credit loss is recognized in earnings. Any interest received after the security has been placed on nonaccrual status is recognized on a cash basis. Accrued interest receivable on Securities AFS is excluded from the estimate of expected credit losses. The provision for credit losses on the consolidated income statement includes the provisions for credit losses for loans and securities AFS. For the six months ending June 30, 2020, the provision for credit losses for loans was $3 million and the provision for credit losses for Securities AFS was $2.4 million, resulting in a total provision for credit losses of $5.4 million. Recent Accounting Pronouncements In March 2020, the FASB issued ASU 2020-04, “ Reference Rate Reform (Topic 848), Facilitation of the Effects of Reference Rate Reform on Financial Reporting” In November 2019, the FASB issued ASU 2019-12, “ Income Taxes (Topic 740), Simplifying the Accounting for Income Taxes” Topic 740 In July 2019, the FASB issued ASU 2019-07, Codification Updates to SEC Sections Disclosure Update and Simplification Investment Company Reporting Modernization |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Recorded Amounts of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables show the recorded amounts of assets and liabilities measured at fair value on a recurring basis as of: Fair Value Measurement Level (dollars in thousands) Total Level 1 Level 2 Level 3 June 30, 2020: Investment securities available for sale: Agency mortgage-backed securities $ 773,131 $ — $ 773,131 $ — Beneficial interest – FHLMC securitizations 28,956 — — 28,956 Corporate bonds 57,827 — 57,827 — Other 1,493 407 1,086 — Investment in equity securities 299 299 — — Total assets at fair value on a recurring basis $ 861,706 $ 706 $ 832,044 $ 28,956 Derivatives: Interest rate swaps $ 11,688 $ — $ 11,688 $ — December 31, 2019: Investment securities available for sale: Agency mortgage-backed securities $ 914,977 $ — $ 914,977 $ — Beneficial interest – FHLMC securitizations 42,706 — — 42,706 Corporate bonds 55,834 — 55,834 — Other 1,449 403 1,046 — Investment in equity securities 434 434 — — Total assets at fair value on a recurring basis $ 1,015,400 $ 837 $ 971,857 $ 42,706 |
Carrying Amounts and Estimated Fair Value of Financial Instruments | The carrying amounts and estimated fair values of financial instruments are as follows as of: Carrying Fair Value Measurement Level (dollars in thousands) Value 1 2 3 Total June 30, 2020: Assets: Cash and cash equivalents $ 414,179 $ 414,179 $ — $ — $ 414,179 Securities AFS, net 861,407 407 832,044 28,956 861,407 Loans held for sale 527,970 — 533,565 — 533,565 Loans, net 5,108,683 — — 5,163,076 5,163,076 Investment in FHLB stock 23,598 — 23,598 — 23,598 Investment in equity securities 299 299 — — 299 Liabilities: Deposits $ 5,647,841 $ 3,825,306 $ 1,832,007 $ — $ 5,657,313 Borrowings 764,600 — 760,000 4,600 764,600 Interest rate swaps 11,688 — 11,688 — 11,688 December 31, 2019: Assets: Cash and cash equivalents $ 65,387 $ 65,387 $ — $ — $ 65,387 Securities AFS 1,014,966 403 971,857 42,706 1,014,966 Loans held for sale 503,036 — 506,750 — 506,750 Loans, net 4,526,833 — — 4,573,516 4,573,516 Investment in FHLB stock 21,519 — 21,519 — 21,519 Investment in equity securities 434 434 — — 434 Liabilities: Deposits $ 4,891,144 $ 2,913,493 $ 1,977,652 $ — $ 4,891,145 Borrowings 743,000 — 733,000 10,000 743,000 |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of AFS Securities Portfolio | The following table provides a summary of the Company’s securities AFS portfolio as of: Amortized Gross Unrealized Allowance for Estimated (dollars in thousands) Cost Gains Losses Credit Losses Fair Value June 30, 2020: Agency mortgage-backed securities $ 761,247 $ 11,884 $ — $ — $ 773,131 Beneficial interests in FHLMC securitization 36,637 241 (5,551) (2,371) 28,956 Corporate bonds 57,000 935 (108) — 57,827 Other 1,399 94 — — 1,493 Total $ 856,283 $ 13,154 $ (5,659) $ (2,371) $ 861,407 December 31, 2019: Agency mortgage-backed securities $ 905,949 $ 9,174 $ (146) $ — $ 914,977 Beneficial interests in FHLMC securitization 47,586 1,801 (6,681) — 42,706 Corporate bonds 54,000 1,834 — — 55,834 Other 1,386 63 — — 1,449 Total $ 1,008,921 $ 12,872 $ (6,827) $ — $ 1,014,966 |
Schedule of Securities in a Continuous Unrealized Loss Position Aggregated by Investment Category and Length of Time | The tables below indicate, as of June 30, 2020 and December 31, 2019, the gross unrealized losses and fair values of our investments, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position. Securities with Unrealized Loss at June 30, 2020 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Value Loss Value Loss Value Loss Beneficial interests in FHLMC securitization $ 13,954 $ (5,119) $ 346 $ (432) $ 14,300 $ (5,551) Corporate bonds 14,892 (108) — — 14,892 (108) Total temporarily impaired securities $ 28,846 (5,227) $ 346 $ (432) $ 29,192 $ (5,659) Securities with Unrealized Loss at December 31, 2019 Less than 12 months 12 months or more Total Fair Unrealized Fair Unrealized Fair Unrealized (dollars in thousands) Value Loss Value Loss Value Loss Agency mortgage-backed securities $ 5,488 $ (2) $ 13,880 $ (144) $ 19,368 $ (146) Beneficial interests in FHLMC securitization 20,609 (2,856) 3,220 (3,825) 23,829 (6,681) Total temporarily impaired securities $ 26,097 $ (2,858) $ 17,100 $ (3,969) $ 43,197 $ (6,827) |
Summary of Allowance For Credit Losses - Securities AFS | Allowance for credit losses - Investments (dollars in thousands) Balance: December 31, 2019 $ — Provision for credit losses 2,371 Balance: June 30, 2020 $ 2,371 |
Scheduled Maturities of Securities AFS Other than Mortgage Backed Securities and the Related Weighted Average Yield | The scheduled maturities of securities AFS and the related weighted average yields were as follows for the periods indicated: Less than 1 Through 5 Through After (dollars in thousands) 1 Year 5 years 10 Years 10 Years Total June 30, 2020 Amortized Cost: Corporate bonds $ — $ — $ 57,000 $ — $ 57,000 Other 400 — 999 — 1,399 Total $ 400 $ — $ 57,999 $ — $ 58,399 Weighted average yield 2.16 % — % 5.35 % — % 5.33 % Estimated Fair Value: Corporate bonds $ — $ — $ 57,827 $ — $ 57,827 Other 407 — 1,086 — 1,493 Total $ 407 $ — $ 58,913 $ — $ 59,320 Less than 1 Through 5 Through After (dollars in thousands) 1 Year 5 years 10 Years 10 Years Total December 31, 2019 Amortized Cost: Corporate bonds $ — $ — $ 54,000 $ — $ 54,000 Other — 400 986 — 1,386 Total $ — $ 400 $ 54,986 $ — $ 55,386 Weighted average yield — % 2.25 % 5.29 % — % 5.27 % Estimated Fair Value: Corporate bonds $ — $ — $ 55,834 $ — $ 55,834 Other — 403 1,046 — 1,449 Total $ — $ 403 $ 56,880 $ — $ 57,283 |
Loans (Tables)
Loans (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Summary of Loans | The following is a summary of our loans as of: June 30, December 31, (dollars in thousands) 2020 2019 Outstanding principal balance: Loans secured by real estate: Residential properties: Multifamily $ 2,556,332 $ 2,143,919 Single family 839,537 871,181 Total real estate loans secured by residential properties 3,395,869 3,015,100 Commercial properties 774,939 834,042 Land 65,094 70,257 Total real estate loans 4,235,902 3,919,399 Commercial and industrial loans 875,464 600,213 Consumer loans 18,640 16,273 Total loans 5,130,006 4,535,885 Premiums, discounts and deferred fees and expenses 6,806 11,748 Total $ 5,136,812 $ 4,547,633 |
Carrying Amount Of Purchased Credit Impaired Loans | June 30, December 31, (dollars in thousands) 2020 2019 Outstanding principal balance: Loans secured by real estate: Residential properties $ 291 $ 366 Commercial properties 5,529 6,146 Land — 1,058 Total real estate loans 5,820 7,570 Commercial and industrial loans 317 603 Total loans 6,137 8,173 Unaccreted discount on purchased credit deteriorated loans — (3,657) Total $ 6,137 $ 4,516 |
Summary of Delinquent and Nonaccrual Loans | The following table summarizes our delinquent and nonaccrual loans as of: Past Due and Still Accruing Total Past 90 Days Due and (dollars in thousands) 30–59 Days 60-89 Days or More Nonaccrual Nonaccrual Current Total June 30, 2020: Real estate loans: Residential properties $ 5,572 $ — $ — $ 7,027 $ 12,599 $ 3,383,270 $ 3,395,869 Commercial properties 1,255 4,159 — 2,320 7,734 767,205 774,939 Land — 455 — 500 955 64,139 65,094 Commercial and industrial loans 2,051 685 — 5,648 8,384 867,080 875,464 Consumer loans 350 — — 17 367 18,273 18,640 Total $ 9,228 $ 5,299 $ — $ 15,512 $ 30,039 $ 5,099,967 $ 5,130,006 Percentage of total loans 0.18 % 0.10 % — % 0.30 % 0.59 % December 31, 2019: Real estate loans: Residential properties $ 89 $ 13 $ — $ 1,743 $ 1,845 $ 3,013,255 $ 3,015,100 Commercial properties 7,586 — 403 2,410 10,399 823,643 834,042 Land — — — — — 70,257 70,257 Commercial and industrial loans 695 2,007 — 8,714 11,416 588,797 600,213 Consumer loans 22 3 — — 25 16,248 16,273 Total $ 8,392 $ 2,023 $ 403 $ 12,867 $ 23,685 $ 4,512,200 $ 4,535,885 Percentage of total loans 0.19 % 0.04 % 0.01 % 0.28 % 0.52 % |
Composition of TDRs by Accrual and Nonaccrual Status | The following table presents the loans classified as troubled debt restructurings (“TDR”) by accrual and nonaccrual status as of: June 30, 2020 December 31, 2019 (dollars in thousands) Accrual Nonaccrual Total Accrual Nonaccrual Total Residential loans $ 1,200 $ — $ 1,200 $ 1,200 $ — $ 1,200 Commercial real estate loans 1,148 1,374 2,522 1,188 2,166 3,354 Commercial and industrial loans 606 3,875 4,481 557 2,972 3,529 Total $ 2,954 $ 5,249 $ 8,203 $ 2,945 $ 5,138 $ 8,083 The following table provides information on loans that were modified as TDRs for the following periods: Outstanding Recorded Investment (dollars in thousands) Number of loans Pre-Modification Post-Modification Financial Impact Six Months Ended June 30, 2020: Commercial and industrial loans 1 $ 521 521 $ — Total 1 $ 521 $ 521 $ — Outstanding Recorded Investment (dollars in thousands) Number of loans Pre-Modification Post-Modification Financial Impact Year Ended December 31, 2019 Residential loans 1 $ 1,200 $ 1,200 $ — Commercial real estate loans 1 2,872 2,872 — Commercial and industrial loans 7 1,754 1,754 — Total 9 $ 5,826 $ 5,826 $ — |
Allowance for Credit Losses (Ta
Allowance for Credit Losses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Bank's Allowance for Credit Losses | The following is a roll forward of the Bank’s allowance for credit losses related to loans for the following periods: Beginning Adoption of Provision for Ending (dollars in thousands) Balance ASC 326 Credit Losses Charge-offs Recoveries Balance Quarter Ended June 30, 2020: Real estate loans: Residential properties $ 6,026 $ — $ 730 $ — $ — $ 6,756 Commercial properties 1,178 — 8,133 — — 9,311 Land 1,252 — 2,116 — — 3,368 Commercial and industrial loans 10,125 — (1,225) (525) 113 8,488 Consumer loans 204 — 2 — — 206 Total $ 18,785 $ — $ 9,756 $ (525) $ 113 $ 28,129 Six Months Ended June 30, 2020: Real estate loans: Residential properties $ 8,423 $ (363) $ (1,304) $ — $ — $ 6,756 Commercial properties 4,166 (3,760) 8,905 — — 9,311 Land 573 (92) 2,887 — — 3,368 Commercial and industrial loans 7,448 — 1,531 (1,055) 564 8,488 Consumer loans 190 — 16 — — 206 Total $ 20,800 $ (4,215) $ 12,035 $ (1,055) $ 564 $ 28,129 Year Ended December 31, 2019: Real estate loans: Residential properties $ 9,216 $ — $ (793) $ — $ — $ 8,423 Commercial properties 4,547 — (381) — — 4,166 Land 391 — 182 — — 573 Commercial and industrial loans 4,628 — 3,653 (2,687) 1,854 7,448 Consumer loans 218 — (24) (5) 1 190 Total $ 19,000 $ — $ 2,637 $ (2,692) $ 1,855 $ 20,800 |
Balance in Allowance for Credit Losses and Recorded Investment in Loans by Impairment | The following table presents the balance in the allowance for credit losses and the recorded investment in loans by impairment method as of: Allowance for Credit Losses Unaccreted Purchased Credit Evaluated for Impairment Credit Component (dollars in thousands) Individually Collectively Deteriorated Total Other Loans June 30, 2020: Allowance for credit losses: Real estate loans: Residential properties $ 34 $ 6,722 $ — $ 6,756 $ Commercial properties 385 8,926 — 9,311 Land — 3,368 — 3,368 Commercial and industrial loans 784 7,704 — 8,488 Consumer loans — 206 — 206 Total $ 1,203 $ 26,926 $ — $ 28,129 $ Loans: Real estate loans: Residential properties $ 5,556 $ 3,390,022 $ 291 $ 3,395,869 $ Commercial properties 6,546 762,864 5,529 774,939 Land 500 64,594 — 65,094 Commercial and industrial loans 6,067 869,080 317 875,464 Consumer loans 17 18,623 — 18,640 Total $ 18,686 $ 5,105,183 $ 6,137 $ 5,130,006 $ December 31, 2019: Allowance for credit losses: Real estate loans: Residential properties $ — $ 8,423 $ — $ 8,423 $ 1,013 Commercial properties 107 4,059 — 4,166 1,048 Land — 573 — 573 6 Commercial and industrial loans 763 6,685 — 7,448 277 Consumer loans — 190 — 190 1 Total $ 870 $ 19,930 $ — $ 20,800 $ 2,345 Loans: Real estate loans: Residential properties $ 2,897 $ 3,012,203 $ — $ 3,015,100 $ 189,339 Commercial properties 6,689 824,026 3,327 834,042 201,370 Land — 69,476 781 70,257 28,660 Commercial and industrial loans 9,316 590,489 408 600,213 24,143 Consumer loans — 16,273 — 16,273 253 Total $ 18,902 $ 4,512,467 $ 4,516 $ 4,535,885 $ 443,765 |
Risk Category of Loans by Class of Loans | Based on the most recent analysis performed, the risk category of loans by class of loans is as follows as of: Loans Individually (dollars in thousands) Pass Special Mention Substandard Loans Evaluated Total June 30, 2020: Real estate loans: Residential properties $ 3,383,143 $ — $ 7,170 $ 5,556 $ 3,395,869 Commercial properties 760,071 663 7,659 6,546 774,939 Land 64,594 — — 500 65,094 Commercial and industrial loans 859,832 5,824 3,741 6,067 875,464 Consumer loans 18,623 — — 17 18,640 Total $ 5,086,263 $ 6,487 $ 18,570 $ 18,686 $ 5,130,006 December 31, 2019: Real estate loans: Residential properties $ 3,012,203 $ — $ — $ 2,897 $ 3,015,100 Commercial properties 821,425 679 5,249 6,689 834,042 Land 69,476 — 781 — 70,257 Commercial and industrial loans 579,153 8,202 3,542 9,316 600,213 Consumer loans 16,273 — — — 16,273 Total $ 4,498,530 $ 8,881 $ 9,572 $ 18,902 $ 4,535,885 |
Risk Category of Loans Based on Year of Origination | The risk categories of loans based on year of origination, with classified loans defined as special mention loans, substandard loans and loans individually evaluated as of June 30, 2020, are as follows: Revolving (dollars in thousands) 2020 2019 2018 2017 2016 Prior Loans Total Loans secured by Real Estate: Residential Multifamily Pass $ 714,812 $ 694,794 $ 590,767 $ 326,321 $ 156,876 $ 72,762 $ — $ 2,556,332 Classified — — — — — — — — Total $ 714,812 $ 694,794 $ 590,767 $ 326,321 $ 156,876 $ 72,762 $ — $ 2,556,332 Single Family Pass $ 75,833 $ 103,177 $ 142,061 $ 127,670 $ 128,707 $ 222,836 $ 26,527 $ 826,811 Classified — — — 1,971 — 7,763 2,992 12,726 Total $ 75,833 $ 103,177 $ 142,061 $ 129,641 $ 128,707 $ 230,599 $ 29,519 $ 839,537 Commercial Real Estate Pass $ 7,753 $ 108,580 $ 141,335 $ 137,158 $ 135,078 $ 230,167 $ — $ 760,071 Classified — 44 — 2,397 2,542 9,885 — 14,868 Total $ 7,753 $ 108,624 $ 141,335 $ 139,555 $ 137,620 $ 240,052 $ — $ 774,939 Land and Constructions Pass $ — $ 14,647 $ 25,798 $ 22,311 $ 783 $ 1,055 $ — $ 64,594 Classified — — 500 — — — — 500 Total $ — $ 14,647 $ 26,298 $ 22,311 $ 783 $ 1,055 $ — $ 65,094 Commercial Pass $ 304,033 $ 185,354 $ 83,577 $ 21,366 $ 18,864 $ 21,684 $ 224,954 $ 859,832 Classified 826 4,090 2,570 704 2,300 283 4,859 15,632 Total $ 304,859 $ 189,444 $ 86,147 $ 22,070 $ 21,164 $ 21,967 $ 229,813 $ 875,464 Consumer Pass $ 1,704 $ — $ 1,430 $ 5 $ 7,061 $ 134 $ 8,289 $ 18,623 Classified — — — 17 — — — 17 Total $ 1,704 $ — $ 1,430 $ 22 $ 7,061 $ 134 $ 8,289 $ 18,640 Total loans Pass $ 1,104,135 $ 1,106,552 $ 984,968 $ 634,831 $ 447,369 $ 548,638 $ 259,770 $ 5,086,263 Classified 826 4,134 3,070 5,089 4,842 17,931 7,851 43,743 Total $ 1,104,961 $ 1,110,686 $ 988,038 $ 639,920 $ 452,211 $ 566,569 $ 267,621 $ 5,130,006 |
Individual Evaluation of Loans and Related Allowance | Loans evaluated individually and any related allowance are as follows as of: With No Allowance Recorded With an Allowance Recorded Unpaid Unpaid Principal Recorded Principal Recorded Related (dollars in thousands) Balance Investment Balance Investment Allowance June 30, 2020: Real estate loans: Residential properties $ 4,849 $ 4,803 $ 801 $ 753 $ 32 Commercial properties 5,686 5,398 1,148 1,148 101 Land 500 500 — — — Commercial and industrial loans 3,405 3,046 3,207 3,021 778 Consumer loans 17 17 — — — Total $ 14,457 $ 13,764 $ 5,156 $ 4,922 $ 911 December 31, 2019: Real estate loans: Residential properties $ 2,970 $ 2,897 $ — $ — $ — Commercial properties 5,683 5,456 1,188 1,188 107 Land — — — — — Commercial and industrial loans 6,485 5,708 3,764 3,653 763 Total $ 15,138 $ 14,061 $ 4,952 $ 4,841 $ 870 |
Weighted Average Annualized Balance of Recorded Investment and Interest Income on Loans | The weighted average annualized average balance of the recorded investment for these loans, beginning from when the loan became classified as a loan individually evaluated, and any interest income recorded on these loans after they became classified as a loan individually evaluated is as follows for the: Six Months Ended Year Ended June 30, 2020 December 31, 2019 Average Average Recorded Interest Recorded Interest (dollars in thousands) Investment Income Investment Income Real estate loans: Residential properties $ 6,316 $ 26 $ 1,765 $ 13 Commercial properties 10,925 118 8,889 341 Land 165 523 — Commercial and industrial loans 12,450 891 10,608 11 Consumer loans 25 — — — Total $ 29,881 $ 1,035 $ 21,785 $ 365 |
Amortized Cost Basis of Collateral Dependent Loans Individually Evaluated to Determine Credit Losses and Related ACL Allocated to Loans | The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses and the related ACL allocated to these loans: Equipment/ ACL (dollars in thousands) Real Estate Cash Receivables Total Allocation June 30, 2020: Loans secured by Real Estate: Residential properties Single family $ 3,649 $ — $ — $ 3,649 $ — Commercial real estate loans 421 — — 421 — Land 500 — — 500 — Commercial loans 1,039 250 1,180 2,469 116 Consumer loans — 18 — 18 — Total $ 5,609 $ 268 $ 1,180 $ 7,057 $ 116 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Deposits [Abstract] | |
Summary of Outstanding Balance of Deposits and Average Rates | The following table summarizes the outstanding balance of deposits and average rates paid thereon as of: June 30, 2020 December 31, 2019 Weighted Weighted (dollars in thousands) Amount Average Rate Amount Average Rate Demand deposits: Noninterest-bearing $ 1,770,382 — $ 1,192,481 — Interest-bearing 411,053 0.308 % 386,276 0.635 % Money market and savings 1,643,871 0.799 % 1,334,736 1.355 % Certificates of deposits 1,822,535 1.277 % 1,977,651 1.971 % Total $ 5,647,841 0.667 % $ 4,891,144 1.217 % |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule Of Supplemental Lease Information | Supplemental lease information at or for the six months ended June 30, 2020 is as follows: (dollars in thousands) Balance Sheet: Operating lease asset classified as other assets $ 16,943 Operating lease liability classified as other liabilities 18,265 Income Statement: Operating lease cost classified as occupancy and equipment expense $ 2,959 Weighted average lease term, in years 3.94 Weighted average discount rate 5.29 % Operating cash flows $ 2,905 |
Summary of Maturity of Remaining Lease Liabilities | The table below summarizes the maturity of remaining lease liabilities at June 30, 2020: (dollars in thousands) 2020 $ 3,236 2021 6,292 2022 5,344 2023 2,526 2024 and after 4,345 Total future minimum lease payments $ 21,743 Discount on cash flows (3,478) Total lease liability $ 18,265 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | Quarter Ended Quarter Ended June 30, 2020 June 30, 2019 (dollars in thousands, except per share amounts) Basic Diluted Basic Diluted Net income $ 17,854 $ 17,854 $ 12,410 $ 12,410 Basic common shares outstanding 44,620,716 44,620,716 44,625,673 44,625,673 Effect of contingent shares issuable 1,592 Effect of options and restricted stock 191,653 267,455 Diluted common shares outstanding 44,812,369 44,894,720 Earnings per share $ 0.40 $ 0.40 $ 0.28 $ 0.28 Six Months Ended Six Months Ended June 30, 2020 June 30, 2019 (dollars in thousands, except share and per share amounts) Basic Diluted Basic Diluted Net income $ 31,065 $ 31,065 $ 23,669 $ 23,669 Basic common shares outstanding 44,645,189 44,645,189 44,583,503 44,583,503 Effect of contingent shares issuable — 1,592 Effect of options and restricted stock 237,331 261,684 Diluted common shares outstanding 44,882,520 44,846,779 Earnings per share $ 0.70 $ 0.69 $ 0.53 $ 0.53 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Key Operating Results of Business Segments | Wealth (dollars in thousands) Banking Management Other Total Quarter ended June 30, 2020: Interest income $ 61,932 $ — $ — $ 61,932 Interest expense 13,435 — 50 13,485 Net interest income 48,497 — (50) 48,447 Provision for credit losses 1,367 — — 1,367 Noninterest income 3,635 5,631 (297) 8,969 Noninterest expense 25,042 5,404 491 30,937 Income (loss) before taxes on income $ 25,723 $ 227 $ (838) $ 25,112 Quarter ended June 30, 2019: Interest income $ 63,308 $ — $ — $ 63,308 Interest expense 21,322 — 99 21,421 Net interest income 41,986 — (99) 41,887 Provision for credit losses 1,231 — — 1,231 Noninterest income 3,471 5,982 (322) 9,131 Noninterest expense 25,801 5,567 914 32,282 Income (loss) before taxes on income $ 18,425 $ 415 $ (1,335) $ 17,505 Wealth (dollars in thousands) Banking Management Other Total Six Months Ended June 30, 2020: Interest income $ 124,270 $ — $ — $ 124,270 Interest expense 30,875 — 80 30,955 Net interest income 93,395 — (80) 93,315 Provision for credit losses 5,431 — — 5,431 Noninterest income 8,294 12,119 (769) 19,644 Noninterest expense 51,286 11,569 954 63,809 Income (loss) before taxes on income $ 44,972 $ 550 $ (1,803) $ 43,719 Six Months Ended June 30, 2019: Interest income $ 123,852 $ — $ — $ 123,852 Interest expense 40,804 — 114 40,918 Net interest income 83,048 — (114) 82,934 Provision for credit losses 1,771 — — 1,771 Noninterest income 6,465 11,713 (582) 17,596 Noninterest expense 52,388 11,085 1,754 65,227 Income (loss) before taxes on income $ 35,354 $ 628 $ (2,450) $ 33,532 |
Basis of Presentation (Details)
Basis of Presentation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Accounting Policies [Abstract] | ||||
Provision for credit losses for loans | $ 3,060 | $ 1,771 | ||
Provision for credit losses for securities AFS | 2,371 | |||
Total provision for credit losses | $ 1,367 | $ 1,231 | $ 5,431 | $ 1,771 |
Fair Value Measurements - Recor
Fair Value Measurements - Recorded Amounts of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 861,407 | $ 1,014,966 |
Investment in equity securities | 299 | 434 |
Other | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,493 | 1,449 |
Interest Rate Swaps | ||
Derivatives: | ||
Derivative liabilities | 11,688 | |
Agency Mortgage-backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 773,131 | 914,977 |
Beneficial interest - FHLMC securitizations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 28,956 | 42,706 |
Fair Value on Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment in equity securities | 299 | 434 |
Total assets at fair value on a recurring basis | 861,706 | 1,015,400 |
Fair Value on Recurring Basis | Other | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,493 | 1,449 |
Fair Value on Recurring Basis | Interest Rate Swaps | ||
Derivatives: | ||
Derivative liabilities | 11,688 | |
Fair Value on Recurring Basis | Agency Mortgage-backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 773,131 | 914,977 |
Fair Value on Recurring Basis | Beneficial interest - FHLMC securitizations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 28,956 | 42,706 |
Fair Value on Recurring Basis | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 57,827 | 55,834 |
Fair Value Measurement Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 407 | 403 |
Investment in equity securities | 299 | 434 |
Fair Value Measurement Level 1 | Fair Value on Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment in equity securities | 299 | 434 |
Total assets at fair value on a recurring basis | 706 | 837 |
Fair Value Measurement Level 1 | Fair Value on Recurring Basis | Other | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 407 | 403 |
Fair Value Measurement Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 832,044 | 971,857 |
Fair Value Measurement Level 2 | Interest Rate Swaps | ||
Derivatives: | ||
Derivative liabilities | 11,688 | |
Fair Value Measurement Level 2 | Fair Value on Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 832,044 | 971,857 |
Fair Value Measurement Level 2 | Fair Value on Recurring Basis | Other | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,086 | 1,046 |
Fair Value Measurement Level 2 | Fair Value on Recurring Basis | Interest Rate Swaps | ||
Derivatives: | ||
Derivative liabilities | 11,688 | |
Fair Value Measurement Level 2 | Fair Value on Recurring Basis | Agency Mortgage-backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 773,131 | 914,977 |
Fair Value Measurement Level 2 | Fair Value on Recurring Basis | Corporate Bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 57,827 | 55,834 |
Fair Value Measurement Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 28,956 | 42,706 |
Fair Value Measurement Level 3 | Fair Value on Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets at fair value on a recurring basis | 28,956 | 42,706 |
Fair Value Measurement Level 3 | Fair Value on Recurring Basis | Beneficial interest - FHLMC securitizations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 28,956 | $ 42,706 |
Fair Value Measurements - Valua
Fair Value Measurements - Valuation assumptions (Details) | 6 Months Ended | |
Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Securities available for sale, value to be reduced | $ 2,400,000 | |
Reserves related to impaired loans | 911,000 | $ 870,000 |
Fair Value Measurement Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total collateral dependent impaired loans | 18,700,000 | 18,900,000 |
Reserves related to impaired loans | $ 0 | $ 0 |
Fair Value Measurement Level 3 | Prepayment Rate | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Alternative investment measurement input | 0.15 | 0.15 |
Fair Value Measurement Level 3 | Prepayment Rate | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Alternative investment measurement input | 0.25 | 0.25 |
Fair Value Measurement Level 3 | Discount Rate | Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Alternative investment measurement input | 0.075 | 0.075 |
Fair Value Measurement Level 3 | Discount Rate | Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Alternative investment measurement input | 0.10 | 0.10 |
Fair Value Measurements - Carry
Fair Value Measurements - Carrying Amounts and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
ASSETS | ||
Cash and cash equivalents | $ 414,179 | $ 65,387 |
Securities AFS, net | 861,407 | 1,014,966 |
Loans held for sale | 527,970 | 503,036 |
Loans, net | 5,108,683 | 4,526,833 |
Investment in FHLB stock | 23,598 | 21,519 |
Investment in equity securities | 299 | 434 |
Liabilities: | ||
Deposits | 5,647,841 | 4,891,144 |
Borrowings | 764,600 | 743,000 |
Assets Fair Value: | ||
Cash and cash equivalents | 414,179 | 65,387 |
Securities AFS, net | 861,407 | 1,014,966 |
Loans held for sale | 533,565 | 506,750 |
Loans, net | 5,163,076 | 4,573,516 |
Investment in FHLB stock | 23,598 | 21,519 |
Investment in equity securities | 299 | 434 |
Liabilities Fair Value: | ||
Deposits | 5,657,313 | 4,891,145 |
Borrowings | 764,600 | 743,000 |
Fair Value Measurement Level 1 | ||
ASSETS | ||
Securities AFS, net | 407 | 403 |
Investment in equity securities | 299 | 434 |
Assets Fair Value: | ||
Cash and cash equivalents | 414,179 | 65,387 |
Securities AFS, net | 407 | 403 |
Investment in equity securities | 299 | 434 |
Liabilities Fair Value: | ||
Deposits | 3,825,306 | 2,913,493 |
Fair Value Measurement Level 2 | ||
ASSETS | ||
Securities AFS, net | 832,044 | 971,857 |
Investment in FHLB stock | 23,598 | 21,519 |
Assets Fair Value: | ||
Securities AFS, net | 832,044 | 971,857 |
Loans held for sale | 533,565 | 506,750 |
Investment in FHLB stock | 23,598 | 21,519 |
Liabilities Fair Value: | ||
Deposits | 1,832,007 | 1,977,652 |
Borrowings | 760,000 | 733,000 |
Fair Value Measurement Level 3 | ||
ASSETS | ||
Securities AFS, net | 28,956 | 42,706 |
Assets Fair Value: | ||
Securities AFS, net | 28,956 | 42,706 |
Loans, net | 5,163,076 | 4,573,516 |
Liabilities Fair Value: | ||
Borrowings | 4,600 | $ 10,000 |
Interest Rate Swaps | ||
Liabilities: | ||
Derivative liabilities | 11,688 | |
Liabilities Fair Value: | ||
Derivative liabilities | 11,688 | |
Interest Rate Swaps | Fair Value Measurement Level 2 | ||
Liabilities: | ||
Derivative liabilities | 11,688 | |
Liabilities Fair Value: | ||
Derivative liabilities | $ 11,688 | |
Minimum | Interest Rate Swaps | ||
ASSETS | ||
Duration of interest rate swap | 1 year | |
Maximum | Interest Rate Swaps | ||
ASSETS | ||
Duration of interest rate swap | 30 years | |
Maximum | LIBOR | Interest Rate Swaps | ||
ASSETS | ||
Duration of interest rate swap | 1 year |
Securities - Summary of AFS Sec
Securities - Summary of AFS Securities Portfolio (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost | $ 856,283 | $ 1,008,921 |
Gross Unrealized gains | 13,154 | 12,872 |
Gross Unrealized losses | (5,659) | (6,827) |
Allowance for credit losses ("ACL") | (2,371) | |
Estimated Fair Value | 861,407 | 1,014,966 |
Other | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost | 1,399 | 1,386 |
Gross Unrealized gains | 94 | 63 |
Estimated Fair Value | 1,493 | 1,449 |
Agency Mortgage-backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost | 761,247 | 905,949 |
Gross Unrealized gains | 11,884 | 9,174 |
Gross Unrealized losses | (146) | |
Estimated Fair Value | 773,131 | 914,977 |
Beneficial interest - FHLMC securitizations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost | 36,637 | 47,586 |
Gross Unrealized gains | 241 | 1,801 |
Gross Unrealized losses | (5,551) | (6,681) |
Allowance for credit losses ("ACL") | (2,371) | |
Estimated Fair Value | 28,956 | 42,706 |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost | 57,000 | 54,000 |
Gross Unrealized gains | 935 | 1,834 |
Gross Unrealized losses | (108) | |
Estimated Fair Value | $ 57,827 | $ 55,834 |
Securities - Additional Informa
Securities - Additional Information (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Schedule Of Available For Sale Securities [Line Items] | ||
Loans pledged as collateral | $ 3,800 | |
Impairment of securities available for sale | $ 2.4 | |
Weighted average yield, total | 5.33% | 5.27% |
US Treasury Securities | Other | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Loans pledged as collateral | $ 0.4 | |
Agency Mortgage-backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Loans pledged as collateral | $ 131 | |
Agency Mortgage-backed Securities and Beneficial interests in FHLMC securitization | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Weighted average yield, total | 2.48% |
Securities - Schedule of Securi
Securities - Schedule of Securities in a Continuous Unrealized Loss Position Aggregated by Investment Category and Length of Time (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 28,846 | $ 26,097 |
Less than 12 months, Unrealized Loss | (5,227) | (2,858) |
12 months or more, Fair Value | 346 | 17,100 |
12 months or more, Unrealized Loss | (432) | (3,969) |
Total, Fair Value | 29,192 | 43,197 |
Total, Unrealized Loss | (5,659) | (6,827) |
Agency Mortgage-backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 5,488 | |
Less than 12 months, Unrealized Loss | (2) | |
12 months or more, Fair Value | 13,880 | |
12 months or more, Unrealized Loss | (144) | |
Total, Fair Value | 19,368 | |
Total, Unrealized Loss | (146) | |
Beneficial interest - FHLMC securitizations | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 13,954 | 20,609 |
Less than 12 months, Unrealized Loss | (5,119) | (2,856) |
12 months or more, Fair Value | 346 | 3,220 |
12 months or more, Unrealized Loss | (432) | (3,825) |
Total, Fair Value | 14,300 | 23,829 |
Total, Unrealized Loss | (5,551) | $ (6,681) |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 14,892 | |
Less than 12 months, Unrealized Loss | (108) | |
Total, Fair Value | 14,892 | |
Total, Unrealized Loss | $ (108) |
Securities - Schedule of Allowa
Securities - Schedule of Allowance for Credit Losses - Securities AFS (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Investments [Abstract] | |
Provision for credit losses - securities AFS | $ 2,371 |
Ending Balance for period | 2,371 |
Impairment of securities available for sale | $ 2,400 |
Securities - Scheduled Maturiti
Securities - Scheduled Maturities of Securities AFS Other than Mortgage Backed Securities and the Related Weighted Average Yield (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, less than one year | $ 400 | |
Amortized cost, one through five years | $ 400 | |
Amortized cost, five through ten years | 57,999 | 54,986 |
Amortized cost, total | $ 58,399 | $ 55,386 |
Weighted average yield, less than one year | 2.16% | |
Weighted average yield, one through five years | 2.25% | |
Weighted average yield, five through ten years | 5.35% | 5.29% |
Weighted average yield, total | 5.33% | 5.27% |
Estimated fair value, less than one year | $ 407 | |
Estimated fair value, one through five years | $ 403 | |
Estimated fair value, five through ten years | 58,913 | 56,880 |
Estimated fair value, total | 59,320 | 57,283 |
Corporate Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, five through ten years | 57,000 | 54,000 |
Amortized cost, total | 57,000 | 54,000 |
Estimated fair value, five through ten years | 57,827 | 55,834 |
Estimated fair value, total | 57,827 | 55,834 |
Other | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, less than one year | 400 | |
Amortized cost, one through five years | 400 | |
Amortized cost, five through ten years | 999 | 986 |
Amortized cost, total | 1,399 | 1,386 |
Estimated fair value, less than one year | 407 | |
Estimated fair value, one through five years | 403 | |
Estimated fair value, five through ten years | 1,086 | 1,046 |
Estimated fair value, total | $ 1,493 | $ 1,449 |
Loans - Summary of Loans (Detai
Loans - Summary of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 5,130,006 | $ 4,535,885 |
Premiums, discounts and deferred fees and expenses | 6,806 | 11,748 |
Loans, net of deferred fees | 5,136,812 | 4,547,633 |
Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 3,395,869 | 3,015,100 |
Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 774,939 | 834,042 |
Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 875,464 | 600,213 |
Consumer Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 18,640 | 16,273 |
Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 65,094 | 70,257 |
Real Estate Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 4,235,902 | 3,919,399 |
Real Estate Loans | Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 3,395,869 | 3,015,100 |
Real Estate Loans | Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 774,939 | 834,042 |
Real Estate Loans | Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 65,094 | 70,257 |
Multifamily | Real Estate Loans | Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 2,556,332 | 2,143,919 |
Single Family | Real Estate Loans | Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 839,537 | $ 871,181 |
Loans - Acquired (Details)
Loans - Acquired (Details) $ in Millions | Dec. 31, 2019USD ($) |
Receivables [Abstract] | |
Loans acquired | $ 8.4 |
Loans - Carrying Amount of Purc
Loans - Carrying Amount of Purchased Credit Impaired Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | ||
Net loans | $ 5,108,683 | $ 4,526,833 |
Receivables Acquired with Deteriorated Credit Quality | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total impaired loans | 6,137 | 8,173 |
Unaccreted discount on purchased credit impaired loans | (3,657) | |
Net loans | 6,137 | 4,516 |
Residential Properties | Receivables Acquired with Deteriorated Credit Quality | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Net loans | 291 | |
Commercial Real Estate | Receivables Acquired with Deteriorated Credit Quality | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Net loans | 5,529 | 3,327 |
Commercial and Industrial Loans | Receivables Acquired with Deteriorated Credit Quality | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total impaired loans | 317 | 603 |
Net loans | 317 | 408 |
Land | Receivables Acquired with Deteriorated Credit Quality | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Net loans | 781 | |
Real Estate Loans | Receivables Acquired with Deteriorated Credit Quality | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total impaired loans | 5,820 | 7,570 |
Real Estate Loans | Residential Properties | Receivables Acquired with Deteriorated Credit Quality | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total impaired loans | 291 | 366 |
Real Estate Loans | Commercial Real Estate | Receivables Acquired with Deteriorated Credit Quality | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total impaired loans | $ 5,529 | 6,146 |
Real Estate Loans | Land | Receivables Acquired with Deteriorated Credit Quality | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total impaired loans | $ 1,058 |
Loans - Summary of Delinquent a
Loans - Summary of Delinquent and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | $ 30,039 | $ 23,685 |
90 Days or More Past Due and Still Accruing | 403 | |
Nonaccrual Past Due and Still Accruing | 15,512 | 12,867 |
Current | 5,099,967 | 4,512,200 |
Loans, net of deferred fees | 5,136,812 | 4,547,633 |
Total loans | $ 5,130,006 | $ 4,535,885 |
Percentage of Total Loans Due 30-59 Days | 0.18% | 0.19% |
Percentage of Total Loans Due 60-89 Days | 0.10% | 0.04% |
Percentage of Total Loans Due 90 Days or More | 0.01% | |
Percentage of Total Loans Due Nonaccrual | 0.30% | 0.28% |
Percentage of Total Loans | 0.59% | 0.52% |
Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 3,395,869 | $ 3,015,100 |
Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 774,939 | 834,042 |
Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 8,384 | 11,416 |
Nonaccrual Past Due and Still Accruing | 5,648 | 8,714 |
Current | 867,080 | 588,797 |
Total loans | 875,464 | 600,213 |
Consumer Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 367 | 25 |
Nonaccrual Past Due and Still Accruing | 17 | |
Current | 18,273 | 16,248 |
Total loans | 18,640 | 16,273 |
Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 65,094 | 70,257 |
30-59 Days | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 9,228 | 8,392 |
30-59 Days | Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 2,051 | 695 |
30-59 Days | Consumer Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 350 | 22 |
60-89 Days | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 5,299 | 2,023 |
60-89 Days | Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 685 | 2,007 |
60-89 Days | Consumer Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 3 | |
Real Estate Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 4,235,902 | 3,919,399 |
Real Estate Loans | Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 12,599 | 1,845 |
Nonaccrual Past Due and Still Accruing | 7,027 | 1,743 |
Current | 3,383,270 | 3,013,255 |
Total loans | 3,395,869 | 3,015,100 |
Real Estate Loans | Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 7,734 | 10,399 |
90 Days or More Past Due and Still Accruing | 403 | |
Nonaccrual Past Due and Still Accruing | 2,320 | 2,410 |
Current | 767,205 | 823,643 |
Total loans | 774,939 | 834,042 |
Real Estate Loans | Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 955 | |
Nonaccrual Past Due and Still Accruing | 500 | |
Current | 64,139 | 70,257 |
Total loans | 65,094 | 70,257 |
Real Estate Loans | 30-59 Days | Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 5,572 | 89 |
Real Estate Loans | 30-59 Days | Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 1,255 | 7,586 |
Real Estate Loans | 60-89 Days | Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | $ 13 | |
Real Estate Loans | 60-89 Days | Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 4,159 | |
Real Estate Loans | 60-89 Days | Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | $ 455 |
Loans - Composition of TDRs by
Loans - Composition of TDRs by Accrual and Nonaccrual Status (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled Debt Restructurings, Nonaccrual | $ 15,512 | $ 12,867 |
Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled Debt Restructurings, Nonaccrual | 5,648 | 8,714 |
Principal Reduction And Extended Maturity | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled Debt Restructurings, Accrual | 2,954 | 2,945 |
Troubled Debt Restructurings, Nonaccrual | 5,249 | 5,138 |
Troubled Debt Restructurings, Total | 8,203 | 8,083 |
Principal Reduction And Extended Maturity | Residential Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled Debt Restructurings, Accrual | 1,200 | 1,200 |
Troubled Debt Restructurings, Total | 1,200 | 1,200 |
Principal Reduction And Extended Maturity | Commercial Real Estate Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled Debt Restructurings, Accrual | 1,148 | 1,188 |
Troubled Debt Restructurings, Nonaccrual | 1,374 | 2,166 |
Troubled Debt Restructurings, Total | 2,522 | 3,354 |
Principal Reduction And Extended Maturity | Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled Debt Restructurings, Accrual | 606 | 557 |
Troubled Debt Restructurings, Nonaccrual | 3,875 | 2,972 |
Troubled Debt Restructurings, Total | $ 4,481 | $ 3,529 |
Loans - Schedule of Detail of L
Loans - Schedule of Detail of Loans Modified as Troubled Debt Restructurings (Details) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($)loan | Dec. 31, 2019USD ($)loan | |
Financing Receivable Modifications [Line Items] | ||
Number of loans | loan | 1 | 9 |
Outstanding recorded investment, pre-modification | $ 521 | $ 5,826 |
Outstanding recorded investment, post-modification | $ 521 | $ 5,826 |
Residential Loans | ||
Financing Receivable Modifications [Line Items] | ||
Number of loans | loan | 1 | |
Outstanding recorded investment, pre-modification | $ 1,200 | |
Outstanding recorded investment, post-modification | $ 1,200 | |
Commercial Real Estate Loans | ||
Financing Receivable Modifications [Line Items] | ||
Number of loans | loan | 1 | |
Outstanding recorded investment, pre-modification | $ 2,872 | |
Outstanding recorded investment, post-modification | $ 2,872 | |
Commercial and Industrial Loans | ||
Financing Receivable Modifications [Line Items] | ||
Number of loans | loan | 1 | 7 |
Outstanding recorded investment, pre-modification | $ 521 | $ 1,754 |
Outstanding recorded investment, post-modification | $ 521 | $ 1,754 |
Allowance for Credit Losses - B
Allowance for Credit Losses - Bank's Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning Balance | $ 18,785 | $ 20,800 | $ 19,000 |
Provision for Credit Losses | 9,756 | 12,035 | 2,637 |
Charge-offs | (525) | (1,055) | (2,692) |
Recoveries | 113 | 564 | 1,855 |
Ending Balance | 28,129 | 28,129 | 20,800 |
ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Changes due to adoption | (4,215) | ||
Residential Properties | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning Balance | 6,026 | 8,423 | 9,216 |
Provision for Credit Losses | 730 | (1,304) | (793) |
Ending Balance | 6,756 | 6,756 | 8,423 |
Residential Properties | ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Changes due to adoption | (363) | ||
Commercial Real Estate | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning Balance | 1,178 | 4,166 | 4,547 |
Provision for Credit Losses | 8,133 | 8,905 | (381) |
Ending Balance | 9,311 | 9,311 | 4,166 |
Commercial Real Estate | ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Changes due to adoption | (3,760) | ||
Commercial and Industrial Loans | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning Balance | 10,125 | 7,448 | 4,628 |
Provision for Credit Losses | (1,225) | 1,531 | 3,653 |
Charge-offs | (525) | (1,055) | (2,687) |
Recoveries | 113 | 564 | 1,854 |
Ending Balance | 8,488 | 8,488 | 7,448 |
Consumer Loans | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning Balance | 204 | 190 | 218 |
Provision for Credit Losses | 2 | 16 | (24) |
Charge-offs | (5) | ||
Recoveries | 1 | ||
Ending Balance | 206 | 206 | 190 |
Land | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning Balance | 1,252 | 573 | 391 |
Provision for Credit Losses | 2,116 | 2,887 | 182 |
Ending Balance | $ 3,368 | 3,368 | $ 573 |
Land | ASC 326 | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Changes due to adoption | $ (92) |
Allowance for Credit Losses -_2
Allowance for Credit Losses - Balance in Allowance for Credit Losses and Recorded Investment in Loans by Impairment (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable Impaired [Line Items] | ||
Allowance for Credit Losses, Individually Evaluated for Impairment | $ 1,203 | $ 870 |
Allowance for Credit Losses, Collectively Evaluated for Impairment | 26,926 | 19,930 |
Total Allowance for Credit Losses | 28,129 | 20,800 |
Total Allowance for Credit Losses | 28,129 | 20,800 |
Unaccreted Credit Component Other Loans | 2,345 | |
Loans, Individually Evaluated for Impairment | 18,686 | 18,902 |
Loans, Collectively Evaluated for Impairment | 5,105,183 | 4,512,467 |
Loans, Purchased Impaired | 5,108,683 | 4,526,833 |
Total loans | 5,130,006 | 4,535,885 |
Unaccreted Credit Component Other Loans | 443,765 | |
Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable Impaired [Line Items] | ||
Loans, Purchased Impaired | 6,137 | 4,516 |
Residential Properties | ||
Financing Receivable Impaired [Line Items] | ||
Allowance for Credit Losses, Individually Evaluated for Impairment | 34 | |
Allowance for Credit Losses, Collectively Evaluated for Impairment | 6,722 | 8,423 |
Total Allowance for Credit Losses | 6,756 | 8,423 |
Unaccreted Credit Component Other Loans | 1,013 | |
Loans, Individually Evaluated for Impairment | 5,556 | 2,897 |
Loans, Collectively Evaluated for Impairment | 3,390,022 | 3,012,203 |
Total loans | 3,395,869 | 3,015,100 |
Unaccreted Credit Component Other Loans | 189,339 | |
Residential Properties | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable Impaired [Line Items] | ||
Loans, Purchased Impaired | 291 | |
Commercial Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Allowance for Credit Losses, Individually Evaluated for Impairment | 385 | 107 |
Allowance for Credit Losses, Collectively Evaluated for Impairment | 8,926 | 4,059 |
Total Allowance for Credit Losses | 9,311 | 4,166 |
Unaccreted Credit Component Other Loans | 1,048 | |
Loans, Individually Evaluated for Impairment | 6,546 | 6,689 |
Loans, Collectively Evaluated for Impairment | 762,864 | 824,026 |
Total loans | 774,939 | 834,042 |
Unaccreted Credit Component Other Loans | 201,370 | |
Commercial Real Estate | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable Impaired [Line Items] | ||
Loans, Purchased Impaired | 5,529 | 3,327 |
Commercial and Industrial Loans | ||
Financing Receivable Impaired [Line Items] | ||
Allowance for Credit Losses, Individually Evaluated for Impairment | 784 | 763 |
Allowance for Credit Losses, Collectively Evaluated for Impairment | 7,704 | 6,685 |
Total Allowance for Credit Losses | 8,488 | 7,448 |
Unaccreted Credit Component Other Loans | 277 | |
Loans, Individually Evaluated for Impairment | 6,067 | 9,316 |
Loans, Collectively Evaluated for Impairment | 869,080 | 590,489 |
Total loans | 875,464 | 600,213 |
Unaccreted Credit Component Other Loans | 24,143 | |
Commercial and Industrial Loans | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable Impaired [Line Items] | ||
Loans, Purchased Impaired | 317 | 408 |
Consumer Loans | ||
Financing Receivable Impaired [Line Items] | ||
Allowance for Credit Losses, Collectively Evaluated for Impairment | 206 | 190 |
Total Allowance for Credit Losses | 206 | 190 |
Unaccreted Credit Component Other Loans | 1 | |
Loans, Individually Evaluated for Impairment | 17 | |
Loans, Collectively Evaluated for Impairment | 18,623 | 16,273 |
Total loans | 18,640 | 16,273 |
Unaccreted Credit Component Other Loans | 253 | |
Land | ||
Financing Receivable Impaired [Line Items] | ||
Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,368 | 573 |
Total Allowance for Credit Losses | 3,368 | 573 |
Unaccreted Credit Component Other Loans | 6 | |
Loans, Individually Evaluated for Impairment | 500 | |
Loans, Collectively Evaluated for Impairment | 64,594 | 69,476 |
Total loans | $ 65,094 | 70,257 |
Unaccreted Credit Component Other Loans | 28,660 | |
Land | Receivables Acquired with Deteriorated Credit Quality | ||
Financing Receivable Impaired [Line Items] | ||
Loans, Purchased Impaired | $ 781 |
Allowance for Credit Losses - A
Allowance for Credit Losses - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Receivables [Abstract] | ||
Allowance of purchase impaired loans | 0.53% | |
Additional allowance on credit impaired loans | $ 300,000 | |
Interest income recognized on impaired loans | $ 0 | $ 0 |
Allowance for Credit Losses - R
Allowance for Credit Losses - Risk Category of Loans by Class of Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 5,130,006 | $ 4,535,885 |
Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 3,395,869 | 3,015,100 |
Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 774,939 | 834,042 |
Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 875,464 | 600,213 |
Consumer Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 18,640 | 16,273 |
Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 65,094 | 70,257 |
Pass | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 5,086,263 | 4,498,530 |
Pass | Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 3,383,143 | 3,012,203 |
Pass | Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 760,071 | 821,425 |
Pass | Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 859,832 | 579,153 |
Pass | Consumer Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 18,623 | 16,273 |
Pass | Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 64,594 | 69,476 |
Special Mention | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 6,487 | 8,881 |
Special Mention | Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 663 | 679 |
Special Mention | Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 5,824 | 8,202 |
Substandard Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 18,570 | 9,572 |
Substandard Loans | Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 7,170 | |
Substandard Loans | Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 7,659 | 5,249 |
Substandard Loans | Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 3,741 | 3,542 |
Substandard Loans | Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 781 | |
Loans Individually Evaluated | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 18,686 | 18,902 |
Loans Individually Evaluated | Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 5,556 | 2,897 |
Loans Individually Evaluated | Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 6,546 | 6,689 |
Loans Individually Evaluated | Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 6,067 | $ 9,316 |
Loans Individually Evaluated | Consumer Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 17 | |
Loans Individually Evaluated | Land | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 500 |
Allowance for Credit Losses -_3
Allowance for Credit Losses - Risk Category of Loans Based on Year of Origination (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable Recorded Investment [Line Items] | ||
2020 | $ 1,104,961 | |
2019 | 1,110,686 | |
2018 | 988,038 | |
2017 | 639,920 | |
2016 | 452,211 | |
Prior | 566,569 | |
Revolving Loans | 267,621 | |
Total loans | 5,130,006 | $ 4,535,885 |
Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 1,104,135 | |
2019 | 1,106,552 | |
2018 | 984,968 | |
2017 | 634,831 | |
2016 | 447,369 | |
Prior | 548,638 | |
Revolving Loans | 259,770 | |
Total loans | 5,086,263 | 4,498,530 |
Classified | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 826 | |
2019 | 4,134 | |
2018 | 3,070 | |
2017 | 5,089 | |
2016 | 4,842 | |
Prior | 17,931 | |
Revolving Loans | 7,851 | |
Total loans | 43,743 | |
Residential Properties | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,395,869 | 3,015,100 |
Residential Properties | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total loans | 3,383,143 | 3,012,203 |
Residential Properties | Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 714,812 | |
2019 | 694,794 | |
2018 | 590,767 | |
2017 | 326,321 | |
2016 | 156,876 | |
Prior | 72,762 | |
Total loans | 2,556,332 | |
Residential Properties | Multifamily | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 714,812 | |
2019 | 694,794 | |
2018 | 590,767 | |
2017 | 326,321 | |
2016 | 156,876 | |
Prior | 72,762 | |
Total loans | 2,556,332 | |
Residential Properties | Single Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 75,833 | |
2019 | 103,177 | |
2018 | 142,061 | |
2017 | 129,641 | |
2016 | 128,707 | |
Prior | 230,599 | |
Revolving Loans | 29,519 | |
Total loans | 839,537 | |
Residential Properties | Single Family | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 75,833 | |
2019 | 103,177 | |
2018 | 142,061 | |
2017 | 127,670 | |
2016 | 128,707 | |
Prior | 222,836 | |
Revolving Loans | 26,527 | |
Total loans | 826,811 | |
Residential Properties | Single Family | Classified | ||
Financing Receivable Recorded Investment [Line Items] | ||
2017 | 1,971 | |
Prior | 7,763 | |
Revolving Loans | 2,992 | |
Total loans | 12,726 | |
Commercial Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 7,753 | |
2019 | 108,624 | |
2018 | 141,335 | |
2017 | 139,555 | |
2016 | 137,620 | |
Prior | 240,052 | |
Total loans | 774,939 | 834,042 |
Commercial Real Estate | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 7,753 | |
2019 | 108,580 | |
2018 | 141,335 | |
2017 | 137,158 | |
2016 | 135,078 | |
Prior | 230,167 | |
Total loans | 760,071 | 821,425 |
Commercial Real Estate | Classified | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 44 | |
2017 | 2,397 | |
2016 | 2,542 | |
Prior | 9,885 | |
Total loans | 14,868 | |
Land and Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 14,647 | |
2018 | 26,298 | |
2017 | 22,311 | |
2016 | 783 | |
Prior | 1,055 | |
Total loans | 65,094 | |
Land and Construction | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
2019 | 14,647 | |
2018 | 25,798 | |
2017 | 22,311 | |
2016 | 783 | |
Prior | 1,055 | |
Total loans | 64,594 | |
Land and Construction | Classified | ||
Financing Receivable Recorded Investment [Line Items] | ||
2018 | 500 | |
Total loans | 500 | |
Commercial and Industrial Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 304,859 | |
2019 | 189,444 | |
2018 | 86,147 | |
2017 | 22,070 | |
2016 | 21,164 | |
Prior | 21,967 | |
Revolving Loans | 229,813 | |
Total loans | 875,464 | 600,213 |
Commercial and Industrial Loans | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 304,033 | |
2019 | 185,354 | |
2018 | 83,577 | |
2017 | 21,366 | |
2016 | 18,864 | |
Prior | 21,684 | |
Revolving Loans | 224,954 | |
Total loans | 859,832 | 579,153 |
Commercial and Industrial Loans | Classified | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 826 | |
2019 | 4,090 | |
2018 | 2,570 | |
2017 | 704 | |
2016 | 2,300 | |
Prior | 283 | |
Revolving Loans | 4,859 | |
Total loans | 15,632 | |
Consumer Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 1,704 | |
2018 | 1,430 | |
2017 | 22 | |
2016 | 7,061 | |
Prior | 134 | |
Revolving Loans | 8,289 | |
Total loans | 18,640 | 16,273 |
Consumer Loans | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
2020 | 1,704 | |
2018 | 1,430 | |
2017 | 5 | |
2016 | 7,061 | |
Prior | 134 | |
Revolving Loans | 8,289 | |
Total loans | 18,623 | $ 16,273 |
Consumer Loans | Classified | ||
Financing Receivable Recorded Investment [Line Items] | ||
2017 | 17 | |
Total loans | $ 17 |
Allowance for Credit Losses - E
Allowance for Credit Losses - Evaluation of Loans and Related Allowance (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable Modifications [Line Items] | ||
Unpaid Principal Balance, With No Allowance Recorded | $ 14,457 | $ 15,138 |
Recorded Investment, With No Allowance Recorded | 13,764 | 14,061 |
Unpaid Principal Balance, With an Allowance Recorded | 5,156 | 4,952 |
Recorded Investment, With an Allowance Recorded | 4,922 | 4,841 |
Related Allowance, With an Allowance Recorded | 911 | 870 |
Residential Properties | ||
Financing Receivable Modifications [Line Items] | ||
Unpaid Principal Balance, With No Allowance Recorded | 4,849 | 2,970 |
Recorded Investment, With No Allowance Recorded | 4,803 | 2,897 |
Unpaid Principal Balance, With an Allowance Recorded | 801 | |
Recorded Investment, With an Allowance Recorded | 753 | |
Related Allowance, With an Allowance Recorded | 32 | |
Commercial Real Estate | ||
Financing Receivable Modifications [Line Items] | ||
Unpaid Principal Balance, With No Allowance Recorded | 5,686 | 5,683 |
Recorded Investment, With No Allowance Recorded | 5,398 | 5,456 |
Unpaid Principal Balance, With an Allowance Recorded | 1,148 | 1,188 |
Recorded Investment, With an Allowance Recorded | 1,148 | 1,188 |
Related Allowance, With an Allowance Recorded | 101 | 107 |
Commercial and Industrial Loans | ||
Financing Receivable Modifications [Line Items] | ||
Unpaid Principal Balance, With No Allowance Recorded | 3,405 | 6,485 |
Recorded Investment, With No Allowance Recorded | 3,046 | 5,708 |
Unpaid Principal Balance, With an Allowance Recorded | 3,207 | 3,764 |
Recorded Investment, With an Allowance Recorded | 3,021 | 3,653 |
Related Allowance, With an Allowance Recorded | 778 | $ 763 |
Consumer Loans | ||
Financing Receivable Modifications [Line Items] | ||
Unpaid Principal Balance, With No Allowance Recorded | 17 | |
Recorded Investment, With No Allowance Recorded | 17 | |
Land | ||
Financing Receivable Modifications [Line Items] | ||
Unpaid Principal Balance, With No Allowance Recorded | 500 | |
Recorded Investment, With No Allowance Recorded | $ 500 |
Allowance for Credit Losses - W
Allowance for Credit Losses - Weighted Average Annualized Balance of Recorded Investment and Interest Income on Loans (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable Modifications [Line Items] | ||
Average Recorded Investment | $ 29,881 | $ 21,785 |
Interest Income | 1,035 | 365 |
Residential Properties | ||
Financing Receivable Modifications [Line Items] | ||
Average Recorded Investment | 6,316 | 1,765 |
Interest Income | 26 | 13 |
Commercial Real Estate | ||
Financing Receivable Modifications [Line Items] | ||
Average Recorded Investment | 10,925 | 8,889 |
Interest Income | 118 | 341 |
Commercial and Industrial Loans | ||
Financing Receivable Modifications [Line Items] | ||
Average Recorded Investment | 12,450 | 10,608 |
Interest Income | 891 | 11 |
Consumer Loans | ||
Financing Receivable Modifications [Line Items] | ||
Average Recorded Investment | 25 | |
Land | ||
Financing Receivable Modifications [Line Items] | ||
Average Recorded Investment | $ 165 | $ 523 |
Allowance for Credit Losses -_4
Allowance for Credit Losses - Amortized Cost Basis of Collateral Dependent Loans Individually Evaluated to Determine Credit Losses and Related ACL Allocated to Loans (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Allowance for Credit Losses | $ 28,129 | $ 20,800 |
Collateral Dependent Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 7,057 | |
Total Allowance for Credit Losses | 116 | |
Collateral Dependent Loans | Real Estate. | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 5,609 | |
Collateral Dependent Loans | Cash | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 268 | |
Collateral Dependent Loans | Equipment/Receivables | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 1,180 | |
Collateral Dependent Loans | Residential Properties | Single Family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 3,649 | |
Collateral Dependent Loans | Residential Properties | Real Estate. | Single Family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 3,649 | |
Collateral Dependent Loans | Commercial Real Estate | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 421 | |
Collateral Dependent Loans | Commercial Real Estate | Real Estate. | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 421 | |
Collateral Dependent Loans | Commercial and Industrial Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 2,469 | |
Total Allowance for Credit Losses | 116 | |
Collateral Dependent Loans | Commercial and Industrial Loans | Real Estate. | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 1,039 | |
Collateral Dependent Loans | Commercial and Industrial Loans | Cash | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 250 | |
Collateral Dependent Loans | Commercial and Industrial Loans | Equipment/Receivables | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 1,180 | |
Collateral Dependent Loans | Consumer Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 18 | |
Collateral Dependent Loans | Consumer Loans | Cash | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 18 | |
Collateral Dependent Loans | Land | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 500 | |
Collateral Dependent Loans | Land | Real Estate. | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | $ 500 |
Loan Sales and Mortgage Servi_2
Loan Sales and Mortgage Servicing Rights (Details) - First Foundation Bank - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Loan Sales And Mortgage Servicing Rights [Line Items] | ||
Gain on sale of loans | $ 4.2 | |
Sale of multifamily loans through securitization | 549 | |
Mortgage servicing rights | $ 5.8 | 7 |
Valuation allowance of mortgage servicing rights | 0.5 | |
Loans serviced for others | 1,400 | 1,700 |
Servicing fees earned on loans | $ 0.3 | $ 0.8 |
Deposits - Summary of Outstandi
Deposits - Summary of Outstanding Balance of Deposits and Average Rates (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Demand deposits, Noninterest-bearing | $ 1,770,382 | $ 1,192,481 |
Demand deposits, Interest-bearing | 411,053 | 386,276 |
Money market and savings | 1,643,871 | 1,334,736 |
Certificates of deposits | 1,822,535 | 1,977,651 |
Total | $ 5,647,841 | $ 4,891,144 |
Demand deposits, Interest-bearing, Weighted Average Rate | 0.308% | 0.635% |
Money market and savings, Weighted Average Rate | 0.799% | 1.355% |
Certificates of deposits, Weighted Average Rate | 1.277% | 1.971% |
Total, Weighted Average Rate | 0.667% | 1.217% |
Deposits - Additional Informati
Deposits - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
Deposits [Abstract] | ||
Certificates of deposits of $250,000 or more, maturities within one year | $ 546 | $ 471 |
Certificates of deposits of $250,000 or more, maturities after one year | 7 | 0.8 |
Certificates of deposits of $250,000 or more, total | 553 | 472 |
Certificates of deposit of less than $ 250,000, maturities within one year | 1,300 | 1,500 |
Certificates of deposit of less than $ 250,000, maturities after one year | 16 | 13 |
Certificates of deposit of less than $250,000, total | $ 1,300 | $ 1,500 |
Borrowings (Details)
Borrowings (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020USD ($)Institutionitem | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |||
Overnight FHLB advances | $ 233,000,000 | ||
FHLB term advances | $ 750,000,000 | 500,000,000 | |
Number of zero interest advances outstanding | item | 2 | ||
FHLB zero interest advances | $ 10,000,000 | ||
Long-term line of credit | 0 | ||
Loans pledged as collateral | 3,800,000,000 | ||
Federal Home Loan Bank, maximum borrowing capacity | 1,700,000,000 | ||
FHLB advances | 760,000,000 | ||
Federal Home Loan Bank, additional credit available | 282,000,000 | ||
Unsecured debt | $ 195,000,000 | ||
Number of financial institutions | Institution | 5 | ||
Unused lines of credit | $ 2,000,000,000 | 1,400,000,000 | |
FHLB, average daily balance of borrowings outstanding | 88,000,000 | 413,000,000 | |
Secured debt | 217,000,000 | ||
FHLB Advances Maturing in October 2020 | |||
Debt Instrument [Line Items] | |||
FHLB zero interest advances | 5,000,000 | ||
FHLB Advances Maturing in April 2021 | |||
Debt Instrument [Line Items] | |||
FHLB zero interest advances | 5,000,000 | ||
Minimum | |||
Debt Instrument [Line Items] | |||
Unsecured debt | 20,000,000 | ||
Maximum | |||
Debt Instrument [Line Items] | |||
Unsecured debt | 100,000,000 | ||
Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Line of credit, borrowing capacity | $ 40,000,000 | ||
Line of credit maturity period | 5 years | ||
Revolving Credit Facility | 90 Day LIBOR | |||
Debt Instrument [Line Items] | |||
Debt instrument basis point rate | 3.50% | ||
1.77% FHLB Term Advances | |||
Debt Instrument [Line Items] | |||
FHLB term advances outstanding | $ 500,000,000 | ||
FHLB advances interest rates | 1.77% | ||
0.47% FHLB Term Advances | |||
Debt Instrument [Line Items] | |||
FHLB term advances outstanding | $ 250,000,000 | ||
FHLB advances interest rates | 0.47% | ||
FFI | |||
Debt Instrument [Line Items] | |||
Long-term line of credit | $ 4,600,000 | $ 10,000,000 | |
Line of credit facility, Interest rate | 4.93% |
Leases (Details)
Leases (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Operating lease, existence of options to renew | true |
Leases - Schedule of Supplement
Leases - Schedule of Supplemental Lease Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Balance Sheet: | |
Operating lease asset classified as other assets | $ 16,943 |
Operating Lease Right of Use Asset Statement of Financial Position [Extensible List] | us-gaap:OtherAssets |
Operating lease liability classified as other liabilities | $ 18,265 |
Operating Lease Liability Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities |
Income Statement: | |
Operating lease cost classified as occupancy and equipment expense | $ 2,959 |
Weighted average lease term, in years | 3 years 11 months 8 days |
Weighted average discount rate | 5.29% |
Operating cash flows | $ 2,905 |
Leases - Summary of Maturity of
Leases - Summary of Maturity of Remaining Lease Liabilities (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Leases [Abstract] | |
2020 | $ 3,236 |
2021 | 6,292 |
2022 | 5,344 |
2023 | 2,526 |
2024 and after | 4,345 |
Total future minimum lease payments | 21,743 |
Discount on cash flows | (3,478) |
Total lease liability | $ 18,265 |
Earnings Per Share - Computatio
Earnings Per Share - Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Earnings Per Share [Abstract] | ||||
Net income, Basic | $ 17,854 | $ 12,410 | $ 31,065 | $ 23,669 |
Basic common shares outstanding | 44,620,716 | 44,625,673 | 44,645,189 | 44,583,503 |
Earnings per share, Basic | $ 0.40 | $ 0.28 | $ 0.70 | $ 0.53 |
Net income, Diluted | $ 17,854 | $ 12,410 | $ 31,065 | $ 23,669 |
Effect of contingent shares issuable | 1,592 | 1,592 | ||
Effect of options and restricted stock | 191,653 | 267,455 | 237,331 | 261,684 |
Diluted common shares outstanding | 44,812,369 | 44,894,720 | 44,882,520 | 44,846,779 |
Earnings per share, Diluted | $ 0.40 | $ 0.28 | $ 0.69 | $ 0.53 |
Earnings Per Share - Anti-dilut
Earnings Per Share - Anti-dilutive (Details) | 6 Months Ended |
Jun. 30, 2020shares | |
Restricted Stock Units | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |
Anti-dilutive securities excluded from computation of earnings per share | 59,375 |
Segment Reporting (Details)
Segment Reporting (Details) - segment | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting [Abstract] | ||||
Reportable business segments | 2 | 2 | 2 | 2 |
Segment Reporting - Key Operati
Segment Reporting - Key Operating Results of Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Segment Reporting Information [Line Items] | ||||
Interest income | $ 61,932 | $ 63,308 | $ 124,270 | $ 123,852 |
Interest expense | 13,485 | 21,421 | 30,955 | 40,918 |
Net interest income | 48,447 | 41,887 | 93,315 | 82,934 |
Provision for loan losses | 1,367 | 1,231 | 5,431 | 1,771 |
Noninterest income | 8,969 | 9,131 | 19,644 | 17,596 |
Noninterest expense | 30,937 | 32,282 | 63,809 | 65,227 |
Income before taxes on income | 25,112 | 17,505 | 43,719 | 33,532 |
Operating Segments | Banking | ||||
Segment Reporting Information [Line Items] | ||||
Interest income | 61,932 | 63,308 | 124,270 | 123,852 |
Interest expense | 13,435 | 21,322 | 30,875 | 40,804 |
Net interest income | 48,497 | 41,986 | 93,395 | 83,048 |
Provision for loan losses | 1,367 | 1,231 | 5,431 | 1,771 |
Noninterest income | 3,635 | 3,471 | 8,294 | 6,465 |
Noninterest expense | 25,042 | 25,801 | 51,286 | 52,388 |
Income before taxes on income | 25,723 | 18,425 | 44,972 | 35,354 |
Operating Segments | Wealth Management | ||||
Segment Reporting Information [Line Items] | ||||
Noninterest income | 5,631 | 5,982 | 12,119 | 11,713 |
Noninterest expense | 5,404 | 5,567 | 11,569 | 11,085 |
Income before taxes on income | 227 | 415 | 550 | 628 |
Other. | ||||
Segment Reporting Information [Line Items] | ||||
Interest expense | 50 | 99 | 80 | 114 |
Net interest income | (50) | (99) | (80) | (114) |
Noninterest income | (297) | (322) | (769) | (582) |
Noninterest expense | 491 | 914 | 954 | 1,754 |
Income before taxes on income | $ (838) | $ (1,335) | $ (1,803) | $ (2,450) |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event | Jul. 21, 2020$ / shares |
Subsequent Event [Line Items] | |
Dividends payable, date declared | Jul. 21, 2020 |
Dividends payable, amount per share | $ 0.07 |
Dividends payable, date to be paid | Aug. 17, 2020 |
Dividends payable, date of record | Aug. 3, 2020 |