Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 03, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-36461 | |
Entity Registrant Name | FIRST FOUNDATION INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-8639702 | |
Entity Address, Address Line One | 200 Crescent Court | |
Entity Address, Address Line Two | Suite 1400 | |
Entity Address, City or Town | Dallas | |
Entity Address, State or Province | TX | |
Entity Address, Postal Zip Code | 75201 | |
City Area Code | 469 | |
Local Phone Number | 638-9636 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FFWM | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 44,782,155 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0001413837 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 468,026 | $ 629,707 |
Securities available-for-sale | 758,097 | 814,671 |
Allowance for credit losses - investments | (8,878) | (7,245) |
Net securities | 749,219 | 807,426 |
Loans held for sale | 513,054 | 505,404 |
Loans held for investment | 5,117,206 | 4,803,799 |
Allowance for credit losses - loans | (23,180) | (24,200) |
Net loans | 5,094,026 | 4,779,599 |
Investment in FHLB stock | 17,250 | 17,250 |
Deferred taxes | 6,941 | 8,603 |
Premises and equipment, net | 7,817 | 8,012 |
Goodwill and intangibles | 94,864 | 95,296 |
Other assets | 100,635 | 105,863 |
Total Assets | 7,051,832 | 6,957,160 |
Liabilities: | ||
Deposits | 6,245,821 | 5,913,433 |
Borrowings | 12,000 | 269,000 |
Accounts payable and other liabilities | 79,581 | 79,016 |
Total Liabilities | 6,337,402 | 6,261,449 |
Shareholders' Equity | ||
Common Stock | 45 | 45 |
Additional paid-in-capital | 434,346 | 433,941 |
Retained earnings | 265,970 | 247,638 |
Accumulated other comprehensive income (loss) | 14,069 | 14,087 |
Total Shareholders' Equity | 714,430 | 695,711 |
Total Liabilities and Shareholders' Equity | $ 7,051,832 | $ 6,957,160 |
CONSOLIDATED INCOME STATEMENTS
CONSOLIDATED INCOME STATEMENTS - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest income: | ||
Loans | $ 53,531 | $ 54,884 |
Securities | 5,206 | 6,997 |
FHLB stock, fed funds sold and interest-bearing deposits | 401 | 457 |
Total interest income | 59,138 | 62,338 |
Interest expense: | ||
Deposits | 4,623 | 14,646 |
Borrowings | 286 | 2,824 |
Total interest expense | 4,909 | 17,470 |
Net interest income | 54,229 | 44,868 |
Provision for credit losses | 360 | 4,079 |
Net interest income after provision for credit losses | 53,869 | 40,789 |
Noninterest income: | ||
Revenue from contract with customers | $ 8,349 | $ 7,762 |
Type of Revenue [Extensible List] | us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember | us-gaap:InvestmentAdvisoryManagementAndAdministrativeServiceMember |
Other income | $ 3,559 | $ 2,913 |
Total noninterest income | 11,908 | 10,675 |
Noninterest expense: | ||
Compensation and benefits | 21,526 | 19,857 |
Occupancy and depreciation | 6,160 | 5,512 |
Professional services and marketing costs | 2,122 | 1,754 |
Customer service costs | 1,770 | 2,372 |
Other expenses | 2,933 | 3,362 |
Total noninterest expense | 34,511 | 32,857 |
Income before taxes on income | 31,266 | 18,607 |
Taxes on income | 8,911 | 5,396 |
Net income | $ 22,355 | $ 13,211 |
Net income per share: | ||
Basic | $ 0.50 | $ 0.30 |
Diluted | $ 0.50 | $ 0.29 |
Shares used in computation: | ||
Basic | 44,707,718 | 44,669,661 |
Diluted | 45,012,205 | 44,952,669 |
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, 2019 | $ 45 | $ 433,775 | $ 175,773 | $ 4,276 | $ 613,869 |
Beginning balance (in shares) at Dec. 31, 2019 | 44,670,743 | ||||
Net income | 13,211 | 13,211 | |||
Other comprehensive income | 547 | 547 | |||
Stock based compensation | 767 | 767 | |||
Cash dividend | (3,132) | (3,132) | |||
Exercise of options | 645 | 645 | |||
Exercise of options (in shares) | 86,000 | ||||
Stock grants - vesting of restricted stock units (in shares) | 83,057 | ||||
Stock repurchase | (2,824) | (2,824) | |||
Stock repurchase (in shares) | (224,334) | ||||
Ending balance at Mar. 31, 2020 | $ 45 | 432,363 | 185,852 | 4,823 | 623,083 |
Ending balance (in shares) at Mar. 31, 2020 | 44,615,466 | ||||
Beginning balance at Dec. 31, 2020 | $ 45 | 433,941 | 247,638 | 14,087 | 695,711 |
Beginning balance (in shares) at Dec. 31, 2020 | 44,667,650 | ||||
Net income | 22,355 | 22,355 | |||
Other comprehensive income | (18) | (18) | |||
Stock based compensation | 995 | 995 | |||
Cash dividend | (4,023) | (4,023) | |||
Exercise of options | 354 | 354 | |||
Exercise of options (in shares) | 47,000 | ||||
Stock grants - vesting of restricted stock units (in shares) | 108,085 | ||||
Stock repurchase | (944) | (944) | |||
Stock repurchase (in shares) | (40,580) | ||||
Ending balance at Mar. 31, 2021 | $ 45 | $ 434,346 | $ 265,970 | $ 14,069 | $ 714,430 |
Ending balance (in shares) at Mar. 31, 2021 | 44,782,155 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income | $ 22,355 | $ 13,211 |
Other comprehensive income (loss): | ||
Unrealized holding gains (losses) on securities arising during the period | (25) | 772 |
Other comprehensive income (loss) before tax | (25) | 772 |
Income tax expense (benefit) related to items of other comprehensive income | 7 | (225) |
Other comprehensive income (loss) | (18) | 547 |
Total comprehensive income | $ 22,337 | $ 13,758 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - UNAUDITED - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash Flows from Operating Activities: | ||
Net income | $ 22,355 | $ 13,211 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for credit losses - loans | (1,273) | 2,279 |
Provision for credit losses - securities AFS | 1,633 | 1,800 |
Stock-based compensation expense | 995 | 767 |
Depreciation and amortization | 823 | 763 |
Deferred tax expense | 1,669 | 1,722 |
Amortization of premium on securities | 131 | |
Amortization of core deposit intangible | 432 | 519 |
Amortization of mortgage servicing rights - net | 479 | 361 |
Amortization of premiums on purchased loans - net | (4,174) | |
Gain from hedging activities | (36) | |
Valuation allowance on mortgage servicing rights - net | (37) | |
Decrease (increase) in other assets | 4,786 | (7,355) |
Increase (decrease) in accounts payable and other liabilities | 626 | (8,973) |
Net cash provided by operating activities | 32,619 | 884 |
Cash Flows from Investing Activities: | ||
Net increase in loans | (321,271) | (263,552) |
Purchase of premises and equipment | (628) | (977) |
Recovery of allowance for credit losses | 406 | 451 |
Purchases of AFS securities | (3,000) | |
Maturities of AFS securities | 53,418 | 55,443 |
Proceeds from redemption of securities | 3,000 | |
Sale of FHLB stock, net | 351 | |
Net cash used in investing activities | (265,075) | (211,284) |
Cash Flows from Financing Activities: | ||
Increase in deposits | 332,388 | 139,683 |
Net (decrease) increase in FHLB advances | (250,000) | 51,000 |
Line of credit net change - borrowings (paydowns), net | (7,000) | |
Dividends paid | (4,023) | (3,132) |
Proceeds from exercise of stock options | 354 | 645 |
Repurchase of stock | (944) | (2,824) |
Net cash provided by financing activities | 70,775 | 185,372 |
Decrease in cash and cash equivalents | (161,681) | (25,028) |
Cash and cash equivalents at beginning of year | 629,707 | 65,387 |
Cash and cash equivalents at end of period | 468,026 | 40,359 |
Supplemental disclosures of cash flow information: | ||
Income taxes | 5,209 | |
Interest | 6,221 | 19,804 |
Noncash transactions: | ||
Transfer of loans to loans held for sale | 8,195 | 10,163 |
Chargeoffs against allowance for credit losses | $ 214 | $ 530 |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2021 | |
BASIS OF PRESENTATION | |
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”), Blue Moon Management, LLC, and First Foundation Public Finance (“FFPF”) (collectively referred to as the “Company”). FFI also has two inactive wholly owned subsidiaries, First Foundation Consulting (“FFC”) and First Foundation Advisors, LLC (“FFA LLC”). 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 2021 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, 2020. Certain reclassifications have been made to the prior year consolidated financial statements to conform to the 2021 presentation. Recent Accounting Pronouncements In October 2020, the FASB issued Accounting Standards Update ASU 2020-10, “ Codification Improvements” 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” |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 3 Months Ended |
Mar. 31, 2021 | |
FAIR VALUE MEASUREMENTS | |
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 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 March 31, 2021: Investment securities available for sale: Agency mortgage-backed securities $ 673,164 $ — $ 673,164 $ — Beneficial interest – FHLMC securitizations 17,893 — — 17,893 Corporate bonds 56,554 — 56,554 — Other 1,608 501 1,107 — Investment in equity securities 434 434 — — Total assets at fair value on a recurring basis $ 749,653 $ 935 $ 730,825 $ 17,893 December 31, 2020: Investment securities available for sale: Agency mortgage-backed securities $ 723,995 $ — $ 723,995 $ — Beneficial interest – FHLMC securitizations 23,463 — — 23,463 Corporate bonds 58,358 — 58,358 — Other 1,610 503 1,107 — Investment in equity securities 338 338 — — Total assets at fair value on a recurring basis $ 807,764 $ 841 $ 783,460 $ 23,463 The decrease in Level 3 assets from December 31, 2020 was due to securitization paydowns and to $1.6 million in provisions for credit losses in the first three months of 2021. 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 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 March 31, 2021: Assets: Cash and cash equivalents $ 468,026 $ 468,026 $ — $ — $ 468,026 Securities AFS, net 749,219 501 730,825 17,893 749,219 Loans held for sale 513,054 — 518,368 — 518,368 Loans, net 5,094,026 — — 5,146,920 5,146,920 Investment in FHLB stock 17,250 — 17,250 — 17,250 Investment in equity securities 434 434 — — 434 Liabilities: Deposits $ 6,245,821 $ 5,480,156 $ 765,666 $ — $ 6,245,822 Borrowings 12,000 — 5,000 7,000 12,000 December 31, 2020: Assets: Cash and cash equivalents $ 629,707 $ 629,707 $ — $ — $ 629,707 Securities AFS, net 807,426 503 783,460 23,463 807,426 Loans held for sale 505,404 — 510,638 — 510,638 Loans, net 4,779,599 — — 4,829,258 4,829,258 Investment in FHLB stock 17,250 — 17,250 — 17,250 Investment in equity securities 338 338 — — 338 Liabilities: Deposits $ 5,913,433 $ 4,934,537 $ 978,897 $ — $ 5,913,434 Borrowings 269,000 — 255,000 14,000 269,000 |
SECURITIES
SECURITIES | 3 Months Ended |
Mar. 31, 2021 | |
SECURITIES | |
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 March 31, 2021: Agency mortgage-backed securities $ 656,055 $ 18,016 $ (907) $ — $ 673,164 Beneficial interests in FHLMC securitization 26,637 134 — (8,878) 17,893 Corporate bonds 54,000 2,554 — — 56,554 Other 1,519 89 — — 1,608 Total $ 738,211 $ 20,793 $ (907) $ (8,878) $ 749,219 December 31, 2020: Agency mortgage-backed securities $ 705,752 $ 18,243 $ — $ — $ 723,995 Beneficial interests in FHLMC securitization 30,497 211 — (7,245) 23,463 Corporate bonds 57,000 1,358 — — 58,358 Other 1,512 98 — — 1,610 Total $ 794,761 $ 19,910 $ — $ (7,245) $ 807,426 US Treasury securities of $0.5 million as of March 31, 2021 and December 31, 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 March 31, 2021, $191.8 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 from 2018 through 2020. The table below indicates, as of March 31, 2021, 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 March 31, 2021 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 $ 51,555 $ (907) $ — $ — $ 51,555 $ (907) Total temporarily impaired securities $ 51,555 $ (907) $ — $ — $ 51,555 $ (907) There were no unrealized losses on our investments as of December 31, 2020. 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. (dollars in thousands) Total Three Months Ended March 31, 2021: Balance: December 31, 2020 $ 7,245 Provision for credit losses 1,633 Balance: March 31, 2021 $ 8,878 Three Months Ended March 31, 2020: Balance: December 31, 2019 $ — Provision for credit losses 1,800 Balance: March 31, 2020 $ 1,800 Due to a change in expected cash flows of an interest only strip security, $1.6 million and $1.8 million in allowances were taken in the three months ended March 31, 2021 and 2020, respectively. The allowances were 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 March 31, 2021 Amortized Cost: Corporate bonds $ — $ — $ 54,000 $ — $ 54,000 Other 500 1,019 — — 1,519 Total $ 500 $ 1,019 $ 54,000 $ — $ 55,519 Weighted average yield 1.85 % 2.99 % 5.33 % — % 5.26 % Estimated Fair Value: Corporate bonds $ — $ — $ 56,554 $ — $ 56,554 Other 501 1,107 — — 1,608 Total $ 501 $ 1,107 $ 56,554 $ — $ 58,162 Less than 1 Through 5 Through After (dollars in thousands) 1 Year 5 years 10 Years 10 Years Total December 31, 2020 Amortized Cost: Corporate bonds $ — $ — $ 57,000 $ — $ 57,000 Other 500 1,012 — — 1,512 Total $ 500 $ 1,012 $ 57,000 $ — $ 58,512 Weighted average yield 1.83 % 2.81 % 5.39 % — % 5.32 % Estimated Fair Value: Corporate bonds $ — $ — $ 58,358 $ — $ 58,358 Other 503 1,107 — — 1,610 Total $ 503 $ 1,107 $ 58,358 $ — $ 59,968 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 March 31, 2021 and 2020 were 2.36% and 2.39%, respectively. |
LOANS
LOANS | 3 Months Ended |
Mar. 31, 2021 | |
LOANS | |
LOANS | NOTE 4: LOANS The following is a summary of our loans as of: March 31, December 31, (dollars in thousands) 2021 2020 Outstanding principal balance: Loans secured by real estate: Residential properties: Multifamily $ 2,425,182 $ 2,247,542 Single family 844,532 806,014 Total real estate loans secured by residential properties 3,269,714 3,053,556 Commercial properties 701,920 747,807 Land and construction 57,227 55,832 Total real estate loans 4,028,861 3,857,195 Commercial and industrial loans 1,063,937 918,676 Consumer loans 14,243 18,888 Total loans 5,107,041 4,794,759 Premiums, discounts and deferred fees and expenses 10,165 9,040 Total $ 5,117,206 $ 4,803,799 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 March 31, 2021: Real estate loans: Residential properties $ 218 $ 10 $ — $ 10,822 $ 11,050 $ 3,269,213 $ 3,280,263 Commercial properties 1,441 — 11 1,659 3,111 699,144 702,255 Land and construction — — — — — 57,165 57,165 Commercial and industrial loans 827 — 1,200 4,161 6,188 1,057,065 1,063,253 Consumer loans — 6,644 — — 6,644 7,626 14,270 Total $ 2,486 $ 6,654 $ 1,211 $ 16,642 $ 26,993 $ 5,090,213 $ 5,117,206 Percentage of total loans 0.05 % 0.13 % 0.02 % 0.33 % 0.53 % December 31, 2020: Real estate loans: Residential properties $ 35 $ — $ — $ 10,947 $ 10,982 $ 3,042,574 $ 3,053,556 Commercial properties 951 240 — 4,544 5,735 742,072 747,807 Land and construction — — — — — 55,832 55,832 Commercial and industrial loans 1,013 411 152 5,137 6,713 911,963 918,676 Consumer loans — — — — — 18,888 18,888 Total $ 1,999 $ 651 $ 152 $ 20,628 $ 23,430 $ 4,771,329 $ 4,794,759 Percentage of total loans 0.04 % 0.01 % 0.00 % 0.43 % 0.49 % The following table summarizes our nonaccrual loans as of: Nonaccrual Nonaccrual with Allowance with no Allowance (dollars in thousands) for Credit Losses for Credit Losses March 31, 2021: Real estate loans: Residential properties $ 2,968 $ 7,854 Commercial properties — 1,659 Land and construction — — Commercial and industrial loans 2,395 1,766 Consumer loans — — Total $ 5,363 $ 11,279 December 31, 2020: Real estate loans: Residential properties $ 2,988 $ 7,959 Commercial properties — 4,544 Land and construction — — Commercial and industrial loans 2,580 2,557 Consumer loans — — Total $ 5,568 $ 15,060 The following table presents the loans classified as troubled debt restructurings (“TDR”) by accrual and nonaccrual status as of: March 31, 2021 December 31, 2020 (dollars in thousands) Accrual Nonaccrual Total Accrual Nonaccrual Total Residential loans $ 1,200 $ — $ 1,200 $ 1,200 $ — $ 1,200 Commercial real estate loans 1,086 1,255 2,341 1,107 1,277 2,384 Commercial and industrial loans 1,011 2,334 3,345 1,041 2,832 3,873 Total $ 3,297 $ 3,589 $ 6,886 $ 3,348 $ 4,109 $ 7,457 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 Three Months Ended March 31, 2021: Commercial and industrial loans 1 $ 378 $ 378 $ — Total 1 $ 378 $ 378 $ — Outstanding Recorded Investment (dollars in thousands) Number of loans Pre-Modification Post-Modification Financial Impact Year Ended December 31, 2020 Commercial and industrial loans 1 $ 507 $ 507 — Total 1 $ 507 $ 507 $ — 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 | 3 Months Ended |
Mar. 31, 2021 | |
ALLOWANCE FOR CREDIT LOSSES | |
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 Three Months Ended March 31, 2021: Real estate loans: Residential properties $ 5,115 $ — $ 918 $ — $ — $ 6,033 Commercial properties 8,711 — (2,755) — — 5,956 Land and construction 892 — 3,070 — — 3,962 Commercial and industrial loans 9,249 — (2,379) (214) 406 7,062 Consumer loans 233 — (66) — — 167 Total $ 24,200 $ — $ (1,212) $ (214) $ 406 $ 23,180 Three Months Ended March 31, 2020: Real estate loans: Residential properties $ 8,423 $ 363 $ (2,397) $ — $ — $ 6,389 Commercial properties 4,166 3,760 (2,988) — — 4,938 Land and construction 573 92 679 — — 1,344 Commercial and industrial loans 7,448 — 2,756 (530) 451 10,125 Consumer loans 190 — 14 — — 204 Total $ 20,800 $ 4,215 $ (1,936) $ (530) $ 451 $ 23,000 Year Ended December 31, 2020: Real estate loans: Residential properties $ 8,423 $ 363 $ (3,671) $ — $ — $ 5,115 Commercial properties 4,166 3,760 785 — — 8,711 Land and construction 573 92 227 — — 892 Commercial and industrial loans 7,448 — 2,642 (1,844) 1,003 9,249 Consumer loans 190 — 43 — — 233 Total $ 20,800 $ 4,215 $ 26 $ (1,844) $ 1,003 $ 24,200 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 Loans Evaluated (dollars in thousands) Individually Collectively Total March 31, 2021: Allowance for credit losses: Real estate loans: Residential properties $ 1,032 $ 5,001 $ 6,033 Commercial properties 482 5,474 5,956 Land and construction — 3,962 3,962 Commercial and industrial loans 856 6,206 7,062 Consumer loans — 167 167 Total $ 2,370 $ 20,810 $ 23,180 Loans: Real estate loans: Residential properties $ 12,303 $ 3,267,960 $ 3,280,263 Commercial properties 14,130 688,125 702,255 Land and construction — 57,165 57,165 Commercial and industrial loans 5,463 1,057,790 1,063,253 Consumer loans — 14,270 14,270 Total $ 31,896 $ 5,085,310 $ 5,117,206 December 31, 2020: Allowance for credit losses: Real estate loans: Residential properties $ 1,059 $ 4,056 $ 5,115 Commercial properties 374 8,337 8,711 Land and construction — 892 892 Commercial and industrial loans 956 8,293 9,249 Consumer loans — 233 233 Total $ 2,389 $ 21,811 $ 24,200 Loans: Real estate loans: Residential properties $ 12,414 $ 3,041,142 $ 3,053,556 Commercial properties 17,304 730,503 747,807 Land and construction — 55,832 55,832 Commercial and industrial loans 6,472 912,204 918,676 Consumer loans — 18,888 18,888 Total $ 36,190 $ 4,758,569 $ 4,794,759 The following tables present risk categories of loans based on year of origination, as of: Revolving (dollars in thousands) 2021 2020 2019 2018 2017 Prior Loans Total March 31, 2021: Loans secured by Real Estate: Residential Multifamily Pass $ 139,280 $ 896,996 $ 582,985 $ 436,886 $ 215,305 $ 162,231 $ — $ 2,433,683 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 139,280 $ 896,996 $ 582,985 $ 436,886 $ 215,305 $ 162,231 $ — $ 2,433,683 Single Family Pass $ 94,368 $ 164,138 $ 73,338 $ 96,340 $ 92,646 $ 287,645 $ 24,794 $ 833,269 Special Mention — — — — 982 — 26 1,008 Substandard — — — — 1,923 7,064 3,316 12,303 Total $ 94,368 $ 164,138 $ 73,338 $ 96,340 $ 95,551 $ 294,709 $ 28,136 $ 846,580 Commercial Real Estate Pass $ 8,898 $ 40,186 $ 90,391 $ 103,673 $ 125,836 $ 305,301 $ — $ 674,285 Special Mention — — 726 10,805 — 1,617 — 13,148 Substandard — — 5,903 — 2,314 6,605 — 14,822 Total $ 8,898 $ 40,186 $ 97,020 $ 114,478 $ 128,150 $ 313,523 $ — $ 702,255 Land and construction Pass $ — $ 192 $ 16,366 $ 29,403 $ 10,538 $ 666 $ — $ 57,165 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ — $ 192 $ 16,366 $ 29,403 $ 10,538 $ 666 $ — $ 57,165 Commercial Pass $ 187,761 $ 308,847 $ 123,816 $ 36,671 $ 14,039 $ 28,234 $ 344,781 $ 1,044,149 Special Mention 1,293 2,037 3,154 1,419 585 217 3,167 11,872 Substandard — 1,171 236 1,173 250 2,691 1,711 7,232 Total $ 189,054 $ 312,055 $ 127,206 $ 39,263 $ 14,874 $ 31,142 $ 349,659 $ 1,063,253 Consumer Pass $ 11 $ 165 $ — $ 1,297 $ — $ 6,738 $ 6,059 $ 14,270 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 11 $ 165 $ — $ 1,297 $ — $ 6,738 $ 6,059 $ 14,270 Total loans Pass $ 430,318 $ 1,410,524 $ 886,896 $ 704,270 $ 458,364 $ 790,815 $ 375,634 $ 5,056,821 Special Mention 1,293 2,037 3,880 12,224 1,567 1,834 3,193 26,028 Substandard — 1,171 6,139 1,173 4,487 16,360 5,027 34,357 Total $ 431,611 $ 1,413,732 $ 896,915 $ 717,667 $ 464,418 $ 809,009 $ 383,854 $ 5,117,206 Revolving (dollars in thousands) 2020 2019 2018 2017 2016 Prior Loans Total December 31, 2020: Loans secured by Real Estate: Residential Multifamily Pass $ 774,701 $ 638,237 $ 469,866 $ 218,470 $ 82,941 $ 63,328 $ — $ 2,247,543 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 774,701 $ 638,237 $ 469,866 $ 218,470 $ 82,941 $ 63,328 $ — $ 2,247,543 Single Family Pass $ 173,563 $ 83,311 $ 110,560 $ 95,888 $ 107,568 $ 196,692 $ 25,014 $ 792,596 Special Mention — — — 986 — — — 986 Substandard — — — 1,946 — 7,134 3,351 12,431 Total $ 173,563 $ 83,311 $ 110,560 $ 98,820 $ 107,568 $ 203,826 $ 28,365 $ 806,013 Commercial Real Estate Pass $ 46,260 $ 100,432 $ 120,230 $ 129,120 $ 119,719 $ 194,533 $ — $ 710,294 Special Mention — 743 16,278 — 2,333 157 — 19,511 Substandard — 5,929 — 2,336 2,515 7,222 — 18,002 Total $ 46,260 $ 107,104 $ 136,508 $ 131,456 $ 124,567 $ 201,912 $ — $ 747,807 Land and construction Pass $ 257 $ 15,923 $ 27,792 $ 10,532 $ 706 $ 622 $ — $ 55,832 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 257 $ 15,923 $ 27,792 $ 10,532 $ 706 $ 622 $ — $ 55,832 Commercial Pass $ 377,500 $ 146,279 $ 54,910 $ 15,868 $ 13,180 $ 16,823 $ 270,604 $ 895,164 Special Mention 2,058 3,922 1,868 579 297 448 6,107 15,279 Substandard 1,226 316 1,188 259 2,459 281 2,504 8,233 Total $ 380,784 $ 150,517 $ 57,966 $ 16,706 $ 15,936 $ 17,552 $ 279,215 $ 918,676 Consumer Pass $ 2,557 $ — $ 1,321 $ 3 $ 6,784 $ 100 $ 8,123 $ 18,888 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 2,557 $ — $ 1,321 $ 3 $ 6,784 $ 100 $ 8,123 $ 18,888 Total loans Pass $ 1,374,838 $ 984,182 $ 784,679 $ 469,881 $ 330,898 $ 472,098 $ 303,741 $ 4,720,317 Special Mention 2,058 4,665 18,146 1,565 2,630 605 6,107 35,776 Substandard 1,226 6,245 1,188 4,541 4,974 14,637 5,855 38,666 Total $ 1,378,122 $ 995,092 $ 804,013 $ 475,987 $ 338,502 $ 487,340 $ 315,703 $ 4,794,759 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 March 31, 2021: Loans secured by Real Estate: Residential properties Single family $ 10,032 $ — $ — $ 10,032 $ 1,022 Commercial real estate loans — — — — — Land and construction — — — — — Commercial loans — 250 — 250 — Consumer loans — — — — — Total $ 10,032 $ 250 $ — $ 10,282 $ 1,022 December 31, 2020: Loans secured by Real Estate: Residential properties Single family $ 10,144 $ — $ — $ 10,144 $ 1,051 Commercial real estate loans — — — — — Land and construction — — — — — Commercial loans — 250 122 372 44 Consumer loans — — — — — Total $ 10,144 $ 250 $ 122 $ 10,516 $ 1,095 |
LOAN SALES AND MORTGAGE SERVICI
LOAN SALES AND MORTGAGE SERVICING RIGHTS | 3 Months Ended |
Mar. 31, 2021 | |
LOAN SALES AND MORTGAGE SERVICING RIGHTS | |
LOAN SALES AND MORTGAGE SERVICING RIGHTS | NOTE 6: LOAN SALES AND MORTGAGE SERVICING RIGHTS In 2020, FFB sold $553 million of multifamily loans and recognized a gain of $15.1 million. 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 March 31, 2021 and December 31, 2020, mortgage servicing rights were $7.4 million and $7.9 million, respectively, and the amount of loans serviced for others totaled $1.6 and $1.5 billion at March 31, 2021 and December 31, 2020, respectively. The mortgage servicing rights as of March 31, 2021 and December 31, 2020 are net of a $1.4 million valuation allowance. Servicing fees for the first three months of 2021 and 2020 were $0.5 million and $1.6 million, respectively. |
DEPOSITS
DEPOSITS | 3 Months Ended |
Mar. 31, 2021 | |
DEPOSITS | |
DEPOSITS | NOTE 7: DEPOSITS The following table summarizes the outstanding balance of deposits and average rates paid thereon as of: March 31, 2021 December 31, 2020 Weighted Weighted (dollars in thousands) Amount Average Rate Amount Average Rate Demand deposits: Noninterest-bearing $ 2,182,714 — $ 1,655,847 — Interest-bearing 1,012,448 0.295 % 871,289 0.372 % Money market and savings 2,284,994 0.393 % 2,407,401 0.549 % Certificates of deposits 765,665 0.399 % 978,896 0.591 % Total $ 6,245,821 0.241 % $ 5,913,433 0.376 % At March 31, 2021, of the $397 million of certificates of deposits of $250,000 or more, $392 million mature within one year and $5 million mature after one year. Of the $369 million of certificates of deposit of less than $250,000, $306 million mature within one year and $63 million mature after one year. At December 31, 2020, of the $416 million of certificates of deposits of $250,000 or more, $409 million mature within one year and $7 million mature after one year. Of the $563 million of certificates of deposit of less than $250,000, $520 million mature within one year and $43 million mature after one year. |
BORROWINGS
BORROWINGS | 3 Months Ended |
Mar. 31, 2021 | |
BORROWINGS | |
BORROWINGS | NOTE 8: BORROWINGS At March 31, 2021, our borrowings consisted of $5 million in FHLB zero interest advances, and $7 million of borrowings under a holding company line of credit. At December 31, 2020, our borrowings consisted of $255 million of overnight FHLB advances at the Bank and $14 million of borrowings under a holding company line of credit. The zero interest advance outstanding at March 31, 2021 matures in April 2021. At March 31, 2021, the interest rate on the holding company line of credit was 3.74%. FHLB advances are collateralized primarily by loans secured by single family, multifamily, and commercial real estate properties with a carrying value of $3.6 billion as of March 31, 2021. 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 March 31, 2021 was $2.3 billion. In addition to the $5 million borrowing at March 31, 2021, the Bank had in place $277 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 $188 million secured line with the Federal Reserve Bank, secured by single family loans. None of these lines had outstanding borrowings as March 31, 2021. Combined, the Bank’s unused lines of credit as of March 31, 2021 and December 31, 2020 were $2.7 billion and $2.4 billion, respectively. The average balance of overnight borrowings during all of 2020 was $56 million. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 3 Months Ended |
Mar. 31, 2021 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | NOTE 9: 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 three months ended March 31: Quarter Ended Quarter Ended March 31, 2021 March 31, 2020 (dollars in thousands, except per share amounts) Basic Diluted Basic Diluted Net income $ 22,355 $ 22,355 $ 13,211 $ 13,211 Basic common shares outstanding 44,707,718 44,707,718 44,669,661 44,669,661 Effect of options, restricted stock and contingent shares issuable 304,487 283,008 Diluted common shares outstanding 45,012,205 44,952,669 Earnings per share $ 0.50 $ 0.50 $ 0.30 $ 0.29 Based on a weighted average basis, restricted stock units to purchase 102,708 and 118,750 shares of common stock were excluded for the three months ended March 31, 2021 and 2020, respectively, because their effect would have been anti-dilutive. |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Mar. 31, 2021 | |
SEGMENT REPORTING | |
SEGMENT REPORTING | NOTE 10: SEGMENT REPORTING For the three months ended March 31, 2021 and 2020, 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 Three Months Ended March 31, 2021: Interest income $ 59,138 $ — $ — $ 59,138 Interest expense 4,848 — 61 4,909 Net interest income 54,290 — (61) 54,229 Provision for credit losses 360 — — 360 Noninterest income 5,309 6,923 (324) 11,908 Noninterest expense 28,579 5,731 201 34,511 Income (loss) before taxes on income $ 30,660 $ 1,192 $ (586) $ 31,266 Three Months Ended March 31, 2020: Interest income $ 62,338 $ — $ — $ 62,338 Interest expense 17,440 — 30 17,470 Net interest income 44,898 — (30) 44,868 Provision for credit losses 4,079 — — 4,079 Noninterest income 4,659 6,488 (472) 10,675 Noninterest expense 26,229 6,165 463 32,857 Income (loss) before taxes on income $ 19,249 $ 323 $ (965) $ 18,607 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2021 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 11: SUBSEQUENT EVENTS Cash Dividend On April 27, 2021, the Board of Directors of the Company declared a quarterly cash dividend of $0.09 per common share to be paid on May 17, 2021 to stockholders of record as of the close of business on May 7, 2021. |
BASIS OF PRESENTATION (Policies
BASIS OF PRESENTATION (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
BASIS OF PRESENTATION | |
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”), Blue Moon Management, LLC, and First Foundation Public Finance (“FFPF”) (collectively referred to as the “Company”). FFI also has two inactive wholly owned subsidiaries, First Foundation Consulting (“FFC”) and First Foundation Advisors, LLC (“FFA LLC”). 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 2021 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, 2020. Certain reclassifications have been made to the prior year consolidated financial statements to conform to the 2021 presentation. |
Recently Adopted Accounting Guidance and Recent Accounting Pronouncements | Recent Accounting Pronouncements In October 2020, the FASB issued Accounting Standards Update ASU 2020-10, “ Codification Improvements” 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” |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
FAIR VALUE MEASUREMENTS | |
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 March 31, 2021: Investment securities available for sale: Agency mortgage-backed securities $ 673,164 $ — $ 673,164 $ — Beneficial interest – FHLMC securitizations 17,893 — — 17,893 Corporate bonds 56,554 — 56,554 — Other 1,608 501 1,107 — Investment in equity securities 434 434 — — Total assets at fair value on a recurring basis $ 749,653 $ 935 $ 730,825 $ 17,893 December 31, 2020: Investment securities available for sale: Agency mortgage-backed securities $ 723,995 $ — $ 723,995 $ — Beneficial interest – FHLMC securitizations 23,463 — — 23,463 Corporate bonds 58,358 — 58,358 — Other 1,610 503 1,107 — Investment in equity securities 338 338 — — Total assets at fair value on a recurring basis $ 807,764 $ 841 $ 783,460 $ 23,463 |
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 March 31, 2021: Assets: Cash and cash equivalents $ 468,026 $ 468,026 $ — $ — $ 468,026 Securities AFS, net 749,219 501 730,825 17,893 749,219 Loans held for sale 513,054 — 518,368 — 518,368 Loans, net 5,094,026 — — 5,146,920 5,146,920 Investment in FHLB stock 17,250 — 17,250 — 17,250 Investment in equity securities 434 434 — — 434 Liabilities: Deposits $ 6,245,821 $ 5,480,156 $ 765,666 $ — $ 6,245,822 Borrowings 12,000 — 5,000 7,000 12,000 December 31, 2020: Assets: Cash and cash equivalents $ 629,707 $ 629,707 $ — $ — $ 629,707 Securities AFS, net 807,426 503 783,460 23,463 807,426 Loans held for sale 505,404 — 510,638 — 510,638 Loans, net 4,779,599 — — 4,829,258 4,829,258 Investment in FHLB stock 17,250 — 17,250 — 17,250 Investment in equity securities 338 338 — — 338 Liabilities: Deposits $ 5,913,433 $ 4,934,537 $ 978,897 $ — $ 5,913,434 Borrowings 269,000 — 255,000 14,000 269,000 |
SECURITIES (Tables)
SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
SECURITIES | |
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 March 31, 2021: Agency mortgage-backed securities $ 656,055 $ 18,016 $ (907) $ — $ 673,164 Beneficial interests in FHLMC securitization 26,637 134 — (8,878) 17,893 Corporate bonds 54,000 2,554 — — 56,554 Other 1,519 89 — — 1,608 Total $ 738,211 $ 20,793 $ (907) $ (8,878) $ 749,219 December 31, 2020: Agency mortgage-backed securities $ 705,752 $ 18,243 $ — $ — $ 723,995 Beneficial interests in FHLMC securitization 30,497 211 — (7,245) 23,463 Corporate bonds 57,000 1,358 — — 58,358 Other 1,512 98 — — 1,610 Total $ 794,761 $ 19,910 $ — $ (7,245) $ 807,426 |
Schedule of Securities in a Continuous Unrealized Loss Position Aggregated by Investment Category and Length of Time | The table below indicates, as of March 31, 2021, 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 March 31, 2021 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 $ 51,555 $ (907) $ — $ — $ 51,555 $ (907) Total temporarily impaired securities $ 51,555 $ (907) $ — $ — $ 51,555 $ (907) |
Summary of Allowance For Credit Losses - Securities AFS | (dollars in thousands) Total Three Months Ended March 31, 2021: Balance: December 31, 2020 $ 7,245 Provision for credit losses 1,633 Balance: March 31, 2021 $ 8,878 Three Months Ended March 31, 2020: Balance: December 31, 2019 $ — Provision for credit losses 1,800 Balance: March 31, 2020 $ 1,800 |
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 March 31, 2021 Amortized Cost: Corporate bonds $ — $ — $ 54,000 $ — $ 54,000 Other 500 1,019 — — 1,519 Total $ 500 $ 1,019 $ 54,000 $ — $ 55,519 Weighted average yield 1.85 % 2.99 % 5.33 % — % 5.26 % Estimated Fair Value: Corporate bonds $ — $ — $ 56,554 $ — $ 56,554 Other 501 1,107 — — 1,608 Total $ 501 $ 1,107 $ 56,554 $ — $ 58,162 Less than 1 Through 5 Through After (dollars in thousands) 1 Year 5 years 10 Years 10 Years Total December 31, 2020 Amortized Cost: Corporate bonds $ — $ — $ 57,000 $ — $ 57,000 Other 500 1,012 — — 1,512 Total $ 500 $ 1,012 $ 57,000 $ — $ 58,512 Weighted average yield 1.83 % 2.81 % 5.39 % — % 5.32 % Estimated Fair Value: Corporate bonds $ — $ — $ 58,358 $ — $ 58,358 Other 503 1,107 — — 1,610 Total $ 503 $ 1,107 $ 58,358 $ — $ 59,968 |
LOANS (Tables)
LOANS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
LOANS | |
Summary of Loans | March 31, December 31, (dollars in thousands) 2021 2020 Outstanding principal balance: Loans secured by real estate: Residential properties: Multifamily $ 2,425,182 $ 2,247,542 Single family 844,532 806,014 Total real estate loans secured by residential properties 3,269,714 3,053,556 Commercial properties 701,920 747,807 Land and construction 57,227 55,832 Total real estate loans 4,028,861 3,857,195 Commercial and industrial loans 1,063,937 918,676 Consumer loans 14,243 18,888 Total loans 5,107,041 4,794,759 Premiums, discounts and deferred fees and expenses 10,165 9,040 Total $ 5,117,206 $ 4,803,799 |
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 March 31, 2021: Real estate loans: Residential properties $ 218 $ 10 $ — $ 10,822 $ 11,050 $ 3,269,213 $ 3,280,263 Commercial properties 1,441 — 11 1,659 3,111 699,144 702,255 Land and construction — — — — — 57,165 57,165 Commercial and industrial loans 827 — 1,200 4,161 6,188 1,057,065 1,063,253 Consumer loans — 6,644 — — 6,644 7,626 14,270 Total $ 2,486 $ 6,654 $ 1,211 $ 16,642 $ 26,993 $ 5,090,213 $ 5,117,206 Percentage of total loans 0.05 % 0.13 % 0.02 % 0.33 % 0.53 % December 31, 2020: Real estate loans: Residential properties $ 35 $ — $ — $ 10,947 $ 10,982 $ 3,042,574 $ 3,053,556 Commercial properties 951 240 — 4,544 5,735 742,072 747,807 Land and construction — — — — — 55,832 55,832 Commercial and industrial loans 1,013 411 152 5,137 6,713 911,963 918,676 Consumer loans — — — — — 18,888 18,888 Total $ 1,999 $ 651 $ 152 $ 20,628 $ 23,430 $ 4,771,329 $ 4,794,759 Percentage of total loans 0.04 % 0.01 % 0.00 % 0.43 % 0.49 % |
Summary of nonaccrual loans | Nonaccrual Nonaccrual with Allowance with no Allowance (dollars in thousands) for Credit Losses for Credit Losses March 31, 2021: Real estate loans: Residential properties $ 2,968 $ 7,854 Commercial properties — 1,659 Land and construction — — Commercial and industrial loans 2,395 1,766 Consumer loans — — Total $ 5,363 $ 11,279 December 31, 2020: Real estate loans: Residential properties $ 2,988 $ 7,959 Commercial properties — 4,544 Land and construction — — Commercial and industrial loans 2,580 2,557 Consumer loans — — Total $ 5,568 $ 15,060 |
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: March 31, 2021 December 31, 2020 (dollars in thousands) Accrual Nonaccrual Total Accrual Nonaccrual Total Residential loans $ 1,200 $ — $ 1,200 $ 1,200 $ — $ 1,200 Commercial real estate loans 1,086 1,255 2,341 1,107 1,277 2,384 Commercial and industrial loans 1,011 2,334 3,345 1,041 2,832 3,873 Total $ 3,297 $ 3,589 $ 6,886 $ 3,348 $ 4,109 $ 7,457 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 Three Months Ended March 31, 2021: Commercial and industrial loans 1 $ 378 $ 378 $ — Total 1 $ 378 $ 378 $ — Outstanding Recorded Investment (dollars in thousands) Number of loans Pre-Modification Post-Modification Financial Impact Year Ended December 31, 2020 Commercial and industrial loans 1 $ 507 $ 507 — Total 1 $ 507 $ 507 $ — |
ALLOWANCE FOR CREDIT LOSSES (Ta
ALLOWANCE FOR CREDIT LOSSES (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
ALLOWANCE FOR CREDIT LOSSES | |
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 Three Months Ended March 31, 2021: Real estate loans: Residential properties $ 5,115 $ — $ 918 $ — $ — $ 6,033 Commercial properties 8,711 — (2,755) — — 5,956 Land and construction 892 — 3,070 — — 3,962 Commercial and industrial loans 9,249 — (2,379) (214) 406 7,062 Consumer loans 233 — (66) — — 167 Total $ 24,200 $ — $ (1,212) $ (214) $ 406 $ 23,180 Three Months Ended March 31, 2020: Real estate loans: Residential properties $ 8,423 $ 363 $ (2,397) $ — $ — $ 6,389 Commercial properties 4,166 3,760 (2,988) — — 4,938 Land and construction 573 92 679 — — 1,344 Commercial and industrial loans 7,448 — 2,756 (530) 451 10,125 Consumer loans 190 — 14 — — 204 Total $ 20,800 $ 4,215 $ (1,936) $ (530) $ 451 $ 23,000 Year Ended December 31, 2020: Real estate loans: Residential properties $ 8,423 $ 363 $ (3,671) $ — $ — $ 5,115 Commercial properties 4,166 3,760 785 — — 8,711 Land and construction 573 92 227 — — 892 Commercial and industrial loans 7,448 — 2,642 (1,844) 1,003 9,249 Consumer loans 190 — 43 — — 233 Total $ 20,800 $ 4,215 $ 26 $ (1,844) $ 1,003 $ 24,200 |
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 Loans Evaluated (dollars in thousands) Individually Collectively Total March 31, 2021: Allowance for credit losses: Real estate loans: Residential properties $ 1,032 $ 5,001 $ 6,033 Commercial properties 482 5,474 5,956 Land and construction — 3,962 3,962 Commercial and industrial loans 856 6,206 7,062 Consumer loans — 167 167 Total $ 2,370 $ 20,810 $ 23,180 Loans: Real estate loans: Residential properties $ 12,303 $ 3,267,960 $ 3,280,263 Commercial properties 14,130 688,125 702,255 Land and construction — 57,165 57,165 Commercial and industrial loans 5,463 1,057,790 1,063,253 Consumer loans — 14,270 14,270 Total $ 31,896 $ 5,085,310 $ 5,117,206 December 31, 2020: Allowance for credit losses: Real estate loans: Residential properties $ 1,059 $ 4,056 $ 5,115 Commercial properties 374 8,337 8,711 Land and construction — 892 892 Commercial and industrial loans 956 8,293 9,249 Consumer loans — 233 233 Total $ 2,389 $ 21,811 $ 24,200 Loans: Real estate loans: Residential properties $ 12,414 $ 3,041,142 $ 3,053,556 Commercial properties 17,304 730,503 747,807 Land and construction — 55,832 55,832 Commercial and industrial loans 6,472 912,204 918,676 Consumer loans — 18,888 18,888 Total $ 36,190 $ 4,758,569 $ 4,794,759 |
Risk Category of Loans Based on Year of Origination | Revolving (dollars in thousands) 2021 2020 2019 2018 2017 Prior Loans Total March 31, 2021: Loans secured by Real Estate: Residential Multifamily Pass $ 139,280 $ 896,996 $ 582,985 $ 436,886 $ 215,305 $ 162,231 $ — $ 2,433,683 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 139,280 $ 896,996 $ 582,985 $ 436,886 $ 215,305 $ 162,231 $ — $ 2,433,683 Single Family Pass $ 94,368 $ 164,138 $ 73,338 $ 96,340 $ 92,646 $ 287,645 $ 24,794 $ 833,269 Special Mention — — — — 982 — 26 1,008 Substandard — — — — 1,923 7,064 3,316 12,303 Total $ 94,368 $ 164,138 $ 73,338 $ 96,340 $ 95,551 $ 294,709 $ 28,136 $ 846,580 Commercial Real Estate Pass $ 8,898 $ 40,186 $ 90,391 $ 103,673 $ 125,836 $ 305,301 $ — $ 674,285 Special Mention — — 726 10,805 — 1,617 — 13,148 Substandard — — 5,903 — 2,314 6,605 — 14,822 Total $ 8,898 $ 40,186 $ 97,020 $ 114,478 $ 128,150 $ 313,523 $ — $ 702,255 Land and construction Pass $ — $ 192 $ 16,366 $ 29,403 $ 10,538 $ 666 $ — $ 57,165 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ — $ 192 $ 16,366 $ 29,403 $ 10,538 $ 666 $ — $ 57,165 Commercial Pass $ 187,761 $ 308,847 $ 123,816 $ 36,671 $ 14,039 $ 28,234 $ 344,781 $ 1,044,149 Special Mention 1,293 2,037 3,154 1,419 585 217 3,167 11,872 Substandard — 1,171 236 1,173 250 2,691 1,711 7,232 Total $ 189,054 $ 312,055 $ 127,206 $ 39,263 $ 14,874 $ 31,142 $ 349,659 $ 1,063,253 Consumer Pass $ 11 $ 165 $ — $ 1,297 $ — $ 6,738 $ 6,059 $ 14,270 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 11 $ 165 $ — $ 1,297 $ — $ 6,738 $ 6,059 $ 14,270 Total loans Pass $ 430,318 $ 1,410,524 $ 886,896 $ 704,270 $ 458,364 $ 790,815 $ 375,634 $ 5,056,821 Special Mention 1,293 2,037 3,880 12,224 1,567 1,834 3,193 26,028 Substandard — 1,171 6,139 1,173 4,487 16,360 5,027 34,357 Total $ 431,611 $ 1,413,732 $ 896,915 $ 717,667 $ 464,418 $ 809,009 $ 383,854 $ 5,117,206 Revolving (dollars in thousands) 2020 2019 2018 2017 2016 Prior Loans Total December 31, 2020: Loans secured by Real Estate: Residential Multifamily Pass $ 774,701 $ 638,237 $ 469,866 $ 218,470 $ 82,941 $ 63,328 $ — $ 2,247,543 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 774,701 $ 638,237 $ 469,866 $ 218,470 $ 82,941 $ 63,328 $ — $ 2,247,543 Single Family Pass $ 173,563 $ 83,311 $ 110,560 $ 95,888 $ 107,568 $ 196,692 $ 25,014 $ 792,596 Special Mention — — — 986 — — — 986 Substandard — — — 1,946 — 7,134 3,351 12,431 Total $ 173,563 $ 83,311 $ 110,560 $ 98,820 $ 107,568 $ 203,826 $ 28,365 $ 806,013 Commercial Real Estate Pass $ 46,260 $ 100,432 $ 120,230 $ 129,120 $ 119,719 $ 194,533 $ — $ 710,294 Special Mention — 743 16,278 — 2,333 157 — 19,511 Substandard — 5,929 — 2,336 2,515 7,222 — 18,002 Total $ 46,260 $ 107,104 $ 136,508 $ 131,456 $ 124,567 $ 201,912 $ — $ 747,807 Land and construction Pass $ 257 $ 15,923 $ 27,792 $ 10,532 $ 706 $ 622 $ — $ 55,832 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 257 $ 15,923 $ 27,792 $ 10,532 $ 706 $ 622 $ — $ 55,832 Commercial Pass $ 377,500 $ 146,279 $ 54,910 $ 15,868 $ 13,180 $ 16,823 $ 270,604 $ 895,164 Special Mention 2,058 3,922 1,868 579 297 448 6,107 15,279 Substandard 1,226 316 1,188 259 2,459 281 2,504 8,233 Total $ 380,784 $ 150,517 $ 57,966 $ 16,706 $ 15,936 $ 17,552 $ 279,215 $ 918,676 Consumer Pass $ 2,557 $ — $ 1,321 $ 3 $ 6,784 $ 100 $ 8,123 $ 18,888 Special Mention — — — — — — — — Substandard — — — — — — — — Total $ 2,557 $ — $ 1,321 $ 3 $ 6,784 $ 100 $ 8,123 $ 18,888 Total loans Pass $ 1,374,838 $ 984,182 $ 784,679 $ 469,881 $ 330,898 $ 472,098 $ 303,741 $ 4,720,317 Special Mention 2,058 4,665 18,146 1,565 2,630 605 6,107 35,776 Substandard 1,226 6,245 1,188 4,541 4,974 14,637 5,855 38,666 Total $ 1,378,122 $ 995,092 $ 804,013 $ 475,987 $ 338,502 $ 487,340 $ 315,703 $ 4,794,759 |
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 March 31, 2021: Loans secured by Real Estate: Residential properties Single family $ 10,032 $ — $ — $ 10,032 $ 1,022 Commercial real estate loans — — — — — Land and construction — — — — — Commercial loans — 250 — 250 — Consumer loans — — — — — Total $ 10,032 $ 250 $ — $ 10,282 $ 1,022 December 31, 2020: Loans secured by Real Estate: Residential properties Single family $ 10,144 $ — $ — $ 10,144 $ 1,051 Commercial real estate loans — — — — — Land and construction — — — — — Commercial loans — 250 122 372 44 Consumer loans — — — — — Total $ 10,144 $ 250 $ 122 $ 10,516 $ 1,095 |
DEPOSITS (Tables)
DEPOSITS (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
DEPOSITS | |
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: March 31, 2021 December 31, 2020 Weighted Weighted (dollars in thousands) Amount Average Rate Amount Average Rate Demand deposits: Noninterest-bearing $ 2,182,714 — $ 1,655,847 — Interest-bearing 1,012,448 0.295 % 871,289 0.372 % Money market and savings 2,284,994 0.393 % 2,407,401 0.549 % Certificates of deposits 765,665 0.399 % 978,896 0.591 % Total $ 6,245,821 0.241 % $ 5,913,433 0.376 % |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
EARNINGS PER SHARE | |
Computation of Basic and Diluted Earnings Per Share | Quarter Ended Quarter Ended March 31, 2021 March 31, 2020 (dollars in thousands, except per share amounts) Basic Diluted Basic Diluted Net income $ 22,355 $ 22,355 $ 13,211 $ 13,211 Basic common shares outstanding 44,707,718 44,707,718 44,669,661 44,669,661 Effect of options, restricted stock and contingent shares issuable 304,487 283,008 Diluted common shares outstanding 45,012,205 44,952,669 Earnings per share $ 0.50 $ 0.50 $ 0.30 $ 0.29 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
SEGMENT REPORTING | |
Key Operating Results of Business Segments | Wealth (dollars in thousands) Banking Management Other Total Three Months Ended March 31, 2021: Interest income $ 59,138 $ — $ — $ 59,138 Interest expense 4,848 — 61 4,909 Net interest income 54,290 — (61) 54,229 Provision for credit losses 360 — — 360 Noninterest income 5,309 6,923 (324) 11,908 Noninterest expense 28,579 5,731 201 34,511 Income (loss) before taxes on income $ 30,660 $ 1,192 $ (586) $ 31,266 Three Months Ended March 31, 2020: Interest income $ 62,338 $ — $ — $ 62,338 Interest expense 17,440 — 30 17,470 Net interest income 44,898 — (30) 44,868 Provision for credit losses 4,079 — — 4,079 Noninterest income 4,659 6,488 (472) 10,675 Noninterest expense 26,229 6,165 463 32,857 Income (loss) before taxes on income $ 19,249 $ 323 $ (965) $ 18,607 |
BASIS OF PRESENTATION (Details)
BASIS OF PRESENTATION (Details) | 3 Months Ended |
Mar. 31, 2021subsidiary | |
BASIS OF PRESENTATION | |
Number of inactive wholly owned subsidiaries | 2 |
FAIR VALUE MEASUREMENTS- Record
FAIR VALUE MEASUREMENTS- Recorded Amounts of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 749,219 | $ 807,426 |
Investment in equity securities | 434 | 338 |
Other | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,608 | 1,610 |
Agency mortgage-backed Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 673,164 | 723,995 |
Beneficial interest - FHLMC securitizations | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 17,893 | 23,463 |
Corporate bonds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 56,554 | 58,358 |
Fair Value on Recurring Basis | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment in equity securities | 434 | 338 |
Total assets at fair value on a recurring basis | 749,653 | 807,764 |
Fair Value on Recurring Basis | Other | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 1,608 | 1,610 |
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 | 673,164 | 723,995 |
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 | 17,893 | 23,463 |
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 | 56,554 | 58,358 |
Fair Value Measurement Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 501 | 503 |
Investment in equity securities | 434 | 338 |
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 | 434 | 338 |
Total assets at fair value on a recurring basis | 935 | 841 |
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 | 501 | 503 |
Fair Value Measurement Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 730,825 | 783,460 |
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 | 730,825 | 783,460 |
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 | 1,107 | 1,107 |
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 | 673,164 | 723,995 |
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 | 56,554 | 58,358 |
Fair Value Measurement Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | 17,893 | 23,463 |
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 | 17,893 | 23,463 |
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 | $ 17,893 | $ 23,463 |
FAIR VALUE MEASUREMENTS - Valua
FAIR VALUE MEASUREMENTS - Valuation assumptions (Details) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Reserves related to impaired loans | $ 1,000 | $ 1,100 | |
Provision for credit losses - loans | 360 | $ 4,079 | |
Fair Value Measurement Level 3 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Provision for credit losses - loans | 1,600 | ||
Impaired loans | $ 3,000 | $ 3,100 | |
Fair Value Measurement Level 3 | Prepayment Rate | Minimum | Available for Sale | |||
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 | Prepayment Rate | Minimum | Mortgage Servicing Rights | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Alternative investment measurement input | 0.15 | ||
Fair Value Measurement Level 3 | Prepayment Rate | Maximum | Available for Sale | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Alternative investment measurement input | 0.35 | 0.35 | |
Fair Value Measurement Level 3 | Prepayment Rate | Maximum | Mortgage Servicing Rights | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Alternative investment measurement input | 0.20 | ||
Fair Value Measurement Level 3 | Discount Rate | Mortgage Servicing Rights | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Alternative investment measurement input | 0.10 | ||
Fair Value Measurement Level 3 | Discount Rate | Minimum | Available for Sale | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Alternative investment measurement input | 0.0833 | 0.0833 | |
Fair Value Measurement Level 3 | Discount Rate | Maximum | Available for Sale | |||
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 | Mar. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and cash equivalents | $ 468,026 | $ 629,707 |
Securities AFS, net | 749,219 | 807,426 |
Loans Receivable Held For Sale Amount | 513,054 | 505,404 |
Loans, net | 5,094,026 | 4,779,599 |
Investment in FHLB stock | 17,250 | 17,250 |
Investment in equity securities | 434 | 338 |
Liabilities: | ||
Deposits | 6,245,821 | 5,913,433 |
Borrowings | 12,000 | 269,000 |
Assets Fair Value: | ||
Cash and cash equivalents | 468,026 | 629,707 |
Securities AFS, net | 749,219 | 807,426 |
Loans held for sale | 518,368 | 510,638 |
Loans, net | 5,146,920 | 4,829,258 |
Investment in FHLB stock | 17,250 | 17,250 |
Investment in equity securities | 434 | 338 |
Liabilities Fair Value: | ||
Deposits | 6,245,822 | 5,913,434 |
Borrowings | 12,000 | 269,000 |
Fair Value Measurement Level 1 | ||
ASSETS | ||
Securities AFS, net | 501 | 503 |
Investment in equity securities | 434 | 338 |
Assets Fair Value: | ||
Cash and cash equivalents | 468,026 | 629,707 |
Securities AFS, net | 501 | 503 |
Investment in equity securities | 434 | 338 |
Liabilities Fair Value: | ||
Deposits | 5,480,156 | 4,934,537 |
Fair Value Measurement Level 2 | ||
ASSETS | ||
Securities AFS, net | 730,825 | 783,460 |
Investment in FHLB stock | 17,250 | 17,250 |
Assets Fair Value: | ||
Securities AFS, net | 730,825 | 783,460 |
Loans held for sale | 518,368 | 510,638 |
Investment in FHLB stock | 17,250 | 17,250 |
Liabilities Fair Value: | ||
Deposits | 765,666 | 978,897 |
Borrowings | 5,000 | 255,000 |
Fair Value Measurement Level 3 | ||
ASSETS | ||
Securities AFS, net | 17,893 | 23,463 |
Assets Fair Value: | ||
Securities AFS, net | 17,893 | 23,463 |
Loans, net | 5,146,920 | 4,829,258 |
Liabilities Fair Value: | ||
Borrowings | $ 7,000 | $ 14,000 |
SECURITIES - Summary of AFS Sec
SECURITIES - Summary of AFS Securities Portfolio (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized cost | $ 738,211 | $ 794,761 | |
Gross Unrealized gains | 20,793 | 19,910 | |
Gross Unrealized losses | (907) | ||
Allowance for credit losses - investments | (8,878) | (7,245) | $ (1,800) |
Estimated Fair Value | 749,219 | 807,426 | |
Other | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized cost | 1,519 | 1,512 | |
Gross Unrealized gains | 89 | 98 | |
Estimated Fair Value | 1,608 | 1,610 | |
Agency mortgage-backed Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized cost | 656,055 | 705,752 | |
Gross Unrealized gains | 18,016 | 18,243 | |
Gross Unrealized losses | (907) | ||
Estimated Fair Value | 673,164 | 723,995 | |
Beneficial interest - FHLMC securitizations | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized cost | 26,637 | 30,497 | |
Gross Unrealized gains | 134 | 211 | |
Allowance for credit losses - investments | (8,878) | (7,245) | |
Estimated Fair Value | 17,893 | 23,463 | |
Corporate bonds | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Amortized cost | 54,000 | 57,000 | |
Gross Unrealized gains | 2,554 | 1,358 | |
Estimated Fair Value | $ 56,554 | $ 58,358 |
SECURITIES - Additional Informa
SECURITIES - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | |||
Weighted average yield, total | 5.26% | 5.32% | |
US Treasury Securities | Other | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Securities pledged as collateral | $ 0.5 | $ 0.5 | |
Agency mortgage-backed Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Securities pledged as collateral | $ 191.8 | ||
Agency Mortgage-backed Securities and Beneficial interests in FHLMC securitization | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Weighted average yield, total | 2.36% | 2.39% |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 months, Fair Value | $ 51,555 | |
Less than 12 months, Unrealized Loss | (907) | |
Total, Fair Value | 51,555 | |
Total, Unrealized Loss | (907) | $ 0 |
Agency mortgage-backed Securities | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Less than 12 months, Fair Value | 51,555 | |
Less than 12 months, Unrealized Loss | (907) | |
Total, Fair Value | 51,555 | |
Total, Unrealized Loss | $ (907) |
SECURITIES - Schedule of Allowa
SECURITIES - Schedule of Allowance for Credit Losses - Securities AFS (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Investments [Abstract] | ||
Beginning Balance for period | $ 7,245 | |
Provision for credit losses - securities AFS | 1,633 | $ 1,800 |
Ending Balance for period | $ 8,878 | $ 1,800 |
SECURITIES - Scheduled Maturiti
SECURITIES - Scheduled Maturities of Securities AFS and the Related Weighted Average Yields (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, less than one year | $ 500 | $ 500 |
Amortized cost, one through five years | 1,019 | 1,012 |
Amortized cost, five through ten years | 54,000 | 57,000 |
Amortized cost, total | $ 55,519 | $ 58,512 |
Weighted average yield, less than one year | 1.85% | 1.83% |
Weighted average yield, one through five years | 2.99% | 2.81% |
Weighted average yield, five through ten years | 5.33% | 5.39% |
Weighted average yield, total | 5.26% | 5.32% |
Estimated fair value, less than one year | $ 501 | $ 503 |
Estimated fair value, one through five years | 1,107 | 1,107 |
Estimated fair value, five through ten years | 56,554 | 58,358 |
Estimated fair value, total | 58,162 | 59,968 |
Other | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, less than one year | 500 | 500 |
Amortized cost, one through five years | 1,019 | 1,012 |
Amortized cost, total | 1,519 | 1,512 |
Estimated fair value, less than one year | 501 | 503 |
Estimated fair value, one through five years | 1,107 | 1,107 |
Estimated fair value, total | 1,608 | 1,610 |
Corporate bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized cost, five through ten years | 54,000 | 57,000 |
Amortized cost, total | 54,000 | 57,000 |
Estimated fair value, five through ten years | 56,554 | 58,358 |
Estimated fair value, total | $ 56,554 | $ 58,358 |
LOANS - Summary of Loans (Detai
LOANS - Summary of Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 5,107,041 | $ 4,794,759 |
Premiums, discounts and deferred fees and expenses | 10,165 | 9,040 |
Total | 5,117,206 | 4,803,799 |
Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 3,053,556 | |
Total | 3,280,263 | |
Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 747,807 | |
Total | 702,255 | |
Land and Construction | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 55,832 | |
Total | 57,165 | |
Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 1,063,937 | 918,676 |
Total | 1,063,253 | |
Consumer Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 14,243 | 18,888 |
Total | 14,270 | |
Real Estate Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 4,028,861 | 3,857,195 |
Real Estate Loans | Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 3,269,714 | 3,053,556 |
Total | 3,280,263 | |
Real Estate Loans | Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 701,920 | 747,807 |
Total | 702,255 | |
Real Estate Loans | Land and Construction | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 57,227 | 55,832 |
Total | 57,165 | |
Multifamily | Real Estate Loans | Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 2,425,182 | 2,247,542 |
Single Family | Real Estate Loans | Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 844,532 | $ 806,014 |
LOANS - Summary of Delinquent a
LOANS - Summary of Delinquent and Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | $ 26,993 | $ 23,430 |
90 Days or More Past Due and Still Accruing | 1,211 | 152 |
Nonaccrual Past Due and Still Accruing | 16,642 | 20,628 |
Current | 5,090,213 | 4,771,329 |
Total loans | 5,107,041 | 4,794,759 |
Total | $ 5,117,206 | $ 4,803,799 |
Percentage of Total Loans Due 30-59 Days | 0.05% | 0.04% |
Percentage of Total Loans Due 60-89 Days | 0.13% | 0.01% |
Percentage of Total Loans Due 90 Days or More | 0.02% | 0.00% |
Percentage of Total Loans Due Nonaccrual | 0.33% | 0.43% |
Percentage of Total Loans | 0.53% | 0.49% |
Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | $ 3,053,556 | |
Total | $ 3,280,263 | |
Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 747,807 | |
Total | 702,255 | |
Land and Construction | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 55,832 | |
Total | 57,165 | |
Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 6,188 | 6,713 |
90 Days or More Past Due and Still Accruing | 1,200 | 152 |
Nonaccrual Past Due and Still Accruing | 4,161 | 5,137 |
Current | 1,057,065 | 911,963 |
Total loans | 1,063,937 | 918,676 |
Total | 1,063,253 | |
Consumer Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 6,644 | |
Current | 7,626 | 18,888 |
Total loans | 14,243 | 18,888 |
Total | 14,270 | |
30-59 Days | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 2,486 | 1,999 |
30-59 Days | Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 827 | 1,013 |
60-89 Days | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 6,654 | 651 |
60-89 Days | Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 411 | |
60-89 Days | Consumer Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 6,644 | |
Real Estate Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total loans | 4,028,861 | 3,857,195 |
Real Estate Loans | Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 11,050 | 10,982 |
Nonaccrual Past Due and Still Accruing | 10,822 | 10,947 |
Current | 3,269,213 | 3,042,574 |
Total loans | 3,269,714 | 3,053,556 |
Total | 3,280,263 | |
Real Estate Loans | Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 3,111 | 5,735 |
90 Days or More Past Due and Still Accruing | 11 | |
Nonaccrual Past Due and Still Accruing | 1,659 | 4,544 |
Current | 699,144 | 742,072 |
Total loans | 701,920 | 747,807 |
Total | 702,255 | |
Real Estate Loans | Land and Construction | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Current | 57,165 | 55,832 |
Total loans | 57,227 | 55,832 |
Total | 57,165 | |
Real Estate Loans | 30-59 Days | Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 218 | 35 |
Real Estate Loans | 30-59 Days | Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | 1,441 | 951 |
Real Estate Loans | 60-89 Days | Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | $ 10 | |
Real Estate Loans | 60-89 Days | Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Total Past Due and Nonaccrual | $ 240 |
LOANS - Summary of Nonaccrual L
LOANS - Summary of Nonaccrual Loans (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual with No Allowance for Credit Losses | $ 5,363 | $ 5,568 |
Nonaccrual with Allowance for Credit Losses | 11,279 | 15,060 |
Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual with No Allowance for Credit Losses | 2,395 | 2,580 |
Nonaccrual with Allowance for Credit Losses | 1,766 | 2,557 |
Real Estate Loans | Residential Properties | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual with No Allowance for Credit Losses | 2,968 | 2,988 |
Nonaccrual with Allowance for Credit Losses | 7,854 | 7,959 |
Real Estate Loans | Commercial Real Estate | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Nonaccrual with Allowance for Credit Losses | $ 1,659 | $ 4,544 |
LOANS - Composition of TDRs by
LOANS - Composition of TDRs by Accrual and Nonaccrual Status (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled Debt Restructurings, Nonaccrual | $ 16,642 | $ 20,628 |
Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled Debt Restructurings, Nonaccrual | 4,161 | 5,137 |
Principal Reduction And Extended Maturity | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled Debt Restructurings, Accrual | 3,297 | 3,348 |
Troubled Debt Restructurings, Nonaccrual | 3,589 | 4,109 |
Troubled Debt Restructurings, Total | 6,886 | 7,457 |
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 | 1,086 | 1,107 |
Troubled Debt Restructurings, Nonaccrual | 1,255 | 1,277 |
Troubled Debt Restructurings, Total | 2,341 | 2,384 |
Principal Reduction And Extended Maturity | Commercial and Industrial Loans | ||
Accounts Notes And Loans Receivable [Line Items] | ||
Troubled Debt Restructurings, Accrual | 1,011 | 1,041 |
Troubled Debt Restructurings, Nonaccrual | 2,334 | 2,832 |
Troubled Debt Restructurings, Total | $ 3,345 | $ 3,873 |
LOANS - Schedule of Detail of L
LOANS - Schedule of Detail of Loans Modified as Troubled Debt Restructurings (Details) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021USD ($)loan | Dec. 31, 2020USD ($)loan | |
Financing Receivable Modifications [Line Items] | ||
Number of loans | loan | 1 | 1 |
Outstanding recorded investment, pre-modification | $ 378 | $ 507 |
Outstanding recorded investment, post-modification | $ 378 | $ 507 |
Commercial and Industrial Loans | ||
Financing Receivable Modifications [Line Items] | ||
Number of loans | loan | 1 | 1 |
Outstanding recorded investment, pre-modification | $ 378 | $ 507 |
Outstanding recorded investment, post-modification | $ 378 | $ 507 |
ALLOWANCE FOR CREDIT LOSSES - B
ALLOWANCE FOR CREDIT LOSSES - Bank's Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning Balance | $ 24,200 | $ 20,800 | $ 20,800 |
Changes due to adoption | 4,215 | 4,215 | |
Provision for Credit Losses | (1,212) | (1,936) | 26 |
Charge-offs | (214) | (530) | (1,844) |
Recoveries | 406 | 451 | 1,003 |
Ending Balance | 23,180 | 23,000 | 24,200 |
Residential Properties | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning Balance | 5,115 | 8,423 | 8,423 |
Changes due to adoption | 363 | 363 | |
Provision for Credit Losses | 918 | (2,397) | (3,671) |
Ending Balance | 6,033 | 6,389 | 5,115 |
Commercial Real Estate | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning Balance | 8,711 | 4,166 | 4,166 |
Changes due to adoption | 3,760 | 3,760 | |
Provision for Credit Losses | (2,755) | (2,988) | 785 |
Ending Balance | 5,956 | 4,938 | 8,711 |
Land and Construction | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning Balance | 892 | 573 | 573 |
Changes due to adoption | 92 | 92 | |
Provision for Credit Losses | 3,070 | 679 | 227 |
Ending Balance | 3,962 | 1,344 | 892 |
Commercial and Industrial Loans | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning Balance | 9,249 | 7,448 | 7,448 |
Provision for Credit Losses | (2,379) | 2,756 | 2,642 |
Charge-offs | (214) | (530) | (1,844) |
Recoveries | 406 | 451 | 1,003 |
Ending Balance | 7,062 | 10,125 | 9,249 |
Consumer Loans | |||
Financing Receivable Allowance For Credit Losses [Line Items] | |||
Beginning Balance | 233 | 190 | 190 |
Provision for Credit Losses | (66) | 14 | 43 |
Ending Balance | $ 167 | $ 204 | $ 233 |
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Impaired [Line Items] | ||
Allowance for Credit Losses, Individually Evaluated for Impairment | $ 2,370 | $ 2,389 |
Allowance for Credit Losses, Collectively Evaluated for Impairment | 20,810 | 21,811 |
Total Allowance for Credit Losses | 23,180 | 24,200 |
Loans, Individually Evaluated for Impairment | 31,896 | 36,190 |
Loans, Collectively Evaluated for Impairment | 5,085,310 | 4,758,569 |
Total loans | 5,107,041 | 4,794,759 |
Total | 5,117,206 | 4,803,799 |
Residential Properties | ||
Financing Receivable Impaired [Line Items] | ||
Allowance for Credit Losses, Individually Evaluated for Impairment | 1,032 | 1,059 |
Allowance for Credit Losses, Collectively Evaluated for Impairment | 5,001 | 4,056 |
Total Allowance for Credit Losses | 6,033 | 5,115 |
Loans, Individually Evaluated for Impairment | 12,303 | 12,414 |
Loans, Collectively Evaluated for Impairment | 3,267,960 | 3,041,142 |
Total loans | 3,053,556 | |
Total | 3,280,263 | |
Commercial Real Estate | ||
Financing Receivable Impaired [Line Items] | ||
Allowance for Credit Losses, Individually Evaluated for Impairment | 482 | 374 |
Allowance for Credit Losses, Collectively Evaluated for Impairment | 5,474 | 8,337 |
Total Allowance for Credit Losses | 5,956 | 8,711 |
Loans, Individually Evaluated for Impairment | 14,130 | 17,304 |
Loans, Collectively Evaluated for Impairment | 688,125 | 730,503 |
Total loans | 747,807 | |
Total | 702,255 | |
Land and Construction | ||
Financing Receivable Impaired [Line Items] | ||
Allowance for Credit Losses, Collectively Evaluated for Impairment | 3,962 | 892 |
Total Allowance for Credit Losses | 3,962 | 892 |
Loans, Collectively Evaluated for Impairment | 57,165 | 55,832 |
Total loans | 55,832 | |
Total | 57,165 | |
Commercial and Industrial Loans | ||
Financing Receivable Impaired [Line Items] | ||
Allowance for Credit Losses, Individually Evaluated for Impairment | 856 | 956 |
Allowance for Credit Losses, Collectively Evaluated for Impairment | 6,206 | 8,293 |
Total Allowance for Credit Losses | 7,062 | 9,249 |
Loans, Individually Evaluated for Impairment | 5,463 | 6,472 |
Loans, Collectively Evaluated for Impairment | 1,057,790 | 912,204 |
Total loans | 1,063,937 | 918,676 |
Total | 1,063,253 | |
Consumer Loans | ||
Financing Receivable Impaired [Line Items] | ||
Allowance for Credit Losses, Collectively Evaluated for Impairment | 167 | 233 |
Total Allowance for Credit Losses | 167 | 233 |
Loans, Collectively Evaluated for Impairment | 14,270 | 18,888 |
Total loans | 14,243 | $ 18,888 |
Total | $ 14,270 |
ALLOWANCE FOR CREDIT LOSSES - R
ALLOWANCE FOR CREDIT LOSSES - Risk Category of Loans Based on Year of Origination (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | $ 431,611 | $ 1,378,122 |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 1,413,732 | 995,092 |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 896,915 | 804,013 |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 717,667 | 475,987 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 464,418 | 338,502 |
Prior | 809,009 | 487,340 |
Revolving Loans | 383,854 | 315,703 |
Total loans | 4,794,759 | |
Total | 5,117,206 | 4,803,799 |
Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | 430,318 | 1,374,838 |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 1,410,524 | 984,182 |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 886,896 | 784,679 |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 704,270 | 469,881 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 458,364 | 330,898 |
Prior | 790,815 | 472,098 |
Revolving Loans | 375,634 | 303,741 |
Total loans | 4,720,317 | |
Total | 5,056,821 | |
Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | 1,293 | 2,058 |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 2,037 | 4,665 |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 3,880 | 18,146 |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 12,224 | 1,565 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 1,567 | 2,630 |
Prior | 1,834 | 605 |
Revolving Loans | 3,193 | 6,107 |
Total loans | 35,776 | |
Total | 26,028 | |
Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | 1,226 | |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 1,171 | 6,245 |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 6,139 | 1,188 |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 1,173 | 4,541 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 4,487 | 4,974 |
Prior | 16,360 | 14,637 |
Revolving Loans | 5,027 | 5,855 |
Total loans | 38,666 | |
Total | 34,357 | |
Residential Properties | ||
Financing Receivable Recorded Investment [Line Items] | ||
Total | 3,280,263 | |
Residential Properties | Multifamily | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | 139,280 | 774,701 |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 896,996 | 638,237 |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 582,985 | 469,866 |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 436,886 | 218,470 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 215,305 | 82,941 |
Prior | 162,231 | 63,328 |
Total loans | 2,247,543 | |
Total | 2,433,683 | |
Residential Properties | Multifamily | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | 139,280 | 774,701 |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 896,996 | 638,237 |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 582,985 | 469,866 |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 436,886 | 218,470 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 215,305 | 82,941 |
Prior | 162,231 | 63,328 |
Total loans | 2,247,543 | |
Total | 2,433,683 | |
Residential Properties | Single Family | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | 94,368 | 173,563 |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 164,138 | 83,311 |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 73,338 | 110,560 |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 96,340 | 98,820 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 95,551 | 107,568 |
Prior | 294,709 | 203,826 |
Revolving Loans | 28,136 | 28,365 |
Total loans | 806,013 | |
Total | 846,580 | |
Residential Properties | Single Family | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | 94,368 | 173,563 |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 164,138 | 83,311 |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 73,338 | 110,560 |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 96,340 | 95,888 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 92,646 | 107,568 |
Prior | 287,645 | 196,692 |
Revolving Loans | 24,794 | 25,014 |
Total loans | 792,596 | |
Total | 833,269 | |
Residential Properties | Single Family | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated Three Years Before Latest Fiscal Year | 986 | |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 982 | |
Revolving Loans | 26 | |
Total loans | 986 | |
Total | 1,008 | |
Residential Properties | Single Family | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated Three Years Before Latest Fiscal Year | 1,946 | |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 1,923 | |
Prior | 7,064 | 7,134 |
Revolving Loans | 3,316 | 3,351 |
Total loans | 12,431 | |
Total | 12,303 | |
Commercial Real Estate | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | 8,898 | 46,260 |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 40,186 | 107,104 |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 97,020 | 136,508 |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 114,478 | 131,456 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 128,150 | 124,567 |
Prior | 313,523 | 201,912 |
Total loans | 747,807 | |
Total | 702,255 | |
Commercial Real Estate | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | 8,898 | 46,260 |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 40,186 | 100,432 |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 90,391 | 120,230 |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 103,673 | 129,120 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 125,836 | 119,719 |
Prior | 305,301 | 194,533 |
Total loans | 710,294 | |
Total | 674,285 | |
Commercial Real Estate | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 743 | |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 726 | 16,278 |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 10,805 | |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 2,333 | |
Prior | 1,617 | 157 |
Total loans | 19,511 | |
Total | 13,148 | |
Commercial Real Estate | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 5,929 | |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 5,903 | |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 2,336 | |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 2,314 | 2,515 |
Prior | 6,605 | 7,222 |
Total loans | 18,002 | |
Total | 14,822 | |
Land and Construction | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | 257 | |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 192 | 15,923 |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 16,366 | 27,792 |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 29,403 | 10,532 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 10,538 | 706 |
Prior | 666 | 622 |
Total loans | 55,832 | |
Total | 57,165 | |
Land and Construction | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | 257 | |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 192 | 15,923 |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 16,366 | 27,792 |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 29,403 | 10,532 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 10,538 | 706 |
Prior | 666 | 622 |
Total loans | 55,832 | |
Total | 57,165 | |
Commercial and Industrial Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | 189,054 | 380,784 |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 312,055 | 150,517 |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 127,206 | 57,966 |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 39,263 | 16,706 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 14,874 | 15,936 |
Prior | 31,142 | 17,552 |
Revolving Loans | 349,659 | 279,215 |
Total loans | 918,676 | |
Total | 1,063,253 | |
Commercial and Industrial Loans | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | 187,761 | 377,500 |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 308,847 | 146,279 |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 123,816 | 54,910 |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 36,671 | 15,868 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 14,039 | 13,180 |
Prior | 28,234 | 16,823 |
Revolving Loans | 344,781 | 270,604 |
Total loans | 895,164 | |
Total | 1,044,149 | |
Commercial and Industrial Loans | Special Mention | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | 1,293 | 2,058 |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 2,037 | 3,922 |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 3,154 | 1,868 |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 1,419 | 579 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 585 | 297 |
Prior | 217 | 448 |
Revolving Loans | 3,167 | 6,107 |
Total loans | 15,279 | |
Total | 11,872 | |
Commercial and Industrial Loans | Substandard | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | 1,226 | |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 1,171 | 316 |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 236 | 1,188 |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 1,173 | 259 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 250 | 2,459 |
Prior | 2,691 | 281 |
Revolving Loans | 1,711 | 2,504 |
Total loans | 8,233 | |
Total | 7,232 | |
Consumer Loans | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | 11 | 2,557 |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 165 | |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 1,321 | |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 1,297 | 3 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 6,784 | |
Prior | 6,738 | 100 |
Revolving Loans | 6,059 | 8,123 |
Total loans | 18,888 | |
Total | 14,270 | |
Consumer Loans | Pass | ||
Financing Receivable Recorded Investment [Line Items] | ||
Financing Receivable Originated In Current Fiscal Year | 11 | 2,557 |
Financing Receivable Originated In Fiscal Year Before Latest Fiscal Year | 165 | |
Financing Receivable Originated Two Years Before Latest Fiscal Year | 1,321 | |
Financing Receivable Originated Three Years Before Latest Fiscal Year | 1,297 | 3 |
Financing Receivable Originated Four Years Before Latest Fiscal Year | 6,784 | |
Prior | 6,738 | 100 |
Revolving Loans | 6,059 | 8,123 |
Total loans | $ 18,888 | |
Total | $ 14,270 |
ALLOWANCE FOR CREDIT LOSSES - A
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 | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Total Allowance for Credit Losses | $ 23,180 | $ 24,200 |
Collateral Dependent Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 10,282 | 10,516 |
Total Allowance for Credit Losses | 1,022 | 1,095 |
Collateral Dependent Loans | Real Estate. | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 10,032 | 10,144 |
Collateral Dependent Loans | Cash | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 250 | 250 |
Collateral Dependent Loans | Equipment/Receivables | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 122 | |
Collateral Dependent Loans | Residential Properties | Single Family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 10,032 | 10,144 |
Total Allowance for Credit Losses | 1,022 | 1,051 |
Collateral Dependent Loans | Residential Properties | Real Estate. | Single Family | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 10,032 | 10,144 |
Collateral Dependent Loans | Commercial and Industrial Loans | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | 250 | 372 |
Total Allowance for Credit Losses | 44 | |
Collateral Dependent Loans | Commercial and Industrial Loans | Cash | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | $ 250 | 250 |
Collateral Dependent Loans | Commercial and Industrial Loans | Equipment/Receivables | ||
Financing Receivable Allowance For Credit Losses [Line Items] | ||
Amortized cost | $ 122 |
LOAN SALES AND MORTGAGE SERVI_2
LOAN SALES AND MORTGAGE SERVICING RIGHTS (Details) - First Foundation Bank - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Loan Sales And Mortgage Servicing Rights [Line Items] | |||
Gain on sale of loans | $ 15.1 | ||
Sale of multifamily loans through securitization | 553 | ||
Mortgage servicing rights | $ 7.4 | 7.9 | |
Loans serviced for others | 1,600 | 1,500 | |
Valuation allowance of mortgage servicing rights | 1.4 | $ 1.4 | |
Servicing fees earned on loans | $ 0.5 | $ 1.6 |
DEPOSITS - Summary of Outstandi
DEPOSITS - Summary of Outstanding Balance of Deposits and Average Rates (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
DEPOSITS | ||
Demand deposits, Noninterest-bearing | $ 2,182,714 | $ 1,655,847 |
Demand deposits, Interest-bearing | 1,012,448 | 871,289 |
Money market and savings | 2,284,994 | 2,407,401 |
Certificates of deposits | 765,665 | 978,896 |
Total | $ 6,245,821 | $ 5,913,433 |
Demand deposits, Interest-bearing, Weighted Average Rate | 0.295% | 0.372% |
Money market and savings, Weighted Average Rate | 0.393% | 0.549% |
Certificates of deposits, Weighted Average Rate | 0.399% | 0.591% |
Total, Weighted Average Rate | 0.241% | 0.376% |
DEPOSITS - Additional Informati
DEPOSITS - Additional Information (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
DEPOSITS | ||
Certificates of deposits of $250,000 or more, maturities within one year | $ 392 | $ 409 |
Certificates of deposits of $250,000 or more, maturities after one year | 5 | 7 |
Certificates of deposits of $250,000 or more, total | 397 | 416 |
Certificates of deposit of less than $ 250,000, maturities within one year | 306 | 520 |
Certificates of deposit of less than $ 250,000, maturities after one year | 63 | 43 |
Certificates of deposit of less than $250,000, total | $ 369 | $ 563 |
BORROWINGS (Details)
BORROWINGS (Details) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($)Institution | Dec. 31, 2017USD ($) | Dec. 31, 2020USD ($) | |
Debt Instrument [Line Items] | |||
Overnight FHLB advances | $ 255,000,000 | ||
FHLB term advances | $ 5,000,000 | ||
Long-term line of credit | 0 | ||
Loans pledged as collateral | 3,600,000,000 | ||
Federal Home Loan Bank, maximum borrowing capacity | 2,300,000,000 | ||
FHLB advances | 5,000,000 | ||
Federal Home Loan Bank, additional credit available | 277,000,000 | ||
Unsecured debt | $ 195,000,000 | ||
Number of financial institutions | Institution | 5 | ||
Unused lines of credit | $ 2,700,000,000 | 2,400,000,000 | |
FHLB, average daily balance of borrowings outstanding | 56,000,000 | ||
Secured debt | 188,000,000 | ||
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% | ||
FFI | |||
Debt Instrument [Line Items] | |||
Long-term line of credit | $ 7,000,000 | $ 14,000,000 | |
Line of credit facility, Interest rate | 3.74% |
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 | |
Mar. 31, 2021 | Mar. 31, 2020 | |
EARNINGS PER SHARE | ||
Net income | $ 22,355 | $ 13,211 |
Basic common shares outstanding | 44,707,718 | 44,669,661 |
Earnings per share, Basic | $ 0.50 | $ 0.30 |
Net income, Diluted | $ 22,355 | $ 13,211 |
Effect of options, restricted stock and contingent shares issuable | 304,487 | 283,008 |
Diluted common shares outstanding | 45,012,205 | 44,952,669 |
Earnings per share, Diluted | $ 0.50 | $ 0.29 |
EARNINGS PER SHARE - Anti-dilut
EARNINGS PER SHARE - Anti-dilutive (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of earnings per share | 102,708 | 118,750 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) - segment | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
SEGMENT REPORTING | ||
Reportable business segments | 2 | 2 |
SEGMENT REPORTING - Key Operati
SEGMENT REPORTING - Key Operating Results of Business Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Interest income | $ 59,138 | $ 62,338 |
Interest expense | 4,909 | 17,470 |
Net interest income | 54,229 | 44,868 |
Provision for credit losses | 360 | 4,079 |
Noninterest income | 11,908 | 10,675 |
Noninterest expense | 34,511 | 32,857 |
Income before taxes on income | 31,266 | 18,607 |
Operating Segments | Banking | ||
Segment Reporting Information [Line Items] | ||
Interest income | 59,138 | 62,338 |
Interest expense | 4,848 | 17,440 |
Net interest income | 54,290 | 44,898 |
Provision for credit losses | 360 | 4,079 |
Noninterest income | 5,309 | 4,659 |
Noninterest expense | 28,579 | 26,229 |
Income before taxes on income | 30,660 | 19,249 |
Operating Segments | Wealth Management | ||
Segment Reporting Information [Line Items] | ||
Noninterest income | 6,923 | 6,488 |
Noninterest expense | 5,731 | 6,165 |
Income before taxes on income | 1,192 | 323 |
Other. | ||
Segment Reporting Information [Line Items] | ||
Interest expense | 61 | 30 |
Net interest income | (61) | (30) |
Noninterest income | (324) | (472) |
Noninterest expense | 201 | 463 |
Income before taxes on income | $ (586) | $ (965) |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event | Apr. 27, 2021$ / shares |
Subsequent Event [Line Items] | |
Dividends payable, date declared | Apr. 27, 2021 |
Dividends payable, amount per share | $ 0.09 |
Dividends payable, date to be paid | May 17, 2021 |
Dividends payable, date of record | May 7, 2021 |