Cover
Cover - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 03, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-35424 | |
Entity Registrant Name | HOMESTREET, INC. | |
Entity Incorporation, State or Country Code | WA | |
Entity Tax Identification Number | 91-0186600 | |
Entity Address, Address Line One | 601 Union Street | |
Entity Address, Address Line Two | Suite 2000 | |
Entity Address, City or Town | Seattle | |
Entity Address, State or Province | WA | |
Entity Address, Postal Zip Code | 98101 | |
City Area Code | 206 | |
Local Phone Number | 623-3050 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | HMST | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Smaller Reporting Company | false | |
Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 21,787,938 | |
Entity Central Index Key | 0001518715 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 79,066 | $ 57,880 |
Investment securities | 1,111,468 | 943,150 |
Loans held for sale ("LHFS") | 421,737 | 208,177 |
Loans held for investment ("LHFI") (net of allowance for credit losses of $64,892 and $41,772) | 5,229,477 | 5,072,784 |
Mortgage servicing rights | 78,824 | 97,603 |
Premises and equipment, net | 69,438 | 76,973 |
Other real estate owned ("OREO") | 958 | 1,393 |
Goodwill and other intangible assets | 33,222 | 34,252 |
Other assets | 385,451 | 291,595 |
Assets of discontinued operations | 0 | 28,628 |
Total assets | 7,409,641 | 6,812,435 |
Liabilities: | ||
Deposits | 5,815,690 | 5,339,959 |
Borrowings | 514,590 | 471,590 |
Long-term debt | 125,791 | 125,650 |
Accounts payable and other liabilities | 257,264 | 192,910 |
Liabilities of discontinued operations | 0 | 2,603 |
Total liabilities | 6,713,335 | 6,132,712 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common stock, no par value, authorized 160,000,000 shares, issued and outstanding, 21,994,204 shares and 23,890,855 shares | 280,422 | 300,729 |
Retained earnings | 383,107 | 374,673 |
Accumulated other comprehensive income | 32,777 | 4,321 |
Total shareholders' equity | 696,306 | 679,723 |
Total liabilities and shareholders' equity | $ 7,409,641 | $ 6,812,435 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Allowance for credit losses on loans held for investment | $ 64,892 | $ 41,772 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 160,000,000 | 160,000,000 |
Common stock, shares issued (in shares) | 21,994,204 | 23,890,855 |
Common stock, shares outstanding (in shares) | 21,994,204 | 23,890,855 |
Consolidated Income Statements
Consolidated Income Statements (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Interest income: | ||||
Loans | $ 57,538 | $ 64,779 | $ 172,275 | $ 194,713 |
Investment securities | 5,667 | 4,879 | 16,053 | 15,327 |
Cash, Fed Funds and other | 532 | 419 | 960 | 799 |
Total interest income | 63,737 | 70,077 | 189,288 | 210,839 |
Interest expense: | ||||
Deposits | 5,986 | 20,502 | 28,944 | 51,754 |
Borrowings | 2,067 | 2,441 | 7,730 | 15,207 |
Total interest expense | 8,053 | 22,943 | 36,674 | 66,961 |
Net interest income | 55,684 | 47,134 | 152,614 | 143,878 |
Provision for credit losses | 0 | 0 | 20,469 | 1,500 |
Net interest income after provision for credit losses | 55,684 | 47,134 | 132,145 | 142,378 |
Noninterest income: | ||||
Net gain on loan origination and sale activities | 33,130 | 15,951 | 85,698 | 30,736 |
Loan servicing (loss) income | (1,582) | 3,196 | 6,921 | 7,119 |
Deposit fees | 1,769 | 2,079 | 5,225 | 5,848 |
Other | 2,838 | 3,354 | 7,543 | 8,798 |
Total noninterest income | 36,155 | 24,580 | 105,387 | 52,501 |
Noninterest expense: | ||||
Compensation and benefits | 34,570 | 33,341 | 101,429 | 93,934 |
Information services | 7,401 | 8,173 | 22,330 | 24,001 |
Occupancy | 8,354 | 6,228 | 23,082 | 19,168 |
General, administrative and other | 7,732 | 7,979 | 24,052 | 25,296 |
Total noninterest expense | 58,057 | 55,721 | 170,893 | 162,399 |
Income from continuing operations before income taxes | 33,782 | 15,993 | 66,639 | 32,480 |
Income taxes from continuing operations | 7,433 | 2,328 | 14,247 | 4,865 |
Income from continuing operations | 26,349 | 13,665 | 52,392 | 27,615 |
Income (loss) from discontinued operations before income taxes | 0 | 190 | 0 | (24,928) |
Income taxes for discontinued operations | 0 | 28 | 0 | (3,837) |
Income (loss) from discontinued operations | 0 | 162 | 0 | (21,091) |
Net income | $ 26,349 | $ 13,827 | $ 52,392 | $ 6,524 |
Basic: | ||||
Basic income from continuing operations per share (in dollars per share) | $ 1.16 | $ 0.55 | $ 2.26 | $ 1.04 |
Basic income (loss) from discontinued operations per share (in dollars per share) | 0 | 0.01 | 0 | (0.81) |
Basic earnings (loss) per share (in dollars per share) | 1.16 | 0.55 | 2.26 | 0.23 |
Diluted: | ||||
Diluted income from continuing operations per share (in dollars per share) | 1.15 | 0.54 | 2.24 | 1.03 |
Diluted income (loss) from discontinued operations per share (in dollars per share) | 0 | 0.01 | 0 | (0.80) |
Diluted earnings (loss) per share (in dollars per share) | $ 1.15 | $ 0.55 | $ 2.24 | $ 0.22 |
Basic weighted average number of shares outstanding (in shares) | 22,665,069 | 24,419,793 | 23,226,109 | 26,020,172 |
Diluted weighted average number of shares outstanding (in shares) | 22,877,226 | 24,625,938 | 23,403,729 | 26,204,414 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 26,349 | $ 13,827 | $ 52,392 | $ 6,524 |
Other comprehensive income: | ||||
Unrealized gain (loss) investment securities available for sale ("AFS") | 5,386 | 6,675 | 36,336 | 32,019 |
Reclassification for net (gains) losses included in income | 15 | 19 | (316) | 129 |
Other comprehensive income before tax | 5,401 | 6,694 | 36,020 | 32,148 |
Unrealized gain (loss) investment securities AFS | 1,131 | 1,402 | 7,630 | 6,607 |
Reclassification for net (gains) losses included in income | 3 | 4 | (66) | 27 |
Total | 1,134 | 1,406 | 7,564 | 6,634 |
Other comprehensive income | 4,267 | 5,288 | 28,456 | 25,514 |
Total comprehensive income | $ 30,616 | $ 19,115 | $ 80,848 | $ 32,038 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Cumulative Effect, Period of Adoption, Adjustment [Member] | Common stock [Member] | Retained Earnings [Member] | Retained Earnings [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Other Comprehensive Income (Loss) [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] |
Common stock shares outstanding, beginning balance (in shares) at Dec. 31, 2018 | 26,995,348 | ||||||
Beginning balance at Dec. 31, 2018 | $ 739,520 | $ (548) | $ 342,950 | $ 412,009 | $ 1,532 | $ (15,439) | $ (2,080) |
Temporary equity beginning balance at Dec. 31, 2018 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 6,524 | 6,524 | |||||
Common stock issued, (in shares) | 69,166 | ||||||
Common stock issued | 176 | $ 176 | |||||
Share-based compensation expense | 1,011 | $ 1,109 | (98) | ||||
Other comprehensive income | 25,514 | 25,514 | |||||
Common stock repurchased (in shares) | (2,656,001) | ||||||
Common stock repurchased | (28,326) | $ (12,199) | (16,127) | ||||
Temporary equity, common stock repurchased | (52,735) | ||||||
Reclassification to temporary equity | 52,735 | $ (21,876) | (30,859) | ||||
Temporary equity ending balance at Sep. 30, 2019 | 0 | ||||||
Common stock shares outstanding, ending balance (in shares) at Sep. 30, 2019 | 24,408,513 | ||||||
Ending balance at Sep. 30, 2019 | 691,136 | $ 310,160 | 372,981 | 7,995 | |||
Common stock shares outstanding, beginning balance (in shares) at Jun. 30, 2019 | 26,085,164 | ||||||
Beginning balance at Jun. 30, 2019 | 671,175 | $ 309,216 | 359,252 | 2,707 | |||
Temporary equity beginning balance at Jun. 30, 2019 | 52,735 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 13,827 | 13,827 | |||||
Common stock issued, (in shares) | 15,750 | ||||||
Common stock issued | 95 | $ 95 | |||||
Share-based compensation expense | 751 | $ 849 | (98) | ||||
Other comprehensive income | 5,288 | 5,288 | |||||
Common stock repurchased (in shares) | (1,692,401) | ||||||
Common stock repurchased | 0 | 0 | |||||
Temporary equity, common stock repurchased | (52,735) | ||||||
Temporary equity ending balance at Sep. 30, 2019 | 0 | ||||||
Common stock shares outstanding, ending balance (in shares) at Sep. 30, 2019 | 24,408,513 | ||||||
Ending balance at Sep. 30, 2019 | $ 691,136 | $ 310,160 | 372,981 | 7,995 | |||
Common stock shares outstanding, beginning balance (in shares) at Dec. 31, 2019 | 23,890,855 | 23,890,855 | |||||
Beginning balance at Dec. 31, 2019 | $ 679,723 | $ (3,740) | $ 300,729 | 374,673 | $ (3,740) | 4,321 | |
Temporary equity beginning balance at Dec. 31, 2019 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 52,392 | 52,392 | |||||
Dividends declared on common stock | (10,556) | (10,556) | |||||
Common stock issued, (in shares) | 127,273 | ||||||
Common stock issued | 1,006 | $ 1,006 | |||||
Share-based compensation expense | 1,806 | $ 1,806 | |||||
Other comprehensive income | 28,456 | 28,456 | |||||
Common stock repurchased (in shares) | (2,023,924) | ||||||
Common stock repurchased | (52,781) | $ (23,119) | (29,662) | ||||
Temporary equity ending balance at Sep. 30, 2020 | $ 0 | ||||||
Common stock shares outstanding, ending balance (in shares) at Sep. 30, 2020 | 21,994,204 | 21,994,204 | |||||
Ending balance at Sep. 30, 2020 | $ 696,306 | $ 280,422 | 383,107 | 32,777 | |||
Common stock shares outstanding, beginning balance (in shares) at Jun. 30, 2020 | 23,007,400 | ||||||
Beginning balance at Jun. 30, 2020 | 694,649 | $ 290,871 | 375,268 | 28,510 | |||
Temporary equity beginning balance at Jun. 30, 2020 | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 26,349 | 26,349 | |||||
Dividends declared on common stock | (3,450) | (3,450) | |||||
Common stock issued, (in shares) | 5,576 | ||||||
Common stock issued | 108 | $ 108 | |||||
Share-based compensation expense | 738 | $ 738 | |||||
Other comprehensive income | 4,267 | 4,267 | |||||
Common stock repurchased (in shares) | (1,018,772) | ||||||
Common stock repurchased | (26,355) | $ (11,295) | (15,060) | ||||
Temporary equity ending balance at Sep. 30, 2020 | $ 0 | ||||||
Common stock shares outstanding, ending balance (in shares) at Sep. 30, 2020 | 21,994,204 | 21,994,204 | |||||
Ending balance at Sep. 30, 2020 | $ 696,306 | $ 280,422 | $ 383,107 | $ 32,777 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net income | $ 52,392 | $ 6,524 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation, amortization and accretion | 29,415 | 29,834 |
Provision for credit losses | 20,469 | 1,500 |
Net fair value adjustment and gain on sale of LHFS | (55,443) | (72,287) |
Gain on sale of mortgage servicing rights | 0 | (6,206) |
Origination of mortgage servicing rights | (19,071) | (27,823) |
Change in fair value of mortgage servicing rights | 34,033 | 37,293 |
Net (gain) loss on sale of investment securities | (316) | 128 |
Net gain on sale of loans originated as held for investment | (3,760) | (6,405) |
Loss on lease abandonment and exit costs | 4,623 | 15,816 |
Change in deferred income taxes | (6,998) | (40,409) |
Share-based compensation expense | 2,030 | 1,187 |
Origination of LHFS | (1,670,272) | (3,232,664) |
Proceeds from sale of loans originated as held for sale | 1,605,064 | 3,496,809 |
Changes in operating assets and liabilities: | ||
(Increase) decrease in other assets | (24,526) | 4,195 |
Increase (decrease) in accounts payable and other liabilities | (7,971) | (25,217) |
Net cash provided by (used in) operating activities | (40,331) | 182,275 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of investment securities | (348,384) | (146,780) |
Proceeds from sale of investment securities | 58,487 | 144,602 |
Principal payments on investment securities | 152,643 | 84,890 |
Proceeds from sale of OREO | 650 | 744 |
Proceeds from sale of loans originated as held for investment | 349,498 | 528,745 |
Purchase of loans | 20,124 | 0 |
Proceeds from sale of mortgage servicing rights | 0 | 2,958 |
Net cash provided by disposal of discontinued operations | 2,759 | 174,333 |
Net increase in LHFI | (583,723) | (593,292) |
Proceeds from sale of property and equipment | 1,460 | 0 |
Purchase of premises and equipment | (2,972) | (1,196) |
Net cash used for acquisitions | 0 | (47,390) |
Proceeds from sale Federal Home Loan Bank stock | 112,808 | 138,099 |
Purchases of Federal Home Loan Bank stock | (116,993) | (101,366) |
Net cash provided by (used in) investing activities | (393,891) | 184,347 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Increase in deposits | 475,639 | 678,016 |
Repayment of borrowings | 0 | (56,000) |
Changes in short term borrowings, net | 43,000 | (890,000) |
Repayment of lease principal | (973) | (1,375) |
Repurchase of common stock | (51,939) | (81,061) |
Proceeds from stock issuance, net | 237 | 0 |
Dividends paid on common stock | (10,556) | 0 |
Net cash provided by (used in) financing activities | 455,408 | (350,420) |
Net increase in cash and cash equivalents | 21,186 | 16,202 |
Cash and cash equivalents beginning of period | 57,880 | 58,586 |
Cash and cash equivalents end of period | 79,066 | 74,788 |
Cash paid during the period for: | ||
Interest | 36,645 | 70,738 |
Federal and state income taxes | 11,236 | 17,600 |
Non-cash activities: | ||
Decrease in lease liabilities and lease assets | 38,754 | 0 |
LHFI foreclosed and transferred to OREO | 0 | 915 |
Loans transferred from held for investment to held for sale | 418,880 | 617,778 |
Loans transferred from held for sale to held for investment | 6,661 | 6,488 |
Ginnie Mae liability recognized with the right to repurchase, net | 105,727 | (26,418) |
Receivable from sale of mortgage servicing rights | 0 | 6,945 |
Acquisition: | ||
Assets acquired | 0 | 114,725 |
Liabilities assumed | 0 | 74,941 |
Goodwill | $ 0 | $ 7,606 |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: HomeStreet, Inc. and its wholly owned subsidiaries (the "Company") is a diversified financial services company serving customers primarily in the Western United States. The Company is principally engaged in commercial banking, mortgage banking and consumer/retail banking activities. The Company's consolidated financial statements include the accounts of HomeStreet, Inc. and its wholly owned subsidiaries, HomeStreet Capital Corporation, HomeStreet Statutory Trusts and HomeStreet Bank (the "Bank") and the Bank's subsidiaries, HomeStreet Reinsurance, Ltd., Continental Escrow Company, HomeStreet Foundation, HS Properties, Inc., HS Evergreen Corporate Center LLC, Union Street Holdings LLC and HS Cascadia Holdings LLC. HomeStreet Bank was formed in 1986 and is a state-chartered commercial bank. The Company's accounting and financial reporting policies conform with accounting principles generally accepted in the United States of America ("GAAP"). Inter-company balances and transactions have been eliminated in consolidation. 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 financial statements and revenues and expenses during the reporting periods and related disclosures. We have reclassified certain amounts in our consolidated financial statements for prior periods to conform with our current presentation. Immaterial Restatement: Subsequent to issuance of the June 30, 2020 financial statements, management concluded that purchases of and proceeds from the sale of Federal Home Loan Bank stock were incorrectly classified as financing activities, rather than investing activities, in the consolidated statements of cash flows. To correct this classification error, amounts previously reported for the purchases of and proceeds from the sale of Federal Home Loan Bank stock for the nine months ended September 30, 2019 as financing activities are reported as investing activities in the consolidated statement of cash flows. These unaudited interim financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results of the periods presented. These adjustments are of a normal recurring nature, unless otherwise disclosed in this Quarterly Report on Form 10-Q. The results of operations in the interim financial statements do not necessarily indicate the results that may be expected for the full year. The interim financial information should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission ("2019 Annual Report on Form 10-K"). Risks and Uncertainties The worldwide spread of coronavirus (“COVID-19”) has created significant uncertainty in the global, national, regional and local economies. There have been no comparable recent events that provide guidance to the effects of the spread of COVID-19 as a global pandemic may have, and, as a result, the near-term, short-term and ultimate impacts of COVID-19 and the extent to which COVID-19 impacts the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and difficult to predict. Share Repurchase Program At the beginning of 2020, the Company had in place a share repurchase program under which the Company could purchase up to $8.1 million of its common stock. During the first quarter of 2020 and again in the third quarter of 2020, the Board authorized two additional programs, each for the repurchase of an additional $25 million of the Company’s common stock. During the first nine months of 2020, the Company repurchased 1,995,845 shares of its common stock at an average price of $26.03 per share. Recent Accounting Developments In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU No 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). ASU 2019-12 removes certain exceptions to the general principles in Topic 740 in Generally Accepted Accounting Principles. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company does not expect ASU 2019-12 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. On January 1, 2020, the Company adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which replaces the incurred loss methodology ("ALLL") with an expected loss methodology that is referred to as the current expected credit losses ("CECL") methodology. The measurement of the expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures such as loan commitments. In addition, ASC 326 made changes to the accounting for credit losses for AFS debt securities. The Company adopted CECL using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet ("OBS") credit exposure. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a decrease of $3.7 million to the beginning balance of retained earnings on January 1, 2020 for the cumulative effect of adopting this guidance. The Company adopted ASU 2016-13 using the prospective transition approach for debt securities for which other-than-temporary impairment had been recognized prior to January 1, 2020. As a result, the amortized cost basis remains the same before and after the effective date of this guidance. The following table illustrates the impact of the adoption of CECL on January 1, 2020. (in thousands) As reported under ASC 450-20 Impact of ASC 326 adoption As reported under ASC 326 Assets (1) LHFI Consumer loans Single family $ 6,450 $ 468 $ 6,918 Home equity and other 6,233 4,635 10,868 Total 12,683 5,103 17,786 Commercial real estate loans Non-owner occupied commercial real estate 7,245 (3,392) 3,853 Multifamily 7,015 (2,977) 4,038 Construction/land development Multifamily construction 2,848 693 3,541 Commercial real estate construction 624 (115) 509 Single family construction 3,800 4,280 8,080 Single family construction to permanent 1,003 200 1,203 Total 22,535 (1,311) 21,224 Commercial and industrial loans Owner occupied commercial real estate 3,639 (2,459) 1,180 Commercial business 2,915 510 3,425 Total 6,554 (1,949) 4,605 Total allowance for credit losses 41,772 1,843 43,615 Liabilities Allowance for credit losses on unfunded loan commitments 1,065 1,897 2,962 Total $ 42,837 $ 3,740 $ 46,577 (1) There was no impact from the adoption of this standard for either held to maturity ("HTM") or AFS investment securities. The following accounting policies have been updated to reflect the adoption of CECL. Allowance for Credit Losses for LHFI The allowance for credit losses ("ACL") for LHFI is a valuation account that is deducted from the loans amortized cost basis to present the net amount expected to be collected on the loans. Loan balances are charged off against the allowance when management believes the non-collectability of a loan balance is confirmed. Expected recoveries may not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The ACL for LHFI, as reported in our consolidated balance sheets, is adjusted by a provision for credit losses and reduced by the charge-offs of loan amounts, net of recoveries. Management estimates the ACL balance using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix or delinquency levels or other relevant factors. The credit loss estimation process involves procedures to appropriately consider the unique characteristics of its two loan portfolio segments, the consumer loan portfolio segment and the commercial loan portfolio segment. These two segments are further disaggregated into loan pools, the level at which credit risk is monitored. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Determining the appropriateness of the ACL is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall loan portfolio, based on the factors and forecasts then prevailing, may result in material changes in the ACL and provision for credit losses in those future periods. Credit Loss Measurement The allowance level is influenced by current conditions related to loan volumes, loan asset quality ratings ("AQR") migration or delinquency status, historic loss experience and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. The methodology for estimating the amount of expected credit losses has two basic components: first, a pooled component for estimated expected credit losses for pools of loans that share similar risk characteristics and second an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans. Loans that Share Similar Risk Characteristics with Other Loans In estimating the component of the ACL, for loans that share similar risk characteristics with other loans, loans are segregated into loan pools based on similar risk characteristics, like product types or areas of risk concentration. The Company's ACL model methodology is to build a reserve rate using historical life of loan default rates combined with assessments of current loan portfolio information and forecasted economic environment and business cycle information. The model uses statistical analysis to determine the life of loan default rates for the quantitative component and analyzes qualitative factors (Q-Factors) that assess the current loan portfolio conditions and forecasted economic environment. Below is the general overview our ACL model. Historical Loss Rate The Company chose to analyze loan data from a full economic cycle, to the extent that data was available, to calculate life of loan loss rates. Based on the current economic environment and available loan level data, it was determined the Loss Horizon Period (LHP) should begin prior to the economic recession that began in 2007. The Company plans to monitor and review the LHP on an annual basis to determine appropriate time frames to be included based on economic indicators. Under CECL, the Company groups pools of loans by similar risk characteristics. Using these pools, sub-pools are established at a more granular level incorporating delinquency status and original FICO or original LTV (for consumer loans) and risk ratings (for commercial loans). Using the pool and sub-pool structure, cohorts are established historically on a quarterly basis containing the population in these sets as of that point in time. After the establishment of these cohorts, the loans within the cohorts are then tracked from that point forward to establish long-term Probability of Default ("PD") at the sub-pool level and Loss Given Default ("LGD") for the pool level. These historical cohorts and their PD/LGD outcomes are then averaged together to establish expected PDs and LGDs for each sub-pool. Once historical cohorts are established, the loans in the cohort are tracked moving forward for default events. The Company has defined default events as the first dollar of loss. If a loan in the cohort has experienced a default event over the LHP then the balance of the loan at the time of cohort establishment becomes part of the numerator of the PD calculation. The Loss Given Probability of Default ("LGPD") or Expected Loss ("EL") is the weighted average PD for each sub-pool cohort times the average LGD for each pool. The output from the model then is a series of EL rates for each loan sub-pool, which are applied to the related outstanding balances for each loan sub-pool to determine the ACL reserve based on historical loss rates. Q-Factors The Q-Factors adjust the expected historic loss rates for current and forecasted conditions that are not provided for in the historical loss information. The Company has established a methodology for adjusting historical expected loss rates based on these more recent or forecasted changes. The Q-Factor methodology is based on a blend of quantitative analysis and management judgment and reviewed on a quarterly basis. Each of the thirteen factors in the FASB standard were analyzed for common risk characteristics and grouped into seven consolidated Q-Factors as listed below. Qualitative Factor Financial Instruments - Credit Losses Portfolio Credit Quality The borrower's financial condition, credit rating, credit score, asset quality or business prospects The borrower's ability to make scheduled interest or principal payments The volume and severity of past due financial assets and the volume and severity of adversely classified or rated financial assets Remaining Payments The remaining payment terms of the financial assets The remaining time to maturity and the timing and extent of prepayments on the financial assets Volume & Nature The nature and volume of the entity's financial assets Collateral Values The value of underlying collateral on financial assets in which the collateral-dependent practical expedient has not been utilized Economic The environmental factors of a borrower and the areas in which the entity's credit is concentrated, such as: Changes and expected changes in national, regional and local economic and business conditions and developments in which the entity operates, including the condition and expected condition of various market segments Credit Culture The entity's lending policies and procedures, including changes in lending strategies, underwriting standards, collection, write-off and recovery practices, as well as knowledge of the borrower's operations or the borrower's standing in the community The quality of the entity's credit review system The experience, ability and depth of the entity's management, lending staff, and other relevant staff Business Environment The environmental factors of a borrower and the areas in which the entity's credit is concentrated, such as: Regulatory, legal, or technological environment to which the entity has exposure The environmental factors of a borrower and the areas in which the entity's credit is concentrated, such as: Changes and expected changes in the general market condition of either the geographical area or the industry to which the entity has exposure An eighth Q-Factor, Management Overlay, has been created to allow the Bank to adjust specific pools when conditions exist that were not contemplated in the model design that warrant an adjustment. The economic downturn caused by the COVID-19 pandemic and resulting accounting treatment of forbearances is an example of such a condition. The Company has chosen two years as the forecast period based on management judgment and has determined that reasonable and supportable forecasts should be made for two of the Q-Factors: Economic and Collateral values. Management has assigned weightings for each qualitative factor as well as individual metrics within each qualitative factor as to the relative importance of that factor or metric specific to each portfolio type. The Q-Factors above are evaluated using a seven-point scale ranging from significant improvement to significant deterioration. The CECL Q-Factor methodology bounds the Q-Factor adjustments by a minimum and maximum range, based on the Bank’s own historical expected loss rates for each respective pool. The rating of the Q-Factor on the seven-point scale, along with the allocated weight, determines the final expected loss adjustment. The model is constructed so that the total of the Q-Factor adjustments plus the current expected loss rate cannot exceed the maximum or minimum two-year loss rate for that pool, which is aligned with the Bank's chosen forecast period. Loss rates beyond two years are not adjusted in the Q-Factor process and the model reverts to the historical mean loss rates. Management Overlays are not bounded by the historical maximums. Quarterly, loan data is gathered to update the portfolio metrics analyzed in the Q-Factor model. The model is updated with current data and applicable forecasts, then the results are reviewed by management. After consensus is reached on all Q-Factor ratings, the results are input into the Q-Factor model and applied to the pooled loans which are reviewed to determine the adequacy of the reserve. Additional details describing the model by portfolio segment are below: Consumer Loan Portfolio The consumer loan portfolio segment is comprised of the single family and home equity loan classes, which are underwritten after evaluating a borrower's capacity, credit and collateral. Other consumer loans are grouped with home equity loans. Capacity refers to a borrower's ability to make payments on the loan. Several factors are considered when assessing a borrower's capacity, including the borrower's employment, income, current debt, assets and level of equity in the property. Credit refers to how well a borrower manages current and prior debts as documented by a credit report that provides credit scores and current and past information about the borrower's credit history. Collateral refers to the type and use of property, occupancy and market value. Property appraisals are obtained to assist in evaluating collateral. Loan-to-property value and debt-to-income ratios, loan amount and lien position are considered in assessing whether to originate a loan. These borrowers are particularly susceptible to downturns in economic trends such as conditions that negatively affect housing prices, demand for housing and levels of unemployment. Consumer Loan Portfolio Segment Estimated Loss Rate Model Under CECL, the Bank utilizes pools of loans that are grouped by similar risk characteristics: Single Family and Home Equity Loans which includes Consumer loans. Sub-Pools are established at a more granular level for the calculation of PDs, incorporating delinquency status, original FICO and original LTV. Consumer portfolio cohorts are established by grouping each ACL sub-pool at a point in time. Once historical cohorts are established, the loans in the cohort are tracked moving forward for default events. The Q-Factors adjust the expected historic loss rates for current and forecasted conditions that are not provided for in the historical loss information. For Single Family loans all Q-Factors noted above are evaluated. For the Home Equity and Consumer loans, collateral values are not evaluated as the Bank has determined the FICO score trends are a more relevant predictor of default than current collateral value for those types of loans. These factors are evaluated based on current conditions and forecasts (as applicable), using a seven-point scale ranging from significant improvement to significant deterioration. Commercial Loan Portfolio The commercial loan portfolio segment is comprised of the non-owner occupied commercial real estate, multifamily, construction and land development, owner occupied commercial real estate and commercial business loan classes, whose underwriting standards consider the factors described for single family and home equity loan classes as well as others when assessing the borrower's and associated guarantors or other related party’s financial position. These other factors include assessing liquidity, net worth, leverage, other outstanding indebtedness of the borrower, the quality and reliability of cash expected to flow through the borrower (including the outflow to other lenders) and prior known experiences with the borrower. This information is used to assess financial capacity, profitability and experience. Ultimate repayment of these loans is sensitive to interest rate changes, general economic conditions, liquidity and availability of long-term financing. Commercial Loan Portfolio Segment Loss Rate Model The Bank maintained loan classes above but has subdivided the construction and land development, which includes lot, land and acquisition and development loans, into the following ACL reporting pools to more accurately group risk characteristics: Multifamily, Commercial Real Estate, Single Family and Single Family construction to permanent. ACL sub-pools are established at a more granular level for the calculation of PDs, utilizing risk rating. As outlined in the Bank’s policies, commercial loans pools are non-homogenous and are regularly assessed for credit quality. For purposes of CECL, loans are sub-pooled according to the following AQR Ratings: • 1-6: These loans meet the definition of “Pass" assets. They are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less costs to acquire and sell in a timely manner, of any underlying collateral. The Bank further uses the available AQR ratings for components of the sub-pools. • 7: These loans meet the regulatory definition of “Special Mention.” They contain potential weaknesses, that if uncorrected may result in deterioration of the likelihood of repayment or in the Bank’s credit position. • 8: These loans meet the regulatory definition of “Substandard”. They are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. They have well-defined weaknesses and have unsatisfactory characteristics causing unacceptable levels of risk. Commercial segment cohorts are established by grouping each ACL sub-pool at a point in time. Once historical cohorts are established, the loans in the cohort are tracked moving forward for default events. The Q-Factors adjust the expected historic loss rates for current and forecasted conditions that are not provided for in the historical loss information. All the Q-Factors noted above are evaluated for Commercial portfolio loans except for Commercial Business and Owner Occupied Commercial Real Estate ("CRE") loans which exclude the collateral values Q-Factor. The Company has determined that these loans are primarily underwritten by evaluating the cash flow of the business and not the underlying collateral. Factors above are evaluated based on current conditions and forecasts (as applicable), using a seven-point scale ranging from significant improvement to significant deterioration. Loans That Do Not Share Risk Characteristics with Other Loans For a loan that does not share risk characteristics with other loans, expected credit loss is measured on net realizable value that is the difference between the discounted value of the expected future cash flows, based on the original effective interest rate and the amortized cost basis of the loan. For these loans, we recognize expected credit loss equal to the amount by which the net realizable value of the loan is less than the amortized cost basis of the loan (which is net of previous charge-offs and deferred loan fees and costs), except when the loan is collateral dependent, which is when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In these cases, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated costs to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. The starting point for determining the fair value of collateral is through obtaining external appraisals. Generally, collateral values for collateral dependent loans are updated every twelve months, either from external third parties or in-house certified appraisers. A third-party appraisal is required at least annually for substandard loans and OREO. Third party appraisals are obtained from a pre-approved list of independent, third party, local appraisal firms. Approval and addition to the list is based on experience, reputation, character, consistency and knowledge of the respective real estate market. Generally, appraisals are internally reviewed by the appraisal services group to ensure the quality of the appraisal and the expertise and independence of the appraiser. For performing consumer segment loans secured by real estate that are classified as collateral dependent, the Bank determines the fair value estimates quarterly using automated valuation services. Once the expected loss amount is determined, an allowance is recorded equal to the calculated expected credit loss and included in the ACL. If the calculated expected loss is determined to be permanent or not recoverable, the expected credit loss will be charged off. Factors considered by management in determining if the expected credit loss is permanent or not recoverable include whether management judges the loan to be uncollectible, repayment is deemed to be protracted beyond reasonable time frames, or the loss becomes evident owing to the borrower's lack of assets or, for single family loans, the loan is 180 days or more past due unless both well-secured and in the process of collection. Allowance for Credit Losses for Off-Balance Sheet Credit Exposures The Bank estimates expected credit losses over the contractual period in which the Bank is exposed to risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Bank. Reserves are required for OBS credit exposures that are not unconditionally cancellable. The allowance for credit losses on unfunded loan commitments is based on an estimate of unfunded commitment utilization over the life of the loan, applying the EL to the estimated utilization balance as of the reporting period. As these estimated credit loss calculations are similar to the funded LHFI they share similar risks plus the additional risk from estimating commitment utilization. Allowance for Credit Losses for Other Financial Instruments The Company evaluates AFS securities in an unrealized loss position, using a qualitative approach, at the end of each quarter to determine whether the decline in value is temporary or permanent. An unrealized loss exists when the fair value of an individual security is less than its amortized cost basis. When qualitative factors indicate that a credit loss may exist, the Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. The Company recognizes an ACL measured as the difference between the present value of expected cash flows and the amortized cost basis of the security, limited by the amount that the security’s fair value is less than its amortized cost basis. The Company does not believe any of these securities that were in an unrealized loss position at September 30, 2020 represent a credit loss impairment. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONS: On March 29, 2019, the Company successfully closed and settled two sales of the rights to service $14.3 billion in total unpaid principal balance of single family mortgage loans serviced for Federal National Mortgage Association ("Fannie Mae"), Federal Home Loan Mortgage Corporation ("Freddie Mac") and Government National Mortgage Association ("Ginnie Mae"), representing 71% of HomeStreet's total single family mortgage loans serviced for others portfolio as of December 31, 2018. The sales resulted in a $333 thousand pre-tax income and $941 thousand pre-tax loss from discontinued operations for the three and nine months ended September 30, 2019, respectively. The Company finalized the servicing transfer for these loans in 2019 and subserviced these loans through the transfer dates. These loans are excluded from the Company's mortgage servicing rights portfolio at September 30, 2019. On March 31, 2019, based on mortgage market conditions and the operating environment, the Board adopted a Resolution of Exit or Disposal of Home Loan Center ("HLC") Based Mortgage Banking Operations to sell or abandon the assets and related personnel associated with those operations. The assets that were sold or abandoned largely represented the Company's former Mortgage Banking segment, the activities of which related to originating, servicing, underwriting, funding and selling single family residential mortgage loans. The Company determined that the above actions constituted commitment to a plan of exit or disposal of certain long-lived assets (through sale or abandonment) and termination of employees. Further, the Company determined that the shift from a large-scale HLC based originator and servicer to a branch-focused product offering represented a strategic shift. As a result, the HLC-related mortgage banking operations are reported separately from the continuing operations as discontinued operations. In addition, the former Mortgage Banking operating segment and reporting unit were eliminated. This has resulted in a recast of the financial statements in 2019. On April 4, 2019 the Company entered into a definitive agreement related to the sale of the HLC based mortgage origination business assets and transfer of personnel to Homebridge Financial Services, Inc. ("Homebridge"). On June 24, 2019 the Company completed the sale with Homebridge. This sale included assets related to 47 stand-alone HLCs, sublease or lease assignments of the related offices and the transfer of certain related mortgage personnel. These HLCs, along with certain other mortgage banking related assets and liabilities that were to be sold or abandoned within one year, are classified as discontinued operations in 2019 in the accompanying consolidated financial statements. HLCs that were not subleased or assigned were closed during the second quarter of 2019 and none remain. Certain components of the Company's former Mortgage Banking segment, including mortgage servicing rights ("MSRs") on certain mortgage loans that were not part of the sales and right-of-use assets and lease liabilities where we did not obtain full landlord release were classified as continuing operations based on the Company's intent. At the end of the second quarter 2019, the Company also entered into a non-binding letter of interest to sell its ownership interest in WMS LLC at which time related operations also met the criteria to be classified as discontinued operations for the periods presented. The sales transaction was closed in November 2019, resulting in an immaterial loss on disposal. These discontinued operations activities, including the exit or disposal of the former Mortgage Banking Segment, were concluded by December 31, 2019. Consequently, we ceased discontinued operations accounting effective January 1, 2020. The following table summarizes the calculation of the net gain (loss) on disposal of discontinued operations. (in thousands) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Proceeds from asset sales $ — $ 186,612 Book value of asset sales (4) 180,978 Gain on assets sold 4 5,634 Transaction costs (recovery) expenses (386) 8,791 Compensation expense related to the transactions 596 4,388 Facility and IT related costs (recovery) expenses (1,466) 14,215 Total costs (recovery) expenses (1,256) 27,394 Net gain (loss) on disposal $ 1,260 $ (21,760) The carrying amount of major classes of assets and liabilities related to discontinued operations consisted of the following. (in thousands) December 31, 2019 Assets of discontinued operations LHFS, at fair value $ 26,123 Other assets 2,505 Total $ 28,628 Liabilities of discontinued operations Accounts payable and other liabilities $ 2,603 Income Statement of Discontinued Operations (in thousands) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Net interest income $ 842 $ 5,604 Noninterest income 1,604 64,331 Noninterest expense 2,256 94,863 Income (loss) before income taxes 190 (24,928) Income tax expense (benefit) 28 (3,837) Income (loss) from discontinued operations $ 162 $ (21,091) Cash Flows for Discontinued Operations (in thousands) Nine Months Ended September 30, 2019 Net cash provided by operating activities $ 196,712 Net cash provided by investing activities 177,291 |
INVESTMENT SECURITIES
INVESTMENT SECURITIES | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
INVESTMENT SECURITIES | INVESTMENT SECURITIES: The following table sets forth certain information regarding the amortized cost basis and fair values of our investment securities AFS and HTM. At September 30, 2020 (in thousands) Amortized Gross Gross Fair AFS Mortgage backed securities ("MBS"): Residential $ 59,259 $ 1,378 $ (184) $ 60,453 Commercial 43,660 2,332 (6) 45,986 Collateralized mortgage obligations ("CMOs"): Residential 256,488 7,408 (10) 263,886 Commercial 159,733 3,744 (270) 163,207 Municipal bonds 530,243 26,528 (137) 556,634 Corporate debt securities 14,452 707 — 15,159 Agency debentures 1,846 — — 1,846 Total $ 1,065,681 $ 42,097 $ (607) $ 1,107,171 HTM Municipal bonds $ 4,297 $ 234 $ — $ 4,531 At December 31, 2019 (in thousands) Amortized Gross Gross Fair AFS MBS: Residential $ 93,283 $ 120 $ (1,708) $ 91,695 Commercial 37,972 411 (358) 38,025 CMOs: Residential 292,370 935 (1,687) 291,618 Commercial 156,693 684 (1,223) 156,154 Municipal bonds 333,303 8,997 (982) 341,318 Corporate debt securities 18,391 313 (43) 18,661 U.S. Treasury securities 1,296 11 — 1,307 Total $ 933,308 $ 11,471 $ (6,001) $ 938,778 HTM Municipal bonds $ 4,372 $ 129 $ — $ 4,501 MBS and CMOs represent securities issued by government sponsored enterprises ("GSEs"). Most of the MBS and CMO securities in our investment portfolio are guaranteed by Fannie Mae, Ginnie Mae or Freddie Mac. Municipal bonds are comprised of general obligation bonds (i.e., backed by the general credit of the issuer) and revenue bonds (i.e., backed by either collateral or revenues from the specific project being financed) issued by various municipal corporations. As of September 30, 2020 and December 31, 2019, all securities held, including municipal bonds and corporate debt securities, were rated investment grade, based upon external ratings where available and, where not available, based upon internal ratings which correspond to ratings as defined by Standard and Poor's Rating Services ("S&P") or Moody's Investors Services ("Moody's"). As of September 30, 2020 and December 31, 2019, substantially all investment securities held had ratings available by external ratings agencies. Investment securities AFS that were in an unrealized loss position are presented in the following tables based on the length of time the individual securities have been in an unrealized loss position. At September 30, 2020 Less than 12 months 12 months or more Total (in thousands) Gross Fair Gross Fair Gross Fair MBS: Residential $ — $ — $ (184) $ 2,557 $ (184) $ 2,557 Commercial (6) 1,337 — — (6) 1,337 CMOs: Residential (10) 7,492 — — (10) 7,492 Commercial (119) 9,236 (151) 15,350 (270) 24,586 Municipal bonds (119) 22,872 (18) 3,626 (137) 26,498 Total $ (254) $ 40,937 $ (353) $ 21,533 $ (607) $ 62,470 At December 31, 2019 Less than 12 months 12 months or more Total (in thousands) Gross Fair Gross Fair Gross Fair MBS: Residential $ (409) $ 18,440 $ (1,299) $ 68,362 $ (1,708) $ 86,802 Commercial (352) 21,494 (6) 2,483 (358) 23,977 CMOs: Residential (965) 171,708 (722) 29,264 (1,687) 200,972 Commercial (680) 67,160 (543) 41,605 (1,223) 108,765 Municipal bonds (334) 39,127 (648) 45,869 (982) 84,996 Corporate debt securities (5) 3,689 (38) 1,743 (43) 5,432 Total $ (2,745) $ 321,618 $ (3,256) $ 189,326 $ (6,001) $ 510,944 There were no HTM in an unrealized loss position at September 30, 2020 or December 31, 2019. The Company has evaluated investment securities AFS that are in an unrealized loss position and has determined that the decline in value is temporary and is related to the change in market interest rates since purchase. The decline in value is not related to the occurrence of any issuer-specific or industry-specific credit event. In addition, as of September 30, 2020 and December 31, 2019, the Company had not made a decision to sell any of its debt securities held, nor did the Company consider it more likely than not that it would be required to sell such securities before recovery of their amortized cost basis. The following tables present the fair value of investment securities AFS and HTM by contractual maturity along with the associated contractual yield for the periods indicated below. The weighted-average yield is computed using the contractual coupon of each security weighted based on the fair value of each security and does not include adjustments to a tax equivalent basis. At September 30, 2020 Within one year After one year After five years After Total (dollars in thousands) Fair Weighted Fair Weighted Fair Weighted Fair Weighted Fair Weighted AFS Municipal bonds $ 2,043 2.88 % $ 13,943 3.83 % $ 57,011 3.22 % $ 483,637 3.29 % $ 556,634 3.29 % Corporate debt securities 188 4.30 % 7,101 3.73 % 2,758 4.19 % 5,112 4.98 % 15,159 4.25 % Agency debentures — — % — — % — — % 1,846 1.65 % 1,846 1.65 % Total $ 2,231 3.00 % $ 21,044 3.80 % $ 59,769 3.26 % $ 490,595 3.30 % $ 573,639 3.31 % HTM Municipal bonds $ — — % $ 1,774 2.93 % $ 2,757 2.16 % $ — — % $ 4,531 2.47 % At December 31, 2019 Within one year After one year After five years After Total (dollars in thousands) Fair Weighted Fair Weighted Fair Weighted Fair Weighted Fair Weighted AFS Municipal bonds $ 5,337 3.41 % $ 555 3.90 % $ 13,000 3.01 % $ 322,426 3.61 % $ 341,318 3.59 % Corporate debt securities 1,007 3.40 % 7,544 3.64 % 10,022 3.70 % 88 6.10 % 18,661 3.67 % U.S. Treasury securities 1,307 2.82 % — — % — — % — — % 1,307 2.82 % Total $ 7,651 3.31 % $ 8,099 3.66 % $ 23,022 3.31 % $ 322,514 3.62 % $ 361,286 3.59 % HTM Municipal bonds $ — — % $ 1,787 2.90 % $ 2,714 2.09 % $ — — % $ 4,501 2.41 % MBS and CMOs are excluded from the tables above because such securities are not due at a single maturity date. The weighted average yield of MBS and CMOs as of September 30, 2020 and December 31, 2019 was 1.94% and 2.34%, respectively. The net realized gain or loss from the sale of investment securities AFS was a gain of $0.3 million and a loss of $0.1 million for the nine months ended September 30, 2020 and 2019, respectively. Proceeds from the sale of investment securities were $3 million and $25 million for the quarters ended September 30, 2020 and 2019, respectively. The following table summarizes the carrying value of securities pledged as collateral to secure borrowings, public deposits and other purposes as permitted or required by law: (in thousands) At September 30, At December 31, Washington and California to secure public deposits $ 158,634 $ 200,571 Other securities pledged 607 4,332 Total securities pledged as collateral $ 159,241 $ 204,903 The Company assesses the creditworthiness of the counterparties that hold the pledged collateral and has determined that these arrangements have minimal risk. |
LOANS AND CREDIT QUALITY
LOANS AND CREDIT QUALITY | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
LOANS AND CREDIT QUALITY | LOANS AND CREDIT QUALITY: As a result of the adoption of CECL on January 1, 2020, there is a lack of comparability in both the reserves and provisions for credit losses for the periods presented. Results for reporting periods beginning after January 1, 2020 are presented using the CECL methodology, while comparative period information continues to be reported in accordance with the incurred loss methodology in effect for prior periods. The Company's LHFI is divided into two portfolio segments, consumer loans and commercial loans. Within each portfolio segment, the Company monitors and assesses credit risk based on the risk characteristics of each of the following loan classes: single family and home equity and other loans within the consumer loan portfolio segment and non-owner occupied commercial real estate, multifamily, construction and land development, owner occupied commercial real estate and commercial business loans within the commercial loan portfolio segment. LHFI consist of the following. (in thousands) At September 30, At December 31, Consumer loans Single family (1) $ 936,774 $ 1,072,706 Home equity and other 446,123 553,376 Total 1,382,897 1,626,082 Commercial real estate loans Non-owner occupied commercial real estate 847,079 895,546 Multifamily 1,327,156 999,140 Construction/land development 590,707 701,762 Total 2,764,942 2,596,448 Commercial and industrial loans Owner occupied commercial real estate 462,613 477,316 Commercial business 683,917 414,710 Total 1,146,530 892,026 Total LHFI 5,294,369 5,114,556 ACL (64,892) (41,772) Total LHFI less ACL $ 5,229,477 $ 5,072,784 (2) (1) Includes $7.6 million and $3.5 million at September 30, 2020 and December 31, 2019, respectively, of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated income statements. (2) Net deferred loans fees and costs of $24.5 million are now included within the carrying amounts of the loan balances as of December 31, 2019, in order to conform to the current period presentation. Loans totaling $1.5 billion and $2.0 billion at September 30, 2020 and December 31, 2019, respectively, were pledged to secure borrowings from the Federal Home Loan Bank ("FHLB") and loans totaling $594 million and $491 million at September 30, 2020 and December 31, 2019, respectively, were pledged to secure borrowings from the Federal Reserve Bank. Credit Risk Concentrations Concentrations of credit risk arise when a number of customers are engaged in similar business activities or activities in the same geographic region, or when they have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic conditions. LHFI are primarily secured by real estate located in the Pacific Northwest, California and Hawaii. At September 30, 2020, the Company had one concentration representing 10% or more of the total portfolio by state and property type for the loan class of multifamily in the state of California, which represented 16.9% of the total portfolio. At December 31, 2019, we had concentrations representing 10% or more of the total portfolio by state and property type for the loan classes of single family in Washington and multifamily in California, which represented 10.7% and 12.2% of the total portfolio, respectively. Credit Quality Management considers the level of allowance of credit losses to be appropriate to cover credit losses expected over the life of the loans for the LHFI portfolio as of September 30, 2020. The cumulative loss rate used as the basis for the estimate of credit losses is comprised of the Bank’s historical loss experience and eight qualitative factors for current and forecasted periods. During the nine months ended September 30, 2020 the historical expected loss rates decreased from January 1, 2020 implementation due to minimal losses and our stable portfolio credit composition. During the nine months ended September 30, 2020, the Qualitative Factors increased significantly due to the forecasted impacts of the COVID-19 pandemic. As of September 30, 2020, the Bank expects that the markets in which it operates will have deterioration in collateral values and economic outlook over the two-year forecast period, with negative risk factors peaking in the first year and modestly improving in the second year. In addition to the ACL for LHFI, the Company maintains a separate allowance for credit losses on unfunded loan commitments which is included in accounts payable and other liabilities on our consolidated balance sheets. The allowance for credit losses on unfunded commitments was $1.8 million and $1.1 million at September 30, 2020 and December 31, 2019, respectively. The Bank has elected to exclude accrued interest receivable from the evaluation of the ACL. Accrued interest on LHFI was $21.1 million at September 30, 2020 and was reported in other assets in the consolidated balance sheets. Activity in the ACL was as follows. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Beginning balance $ 65,000 $ 43,254 $ 41,772 $ 41,470 Provision for credit losses 273 177 21,633 1,746 Net (charge-offs) recoveries (381) 6 (356) 221 Impact of ASC 326 adoption — — 1,843 — Ending balance $ 64,892 $ 43,437 $ 64,892 $ 43,437 Allowance for unfunded commitments: Beginning balance $ 2,071 $ 1,065 Provision for credit losses (273) (1,164) Impact of ASC 326 adoption — 1,897 Ending balance $ 1,798 $ 1,798 Provision for credit losses: Allowance for credit losses - loans $ 273 $ 21,633 Allowance for unfunded commitments (273) (1,164) Total $ — $ 20,469 Activity in the ACL by loan portfolio and loan sub-class was as follows. Three Months Ended September 30, 2020 (in thousands) Beginning balance Charge-offs Recoveries Provision Ending Consumer loans Single family $ 8,070 $ (3) $ 2 $ (1,349) $ 6,720 Home equity and other 11,126 (39) 82 (5,165) 6,004 Total 19,196 (42) 84 (6,514) 12,724 Commercial real estate loans Non-owner occupied commercial real estate 7,325 — — 1,598 8,923 Multifamily 5,387 — — (516) 4,871 Construction/land development Multifamily construction 3,811 — — 2,109 5,920 Commercial real estate construction 440 — — 1,269 1,709 Single family construction 5,869 — — (362) 5,507 Single family construction to permanent 1,515 — — (309) 1,206 Total 24,347 — — 3,789 28,136 Commercial and industrial loans Owner occupied commercial real estate 5,641 — — 47 5,688 Commercial business 15,816 (447) 24 2,951 18,344 Total 21,457 (447) 24 2,998 24,032 Total ACL $ 65,000 $ (489) $ 108 $ 273 $ 64,892 Three Months Ended September 30, 2019 (in thousands) Beginning Charge-offs Recoveries Provision Ending Consumer loans Single family $ 7,540 $ — $ 1 $ (321) $ 7,220 Home equity and other 6,784 (68) 59 25 6,800 Total 14,324 (68) 60 (296) 14,020 Commercial real estate loans Non-owner occupied commercial real estate 6,149 — — 331 6,480 Multifamily 7,047 — — (357) 6,690 Construction/land development 9,171 — 1 169 9,341 Total 22,367 — 1 143 22,511 Commercial and industrial loans Owner occupied commercial real estate 3,459 — — 136 3,595 Commercial business 3,104 — 13 194 3,311 Total 6,563 — 13 330 6,906 Total ACL $ 43,254 $ (68) $ 74 $ 177 $ 43,437 Nine Months Ended September 30, 2020 (in thousands) Prior to adoption of ASC 326 Impact of ASC 326 adoption Charge-offs Recoveries Provision Ending Consumer loans Single family $ 6,450 $ 468 $ (3) $ 56 $ (251) $ 6,720 Home equity and other 6,233 4,635 (345) 291 (4,810) 6,004 Total 12,683 5,103 (348) 347 (5,061) 12,724 Commercial real estate loans Non-owner occupied commercial real estate 7,245 (3,392) — — 5,070 8,923 Multifamily 7,015 (2,977) — — 833 4,871 Construction/land development Multifamily construction 2,848 693 — — 2,379 5,920 Commercial real estate construction 624 (115) — — 1,200 1,709 Single family construction 3,800 4,280 — 163 (2,736) 5,507 Single family construction to permanent 1,003 200 — — 3 1,206 Total 22,535 (1,311) — 163 6,749 28,136 Commercial and industrial loans Owner occupied commercial real estate 3,639 (2,459) — — 4,508 5,688 Commercial business 2,915 510 (590) 72 15,437 18,344 Total 6,554 (1,949) (590) 72 19,945 24,032 Total ACL $ 41,772 $ 1,843 $ (938) $ 582 $ 21,633 $ 64,892 Nine Months Ended September 30, 2019 (in thousands) Beginning Charge-offs Recoveries Provision Ending Consumer loans Single family $ 8,217 $ — $ 143 $ (1,140) $ 7,220 Home equity and other 6,850 (209) 212 (53) 6,800 Total 15,067 (209) 355 (1,193) 14,020 Commercial real estate loans Non-owner occupied commercial real estate 5,495 — — 985 6,480 Multifamily 5,754 — — 936 6,690 Construction/land development 9,001 — 48 292 9,341 Total 20,250 — 48 2,213 22,511 Commercial and industrial loans Owner occupied commercial real estate 3,278 — — 317 3,595 Commercial business 2,875 — 27 409 3,311 Total 6,153 — 27 726 6,906 Total ACL $ 41,470 $ (209) $ 430 $ 1,746 $ 43,437 Credit Quality Indicators Management regularly reviews loans in the portfolio to assess credit quality indicators and to determine appropriate loan classification and grading in accordance with applicable bank regulations. The Company's risk rating methodology assigns risk ratings ranging from 1 to 10, where a higher rating represents higher risk. The risk rating of 9 is not used. Per the Company's policies, most commercial loans pools are non-homogenous and are regularly assessed for credit quality. The rating categories can be generally described by the following groupings for non-homogeneous loans: • 1-6: These loans meet the definition of “Pass" assets. They are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less costs to acquire and sell in a timely manner, of any underlying collateral. • 7: These loans meet the regulatory definition of “Special Mention.” They contain potential weaknesses, that if uncorrected may result in deterioration of the likelihood of repayment or in the Bank’s credit position. • 8: These loans meet the regulatory definition of “Substandard”. They are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. They have well-defined weaknesses and have unsatisfactory characteristics causing unacceptable levels of risk. • 10: A loan, or the portion of a loan determined to meet the regulatory definition of “Loss.” The amounts classified as loss have been charged-off. The risk rating categories can be generally described by the following groupings for homogeneous loans: • 1-6: These loans meet the definition of “Pass" assets. A homogenous “Pass” loan is typically risk rated based on payment performance. • 7: These loans meet the regulatory definition of “Special Mention.” A homogeneous special mention loan, risk rated 7, is less than 90 days past due from the required payment date at month-end. • 8: These loans meet the regulatory definition of “Substandard”. A homogeneous substandard loan, risk rated 8, is 90 days or more past due from the required payment date at month-end. • 10: These loans meet the regulatory definition of “Loss”. A closed-end homogeneous loan not secured by real estate is risk rated 10 when past due 120 cumulative days or more from the contractual due date. Closed-end homogenous loans secured by real estate and all open-end homogenous loans are risk rated 10 when past due 180 cumulative days or more from the contractual due date. These loans, or the portion of these loans classified as loss, are generally charged-off in the month in which the applicable past due period elapses. Small balance commercial loans are generally considered homogenous unless 30 days or more past due or modified in a troubled debt restructuring that was an interest rate concession or payment modification with a significant balloon and the concession period has not been completed. The risk rating classification for such loans are based on the non-homogenous definitions noted above. Residential, home equity and consumer loans modified in a troubled debt restructuring are considered homogeneous unless the modification was an interest rate concession or payment modification with a significant balloon and the concession modification period has not been completed. The risk rating classification for such loans are based on the non-homogeneous definitions noted above. The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status. At September 30, 2020 (in thousands) 2020 2019 2018 2017 2016 2015 and prior Revolving Revolving-term Total CONSUMER PORTFOLIO Single family Current $ 120,348 $ 98,136 $ 185,787 $ 191,364 $ 69,662 $ 268,162 $ — $ — $ 933,459 Past due: 30-59 days — — — — — 208 208 60-89 days — — — — — 5 — — 5 90+ days — 869 432 386 — 1,415 — — 3,102 Total (1) 120,348 99,005 186,219 191,750 69,662 269,790 — — 936,774 Home equity and other Current 1,263 1,850 1,492 1,698 642 6,119 423,225 8,948 445,237 Past due: 30-59 days 1 8 2 — — — 16 9 36 60-89 days — 13 — 2 — 24 27 — 66 90+ days — 7 — — 275 — 502 — 784 Total 1,264 1,878 1,494 1,700 917 6,143 423,770 8,957 446,123 Total consumer portfolio $ 121,612 $ 100,883 $ 187,713 $ 193,450 $ 70,579 $ 275,933 $ 423,770 $ 8,957 $ 1,382,897 (1) Includes $7.6 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated income statements. The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class, risk rating and delinquency status. At September 30, 2020 (in thousands) 2020 2019 2018 2017 2016 2015 and prior Revolving Revolving-term Total COMMERCIAL PORTFOLIO Non-owner occupied commercial real estate 1-6 Pass $ 43,252 $ 178,975 $ 165,775 $ 149,344 $ 154,706 $ 150,510 $ 1,152 $ 1,132 $ 844,846 7- Special Mention — — — — — 2,233 — — 2,233 8 - Substandard — — — — — — — — — Total 43,252 178,975 165,775 149,344 154,706 152,743 1,152 1,132 847,079 Multifamily 1-6 Pass 529,841 352,147 87,127 72,823 178,227 97,681 9,310 — 1,327,156 7- Special Mention — — — — — — — — — 8 - Substandard — — — — — — — — — Total 529,841 352,147 87,127 72,823 178,227 97,681 9,310 — 1,327,156 Multifamily construction 1-6 Pass 3,191 16,531 87,466 11,866 — — — — 119,054 7- Special Mention — — — — 24,306 — — — 24,306 8 - Substandard — — — — — — — — — Total 3,191 16,531 87,466 11,866 24,306 — — — 143,360 At September 30, 2020 (in thousands) 2020 2019 2018 2017 2016 2015 and prior Revolving Revolving-term Total Commercial real estate construction 1-6 Pass 3,963 — 2,139 34,023 — 625 4,299 — 45,049 7- Special Mention — — — — — — — — — 8 - Substandard — — — — — — — — — Total 3,963 — 2,139 34,023 — 625 4,299 — 45,049 Single family construction 1-6 Pass 88,961 56,107 25,891 — — 605 66,687 — 238,251 7- Special Mention — — — — — — — — — 8 - Substandard — — — — — — — — — Total 88,961 56,107 25,891 — — 605 66,687 — 238,251 Single family construction to permanent Current 41,432 100,282 20,707 1,626 — — — — 164,047 Past due: 30-59 days — — — — — — — — — 60-89 days — — — — — — — — — 90+ days — — — — — — — — — Total 41,432 100,282 20,707 1,626 — — — — 164,047 Owner occupied commercial real estate 1-6 Pass 29,511 60,237 53,197 86,728 106,953 51,267 — 6,171 394,064 7- Special Mention — — 12,062 11,930 — — 1 224 24,217 8 - Substandard — 19,511 1,111 3,189 17,217 1,198 — 2,106 44,332 Total 29,511 79,748 66,370 101,847 124,170 52,465 1 8,501 462,613 Commercial business 1-6 Pass 345,361 77,834 54,636 34,086 20,849 18,549 87,579 3,370 642,264 7- Special Mention — 794 384 7,360 — — 1,756 175 10,469 8 - Substandard — 5,578 12,129 1,902 1,805 1,184 8,494 92 31,184 Total 345,361 84,206 67,149 43,348 22,654 19,733 97,829 3,637 683,917 Total commercial portfolio $ 1,085,512 $ 867,996 $ 522,624 $ 414,877 $ 504,063 $ 323,852 $ 179,278 $ 13,270 $ 3,911,472 Total LHFI $ 1,207,124 $ 968,879 $ 710,337 $ 608,327 $ 574,642 $ 599,785 $ 603,048 $ 22,227 $ 5,294,369 The following tables present a vintage analysis of year to date charge-offs and year to date recoveries of the consumer portfolio and commercial portfolio segment by loan sub-class. At September 30, 2020 (in thousands) 2020 2019 2018 2017 2016 2015 and prior Revolving Revolving-term Total CONSUMER PORTFOLIO Single family Charge-offs $ — $ (3) $ — $ — $ — $ — $ — $ — $ (3) Recoveries — — — — — 56 — — 56 Net — (3) — — — 56 — — 53 Home equity and other Charge-offs — (60) (32) (1) — — (252) — (345) Recoveries — 12 4 6 6 123 140 — 291 Net — (48) (28) 5 6 123 (112) — (54) Consumer Portfolio Charge-offs — (63) (32) (1) — — (252) — (348) Recoveries — 12 4 6 6 179 140 — 347 Total net $ — $ (51) $ (28) $ 5 $ 6 $ 179 $ (112) $ — $ (1) At September 30, 2020 (in thousands) 2020 2019 2018 2017 2016 2015 and prior Revolving Revolving-term Total COMMERCIAL PORTFOLIO Single family construction Charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Recoveries — — — — — 163 — — 163 Net — — — — — 163 — — 163 Commercial business Charge-offs — — — (41) (102) (447) — — (590) Recoveries — — — — — 72 — — 72 Net — — — (41) (102) (375) — — (518) Commercial portfolio Charge-offs — — — (41) (102) (447) — — (590) Recoveries — — — — — 235 — — 235 Total net $ — $ — $ — $ (41) $ (102) $ (212) $ — $ — $ (355) All loans Charge-offs — (63) (32) (42) (102) (447) (252) — (938) Recoveries — 12 4 6 6 414 140 — 582 Total net $ — $ (51) $ (28) $ (36) $ (96) $ (33) $ (112) $ — $ (356) Collateral Dependent Loans A loan is collateral dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In these cases, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated costs to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. The following table presents the amortized cost basis of collateral-dependent loans by loan sub-class and collateral type. All collateral dependent loans are reviewed quarterly and loan amounts are charged down to fair value of the collateral, less costs to sell if the loss is confirmed and the expected repayment is from the sale of the collateral. If the expected repayment of the loan is from the operation of the collateral, then the cost of sale is not deducted from the fair value of the collateral. At September 30, 2020 (in thousands) Land 1-4 Family Multifamily Non-residential real estate Other non-real estate Total Consumer loans Single family $ — $ 1,067 $ — $ — $ — $ 1,067 Home equity loans and other — — — — — — Total — 1,067 — — — 1,067 Commercial and industrial loans Owner occupied commercial real estate 1,789 — — 4,296 — 6,085 Commercial business 1,787 715 — 228 5,947 8,677 Total 3,576 715 — 4,524 5,947 14,762 Total collateral-dependent loans $ 3,576 $ 1,782 $ — $ 4,524 $ 5,947 $ 15,829 Nonaccrual and Past Due Loans Loans are placed on nonaccrual status when the full and timely collection of principal and interest is doubtful, generally when the loan becomes 90 days or more past due for principal or interest payment or if part of the principal balance has been charged off. Loans whose repayments are insured by the Federal Housing Administration ("FHA") or guaranteed by the Veterans Administration ("VA") are generally maintained on accrual status even if 90 days or more past due. The following table presents nonaccrual status for loans in compliance with ASC 326-20-50-16. At September 30, 2020 At December 31, 2019 (in thousands) Nonaccrual Nonaccrual with no related ACL 90 days or Nonaccrual Nonaccrual with no related ACL 90 days or Consumer loans Single family $ 4,617 $ 1,479 $ 13,051 $ 5,364 $ 1,652 $ 19,702 Home equity and other 1,747 2 — 1,160 9 — Total 6,364 1,481 13,051 6,524 1,661 19,702 Commercial and industrial loans Owner occupied commercial real estate 6,085 6,085 — 2,891 2,892 — Commercial business 8,677 5,973 2,637 3,446 2,954 — Total 14,762 12,058 2,637 6,337 5,846 — Total nonaccrual loans $ 21,126 $ 13,539 $ 15,688 $ 12,861 $ 7,507 $ 19,702 The following tables present an aging analysis of past due loans by loan portfolio segment and loan sub-class. At September 30, 2020 Past Due and Still Accruing (in thousands) 30-59 days 60-89 days 90 days or Nonaccrual Total past due and nonaccrual (4) Current Total Consumer loans Single family $ 2,092 $ 1,030 $ 13,051 (2) $ 4,617 $ 20,790 $ 915,984 $ 936,774 (1) Home equity and other 34 60 — 1,747 1,841 444,282 446,123 Total 2,126 1,090 13,051 6,364 22,631 1,360,266 1,382,897 Commercial real estate loans Non-owner occupied commercial real estate — — — — — 847,079 847,079 Multifamily — — — — — 1,327,156 1,327,156 Construction/land development Multifamily construction — — — — — 143,360 143,360 Commercial real estate construction — — — — — 45,049 45,049 Single family construction — — — — — 238,251 238,251 Single family construction to permanent — — — — — 164,047 164,047 Total — — — — — 2,764,942 2,764,942 Commercial and industrial loans Owner occupied commercial real estate — — — 6,085 6,085 456,528 462,613 Commercial business — — 2,637 8,677 11,314 672,603 683,917 Total — — 2,637 14,762 17,399 1,129,131 1,146,530 Total loans $ 2,126 $ 1,090 $ 15,688 $ 21,126 $ 40,030 $ 5,254,339 $ 5,294,369 % 0.04 % 0.02 % 0.30 % 0.40 % 0.76 % 99.24 % 100.00 % At December 31, 2019 Past Due and Still Accruing (in thousands) 30-59 days 60-89 days 90 days or Nonaccrual Total past due and nonaccrual (4) Current Total Consumer loans Single family $ 5,694 $ 4,261 $ 19,702 (2) $ 5,364 $ 35,021 $ 1,037,685 $ 1,072,706 (1) Home equity and other 837 372 — 1,160 2,369 551,007 553,376 Total 6,531 4,633 19,702 6,524 37,390 1,588,692 1,626,082 Commercial real estate loans Non-owner occupied commercial real estate — — — — — 895,546 895,546 Multifamily — — — — — 999,140 999,140 Construction and land development — — — — — 701,762 701,762 Total — — — — — 2,596,448 2,596,448 Commercial and industrial loans Owner occupied commercial real estate — — — 2,891 2,891 474,425 477,316 Commercial business 44 — — 3,446 3,490 411,220 414,710 Total 44 — — 6,337 6,381 885,645 892,026 Total loans $ 6,575 $ 4,633 $ 19,702 $ 12,861 $ 43,771 $ 5,070,785 $ 5,114,556 (3) % 0.13 % 0.09 % 0.39 % 0.25 % 0.86 % 99.14 % 100.00 % (1) Includes $7.6 million and $3.5 million of loans at September 30, 2020 and December 31, 2019, respectively, where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in our consolidated income statements. (2) FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss. (3) Net deferred loans fees and costs of $24.5 million were included within the carrying amounts of the loan balances as of December 31, 2019, in order to conform with the current period presentation. (4) Includes loans whose repayments are insured by the FHA or guaranteed by the VA or SBA of $17.7 million and $28.4 million at September 30, 2020 and December 31, 2019, respectively. The following tables present information about troubled debt restructuring ("TDR") activity during the periods indicated. Quarter Ended September 30, 2020 Nine Months Ended September 30, 2020 (dollars in thousands) Number of loan Recorded Related charge- Number of loan Recorded Related charge- Consumer loans Single family Concession type: Interest rate reduction 8 $ 1,642 $ — 23 $ 4,878 $ — Payment restructure 1 411 — 10 2,067 — Total 9 2,053 — 33 6,945 — Commercial and industrial loans Owner occupied commercial real estate Concession type: Payment restructure — — — 1 678 — Commercial business Concession type: Payment restructure — — — 1 1,125 — Total commercial and industrial Concession type: Payment restructure — — — 2 1,803 — Total — — — 2 1,803 — Total loans Concession type: Interest rate reduction 8 1,642 — 23 4,878 — Payment restructure 1 411 — 12 3,870 — Total 9 $ 2,053 $ — 35 $ 8,748 $ — Quarter Ended September 30, 2019 Nine Months Ended September 30, 2019 (dollars in thousands) Number of loan Recorded Related charge- Number of loan Recorded Related charge- Consumer loans Single family Concession type: Interest rate reduction 6 $ 1,112 $ — 13 $ 2,386 $ — Payment restructure 21 5,420 — 111 23,904 — Home equity and other Concession type: Payment restructure — — — 1 116 — Total consumer Concession type: Interest rate reduction 6 1,112 — 13 2,386 — Payment restructure 21 5,420 — 112 24,020 — Total 27 6,532 — 125 26,406 — Commercial real estate loans Construction and land development Concession type: Payment restructure — — — 1 4,675 — Total commercial real estate Concession type: Payment restructure — — — 1 4,675 — Total — — — 1 4,675 — Commercial and industrial loans Owner occupied commercial real estate Concession type: Payment restructure — — — 1 5,840 — Commercial business Concession type: Payment restructure — — — 1 259 — Total commercial and industrial Concession type: Payment restructure — — — 2 6,099 — Total — — — 2 6,099 — Total loans Concession type: Interest rate reduction 6 1,112 — 13 2,386 — Payment restructure 21 5,420 — 115 34,794 — Total 27 $ 6,532 $ — 128 $ 37,180 $ — The following table presents loans that were modified as TDRs within the previous 12 months and subsequently re-defaulted during the three and nine months ended September 30, 2020 and 2019, respectively. A TDR loan is considered re-defaulted when it becomes doubtful that the objectives of the modifications will be met, generally when a consumer loan TDR becomes 60 days or more past due on principal or interest payments or when a commercial loan TDR becomes 90 days or more past due on principal or interest payments. Three Months Ended September 30, 2020 2019 (dollars in thousands) Number of loan relationships that re-defaulted Recorded Number of loan relationships that re-defaulted Recorded Consumer loans - single family 6 $ 1,038 3 $ 643 Nine Months Ended September 30, 2020 2019 (dollars in thousands) Number of loan relationships that re-defaulted Recorded Number of loan relationships that re-defaulted Recorded Consumer loans - single family 16 $ 3,237 9 $ 1,873 The CARES Act provides temporary relief from the accounting and disclosure requirements for TDRs for certain loan modifications that are the result of a hardship that is related, either directly or indirectly, to the COVID-19 pandemic. In addition, interagency guidance issued by federal banking regulators and endorsed by the FASB staff has indicated that borrowers who receive relief are not experiencing financial difficulty if they meet the following qualifying criteria: • The modification is in response to the National Emergency related to the COVID pandemic; • The borrower was current at the time the modification program was implemented; and • The modification is short-term We have elected to apply temporary relief under Section 4013 of the CARES Act to certain eligible short-term modifications and will not treat qualifying loan modifications as TDRs for accounting or disclosure purposes. Additionally, eligible short-term loan modifications subject to the practical expedient in the interagency guidance will not be treated as TDRs for accounting or disclosure purposes if they qualify. As of September 30, 2020, excluding any SBA guaranteed loans for which the government is making payments as provided for under the CARES Act, or single family loans that are guaranteed by FHA or VA, the Company has outstanding balances of $206 million on 375 loans that were approved for forbearance under this program. The Bank will exercise judgment in determining the risk rating for impacted borrowers and will not automatically adversely classify credits that are affected by COVID-19. The Bank also will not designate loans with deferrals granted due to COVID-19 as past due because of the deferral. Due to the short-term nature of the forbearance and other relief programs we are offering as a result of the COVID-19 pandemic, we expect that borrowers granted relief under these programs will generally not be reported as nonaccrual. This section reports results prior to the January 1, 2020 adoption of ASC 326 and is presented in accordance with previously applicable GAAP. The following table summarizes designated loan grades by loan portfolio segment and loan class. At December 31, 2019 (in thousands) Pass Special mention Substandard Total Consumer loans Single family $ 1,056,166 (1) $ 8,802 $ 5,364 $ 1,070,332 Home equity and other 531,102 664 1,160 532,926 Total 1,587,268 9,466 6,524 1,603,258 Commercial real estate loans Non-owner occupied commercial real estate 894,896 — — 894,896 Multifamily 996,498 — — 996,498 Construction/land development 681,445 20,954 — 702,399 Total 2,572,839 20,954 — 2,593,793 Commercial and industrial loans Owner occupied commercial real estate 460,319 12,709 5,144 478,172 Commercial business 402,060 9,405 3,415 414,880 Total 862,379 22,114 8,559 893,052 Total LHFI $ 5,022,486 $ 52,534 $ 15,083 $ 5,090,103 (1) Includes $3.5 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated income statements. As of December 31, 2019, none of the Company's loans were rated Loss. The following tables disaggregate our ACL and recorded investment in loans by impairment methodology. At December 31, 2019 (in thousands) Allowance: Allowance: Total Loans: Loans: Total Consumer loans Single family $ 6,333 $ 117 $ 6,450 $ 1,005,386 $ 61,503 $ 1,066,889 Home equity and other 6,815 28 6,843 532,038 863 532,901 Total 13,148 145 13,293 1,537,424 62,366 1,599,790 Commercial real estate loans Non-owner occupied commercial real estate 7,249 — 7,249 894,896 — 894,896 Multifamily 7,015 — 7,015 996,498 — 996,498 Construction/land development 8,679 — 8,679 702,399 — 702,399 Total 22,943 — 22,943 2,593,793 — 2,593,793 Commercial and industrial loans Owner occupied commercial real estate 3,640 — 3,640 475,281 2,891 478,172 Commercial business 2,953 8 2,961 411,386 3,494 414,880 Total 6,593 8 6,601 886,667 6,385 893,052 Total loans evaluated for impairment 42,684 153 42,837 5,017,884 68,751 5,086,635 Loans carried at fair value (1) — — — — — 3,468 Total LHFI $ 42,684 $ 153 $ 42,837 $ 5,017,884 $ 68,751 $ 5,090,103 (1) Comprised of single family loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated income statements. The following tables present impaired loans by loan portfolio segment and loan class. At December 31, 2019 (in thousands) Recorded investment (1) Unpaid principal balance (2) Related With no related allowance recorded: Consumer loans Single family (3) $ 60,009 $ 60,448 $ — Home equity and other 472 472 — Total 60,481 60,920 — Commercial and industrial loans Owner occupied commercial real estate 2,891 3,013 — Commercial business 2,954 3,267 — Total 5,845 6,280 — Total $ 66,326 $ 67,200 $ — With an allowance recorded: Consumer loans Single family $ 1,494 $ 1,494 $ 117 Home equity and other 391 391 28 Total 1,885 1,885 145 Commercial and industrial loans Commercial business 540 919 8 Total 540 919 8 Total $ 2,425 $ 2,804 $ 153 Combined: Consumer loans Single family (3) $ 61,503 $ 61,942 $ 117 Home equity and other 863 863 28 Total 62,366 62,805 145 Commercial and industrial loans Owner occupied commercial real estate 2,891 3,013 — Commercial business 3,494 4,186 8 Total 6,385 7,199 8 Total impaired loans $ 68,751 $ 70,004 $ 153 (1) Includes partial charge-offs and nonaccrual interest paid and purchase discounts and premiums. (2) Unpaid principal balance does not include partial charge-offs, purchase discounts and premiums or nonaccrual interest paid. Related allowance is calculated on net book balances not unpaid principal balances. (3) Includes $59.8 million in single family performing TDRs. The following tables provide the average recorded investment and interest income recognized on impaired loans by portfolio segment and class. Three Months Ended September 30, 2019 (in thousands) Average Recorded Investment Interest Income Recognized Consumer loans Single family $ 67,814 $ 662 Home equity and other 1,044 14 Total 68,858 676 Commercial real estate loans Multifamily 242 — Construction/lan |
DEPOSITS
DEPOSITS | 9 Months Ended |
Sep. 30, 2020 | |
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] | |
DEPOSITS | DEPOSITS: Deposit balances, including stated rates, were as follows: (in thousands) At September 30, Weighted Average Rate At December 31, Weighted Average Rate Noninterest-bearing demand deposits $ 1,323,794 — % $ 907,918 — % Interest-bearing demand deposits 545,890 0.10 % 373,832 0.38 % Savings 258,727 0.07 % 219,182 0.21 % Money market 2,512,440 0.23 % 2,224,494 1.25 % Certificates of deposit 1,174,839 1.20 % 1,614,533 2.24 % Total $ 5,815,690 0.36 % $ 5,339,959 1.23 % Certificates of deposit outstanding mature as follows: (in thousands) At September 30, Within one year $ 1,021,713 One to two years 104,781 Two to three years 27,938 Three to four years 15,253 Four to five years 5,123 Thereafter 31 Total $ 1,174,839 |
DERIVATIVES AND HEDGING ACTIVIT
DERIVATIVES AND HEDGING ACTIVITIES | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING ACTIVITIES | DERIVATIVES AND HEDGING ACTIVITIES: To reduce the risk of significant interest rate fluctuations on the value of certain assets and liabilities, such as certain mortgage LHFS or MSRs, the Company utilizes derivatives, such as forward sale commitments, futures, option contracts, interest rate swaps and interest rate swaptions as risk management instruments in its hedging strategy. Derivative transactions are measured in terms of notional amount, which is not recorded in the consolidated balance sheets. The notional amount is generally not exchanged and is used as the basis for interest and other contractual payments. Derivatives are reported at their respective fair values in the other assets or accounts payable and other liabilities line items on the consolidated balance sheets, with changes in fair value recognized in current period earnings. As permitted under U.S. GAAP, the Company nets derivative assets and liabilities when a legally enforceable master netting agreement exists between the Company and the derivative counterparty, which are documented under industry standard master agreements and credit support annexes. The Company's master netting agreements provide that following an uncured payment default or other event of default, the non-defaulting party may promptly terminate all transactions between the parties and determine a net amount due to be paid to, or by, the defaulting party. The collateral used under the Company's master netting agreements is typically cash, but securities may be used under agreements with certain counterparties. Receivables related to cash collateral that has been paid to counterparties is included in other assets. Payables related to cash collateral that has been received from counterparties is included in accounts payable and other liabilities. Interest is owed on amounts received from counterparties and we earn interest on cash paid to counterparties. Any securities pledged to counterparties as collateral remain on the consolidated balance sheets. The Company had liabilities of $6.9 million and $15.2 million in cash collateral received from counterparties and receivables of $16.7 million and $2.9 million in cash collateral paid to counterparties at September 30, 2020 and December 31, 2019, respectively. In addition, the Company periodically enters into certain commercial loan interest rate swap agreements in order to provide commercial loan customers the ability to convert from variable to fixed interest rates. Under these agreements, the Company enters into a variable-rate loan agreement with a customer in addition to a swap agreement. This swap agreement effectively converts the customer’s variable rate loan into a fixed rate. The Company then enters into a corresponding swap agreement with a third-party in order to offset its exposure on the variable and fixed components of the customer loan agreement. The interest rate swap agreements with the customers and third parties are marked to market in earnings. The notional amount of open interest rate swap agreements at September 30, 2020 and December 31, 2019 were $217 million and $144 million, respectively. For further information on the policies that govern derivative and hedging activities, see Note 1, Summary of Significant Accounting Policies, and Note 12, Derivatives and Hedging Activities, within our 2019 Annual Report on Form 10-K. The notional amounts and fair values for derivatives consist of the following. At September 30, 2020 Notional amount Fair value derivatives (in thousands) Asset Liability Forward sale commitments $ 878,021 $ 799 $ (2,186) Interest rate lock commitments 534,506 20,963 (3) Interest rate swaps 696,436 30,279 (26,057) Eurodollar futures 454,000 — (5) Total derivatives before netting $ 2,562,963 52,041 (28,251) Netting adjustment/Cash collateral (1) (17,168) 26,966 Carrying value on consolidated balance sheet $ 34,873 $ (1,285) At December 31, 2019 Notional amount Fair value derivatives (in thousands) Asset Liability Forward sale commitments $ 651,838 $ 830 $ (492) Interest rate lock commitments 124,379 2,281 (58) Interest rate swaps 688,516 27,097 (10,889) Eurodollar futures 2,232,000 3 — Total derivatives before netting $ 3,696,733 30,211 (11,439) Netting adjustment/Cash collateral (1) (21,414) 9,101 Carrying value on consolidated balance sheet (2) $ 8,797 $ (2,338) (1) Includes net cash collateral paid of $9.8 million and net cash collateral received of $12.3 million at September 30, 2020 and December 31, 2019, respectively. (2) Includes both continuing and discontinued operations. The following tables present gross and net information about derivative instruments. At September 30, 2020 (in thousands) Gross fair value Netting adjustments/ Cash collateral (1) Carrying value Securities not offset in consolidated balance sheet (disclosure-only netting) Net amount Derivative assets $ 52,041 $ (17,168) $ 34,873 $ — $ 34,873 Derivative liabilities (28,251) 26,966 (1,285) — (1,285) At December 31, 2019 (in thousands) Gross fair value Netting adjustments/ Cash collateral (1) Carrying value Securities not offset in consolidated balance sheet (disclosure-only netting) Net amount Derivative assets $ 30,211 $ (21,414) $ 8,797 $ — $ 8,797 Derivative liabilities (11,439) 9,101 (2,338) — (2,338) (1) Includes net cash collateral paid of $9.8 million and net cash collateral received of $12.3 million at September 30, 2020 and December 31, 2019, respectively. The following table presents the net gain (loss) recognized on derivatives, including economic hedge derivatives, within the respective line items in the consolidated income statements for the periods indicated. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Recognized in noninterest income: Net gain (loss) on loan origination and sale activities (1) $ (3,810) $ (6,884) $ 583 $ (17,983) Loan servicing income (loss) (2) (91) 9,040 22,148 19,917 Other (3) 632 115 (84) 149 Total $ (3,269) $ 2,271 (4) $ 22,647 $ 2,083 (4) (1) Comprised of interest rate lock commitments ("IRLCs") and forward contracts used as an economic hedge of IRLCs and single family LHFS. (2) Comprised of interest rate swaps, interest rate swaptions, futures and forward contracts used as an economic hedge of single family MSRs. (3) Comprised of interest rate swaps used as an economic hedge of LHFI. (4) Includes both continuing and discontinued operations in the three and nine months ended September 30, 2019. |
MORTGAGE BANKING OPERATIONS
MORTGAGE BANKING OPERATIONS | 9 Months Ended |
Sep. 30, 2020 | |
Mortgage Banking [Abstract] | |
MORTGAGE BANKING OPERATIONS | MORTGAGE BANKING OPERATIONS: LHFS consisted of the following. (in thousands) At September 30, At December 31, Single family $ 159,834 $ 105,458 Commercial real estate, multifamily and SBA 261,903 128,841 Amounts attributed to discontinued operations — (26,122) Total LHFS $ 421,737 $ 208,177 LHFS are valued at fair value, primarily single family loans, or at lower of cost or market, primarily commercial real estate loans transferred from held for investment. Loans sold consisted of the following for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Single family (1) $ 686,280 $ 893,959 $ 1,393,283 $ 3,352,872 Commercial real estate, multifamily and SBA 170,980 270,484 502,059 586,217 Total loans sold $ 857,260 $ 1,164,443 $ 1,895,342 $ 3,939,089 (1) 2019 amounts include both continuing and discontinued operations. Gain on loan origination and sale activities, including the effects of derivative risk management instruments, consisted of the following. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Single family $ 27,632 $ 9,628 $ 73,751 $ 78,612 Commercial real estate, multifamily and SBA 5,498 6,693 11,947 12,179 Amounts attributed to discontinued operations — (370) — (60,055) Gain on loan origination and sale activities $ 33,130 $ 15,951 $ 85,698 $ 30,736 The Company's portfolio of loans serviced for others is primarily comprised of loans held in U.S. government and Agency MBS issued by Fannie Mae, Freddie Mac and Ginnie Mae. Loans serviced for others are not included in the consolidated balance sheets as they are not assets of the Company. The composition of loans serviced for others that contribute to loan servicing income is presented below at the unpaid principal balance. (in thousands) At September 30, At December 31, Single family $ 6,188,206 $ 7,023,441 Commercial real estate, multifamily and SBA 1,704,434 1,618,876 Total loans serviced for others $ 7,892,640 $ 8,642,317 The Company has made representations and warranties that the loans sold meet certain requirements. The Company may be required to repurchase mortgage loans or indemnify loan purchasers due to defects in the origination process of the loan, such as documentation errors, underwriting errors and judgments, appraisal errors, early payment defaults and fraud. The following is a summary of changes in the Company's liability for estimated mortgage repurchase losses. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Balance, beginning of period $ 2,083 $ 3,237 $ 2,871 $ 3,120 Additions, net of adjustments (1) 252 (22) (275) 482 Realized losses (2) (240) (28) (501) (415) Balance, end of period $ 2,095 $ 3,187 $ 2,095 $ 3,187 (1) Includes additions for new loan sales and changes in estimated probable future repurchase losses on previously sold loans. (2) Includes principal losses and accrued interest on repurchased loans, "make-whole" settlements, settlements with claimants and certain related expenses. The Company has agreements with certain investors to advance scheduled principal and interest amounts on delinquent loans. Advances are also made to fund the foreclosure and collection costs of delinquent loans prior to the recovery of reimbursable amounts from investors or borrowers. Advances of $3.1 million and $2.5 million were recorded in other assets as of September 30, 2020 and December 31, 2019, respectively. The Company has a unilateral right to repurchase certain delinquent or defaulted Ginnie Mae early buyout option ("GNMA EBO") pool loans it has previously sold, and, as required under GAAP, recognized a liability and an asset totaling $115 million and $9 million as of September 30, 2020 and December 31, 2019, respectively. Revenue from mortgage servicing, including the effects of derivative risk management instruments, consisted of the following. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Servicing income, net: Servicing fees and other $ 7,220 $ 7,963 $ 23,073 $ 32,124 Amortization of single family MSRs (1) (4,401) (4,489) (12,246) (16,894) Amortization of multifamily and SBA MSRs (1,350) (1,315) (4,084) (3,802) Total 1,469 2,159 6,743 11,428 Risk management, single family MSRs: Changes in fair value of MSRs due to assumptions (2)(3) (2,960) (7,501) (21,970) (22,193) Net gain (loss) from derivative hedging (91) 9,040 22,148 19,917 Total (3,051) 1,539 178 (2,276) Amounts attributed to discontinued operations — (502) — (2,033) Loan servicing income $ (1,582) $ 3,196 $ 6,921 $ 7,119 (1) Represents changes due to collection/realization of expected cash flows and curtailments. (2) Principally reflects changes in market inputs, which include current market interest rates and prepayment model updates, both of which affect future prepayment speeds and cash flow projections. (3) Includes pre-tax income of $333 thousand and pre-tax loss of $941 thousand resulting from the sales of single family MSRs during the three and nine months ended September 30, 2019, respectively. All MSRs are initially measured and recorded at fair value at the time loans are sold. Single family MSRs are subsequently carried at fair value with changes in fair value reflected in earnings in the periods in which the changes occur, while multifamily and SBA MSRs are subsequently carried at the lower of amortized cost or fair value. The fair value of MSRs is determined based on the price that would be received to sell the MSRs in an orderly transaction between market participants at the measurement date. The Company determines fair value using a valuation model that calculates the net present value of estimated future cash flows. Estimates of future cash flows include contractual servicing fees, ancillary income and costs of servicing, the timing of which are impacted by assumptions, primarily expected prepayment speeds and discount rates, which relate to the underlying performance of the loans. The fair value measurement of MSRs is adjusted up or down depending on whether the underlying loan pool interest rate is at a premium, discount or par. Key economic assumptions used in measuring the fair value of capitalized single family MSRs were as follows. Three Months Ended September 30, Nine Months Ended September 30, (rates per annum) 2020 2019 2020 2019 Constant prepayment rate ("CPR") (1) 20.0% -30.0% 18.9 % 17.1%-30.0% 18.8 % Discount rate (2) 7.71 % 8.96 % 7.78 % 9.39 % (1) Represents an estimated lifetime average prepayment rate. (2) Discount rate is based on market observations. Key economic assumptions and the sensitivity of the current fair value for single family MSRs to immediate adverse changes in those assumptions were as follows. (dollars in thousands) At September 30, 2020 Fair value of single family MSR $ 47,018 Expected weighted-average life (in years) 4.01 Constant prepayment rate (1) 14.43 % Impact on fair value of 25 basis points adverse change in interest rates $ (2,638) Impact on fair value of 50 basis points adverse change in interest rates $ (5,141) Discount rate 8.11 % Impact on fair value of 100 basis points increase $ (1,063) Impact on fair value of 200 basis points increase $ (2,537) (1) Represents the expected lifetime average. These sensitivities are hypothetical and subject to key assumptions of the underlying valuation model. As the table above demonstrates, the Company's methodology for estimating the fair value of MSRs is highly sensitive to changes in key assumptions. For example, actual prepayment experience may differ and any difference may have a material effect on MSR fair value. Changes in fair value resulting from changes in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, in this table, the effect of a variation in a particular assumption on the fair value of the MSRs is calculated without changing any other assumption; in reality, changes in one factor may be associated with changes in another (for example, decreases in market interest rates may provide an incentive to refinance; however, this may also indicate a slowing economy and an increase in the unemployment rate, which reduces the number of borrowers who qualify for refinancing), which may magnify or counteract the sensitivities. Thus, any measurement of MSR fair value is limited by the conditions existing and assumptions made as of a particular point in time. Those assumptions may not be appropriate if they are applied to a different point in time. In March 2019, the Company successfully closed and settled two sales of the rights to service an aggregate of $14.3 billion in total unpaid principal balance of single family mortgage loans serviced for Fannie Mae, Ginnie Mae and Freddie Mac. These sales resulted in a $333 thousand pre-tax income and $941 thousand pre-tax loss from discontinued operations for the three and nine months ended September 30, 2019, respectively. The changes in single family MSRs measured at fair value are as follows. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Beginning balance $ 47,804 $ 67,723 $ 68,109 $ 252,168 Additions and amortization: Originations 6,569 6,422 12,942 23,893 Sales — — — (176,944) Amortization (1) (4,401) (4,489) (12,246) (16,894) Net additions and amortization 2,168 1,933 696 (169,945) Changes in fair value assumptions (2) (2,954) (7,833) (21,787) (20,400) Ending balance $ 47,018 $ 61,823 $ 47,018 $ 61,823 (1) Represents changes due to collection/realization of expected cash flows and curtailments. (2) Principally reflects changes in model assumptions, including prepayment sped assumptions, which are primarily reflected by changes in mortgage interest rates. MSRs resulting from the sale of multifamily loans are recorded at fair value and subsequently carried at the lower of amortized cost or fair value. Multifamily MSRs are amortized in proportion to, and over, the estimated period the net servicing income will be collected. The changes in multifamily MSRs measured at the lower of amortized cost or fair value were as follows. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Beginning balance $ 30,583 $ 27,227 $ 29,494 $ 28,328 Origination 2,524 2,770 6,129 3,930 Amortization (1,301) (1,196) (3,817) (3,457) Ending balance $ 31,806 $ 28,801 $ 31,806 $ 28,801 |
GUARANTEES
GUARANTEES | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
GUARANTEES | GUARANTEES: In the ordinary course of business, the Company sells and services loans through the Fannie Mae Multifamily DUS ® program and shares in the risk of loss with Fannie Mae under the terms of the DUS ® contracts (pari passu loss sharing agreement). Under such agreements, the Company and Fannie Mae share losses on a pro rata basis, where the Company is responsible for losses incurred up to one-third of the principal balance on each loan and with two-thirds of the loss covered by Fannie Mae. For loans that have been sold through this program, a liability is recorded for this loss sharing arrangement under the accounting guidance for guarantees. As of September 30, 2020 and December 31, 2019, the total unpaid principal balance of loans sold under this program was $1.6 billion and $1.5 billion, respectively. The Company's reserve liability related to this arrangement totaled $2.2 million and $2.8 million at September 30, 2020 and December 31, 2019, respectively. There were no actual losses incurred under this arrangement during the three and nine months ended September 30, 2020 and 2019. In the ordinary course of business, the Company sells residential mortgage loans to GSEs and other entities. In addition, the Company pools FHA-insured and VA-guaranteed mortgage loans into Ginnie Mae guaranteed mortgage-backed securities. The Company has made representations and warranties that the loans sold meet certain requirements. The Company may be required to repurchase mortgage loans or indemnify loan purchasers due to defects in the origination process of the loan, such as documentation errors, underwriting errors and judgments, early payment defaults and fraud. These obligations expose the Company to mark-to-market and credit losses on the repurchased mortgage loans after accounting for any mortgage insurance that we may receive. Generally, the maximum amount of future payments the Company would be required to make for breaches of these representations and warranties would be equal to the unpaid principal balance of such loans that are deemed to have defects that were sold to purchasers plus, in certain circumstances, accrued and unpaid interest on such loans and certain expenses. The Company does not typically receive repurchase requests from the FHA or VA. As an originator of FHA-insured or VA-guaranteed loans, the Company is responsible for obtaining the insurance with FHA or the guarantee with the VA. If loans are later found not to meet the requirements of FHA or VA, through required internal quality control reviews or through agency audits, the Company may be required to indemnify FHA or VA against losses. The Company's mortgage repurchase liability incorporates probable losses associated with such indemnification. |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | FAIR VALUE MEASUREMENT: Valuation Processes The Company has various processes and controls in place to ensure that fair value measurements are reasonably estimated. The Finance Committee of the Board provides oversight and approves the Company's Asset/Liability Management Policy ("ALMP"). The Company's ALMP governs, among other things, the application and control of the valuation models used to measure fair value. On a quarterly basis, the Company's Asset/Liability Management Committee ("ALCO") and the Finance Committee of the Board review significant modeling variables used to measure the fair value of the Company's financial instruments, including the significant inputs used in the valuation of single family MSRs. Additionally, ALCO periodically obtains an independent review of the MSR valuation process and procedures, including a review of the model architecture and the valuation assumptions. The Company obtains an MSR valuation from an independent valuation firm monthly to assist with the validation of the fair value estimate and the reasonableness of the assumptions used in measuring fair value. The Company's real estate valuations are overseen by the Company's appraisal department, which is independent of the Company's lending and credit administration functions. The appraisal department maintains the Company's appraisal policy and recommends changes to the policy subject to approval by the Company's Loan Committee and the Credit Committee of the Board. The Company's appraisals are prepared by independent third-party appraisers and the Company's internal appraisers. Single family appraisals are generally reviewed by the Company's single family loan underwriters. Single family appraisals with unusual, higher risk or complex characteristics, as well as commercial real estate appraisals, are reviewed by the Company's appraisal department. We obtain pricing from third party service providers for determining the fair value of a substantial portion of our investment securities AFS. We have processes in place to evaluate such third party pricing services to ensure information obtained and valuation techniques used are appropriate. For fair value measurements obtained from third party services, we monitor and review the results to ensure the values are reasonable and in line with market experience for similar classes of securities. While the inputs used by the pricing vendor in determining fair value are not provided and therefore unavailable for our review, we do perform certain procedures to validate the values received, including comparisons to other sources of valuation (if available), comparisons to other independent market data and a variance analysis of prices by Company personnel that are not responsible for the performance of the investment securities. Estimation of Fair Value Fair value is based on quoted market prices, when available. In cases where a quoted price for an asset or liability is not available, the Company uses valuation models to estimate fair value. These models incorporate inputs such as forward yield curves, loan prepayment assumptions, expected loss assumptions, market volatilities and pricing spreads utilizing market-based inputs where readily available. The Company believes its valuation methods are appropriate and consistent with those that would be used by other market participants. However, imprecision in estimating unobservable inputs and other factors may result in these fair value measurements not reflecting the amount realized in an actual sale or transfer of the asset or liability in a current market exchange. The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions and classification of the Company's assets and liabilities. Asset/Liability class Valuation methodology, inputs and assumptions Classification Investment securities Investment securities AFS Observable market prices of identical or similar securities are used where available. Level 2 recurring fair value measurement. If market prices are not readily available, value is based on discounted cash flows using the following significant inputs: • Expected prepayment speeds • Estimated credit losses • Market liquidity adjustments Level 3 recurring fair value measurement. LHFS Single family loans, excluding loans transferred from held for investment Fair value is based on observable market data, including: • Quoted market prices, where available • Dealer quotes for similar loans • Forward sale commitments Level 2 recurring fair value measurement. When not derived from observable market inputs, fair value is based on discounted cash flows, which considers the following inputs: • Benchmark yield curve • Estimated discount spread to the benchmark yield curve • Expected prepayment speeds Estimated fair value classified as Level 3. Mortgage servicing rights Single family MSRs For information on how the Company measures the fair value of its single family MSRs, including key economic assumptions and the sensitivity of fair value to changes in those assumptions, see Note 7 , Mortgage Banking Operations . Level 3 recurring fair value measurement. Derivatives Eurodollar futures Fair value is based on closing exchange prices. Level 1 recurring fair value measurement. Interest rate swaps Fair value is based on quoted prices for identical or similar instruments, when available. Level 2 recurring fair value measurement. Interest rate lock commitments The fair value considers several factors including: • Fair value of the underlying loan based on quoted prices in the secondary market, when available. • Value of servicing • Fall-out factor Level 3 recurring fair value measurement. The following table presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a recurring basis. (in thousands) Fair Value at September 30, 2020 Level 1 Level 2 Level 3 Assets: Investment securities AFS Mortgage backed securities: Residential $ 60,453 $ — $ 57,739 $ 2,714 Commercial 45,986 — 45,986 — Collateralized mortgage obligations: Residential 263,886 — 263,886 — Commercial 163,207 — 163,207 — Municipal bonds 556,634 — 556,634 — Corporate debt securities 15,159 — 15,076 83 Agency debentures 1,846 — 1,846 — Single family LHFS 159,834 — 159,834 — Single family LHFI 7,638 — — 7,638 Single family mortgage servicing rights 47,018 — — 47,018 Derivatives Forward sale commitments 799 — 799 — Interest rate lock commitments 20,963 — — 20,963 Interest rate swaps 30,279 — 30,279 — Total assets $ 1,373,702 $ — $ 1,295,286 $ 78,416 Liabilities: Derivatives Eurodollar futures $ 5 $ 5 $ — $ — Forward sale commitments 2,186 — 2,186 — Interest rate lock and purchase loan commitments 3 — — 3 Interest rate swaps 26,057 — 26,057 — Total liabilities $ 28,251 $ 5 $ 28,243 $ 3 (in thousands) Fair Value at December 31, 2019 Level 1 Level 2 Level 3 Assets: Investment securities AFS Mortgage backed securities: Residential $ 91,695 $ — $ 89,831 $ 1,864 Commercial 38,025 — 38,025 — Collateralized mortgage obligations: Residential 291,618 — 291,618 — Commercial 156,154 — 156,154 — Municipal bonds 341,318 — 341,318 — Corporate debt securities 18,661 — 18,573 88 U.S. Treasury securities 1,307 — 1,307 — Single family LHFS (1) 105,458 — 105,458 — Single family LHFI 3,468 — — 3,468 Single family mortgage servicing rights 68,109 — — 68,109 Derivatives Eurodollar futures 3 3 — — Forward sale commitments 830 — 830 — Interest rate lock commitments 2,281 — — 2,281 Interest rate swaps 27,097 — 27,097 — Total assets $ 1,146,024 $ 3 $ 1,070,211 $ 75,810 Liabilities: Derivatives Forward sale commitments $ 492 $ — $ 492 $ — Interest rate lock commitments 58 — — 58 Interest rate swaps 10,889 — 10,889 — Total liabilities $ 11,439 $ — $ 11,381 $ 58 (1) Includes both continuing and discontinued operations. There were no transfers between levels of the fair value hierarchy during the three and nine months ended September 30, 2020 and 2019. Level 3 Recurring Fair Value Measurements The Company's Level 3 recurring fair value measurements consist of investment securities AFS, single family MSRs, single family LHFI where fair value option was elected, certain single family LHFS and interest rate locks and purchase loan commitments, which are accounted for as derivatives. For information regarding fair value changes and activity for single family MSRs during the three and nine months ended September 30, 2020 and 2019, see Note 7, Mortgage Banking Operations of this Quarterly Report on Form 10-Q. The fair value of IRLCs considers several factors, including the fair value in the secondary market of the underlying loan resulting from the exercise of the commitment, the expected net future cash flows related to the associated servicing of the loan (referred to as the value of servicing) and the probability that the commitment will not be converted into a funded loan (referred to as a fall-out factor). The fair value of IRLCs on LHFS, while based on interest rates observable in the market, is highly dependent on the ultimate closing of the loans. The significance of the fall-out factor to the fair value measurement of an individual IRLC is generally highest at the time that the rate lock is initiated and declines as closing procedures are performed and the underlying loan gets closer to funding. The fall-out factor applied is based on historical experience. The value of servicing is impacted by a variety of factors, including prepayment assumptions, discount rates, delinquency rates, contractually specified servicing fees, servicing costs and underlying portfolio characteristics. Because these inputs are not observable in market trades, the fall-out factor and value of servicing are considered to be level 3 inputs. The fair value of IRLCs decreases in value upon an increase in the fall-out factor and increases in value upon an increase in the value of servicing. Changes in the fall-out factor and value of servicing do not increase or decrease based on movements in other significant unobservable inputs. The Company recognizes unrealized gains and losses from the time that an IRLC is initiated until the gain or loss is realized at the time the loan closes, which generally occurs within 30-90 days. For IRLCs that fall out, any unrealized gain or loss is reversed, which generally occurs at the end of the commitment period. The gains and losses recognized on IRLC derivatives generally correlates to volume of single family interest rate lock commitments made during the reporting period (after adjusting for estimated fallout) while the amount of unrealized gains and losses realized at settlement generally correlates to the volume of single family closed loans during the reporting period. The Company uses the discounted cash flow model to estimate the fair value of certain loans that have been transferred from held for sale to held for investment and single family LHFS when the fair value of the loans is not derived using observable market inputs. The key assumption in the valuation model is the implied spread to benchmark interest rate curve. The implied spread is not directly observable in the market and is derived from third party pricing which is based on market information from comparable loan pools. The fair value estimate of these certain single family loans that have been transferred from held for sale to held for investment and these certain single family LHFS are sensitive to changes in the benchmark interest rate which might result in a significantly higher or lower fair value measurement. The Company transferred certain loans from held for sale to held for investment. These loans were originated as held for sale loans where the Company had elected fair value option. The Company determined these loans to be level 3 recurring assets as the valuation technique included a significant unobservable input. The total amount of held for investment loans where fair value option election was made was $7.6 million and $3.5 million at September 30, 2020 and December 31, 2019, respectively. The following information presents significant Level 3 unobservable inputs used to measure fair value of certain investment securities AFS. (dollars in thousands) Fair Value Valuation Significant Unobservable Low High Weighted Average September 30, 2020 Investment securities AFS $ 2,797 Income approach Implied spread to benchmark interest rate curve 2.00% 2.00% 2.00% December 31, 2019 Investment securities AFS 1,952 Income approach Implied spread to benchmark interest rate curve 2.00% 2.00% 2.00% The following information presents significant Level 3 unobservable inputs used to measure fair value of single family LHFI where fair value option was elected. (dollars in thousands) Fair Value Valuation Significant Unobservable Low High Weighted Average September 30, 2020 LHFI, fair value option $ 7,638 Income approach Implied spread to benchmark interest rate curve 4.07% 21.37% 7.84% December 31, 2019 LHFI, fair value option 3,468 Income approach Implied spread to benchmark interest rate curve 4.56% 6.87% 5.63% The following information presents significant Level 3 unobservable inputs used to measure fair value of certain single family LHFS where fair value option was elected. We had no LHFS with fair value option that were subject to Level 3 fair value due to a significant unobservable input at September 30, 2020 and December 31, 2019. The following information presents significant Level 3 unobservable inputs used to measure fair value of interest rate lock and purchase loan commitments. (dollars in thousands) Fair Value Valuation Significant Unobservable Low High Weighted Average September 30, 2020 Interest rate lock commitments $ 20,960 Income approach Fall-out factor 1.21% 37.39% 15.39% Value of servicing 0.38% 1.47% 1.02% December 31, 2019 Interest rate lock commitments 2,223 Income approach Fall-out factor —% 59.69% 12.20% Value of servicing 0.55% 1.77% 1.14% The following table presents fair value changes and activity for Level 3 investment securities AFS. Beginning balance Additions Transfers Payoffs/Sales Change in mark to market Ending balance (in thousands) Three Months Ended September 30, 2020 Investment securities AFS $ 2,861 $ — $ — $ (48) $ (16) $ 2,797 Three Months Ended September 30, 2019 Investment securities AFS 1,981 — — (40) 83 $ 2,024 Nine Months Ended September 30, 2020 Investment securities AFS 1,952 985 — (387) 247 $ 2,797 Nine Months Ended September 30, 2019 Investment securities AFS — — 2,379 (120) (235) $ 2,024 The following tables present fair value changes and activity for Level 3 LHFS and LHFI. Beginning balance Additions Transfers Payoffs/Sales Change in mark to market Ending balance (in thousands) Three Months Ended September 30, 2020 LHFI $ 5,847 $ 2,169 $ — $ (352) $ (26) $ 7,638 Three Months Ended September 30, 2019 LHFS 4,427 2,393 — (686) (57) 6,077 LHFI 4,475 789 — — 31 5,295 Nine Months Ended September 30, 2020 LHFI 3,468 5,515 — (1,135) (210) $ 7,638 Nine Months Ended September 30, 2019 LHFS 2,691 5,060 — (1,595) (79) 6,077 LHFI 4,057 1,788 — (606) 56 5,295 The following table presents fair value changes and activity for Level 3 interest rate lock and purchase loan commitments. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Beginning balance, net $ 17,967 $ 8,624 $ 2,223 $ 10,284 Total realized/unrealized gains 18,285 1,243 46,313 34,655 Settlements (15,292) (5,831) (27,576) (40,903) Ending balance, net $ 20,960 $ 4,036 $ 20,960 $ 4,036 Nonrecurring Fair Value Measurements Certain assets held by the Company are not included in the tables above, but are measured at fair value on a quarterly basis. These assets include certain LHFI and OREO that are carried at the lower of cost or fair value of the underlying collateral, less the estimated cost to sell. The estimated fair values of real estate collateral are generally based on internal evaluations and appraisals of such collateral, which use the market approach and income approach methodologies. The fair value of commercial properties are generally based on third-party appraisals that consider recent sales of comparable properties, including their income-generating characteristics, adjusted (generally based on unobservable inputs) to reflect the general assumptions that a market participant would make when analyzing the property for purchase. The Company uses a fair value of collateral technique to apply adjustments to the appraisal value of certain commercial LHFI that are collateralized by real estate. The Company uses a fair value of collateral technique to apply adjustments to the stated value of certain commercial LHFI that are not collateralized by real estate. During the three and nine months ended September 30, 2020 and 2019, the Company did not apply any adjustments to the appraisal value of OREO. Residential properties are generally based on unadjusted third-party appraisals. Factors considered in determining the fair value include geographic sales trends, the value of comparable surrounding properties as well as the condition of the property. These commercial and residential appraisal adjustments include management assumptions that are based on the type of collateral dependent loan and may increase or decrease an appraised value. Management adjustments vary significantly depending on the location, physical characteristics and income producing potential of each individual property. The quality and volume of market information available at the time of the appraisal can vary from period-to-period and cause significant changes to the nature and magnitude of the unobservable inputs used. Given these variations, changes in these unobservable inputs are generally not a reliable indicator for how fair value will increase or decrease from period to period. The following tables present assets that had changes in their recorded fair value during the three and nine months ended September 30, 2020 and 2019 and assets held at the end of the respective reporting period. At or for the Three Months Ended September 30, 2020 (in thousands) Fair Value of Assets Held at September 30, 2020 Level 1 Level 2 Level 3 Total Gains (Losses) LHFI (1) $ 3,302 $ — $ — $ 3,302 $ (2,054) At or for the Three Months Ended September 30, 2019 (in thousands) Fair Value of Assets Held at September 30, 2019 Level 1 Level 2 Level 3 Total Gains (Losses) LHFI (1) $ 266 $ — $ — $ 266 $ (2) At or for the Nine Months Ended September 30, 2020 (in thousands) Fair Value of Assets Held at September 30, 2020 Level 1 Level 2 Level 3 Total Gains (Losses) LHFI (1) $ 3,302 $ — $ — $ 3,302 $ (2,184) At or for the Nine Months Ended September 30, 2019 (in thousands) Fair Value of Assets Held at September 30, 2019 Level 1 Level 2 Level 3 Total Gains (Losses) LHFI (1) $ 266 $ — $ — $ 266 $ (2) (1) Represents the carrying value of loans for which adjustments are based on the fair value of the collateral. Fair Value of Financial Instruments The following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for the Company's financial instruments other than assets and liabilities measured at fair value on a recurring basis. At September 30, 2020 (in thousands) Carrying Fair Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 79,066 $ 79,066 $ 79,066 $ — $ — Investment securities held to maturity 4,297 4,531 — 4,531 — LHFI 5,221,839 5,476,679 — — 5,476,679 LHFS – multifamily and other 261,903 261,903 — 261,903 — Mortgage servicing rights – multifamily 31,806 35,181 — — 35,181 Federal Home Loan Bank stock 26,584 26,584 — 26,584 — Other assets - GNMA EBO loans 115,111 115,111 — — 115,111 Liabilities: Certificates of deposit $ 1,174,839 $ 1,181,025 $ — $ 1,181,025 $ — Borrowings 514,590 516,112 516,112 Long-term debt 125,791 115,671 — 115,671 — At December 31, 2019 (in thousands) Carrying Fair Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 57,880 $ 57,880 $ 57,880 $ — $ — Investment securities HTM 4,372 4,501 — 4,501 — LHFI 5,069,316 5,139,078 — — 5,139,078 LHFS – multifamily and other 128,841 130,720 — 130,720 — Mortgage servicing rights – multifamily 29,494 32,738 — — 32,738 Federal Home Loan Bank stock 22,399 22,399 — 22,399 — Liabilities: Certificates of deposit $ 1,614,533 $ 1,622,879 $ — $ 1,622,879 $ — Federal Home Loan Bank advances 346,590 347,949 — 347,949 — Federal funds purchased and securities sold under agreements to repurchase 125,000 125,101 125,101 — — Long-term debt 125,650 115,011 — 115,011 — |
EARNINGS PER SHARE
EARNINGS PER SHARE | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
EARNINGS PER SHARE | EARNINGS PER SHARE: The following table summarizes the calculation of earnings per share. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share data) 2020 2019 2020 2019 EPS numerator: Income from continuing operations $ 26,349 $ 13,665 $ 52,392 $ 27,615 Undistributed dividends and earnings for share repurchase — (324) — (633) Income from continuing operations available to common shareholders 26,349 13,341 52,392 26,982 Income (loss) from discontinued operations — 162 — (21,091) Net income available to common shareholders $ 26,349 $ 13,503 $ 52,392 $ 5,891 EPS denominator: Weighted average shares: Basic weighted-average number of common shares outstanding 22,665,069 24,419,793 23,226,109 26,020,172 Dilutive effect of outstanding common stock equivalents (1) 212,157 206,145 177,620 184,242 Diluted weighted-average number of common stock outstanding 22,877,226 24,625,938 23,403,729 26,204,414 Net income (loss) per share Basic: Income from continuing operations $ 1.16 $ 0.55 $ 2.26 $ 1.04 Income (loss) from discontinued operations — 0.01 — (0.81) Total $ 1.16 $ 0.55 $ 2.26 $ 0.23 Diluted: Income from continuing operations $ 1.15 $ 0.54 $ 2.24 $ 1.03 Income (loss) from discontinued operations — 0.01 — (0.80) Total $ 1.15 $ 0.55 $ 2.24 $ 0.22 |
RESTRUCTURING
RESTRUCTURING | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
RESTRUCTURING | RESTRUCTURING: In 2019, we took steps to restructure our corporate operations in order to improve productivity and reduce total corporate expenses in light of a substantial reduction in the size and complexity of our Company and a lower growth plan going forward. Throughout 2019, we began executing this restructuring plan which included: • Simplifying the organizational structure by reducing management levels and management redundancy • Consolidating similar functions currently residing in multiple organizations • Renegotiating, where possible, our technology contracts • Identifying and eliminating redundant or unnecessary systems and services • Rationalizing staffing appropriate to recognize the significant changes in work volumes and company direction • Eliminating excess occupancy costs consistent with reduced personnel The costs incurred include severance, retention, facility related charges and consulting fees. These restructuring activities and related costs have continued into 2020. Also in 2019, in connection with the Board of Directors approved plan of exit or disposal of our stand-alone home loan-center based mortgage origination business and related mortgage servicing, the Company restructured certain aspects of its infrastructure and back office operations, which resulted in certain indirect severance and other employee related costs and impairment charges related to certain facilities and information systems. Restructuring charges primarily consist of facility-related costs and severance costs and are included in the occupancy and the compensation and benefits expense line items on our consolidated income statements in the applicable periods. The following tables summarize the restructuring charges recognized during the three and nine months ended September 30, 2020 and 2019 and the Company's net remaining liability balance at September 30, 2020. As of or for the quarter ended September 30, 2020 2019 Facility-related costs Personnel-related costs Other costs Total Facility-related costs Personnel- related costs Other costs Total (in thousands) Beginning balance $ 1,695 $ 171 $ 86 $ 1,952 $ 1,423 $ 562 $ 22 $ 2,007 Transfers-In (630) — — (630) — — — — Restructuring charges 1,736 164 232 2,132 6 168 — 174 Costs paid or otherwise settled (1,010) (150) (229) (1,389) (173) (480) — (653) Ending balance $ 1,791 $ 185 $ 89 $ 2,065 $ 1,256 $ 250 $ 22 $ 1,528 As of or for the nine months ended September 30, 2020 2019 Facility-related costs Personnel-related costs Other costs Total Facility-related costs Personnel- related costs Other costs Total (in thousands) Beginning balance $ 1,235 $ 510 $ 159 $ 1,904 $ 1,604 $ — $ — $ 1,604 Transfers-In (133) 707 — 574 — — — — Restructuring charges 4,183 299 1,018 5,500 200 1,168 147 1,515 Costs paid or otherwise settled (3,494) (1,331) (1,088) (5,913) (548) (918) (125) (1,591) Ending balance $ 1,791 $ 185 $ 89 $ 2,065 $ 1,256 $ 250 $ 22 $ 1,528 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENT | SUBSEQUENT EVENT:On October 22, 2020 the Board authorized a dividend of $0.15 per share, payable on November, 23, 2020 to shareholders of record on November 6, 2020. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | The Company's accounting and financial reporting policies conform with accounting principles generally accepted in the United States of America ("GAAP"). Inter-company balances and transactions have been eliminated in consolidation. 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 financial statements and revenues and expenses during the reporting periods and related disclosures. |
Reclassifications | We have reclassified certain amounts in our consolidated financial statements for prior periods to conform with our current presentation.Immaterial Restatement: Subsequent to issuance of the June 30, 2020 financial statements, management concluded that purchases of and proceeds from the sale of Federal Home Loan Bank stock were incorrectly classified as financing activities, rather than investing activities, in the consolidated statements of cash flows. To correct this classification error, amounts previously reported for the purchases of and proceeds from the sale of Federal Home Loan Bank stock for the nine months ended September 30, 2019 as financing activities are reported as investing activities in the consolidated statement of cash flows. |
Risks and Uncertainties | Risks and Uncertainties The worldwide spread of coronavirus (“COVID-19”) has created significant uncertainty in the global, national, regional and local economies. There have been no comparable recent events that provide guidance to the effects of the spread of COVID-19 as a global pandemic may have, and, as a result, the near-term, short-term and ultimate impacts of COVID-19 and the extent to which COVID-19 impacts the Company’s business, results of operations and financial condition will depend on future developments, which are highly uncertain and difficult to predict. |
Share Repurchase Program | Share Repurchase ProgramAt the beginning of 2020, the Company had in place a share repurchase program under which the Company could purchase up to $8.1 million of its common stock. During the first quarter of 2020 and again in the third quarter of 2020, the Board authorized two additional programs, each for the repurchase of an additional $25 million of the Company’s common stock. During the first nine months of 2020, the Company repurchased 1,995,845 shares of its common stock at an average price of $26.03 per share. |
Recent Accounting Developments | Recent Accounting Developments In December 2019, the Financial Accounting Standards Board ("FASB") issued ASU No 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes” (“ASU 2019-12”). ASU 2019-12 removes certain exceptions to the general principles in Topic 740 in Generally Accepted Accounting Principles. ASU 2019-12 is effective for public entities for fiscal years beginning after December 15, 2020, with early adoption permitted. The Company does not expect ASU 2019-12 to have a material effect on the Company’s current financial position, results of operations or financial statement disclosures. On January 1, 2020, the Company adopted ASU 2016-13 Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which replaces the incurred loss methodology ("ALLL") with an expected loss methodology that is referred to as the current expected credit losses ("CECL") methodology. The measurement of the expected credit losses under the CECL methodology is applicable to financial assets measured at amortized cost, including loan receivables and held-to-maturity debt securities. It also applies to off-balance sheet credit exposures such as loan commitments. In addition, ASC 326 made changes to the accounting for credit losses for AFS debt securities. The Company adopted CECL using the modified retrospective method for all financial assets measured at amortized cost and off-balance sheet ("OBS") credit exposure. Results for reporting periods beginning after January 1, 2020 are presented under ASC 326 while prior period amounts continue to be reported in accordance with previously applicable GAAP. The Company recorded a decrease of $3.7 million to the beginning balance of retained earnings on January 1, 2020 for the cumulative effect of adopting this guidance. |
Allowance for Credit Losses | Allowance for Credit Losses for LHFI The allowance for credit losses ("ACL") for LHFI is a valuation account that is deducted from the loans amortized cost basis to present the net amount expected to be collected on the loans. Loan balances are charged off against the allowance when management believes the non-collectability of a loan balance is confirmed. Expected recoveries may not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The ACL for LHFI, as reported in our consolidated balance sheets, is adjusted by a provision for credit losses and reduced by the charge-offs of loan amounts, net of recoveries. Management estimates the ACL balance using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix or delinquency levels or other relevant factors. The credit loss estimation process involves procedures to appropriately consider the unique characteristics of its two loan portfolio segments, the consumer loan portfolio segment and the commercial loan portfolio segment. These two segments are further disaggregated into loan pools, the level at which credit risk is monitored. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes loan pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Determining the appropriateness of the ACL is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods, evaluations of the overall loan portfolio, based on the factors and forecasts then prevailing, may result in material changes in the ACL and provision for credit losses in those future periods. Credit Loss Measurement The allowance level is influenced by current conditions related to loan volumes, loan asset quality ratings ("AQR") migration or delinquency status, historic loss experience and other conditions influencing loss expectations, such as reasonable and supportable forecasts of economic conditions. The methodology for estimating the amount of expected credit losses has two basic components: first, a pooled component for estimated expected credit losses for pools of loans that share similar risk characteristics and second an asset-specific component involving individual loans that do not share risk characteristics with other loans and the measurement of expected credit losses for such individual loans. Loans that Share Similar Risk Characteristics with Other Loans In estimating the component of the ACL, for loans that share similar risk characteristics with other loans, loans are segregated into loan pools based on similar risk characteristics, like product types or areas of risk concentration. The Company's ACL model methodology is to build a reserve rate using historical life of loan default rates combined with assessments of current loan portfolio information and forecasted economic environment and business cycle information. The model uses statistical analysis to determine the life of loan default rates for the quantitative component and analyzes qualitative factors (Q-Factors) that assess the current loan portfolio conditions and forecasted economic environment. Below is the general overview our ACL model. Historical Loss Rate The Company chose to analyze loan data from a full economic cycle, to the extent that data was available, to calculate life of loan loss rates. Based on the current economic environment and available loan level data, it was determined the Loss Horizon Period (LHP) should begin prior to the economic recession that began in 2007. The Company plans to monitor and review the LHP on an annual basis to determine appropriate time frames to be included based on economic indicators. Under CECL, the Company groups pools of loans by similar risk characteristics. Using these pools, sub-pools are established at a more granular level incorporating delinquency status and original FICO or original LTV (for consumer loans) and risk ratings (for commercial loans). Using the pool and sub-pool structure, cohorts are established historically on a quarterly basis containing the population in these sets as of that point in time. After the establishment of these cohorts, the loans within the cohorts are then tracked from that point forward to establish long-term Probability of Default ("PD") at the sub-pool level and Loss Given Default ("LGD") for the pool level. These historical cohorts and their PD/LGD outcomes are then averaged together to establish expected PDs and LGDs for each sub-pool. Once historical cohorts are established, the loans in the cohort are tracked moving forward for default events. The Company has defined default events as the first dollar of loss. If a loan in the cohort has experienced a default event over the LHP then the balance of the loan at the time of cohort establishment becomes part of the numerator of the PD calculation. The Loss Given Probability of Default ("LGPD") or Expected Loss ("EL") is the weighted average PD for each sub-pool cohort times the average LGD for each pool. The output from the model then is a series of EL rates for each loan sub-pool, which are applied to the related outstanding balances for each loan sub-pool to determine the ACL reserve based on historical loss rates. Q-Factors The Q-Factors adjust the expected historic loss rates for current and forecasted conditions that are not provided for in the historical loss information. The Company has established a methodology for adjusting historical expected loss rates based on these more recent or forecasted changes. The Q-Factor methodology is based on a blend of quantitative analysis and management judgment and reviewed on a quarterly basis. Each of the thirteen factors in the FASB standard were analyzed for common risk characteristics and grouped into seven consolidated Q-Factors as listed below. Qualitative Factor Financial Instruments - Credit Losses Portfolio Credit Quality The borrower's financial condition, credit rating, credit score, asset quality or business prospects The borrower's ability to make scheduled interest or principal payments The volume and severity of past due financial assets and the volume and severity of adversely classified or rated financial assets Remaining Payments The remaining payment terms of the financial assets The remaining time to maturity and the timing and extent of prepayments on the financial assets Volume & Nature The nature and volume of the entity's financial assets Collateral Values The value of underlying collateral on financial assets in which the collateral-dependent practical expedient has not been utilized Economic The environmental factors of a borrower and the areas in which the entity's credit is concentrated, such as: Changes and expected changes in national, regional and local economic and business conditions and developments in which the entity operates, including the condition and expected condition of various market segments Credit Culture The entity's lending policies and procedures, including changes in lending strategies, underwriting standards, collection, write-off and recovery practices, as well as knowledge of the borrower's operations or the borrower's standing in the community The quality of the entity's credit review system The experience, ability and depth of the entity's management, lending staff, and other relevant staff Business Environment The environmental factors of a borrower and the areas in which the entity's credit is concentrated, such as: Regulatory, legal, or technological environment to which the entity has exposure The environmental factors of a borrower and the areas in which the entity's credit is concentrated, such as: Changes and expected changes in the general market condition of either the geographical area or the industry to which the entity has exposure An eighth Q-Factor, Management Overlay, has been created to allow the Bank to adjust specific pools when conditions exist that were not contemplated in the model design that warrant an adjustment. The economic downturn caused by the COVID-19 pandemic and resulting accounting treatment of forbearances is an example of such a condition. The Company has chosen two years as the forecast period based on management judgment and has determined that reasonable and supportable forecasts should be made for two of the Q-Factors: Economic and Collateral values. Management has assigned weightings for each qualitative factor as well as individual metrics within each qualitative factor as to the relative importance of that factor or metric specific to each portfolio type. The Q-Factors above are evaluated using a seven-point scale ranging from significant improvement to significant deterioration. The CECL Q-Factor methodology bounds the Q-Factor adjustments by a minimum and maximum range, based on the Bank’s own historical expected loss rates for each respective pool. The rating of the Q-Factor on the seven-point scale, along with the allocated weight, determines the final expected loss adjustment. The model is constructed so that the total of the Q-Factor adjustments plus the current expected loss rate cannot exceed the maximum or minimum two-year loss rate for that pool, which is aligned with the Bank's chosen forecast period. Loss rates beyond two years are not adjusted in the Q-Factor process and the model reverts to the historical mean loss rates. Management Overlays are not bounded by the historical maximums. Quarterly, loan data is gathered to update the portfolio metrics analyzed in the Q-Factor model. The model is updated with current data and applicable forecasts, then the results are reviewed by management. After consensus is reached on all Q-Factor ratings, the results are input into the Q-Factor model and applied to the pooled loans which are reviewed to determine the adequacy of the reserve. Additional details describing the model by portfolio segment are below: Consumer Loan Portfolio The consumer loan portfolio segment is comprised of the single family and home equity loan classes, which are underwritten after evaluating a borrower's capacity, credit and collateral. Other consumer loans are grouped with home equity loans. Capacity refers to a borrower's ability to make payments on the loan. Several factors are considered when assessing a borrower's capacity, including the borrower's employment, income, current debt, assets and level of equity in the property. Credit refers to how well a borrower manages current and prior debts as documented by a credit report that provides credit scores and current and past information about the borrower's credit history. Collateral refers to the type and use of property, occupancy and market value. Property appraisals are obtained to assist in evaluating collateral. Loan-to-property value and debt-to-income ratios, loan amount and lien position are considered in assessing whether to originate a loan. These borrowers are particularly susceptible to downturns in economic trends such as conditions that negatively affect housing prices, demand for housing and levels of unemployment. Consumer Loan Portfolio Segment Estimated Loss Rate Model Under CECL, the Bank utilizes pools of loans that are grouped by similar risk characteristics: Single Family and Home Equity Loans which includes Consumer loans. Sub-Pools are established at a more granular level for the calculation of PDs, incorporating delinquency status, original FICO and original LTV. Consumer portfolio cohorts are established by grouping each ACL sub-pool at a point in time. Once historical cohorts are established, the loans in the cohort are tracked moving forward for default events. The Q-Factors adjust the expected historic loss rates for current and forecasted conditions that are not provided for in the historical loss information. For Single Family loans all Q-Factors noted above are evaluated. For the Home Equity and Consumer loans, collateral values are not evaluated as the Bank has determined the FICO score trends are a more relevant predictor of default than current collateral value for those types of loans. These factors are evaluated based on current conditions and forecasts (as applicable), using a seven-point scale ranging from significant improvement to significant deterioration. Commercial Loan Portfolio The commercial loan portfolio segment is comprised of the non-owner occupied commercial real estate, multifamily, construction and land development, owner occupied commercial real estate and commercial business loan classes, whose underwriting standards consider the factors described for single family and home equity loan classes as well as others when assessing the borrower's and associated guarantors or other related party’s financial position. These other factors include assessing liquidity, net worth, leverage, other outstanding indebtedness of the borrower, the quality and reliability of cash expected to flow through the borrower (including the outflow to other lenders) and prior known experiences with the borrower. This information is used to assess financial capacity, profitability and experience. Ultimate repayment of these loans is sensitive to interest rate changes, general economic conditions, liquidity and availability of long-term financing. Commercial Loan Portfolio Segment Loss Rate Model The Bank maintained loan classes above but has subdivided the construction and land development, which includes lot, land and acquisition and development loans, into the following ACL reporting pools to more accurately group risk characteristics: Multifamily, Commercial Real Estate, Single Family and Single Family construction to permanent. ACL sub-pools are established at a more granular level for the calculation of PDs, utilizing risk rating. As outlined in the Bank’s policies, commercial loans pools are non-homogenous and are regularly assessed for credit quality. For purposes of CECL, loans are sub-pooled according to the following AQR Ratings: • 1-6: These loans meet the definition of “Pass" assets. They are well protected by the current net worth and paying capacity of the obligor (or guarantors, if any) or by the fair value, less costs to acquire and sell in a timely manner, of any underlying collateral. The Bank further uses the available AQR ratings for components of the sub-pools. • 7: These loans meet the regulatory definition of “Special Mention.” They contain potential weaknesses, that if uncorrected may result in deterioration of the likelihood of repayment or in the Bank’s credit position. • 8: These loans meet the regulatory definition of “Substandard”. They are inadequately protected by the current sound worth and paying capacity of the borrower or of the collateral pledged, if any. They have well-defined weaknesses and have unsatisfactory characteristics causing unacceptable levels of risk. Commercial segment cohorts are established by grouping each ACL sub-pool at a point in time. Once historical cohorts are established, the loans in the cohort are tracked moving forward for default events. The Q-Factors adjust the expected historic loss rates for current and forecasted conditions that are not provided for in the historical loss information. All the Q-Factors noted above are evaluated for Commercial portfolio loans except for Commercial Business and Owner Occupied Commercial Real Estate ("CRE") loans which exclude the collateral values Q-Factor. The Company has determined that these loans are primarily underwritten by evaluating the cash flow of the business and not the underlying collateral. Factors above are evaluated based on current conditions and forecasts (as applicable), using a seven-point scale ranging from significant improvement to significant deterioration. Loans That Do Not Share Risk Characteristics with Other Loans For a loan that does not share risk characteristics with other loans, expected credit loss is measured on net realizable value that is the difference between the discounted value of the expected future cash flows, based on the original effective interest rate and the amortized cost basis of the loan. For these loans, we recognize expected credit loss equal to the amount by which the net realizable value of the loan is less than the amortized cost basis of the loan (which is net of previous charge-offs and deferred loan fees and costs), except when the loan is collateral dependent, which is when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. In these cases, expected credit loss is measured as the difference between the amortized cost basis of the loan and the fair value of the collateral. The fair value of the collateral is adjusted for the estimated costs to sell if repayment or satisfaction of a loan is dependent on the sale (rather than only on the operation) of the collateral. The starting point for determining the fair value of collateral is through obtaining external appraisals. Generally, collateral values for collateral dependent loans are updated every twelve months, either from external third parties or in-house certified appraisers. A third-party appraisal is required at least annually for substandard loans and OREO. Third party appraisals are obtained from a pre-approved list of independent, third party, local appraisal firms. Approval and addition to the list is based on experience, reputation, character, consistency and knowledge of the respective real estate market. Generally, appraisals are internally reviewed by the appraisal services group to ensure the quality of the appraisal and the expertise and independence of the appraiser. For performing consumer segment loans secured by real estate that are classified as collateral dependent, the Bank determines the fair value estimates quarterly using automated valuation services. Once the expected loss amount is determined, an allowance is recorded equal to the calculated expected credit loss and included in the ACL. If the calculated expected loss is determined to be permanent or not recoverable, the expected credit loss will be charged off. Factors considered by management in determining if the expected credit loss is permanent or not recoverable include whether management judges the loan to be uncollectible, repayment is deemed to be protracted beyond reasonable time frames, or the loss becomes evident owing to the borrower's lack of assets or, for single family loans, the loan is 180 days or more past due unless both well-secured and in the process of collection. Allowance for Credit Losses for Off-Balance Sheet Credit Exposures The Bank estimates expected credit losses over the contractual period in which the Bank is exposed to risk via a contractual obligation to extend credit, unless that obligation is unconditionally cancellable by the Bank. Reserves are required for OBS credit exposures that are not unconditionally cancellable. The allowance for credit losses on unfunded loan commitments is based on an estimate of unfunded commitment utilization over the life of the loan, applying the EL to the estimated utilization balance as of the reporting period. As these estimated credit loss calculations are similar to the funded LHFI they share similar risks plus the additional risk from estimating commitment utilization. Allowance for Credit Losses for Other Financial Instruments The Company evaluates AFS securities in an unrealized loss position, using a qualitative approach, at the end of each quarter to determine whether the decline in value is temporary or permanent. An unrealized loss exists when the fair value of an individual security is less than its amortized cost basis. When qualitative factors indicate that a credit loss may exist, the Company compares the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. The Company recognizes an ACL measured as the difference between the present value of expected cash flows and the amortized cost basis of the security, limited by the amount that the security’s fair value is less than its amortized cost basis. The Company does not believe any of these securities that were in an unrealized loss position at September 30, 2020 represent a credit loss impairment. |
Derivatives and Hedging Activities | To reduce the risk of significant interest rate fluctuations on the value of certain assets and liabilities, such as certain mortgage LHFS or MSRs, the Company utilizes derivatives, such as forward sale commitments, futures, option contracts, interest rate swaps and interest rate swaptions as risk management instruments in its hedging strategy. Derivative transactions are measured in terms of notional amount, which is not recorded in the consolidated balance sheets. The notional amount is generally not exchanged and is used as the basis for interest and other contractual payments. Derivatives are reported at their respective fair values in the other assets or accounts payable and other liabilities line items on the consolidated balance sheets, with changes in fair value recognized in current period earnings. As permitted under U.S. GAAP, the Company nets derivative assets and liabilities when a legally enforceable master netting agreement exists between the Company and the derivative counterparty, which are documented under industry standard master agreements and credit support annexes. The Company's master netting agreements provide that following an uncured payment default or other event of default, the non-defaulting party may promptly terminate all transactions between the parties and determine a net amount due to be paid to, or by, the defaulting party. |
Mortgage Banking Operations | All MSRs are initially measured and recorded at fair value at the time loans are sold. Single family MSRs are subsequently carried at fair value with changes in fair value reflected in earnings in the periods in which the changes occur, while multifamily and SBA MSRs are subsequently carried at the lower of amortized cost or fair value. The fair value of MSRs is determined based on the price that would be received to sell the MSRs in an orderly transaction between market participants at the measurement date. The Company determines fair value using a valuation model that calculates the net present value of estimated future cash flows. Estimates of future cash flows include contractual servicing fees, ancillary income and costs of servicing, the timing of which are impacted by assumptions, primarily expected prepayment speeds and discount rates, which relate to the underlying performance of the loans. |
Fair Value Measurement | Valuation Processes The Company has various processes and controls in place to ensure that fair value measurements are reasonably estimated. The Finance Committee of the Board provides oversight and approves the Company's Asset/Liability Management Policy ("ALMP"). The Company's ALMP governs, among other things, the application and control of the valuation models used to measure fair value. On a quarterly basis, the Company's Asset/Liability Management Committee ("ALCO") and the Finance Committee of the Board review significant modeling variables used to measure the fair value of the Company's financial instruments, including the significant inputs used in the valuation of single family MSRs. Additionally, ALCO periodically obtains an independent review of the MSR valuation process and procedures, including a review of the model architecture and the valuation assumptions. The Company obtains an MSR valuation from an independent valuation firm monthly to assist with the validation of the fair value estimate and the reasonableness of the assumptions used in measuring fair value. The Company's real estate valuations are overseen by the Company's appraisal department, which is independent of the Company's lending and credit administration functions. The appraisal department maintains the Company's appraisal policy and recommends changes to the policy subject to approval by the Company's Loan Committee and the Credit Committee of the Board. The Company's appraisals are prepared by independent third-party appraisers and the Company's internal appraisers. Single family appraisals are generally reviewed by the Company's single family loan underwriters. Single family appraisals with unusual, higher risk or complex characteristics, as well as commercial real estate appraisals, are reviewed by the Company's appraisal department. We obtain pricing from third party service providers for determining the fair value of a substantial portion of our investment securities AFS. We have processes in place to evaluate such third party pricing services to ensure information obtained and valuation techniques used are appropriate. For fair value measurements obtained from third party services, we monitor and review the results to ensure the values are reasonable and in line with market experience for similar classes of securities. While the inputs used by the pricing vendor in determining fair value are not provided and therefore unavailable for our review, we do perform certain procedures to validate the values received, including comparisons to other sources of valuation (if available), comparisons to other independent market data and a variance analysis of prices by Company personnel that are not responsible for the performance of the investment securities. Estimation of Fair Value Fair value is based on quoted market prices, when available. In cases where a quoted price for an asset or liability is not available, the Company uses valuation models to estimate fair value. These models incorporate inputs such as forward yield curves, loan prepayment assumptions, expected loss assumptions, market volatilities and pricing spreads utilizing market-based inputs where readily available. The Company believes its valuation methods are appropriate and consistent with those that would be used by other market participants. However, imprecision in estimating unobservable inputs and other factors may result in these fair value measurements not reflecting the amount realized in an actual sale or transfer of the asset or liability in a current market exchange. The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions and classification of the Company's assets and liabilities. Asset/Liability class Valuation methodology, inputs and assumptions Classification Investment securities Investment securities AFS Observable market prices of identical or similar securities are used where available. Level 2 recurring fair value measurement. If market prices are not readily available, value is based on discounted cash flows using the following significant inputs: • Expected prepayment speeds • Estimated credit losses • Market liquidity adjustments Level 3 recurring fair value measurement. LHFS Single family loans, excluding loans transferred from held for investment Fair value is based on observable market data, including: • Quoted market prices, where available • Dealer quotes for similar loans • Forward sale commitments Level 2 recurring fair value measurement. When not derived from observable market inputs, fair value is based on discounted cash flows, which considers the following inputs: • Benchmark yield curve • Estimated discount spread to the benchmark yield curve • Expected prepayment speeds Estimated fair value classified as Level 3. Mortgage servicing rights Single family MSRs For information on how the Company measures the fair value of its single family MSRs, including key economic assumptions and the sensitivity of fair value to changes in those assumptions, see Note 7 , Mortgage Banking Operations . Level 3 recurring fair value measurement. Derivatives Eurodollar futures Fair value is based on closing exchange prices. Level 1 recurring fair value measurement. Interest rate swaps Fair value is based on quoted prices for identical or similar instruments, when available. Level 2 recurring fair value measurement. Interest rate lock commitments The fair value considers several factors including: • Fair value of the underlying loan based on quoted prices in the secondary market, when available. • Value of servicing • Fall-out factor Level 3 recurring fair value measurement. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Topic 326 Adoption Impact | The following table illustrates the impact of the adoption of CECL on January 1, 2020. (in thousands) As reported under ASC 450-20 Impact of ASC 326 adoption As reported under ASC 326 Assets (1) LHFI Consumer loans Single family $ 6,450 $ 468 $ 6,918 Home equity and other 6,233 4,635 10,868 Total 12,683 5,103 17,786 Commercial real estate loans Non-owner occupied commercial real estate 7,245 (3,392) 3,853 Multifamily 7,015 (2,977) 4,038 Construction/land development Multifamily construction 2,848 693 3,541 Commercial real estate construction 624 (115) 509 Single family construction 3,800 4,280 8,080 Single family construction to permanent 1,003 200 1,203 Total 22,535 (1,311) 21,224 Commercial and industrial loans Owner occupied commercial real estate 3,639 (2,459) 1,180 Commercial business 2,915 510 3,425 Total 6,554 (1,949) 4,605 Total allowance for credit losses 41,772 1,843 43,615 Liabilities Allowance for credit losses on unfunded loan commitments 1,065 1,897 2,962 Total $ 42,837 $ 3,740 $ 46,577 (1) There was no impact from the adoption of this standard for either held to maturity ("HTM") or AFS investment securities. |
Schedule Of Qualitative Factors For Credit Losses | Each of the thirteen factors in the FASB standard were analyzed for common risk characteristics and grouped into seven consolidated Q-Factors as listed below. Qualitative Factor Financial Instruments - Credit Losses Portfolio Credit Quality The borrower's financial condition, credit rating, credit score, asset quality or business prospects The borrower's ability to make scheduled interest or principal payments The volume and severity of past due financial assets and the volume and severity of adversely classified or rated financial assets Remaining Payments The remaining payment terms of the financial assets The remaining time to maturity and the timing and extent of prepayments on the financial assets Volume & Nature The nature and volume of the entity's financial assets Collateral Values The value of underlying collateral on financial assets in which the collateral-dependent practical expedient has not been utilized Economic The environmental factors of a borrower and the areas in which the entity's credit is concentrated, such as: Changes and expected changes in national, regional and local economic and business conditions and developments in which the entity operates, including the condition and expected condition of various market segments Credit Culture The entity's lending policies and procedures, including changes in lending strategies, underwriting standards, collection, write-off and recovery practices, as well as knowledge of the borrower's operations or the borrower's standing in the community The quality of the entity's credit review system The experience, ability and depth of the entity's management, lending staff, and other relevant staff Business Environment The environmental factors of a borrower and the areas in which the entity's credit is concentrated, such as: Regulatory, legal, or technological environment to which the entity has exposure The environmental factors of a borrower and the areas in which the entity's credit is concentrated, such as: Changes and expected changes in the general market condition of either the geographical area or the industry to which the entity has exposure |
DISCONTINUED OPERATIONS - (Tabl
DISCONTINUED OPERATIONS - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Discontinued Operations | The following table summarizes the calculation of the net gain (loss) on disposal of discontinued operations. (in thousands) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Proceeds from asset sales $ — $ 186,612 Book value of asset sales (4) 180,978 Gain on assets sold 4 5,634 Transaction costs (recovery) expenses (386) 8,791 Compensation expense related to the transactions 596 4,388 Facility and IT related costs (recovery) expenses (1,466) 14,215 Total costs (recovery) expenses (1,256) 27,394 Net gain (loss) on disposal $ 1,260 $ (21,760) The carrying amount of major classes of assets and liabilities related to discontinued operations consisted of the following. (in thousands) December 31, 2019 Assets of discontinued operations LHFS, at fair value $ 26,123 Other assets 2,505 Total $ 28,628 Liabilities of discontinued operations Accounts payable and other liabilities $ 2,603 Income Statement of Discontinued Operations (in thousands) Three Months Ended September 30, 2019 Nine Months Ended September 30, 2019 Net interest income $ 842 $ 5,604 Noninterest income 1,604 64,331 Noninterest expense 2,256 94,863 Income (loss) before income taxes 190 (24,928) Income tax expense (benefit) 28 (3,837) Income (loss) from discontinued operations $ 162 $ (21,091) Cash Flows for Discontinued Operations (in thousands) Nine Months Ended September 30, 2019 Net cash provided by operating activities $ 196,712 Net cash provided by investing activities 177,291 |
INVESTMENT SECURITIES - (Tables
INVESTMENT SECURITIES - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized cost and fair value of available for sale securities | The following table sets forth certain information regarding the amortized cost basis and fair values of our investment securities AFS and HTM. At September 30, 2020 (in thousands) Amortized Gross Gross Fair AFS Mortgage backed securities ("MBS"): Residential $ 59,259 $ 1,378 $ (184) $ 60,453 Commercial 43,660 2,332 (6) 45,986 Collateralized mortgage obligations ("CMOs"): Residential 256,488 7,408 (10) 263,886 Commercial 159,733 3,744 (270) 163,207 Municipal bonds 530,243 26,528 (137) 556,634 Corporate debt securities 14,452 707 — 15,159 Agency debentures 1,846 — — 1,846 Total $ 1,065,681 $ 42,097 $ (607) $ 1,107,171 HTM Municipal bonds $ 4,297 $ 234 $ — $ 4,531 At December 31, 2019 (in thousands) Amortized Gross Gross Fair AFS MBS: Residential $ 93,283 $ 120 $ (1,708) $ 91,695 Commercial 37,972 411 (358) 38,025 CMOs: Residential 292,370 935 (1,687) 291,618 Commercial 156,693 684 (1,223) 156,154 Municipal bonds 333,303 8,997 (982) 341,318 Corporate debt securities 18,391 313 (43) 18,661 U.S. Treasury securities 1,296 11 — 1,307 Total $ 933,308 $ 11,471 $ (6,001) $ 938,778 HTM Municipal bonds $ 4,372 $ 129 $ — $ 4,501 |
Amortized cost and fair value of held-to-maturity securities | The following table sets forth certain information regarding the amortized cost basis and fair values of our investment securities AFS and HTM. At September 30, 2020 (in thousands) Amortized Gross Gross Fair AFS Mortgage backed securities ("MBS"): Residential $ 59,259 $ 1,378 $ (184) $ 60,453 Commercial 43,660 2,332 (6) 45,986 Collateralized mortgage obligations ("CMOs"): Residential 256,488 7,408 (10) 263,886 Commercial 159,733 3,744 (270) 163,207 Municipal bonds 530,243 26,528 (137) 556,634 Corporate debt securities 14,452 707 — 15,159 Agency debentures 1,846 — — 1,846 Total $ 1,065,681 $ 42,097 $ (607) $ 1,107,171 HTM Municipal bonds $ 4,297 $ 234 $ — $ 4,531 At December 31, 2019 (in thousands) Amortized Gross Gross Fair AFS MBS: Residential $ 93,283 $ 120 $ (1,708) $ 91,695 Commercial 37,972 411 (358) 38,025 CMOs: Residential 292,370 935 (1,687) 291,618 Commercial 156,693 684 (1,223) 156,154 Municipal bonds 333,303 8,997 (982) 341,318 Corporate debt securities 18,391 313 (43) 18,661 U.S. Treasury securities 1,296 11 — 1,307 Total $ 933,308 $ 11,471 $ (6,001) $ 938,778 HTM Municipal bonds $ 4,372 $ 129 $ — $ 4,501 |
Investment securities in an unrealized loss position | Investment securities AFS that were in an unrealized loss position are presented in the following tables based on the length of time the individual securities have been in an unrealized loss position. At September 30, 2020 Less than 12 months 12 months or more Total (in thousands) Gross Fair Gross Fair Gross Fair MBS: Residential $ — $ — $ (184) $ 2,557 $ (184) $ 2,557 Commercial (6) 1,337 — — (6) 1,337 CMOs: Residential (10) 7,492 — — (10) 7,492 Commercial (119) 9,236 (151) 15,350 (270) 24,586 Municipal bonds (119) 22,872 (18) 3,626 (137) 26,498 Total $ (254) $ 40,937 $ (353) $ 21,533 $ (607) $ 62,470 At December 31, 2019 Less than 12 months 12 months or more Total (in thousands) Gross Fair Gross Fair Gross Fair MBS: Residential $ (409) $ 18,440 $ (1,299) $ 68,362 $ (1,708) $ 86,802 Commercial (352) 21,494 (6) 2,483 (358) 23,977 CMOs: Residential (965) 171,708 (722) 29,264 (1,687) 200,972 Commercial (680) 67,160 (543) 41,605 (1,223) 108,765 Municipal bonds (334) 39,127 (648) 45,869 (982) 84,996 Corporate debt securities (5) 3,689 (38) 1,743 (43) 5,432 Total $ (2,745) $ 321,618 $ (3,256) $ 189,326 $ (6,001) $ 510,944 There were no HTM in an unrealized loss position at September 30, 2020 or December 31, 2019. |
Computation of weighted average yield using coupon on the fair value | The following tables present the fair value of investment securities AFS and HTM by contractual maturity along with the associated contractual yield for the periods indicated below. The weighted-average yield is computed using the contractual coupon of each security weighted based on the fair value of each security and does not include adjustments to a tax equivalent basis. At September 30, 2020 Within one year After one year After five years After Total (dollars in thousands) Fair Weighted Fair Weighted Fair Weighted Fair Weighted Fair Weighted AFS Municipal bonds $ 2,043 2.88 % $ 13,943 3.83 % $ 57,011 3.22 % $ 483,637 3.29 % $ 556,634 3.29 % Corporate debt securities 188 4.30 % 7,101 3.73 % 2,758 4.19 % 5,112 4.98 % 15,159 4.25 % Agency debentures — — % — — % — — % 1,846 1.65 % 1,846 1.65 % Total $ 2,231 3.00 % $ 21,044 3.80 % $ 59,769 3.26 % $ 490,595 3.30 % $ 573,639 3.31 % HTM Municipal bonds $ — — % $ 1,774 2.93 % $ 2,757 2.16 % $ — — % $ 4,531 2.47 % At December 31, 2019 Within one year After one year After five years After Total (dollars in thousands) Fair Weighted Fair Weighted Fair Weighted Fair Weighted Fair Weighted AFS Municipal bonds $ 5,337 3.41 % $ 555 3.90 % $ 13,000 3.01 % $ 322,426 3.61 % $ 341,318 3.59 % Corporate debt securities 1,007 3.40 % 7,544 3.64 % 10,022 3.70 % 88 6.10 % 18,661 3.67 % U.S. Treasury securities 1,307 2.82 % — — % — — % — — % 1,307 2.82 % Total $ 7,651 3.31 % $ 8,099 3.66 % $ 23,022 3.31 % $ 322,514 3.62 % $ 361,286 3.59 % HTM Municipal bonds $ — — % $ 1,787 2.90 % $ 2,714 2.09 % $ — — % $ 4,501 2.41 % |
Carrying value of securities pledged as collateral | The following table summarizes the carrying value of securities pledged as collateral to secure borrowings, public deposits and other purposes as permitted or required by law: (in thousands) At September 30, At December 31, Washington and California to secure public deposits $ 158,634 $ 200,571 Other securities pledged 607 4,332 Total securities pledged as collateral $ 159,241 $ 204,903 |
LOANS AND CREDIT QUALITY - (Tab
LOANS AND CREDIT QUALITY - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Receivables [Abstract] | |
Loans held for investment | LHFI consist of the following. (in thousands) At September 30, At December 31, Consumer loans Single family (1) $ 936,774 $ 1,072,706 Home equity and other 446,123 553,376 Total 1,382,897 1,626,082 Commercial real estate loans Non-owner occupied commercial real estate 847,079 895,546 Multifamily 1,327,156 999,140 Construction/land development 590,707 701,762 Total 2,764,942 2,596,448 Commercial and industrial loans Owner occupied commercial real estate 462,613 477,316 Commercial business 683,917 414,710 Total 1,146,530 892,026 Total LHFI 5,294,369 5,114,556 ACL (64,892) (41,772) Total LHFI less ACL $ 5,229,477 $ 5,072,784 (2) (1) Includes $7.6 million and $3.5 million at September 30, 2020 and December 31, 2019, respectively, of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated income statements. |
Activity in allowance for credit losses | Activity in the ACL was as follows. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Beginning balance $ 65,000 $ 43,254 $ 41,772 $ 41,470 Provision for credit losses 273 177 21,633 1,746 Net (charge-offs) recoveries (381) 6 (356) 221 Impact of ASC 326 adoption — — 1,843 — Ending balance $ 64,892 $ 43,437 $ 64,892 $ 43,437 Allowance for unfunded commitments: Beginning balance $ 2,071 $ 1,065 Provision for credit losses (273) (1,164) Impact of ASC 326 adoption — 1,897 Ending balance $ 1,798 $ 1,798 Provision for credit losses: Allowance for credit losses - loans $ 273 $ 21,633 Allowance for unfunded commitments (273) (1,164) Total $ — $ 20,469 Activity in the ACL by loan portfolio and loan sub-class was as follows. Three Months Ended September 30, 2020 (in thousands) Beginning balance Charge-offs Recoveries Provision Ending Consumer loans Single family $ 8,070 $ (3) $ 2 $ (1,349) $ 6,720 Home equity and other 11,126 (39) 82 (5,165) 6,004 Total 19,196 (42) 84 (6,514) 12,724 Commercial real estate loans Non-owner occupied commercial real estate 7,325 — — 1,598 8,923 Multifamily 5,387 — — (516) 4,871 Construction/land development Multifamily construction 3,811 — — 2,109 5,920 Commercial real estate construction 440 — — 1,269 1,709 Single family construction 5,869 — — (362) 5,507 Single family construction to permanent 1,515 — — (309) 1,206 Total 24,347 — — 3,789 28,136 Commercial and industrial loans Owner occupied commercial real estate 5,641 — — 47 5,688 Commercial business 15,816 (447) 24 2,951 18,344 Total 21,457 (447) 24 2,998 24,032 Total ACL $ 65,000 $ (489) $ 108 $ 273 $ 64,892 Three Months Ended September 30, 2019 (in thousands) Beginning Charge-offs Recoveries Provision Ending Consumer loans Single family $ 7,540 $ — $ 1 $ (321) $ 7,220 Home equity and other 6,784 (68) 59 25 6,800 Total 14,324 (68) 60 (296) 14,020 Commercial real estate loans Non-owner occupied commercial real estate 6,149 — — 331 6,480 Multifamily 7,047 — — (357) 6,690 Construction/land development 9,171 — 1 169 9,341 Total 22,367 — 1 143 22,511 Commercial and industrial loans Owner occupied commercial real estate 3,459 — — 136 3,595 Commercial business 3,104 — 13 194 3,311 Total 6,563 — 13 330 6,906 Total ACL $ 43,254 $ (68) $ 74 $ 177 $ 43,437 Nine Months Ended September 30, 2020 (in thousands) Prior to adoption of ASC 326 Impact of ASC 326 adoption Charge-offs Recoveries Provision Ending Consumer loans Single family $ 6,450 $ 468 $ (3) $ 56 $ (251) $ 6,720 Home equity and other 6,233 4,635 (345) 291 (4,810) 6,004 Total 12,683 5,103 (348) 347 (5,061) 12,724 Commercial real estate loans Non-owner occupied commercial real estate 7,245 (3,392) — — 5,070 8,923 Multifamily 7,015 (2,977) — — 833 4,871 Construction/land development Multifamily construction 2,848 693 — — 2,379 5,920 Commercial real estate construction 624 (115) — — 1,200 1,709 Single family construction 3,800 4,280 — 163 (2,736) 5,507 Single family construction to permanent 1,003 200 — — 3 1,206 Total 22,535 (1,311) — 163 6,749 28,136 Commercial and industrial loans Owner occupied commercial real estate 3,639 (2,459) — — 4,508 5,688 Commercial business 2,915 510 (590) 72 15,437 18,344 Total 6,554 (1,949) (590) 72 19,945 24,032 Total ACL $ 41,772 $ 1,843 $ (938) $ 582 $ 21,633 $ 64,892 Nine Months Ended September 30, 2019 (in thousands) Beginning Charge-offs Recoveries Provision Ending Consumer loans Single family $ 8,217 $ — $ 143 $ (1,140) $ 7,220 Home equity and other 6,850 (209) 212 (53) 6,800 Total 15,067 (209) 355 (1,193) 14,020 Commercial real estate loans Non-owner occupied commercial real estate 5,495 — — 985 6,480 Multifamily 5,754 — — 936 6,690 Construction/land development 9,001 — 48 292 9,341 Total 20,250 — 48 2,213 22,511 Commercial and industrial loans Owner occupied commercial real estate 3,278 — — 317 3,595 Commercial business 2,875 — 27 409 3,311 Total 6,153 — 27 726 6,906 Total ACL $ 41,470 $ (209) $ 430 $ 1,746 $ 43,437 |
Designated loan grades by loan portfolio segment and loan class | The following table presents a vintage analysis of the consumer portfolio segment by loan sub-class and delinquency status. At September 30, 2020 (in thousands) 2020 2019 2018 2017 2016 2015 and prior Revolving Revolving-term Total CONSUMER PORTFOLIO Single family Current $ 120,348 $ 98,136 $ 185,787 $ 191,364 $ 69,662 $ 268,162 $ — $ — $ 933,459 Past due: 30-59 days — — — — — 208 208 60-89 days — — — — — 5 — — 5 90+ days — 869 432 386 — 1,415 — — 3,102 Total (1) 120,348 99,005 186,219 191,750 69,662 269,790 — — 936,774 Home equity and other Current 1,263 1,850 1,492 1,698 642 6,119 423,225 8,948 445,237 Past due: 30-59 days 1 8 2 — — — 16 9 36 60-89 days — 13 — 2 — 24 27 — 66 90+ days — 7 — — 275 — 502 — 784 Total 1,264 1,878 1,494 1,700 917 6,143 423,770 8,957 446,123 Total consumer portfolio $ 121,612 $ 100,883 $ 187,713 $ 193,450 $ 70,579 $ 275,933 $ 423,770 $ 8,957 $ 1,382,897 (1) Includes $7.6 million of loans where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in the consolidated income statements. The following table presents a vintage analysis of the commercial portfolio segment by loan sub-class, risk rating and delinquency status. At September 30, 2020 (in thousands) 2020 2019 2018 2017 2016 2015 and prior Revolving Revolving-term Total COMMERCIAL PORTFOLIO Non-owner occupied commercial real estate 1-6 Pass $ 43,252 $ 178,975 $ 165,775 $ 149,344 $ 154,706 $ 150,510 $ 1,152 $ 1,132 $ 844,846 7- Special Mention — — — — — 2,233 — — 2,233 8 - Substandard — — — — — — — — — Total 43,252 178,975 165,775 149,344 154,706 152,743 1,152 1,132 847,079 Multifamily 1-6 Pass 529,841 352,147 87,127 72,823 178,227 97,681 9,310 — 1,327,156 7- Special Mention — — — — — — — — — 8 - Substandard — — — — — — — — — Total 529,841 352,147 87,127 72,823 178,227 97,681 9,310 — 1,327,156 Multifamily construction 1-6 Pass 3,191 16,531 87,466 11,866 — — — — 119,054 7- Special Mention — — — — 24,306 — — — 24,306 8 - Substandard — — — — — — — — — Total 3,191 16,531 87,466 11,866 24,306 — — — 143,360 At September 30, 2020 (in thousands) 2020 2019 2018 2017 2016 2015 and prior Revolving Revolving-term Total Commercial real estate construction 1-6 Pass 3,963 — 2,139 34,023 — 625 4,299 — 45,049 7- Special Mention — — — — — — — — — 8 - Substandard — — — — — — — — — Total 3,963 — 2,139 34,023 — 625 4,299 — 45,049 Single family construction 1-6 Pass 88,961 56,107 25,891 — — 605 66,687 — 238,251 7- Special Mention — — — — — — — — — 8 - Substandard — — — — — — — — — Total 88,961 56,107 25,891 — — 605 66,687 — 238,251 Single family construction to permanent Current 41,432 100,282 20,707 1,626 — — — — 164,047 Past due: 30-59 days — — — — — — — — — 60-89 days — — — — — — — — — 90+ days — — — — — — — — — Total 41,432 100,282 20,707 1,626 — — — — 164,047 Owner occupied commercial real estate 1-6 Pass 29,511 60,237 53,197 86,728 106,953 51,267 — 6,171 394,064 7- Special Mention — — 12,062 11,930 — — 1 224 24,217 8 - Substandard — 19,511 1,111 3,189 17,217 1,198 — 2,106 44,332 Total 29,511 79,748 66,370 101,847 124,170 52,465 1 8,501 462,613 Commercial business 1-6 Pass 345,361 77,834 54,636 34,086 20,849 18,549 87,579 3,370 642,264 7- Special Mention — 794 384 7,360 — — 1,756 175 10,469 8 - Substandard — 5,578 12,129 1,902 1,805 1,184 8,494 92 31,184 Total 345,361 84,206 67,149 43,348 22,654 19,733 97,829 3,637 683,917 Total commercial portfolio $ 1,085,512 $ 867,996 $ 522,624 $ 414,877 $ 504,063 $ 323,852 $ 179,278 $ 13,270 $ 3,911,472 Total LHFI $ 1,207,124 $ 968,879 $ 710,337 $ 608,327 $ 574,642 $ 599,785 $ 603,048 $ 22,227 $ 5,294,369 The following tables present a vintage analysis of year to date charge-offs and year to date recoveries of the consumer portfolio and commercial portfolio segment by loan sub-class. At September 30, 2020 (in thousands) 2020 2019 2018 2017 2016 2015 and prior Revolving Revolving-term Total CONSUMER PORTFOLIO Single family Charge-offs $ — $ (3) $ — $ — $ — $ — $ — $ — $ (3) Recoveries — — — — — 56 — — 56 Net — (3) — — — 56 — — 53 Home equity and other Charge-offs — (60) (32) (1) — — (252) — (345) Recoveries — 12 4 6 6 123 140 — 291 Net — (48) (28) 5 6 123 (112) — (54) Consumer Portfolio Charge-offs — (63) (32) (1) — — (252) — (348) Recoveries — 12 4 6 6 179 140 — 347 Total net $ — $ (51) $ (28) $ 5 $ 6 $ 179 $ (112) $ — $ (1) At September 30, 2020 (in thousands) 2020 2019 2018 2017 2016 2015 and prior Revolving Revolving-term Total COMMERCIAL PORTFOLIO Single family construction Charge-offs $ — $ — $ — $ — $ — $ — $ — $ — $ — Recoveries — — — — — 163 — — 163 Net — — — — — 163 — — 163 Commercial business Charge-offs — — — (41) (102) (447) — — (590) Recoveries — — — — — 72 — — 72 Net — — — (41) (102) (375) — — (518) Commercial portfolio Charge-offs — — — (41) (102) (447) — — (590) Recoveries — — — — — 235 — — 235 Total net $ — $ — $ — $ (41) $ (102) $ (212) $ — $ — $ (355) All loans Charge-offs — (63) (32) (42) (102) (447) (252) — (938) Recoveries — 12 4 6 6 414 140 — 582 Total net $ — $ (51) $ (28) $ (36) $ (96) $ (33) $ (112) $ — $ (356) The following table summarizes designated loan grades by loan portfolio segment and loan class. At December 31, 2019 (in thousands) Pass Special mention Substandard Total Consumer loans Single family $ 1,056,166 (1) $ 8,802 $ 5,364 $ 1,070,332 Home equity and other 531,102 664 1,160 532,926 Total 1,587,268 9,466 6,524 1,603,258 Commercial real estate loans Non-owner occupied commercial real estate 894,896 — — 894,896 Multifamily 996,498 — — 996,498 Construction/land development 681,445 20,954 — 702,399 Total 2,572,839 20,954 — 2,593,793 Commercial and industrial loans Owner occupied commercial real estate 460,319 12,709 5,144 478,172 Commercial business 402,060 9,405 3,415 414,880 Total 862,379 22,114 8,559 893,052 Total LHFI $ 5,022,486 $ 52,534 $ 15,083 $ 5,090,103 |
Schedule of collateral dependent loans | The following table presents the amortized cost basis of collateral-dependent loans by loan sub-class and collateral type. All collateral dependent loans are reviewed quarterly and loan amounts are charged down to fair value of the collateral, less costs to sell if the loss is confirmed and the expected repayment is from the sale of the collateral. If the expected repayment of the loan is from the operation of the collateral, then the cost of sale is not deducted from the fair value of the collateral. At September 30, 2020 (in thousands) Land 1-4 Family Multifamily Non-residential real estate Other non-real estate Total Consumer loans Single family $ — $ 1,067 $ — $ — $ — $ 1,067 Home equity loans and other — — — — — — Total — 1,067 — — — 1,067 Commercial and industrial loans Owner occupied commercial real estate 1,789 — — 4,296 — 6,085 Commercial business 1,787 715 — 228 5,947 8,677 Total 3,576 715 — 4,524 5,947 14,762 Total collateral-dependent loans $ 3,576 $ 1,782 $ — $ 4,524 $ 5,947 $ 15,829 |
Schedule of loans on nonaccrual with no related allowance for credit loss | The following table presents nonaccrual status for loans in compliance with ASC 326-20-50-16. At September 30, 2020 At December 31, 2019 (in thousands) Nonaccrual Nonaccrual with no related ACL 90 days or Nonaccrual Nonaccrual with no related ACL 90 days or Consumer loans Single family $ 4,617 $ 1,479 $ 13,051 $ 5,364 $ 1,652 $ 19,702 Home equity and other 1,747 2 — 1,160 9 — Total 6,364 1,481 13,051 6,524 1,661 19,702 Commercial and industrial loans Owner occupied commercial real estate 6,085 6,085 — 2,891 2,892 — Commercial business 8,677 5,973 2,637 3,446 2,954 — Total 14,762 12,058 2,637 6,337 5,846 — Total nonaccrual loans $ 21,126 $ 13,539 $ 15,688 $ 12,861 $ 7,507 $ 19,702 |
Past due loans by portfolio segment and loan class | The following tables present an aging analysis of past due loans by loan portfolio segment and loan sub-class. At September 30, 2020 Past Due and Still Accruing (in thousands) 30-59 days 60-89 days 90 days or Nonaccrual Total past due and nonaccrual (4) Current Total Consumer loans Single family $ 2,092 $ 1,030 $ 13,051 (2) $ 4,617 $ 20,790 $ 915,984 $ 936,774 (1) Home equity and other 34 60 — 1,747 1,841 444,282 446,123 Total 2,126 1,090 13,051 6,364 22,631 1,360,266 1,382,897 Commercial real estate loans Non-owner occupied commercial real estate — — — — — 847,079 847,079 Multifamily — — — — — 1,327,156 1,327,156 Construction/land development Multifamily construction — — — — — 143,360 143,360 Commercial real estate construction — — — — — 45,049 45,049 Single family construction — — — — — 238,251 238,251 Single family construction to permanent — — — — — 164,047 164,047 Total — — — — — 2,764,942 2,764,942 Commercial and industrial loans Owner occupied commercial real estate — — — 6,085 6,085 456,528 462,613 Commercial business — — 2,637 8,677 11,314 672,603 683,917 Total — — 2,637 14,762 17,399 1,129,131 1,146,530 Total loans $ 2,126 $ 1,090 $ 15,688 $ 21,126 $ 40,030 $ 5,254,339 $ 5,294,369 % 0.04 % 0.02 % 0.30 % 0.40 % 0.76 % 99.24 % 100.00 % At December 31, 2019 Past Due and Still Accruing (in thousands) 30-59 days 60-89 days 90 days or Nonaccrual Total past due and nonaccrual (4) Current Total Consumer loans Single family $ 5,694 $ 4,261 $ 19,702 (2) $ 5,364 $ 35,021 $ 1,037,685 $ 1,072,706 (1) Home equity and other 837 372 — 1,160 2,369 551,007 553,376 Total 6,531 4,633 19,702 6,524 37,390 1,588,692 1,626,082 Commercial real estate loans Non-owner occupied commercial real estate — — — — — 895,546 895,546 Multifamily — — — — — 999,140 999,140 Construction and land development — — — — — 701,762 701,762 Total — — — — — 2,596,448 2,596,448 Commercial and industrial loans Owner occupied commercial real estate — — — 2,891 2,891 474,425 477,316 Commercial business 44 — — 3,446 3,490 411,220 414,710 Total 44 — — 6,337 6,381 885,645 892,026 Total loans $ 6,575 $ 4,633 $ 19,702 $ 12,861 $ 43,771 $ 5,070,785 $ 5,114,556 (3) % 0.13 % 0.09 % 0.39 % 0.25 % 0.86 % 99.14 % 100.00 % (1) Includes $7.6 million and $3.5 million of loans at September 30, 2020 and December 31, 2019, respectively, where a fair value option election was made at the time of origination and, therefore, are carried at fair value with changes recognized in our consolidated income statements. (2) FHA-insured and VA-guaranteed single family loans that are 90 days or more past due are maintained on accrual status if they are determined to have little to no risk of loss. (3) Net deferred loans fees and costs of $24.5 million were included within the carrying amounts of the loan balances as of December 31, 2019, in order to conform with the current period presentation. |
TDR activity by loan portfolio segment and loan class | The following tables present information about troubled debt restructuring ("TDR") activity during the periods indicated. Quarter Ended September 30, 2020 Nine Months Ended September 30, 2020 (dollars in thousands) Number of loan Recorded Related charge- Number of loan Recorded Related charge- Consumer loans Single family Concession type: Interest rate reduction 8 $ 1,642 $ — 23 $ 4,878 $ — Payment restructure 1 411 — 10 2,067 — Total 9 2,053 — 33 6,945 — Commercial and industrial loans Owner occupied commercial real estate Concession type: Payment restructure — — — 1 678 — Commercial business Concession type: Payment restructure — — — 1 1,125 — Total commercial and industrial Concession type: Payment restructure — — — 2 1,803 — Total — — — 2 1,803 — Total loans Concession type: Interest rate reduction 8 1,642 — 23 4,878 — Payment restructure 1 411 — 12 3,870 — Total 9 $ 2,053 $ — 35 $ 8,748 $ — Quarter Ended September 30, 2019 Nine Months Ended September 30, 2019 (dollars in thousands) Number of loan Recorded Related charge- Number of loan Recorded Related charge- Consumer loans Single family Concession type: Interest rate reduction 6 $ 1,112 $ — 13 $ 2,386 $ — Payment restructure 21 5,420 — 111 23,904 — Home equity and other Concession type: Payment restructure — — — 1 116 — Total consumer Concession type: Interest rate reduction 6 1,112 — 13 2,386 — Payment restructure 21 5,420 — 112 24,020 — Total 27 6,532 — 125 26,406 — Commercial real estate loans Construction and land development Concession type: Payment restructure — — — 1 4,675 — Total commercial real estate Concession type: Payment restructure — — — 1 4,675 — Total — — — 1 4,675 — Commercial and industrial loans Owner occupied commercial real estate Concession type: Payment restructure — — — 1 5,840 — Commercial business Concession type: Payment restructure — — — 1 259 — Total commercial and industrial Concession type: Payment restructure — — — 2 6,099 — Total — — — 2 6,099 — Total loans Concession type: Interest rate reduction 6 1,112 — 13 2,386 — Payment restructure 21 5,420 — 115 34,794 — Total 27 $ 6,532 $ — 128 $ 37,180 $ — |
TDR balances that subsequently re-defaulted | The following table presents loans that were modified as TDRs within the previous 12 months and subsequently re-defaulted during the three and nine months ended September 30, 2020 and 2019, respectively. A TDR loan is considered re-defaulted when it becomes doubtful that the objectives of the modifications will be met, generally when a consumer loan TDR becomes 60 days or more past due on principal or interest payments or when a commercial loan TDR becomes 90 days or more past due on principal or interest payments. Three Months Ended September 30, 2020 2019 (dollars in thousands) Number of loan relationships that re-defaulted Recorded Number of loan relationships that re-defaulted Recorded Consumer loans - single family 6 $ 1,038 3 $ 643 Nine Months Ended September 30, 2020 2019 (dollars in thousands) Number of loan relationships that re-defaulted Recorded Number of loan relationships that re-defaulted Recorded Consumer loans - single family 16 $ 3,237 9 $ 1,873 |
Recorded investment in loans by Impairment Methodology | The following tables disaggregate our ACL and recorded investment in loans by impairment methodology. At December 31, 2019 (in thousands) Allowance: Allowance: Total Loans: Loans: Total Consumer loans Single family $ 6,333 $ 117 $ 6,450 $ 1,005,386 $ 61,503 $ 1,066,889 Home equity and other 6,815 28 6,843 532,038 863 532,901 Total 13,148 145 13,293 1,537,424 62,366 1,599,790 Commercial real estate loans Non-owner occupied commercial real estate 7,249 — 7,249 894,896 — 894,896 Multifamily 7,015 — 7,015 996,498 — 996,498 Construction/land development 8,679 — 8,679 702,399 — 702,399 Total 22,943 — 22,943 2,593,793 — 2,593,793 Commercial and industrial loans Owner occupied commercial real estate 3,640 — 3,640 475,281 2,891 478,172 Commercial business 2,953 8 2,961 411,386 3,494 414,880 Total 6,593 8 6,601 886,667 6,385 893,052 Total loans evaluated for impairment 42,684 153 42,837 5,017,884 68,751 5,086,635 Loans carried at fair value (1) — — — — — 3,468 Total LHFI $ 42,684 $ 153 $ 42,837 $ 5,017,884 $ 68,751 $ 5,090,103 |
Impaired loans by loan portfolio segment and loan class | The following tables present impaired loans by loan portfolio segment and loan class. At December 31, 2019 (in thousands) Recorded investment (1) Unpaid principal balance (2) Related With no related allowance recorded: Consumer loans Single family (3) $ 60,009 $ 60,448 $ — Home equity and other 472 472 — Total 60,481 60,920 — Commercial and industrial loans Owner occupied commercial real estate 2,891 3,013 — Commercial business 2,954 3,267 — Total 5,845 6,280 — Total $ 66,326 $ 67,200 $ — With an allowance recorded: Consumer loans Single family $ 1,494 $ 1,494 $ 117 Home equity and other 391 391 28 Total 1,885 1,885 145 Commercial and industrial loans Commercial business 540 919 8 Total 540 919 8 Total $ 2,425 $ 2,804 $ 153 Combined: Consumer loans Single family (3) $ 61,503 $ 61,942 $ 117 Home equity and other 863 863 28 Total 62,366 62,805 145 Commercial and industrial loans Owner occupied commercial real estate 2,891 3,013 — Commercial business 3,494 4,186 8 Total 6,385 7,199 8 Total impaired loans $ 68,751 $ 70,004 $ 153 (1) Includes partial charge-offs and nonaccrual interest paid and purchase discounts and premiums. (2) Unpaid principal balance does not include partial charge-offs, purchase discounts and premiums or nonaccrual interest paid. Related allowance is calculated on net book balances not unpaid principal balances. (3) Includes $59.8 million in single family performing TDRs. |
Average recorded investment in impaired loans | The following tables provide the average recorded investment and interest income recognized on impaired loans by portfolio segment and class. Three Months Ended September 30, 2019 (in thousands) Average Recorded Investment Interest Income Recognized Consumer loans Single family $ 67,814 $ 662 Home equity and other 1,044 14 Total 68,858 676 Commercial real estate loans Multifamily 242 — Construction/land development 677 — Total 919 — Commercial and industrial loans Owner occupied commercial real estate 1,744 — Commercial business 1,842 9 Total 3,586 9 Total impaired loans $ 73,363 $ 685 Nine Months Ended September 30, 2019 (in thousands) Average Recorded Investment Interest Income Recognized Consumer loans Single family $ 68,181 $ 2,088 Home equity and other 1,112 46 Total 69,293 2,134 Commercial real estate loans Non-owner occupied commercial real estate 3 — Multifamily 366 14 Construction/land development 1,689 — Total 2,058 14 Commercial and industrial loans Owner occupied commercial real estate 2,936 112 Commercial business 1,889 29 Total 4,825 141 Total impaired loans $ 76,176 $ 2,289 |
DEPOSITS - (Tables)
DEPOSITS - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] | |
Deposit balances, including stated rates | Deposit balances, including stated rates, were as follows: (in thousands) At September 30, Weighted Average Rate At December 31, Weighted Average Rate Noninterest-bearing demand deposits $ 1,323,794 — % $ 907,918 — % Interest-bearing demand deposits 545,890 0.10 % 373,832 0.38 % Savings 258,727 0.07 % 219,182 0.21 % Money market 2,512,440 0.23 % 2,224,494 1.25 % Certificates of deposit 1,174,839 1.20 % 1,614,533 2.24 % Total $ 5,815,690 0.36 % $ 5,339,959 1.23 % |
Certificates of deposit outstanding | Certificates of deposit outstanding mature as follows: (in thousands) At September 30, Within one year $ 1,021,713 One to two years 104,781 Two to three years 27,938 Three to four years 15,253 Four to five years 5,123 Thereafter 31 Total $ 1,174,839 |
DERIVATIVES AND HEDGING ACTIV_2
DERIVATIVES AND HEDGING ACTIVITIES - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Notional amount and fair value for derivatives | The notional amounts and fair values for derivatives consist of the following. At September 30, 2020 Notional amount Fair value derivatives (in thousands) Asset Liability Forward sale commitments $ 878,021 $ 799 $ (2,186) Interest rate lock commitments 534,506 20,963 (3) Interest rate swaps 696,436 30,279 (26,057) Eurodollar futures 454,000 — (5) Total derivatives before netting $ 2,562,963 52,041 (28,251) Netting adjustment/Cash collateral (1) (17,168) 26,966 Carrying value on consolidated balance sheet $ 34,873 $ (1,285) At December 31, 2019 Notional amount Fair value derivatives (in thousands) Asset Liability Forward sale commitments $ 651,838 $ 830 $ (492) Interest rate lock commitments 124,379 2,281 (58) Interest rate swaps 688,516 27,097 (10,889) Eurodollar futures 2,232,000 3 — Total derivatives before netting $ 3,696,733 30,211 (11,439) Netting adjustment/Cash collateral (1) (21,414) 9,101 Carrying value on consolidated balance sheet (2) $ 8,797 $ (2,338) (1) Includes net cash collateral paid of $9.8 million and net cash collateral received of $12.3 million at September 30, 2020 and December 31, 2019, respectively. (2) Includes both continuing and discontinued operations. |
Fair value, concentration of risk | The following tables present gross and net information about derivative instruments. At September 30, 2020 (in thousands) Gross fair value Netting adjustments/ Cash collateral (1) Carrying value Securities not offset in consolidated balance sheet (disclosure-only netting) Net amount Derivative assets $ 52,041 $ (17,168) $ 34,873 $ — $ 34,873 Derivative liabilities (28,251) 26,966 (1,285) — (1,285) At December 31, 2019 (in thousands) Gross fair value Netting adjustments/ Cash collateral (1) Carrying value Securities not offset in consolidated balance sheet (disclosure-only netting) Net amount Derivative assets $ 30,211 $ (21,414) $ 8,797 $ — $ 8,797 Derivative liabilities (11,439) 9,101 (2,338) — (2,338) |
Net gains (losses) recognized on economic hedge derivatives | The following table presents the net gain (loss) recognized on derivatives, including economic hedge derivatives, within the respective line items in the consolidated income statements for the periods indicated. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Recognized in noninterest income: Net gain (loss) on loan origination and sale activities (1) $ (3,810) $ (6,884) $ 583 $ (17,983) Loan servicing income (loss) (2) (91) 9,040 22,148 19,917 Other (3) 632 115 (84) 149 Total $ (3,269) $ 2,271 (4) $ 22,647 $ 2,083 (4) (1) Comprised of interest rate lock commitments ("IRLCs") and forward contracts used as an economic hedge of IRLCs and single family LHFS. (2) Comprised of interest rate swaps, interest rate swaptions, futures and forward contracts used as an economic hedge of single family MSRs. (3) Comprised of interest rate swaps used as an economic hedge of LHFI. (4) Includes both continuing and discontinued operations in the three and nine months ended September 30, 2019. |
MORTGAGE BANKING OPERATIONS - (
MORTGAGE BANKING OPERATIONS - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Mortgage Banking [Abstract] | |
Mortgage loans on real estate, by loan | LHFS consisted of the following. (in thousands) At September 30, At December 31, Single family $ 159,834 $ 105,458 Commercial real estate, multifamily and SBA 261,903 128,841 Amounts attributed to discontinued operations — (26,122) Total LHFS $ 421,737 $ 208,177 LHFS are valued at fair value, primarily single family loans, or at lower of cost or market, primarily commercial real estate loans transferred from held for investment. Loans sold consisted of the following for the periods indicated: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Single family (1) $ 686,280 $ 893,959 $ 1,393,283 $ 3,352,872 Commercial real estate, multifamily and SBA 170,980 270,484 502,059 586,217 Total loans sold $ 857,260 $ 1,164,443 $ 1,895,342 $ 3,939,089 (1) 2019 amounts include both continuing and discontinued operations. |
Net gain on loan origination and sale activity | Gain on loan origination and sale activities, including the effects of derivative risk management instruments, consisted of the following. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Single family $ 27,632 $ 9,628 $ 73,751 $ 78,612 Commercial real estate, multifamily and SBA 5,498 6,693 11,947 12,179 Amounts attributed to discontinued operations — (370) — (60,055) Gain on loan origination and sale activities $ 33,130 $ 15,951 $ 85,698 $ 30,736 |
Company's portfolio of loans serviced for others | The composition of loans serviced for others that contribute to loan servicing income is presented below at the unpaid principal balance. (in thousands) At September 30, At December 31, Single family $ 6,188,206 $ 7,023,441 Commercial real estate, multifamily and SBA 1,704,434 1,618,876 Total loans serviced for others $ 7,892,640 $ 8,642,317 |
Mortgage repurchase losses | The following is a summary of changes in the Company's liability for estimated mortgage repurchase losses. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Balance, beginning of period $ 2,083 $ 3,237 $ 2,871 $ 3,120 Additions, net of adjustments (1) 252 (22) (275) 482 Realized losses (2) (240) (28) (501) (415) Balance, end of period $ 2,095 $ 3,187 $ 2,095 $ 3,187 (1) Includes additions for new loan sales and changes in estimated probable future repurchase losses on previously sold loans. (2) Includes principal losses and accrued interest on repurchased loans, "make-whole" settlements, settlements with claimants and certain related expenses. |
Revenue from mortgage servicing, including the effects of derivative risk management instruments | Revenue from mortgage servicing, including the effects of derivative risk management instruments, consisted of the following. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Servicing income, net: Servicing fees and other $ 7,220 $ 7,963 $ 23,073 $ 32,124 Amortization of single family MSRs (1) (4,401) (4,489) (12,246) (16,894) Amortization of multifamily and SBA MSRs (1,350) (1,315) (4,084) (3,802) Total 1,469 2,159 6,743 11,428 Risk management, single family MSRs: Changes in fair value of MSRs due to assumptions (2)(3) (2,960) (7,501) (21,970) (22,193) Net gain (loss) from derivative hedging (91) 9,040 22,148 19,917 Total (3,051) 1,539 178 (2,276) Amounts attributed to discontinued operations — (502) — (2,033) Loan servicing income $ (1,582) $ 3,196 $ 6,921 $ 7,119 (1) Represents changes due to collection/realization of expected cash flows and curtailments. (2) Principally reflects changes in market inputs, which include current market interest rates and prepayment model updates, both of which affect future prepayment speeds and cash flow projections. (3) Includes pre-tax income of $333 thousand and pre-tax loss of $941 thousand resulting from the sales of single family MSRs during the three and nine months ended September 30, 2019, respectively. |
Key economic assumptions used in measuring initial FV of capitalized single family MSRs | Key economic assumptions used in measuring the fair value of capitalized single family MSRs were as follows. Three Months Ended September 30, Nine Months Ended September 30, (rates per annum) 2020 2019 2020 2019 Constant prepayment rate ("CPR") (1) 20.0% -30.0% 18.9 % 17.1%-30.0% 18.8 % Discount rate (2) 7.71 % 8.96 % 7.78 % 9.39 % (1) Represents an estimated lifetime average prepayment rate. (2) Discount rate is based on market observations. |
Schedule of sensitivity analysis of fair value, transferor's interests in transferred financial assets | Key economic assumptions and the sensitivity of the current fair value for single family MSRs to immediate adverse changes in those assumptions were as follows. (dollars in thousands) At September 30, 2020 Fair value of single family MSR $ 47,018 Expected weighted-average life (in years) 4.01 Constant prepayment rate (1) 14.43 % Impact on fair value of 25 basis points adverse change in interest rates $ (2,638) Impact on fair value of 50 basis points adverse change in interest rates $ (5,141) Discount rate 8.11 % Impact on fair value of 100 basis points increase $ (1,063) Impact on fair value of 200 basis points increase $ (2,537) (1) Represents the expected lifetime average. |
Changes in single family MSRs measured at fair value | The changes in single family MSRs measured at fair value are as follows. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Beginning balance $ 47,804 $ 67,723 $ 68,109 $ 252,168 Additions and amortization: Originations 6,569 6,422 12,942 23,893 Sales — — — (176,944) Amortization (1) (4,401) (4,489) (12,246) (16,894) Net additions and amortization 2,168 1,933 696 (169,945) Changes in fair value assumptions (2) (2,954) (7,833) (21,787) (20,400) Ending balance $ 47,018 $ 61,823 $ 47,018 $ 61,823 (1) Represents changes due to collection/realization of expected cash flows and curtailments. (2) Principally reflects changes in model assumptions, including prepayment sped assumptions, which are primarily reflected by changes in mortgage interest rates. |
Changes in multifamily MSRs measured at the lower of amortized cost or fair value | The changes in multifamily MSRs measured at the lower of amortized cost or fair value were as follows. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Beginning balance $ 30,583 $ 27,227 $ 29,494 $ 28,328 Origination 2,524 2,770 6,129 3,930 Amortization (1,301) (1,196) (3,817) (3,457) Ending balance $ 31,806 $ 28,801 $ 31,806 $ 28,801 |
FAIR VALUE MEASUREMENT - (Table
FAIR VALUE MEASUREMENT - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair value measurement methodologies | The following table summarizes the fair value measurement methodologies, including significant inputs and assumptions and classification of the Company's assets and liabilities. Asset/Liability class Valuation methodology, inputs and assumptions Classification Investment securities Investment securities AFS Observable market prices of identical or similar securities are used where available. Level 2 recurring fair value measurement. If market prices are not readily available, value is based on discounted cash flows using the following significant inputs: • Expected prepayment speeds • Estimated credit losses • Market liquidity adjustments Level 3 recurring fair value measurement. LHFS Single family loans, excluding loans transferred from held for investment Fair value is based on observable market data, including: • Quoted market prices, where available • Dealer quotes for similar loans • Forward sale commitments Level 2 recurring fair value measurement. When not derived from observable market inputs, fair value is based on discounted cash flows, which considers the following inputs: • Benchmark yield curve • Estimated discount spread to the benchmark yield curve • Expected prepayment speeds Estimated fair value classified as Level 3. Mortgage servicing rights Single family MSRs For information on how the Company measures the fair value of its single family MSRs, including key economic assumptions and the sensitivity of fair value to changes in those assumptions, see Note 7 , Mortgage Banking Operations . Level 3 recurring fair value measurement. Derivatives Eurodollar futures Fair value is based on closing exchange prices. Level 1 recurring fair value measurement. Interest rate swaps Fair value is based on quoted prices for identical or similar instruments, when available. Level 2 recurring fair value measurement. Interest rate lock commitments The fair value considers several factors including: • Fair value of the underlying loan based on quoted prices in the secondary market, when available. • Value of servicing • Fall-out factor Level 3 recurring fair value measurement. |
Schedule of fair value hierarchy measurement | The following table presents the levels of the fair value hierarchy for the Company's assets and liabilities measured at fair value on a recurring basis. (in thousands) Fair Value at September 30, 2020 Level 1 Level 2 Level 3 Assets: Investment securities AFS Mortgage backed securities: Residential $ 60,453 $ — $ 57,739 $ 2,714 Commercial 45,986 — 45,986 — Collateralized mortgage obligations: Residential 263,886 — 263,886 — Commercial 163,207 — 163,207 — Municipal bonds 556,634 — 556,634 — Corporate debt securities 15,159 — 15,076 83 Agency debentures 1,846 — 1,846 — Single family LHFS 159,834 — 159,834 — Single family LHFI 7,638 — — 7,638 Single family mortgage servicing rights 47,018 — — 47,018 Derivatives Forward sale commitments 799 — 799 — Interest rate lock commitments 20,963 — — 20,963 Interest rate swaps 30,279 — 30,279 — Total assets $ 1,373,702 $ — $ 1,295,286 $ 78,416 Liabilities: Derivatives Eurodollar futures $ 5 $ 5 $ — $ — Forward sale commitments 2,186 — 2,186 — Interest rate lock and purchase loan commitments 3 — — 3 Interest rate swaps 26,057 — 26,057 — Total liabilities $ 28,251 $ 5 $ 28,243 $ 3 (in thousands) Fair Value at December 31, 2019 Level 1 Level 2 Level 3 Assets: Investment securities AFS Mortgage backed securities: Residential $ 91,695 $ — $ 89,831 $ 1,864 Commercial 38,025 — 38,025 — Collateralized mortgage obligations: Residential 291,618 — 291,618 — Commercial 156,154 — 156,154 — Municipal bonds 341,318 — 341,318 — Corporate debt securities 18,661 — 18,573 88 U.S. Treasury securities 1,307 — 1,307 — Single family LHFS (1) 105,458 — 105,458 — Single family LHFI 3,468 — — 3,468 Single family mortgage servicing rights 68,109 — — 68,109 Derivatives Eurodollar futures 3 3 — — Forward sale commitments 830 — 830 — Interest rate lock commitments 2,281 — — 2,281 Interest rate swaps 27,097 — 27,097 — Total assets $ 1,146,024 $ 3 $ 1,070,211 $ 75,810 Liabilities: Derivatives Forward sale commitments $ 492 $ — $ 492 $ — Interest rate lock commitments 58 — — 58 Interest rate swaps 10,889 — 10,889 — Total liabilities $ 11,439 $ — $ 11,381 $ 58 (1) Includes both continuing and discontinued operations. |
Schedule of inputs used to measure fair value | The following information presents significant Level 3 unobservable inputs used to measure fair value of certain investment securities AFS. (dollars in thousands) Fair Value Valuation Significant Unobservable Low High Weighted Average September 30, 2020 Investment securities AFS $ 2,797 Income approach Implied spread to benchmark interest rate curve 2.00% 2.00% 2.00% December 31, 2019 Investment securities AFS 1,952 Income approach Implied spread to benchmark interest rate curve 2.00% 2.00% 2.00% The following information presents significant Level 3 unobservable inputs used to measure fair value of single family LHFI where fair value option was elected. (dollars in thousands) Fair Value Valuation Significant Unobservable Low High Weighted Average September 30, 2020 LHFI, fair value option $ 7,638 Income approach Implied spread to benchmark interest rate curve 4.07% 21.37% 7.84% December 31, 2019 LHFI, fair value option 3,468 Income approach Implied spread to benchmark interest rate curve 4.56% 6.87% 5.63% The following information presents significant Level 3 unobservable inputs used to measure fair value of certain single family LHFS where fair value option was elected. We had no LHFS with fair value option that were subject to Level 3 fair value due to a significant unobservable input at September 30, 2020 and December 31, 2019. The following information presents significant Level 3 unobservable inputs used to measure fair value of interest rate lock and purchase loan commitments. (dollars in thousands) Fair Value Valuation Significant Unobservable Low High Weighted Average September 30, 2020 Interest rate lock commitments $ 20,960 Income approach Fall-out factor 1.21% 37.39% 15.39% Value of servicing 0.38% 1.47% 1.02% December 31, 2019 Interest rate lock commitments 2,223 Income approach Fall-out factor —% 59.69% 12.20% Value of servicing 0.55% 1.77% 1.14% |
Schedule of fair value changes and activity for Level 3 | The following table presents fair value changes and activity for Level 3 investment securities AFS. Beginning balance Additions Transfers Payoffs/Sales Change in mark to market Ending balance (in thousands) Three Months Ended September 30, 2020 Investment securities AFS $ 2,861 $ — $ — $ (48) $ (16) $ 2,797 Three Months Ended September 30, 2019 Investment securities AFS 1,981 — — (40) 83 $ 2,024 Nine Months Ended September 30, 2020 Investment securities AFS 1,952 985 — (387) 247 $ 2,797 Nine Months Ended September 30, 2019 Investment securities AFS — — 2,379 (120) (235) $ 2,024 The following tables present fair value changes and activity for Level 3 LHFS and LHFI. Beginning balance Additions Transfers Payoffs/Sales Change in mark to market Ending balance (in thousands) Three Months Ended September 30, 2020 LHFI $ 5,847 $ 2,169 $ — $ (352) $ (26) $ 7,638 Three Months Ended September 30, 2019 LHFS 4,427 2,393 — (686) (57) 6,077 LHFI 4,475 789 — — 31 5,295 Nine Months Ended September 30, 2020 LHFI 3,468 5,515 — (1,135) (210) $ 7,638 Nine Months Ended September 30, 2019 LHFS 2,691 5,060 — (1,595) (79) 6,077 LHFI 4,057 1,788 — (606) 56 5,295 The following table presents fair value changes and activity for Level 3 interest rate lock and purchase loan commitments. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Beginning balance, net $ 17,967 $ 8,624 $ 2,223 $ 10,284 Total realized/unrealized gains 18,285 1,243 46,313 34,655 Settlements (15,292) (5,831) (27,576) (40,903) Ending balance, net $ 20,960 $ 4,036 $ 20,960 $ 4,036 |
Schedule of assets that had changes in their recorded fair value | The following tables present assets that had changes in their recorded fair value during the three and nine months ended September 30, 2020 and 2019 and assets held at the end of the respective reporting period. At or for the Three Months Ended September 30, 2020 (in thousands) Fair Value of Assets Held at September 30, 2020 Level 1 Level 2 Level 3 Total Gains (Losses) LHFI (1) $ 3,302 $ — $ — $ 3,302 $ (2,054) At or for the Three Months Ended September 30, 2019 (in thousands) Fair Value of Assets Held at September 30, 2019 Level 1 Level 2 Level 3 Total Gains (Losses) LHFI (1) $ 266 $ — $ — $ 266 $ (2) At or for the Nine Months Ended September 30, 2020 (in thousands) Fair Value of Assets Held at September 30, 2020 Level 1 Level 2 Level 3 Total Gains (Losses) LHFI (1) $ 3,302 $ — $ — $ 3,302 $ (2,184) At or for the Nine Months Ended September 30, 2019 (in thousands) Fair Value of Assets Held at September 30, 2019 Level 1 Level 2 Level 3 Total Gains (Losses) LHFI (1) $ 266 $ — $ — $ 266 $ (2) (1) Represents the carrying value of loans for which adjustments are based on the fair value of the collateral. |
Schedule of the fair value hierarchy | The following presents the carrying value, estimated fair value and the levels of the fair value hierarchy for the Company's financial instruments other than assets and liabilities measured at fair value on a recurring basis. At September 30, 2020 (in thousands) Carrying Fair Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 79,066 $ 79,066 $ 79,066 $ — $ — Investment securities held to maturity 4,297 4,531 — 4,531 — LHFI 5,221,839 5,476,679 — — 5,476,679 LHFS – multifamily and other 261,903 261,903 — 261,903 — Mortgage servicing rights – multifamily 31,806 35,181 — — 35,181 Federal Home Loan Bank stock 26,584 26,584 — 26,584 — Other assets - GNMA EBO loans 115,111 115,111 — — 115,111 Liabilities: Certificates of deposit $ 1,174,839 $ 1,181,025 $ — $ 1,181,025 $ — Borrowings 514,590 516,112 516,112 Long-term debt 125,791 115,671 — 115,671 — At December 31, 2019 (in thousands) Carrying Fair Level 1 Level 2 Level 3 Assets: Cash and cash equivalents $ 57,880 $ 57,880 $ 57,880 $ — $ — Investment securities HTM 4,372 4,501 — 4,501 — LHFI 5,069,316 5,139,078 — — 5,139,078 LHFS – multifamily and other 128,841 130,720 — 130,720 — Mortgage servicing rights – multifamily 29,494 32,738 — — 32,738 Federal Home Loan Bank stock 22,399 22,399 — 22,399 — Liabilities: Certificates of deposit $ 1,614,533 $ 1,622,879 $ — $ 1,622,879 $ — Federal Home Loan Bank advances 346,590 347,949 — 347,949 — Federal funds purchased and securities sold under agreements to repurchase 125,000 125,101 125,101 — — Long-term debt 125,650 115,011 — 115,011 — |
EARNINGS PER SHARE - (Tables)
EARNINGS PER SHARE - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of earnings per share, basic and diluted | The following table summarizes the calculation of earnings per share. Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share data) 2020 2019 2020 2019 EPS numerator: Income from continuing operations $ 26,349 $ 13,665 $ 52,392 $ 27,615 Undistributed dividends and earnings for share repurchase — (324) — (633) Income from continuing operations available to common shareholders 26,349 13,341 52,392 26,982 Income (loss) from discontinued operations — 162 — (21,091) Net income available to common shareholders $ 26,349 $ 13,503 $ 52,392 $ 5,891 EPS denominator: Weighted average shares: Basic weighted-average number of common shares outstanding 22,665,069 24,419,793 23,226,109 26,020,172 Dilutive effect of outstanding common stock equivalents (1) 212,157 206,145 177,620 184,242 Diluted weighted-average number of common stock outstanding 22,877,226 24,625,938 23,403,729 26,204,414 Net income (loss) per share Basic: Income from continuing operations $ 1.16 $ 0.55 $ 2.26 $ 1.04 Income (loss) from discontinued operations — 0.01 — (0.81) Total $ 1.16 $ 0.55 $ 2.26 $ 0.23 Diluted: Income from continuing operations $ 1.15 $ 0.54 $ 2.24 $ 1.03 Income (loss) from discontinued operations — 0.01 — (0.80) Total $ 1.15 $ 0.55 $ 2.24 $ 0.22 |
RESTRUCTURING - (Tables)
RESTRUCTURING - (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Restructuring and Related Activities [Abstract] | |
Restructuring reserve rollforward | The following tables summarize the restructuring charges recognized during the three and nine months ended September 30, 2020 and 2019 and the Company's net remaining liability balance at September 30, 2020. As of or for the quarter ended September 30, 2020 2019 Facility-related costs Personnel-related costs Other costs Total Facility-related costs Personnel- related costs Other costs Total (in thousands) Beginning balance $ 1,695 $ 171 $ 86 $ 1,952 $ 1,423 $ 562 $ 22 $ 2,007 Transfers-In (630) — — (630) — — — — Restructuring charges 1,736 164 232 2,132 6 168 — 174 Costs paid or otherwise settled (1,010) (150) (229) (1,389) (173) (480) — (653) Ending balance $ 1,791 $ 185 $ 89 $ 2,065 $ 1,256 $ 250 $ 22 $ 1,528 As of or for the nine months ended September 30, 2020 2019 Facility-related costs Personnel-related costs Other costs Total Facility-related costs Personnel- related costs Other costs Total (in thousands) Beginning balance $ 1,235 $ 510 $ 159 $ 1,904 $ 1,604 $ — $ — $ 1,604 Transfers-In (133) 707 — 574 — — — — Restructuring charges 4,183 299 1,018 5,500 200 1,168 147 1,515 Costs paid or otherwise settled (3,494) (1,331) (1,088) (5,913) (548) (918) (125) (1,591) Ending balance $ 1,791 $ 185 $ 89 $ 2,065 $ 1,256 $ 250 $ 22 $ 1,528 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020USD ($)shareRepurchaseProgram$ / sharesshares | Dec. 31, 2019USD ($) | Mar. 31, 2020USD ($) | Jan. 01, 2020USD ($) | |
Financing Receivable, Impaired [Line Items] | ||||
Share repurchase program, authorized amount | $ 8,100,000 | |||
Number of share repurchase programs authorized during period | shareRepurchaseProgram | 2 | |||
Common stock repurchased (in shares) | shares | 1,995,845 | |||
Common stock repurchased during period (USD per share) | $ / shares | $ 26.03 | |||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||
Retained earnings decrease due to Topic 326 adoption | $ (383,107,000) | $ (374,673,000) | ||
Accounting Standards Update 2016-13 [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Retained earnings decrease due to Topic 326 adoption | $ 3,700,000 | |||
Share Repurchase Program One [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Share repurchase program, authorized amount | $ 25,000,000 | |||
Share Repurchase Program Two [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Share repurchase program, authorized amount | $ 25,000,000 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Topic 326 adoption Impact (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Jan. 01, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | $ 64,892 | $ 65,000 | $ 41,772 | $ 43,437 | $ 43,254 | $ 41,470 | |
Allowance for credit losses on unfunded loan commitments | 1,798 | 2,071 | 1,065 | ||||
Total | 42,837 | ||||||
Consumer loans [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 12,724 | 19,196 | 12,683 | 14,020 | 14,324 | 15,067 | |
Total | 13,293 | ||||||
Consumer loans [Member] | Single family [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 6,720 | 8,070 | 6,450 | 7,220 | 7,540 | 8,217 | |
Total | 6,450 | ||||||
Consumer loans [Member] | Home equity and other [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 6,004 | 11,126 | 6,233 | 6,800 | 6,784 | 6,850 | |
Total | 6,843 | ||||||
Commercial loans [Member] | Real Estate Sector [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 28,136 | 24,347 | 22,535 | 22,511 | 22,367 | 20,250 | |
Total | 22,943 | ||||||
Commercial loans [Member] | Commercial and Industrial Sector [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 24,032 | 21,457 | 6,554 | 6,906 | 6,563 | 6,153 | |
Total | 6,601 | ||||||
Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 8,923 | 7,325 | 7,245 | 6,480 | 6,149 | 5,495 | |
Total | 7,249 | ||||||
Commercial loans [Member] | Multifamily [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 4,871 | 5,387 | 7,015 | 6,690 | 7,047 | 5,754 | |
Total | 7,015 | ||||||
Commercial loans [Member] | Multifamily Construction [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 5,920 | 3,811 | 2,848 | ||||
Commercial loans [Member] | Commercial Real Estate Construction [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 1,709 | 440 | 624 | ||||
Commercial loans [Member] | Single Family Construction [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 5,507 | 5,869 | 3,800 | ||||
Commercial loans [Member] | Single Family Construction To Permanent [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 1,206 | 1,515 | 1,003 | ||||
Commercial loans [Member] | Owner occupied commercial real estate [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 5,688 | 5,641 | 3,639 | 3,595 | 3,459 | 3,278 | |
Total | 3,640 | ||||||
Commercial loans [Member] | Commercial business [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | $ 18,344 | $ 15,816 | 2,915 | $ 3,311 | $ 3,104 | $ 2,875 | |
Total | 2,961 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | $ 1,843 | 1,843 | |||||
Allowance for credit losses on unfunded loan commitments | 1,897 | 1,897 | |||||
Total | 3,740 | ||||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer loans [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 5,103 | 5,103 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer loans [Member] | Single family [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 468 | 468 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Consumer loans [Member] | Home equity and other [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 4,635 | 4,635 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial loans [Member] | Real Estate Sector [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | (1,311) | (1,311) | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial loans [Member] | Commercial and Industrial Sector [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | (1,949) | (1,949) | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | (3,392) | (3,392) | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial loans [Member] | Multifamily [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | (2,977) | (2,977) | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial loans [Member] | Multifamily Construction [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 693 | 693 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial loans [Member] | Commercial Real Estate Construction [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | (115) | (115) | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial loans [Member] | Single Family Construction [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 4,280 | 4,280 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial loans [Member] | Single Family Construction To Permanent [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 200 | 200 | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial loans [Member] | Owner occupied commercial real estate [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | (2,459) | (2,459) | |||||
Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial loans [Member] | Commercial business [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 510 | $ 510 | |||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 43,615 | ||||||
Allowance for credit losses on unfunded loan commitments | 2,962 | ||||||
Total | 46,577 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Consumer loans [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 17,786 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Consumer loans [Member] | Single family [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 6,918 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Consumer loans [Member] | Home equity and other [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 10,868 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial loans [Member] | Real Estate Sector [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 21,224 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial loans [Member] | Commercial and Industrial Sector [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 4,605 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 3,853 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial loans [Member] | Multifamily [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 4,038 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial loans [Member] | Multifamily Construction [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 3,541 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial loans [Member] | Commercial Real Estate Construction [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 509 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial loans [Member] | Single Family Construction [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 8,080 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial loans [Member] | Single Family Construction To Permanent [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 1,203 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial loans [Member] | Owner occupied commercial real estate [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | 1,180 | ||||||
Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Commercial loans [Member] | Commercial business [Member] | |||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||||||
Allowance for credit losses on loans held for investment | $ 3,425 |
DISCONTINUED OPERATIONS - Narra
DISCONTINUED OPERATIONS - Narrative (Details) $ in Thousands | Jun. 24, 2019branch | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Mar. 31, 2019USD ($)sale_of_right | Mar. 29, 2019USD ($)sale_of_right | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Pre-tax income (loss) during period from discontinued operations before income taxes | $ 0 | $ (502) | $ 0 | $ (2,033) | ||||
Agency debentures [Member] | Single family [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Mortgage servicing rights, unpaid principle balance, sold, number of sales | sale_of_right | 2 | 2 | ||||||
Mortgage servicing rights, unpaid principal balance, sold | $ 14,300,000 | $ 14,300,000 | ||||||
Percentage of loan portfolio sold | 71.00% | |||||||
Pre-tax income (loss) during period from discontinued operations before income taxes | $ 333 | $ (941) | ||||||
HLC Based Mortgage Banking Operations [Member] | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Home loan centers sold | branch | 47 |
DISCONTINUED OPERATIONS - Net G
DISCONTINUED OPERATIONS - Net Gain (Loss) on Disposal of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from asset sales | $ 2,759 | $ 174,333 | |
Discontinued Operations, Disposed of by Sale [Member] | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Proceeds from asset sales | $ 0 | 186,612 | |
Book value of asset sales | (4) | 180,978 | |
Gain on assets sold | 4 | 5,634 | |
Transaction costs (recovery) expenses | (386) | 8,791 | |
Compensation expense related to the transactions | 596 | 4,388 | |
Facility and IT related costs (recovery) expenses | (1,466) | 14,215 | |
Total costs (recovery) expenses | (1,256) | 27,394 | |
Net gain (loss) on disposal | $ 1,260 | $ (21,760) |
DISCONTINUED OPERATIONS - Major
DISCONTINUED OPERATIONS - Major Classes of Assets and Liabilities Related to Discontinued Operations (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets of discontinued operations | ||
Total | $ 0 | $ 28,628 |
Discontinued Operations, Held-for-sale [Member] | ||
Assets of discontinued operations | ||
LHFS, at fair value | 26,123 | |
Other assets | 2,505 | |
Total | 28,628 | |
Liabilities of discontinued operations | ||
Accounts payable and other liabilities | $ 2,603 |
DISCONTINUED OPERATIONS - State
DISCONTINUED OPERATIONS - Statements of Operations of Discontinued Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Income (loss) before income taxes | $ 0 | $ 190 | $ 0 | $ (24,928) |
Income tax expense (benefit) | 0 | 28 | 0 | (3,837) |
Income (loss) from discontinued operations | $ 0 | (502) | $ 0 | (2,033) |
Discontinued Operations, Held-for-sale [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Net interest income | 842 | 5,604 | ||
Noninterest income | 1,604 | 64,331 | ||
Noninterest expense | 2,256 | 94,863 | ||
Income (loss) before income taxes | 190 | (24,928) | ||
Income tax expense (benefit) | 28 | (3,837) | ||
Income (loss) from discontinued operations | $ 162 | $ (21,091) |
DISCONTINUED OPERATIONS - Cash
DISCONTINUED OPERATIONS - Cash Flows for Discontinued Operations (Details) - Discontinued Operations, Held-for-sale [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Net cash provided by operating activities | $ 196,712 |
Net cash provided by investing activities | $ 177,291 |
INVESTMENT SECURITIES - Unreali
INVESTMENT SECURITIES - Unrealized Gain/Loss on Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
AFS | ||
Amortized cost | $ 1,065,681 | $ 933,308 |
Gross unrealized gains | 42,097 | 11,471 |
Gross unrealized losses | (607) | (6,001) |
Fair value | 1,107,171 | 938,778 |
Residential mortgage-backed securities [Member] | ||
AFS | ||
Amortized cost | 59,259 | 93,283 |
Gross unrealized gains | 1,378 | 120 |
Gross unrealized losses | (184) | (1,708) |
Fair value | 60,453 | 91,695 |
Commercial mortgage-backed securities [Member] | ||
AFS | ||
Amortized cost | 43,660 | 37,972 |
Gross unrealized gains | 2,332 | 411 |
Gross unrealized losses | (6) | (358) |
Fair value | 45,986 | 38,025 |
Residential collateralized mortgage obligations [Member] | ||
AFS | ||
Amortized cost | 256,488 | 292,370 |
Gross unrealized gains | 7,408 | 935 |
Gross unrealized losses | (10) | (1,687) |
Fair value | 263,886 | 291,618 |
Commercial collateralized mortgage obligations [Member] | ||
AFS | ||
Amortized cost | 159,733 | 156,693 |
Gross unrealized gains | 3,744 | 684 |
Gross unrealized losses | (270) | (1,223) |
Fair value | 163,207 | 156,154 |
Municipal bonds [Member] | ||
AFS | ||
Amortized cost | 530,243 | 333,303 |
Gross unrealized gains | 26,528 | 8,997 |
Gross unrealized losses | (137) | (982) |
Fair value | 556,634 | 341,318 |
HTM | ||
Amortized cost | 4,297 | 4,372 |
Gross unrealized gains | 234 | 129 |
Gross unrealized losses | 0 | 0 |
Fair value | 4,531 | 4,501 |
Corporate debt securities [Member] | ||
AFS | ||
Amortized cost | 14,452 | 18,391 |
Gross unrealized gains | 707 | 313 |
Gross unrealized losses | 0 | (43) |
Fair value | 15,159 | 18,661 |
US Treasury securities [Member] | ||
AFS | ||
Amortized cost | 1,296 | |
Gross unrealized gains | 11 | |
Gross unrealized losses | 0 | |
Fair value | $ 1,307 | |
Agency debentures [Member] | ||
AFS | ||
Amortized cost | 1,846 | |
Gross unrealized gains | 0 | |
Gross unrealized losses | 0 | |
Fair value | $ 1,846 |
INVESTMENT SECURITIES - Continu
INVESTMENT SECURITIES - Continuous Unrealized Loss on Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
AVAILABLE FOR SALE | ||
Less than 12 months, Gross unrealized losses | $ (254) | $ (2,745) |
Less than 12 months, Fair value | 40,937 | 321,618 |
Twelve months or more, Gross unrealized losses | (353) | (3,256) |
Twelve months or more, Fair value | 21,533 | 189,326 |
Total, Gross unrealized losses | (607) | (6,001) |
Total, Fair value | 62,470 | 510,944 |
Residential mortgage-backed securities [Member] | ||
AVAILABLE FOR SALE | ||
Less than 12 months, Gross unrealized losses | 0 | (409) |
Less than 12 months, Fair value | 0 | 18,440 |
Twelve months or more, Gross unrealized losses | (184) | (1,299) |
Twelve months or more, Fair value | 2,557 | 68,362 |
Total, Gross unrealized losses | (184) | (1,708) |
Total, Fair value | 2,557 | 86,802 |
Commercial mortgage-backed securities [Member] | ||
AVAILABLE FOR SALE | ||
Less than 12 months, Gross unrealized losses | (6) | (352) |
Less than 12 months, Fair value | 1,337 | 21,494 |
Twelve months or more, Gross unrealized losses | 0 | (6) |
Twelve months or more, Fair value | 0 | 2,483 |
Total, Gross unrealized losses | (6) | (358) |
Total, Fair value | 1,337 | 23,977 |
Residential collateralized mortgage obligations [Member] | ||
AVAILABLE FOR SALE | ||
Less than 12 months, Gross unrealized losses | (10) | (965) |
Less than 12 months, Fair value | 7,492 | 171,708 |
Twelve months or more, Gross unrealized losses | 0 | (722) |
Twelve months or more, Fair value | 0 | 29,264 |
Total, Gross unrealized losses | (10) | (1,687) |
Total, Fair value | 7,492 | 200,972 |
Commercial collateralized mortgage obligations [Member] | ||
AVAILABLE FOR SALE | ||
Less than 12 months, Gross unrealized losses | (119) | (680) |
Less than 12 months, Fair value | 9,236 | 67,160 |
Twelve months or more, Gross unrealized losses | (151) | (543) |
Twelve months or more, Fair value | 15,350 | 41,605 |
Total, Gross unrealized losses | (270) | (1,223) |
Total, Fair value | 24,586 | 108,765 |
Municipal bonds [Member] | ||
AVAILABLE FOR SALE | ||
Less than 12 months, Gross unrealized losses | (119) | (334) |
Less than 12 months, Fair value | 22,872 | 39,127 |
Twelve months or more, Gross unrealized losses | (18) | (648) |
Twelve months or more, Fair value | 3,626 | 45,869 |
Total, Gross unrealized losses | (137) | (982) |
Total, Fair value | $ 26,498 | 84,996 |
Corporate debt securities [Member] | ||
AVAILABLE FOR SALE | ||
Less than 12 months, Gross unrealized losses | (5) | |
Less than 12 months, Fair value | 3,689 | |
Twelve months or more, Gross unrealized losses | (38) | |
Twelve months or more, Fair value | 1,743 | |
Total, Gross unrealized losses | (43) | |
Total, Fair value | $ 5,432 |
INVESTMENT SECURITIES - Narrati
INVESTMENT SECURITIES - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |||||
Held-to-maturity securities, unrealized loss position | $ 0 | $ 0 | $ 0 | ||
Gain (loss) on sale of investment securities available for sale | 316,000 | $ (128,000) | |||
Proceeds from sale of investment securities | 3,000,000 | $ 25,000,000 | 58,487,000 | 144,602,000 | |
Tax exempt interest income on available-for-sale securities | $ 2,800,000 | $ 2,500,000 | $ 7,900,000 | $ 7,800,000 |
INVESTMENT SECURITIES - Weighte
INVESTMENT SECURITIES - Weighted Average Yield (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
AFS | ||
Total, Fair value | $ 1,107,171 | $ 938,778 |
Municipal bonds [Member] | ||
AFS | ||
Due within one year, Fair value | $ 2,043 | $ 5,337 |
Weighted Average Yield, due within one year | 2.88% | 3.41% |
Due in one through five years, Fair value | $ 13,943 | $ 555 |
Weighted Average Yield, due after one year through five years | 3.83% | 3.90% |
Due after five years through ten years, Fair value | $ 57,011 | $ 13,000 |
Weighted Average Yield, due after five years through ten years | 3.22% | 3.01% |
Due after 10 years, Fair value | $ 483,637 | $ 322,426 |
Weighted Average Yield, due after ten years | 3.29% | 3.61% |
Total, Fair value | $ 556,634 | $ 341,318 |
Weighted Average Yield, Total | 3.29% | 3.59% |
HTM | ||
Due within one year, Fair value | $ 0 | $ 0 |
Weighted Average Yield, due within one year | 0.00% | 0.00% |
Due in one through five years, Fair value | $ 1,774 | $ 1,787 |
Weighted Average Yield, due after one year through five years | 2.93% | 2.90% |
Due after five years through ten years, Fair value | $ 2,757 | $ 2,714 |
Weighted Average Yield, due after five years through ten years | 2.16% | 2.09% |
Due after ten years, Fair value | $ 0 | $ 0 |
Weighted Average Yield, due after ten years | 0.00% | 0.00% |
Total, Fair value | $ 4,531 | $ 4,501 |
Weighted Average Yield, Total | 2.47% | 2.41% |
Corporate debt securities [Member] | ||
AFS | ||
Due within one year, Fair value | $ 188 | $ 1,007 |
Weighted Average Yield, due within one year | 4.30% | 3.40% |
Due in one through five years, Fair value | $ 7,101 | $ 7,544 |
Weighted Average Yield, due after one year through five years | 3.73% | 3.64% |
Due after five years through ten years, Fair value | $ 2,758 | $ 10,022 |
Weighted Average Yield, due after five years through ten years | 4.19% | 3.70% |
Due after 10 years, Fair value | $ 5,112 | $ 88 |
Weighted Average Yield, due after ten years | 4.98% | 6.10% |
Total, Fair value | $ 15,159 | $ 18,661 |
Weighted Average Yield, Total | 4.25% | 3.67% |
US Treasury securities [Member] | ||
AFS | ||
Due within one year, Fair value | $ 1,307 | |
Weighted Average Yield, due within one year | 2.82% | |
Due in one through five years, Fair value | $ 0 | |
Weighted Average Yield, due after one year through five years | 0.00% | |
Due after five years through ten years, Fair value | $ 0 | |
Weighted Average Yield, due after five years through ten years | 0.00% | |
Due after 10 years, Fair value | $ 0 | |
Weighted Average Yield, due after ten years | 0.00% | |
Total, Fair value | $ 1,307 | |
Weighted Average Yield, Total | 2.82% | |
Agency debentures [Member] | ||
AFS | ||
Due within one year, Fair value | $ 0 | |
Weighted Average Yield, due within one year | 0.00% | |
Due in one through five years, Fair value | $ 0 | |
Weighted Average Yield, due after one year through five years | 0.00% | |
Due after five years through ten years, Fair value | $ 0 | |
Weighted Average Yield, due after five years through ten years | 0.00% | |
Due after 10 years, Fair value | $ 1,846 | |
Weighted Average Yield, due after ten years | 1.65% | |
Total, Fair value | $ 1,846 | |
Weighted Average Yield, Total | 1.65% | |
Municipal Bonds, Corporate Debt Securities, US Treasury Securities, Agency Debentures [Member] | ||
AFS | ||
Due within one year, Fair value | $ 2,231 | $ 7,651 |
Weighted Average Yield, due within one year | 3.00% | 3.31% |
Due in one through five years, Fair value | $ 21,044 | $ 8,099 |
Weighted Average Yield, due after one year through five years | 3.80% | 3.66% |
Due after five years through ten years, Fair value | $ 59,769 | $ 23,022 |
Weighted Average Yield, due after five years through ten years | 3.26% | 3.31% |
Due after 10 years, Fair value | $ 490,595 | $ 322,514 |
Weighted Average Yield, due after ten years | 3.30% | 3.62% |
Total, Fair value | $ 573,639 | $ 361,286 |
Weighted Average Yield, Total | 3.31% | 3.59% |
Mortgage Backed Securities and Collateralized Mortgage Obligations [Member] | ||
AFS | ||
Weighted Average Yield, Total | 1.94% | 2.34% |
INVESTMENT SECURITIES - Pledged
INVESTMENT SECURITIES - Pledged to Secure Borrowings And Public Deposits (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Investments, Debt and Equity Securities [Abstract] | ||
Washington and California to secure public deposits | $ 158,634 | $ 200,571 |
Other securities pledged | 607 | 4,332 |
Total securities pledged as collateral | $ 159,241 | $ 204,903 |
LOANS AND CREDIT QUALITY - Narr
LOANS AND CREDIT QUALITY - Narrative (Details) | 9 Months Ended | |
Sep. 30, 2020USD ($)portfolio_segmentloan | Dec. 31, 2019USD ($) | |
Financing Receivable, Impaired [Line Items] | ||
Number of portfolio segments | portfolio_segment | 2 | |
Allowance for unfunded commitments | $ 1,800,000 | $ 1,100,000 |
Accrued interest receivable | $ 21,100,000 | |
Number of days past due for consumer loans TDR to be re-default | 60 days | |
Number of days past due for commercial loans TDR to be re-default | 90 days | |
Loans granted forbearance, outstanding balance | $ 206,000,000 | |
Number of loans granted forbearance | loan | 375 | |
Loans before allowance, net of deferred loan fees and costs | $ 5,294,369,000 | 5,114,556,000 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans before allowance, net of deferred loan fees and costs | 5,090,103,000 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Loss [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans before allowance, net of deferred loan fees and costs | $ 0 | |
California | Residential Mortgage And Multifamily [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Percentage of loan portfolio | 16.90% | 12.20% |
Washington | Residential Mortgage And Multifamily [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Percentage of loan portfolio | 10.70% | |
Federal Home Loan Bank Advances [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans pledged as collateral | $ 1,500,000,000 | $ 2,000,000,000 |
Federal Reserve Bank Advances [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Loans pledged as collateral | $ 594,000,000 | $ 491,000,000 |
LOANS AND CREDIT QUALITY - Loan
LOANS AND CREDIT QUALITY - Loans Held for Investment (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Loans held for investment | ||||||
Total LHFI | $ 5,294,369 | $ 5,114,556 | ||||
Allowance for credit losses | (64,892) | $ (65,000) | (41,772) | $ (43,437) | $ (43,254) | $ (41,470) |
Loans held for investment | 5,229,477 | 5,072,784 | ||||
Net deferred loans fees and costs | 24,500 | |||||
Recurring [Member] | ||||||
Loans held for investment | ||||||
Fair value of loans held for investment | 7,638 | 3,468 | ||||
Recurring [Member] | Level 3 [Member] | ||||||
Loans held for investment | ||||||
Fair value of loans held for investment | 7,638 | 3,468 | ||||
Consumer loans [Member] | ||||||
Loans held for investment | ||||||
Total LHFI | 1,382,897 | 1,626,082 | ||||
Allowance for credit losses | (12,724) | (19,196) | (12,683) | (14,020) | (14,324) | (15,067) |
Consumer loans [Member] | Single family [Member] | ||||||
Loans held for investment | ||||||
Total LHFI | 936,774 | 1,072,706 | ||||
Allowance for credit losses | (6,720) | (8,070) | (6,450) | (7,220) | (7,540) | (8,217) |
Consumer loans [Member] | Home equity and other [Member] | ||||||
Loans held for investment | ||||||
Total LHFI | 446,123 | 553,376 | ||||
Allowance for credit losses | (6,004) | (11,126) | (6,233) | (6,800) | (6,784) | (6,850) |
Commercial loans [Member] | ||||||
Loans held for investment | ||||||
Total LHFI | 3,911,472 | |||||
Commercial loans [Member] | Real Estate Sector [Member] | ||||||
Loans held for investment | ||||||
Total LHFI | 2,764,942 | 2,596,448 | ||||
Allowance for credit losses | (28,136) | (24,347) | (22,535) | (22,511) | (22,367) | (20,250) |
Commercial loans [Member] | Commercial and Industrial Sector [Member] | ||||||
Loans held for investment | ||||||
Total LHFI | 1,146,530 | 892,026 | ||||
Allowance for credit losses | (24,032) | (21,457) | (6,554) | (6,906) | (6,563) | (6,153) |
Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | ||||||
Loans held for investment | ||||||
Total LHFI | 847,079 | 895,546 | ||||
Allowance for credit losses | (8,923) | (7,325) | (7,245) | (6,480) | (6,149) | (5,495) |
Commercial loans [Member] | Multifamily [Member] | ||||||
Loans held for investment | ||||||
Total LHFI | 1,327,156 | 999,140 | ||||
Allowance for credit losses | (4,871) | (5,387) | (7,015) | (6,690) | (7,047) | (5,754) |
Commercial loans [Member] | Construction/land development [Member] | ||||||
Loans held for investment | ||||||
Total LHFI | 590,707 | 701,762 | ||||
Allowance for credit losses | (9,341) | (9,171) | (9,001) | |||
Commercial loans [Member] | Owner occupied commercial real estate [Member] | ||||||
Loans held for investment | ||||||
Total LHFI | 462,613 | 477,316 | ||||
Allowance for credit losses | (5,688) | (5,641) | (3,639) | (3,595) | (3,459) | (3,278) |
Commercial loans [Member] | Commercial business [Member] | ||||||
Loans held for investment | ||||||
Total LHFI | 683,917 | 414,710 | ||||
Allowance for credit losses | $ (18,344) | $ (15,816) | $ (2,915) | $ (3,311) | $ (3,104) | $ (2,875) |
LOANS AND CREDIT QUALITY - Allo
LOANS AND CREDIT QUALITY - Allowance for Credit Losses (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | $ 65,000 | $ 43,254 | $ 41,772 | $ 41,470 |
Provision for credit losses | 273 | 177 | 21,633 | 1,746 |
Net (charge-offs) recoveries | (381) | 6 | (356) | 221 |
Ending balance | 64,892 | $ 43,437 | 64,892 | $ 43,437 |
Allowance for unfunded commitments: | ||||
Beginning balance | 2,071 | 1,065 | ||
Provision for credit losses | (273) | (1,164) | ||
Ending balance | 1,798 | 1,798 | ||
Total | $ 0 | 20,469 | ||
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||||
Beginning balance | 1,843 | |||
Allowance for unfunded commitments: | ||||
Beginning balance | $ 1,897 |
LOANS AND CREDIT QUALITY - Acti
LOANS AND CREDIT QUALITY - Activity in Allowance for Credit Losses by Loan Portfolio (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Allowance for credit losses by loan portfolio | ||||
Beginning balance | $ 65,000 | $ 43,254 | $ 41,772 | $ 41,470 |
Charge-offs | (489) | (68) | (938) | (209) |
Recoveries | 108 | 74 | 582 | 430 |
(Reversal of) Provision | 273 | 177 | 21,633 | 1,746 |
Ending balance | 64,892 | 43,437 | 64,892 | 43,437 |
Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 1,843 | |||
Consumer loans [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 19,196 | 14,324 | 12,683 | 15,067 |
Charge-offs | (42) | (68) | (348) | (209) |
Recoveries | 84 | 60 | 347 | 355 |
(Reversal of) Provision | (6,514) | (296) | (5,061) | (1,193) |
Ending balance | 12,724 | 14,020 | 12,724 | 14,020 |
Consumer loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 5,103 | |||
Consumer loans [Member] | Single family [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 8,070 | 7,540 | 6,450 | 8,217 |
Charge-offs | (3) | 0 | (3) | 0 |
Recoveries | 2 | 1 | 56 | 143 |
(Reversal of) Provision | (1,349) | (321) | (251) | (1,140) |
Ending balance | 6,720 | 7,220 | 6,720 | 7,220 |
Consumer loans [Member] | Single family [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 468 | |||
Consumer loans [Member] | Home equity and other [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 11,126 | 6,784 | 6,233 | 6,850 |
Charge-offs | (39) | (68) | (345) | (209) |
Recoveries | 82 | 59 | 291 | 212 |
(Reversal of) Provision | (5,165) | 25 | (4,810) | (53) |
Ending balance | 6,004 | 6,800 | 6,004 | 6,800 |
Consumer loans [Member] | Home equity and other [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 4,635 | |||
Commercial loans [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Charge-offs | (590) | |||
Recoveries | 235 | |||
Commercial loans [Member] | Real Estate Sector [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 24,347 | 22,367 | 22,535 | 20,250 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 1 | 163 | 48 |
(Reversal of) Provision | 3,789 | 143 | 6,749 | 2,213 |
Ending balance | 28,136 | 22,511 | 28,136 | 22,511 |
Commercial loans [Member] | Commercial and Industrial Sector [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 21,457 | 6,563 | 6,554 | 6,153 |
Charge-offs | (447) | 0 | (590) | 0 |
Recoveries | 24 | 13 | 72 | 27 |
(Reversal of) Provision | 2,998 | 330 | 19,945 | 726 |
Ending balance | 24,032 | 6,906 | 24,032 | 6,906 |
Commercial loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Real Estate Sector [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | (1,311) | |||
Commercial loans [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Commercial and Industrial Sector [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | (1,949) | |||
Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 7,325 | 6,149 | 7,245 | 5,495 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
(Reversal of) Provision | 1,598 | 331 | 5,070 | 985 |
Ending balance | 8,923 | 6,480 | 8,923 | 6,480 |
Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | (3,392) | |||
Commercial loans [Member] | Multifamily [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 5,387 | 7,047 | 7,015 | 5,754 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
(Reversal of) Provision | (516) | (357) | 833 | 936 |
Ending balance | 4,871 | 6,690 | 4,871 | 6,690 |
Commercial loans [Member] | Multifamily [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | (2,977) | |||
Commercial loans [Member] | Construction/land development [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 9,171 | 9,001 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 1 | 48 | ||
(Reversal of) Provision | 169 | 292 | ||
Ending balance | 9,341 | 9,341 | ||
Commercial loans [Member] | Multifamily Construction [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 3,811 | 2,848 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
(Reversal of) Provision | 2,109 | 2,379 | ||
Ending balance | 5,920 | 5,920 | ||
Commercial loans [Member] | Multifamily Construction [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 693 | |||
Commercial loans [Member] | Commercial Real Estate Construction [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 440 | 624 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
(Reversal of) Provision | 1,269 | 1,200 | ||
Ending balance | 1,709 | 1,709 | ||
Commercial loans [Member] | Commercial Real Estate Construction [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | (115) | |||
Commercial loans [Member] | Single Family Construction [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 5,869 | 3,800 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 163 | ||
(Reversal of) Provision | (362) | (2,736) | ||
Ending balance | 5,507 | 5,507 | ||
Commercial loans [Member] | Single Family Construction [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 4,280 | |||
Commercial loans [Member] | Single Family Construction To Permanent [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 1,515 | 1,003 | ||
Charge-offs | 0 | 0 | ||
Recoveries | 0 | 0 | ||
(Reversal of) Provision | (309) | 3 | ||
Ending balance | 1,206 | 1,206 | ||
Commercial loans [Member] | Single Family Construction To Permanent [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 200 | |||
Commercial loans [Member] | Owner occupied commercial real estate [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 5,641 | 3,459 | 3,639 | 3,278 |
Charge-offs | 0 | 0 | 0 | 0 |
Recoveries | 0 | 0 | 0 | 0 |
(Reversal of) Provision | 47 | 136 | 4,508 | 317 |
Ending balance | 5,688 | 3,595 | 5,688 | 3,595 |
Commercial loans [Member] | Owner occupied commercial real estate [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | (2,459) | |||
Commercial loans [Member] | Commercial business [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | 15,816 | 3,104 | 2,915 | 2,875 |
Charge-offs | (447) | 0 | (590) | 0 |
Recoveries | 24 | 13 | 72 | 27 |
(Reversal of) Provision | 2,951 | 194 | 15,437 | 409 |
Ending balance | $ 18,344 | $ 3,311 | 18,344 | $ 3,311 |
Commercial loans [Member] | Commercial business [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||
Allowance for credit losses by loan portfolio | ||||
Beginning balance | $ 510 |
LOANS AND CREDIT QUALITY - Lo_2
LOANS AND CREDIT QUALITY - Loans Credit Quality by Year and Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | $ 1,207,124 | $ 1,207,124 | ||||
Financing receivable, originated in 2019 | 968,879 | 968,879 | ||||
Financing receivable, originated in 2018 | 710,337 | 710,337 | ||||
Financing receivable, originated in 2017 | 608,327 | 608,327 | ||||
Financing receivable, originated in 2016 | 574,642 | 574,642 | ||||
Financing receivable, originated in 2015 and prior | 599,785 | 599,785 | ||||
Financing receivable, revolving | 603,048 | 603,048 | ||||
Financing receivable, revolving, term | 22,227 | 22,227 | ||||
Total | 5,294,369 | 5,294,369 | $ 5,114,556 | |||
Financing receivable, originated in 2020, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, charge-offs | (63) | |||||
Financing receivable, originated in 2018, allowance for credit loss, charge-offs | (32) | |||||
Financing receivable, originated in 2017, allowance for credit loss, charge-offs | (42) | |||||
Financing receivable, originated in 2016, allowance for credit loss, charge-offs | (102) | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, charge-offs | (447) | |||||
Financing receivable, revolving, allowance for credit loss, charge-offs | (252) | |||||
Financing receivable, revolving, term, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, allowance for credit loss, charge-offs | (489) | $ (68) | (938) | $ (209) | ||
Financing receivable, originated in 2020, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, recoveries | 12 | |||||
Financing receivable, originated in 2018, allowance for credit loss, recoveries | 4 | |||||
Financing receivable, originated in 2017, allowance for credit loss, recoveries | 6 | |||||
Financing receivable, originated in 2016, allowance for credit loss, recoveries | 6 | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, recoveries | 414 | |||||
Financing receivable, revolving, allowance for credit loss, recoveries | 140 | |||||
Financing receivable, revolving, term, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, allowance for credit loss, recoveries | 108 | 74 | 582 | 430 | ||
Financing receivable, originated in 2020, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, (charge-offs) recoveries | (51) | |||||
Financing receivable, originated in 2018, allowance for credit loss, (charge-offs) recoveries | (28) | |||||
Financing receivable, originated in 2017, allowance for credit loss, (charge-offs) recoveries | (36) | |||||
Financing receivable, originated in 2016, allowance for credit loss, (charge-offs) recoveries | (96) | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, (charge-offs) recoveries | (33) | |||||
Financing receivable, revolving, allowance for credit loss, (charge-offs) recoveries | (112) | |||||
Financing receivable, revolving, term, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, allowance for credit loss, (charge-offs) recoveries | (381) | 6 | (356) | 221 | ||
Recurring [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Fair value of loans held for investment | 7,638 | 7,638 | 3,468 | |||
Level 3 [Member] | Recurring [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Fair value of loans held for investment | 7,638 | 7,638 | 3,468 | |||
Consumer loans [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 1,382,897 | 1,382,897 | 1,626,082 | |||
Financing receivable, originated in 2020, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, charge-offs | (63) | |||||
Financing receivable, originated in 2018, allowance for credit loss, charge-offs | (32) | |||||
Financing receivable, originated in 2017, allowance for credit loss, charge-offs | (1) | |||||
Financing receivable, originated in 2016, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, revolving, allowance for credit loss, charge-offs | (252) | |||||
Financing receivable, revolving, term, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, allowance for credit loss, charge-offs | (42) | (68) | (348) | (209) | ||
Financing receivable, originated in 2020, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, recoveries | 12 | |||||
Financing receivable, originated in 2018, allowance for credit loss, recoveries | 4 | |||||
Financing receivable, originated in 2017, allowance for credit loss, recoveries | 6 | |||||
Financing receivable, originated in 2016, allowance for credit loss, recoveries | 6 | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, recoveries | 179 | |||||
Financing receivable, revolving, allowance for credit loss, recoveries | 140 | |||||
Financing receivable, revolving, term, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, allowance for credit loss, recoveries | 84 | 60 | 347 | 355 | ||
Financing receivable, originated in 2020, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, (charge-offs) recoveries | (51) | |||||
Financing receivable, originated in 2018, allowance for credit loss, (charge-offs) recoveries | (28) | |||||
Financing receivable, originated in 2017, allowance for credit loss, (charge-offs) recoveries | 5 | |||||
Financing receivable, originated in 2016, allowance for credit loss, (charge-offs) recoveries | 6 | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, (charge-offs) recoveries | 179 | |||||
Financing receivable, revolving, allowance for credit loss, (charge-offs) recoveries | (112) | |||||
Financing receivable, revolving, term, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, allowance for credit loss, (charge-offs) recoveries | (1) | |||||
Consumer loans [Member] | Single family [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 120,348 | 120,348 | ||||
Financing receivable, originated in 2019 | 99,005 | 99,005 | ||||
Financing receivable, originated in 2018 | 186,219 | 186,219 | ||||
Financing receivable, originated in 2017 | 191,750 | 191,750 | ||||
Financing receivable, originated in 2016 | 69,662 | 69,662 | ||||
Financing receivable, originated in 2015 and prior | 269,790 | 269,790 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 936,774 | 936,774 | 1,072,706 | |||
Financing receivable, originated in 2020, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, charge-offs | (3) | |||||
Financing receivable, originated in 2018, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2017, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2016, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, revolving, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, revolving, term, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, allowance for credit loss, charge-offs | (3) | 0 | (3) | 0 | ||
Financing receivable, originated in 2020, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2018, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2017, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2016, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, recoveries | 56 | |||||
Financing receivable, revolving, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, revolving, term, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, allowance for credit loss, recoveries | 2 | 1 | 56 | 143 | ||
Financing receivable, originated in 2020, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, (charge-offs) recoveries | (3) | |||||
Financing receivable, originated in 2018, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2017, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2016, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, (charge-offs) recoveries | 56 | |||||
Financing receivable, revolving, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, revolving, term, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, allowance for credit loss, (charge-offs) recoveries | 53 | |||||
Consumer loans [Member] | Home Equity Line Of Credit, Adjusted For Credit Analysis [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 1,264 | 1,264 | ||||
Financing receivable, originated in 2019 | 1,878 | 1,878 | ||||
Financing receivable, originated in 2018 | 1,494 | 1,494 | ||||
Financing receivable, originated in 2017 | 1,700 | 1,700 | ||||
Financing receivable, originated in 2016 | 917 | 917 | ||||
Financing receivable, originated in 2015 and prior | 6,143 | 6,143 | ||||
Financing receivable, revolving | 423,770 | 423,770 | ||||
Financing receivable, revolving, term | 8,957 | 8,957 | ||||
Total | 446,123 | 446,123 | 553,376 | |||
Consumer loans [Member] | Home equity and other [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 446,123 | 446,123 | 553,376 | |||
Financing receivable, originated in 2020, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, charge-offs | (60) | |||||
Financing receivable, originated in 2018, allowance for credit loss, charge-offs | (32) | |||||
Financing receivable, originated in 2017, allowance for credit loss, charge-offs | (1) | |||||
Financing receivable, originated in 2016, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, revolving, allowance for credit loss, charge-offs | (252) | |||||
Financing receivable, revolving, term, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, allowance for credit loss, charge-offs | (39) | (68) | (345) | (209) | ||
Financing receivable, originated in 2020, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, recoveries | 12 | |||||
Financing receivable, originated in 2018, allowance for credit loss, recoveries | 4 | |||||
Financing receivable, originated in 2017, allowance for credit loss, recoveries | 6 | |||||
Financing receivable, originated in 2016, allowance for credit loss, recoveries | 6 | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, recoveries | 123 | |||||
Financing receivable, revolving, allowance for credit loss, recoveries | 140 | |||||
Financing receivable, revolving, term, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, allowance for credit loss, recoveries | 82 | 59 | 291 | 212 | ||
Financing receivable, originated in 2020, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, (charge-offs) recoveries | (48) | |||||
Financing receivable, originated in 2018, allowance for credit loss, (charge-offs) recoveries | (28) | |||||
Financing receivable, originated in 2017, allowance for credit loss, (charge-offs) recoveries | 5 | |||||
Financing receivable, originated in 2016, allowance for credit loss, (charge-offs) recoveries | 6 | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, (charge-offs) recoveries | 123 | |||||
Financing receivable, revolving, allowance for credit loss, (charge-offs) recoveries | (112) | |||||
Financing receivable, revolving, term, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, allowance for credit loss, (charge-offs) recoveries | (54) | |||||
Consumer Portfolio Segment, Adjusted For Credit Analysis [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 121,612 | 121,612 | ||||
Financing receivable, originated in 2019 | 100,883 | 100,883 | ||||
Financing receivable, originated in 2018 | 187,713 | 187,713 | ||||
Financing receivable, originated in 2017 | 193,450 | 193,450 | ||||
Financing receivable, originated in 2016 | 70,579 | 70,579 | ||||
Financing receivable, originated in 2015 and prior | 275,933 | 275,933 | ||||
Financing receivable, revolving | 423,770 | 423,770 | ||||
Financing receivable, revolving, term | 8,957 | 8,957 | ||||
Total | 1,382,897 | 1,382,897 | 1,626,082 | |||
Commercial loans [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 1,085,512 | 1,085,512 | ||||
Financing receivable, originated in 2019 | 867,996 | 867,996 | ||||
Financing receivable, originated in 2018 | 522,624 | 522,624 | ||||
Financing receivable, originated in 2017 | 414,877 | 414,877 | ||||
Financing receivable, originated in 2016 | 504,063 | 504,063 | ||||
Financing receivable, originated in 2015 and prior | 323,852 | 323,852 | ||||
Financing receivable, revolving | 179,278 | 179,278 | ||||
Financing receivable, revolving, term | 13,270 | 13,270 | ||||
Total | 3,911,472 | 3,911,472 | ||||
Financing receivable, originated in 2020, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2018, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2017, allowance for credit loss, charge-offs | (41) | |||||
Financing receivable, originated in 2016, allowance for credit loss, charge-offs | (102) | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, charge-offs | (447) | |||||
Financing receivable, revolving, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, revolving, term, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, allowance for credit loss, charge-offs | (590) | |||||
Financing receivable, originated in 2020, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2018, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2017, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2016, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, recoveries | 235 | |||||
Financing receivable, revolving, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, revolving, term, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, allowance for credit loss, recoveries | 235 | |||||
Financing receivable, originated in 2020, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2018, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2017, allowance for credit loss, (charge-offs) recoveries | (41) | |||||
Financing receivable, originated in 2016, allowance for credit loss, (charge-offs) recoveries | (102) | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, (charge-offs) recoveries | (212) | |||||
Financing receivable, revolving, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, revolving, term, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, allowance for credit loss, (charge-offs) recoveries | (355) | |||||
Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 43,252 | 43,252 | ||||
Financing receivable, originated in 2019 | 178,975 | 178,975 | ||||
Financing receivable, originated in 2018 | 165,775 | 165,775 | ||||
Financing receivable, originated in 2017 | 149,344 | 149,344 | ||||
Financing receivable, originated in 2016 | 154,706 | 154,706 | ||||
Financing receivable, originated in 2015 and prior | 152,743 | 152,743 | ||||
Financing receivable, revolving | 1,152 | 1,152 | ||||
Financing receivable, revolving, term | 1,132 | 1,132 | ||||
Total | 847,079 | 847,079 | 895,546 | |||
Financing receivable, allowance for credit loss, charge-offs | 0 | 0 | 0 | 0 | ||
Financing receivable, allowance for credit loss, recoveries | 0 | 0 | 0 | 0 | ||
Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | 1-6 Pass | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 43,252 | 43,252 | ||||
Financing receivable, originated in 2019 | 178,975 | 178,975 | ||||
Financing receivable, originated in 2018 | 165,775 | 165,775 | ||||
Financing receivable, originated in 2017 | 149,344 | 149,344 | ||||
Financing receivable, originated in 2016 | 154,706 | 154,706 | ||||
Financing receivable, originated in 2015 and prior | 150,510 | 150,510 | ||||
Financing receivable, revolving | 1,152 | 1,152 | ||||
Financing receivable, revolving, term | 1,132 | 1,132 | ||||
Total | 844,846 | 844,846 | ||||
Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | 7- Special Mention | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 0 | 0 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 2,233 | 2,233 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 2,233 | 2,233 | ||||
Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | 8 - Substandard | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 0 | 0 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 0 | 0 | ||||
Commercial loans [Member] | Multifamily [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 529,841 | 529,841 | ||||
Financing receivable, originated in 2019 | 352,147 | 352,147 | ||||
Financing receivable, originated in 2018 | 87,127 | 87,127 | ||||
Financing receivable, originated in 2017 | 72,823 | 72,823 | ||||
Financing receivable, originated in 2016 | 178,227 | 178,227 | ||||
Financing receivable, originated in 2015 and prior | 97,681 | 97,681 | ||||
Financing receivable, revolving | 9,310 | 9,310 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 1,327,156 | 1,327,156 | 999,140 | |||
Financing receivable, allowance for credit loss, charge-offs | 0 | 0 | 0 | 0 | ||
Financing receivable, allowance for credit loss, recoveries | 0 | 0 | 0 | 0 | ||
Commercial loans [Member] | Multifamily [Member] | 1-6 Pass | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 529,841 | 529,841 | ||||
Financing receivable, originated in 2019 | 352,147 | 352,147 | ||||
Financing receivable, originated in 2018 | 87,127 | 87,127 | ||||
Financing receivable, originated in 2017 | 72,823 | 72,823 | ||||
Financing receivable, originated in 2016 | 178,227 | 178,227 | ||||
Financing receivable, originated in 2015 and prior | 97,681 | 97,681 | ||||
Financing receivable, revolving | 9,310 | 9,310 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 1,327,156 | 1,327,156 | ||||
Commercial loans [Member] | Multifamily [Member] | 7- Special Mention | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 0 | 0 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 0 | 0 | ||||
Commercial loans [Member] | Multifamily [Member] | 8 - Substandard | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 0 | 0 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 0 | 0 | ||||
Commercial loans [Member] | Multifamily Construction [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 3,191 | 3,191 | ||||
Financing receivable, originated in 2019 | 16,531 | 16,531 | ||||
Financing receivable, originated in 2018 | 87,466 | 87,466 | ||||
Financing receivable, originated in 2017 | 11,866 | 11,866 | ||||
Financing receivable, originated in 2016 | 24,306 | 24,306 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 143,360 | 143,360 | ||||
Financing receivable, allowance for credit loss, charge-offs | 0 | 0 | ||||
Financing receivable, allowance for credit loss, recoveries | 0 | 0 | ||||
Commercial loans [Member] | Multifamily Construction [Member] | 1-6 Pass | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 3,191 | 3,191 | ||||
Financing receivable, originated in 2019 | 16,531 | 16,531 | ||||
Financing receivable, originated in 2018 | 87,466 | 87,466 | ||||
Financing receivable, originated in 2017 | 11,866 | 11,866 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 119,054 | 119,054 | ||||
Commercial loans [Member] | Multifamily Construction [Member] | 7- Special Mention | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 0 | 0 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 24,306 | 24,306 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 24,306 | 24,306 | ||||
Commercial loans [Member] | Multifamily Construction [Member] | 8 - Substandard | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 0 | 0 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 0 | 0 | ||||
Commercial loans [Member] | Commercial Real Estate Construction [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 3,963 | 3,963 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 2,139 | 2,139 | ||||
Financing receivable, originated in 2017 | 34,023 | 34,023 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 625 | 625 | ||||
Financing receivable, revolving | 4,299 | 4,299 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 45,049 | 45,049 | ||||
Financing receivable, allowance for credit loss, charge-offs | 0 | 0 | ||||
Financing receivable, allowance for credit loss, recoveries | 0 | 0 | ||||
Commercial loans [Member] | Commercial Real Estate Construction [Member] | 1-6 Pass | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 3,963 | 3,963 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 2,139 | 2,139 | ||||
Financing receivable, originated in 2017 | 34,023 | 34,023 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 625 | 625 | ||||
Financing receivable, revolving | 4,299 | 4,299 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 45,049 | 45,049 | ||||
Commercial loans [Member] | Commercial Real Estate Construction [Member] | 7- Special Mention | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 0 | 0 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 0 | 0 | ||||
Commercial loans [Member] | Commercial Real Estate Construction [Member] | 8 - Substandard | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 0 | 0 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 0 | 0 | ||||
Commercial loans [Member] | Single Family Construction [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 88,961 | 88,961 | ||||
Financing receivable, originated in 2019 | 56,107 | 56,107 | ||||
Financing receivable, originated in 2018 | 25,891 | 25,891 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 605 | 605 | ||||
Financing receivable, revolving | 66,687 | 66,687 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 238,251 | 238,251 | ||||
Financing receivable, originated in 2020, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2018, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2017, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2016, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, revolving, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, revolving, term, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, allowance for credit loss, charge-offs | 0 | 0 | ||||
Financing receivable, originated in 2020, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2018, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2017, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2016, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, recoveries | 163 | |||||
Financing receivable, revolving, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, revolving, term, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, allowance for credit loss, recoveries | 0 | 163 | ||||
Financing receivable, originated in 2020, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2018, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2017, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2016, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, (charge-offs) recoveries | 163 | |||||
Financing receivable, revolving, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, revolving, term, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, allowance for credit loss, (charge-offs) recoveries | 163 | |||||
Commercial loans [Member] | Single Family Construction [Member] | 1-6 Pass | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 88,961 | 88,961 | ||||
Financing receivable, originated in 2019 | 56,107 | 56,107 | ||||
Financing receivable, originated in 2018 | 25,891 | 25,891 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 605 | 605 | ||||
Financing receivable, revolving | 66,687 | 66,687 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 238,251 | 238,251 | ||||
Commercial loans [Member] | Single Family Construction [Member] | 7- Special Mention | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 0 | 0 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 0 | 0 | ||||
Commercial loans [Member] | Single Family Construction [Member] | 8 - Substandard | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 0 | 0 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 0 | 0 | ||||
Commercial loans [Member] | Single Family Construction To Permanent [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 41,432 | 41,432 | ||||
Financing receivable, originated in 2019 | 100,282 | 100,282 | ||||
Financing receivable, originated in 2018 | 20,707 | 20,707 | ||||
Financing receivable, originated in 2017 | 1,626 | 1,626 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | $ 0 | |||||
Financing receivable, revolving | 0 | |||||
Financing receivable, revolving, term | $ 0 | |||||
Total | 164,047 | 164,047 | ||||
Financing receivable, allowance for credit loss, charge-offs | 0 | 0 | ||||
Financing receivable, allowance for credit loss, recoveries | 0 | 0 | ||||
Commercial loans [Member] | Single Family Construction To Permanent [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Total | 164,047 | 164,047 | ||||
Commercial loans [Member] | Owner occupied commercial real estate [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 29,511 | 29,511 | ||||
Financing receivable, originated in 2019 | 79,748 | 79,748 | ||||
Financing receivable, originated in 2018 | 66,370 | 66,370 | ||||
Financing receivable, originated in 2017 | 101,847 | 101,847 | ||||
Financing receivable, originated in 2016 | 124,170 | 124,170 | ||||
Financing receivable, originated in 2015 and prior | 52,465 | 52,465 | ||||
Financing receivable, revolving | 1 | 1 | ||||
Financing receivable, revolving, term | 8,501 | 8,501 | ||||
Total | 462,613 | 462,613 | 477,316 | |||
Financing receivable, allowance for credit loss, charge-offs | 0 | 0 | 0 | 0 | ||
Financing receivable, allowance for credit loss, recoveries | 0 | 0 | 0 | 0 | ||
Commercial loans [Member] | Owner occupied commercial real estate [Member] | 1-6 Pass | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 29,511 | 29,511 | ||||
Financing receivable, originated in 2019 | 60,237 | 60,237 | ||||
Financing receivable, originated in 2018 | 53,197 | 53,197 | ||||
Financing receivable, originated in 2017 | 86,728 | 86,728 | ||||
Financing receivable, originated in 2016 | 106,953 | 106,953 | ||||
Financing receivable, originated in 2015 and prior | 51,267 | 51,267 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 6,171 | 6,171 | ||||
Total | 394,064 | 394,064 | ||||
Commercial loans [Member] | Owner occupied commercial real estate [Member] | 7- Special Mention | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 12,062 | 12,062 | ||||
Financing receivable, originated in 2017 | 11,930 | 11,930 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 1 | 1 | ||||
Financing receivable, revolving, term | 224 | 224 | ||||
Total | 24,217 | 24,217 | ||||
Commercial loans [Member] | Owner occupied commercial real estate [Member] | 8 - Substandard | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 19,511 | 19,511 | ||||
Financing receivable, originated in 2018 | 1,111 | 1,111 | ||||
Financing receivable, originated in 2017 | 3,189 | 3,189 | ||||
Financing receivable, originated in 2016 | 17,217 | 17,217 | ||||
Financing receivable, originated in 2015 and prior | 1,198 | 1,198 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 2,106 | 2,106 | ||||
Total | 44,332 | 44,332 | ||||
Commercial loans [Member] | Commercial business [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 345,361 | 345,361 | ||||
Financing receivable, originated in 2019 | 84,206 | 84,206 | ||||
Financing receivable, originated in 2018 | 67,149 | 67,149 | ||||
Financing receivable, originated in 2017 | 43,348 | 43,348 | ||||
Financing receivable, originated in 2016 | 22,654 | 22,654 | ||||
Financing receivable, originated in 2015 and prior | 19,733 | 19,733 | ||||
Financing receivable, revolving | 97,829 | 97,829 | ||||
Financing receivable, revolving, term | 3,637 | 3,637 | ||||
Total | 683,917 | 683,917 | $ 414,710 | |||
Financing receivable, originated in 2020, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2018, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, originated in 2017, allowance for credit loss, charge-offs | (41) | |||||
Financing receivable, originated in 2016, allowance for credit loss, charge-offs | (102) | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, charge-offs | (447) | |||||
Financing receivable, revolving, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, revolving, term, allowance for credit loss, charge-offs | 0 | |||||
Financing receivable, allowance for credit loss, charge-offs | (447) | 0 | (590) | 0 | ||
Financing receivable, originated in 2020, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2018, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2017, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2016, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, recoveries | 72 | |||||
Financing receivable, revolving, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, revolving, term, allowance for credit loss, recoveries | 0 | |||||
Financing receivable, allowance for credit loss, recoveries | 24 | $ 13 | 72 | $ 27 | ||
Financing receivable, originated in 2020, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2019, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2018, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, originated in 2017, allowance for credit loss, (charge-offs) recoveries | (41) | |||||
Financing receivable, originated in 2016, allowance for credit loss, (charge-offs) recoveries | (102) | |||||
Financing receivable, originated in 2015 and prior, allowance for credit loss, (charge-offs) recoveries | (375) | |||||
Financing receivable, revolving, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, revolving, term, allowance for credit loss, (charge-offs) recoveries | 0 | |||||
Financing receivable, allowance for credit loss, (charge-offs) recoveries | (518) | |||||
Commercial loans [Member] | Commercial business [Member] | 1-6 Pass | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 345,361 | 345,361 | ||||
Financing receivable, originated in 2019 | 77,834 | 77,834 | ||||
Financing receivable, originated in 2018 | 54,636 | 54,636 | ||||
Financing receivable, originated in 2017 | 34,086 | 34,086 | ||||
Financing receivable, originated in 2016 | 20,849 | 20,849 | ||||
Financing receivable, originated in 2015 and prior | 18,549 | 18,549 | ||||
Financing receivable, revolving | 87,579 | 87,579 | ||||
Financing receivable, revolving, term | 3,370 | 3,370 | ||||
Total | 642,264 | 642,264 | ||||
Commercial loans [Member] | Commercial business [Member] | 7- Special Mention | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 794 | 794 | ||||
Financing receivable, originated in 2018 | 384 | 384 | ||||
Financing receivable, originated in 2017 | 7,360 | 7,360 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 1,756 | 1,756 | ||||
Financing receivable, revolving, term | 175 | 175 | ||||
Total | 10,469 | 10,469 | ||||
Commercial loans [Member] | Commercial business [Member] | 8 - Substandard | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 5,578 | 5,578 | ||||
Financing receivable, originated in 2018 | 12,129 | 12,129 | ||||
Financing receivable, originated in 2017 | 1,902 | 1,902 | ||||
Financing receivable, originated in 2016 | 1,805 | 1,805 | ||||
Financing receivable, originated in 2015 and prior | 1,184 | 1,184 | ||||
Financing receivable, revolving | 8,494 | 8,494 | ||||
Financing receivable, revolving, term | 92 | 92 | ||||
Total | 31,184 | 31,184 | ||||
Current | Consumer loans [Member] | Single family [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 120,348 | 120,348 | ||||
Financing receivable, originated in 2019 | 98,136 | 98,136 | ||||
Financing receivable, originated in 2018 | 185,787 | 185,787 | ||||
Financing receivable, originated in 2017 | 191,364 | 191,364 | ||||
Financing receivable, originated in 2016 | 69,662 | 69,662 | ||||
Financing receivable, originated in 2015 and prior | 268,162 | 268,162 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 933,459 | 933,459 | ||||
Current | Consumer loans [Member] | Home Equity Line Of Credit, Adjusted For Credit Analysis [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 1,263 | 1,263 | ||||
Financing receivable, originated in 2019 | 1,850 | 1,850 | ||||
Financing receivable, originated in 2018 | 1,492 | 1,492 | ||||
Financing receivable, originated in 2017 | 1,698 | 1,698 | ||||
Financing receivable, originated in 2016 | 642 | 642 | ||||
Financing receivable, originated in 2015 and prior | 6,119 | 6,119 | ||||
Financing receivable, revolving | 423,225 | 423,225 | ||||
Financing receivable, revolving, term | 8,948 | 8,948 | ||||
Total | 445,237 | 445,237 | ||||
Current | Commercial loans [Member] | Single Family Construction To Permanent [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 41,432 | 41,432 | ||||
Financing receivable, originated in 2019 | 100,282 | 100,282 | ||||
Financing receivable, originated in 2018 | 20,707 | 20,707 | ||||
Financing receivable, originated in 2017 | 1,626 | 1,626 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 164,047 | 164,047 | ||||
30-59 days | Consumer loans [Member] | Single family [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 0 | 0 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 208 | 208 | ||||
Financing receivable, revolving | ||||||
Financing receivable, revolving, term | ||||||
Total | 208 | 208 | ||||
30-59 days | Consumer loans [Member] | Home Equity Line Of Credit, Adjusted For Credit Analysis [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 1 | 1 | ||||
Financing receivable, originated in 2019 | 8 | 8 | ||||
Financing receivable, originated in 2018 | 2 | 2 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 16 | 16 | ||||
Financing receivable, revolving, term | 9 | 9 | ||||
Total | 36 | 36 | ||||
30-59 days | Commercial loans [Member] | Single Family Construction To Permanent [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 0 | 0 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 0 | 0 | ||||
60-89 days | Consumer loans [Member] | Single family [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 0 | 0 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 5 | 5 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 5 | 5 | ||||
60-89 days | Consumer loans [Member] | Home Equity Line Of Credit, Adjusted For Credit Analysis [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 13 | 13 | ||||
Financing receivable, originated in 2018 | 0 | 0 | ||||
Financing receivable, originated in 2017 | 2 | 2 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 24 | 24 | ||||
Financing receivable, revolving | 27 | 27 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 66 | 66 | ||||
60-89 days | Commercial loans [Member] | Single Family Construction To Permanent [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 0 | 0 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 0 | 0 | ||||
90+ days | Consumer loans [Member] | Single family [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 869 | 869 | ||||
Financing receivable, originated in 2018 | 432 | 432 | ||||
Financing receivable, originated in 2017 | 386 | 386 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 1,415 | 1,415 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 3,102 | 3,102 | ||||
90+ days | Consumer loans [Member] | Home Equity Line Of Credit, Adjusted For Credit Analysis [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 7 | 7 | ||||
Financing receivable, originated in 2018 | 0 | 0 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 275 | 275 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 502 | 502 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | 784 | 784 | ||||
90+ days | Commercial loans [Member] | Single Family Construction To Permanent [Member] | ||||||
Financing Receivable, Credit Quality Indicator [Line Items] | ||||||
Financing receivable, originated in 2020 | 0 | 0 | ||||
Financing receivable, originated in 2019 | 0 | 0 | ||||
Financing receivable, originated in 2018 | 0 | 0 | ||||
Financing receivable, originated in 2017 | 0 | 0 | ||||
Financing receivable, originated in 2016 | 0 | 0 | ||||
Financing receivable, originated in 2015 and prior | 0 | 0 | ||||
Financing receivable, revolving | 0 | 0 | ||||
Financing receivable, revolving, term | 0 | 0 | ||||
Total | $ 0 | $ 0 |
LOANS AND CREDIT QUALITY - Coll
LOANS AND CREDIT QUALITY - Collateral Dependent Loans (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | $ 5,294,369 | $ 5,114,556 |
Consumer loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 1,382,897 | 1,626,082 |
Consumer loans [Member] | Single family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 936,774 | 1,072,706 |
Consumer loans [Member] | Home equity and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 446,123 | 553,376 |
Commercial loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 3,911,472 | |
Commercial loans [Member] | Commercial and Industrial Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 1,146,530 | 892,026 |
Commercial loans [Member] | Owner occupied commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 462,613 | 477,316 |
Commercial loans [Member] | Commercial business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 683,917 | $ 414,710 |
Land | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 3,576 | |
Land | Consumer loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Land | Consumer loans [Member] | Single family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Land | Consumer loans [Member] | Home equity and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Land | Commercial loans [Member] | Commercial and Industrial Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 3,576 | |
Land | Commercial loans [Member] | Owner occupied commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 1,789 | |
Land | Commercial loans [Member] | Commercial business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 1,787 | |
1-4 Family | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 1,782 | |
1-4 Family | Consumer loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 1,067 | |
1-4 Family | Consumer loans [Member] | Single family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 1,067 | |
1-4 Family | Consumer loans [Member] | Home equity and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
1-4 Family | Commercial loans [Member] | Commercial and Industrial Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 715 | |
1-4 Family | Commercial loans [Member] | Owner occupied commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
1-4 Family | Commercial loans [Member] | Commercial business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 715 | |
Multifamily | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Multifamily | Consumer loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Multifamily | Consumer loans [Member] | Single family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Multifamily | Consumer loans [Member] | Home equity and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Multifamily | Commercial loans [Member] | Commercial and Industrial Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Multifamily | Commercial loans [Member] | Owner occupied commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Multifamily | Commercial loans [Member] | Commercial business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Non-residential real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 4,524 | |
Non-residential real estate | Consumer loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Non-residential real estate | Consumer loans [Member] | Single family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Non-residential real estate | Consumer loans [Member] | Home equity and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Non-residential real estate | Commercial loans [Member] | Commercial and Industrial Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 4,524 | |
Non-residential real estate | Commercial loans [Member] | Owner occupied commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 4,296 | |
Non-residential real estate | Commercial loans [Member] | Commercial business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 228 | |
Other non-real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 5,947 | |
Other non-real estate | Consumer loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Other non-real estate | Consumer loans [Member] | Single family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Other non-real estate | Consumer loans [Member] | Home equity and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Other non-real estate | Commercial loans [Member] | Commercial and Industrial Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 5,947 | |
Other non-real estate | Commercial loans [Member] | Owner occupied commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Other non-real estate | Commercial loans [Member] | Commercial business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 5,947 | |
Total | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 15,829 | |
Total | Consumer loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 1,067 | |
Total | Consumer loans [Member] | Single family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 1,067 | |
Total | Consumer loans [Member] | Home equity and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 0 | |
Total | Commercial loans [Member] | Commercial and Industrial Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 14,762 | |
Total | Commercial loans [Member] | Owner occupied commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | 6,085 | |
Total | Commercial loans [Member] | Commercial business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Total LHFI | $ 8,677 |
LOANS AND CREDIT QUALITY - Lo_3
LOANS AND CREDIT QUALITY - Loans on Nonaccrual with no related allowance (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | $ 21,126 | $ 12,861 |
Nonaccrual with no related ACL | 13,539 | 7,507 |
90 days or more past due and accruing | 15,688 | 19,702 |
Consumer loans [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 6,364 | 6,524 |
Nonaccrual with no related ACL | 1,481 | 1,661 |
90 days or more past due and accruing | 13,051 | 19,702 |
Consumer loans [Member] | Single family [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 4,617 | 5,364 |
Nonaccrual with no related ACL | 1,479 | 1,652 |
90 days or more past due and accruing | 13,051 | 19,702 |
Consumer loans [Member] | Home equity and other [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 1,747 | 1,160 |
Nonaccrual with no related ACL | 2 | 9 |
90 days or more past due and accruing | 0 | 0 |
Commercial loans [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 14,762 | 6,337 |
Nonaccrual with no related ACL | 12,058 | 5,846 |
90 days or more past due and accruing | 2,637 | 0 |
Commercial loans [Member] | Owner occupied commercial real estate [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 6,085 | 2,891 |
Nonaccrual with no related ACL | 6,085 | 2,892 |
90 days or more past due and accruing | 0 | 0 |
Commercial loans [Member] | Commercial business [Member] | ||
Financing Receivable, Nonaccrual [Line Items] | ||
Nonaccrual | 8,677 | 3,446 |
Nonaccrual with no related ACL | 5,973 | 2,954 |
90 days or more past due and accruing | $ 2,637 | $ 0 |
LOANS AND CREDIT QUALITY - Agin
LOANS AND CREDIT QUALITY - Aging Analysis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 21,126 | $ 12,861 |
Total past due and nonaccrual | 40,030 | 43,771 |
Current | 5,254,339 | 5,070,785 |
Total | $ 5,294,369 | $ 5,114,556 |
Nonaccrual, percent of total loans | 0.40% | 0.25% |
Past due and nonaccrual, percent of total loans | 0.76% | 0.86% |
Not past due, percent of total loans | 99.24% | 99.14% |
Percent of total loans | 100.00% | 100.00% |
Net deferred loans fees and costs | $ 24,500 | |
Federal Housing Administration, Veteran Affairs, Or Small Business Administration [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Total past due and nonaccrual | $ 17,700 | 28,400 |
Recurring [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Fair value of loans held for investment | 7,638 | 3,468 |
Level 3 [Member] | Recurring [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Fair value of loans held for investment | 7,638 | 3,468 |
30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | $ 2,126 | $ 6,575 |
Past due, percent of total loans | 0.04% | 0.13% |
60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | $ 1,090 | $ 4,633 |
Past due, percent of total loans | 0.02% | 0.09% |
90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | $ 15,688 | $ 19,702 |
Past due, percent of total loans | 0.30% | 0.39% |
Consumer loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | $ 6,364 | $ 6,524 |
Total | 1,382,897 | 1,626,082 |
Consumer loans [Member] | Single family [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 4,617 | 5,364 |
Total past due and nonaccrual | 20,790 | 35,021 |
Current | 915,984 | 1,037,685 |
Total | 936,774 | 1,072,706 |
Consumer loans [Member] | Single family [Member] | 30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 2,092 | 5,694 |
Total | 208 | |
Consumer loans [Member] | Single family [Member] | 60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1,030 | 4,261 |
Total | 5 | |
Consumer loans [Member] | Single family [Member] | 90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 13,051 | 19,702 |
Total | 3,102 | |
Consumer loans [Member] | Home Equity Line Of Credit, Adjusted For Credit Analysis [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 1,747 | 1,160 |
Total past due and nonaccrual | 1,841 | 2,369 |
Current | 444,282 | 551,007 |
Total | 446,123 | 553,376 |
Consumer loans [Member] | Home Equity Line Of Credit, Adjusted For Credit Analysis [Member] | 30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 34 | 837 |
Total | 36 | |
Consumer loans [Member] | Home Equity Line Of Credit, Adjusted For Credit Analysis [Member] | 60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 60 | 372 |
Total | 66 | |
Consumer loans [Member] | Home Equity Line Of Credit, Adjusted For Credit Analysis [Member] | 90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Total | 784 | |
Consumer Portfolio Segment, Adjusted For Credit Analysis [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 6,364 | 6,524 |
Total past due and nonaccrual | 22,631 | 37,390 |
Current | 1,360,266 | 1,588,692 |
Total | 1,382,897 | 1,626,082 |
Consumer Portfolio Segment, Adjusted For Credit Analysis [Member] | 30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 2,126 | 6,531 |
Consumer Portfolio Segment, Adjusted For Credit Analysis [Member] | 60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 1,090 | 4,633 |
Consumer Portfolio Segment, Adjusted For Credit Analysis [Member] | 90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 13,051 | 19,702 |
Commercial Portfolio Segment, Adjusted For Credit Analysis [Member] | Real Estate Sector [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | |
Total past due and nonaccrual | 0 | |
Current | 2,764,942 | |
Total | 2,764,942 | |
Commercial Portfolio Segment, Adjusted For Credit Analysis [Member] | Real Estate Sector [Member] | 30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial Portfolio Segment, Adjusted For Credit Analysis [Member] | Real Estate Sector [Member] | 60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial Portfolio Segment, Adjusted For Credit Analysis [Member] | Real Estate Sector [Member] | 90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial loans [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 14,762 | 6,337 |
Total | 3,911,472 | |
Commercial loans [Member] | Real Estate Sector [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | |
Total past due and nonaccrual | 0 | |
Current | 2,596,448 | |
Total | 2,764,942 | 2,596,448 |
Commercial loans [Member] | Real Estate Sector [Member] | 30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial loans [Member] | Real Estate Sector [Member] | 60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial loans [Member] | Real Estate Sector [Member] | 90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial loans [Member] | Commercial and Industrial Sector [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 14,762 | 6,337 |
Total past due and nonaccrual | 17,399 | 6,381 |
Current | 1,129,131 | 885,645 |
Total | 1,146,530 | 892,026 |
Commercial loans [Member] | Commercial and Industrial Sector [Member] | 30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 44 |
Commercial loans [Member] | Commercial and Industrial Sector [Member] | 60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial loans [Member] | Commercial and Industrial Sector [Member] | 90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 2,637 | 0 |
Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Total past due and nonaccrual | 0 | 0 |
Current | 847,079 | 895,546 |
Total | 847,079 | 895,546 |
Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | 30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | 60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | 90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial loans [Member] | Multifamily [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | 0 |
Total past due and nonaccrual | 0 | 0 |
Current | 1,327,156 | 999,140 |
Total | 1,327,156 | 999,140 |
Commercial loans [Member] | Multifamily [Member] | 30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial loans [Member] | Multifamily [Member] | 60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial loans [Member] | Multifamily [Member] | 90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial loans [Member] | Construction/land development [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | |
Total past due and nonaccrual | 0 | |
Current | 701,762 | |
Total | 590,707 | 701,762 |
Commercial loans [Member] | Construction/land development [Member] | 30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial loans [Member] | Construction/land development [Member] | 60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial loans [Member] | Construction/land development [Member] | 90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial loans [Member] | Multifamily Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | |
Total past due and nonaccrual | 0 | |
Current | 143,360 | |
Total | 143,360 | |
Commercial loans [Member] | Multifamily Construction [Member] | 30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial loans [Member] | Multifamily Construction [Member] | 60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial loans [Member] | Multifamily Construction [Member] | 90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial loans [Member] | Commercial Real Estate Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | |
Total past due and nonaccrual | 0 | |
Current | 45,049 | |
Total | 45,049 | |
Commercial loans [Member] | Commercial Real Estate Construction [Member] | 30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial loans [Member] | Commercial Real Estate Construction [Member] | 60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial loans [Member] | Commercial Real Estate Construction [Member] | 90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial loans [Member] | Single Family Construction [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | |
Total past due and nonaccrual | 0 | |
Current | 238,251 | |
Total | 238,251 | |
Commercial loans [Member] | Single Family Construction [Member] | 30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial loans [Member] | Single Family Construction [Member] | 60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial loans [Member] | Single Family Construction [Member] | 90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Commercial loans [Member] | Single Family Construction To Permanent [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 0 | |
Total past due and nonaccrual | 0 | |
Current | 164,047 | |
Total | 164,047 | |
Commercial loans [Member] | Single Family Construction To Permanent [Member] | 30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Total | 0 | |
Commercial loans [Member] | Single Family Construction To Permanent [Member] | 60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Total | 0 | |
Commercial loans [Member] | Single Family Construction To Permanent [Member] | 90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | |
Total | 0 | |
Commercial loans [Member] | Owner occupied commercial real estate [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 6,085 | 2,891 |
Total past due and nonaccrual | 6,085 | 2,891 |
Current | 456,528 | 474,425 |
Total | 462,613 | 477,316 |
Commercial loans [Member] | Owner occupied commercial real estate [Member] | 30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial loans [Member] | Owner occupied commercial real estate [Member] | 60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial loans [Member] | Owner occupied commercial real estate [Member] | 90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial loans [Member] | Commercial business [Member] | ||
Financing Receivable, Past Due [Line Items] | ||
Nonaccrual | 8,677 | 3,446 |
Total past due and nonaccrual | 11,314 | 3,490 |
Current | 672,603 | 411,220 |
Total | 683,917 | 414,710 |
Commercial loans [Member] | Commercial business [Member] | 30-59 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 44 |
Commercial loans [Member] | Commercial business [Member] | 60-89 days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | 0 | 0 |
Commercial loans [Member] | Commercial business [Member] | 90+ days | ||
Financing Receivable, Past Due [Line Items] | ||
Past due | $ 2,637 | $ 0 |
LOANS AND CREDIT QUALITY - TDRs
LOANS AND CREDIT QUALITY - TDRs (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | |
Financing Receivable, Impaired [Line Items] | ||||
Number of loan modifications - TDR | loan | 9 | 27 | 35 | 128 |
Recorded investment - TDR | $ 2,053 | $ 6,532 | $ 8,748 | $ 37,180 |
Related charge-offs - TDR | $ 0 | $ 0 | $ 0 | $ 0 |
Consumer loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loan modifications - TDR | loan | 9,000 | 27 | 33,000 | 125 |
Recorded investment - TDR | $ 2,053 | $ 6,532 | $ 6,945 | $ 26,406 |
Related charge-offs - TDR | $ 0 | $ 0 | $ 0 | $ 0 |
Commercial and Industrial Sector [Member] | Commercial loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loan modifications - TDR | loan | 0 | 0 | 2,000 | 2 |
Recorded investment - TDR | $ 0 | $ 0 | $ 1,803 | $ 6,099 |
Related charge-offs - TDR | $ 0 | $ 0 | $ 0 | $ 0 |
Interest Rate Reduction [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loan modifications - TDR | loan | 8,000 | 6 | 23,000 | 13 |
Recorded investment - TDR | $ 1,642 | $ 1,112 | $ 4,878 | $ 2,386 |
Related charge-offs - TDR | $ 0 | $ 0 | $ 0 | $ 0 |
Interest Rate Reduction [Member] | Consumer loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loan modifications - TDR | loan | 6 | 13 | ||
Recorded investment - TDR | $ 1,112 | $ 2,386 | ||
Related charge-offs - TDR | $ 0 | $ 0 | ||
Interest Rate Reduction [Member] | Consumer loans [Member] | Single family [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loan modifications - TDR | loan | 8,000 | 6 | 23,000 | 13 |
Recorded investment - TDR | $ 1,642 | $ 1,112 | $ 4,878 | $ 2,386 |
Related charge-offs - TDR | $ 0 | $ 0 | $ 0 | $ 0 |
Payment Restructure [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loan modifications - TDR | loan | 1,000 | 21 | 12,000 | 115 |
Recorded investment - TDR | $ 411 | $ 5,420 | $ 3,870 | $ 34,794 |
Related charge-offs - TDR | $ 0 | $ 0 | $ 0 | $ 0 |
Payment Restructure [Member] | Consumer loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loan modifications - TDR | loan | 21 | 112 | ||
Recorded investment - TDR | $ 5,420 | $ 24,020 | ||
Related charge-offs - TDR | $ 0 | $ 0 | ||
Payment Restructure [Member] | Consumer loans [Member] | Single family [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loan modifications - TDR | loan | 1,000 | 21 | 10,000 | 111 |
Recorded investment - TDR | $ 411 | $ 5,420 | $ 2,067 | $ 23,904 |
Related charge-offs - TDR | $ 0 | $ 0 | $ 0 | $ 0 |
Payment Restructure [Member] | Consumer loans [Member] | Home equity and other [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loan modifications - TDR | loan | 0 | 1 | ||
Recorded investment - TDR | $ 0 | $ 116 | ||
Related charge-offs - TDR | $ 0 | $ 0 | ||
Payment Restructure [Member] | Commercial loans [Member] | Construction/land development [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loan modifications - TDR | loan | 0 | 1 | ||
Recorded investment - TDR | $ 0 | $ 4,675 | ||
Related charge-offs - TDR | $ 0 | $ 0 | ||
Payment Restructure [Member] | Commercial loans [Member] | Owner occupied commercial real estate [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loan modifications - TDR | loan | 0 | 0 | 1,000 | 1 |
Recorded investment - TDR | $ 0 | $ 0 | $ 678 | $ 5,840 |
Related charge-offs - TDR | $ 0 | $ 0 | $ 0 | $ 0 |
Payment Restructure [Member] | Commercial loans [Member] | Commercial business [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loan modifications - TDR | loan | 0 | 0 | 1,000 | 1 |
Recorded investment - TDR | $ 0 | $ 0 | $ 1,125 | $ 259 |
Related charge-offs - TDR | $ 0 | $ 0 | $ 0 | $ 0 |
Payment Restructure [Member] | Real Estate Sector [Member] | Commercial loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loan modifications - TDR | loan | 0 | 1 | ||
Recorded investment - TDR | $ 0 | $ 4,675 | ||
Related charge-offs - TDR | $ 0 | $ 0 | ||
Payment Restructure [Member] | Commercial and Industrial Sector [Member] | Commercial loans [Member] | ||||
Financing Receivable, Impaired [Line Items] | ||||
Number of loan modifications - TDR | loan | 0 | 0 | 2,000 | 2 |
Recorded investment - TDR | $ 0 | $ 0 | $ 1,803 | $ 6,099 |
Related charge-offs - TDR | $ 0 | $ 0 | $ 0 | $ 0 |
LOANS AND CREDIT QUALITY - TDR
LOANS AND CREDIT QUALITY - TDR Re-defaults (Details) - Consumer loans [Member] - Single family [Member] $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | Sep. 30, 2020USD ($)loan | Sep. 30, 2019USD ($)loan | |
Financing Receivable, Troubled Debt Restructuring [Line Items] | ||||
Number of TDR loan relationships that re-defaulted | loan | 6 | 3 | 16 | 9 |
Recorded investment | $ | $ 1,038 | $ 643 | $ 3,237 | $ 1,873 |
LOANS AND CREDIT QUALITY - Lo_4
LOANS AND CREDIT QUALITY - Loan Grades by Loan Portfolio (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | $ 5,294,369 | $ 5,114,556 |
Recurring [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Fair value of loans held for investment | 7,638 | 3,468 |
Level 3 [Member] | Recurring [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Fair value of loans held for investment | 7,638 | 3,468 |
Consumer loans [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 1,382,897 | 1,626,082 |
Consumer loans [Member] | Single family [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 936,774 | 1,072,706 |
Consumer loans [Member] | Home equity and other [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 446,123 | 553,376 |
Commercial loans [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 3,911,472 | |
Commercial loans [Member] | Real Estate Sector [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 2,764,942 | 2,596,448 |
Commercial loans [Member] | Commercial and Industrial Sector [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 1,146,530 | 892,026 |
Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 847,079 | 895,546 |
Commercial loans [Member] | Multifamily [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 1,327,156 | 999,140 |
Commercial loans [Member] | Construction/land development [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 590,707 | 701,762 |
Commercial loans [Member] | Owner occupied commercial real estate [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 462,613 | 477,316 |
Commercial loans [Member] | Commercial business [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | $ 683,917 | 414,710 |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 5,090,103 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Pass [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 5,022,486 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Special mention [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 52,534 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Substandard [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 15,083 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer loans [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 1,603,258 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer loans [Member] | Pass [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 1,587,268 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer loans [Member] | Special mention [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 9,466 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer loans [Member] | Substandard [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 6,524 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer loans [Member] | Single family [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 1,070,332 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer loans [Member] | Single family [Member] | Pass [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 1,056,166 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer loans [Member] | Single family [Member] | Special mention [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 8,802 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer loans [Member] | Single family [Member] | Substandard [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 5,364 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer loans [Member] | Home equity and other [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 532,926 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer loans [Member] | Home equity and other [Member] | Pass [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 531,102 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer loans [Member] | Home equity and other [Member] | Special mention [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 664 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Consumer loans [Member] | Home equity and other [Member] | Substandard [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 1,160 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Real Estate Sector [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 2,593,793 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Real Estate Sector [Member] | Pass [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 2,572,839 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Real Estate Sector [Member] | Special mention [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 20,954 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Real Estate Sector [Member] | Substandard [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 0 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Commercial and Industrial Sector [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 893,052 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Commercial and Industrial Sector [Member] | Pass [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 862,379 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Commercial and Industrial Sector [Member] | Special mention [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 22,114 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Commercial and Industrial Sector [Member] | Substandard [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 8,559 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 894,896 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | Pass [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 894,896 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | Special mention [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 0 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | Substandard [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 0 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Multifamily [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 996,498 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Multifamily [Member] | Pass [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 996,498 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Multifamily [Member] | Special mention [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 0 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Multifamily [Member] | Substandard [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 0 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Construction/land development [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 702,399 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Construction/land development [Member] | Pass [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 681,445 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Construction/land development [Member] | Special mention [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 20,954 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Construction/land development [Member] | Substandard [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 0 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Owner occupied commercial real estate [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 478,172 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Owner occupied commercial real estate [Member] | Pass [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 460,319 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Owner occupied commercial real estate [Member] | Special mention [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 12,709 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Owner occupied commercial real estate [Member] | Substandard [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 5,144 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Commercial business [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 414,880 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Commercial business [Member] | Pass [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 402,060 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Commercial business [Member] | Special mention [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | 9,405 | |
Financial Asset, Other than Financial Asset Acquired with Credit Deterioration [Member] | Commercial loans [Member] | Commercial business [Member] | Substandard [Member] | ||
Designated Loan Grades by Loan Portfolio Segment and Loan Class [Abstract] | ||
Loans before allowance, net of deferred loan fees and costs | $ 3,415 |
LOANS AND CREDIT QUALITY - Reco
LOANS AND CREDIT QUALITY - Recorded Investment in Loans by Impairment Methodology (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance: collectively evaluated for impairment | $ 42,684 | |
Allowance: individually evaluated for impairment | 153 | |
Total | 42,837 | |
Loans: collectively evaluated for impairment | 5,017,884 | |
Loans: individually evaluated for impairment | 68,751 | |
Total | 5,086,635 | |
Recurring [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fair value of loans held for investment | $ 7,638 | 3,468 |
Recurring [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fair value of loans held for investment | 7,638 | 3,468 |
Estimate of Fair Value Measurement [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fair value of loans held for investment | 5,476,679 | 5,139,078 |
Estimate of Fair Value Measurement [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Fair value of loans held for investment | 5,476,679 | 5,139,078 |
Estimate of Fair Value Measurement [Member] | Recurring [Member] | Level 3 [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans: collectively evaluated for impairment | 0 | |
Loans: individually evaluated for impairment | 0 | |
Fair value of loans held for investment | 3,468 | |
Reported Value Measurement [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans: collectively evaluated for impairment | 5,017,884 | |
Loans: individually evaluated for impairment | 68,751 | |
Total | 5,090,103 | |
Fair value of loans held for investment | $ 5,221,839 | 5,069,316 |
Consumer loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance: collectively evaluated for impairment | 13,148 | |
Allowance: individually evaluated for impairment | 145 | |
Total | 13,293 | |
Loans: collectively evaluated for impairment | 1,537,424 | |
Loans: individually evaluated for impairment | 62,366 | |
Total | 1,599,790 | |
Consumer loans [Member] | Single family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance: collectively evaluated for impairment | 6,333 | |
Allowance: individually evaluated for impairment | 117 | |
Total | 6,450 | |
Loans: collectively evaluated for impairment | 1,005,386 | |
Loans: individually evaluated for impairment | 61,503 | |
Total | 1,066,889 | |
Consumer loans [Member] | Home equity and other [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance: collectively evaluated for impairment | 6,815 | |
Allowance: individually evaluated for impairment | 28 | |
Total | 6,843 | |
Loans: collectively evaluated for impairment | 532,038 | |
Loans: individually evaluated for impairment | 863 | |
Total | 532,901 | |
Commercial loans [Member] | Real Estate Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance: collectively evaluated for impairment | 22,943 | |
Allowance: individually evaluated for impairment | 0 | |
Total | 22,943 | |
Loans: collectively evaluated for impairment | 2,593,793 | |
Loans: individually evaluated for impairment | 0 | |
Total | 2,593,793 | |
Commercial loans [Member] | Commercial and Industrial Sector [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance: collectively evaluated for impairment | 6,593 | |
Allowance: individually evaluated for impairment | 8 | |
Total | 6,601 | |
Loans: collectively evaluated for impairment | 886,667 | |
Loans: individually evaluated for impairment | 6,385 | |
Total | 893,052 | |
Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance: collectively evaluated for impairment | 7,249 | |
Allowance: individually evaluated for impairment | 0 | |
Total | 7,249 | |
Loans: collectively evaluated for impairment | 894,896 | |
Loans: individually evaluated for impairment | 0 | |
Total | 894,896 | |
Commercial loans [Member] | Multifamily [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance: collectively evaluated for impairment | 7,015 | |
Allowance: individually evaluated for impairment | 0 | |
Total | 7,015 | |
Loans: collectively evaluated for impairment | 996,498 | |
Loans: individually evaluated for impairment | 0 | |
Total | 996,498 | |
Commercial loans [Member] | Construction/land development [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance: collectively evaluated for impairment | 8,679 | |
Allowance: individually evaluated for impairment | 0 | |
Total | 8,679 | |
Loans: collectively evaluated for impairment | 702,399 | |
Loans: individually evaluated for impairment | 0 | |
Total | 702,399 | |
Commercial loans [Member] | Owner occupied commercial real estate [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance: collectively evaluated for impairment | 3,640 | |
Allowance: individually evaluated for impairment | 0 | |
Total | 3,640 | |
Loans: collectively evaluated for impairment | 475,281 | |
Loans: individually evaluated for impairment | 2,891 | |
Total | 478,172 | |
Commercial loans [Member] | Commercial business [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Allowance: collectively evaluated for impairment | 2,953 | |
Allowance: individually evaluated for impairment | 8 | |
Total | 2,961 | |
Loans: collectively evaluated for impairment | 411,386 | |
Loans: individually evaluated for impairment | 3,494 | |
Total | $ 414,880 |
LOANS AND CREDIT QUALITY - Impa
LOANS AND CREDIT QUALITY - Impaired Loans by Loan Class (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Impaired loans by loan portfolio segment and loan class [Abstract] | |
Recorded investment with no related allowance recorded | $ 66,326 |
Recorded investment with related allowance recorded | 2,425 |
Total recorded investment | 68,751 |
Unpaid principal balance with no related allowance recorded | 67,200 |
Unpaid principal balance with related allowance recorded | 2,804 |
Total unpaid principal balance | 70,004 |
Related allowance | 153 |
Consumer loans [Member] | |
Impaired loans by loan portfolio segment and loan class [Abstract] | |
Recorded investment with no related allowance recorded | 60,481 |
Recorded investment with related allowance recorded | 1,885 |
Total recorded investment | 62,366 |
Unpaid principal balance with no related allowance recorded | 60,920 |
Unpaid principal balance with related allowance recorded | 1,885 |
Total unpaid principal balance | 62,805 |
Related allowance | 145 |
Consumer loans [Member] | Single family [Member] | |
Impaired loans by loan portfolio segment and loan class [Abstract] | |
Recorded investment with no related allowance recorded | 60,009 |
Recorded investment with related allowance recorded | 1,494 |
Total recorded investment | 61,503 |
Unpaid principal balance with no related allowance recorded | 60,448 |
Unpaid principal balance with related allowance recorded | 1,494 |
Total unpaid principal balance | 61,942 |
Related allowance | 117 |
Performing TDRs | 59,800 |
Consumer loans [Member] | Home equity and other [Member] | |
Impaired loans by loan portfolio segment and loan class [Abstract] | |
Recorded investment with no related allowance recorded | 472 |
Recorded investment with related allowance recorded | 391 |
Total recorded investment | 863 |
Unpaid principal balance with no related allowance recorded | 472 |
Unpaid principal balance with related allowance recorded | 391 |
Total unpaid principal balance | 863 |
Related allowance | 28 |
Commercial loans [Member] | Commercial and Industrial Sector [Member] | |
Impaired loans by loan portfolio segment and loan class [Abstract] | |
Recorded investment with no related allowance recorded | 5,845 |
Recorded investment with related allowance recorded | 540 |
Total recorded investment | 6,385 |
Unpaid principal balance with no related allowance recorded | 6,280 |
Unpaid principal balance with related allowance recorded | 919 |
Total unpaid principal balance | 7,199 |
Related allowance | 8 |
Commercial loans [Member] | Owner occupied commercial real estate [Member] | |
Impaired loans by loan portfolio segment and loan class [Abstract] | |
Recorded investment with no related allowance recorded | 2,891 |
Total recorded investment | 2,891 |
Unpaid principal balance with no related allowance recorded | 3,013 |
Total unpaid principal balance | 3,013 |
Related allowance | 0 |
Commercial loans [Member] | Commercial business [Member] | |
Impaired loans by loan portfolio segment and loan class [Abstract] | |
Recorded investment with no related allowance recorded | 2,954 |
Recorded investment with related allowance recorded | 540 |
Total recorded investment | 3,494 |
Unpaid principal balance with no related allowance recorded | 3,267 |
Unpaid principal balance with related allowance recorded | 919 |
Total unpaid principal balance | 4,186 |
Related allowance | $ 8 |
LOANS AND CREDIT QUALITY - Aver
LOANS AND CREDIT QUALITY - Average Recorded Investment in Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment | $ 73,363 | $ 76,176 |
Interest Income Recognized | 685 | 2,289 |
Consumer loans [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment | 68,858 | 69,293 |
Interest Income Recognized | 676 | 2,134 |
Consumer loans [Member] | Single family [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment | 67,814 | 68,181 |
Interest Income Recognized | 662 | 2,088 |
Consumer loans [Member] | Home equity and other [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment | 1,044 | 1,112 |
Interest Income Recognized | 14 | 46 |
Commercial loans [Member] | Real Estate Sector [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment | 919 | 2,058 |
Interest Income Recognized | 0 | 14 |
Commercial loans [Member] | Commercial and Industrial Sector [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment | 3,586 | 4,825 |
Interest Income Recognized | 9 | 141 |
Commercial loans [Member] | Non-owner occupied commercial real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment | 3 | |
Interest Income Recognized | 0 | |
Commercial loans [Member] | Multifamily [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment | 242 | 366 |
Interest Income Recognized | 0 | 14 |
Commercial loans [Member] | Construction/land development [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment | 677 | 1,689 |
Interest Income Recognized | 0 | 0 |
Commercial loans [Member] | Owner occupied commercial real estate [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment | 1,744 | 2,936 |
Interest Income Recognized | 0 | 112 |
Commercial loans [Member] | Commercial business [Member] | ||
Financing Receivable, Impaired [Line Items] | ||
Average recorded investment | 1,842 | 1,889 |
Interest Income Recognized | $ 9 | $ 29 |
DEPOSITS - Schedule of Deposit
DEPOSITS - Schedule of Deposit Balances (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Deposit balances, including stated rates | ||
Noninterest-bearing demand deposits | $ 1,323,794 | $ 907,918 |
Interest-bearing demand deposits | 545,890 | 373,832 |
Savings | 258,727 | 219,182 |
Money market | 2,512,440 | 2,224,494 |
Certificates of deposit | 1,174,839 | 1,614,533 |
Deposits, Total | $ 5,815,690 | $ 5,339,959 |
Weighted Average Rate, Interest-bearing demand deposits | 0.10% | 0.38% |
Weighted Average Rate, Savings | 0.07% | 0.21% |
Weighted Average Rate, Money market | 0.23% | 1.25% |
Weighted Average Rate, Certificates of deposit | 1.20% | 2.24% |
Weighted Average Rate Domestic Deposit, Total | 0.36% | 1.23% |
DEPOSITS - Schedule of Deposits
DEPOSITS - Schedule of Deposits Maturity (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Certificates of deposit outstanding | ||
Within one year | $ 1,021,713 | |
One to two years | 104,781 | |
Two to three years | 27,938 | |
Three to four years | 15,253 | |
Four to five years | 5,123 | |
Thereafter | 31 | |
Total | $ 1,174,839 | $ 1,614,533 |
DEPOSITS - Narrative (Details)
DEPOSITS - Narrative (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Deposits Liabilities, Balance Sheet, Reported Amounts [Abstract] | ||
Time deposits, at or above FDIC insurance limit | $ 137 | $ 223 |
Brokered deposits | $ 195 | $ 266 |
DERIVATIVES AND HEDGING ACTIV_3
DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Liability for cash collateral received from counterparties | $ 6,900 | $ 15,200 |
Receivable for cash collateral paid to counterparties | 16,700 | 2,900 |
Notional amount of open interest rate swap agreements | 2,562,963 | 3,696,733 |
Interest rate swaps, back-to-back [Member] | ||
Derivative [Line Items] | ||
Notional amount of open interest rate swap agreements | $ 217,000 | $ 144,000 |
DERIVATIVES AND HEDGING ACTIV_4
DERIVATIVES AND HEDGING ACTIVITIES - Fair Value of Derivatives (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivatives, Fair Value [Line Items] | ||
Notional amount | $ 2,562,963 | $ 3,696,733 |
Derivatives before netting, derivative assets | 52,041 | 30,211 |
Netting adjustments, derivative assets | (17,168) | (21,414) |
Derivative assets | 34,873 | 8,797 |
Derivatives before netting, derivative Liabilities | (28,251) | (11,439) |
Netting adjustments, derivative liabilities | 26,966 | 9,101 |
Derivative liabilities | (1,285) | (2,338) |
Concentration of credit risk, master netting arrangements [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Cash collateral, as part of netting adjustment | (9,800) | 12,300 |
Forward sale commitments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 878,021 | 651,838 |
Derivatives before netting, derivative assets | 799 | 830 |
Derivatives before netting, derivative Liabilities | (2,186) | (492) |
Interest rate lock commitments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 534,506 | 124,379 |
Derivatives before netting, derivative assets | 20,963 | 2,281 |
Derivatives before netting, derivative Liabilities | (3) | (58) |
Interest rate swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 696,436 | 688,516 |
Derivatives before netting, derivative assets | 30,279 | 27,097 |
Derivatives before netting, derivative Liabilities | (26,057) | (10,889) |
Eurodollar futures [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Notional amount | 454,000 | 2,232,000 |
Derivatives before netting, derivative assets | 0 | 3 |
Derivatives before netting, derivative Liabilities | $ (5) | $ 0 |
DERIVATIVES AND HEDGING ACTIV_5
DERIVATIVES AND HEDGING ACTIVITIES - Master Netting Agreements (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Derivative [Line Items] | ||
Gross fair value, derivative assets | $ 52,041 | $ 30,211 |
Netting adjustments, derivative assets | (17,168) | (21,414) |
Derivative assets | 34,873 | 8,797 |
Securities pledged, derivative assets | 0 | 0 |
Net amount - derivative assets | 34,873 | 8,797 |
Derivatives before netting, derivative Liabilities | (28,251) | (11,439) |
Netting adjustments, derivative liabilities | 26,966 | 9,101 |
Derivative liabilities | (1,285) | (2,338) |
Securities pledged, derivative liabilities | 0 | 0 |
Net amount, derivative liabilities | (1,285) | (2,338) |
Concentration of credit risk, master netting arrangements [Member] | ||
Derivative [Line Items] | ||
Cash collateral, as part of netting adjustment | $ (9,800) | $ 12,300 |
DERIVATIVES AND HEDGING ACTIV_6
DERIVATIVES AND HEDGING ACTIVITIES - Gain (Loss) Recognized in Income (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) from derivative hedging | $ (3,269) | $ 2,271 | $ 22,647 | $ 2,083 |
Loans [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) from derivative hedging | (3,810) | (6,884) | 583 | (17,983) |
Servicing contracts [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) from derivative hedging | (91) | 9,040 | 22,148 | 19,917 |
Other Credit Derivatives [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Net gain (loss) from derivative hedging | $ 632 | $ 115 | $ (84) | $ 149 |
MORTGAGE BANKING OPERATIONS - L
MORTGAGE BANKING OPERATIONS - Loans Held for Sale (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 421,737 | $ 208,177 |
Loans held for sale, discontinued operations | 0 | (26,122) |
Commercial loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | 261,903 | 128,841 |
Single family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans held for sale | $ 159,834 | $ 105,458 |
MORTGAGE BANKING OPERATIONS -_2
MORTGAGE BANKING OPERATIONS - Loans Sold (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Proceeds from sale of loans originated as held for sale | $ 857,260 | $ 1,164,443 | $ 1,895,342 | $ 3,939,089 |
Commercial loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Proceeds from sale of loans originated as held for sale | 170,980 | 270,484 | 502,059 | 586,217 |
Single family [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Proceeds from sale of loans originated as held for sale | $ 686,280 | $ 893,959 | $ 1,393,283 | $ 3,352,872 |
MORTGAGE BANKING OPERATIONS - G
MORTGAGE BANKING OPERATIONS - Gain on Sale (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Gain on mortgage loan origination and sale activities [Line Items] | ||||
Gain on loan origination and sale activities | $ 33,130 | $ 15,951 | $ 85,698 | $ 30,736 |
Net gains on mortgage loan origination and sales activities, discontinued operations | 0 | (370) | 0 | (60,055) |
Single family [Member] | ||||
Gain on mortgage loan origination and sale activities [Line Items] | ||||
Gain on loan origination and sale activities | 27,632 | 9,628 | 73,751 | 78,612 |
Commercial loans [Member] | ||||
Gain on mortgage loan origination and sale activities [Line Items] | ||||
Gain on loan origination and sale activities | $ 5,498 | $ 6,693 | $ 11,947 | $ 12,179 |
MORTGAGE BANKING OPERATIONS -_3
MORTGAGE BANKING OPERATIONS - Loans Serviced for Others (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans serviced for others | $ 7,892,640 | $ 8,642,317 |
Commercial loans [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans serviced for others | 1,704,434 | 1,618,876 |
Single family [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans serviced for others | $ 6,188,206 | $ 7,023,441 |
MORTGAGE BANKING OPERATIONS - M
MORTGAGE BANKING OPERATIONS - Mortgage Repurchase Liability (Details) - Representations and warranties reserve for loan receivables [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Mortgage Repurchase Losses [Roll Forward] | ||||
Balance, beginning of period | $ 2,083 | $ 3,237 | $ 2,871 | $ 3,120 |
Additions, net of adjustments | 252 | (22) | (275) | 482 |
Realized losses | (240) | (28) | (501) | (415) |
Balance, end of period | $ 2,095 | $ 3,187 | $ 2,095 | $ 3,187 |
MORTGAGE BANKING OPERATIONS - N
MORTGAGE BANKING OPERATIONS - Narrative (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | |||||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Mar. 31, 2019USD ($)sale_of_right | Mar. 29, 2019USD ($)sale_of_right | |
Financing Receivable, Impaired [Line Items] | |||||||
Servicing advances | $ 3,100 | $ 3,100 | $ 2,500 | ||||
Loans receivable, in Ginnie Mae pool | 5,229,477 | 5,229,477 | 5,072,784 | ||||
Loss during period from discontinued operations before income taxes | 0 | $ (502) | 0 | $ (2,033) | |||
GNMA Early buyout loans [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Loans receivable, in Ginnie Mae pool | $ 115,000 | $ 115,000 | $ 9,000 | ||||
Single family [Member] | Agency debentures [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Mortgage servicing rights, unpaid principle balance, sold, number of sales | sale_of_right | 2 | 2 | |||||
Mortgage servicing rights, unpaid principal balance, sold | $ 14,300,000 | $ 14,300,000 | |||||
Loss during period from discontinued operations before income taxes | $ 333 | $ (941) |
MORTGAGE BANKING OPERATIONS - R
MORTGAGE BANKING OPERATIONS - Revenue from Mortgage Servicing (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Servicing income, net: | ||||
Servicing fees and other | $ 7,220 | $ 7,963 | $ 23,073 | $ 32,124 |
Amortization of single family MSRs | (4,401) | (4,489) | (12,246) | (16,894) |
Amortization of multifamily and SBA MSRs | (1,350) | (1,315) | (4,084) | (3,802) |
Net servicing income | 1,469 | 2,159 | 6,743 | 11,428 |
Risk management, single family MSRs: | ||||
Changes in fair value of MSRs due to assumptions | (2,960) | (7,501) | (21,970) | (22,193) |
Net gain (loss) from derivative hedging | (3,269) | 2,271 | 22,647 | 2,083 |
Mortgage servicing rights, risk management | (3,051) | 1,539 | 178 | (2,276) |
Loss during period from discontinued operations before income taxes | 0 | (502) | 0 | (2,033) |
Loan servicing income | (1,582) | 3,196 | 6,921 | 7,119 |
Single family [Member] | Agency debentures [Member] | ||||
Risk management, single family MSRs: | ||||
Loss during period from discontinued operations before income taxes | 333 | (941) | ||
Servicing contracts [Member] | ||||
Risk management, single family MSRs: | ||||
Net gain (loss) from derivative hedging | $ (91) | $ 9,040 | $ 22,148 | $ 19,917 |
MORTGAGE BANKING OPERATIONS - K
MORTGAGE BANKING OPERATIONS - Key Economic Assumptions (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Constant prepayment rate [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Servicing asset, measurement input | 18.90% | 18.80% | ||
Constant prepayment rate [Member] | Minimum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Servicing asset, measurement input | 20.00% | 17.10% | ||
Constant prepayment rate [Member] | Maximum [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Servicing asset, measurement input | 30.00% | 30.00% | ||
Discount rate [Member] | ||||
Fair Value Measurement Inputs and Valuation Techniques | ||||
Servicing asset, measurement input | 7.71% | 8.96% | 7.78% | 9.39% |
MORTGAGE BANKING OPERATIONS - S
MORTGAGE BANKING OPERATIONS - Sensitivity Analysis (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2020USD ($) | |
Key economic assumptions and the sensitivity of the current fair value for single family MSRs | |
Fair value of mortgage servicing rights | $ 47,018 |
Expected weighted-average life | 4 years 3 days |
Impact on fair value of 25 basis points adverse change in interest rates | $ (2,638) |
Impact on fair value of 50 basis points adverse change in interest rates | (5,141) |
Impact on fair value of 100 basis points increase | (1,063) |
Impact on fair value of 200 basis points increase | $ (2,537) |
Single Family [Member] | Weighted average [Member] | Measurement Input, Constant Prepayment Rate [Member] | |
Key economic assumptions and the sensitivity of the current fair value for single family MSRs | |
Measurement input (as a percent) | 0.1443 |
Single Family [Member] | Weighted average [Member] | Discount rate [Member] | |
Key economic assumptions and the sensitivity of the current fair value for single family MSRs | |
Measurement input (as a percent) | 0.0811 |
MORTGAGE BANKING OPERATIONS -_4
MORTGAGE BANKING OPERATIONS - Single Family MSR Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Additions and amortization: | ||||
Changes amortization | $ 4,401 | $ 4,489 | $ 12,246 | $ 16,894 |
Changes in fair value of MSR assumptions | 2,960 | 7,501 | 21,970 | 22,193 |
Ending balance | 47,018 | 47,018 | ||
Single family [Member] | ||||
Servicing Asset at Fair Value, Amount [Roll Forward] | ||||
Beginning balance | 47,804 | 67,723 | 68,109 | 252,168 |
Additions and amortization: | ||||
Originations | 6,569 | 6,422 | 12,942 | 23,893 |
Sales | 0 | 0 | 0 | (176,944) |
Changes amortization | (4,401) | (4,489) | (12,246) | (16,894) |
Net additions and amortization | 2,168 | 1,933 | 696 | (169,945) |
Changes in fair value of MSR assumptions | (2,954) | (7,833) | (21,787) | (20,400) |
Ending balance | $ 47,018 | $ 61,823 | $ 47,018 | $ 61,823 |
MORTGAGE BANKING OPERATIONS -_5
MORTGAGE BANKING OPERATIONS - Multifamily MSR Roll Forward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Servicing Asset at Amortized Value, Balance [Roll Forward] | ||||
Beginning balance | $ 30,583 | $ 27,227 | $ 29,494 | $ 28,328 |
Origination | 2,524 | 2,770 | 6,129 | 3,930 |
Amortization | (1,301) | (1,196) | (3,817) | (3,457) |
Ending balance | $ 31,806 | $ 28,801 | $ 31,806 | $ 28,801 |
GUARANTEES - Narrative (Details
GUARANTEES - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Representations and warranties reserve for loan receivables [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Unfunded commitment balance of loans sold on a servicing-retained basis | $ 6,300,000,000 | $ 6,300,000,000 | $ 7,100,000,000 | |||||
Reserve liability related to mortgage repurchase | 2,095,000 | $ 3,187,000 | 2,095,000 | $ 3,187,000 | $ 2,083,000 | 2,871,000 | $ 3,237,000 | $ 3,120,000 |
Loss sharing relationship [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Reserve liability related to multifamily DUS program | 2,200,000 | 2,200,000 | 2,800,000 | |||||
Loss sharing relationship [Member] | Multifamily [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
UPB of loans sold through DUS | 1,600,000,000 | 1,600,000,000 | 1,500,000,000 | |||||
Losses incurred - related to DUS | 0 | $ 0 | 0 | $ 0 | ||||
Credit risk [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Reserve liability related to mortgage repurchase | $ 2,100,000 | $ 2,100,000 | $ 2,900,000 |
FAIR VALUE MEASUREMENT - Schedu
FAIR VALUE MEASUREMENT - Schedule of Fair Value Hierarchy Measurement (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Investment securities available for sale | $ 1,107,171 | $ 938,778 |
Single family mortgage servicing rights | 47,018 | |
Derivative assets | 34,873 | 8,797 |
Liabilities: | ||
Derivative liabilities | 1,285 | 2,338 |
Residential mortgage-backed securities [Member] | ||
Assets: | ||
Investment securities available for sale | 60,453 | 91,695 |
Commercial mortgage-backed securities [Member] | ||
Assets: | ||
Investment securities available for sale | 45,986 | 38,025 |
Municipal bonds [Member] | ||
Assets: | ||
Investment securities available for sale | 556,634 | 341,318 |
Corporate debt securities [Member] | ||
Assets: | ||
Investment securities available for sale | 15,159 | 18,661 |
Agency debentures [Member] | ||
Assets: | ||
Investment securities available for sale | 1,846 | |
Recurring [Member] | ||
Assets: | ||
Fair value of loans held for sale | 159,834 | 105,458 |
Fair value of loans held for investment | 7,638 | 3,468 |
Single family mortgage servicing rights | 47,018 | 68,109 |
Total assets | 1,373,702 | 1,146,024 |
Liabilities: | ||
Total liabilities | 28,251 | 11,439 |
Recurring [Member] | Residential mortgage-backed securities [Member] | ||
Assets: | ||
Investment securities available for sale | 60,453 | 91,695 |
Recurring [Member] | Commercial mortgage-backed securities [Member] | ||
Assets: | ||
Investment securities available for sale | 45,986 | 38,025 |
Recurring [Member] | Collateralized mortgage obligations residential [Member] | ||
Assets: | ||
Investment securities available for sale | 263,886 | 291,618 |
Recurring [Member] | Collateralized mortgage obligations commercial [Member] | ||
Assets: | ||
Investment securities available for sale | 163,207 | 156,154 |
Recurring [Member] | Municipal bonds [Member] | ||
Assets: | ||
Investment securities available for sale | 556,634 | 341,318 |
Recurring [Member] | Corporate debt securities [Member] | ||
Assets: | ||
Investment securities available for sale | 15,159 | 18,661 |
Recurring [Member] | US treasury securities [Member] | ||
Assets: | ||
Investment securities available for sale | 1,307 | |
Recurring [Member] | Agency debentures [Member] | ||
Assets: | ||
Investment securities available for sale | 1,846 | |
Recurring [Member] | Eurodollar futures [Member] | ||
Assets: | ||
Derivative assets | 3 | |
Liabilities: | ||
Derivative liabilities | 5 | |
Recurring [Member] | Forward sale commitments [Member] | ||
Assets: | ||
Derivative assets | 799 | 830 |
Liabilities: | ||
Derivative liabilities | 2,186 | 492 |
Recurring [Member] | Interest rate lock commitments [Member] | ||
Assets: | ||
Derivative assets | 20,963 | 2,281 |
Liabilities: | ||
Derivative liabilities | 58 | |
Recurring [Member] | Interest rate lock and loan purchase commitments [Member] | ||
Liabilities: | ||
Derivative liabilities | 3 | |
Recurring [Member] | Interest rate swaps [Member] | ||
Assets: | ||
Derivative assets | 30,279 | 27,097 |
Liabilities: | ||
Derivative liabilities | 26,057 | 10,889 |
Level 1 [Member] | Recurring [Member] | ||
Assets: | ||
Fair value of loans held for sale | 0 | 0 |
Fair value of loans held for investment | 0 | 0 |
Single family mortgage servicing rights | 0 | 0 |
Total assets | 0 | 3 |
Liabilities: | ||
Total liabilities | 5 | 0 |
Level 1 [Member] | Recurring [Member] | Residential mortgage-backed securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Level 1 [Member] | Recurring [Member] | Commercial mortgage-backed securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Level 1 [Member] | Recurring [Member] | Collateralized mortgage obligations residential [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Level 1 [Member] | Recurring [Member] | Collateralized mortgage obligations commercial [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Level 1 [Member] | Recurring [Member] | Municipal bonds [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Level 1 [Member] | Recurring [Member] | Corporate debt securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Level 1 [Member] | Recurring [Member] | US treasury securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | |
Level 1 [Member] | Recurring [Member] | Agency debentures [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | |
Level 1 [Member] | Recurring [Member] | Eurodollar futures [Member] | ||
Assets: | ||
Derivative assets | 3 | |
Liabilities: | ||
Derivative liabilities | 5 | |
Level 1 [Member] | Recurring [Member] | Forward sale commitments [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 1 [Member] | Recurring [Member] | Interest rate lock commitments [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | |
Level 1 [Member] | Recurring [Member] | Interest rate lock and loan purchase commitments [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | |
Level 1 [Member] | Recurring [Member] | Interest rate swaps [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 2 [Member] | Recurring [Member] | ||
Assets: | ||
Fair value of loans held for sale | 159,834 | 105,458 |
Fair value of loans held for investment | 0 | 0 |
Single family mortgage servicing rights | 0 | 0 |
Total assets | 1,295,286 | 1,070,211 |
Liabilities: | ||
Total liabilities | 28,243 | 11,381 |
Level 2 [Member] | Recurring [Member] | Residential mortgage-backed securities [Member] | ||
Assets: | ||
Investment securities available for sale | 57,739 | 89,831 |
Level 2 [Member] | Recurring [Member] | Commercial mortgage-backed securities [Member] | ||
Assets: | ||
Investment securities available for sale | 45,986 | 38,025 |
Level 2 [Member] | Recurring [Member] | Collateralized mortgage obligations residential [Member] | ||
Assets: | ||
Investment securities available for sale | 263,886 | 291,618 |
Level 2 [Member] | Recurring [Member] | Collateralized mortgage obligations commercial [Member] | ||
Assets: | ||
Investment securities available for sale | 163,207 | 156,154 |
Level 2 [Member] | Recurring [Member] | Municipal bonds [Member] | ||
Assets: | ||
Investment securities available for sale | 556,634 | 341,318 |
Level 2 [Member] | Recurring [Member] | Corporate debt securities [Member] | ||
Assets: | ||
Investment securities available for sale | 15,076 | 18,573 |
Level 2 [Member] | Recurring [Member] | US treasury securities [Member] | ||
Assets: | ||
Investment securities available for sale | 1,307 | |
Level 2 [Member] | Recurring [Member] | Agency debentures [Member] | ||
Assets: | ||
Investment securities available for sale | 1,846 | |
Level 2 [Member] | Recurring [Member] | Eurodollar futures [Member] | ||
Assets: | ||
Derivative assets | 0 | |
Liabilities: | ||
Derivative liabilities | 0 | |
Level 2 [Member] | Recurring [Member] | Forward sale commitments [Member] | ||
Assets: | ||
Derivative assets | 799 | 830 |
Liabilities: | ||
Derivative liabilities | 2,186 | 492 |
Level 2 [Member] | Recurring [Member] | Interest rate lock commitments [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | |
Level 2 [Member] | Recurring [Member] | Interest rate lock and loan purchase commitments [Member] | ||
Liabilities: | ||
Derivative liabilities | 0 | |
Level 2 [Member] | Recurring [Member] | Interest rate swaps [Member] | ||
Assets: | ||
Derivative assets | 30,279 | 27,097 |
Liabilities: | ||
Derivative liabilities | 26,057 | 10,889 |
Level 3 [Member] | Recurring [Member] | ||
Assets: | ||
Investment securities available for sale | 2,797 | 1,952 |
Fair value of loans held for sale | 0 | 0 |
Fair value of loans held for investment | 7,638 | 3,468 |
Single family mortgage servicing rights | 47,018 | 68,109 |
Total assets | 78,416 | 75,810 |
Liabilities: | ||
Total liabilities | 3 | 58 |
Level 3 [Member] | Recurring [Member] | Residential mortgage-backed securities [Member] | ||
Assets: | ||
Investment securities available for sale | 2,714 | 1,864 |
Level 3 [Member] | Recurring [Member] | Commercial mortgage-backed securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Collateralized mortgage obligations residential [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Collateralized mortgage obligations commercial [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Municipal bonds [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Corporate debt securities [Member] | ||
Assets: | ||
Investment securities available for sale | 83 | 88 |
Level 3 [Member] | Recurring [Member] | US treasury securities [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | |
Level 3 [Member] | Recurring [Member] | Agency debentures [Member] | ||
Assets: | ||
Investment securities available for sale | 0 | |
Level 3 [Member] | Recurring [Member] | Eurodollar futures [Member] | ||
Assets: | ||
Derivative assets | 0 | |
Liabilities: | ||
Derivative liabilities | 0 | |
Level 3 [Member] | Recurring [Member] | Forward sale commitments [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | 0 | 0 |
Level 3 [Member] | Recurring [Member] | Interest rate lock commitments [Member] | ||
Assets: | ||
Derivative assets | 20,963 | 2,281 |
Liabilities: | ||
Derivative liabilities | 58 | |
Level 3 [Member] | Recurring [Member] | Interest rate lock and loan purchase commitments [Member] | ||
Liabilities: | ||
Derivative liabilities | 3 | |
Level 3 [Member] | Recurring [Member] | Interest rate swaps [Member] | ||
Assets: | ||
Derivative assets | 0 | 0 |
Liabilities: | ||
Derivative liabilities | $ 0 | $ 0 |
FAIR VALUE MEASUREMENT - Narrat
FAIR VALUE MEASUREMENT - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Transfers between levels of fair value hierarchy | $ 0 | $ 0 | $ 0 | $ 0 | |
Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of loans held for investment | 7,638,000 | 7,638,000 | $ 3,468,000 | ||
Level 3 [Member] | Recurring [Member] | |||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||
Fair value of loans held for investment | $ 7,638,000 | $ 7,638,000 | $ 3,468,000 |
FAIR VALUE MEASUREMENT - Sche_2
FAIR VALUE MEASUREMENT - Schedule of Investment Securities Available for Sale Measured Using Level 3 Unobservable Inputs (Details) $ in Thousands | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 1,107,171 | $ 938,778 |
Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available for sale | $ 2,797 | $ 1,952 |
Measurement Input, Implied Spread [Member] | Minimum [Member] | Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs | 0.0200 | 0.0200 |
Measurement Input, Implied Spread [Member] | Maximum [Member] | Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs | 0.0200 | 0.0200 |
Measurement Input, Implied Spread [Member] | Weighted average [Member] | Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value inputs | 0.0200 | 0.0200 |
FAIR VALUE MEASUREMENT - Sche_3
FAIR VALUE MEASUREMENT - Schedule of Single Family Loans Held for Sale and Investment Measured Using Level 3 Unobservable Inputs (Details) - Recurring [Member] $ in Thousands | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value Measurement Inputs and Valuation Techniques | ||
LHFI, fair value option | $ 7,638 | $ 3,468 |
Level 3 [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques | ||
LHFI, fair value option | $ 7,638 | $ 3,468 |
Measurement Input, Implied Spread [Member] | Level 3 [Member] | Minimum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques | ||
Loans held for investment, fair vale inputs | 0.0407 | 0.0456 |
Measurement Input, Implied Spread [Member] | Level 3 [Member] | Maximum [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques | ||
Loans held for investment, fair vale inputs | 0.2137 | 0.0687 |
Measurement Input, Implied Spread [Member] | Level 3 [Member] | Weighted average [Member] | ||
Fair Value Measurement Inputs and Valuation Techniques | ||
Loans held for investment, fair vale inputs | 0.0784 | 0.0563 |
FAIR VALUE MEASUREMENT - Sche_4
FAIR VALUE MEASUREMENT - Schedule of Interest Rate Lock and Purchase Loan Commitments Fair Value Measure Using Level 3 Unobservable Inputs (Details) - Interest rate lock commitments [Member] $ in Thousands | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2018USD ($) |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Interest rate lock and purchase loan commitments, net, fair value | $ 20,960 | $ 17,967 | $ 2,223 | $ 4,036 | $ 8,624 | $ 10,284 |
Level 3 [Member] | Recurring [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Interest rate lock and purchase loan commitments, net, fair value | $ 20,960 | $ 2,223 | ||||
Level 3 [Member] | Measurement Input, Fall-Out Factor [Member] | Recurring [Member] | Minimum [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Interest rate lock and purchase loan commitments, net, measurement input | 0.0121 | 0 | ||||
Level 3 [Member] | Measurement Input, Fall-Out Factor [Member] | Recurring [Member] | Maximum [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Interest rate lock and purchase loan commitments, net, measurement input | 0.3739 | 0.5969 | ||||
Level 3 [Member] | Measurement Input, Fall-Out Factor [Member] | Recurring [Member] | Weighted average [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Interest rate lock and purchase loan commitments, net, measurement input | 0.1539 | 0.1220 | ||||
Level 3 [Member] | Measurement Input, Value Of Servicing [Member] | Recurring [Member] | Minimum [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Interest rate lock and purchase loan commitments, net, measurement input | 0.0038 | 0.0055 | ||||
Level 3 [Member] | Measurement Input, Value Of Servicing [Member] | Recurring [Member] | Maximum [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Interest rate lock and purchase loan commitments, net, measurement input | 0.0147 | 0.0177 | ||||
Level 3 [Member] | Measurement Input, Value Of Servicing [Member] | Recurring [Member] | Weighted average [Member] | ||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||||||
Interest rate lock and purchase loan commitments, net, measurement input | 0.0102 | 0.0114 |
FAIR VALUE MEASUREMENT - Sche_5
FAIR VALUE MEASUREMENT - Schedule of Fair Value Changes and Activity for Level 3 (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Available-for-sale Securities [Member] | ||||
Fair Value Changes and Activity for Level 3 [Roll Forward] | ||||
Beginning balance | $ 2,861 | $ 1,981 | $ 1,952 | $ 0 |
Additions | 0 | 0 | 985 | 0 |
Transfers | 0 | 0 | 0 | 2,379 |
Payoffs/Sales/Settlements | (48) | (40) | (387) | (120) |
Change in mark to market/Realized/unrealized gains (losses) | (16) | 83 | 247 | (235) |
Ending balance | 2,797 | 2,024 | 2,797 | 2,024 |
Loans held for sale [Member] | ||||
Fair Value Changes and Activity for Level 3 [Roll Forward] | ||||
Beginning balance | 4,427 | 2,691 | ||
Additions | 2,393 | 5,060 | ||
Transfers | 0 | 0 | ||
Payoffs/Sales/Settlements | (686) | (1,595) | ||
Change in mark to market/Realized/unrealized gains (losses) | (57) | (79) | ||
Ending balance | 6,077 | 6,077 | ||
Loans held for investment [Member] | ||||
Fair Value Changes and Activity for Level 3 [Roll Forward] | ||||
Beginning balance | 5,847 | 4,475 | 3,468 | 4,057 |
Additions | 2,169 | 789 | 5,515 | 1,788 |
Transfers | 0 | 0 | 0 | 0 |
Payoffs/Sales/Settlements | (352) | 0 | (1,135) | (606) |
Change in mark to market/Realized/unrealized gains (losses) | (26) | 31 | (210) | 56 |
Ending balance | 7,638 | 5,295 | 7,638 | 5,295 |
Interest rate lock commitments [Member] | ||||
Fair Value Changes and Activity for Level 3 [Roll Forward] | ||||
Beginning balance | 17,967 | 8,624 | 2,223 | 10,284 |
Payoffs/Sales/Settlements | (15,292) | (5,831) | (27,576) | (40,903) |
Change in mark to market/Realized/unrealized gains (losses) | 18,285 | 1,243 | 46,313 | 34,655 |
Ending balance | $ 20,960 | $ 4,036 | $ 20,960 | $ 4,036 |
FAIR VALUE MEASUREMENT - FV Uno
FAIR VALUE MEASUREMENT - FV Unobservable Inputs - Nonrecurring Basis (Details) - Nonrecurring [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held for investment | $ 3,302 | $ 266 | $ 3,302 | $ 266 |
Total Gains (Losses) | (2,054) | (2) | (2,184) | (2) |
Level 1 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held for investment | 0 | 0 | 0 | 0 |
Level 2 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held for investment | 0 | 0 | 0 | 0 |
Level 3 [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Loans held for investment | $ 3,302 | $ 266 | $ 3,302 | $ 266 |
FAIR VALUE MEASUREMENT - FV of
FAIR VALUE MEASUREMENT - FV of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Assets: | ||
Fair value of mortgage servicing rights | $ 47,018 | |
Loans held for investment ("LHFI") (net of allowance for credit losses of $64,892 and $41,772) | 5,229,477 | $ 5,072,784 |
Carrying value [Member] | ||
Assets: | ||
Cash and cash equivalents | 79,066 | 57,880 |
Investment securities held to maturity | 4,297 | 4,372 |
Fair value of loans held for investment | 5,221,839 | 5,069,316 |
Federal Home Loan Bank stock | 26,584 | 22,399 |
Liabilities: | ||
Certificates of deposit | 1,174,839 | 1,614,533 |
Borrowings | 514,590 | |
Federal Home Loan Bank advances | 346,590 | |
Federal funds purchased and securities sold under agreements to repurchase | 125,000 | |
Long-term debt | 125,791 | 125,650 |
Fair value [Member] | ||
Assets: | ||
Cash and cash equivalents | 79,066 | 57,880 |
Investment securities held to maturity | 4,531 | 4,501 |
Fair value of loans held for investment | 5,476,679 | 5,139,078 |
Federal Home Loan Bank stock | 26,584 | 22,399 |
Liabilities: | ||
Certificates of deposit | 1,181,025 | 1,622,879 |
Borrowings | 516,112 | |
Federal Home Loan Bank advances | 347,949 | |
Federal funds purchased and securities sold under agreements to repurchase | 125,101 | |
Long-term debt | 115,671 | 115,011 |
Level 1 [Member] | Fair value [Member] | ||
Assets: | ||
Cash and cash equivalents | 79,066 | 57,880 |
Investment securities held to maturity | 0 | 0 |
Fair value of loans held for investment | 0 | 0 |
Federal Home Loan Bank stock | 0 | 0 |
Liabilities: | ||
Certificates of deposit | 0 | 0 |
Federal Home Loan Bank advances | 0 | |
Federal funds purchased and securities sold under agreements to repurchase | 125,101 | |
Long-term debt | 0 | 0 |
Level 2 [Member] | Fair value [Member] | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment securities held to maturity | 4,531 | 4,501 |
Fair value of loans held for investment | 0 | 0 |
Federal Home Loan Bank stock | 26,584 | 22,399 |
Liabilities: | ||
Certificates of deposit | 1,181,025 | 1,622,879 |
Borrowings | 516,112 | |
Federal Home Loan Bank advances | 347,949 | |
Federal funds purchased and securities sold under agreements to repurchase | 0 | |
Long-term debt | 115,671 | 115,011 |
Level 3 [Member] | Fair value [Member] | ||
Assets: | ||
Cash and cash equivalents | 0 | 0 |
Investment securities held to maturity | 0 | 0 |
Fair value of loans held for investment | 5,476,679 | 5,139,078 |
Federal Home Loan Bank stock | 0 | 0 |
Liabilities: | ||
Certificates of deposit | 0 | 0 |
Federal Home Loan Bank advances | 0 | |
Federal funds purchased and securities sold under agreements to repurchase | 0 | |
Long-term debt | 0 | 0 |
Multifamily [Member] | Carrying value [Member] | ||
Assets: | ||
Loans held for sale, fair value option | 261,903 | 128,841 |
Fair value of mortgage servicing rights | 31,806 | 29,494 |
Multifamily [Member] | Fair value [Member] | ||
Assets: | ||
Loans held for sale, fair value option | 261,903 | 130,720 |
Fair value of mortgage servicing rights | 35,181 | 32,738 |
Multifamily [Member] | Level 1 [Member] | Fair value [Member] | ||
Assets: | ||
Loans held for sale, fair value option | 0 | 0 |
Fair value of mortgage servicing rights | 0 | 0 |
Multifamily [Member] | Level 2 [Member] | Fair value [Member] | ||
Assets: | ||
Loans held for sale, fair value option | 261,903 | 130,720 |
Fair value of mortgage servicing rights | 0 | 0 |
Multifamily [Member] | Level 3 [Member] | Fair value [Member] | ||
Assets: | ||
Loans held for sale, fair value option | 0 | 0 |
Fair value of mortgage servicing rights | 35,181 | 32,738 |
Other assets - GNMA EBO loans [Member] | ||
Assets: | ||
Loans held for investment ("LHFI") (net of allowance for credit losses of $64,892 and $41,772) | 115,000 | $ 9,000 |
Other assets - GNMA EBO loans [Member] | Carrying value [Member] | ||
Assets: | ||
Loans held for investment ("LHFI") (net of allowance for credit losses of $64,892 and $41,772) | 115,111 | |
Other assets - GNMA EBO loans [Member] | Fair value [Member] | ||
Assets: | ||
Loans held for investment ("LHFI") (net of allowance for credit losses of $64,892 and $41,772) | 115,111 | |
Other assets - GNMA EBO loans [Member] | Level 1 [Member] | Fair value [Member] | ||
Assets: | ||
Loans held for investment ("LHFI") (net of allowance for credit losses of $64,892 and $41,772) | 0 | |
Other assets - GNMA EBO loans [Member] | Level 2 [Member] | Fair value [Member] | ||
Assets: | ||
Loans held for investment ("LHFI") (net of allowance for credit losses of $64,892 and $41,772) | 0 | |
Other assets - GNMA EBO loans [Member] | Level 3 [Member] | Fair value [Member] | ||
Assets: | ||
Loans held for investment ("LHFI") (net of allowance for credit losses of $64,892 and $41,772) | $ 115,111 |
EARNINGS PER SHARE - Schedule o
EARNINGS PER SHARE - Schedule of EPS Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
EPS numerator: | ||||
Income from continuing operations | $ 26,349 | $ 13,665 | $ 52,392 | $ 27,615 |
Undistributed dividends and earnings for share repurchase | 0 | (324) | 0 | (633) |
Income from continuing operations available to common shareholders | 26,349 | 13,341 | 52,392 | 26,982 |
Income (loss) from discontinued operations | 0 | 162 | 0 | (21,091) |
Net income available to common shareholders | $ 26,349 | $ 13,503 | $ 52,392 | $ 5,891 |
Weighted average shares: | ||||
Basic weighted average number of shares outstanding (in shares) | 22,665,069 | 24,419,793 | 23,226,109 | 26,020,172 |
Dilutive effect of outstanding common stock equivalents (in shares) | 212,157 | 206,145 | 177,620 | 184,242 |
Diluted weighted-average number of shares outstanding (in shares) | 22,877,226 | 24,625,938 | 23,403,729 | 26,204,414 |
Basic: | ||||
Basic income from continuing operations per share (in dollars per share) | $ 1.16 | $ 0.55 | $ 2.26 | $ 1.04 |
Basic income (loss) from discontinued operations per share (in dollars per share) | 0 | 0.01 | 0 | (0.81) |
Basic earnings (loss) per share (in dollars per share) | 1.16 | 0.55 | 2.26 | 0.23 |
Diluted: | ||||
Diluted income from continuing operations per share (in dollars per share) | 1.15 | 0.54 | 2.24 | 1.03 |
Diluted income (loss) from discontinued operations per share (in dollars per share) | 0 | 0.01 | 0 | (0.80) |
Diluted earnings (loss) per share (in dollars per share) | $ 1.15 | $ 0.55 | $ 2.24 | $ 0.22 |
Aggregate number of common stock equivalents and unvested restricted stock (in shares) | 148 | 690 |
RESTRUCTURING - Restructuring R
RESTRUCTURING - Restructuring Reserve Rollforward (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | $ 1,952 | $ 2,007 | $ 1,904 | $ 1,604 |
Transfers-In | (630) | 0 | 574 | |
Restructuring charges | 2,132 | 174 | 5,500 | 1,515 |
Costs paid or otherwise settled | (1,389) | (653) | (5,913) | (1,591) |
Ending balance | 2,065 | 1,528 | 2,065 | 1,528 |
Facility related costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 1,695 | 1,423 | 1,235 | 1,604 |
Transfers-In | (630) | 0 | (133) | |
Restructuring charges | 1,736 | 6 | 4,183 | 200 |
Costs paid or otherwise settled | (1,010) | (173) | (3,494) | (548) |
Ending balance | 1,791 | 1,256 | 1,791 | 1,256 |
Personnel related costs [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 171 | 562 | 510 | 0 |
Transfers-In | 0 | 0 | 707 | |
Restructuring charges | 164 | 168 | 299 | 1,168 |
Costs paid or otherwise settled | (150) | (480) | (1,331) | (918) |
Ending balance | 185 | 250 | 185 | 250 |
Other Restructuring [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Beginning balance | 86 | 22 | 159 | 0 |
Transfers-In | 0 | 0 | 0 | |
Restructuring charges | 232 | 0 | 1,018 | 147 |
Costs paid or otherwise settled | (229) | 0 | (1,088) | (125) |
Ending balance | $ 89 | $ 22 | $ 89 | $ 22 |
SUBSEQUENT EVENT - Narrative (D
SUBSEQUENT EVENT - Narrative (Details) | Oct. 22, 2020$ / shares |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Dividends payable (in dollars per share) | $ 0.15 |