Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 06, 2020 | |
Entity Registrant Name | Amerant Bancorp Inc. | |
Entity Central Index Key | 0001734342 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Current Reporting Status | Yes | |
Class A common stock | ||
Entity Common Stock, Shares Outstanding | 28,879,576 | |
Class B common stock | ||
Entity Common Stock, Shares Outstanding | 13,286,137 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Cash and due from banks | $ 22,303 | $ 28,035 |
Interest earning deposits with banks | 248,750 | 93,289 |
Cash and cash equivalents | 271,053 | 121,324 |
Securities | ||
Debt securities available for sale | 1,601,303 | 1,568,752 |
Debt securities held to maturity | 70,336 | 73,876 |
Equity securities with readily determinable fair value not held for trading | 24,225 | 23,848 |
Federal Reserve Bank and Federal Home Loan Bank stock | 74,123 | 72,934 |
Securities | 1,769,987 | 1,739,410 |
Loans held for investment, gross | 5,668,327 | 5,744,339 |
Less: Allowance for loan losses | 72,948 | 52,223 |
Loans held for investment, net | 5,595,379 | 5,692,116 |
Bank owned life insurance | 213,266 | 211,852 |
Premises and equipment, net | 128,232 | 128,824 |
Deferred tax assets, net | 4,933 | 5,480 |
Goodwill | 19,506 | 19,506 |
Accrued interest receivable and other assets | 96,454 | 66,887 |
Total assets | 8,098,810 | 7,985,399 |
Deposits | ||
Noninterest bearing | 779,842 | 763,224 |
Interest bearing | 1,088,033 | 1,098,323 |
Savings and money market | 1,432,891 | 1,475,257 |
Time | 2,541,446 | 2,420,339 |
Total deposits | 5,842,212 | 5,757,143 |
Advances from the Federal Home Loan Bank and other borrowings | 1,265,000 | 1,235,000 |
Junior subordinated debentures held by trust subsidiaries | 64,178 | 92,246 |
Accounts payable, accrued liabilities and other liabilities | 86,303 | 66,309 |
Total liabilities | 7,257,693 | 7,150,698 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity | ||
Additional paid in capital | 358,277 | 419,048 |
Retained earnings | 447,506 | 444,124 |
Accumulated other comprehensive income | 31,117 | 13,234 |
Total stockholders' equity | 841,117 | 834,701 |
Total liabilities and stockholders' equity | 8,098,810 | 7,985,399 |
Class A common stock | ||
Stockholders’ equity | ||
Common stock | 2,888 | 2,893 |
Class B common stock | ||
Stockholders’ equity | ||
Common stock | 1,329 | 1,775 |
Treasury stock, at cost; 3,532,457 shares of Class B common stock in 2019. | $ 0 | $ (46,373) |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Class A common stock | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 28,879,576 | 28,927,576 |
Common stock, shares outstanding (in shares) | 28,879,576 | 28,927,576 |
Class B common stock | ||
Common stock, par value (in dollars per share) | $ 0.10 | $ 0.10 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 13,286,137 | 17,751,053 |
Common stock, shares outstanding (in shares) | 13,286,137 | 14,218,596 |
Treasury stock (in shares) | 0 | 3,532,457 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Interest income | ||
Loans | $ 59,788 | $ 66,722 |
Investment securities | 11,065 | 12,581 |
Interest earning deposits with banks | 462 | 1,004 |
Total interest income | 71,315 | 80,307 |
Interest expense | ||
Interest bearing demand deposits | 135 | 274 |
Savings and money market deposits | 3,266 | 3,733 |
Time deposits | 13,484 | 12,553 |
Advances from the Federal Home Loan Bank | 4,412 | 6,205 |
Junior subordinated debentures | 789 | 2,105 |
Total interest expense | 22,086 | 24,870 |
Net interest income | 49,229 | 55,437 |
Provision for loan losses | 22,000 | 0 |
Net interest income after provision for loan losses | 27,229 | 55,437 |
Noninterest income | ||
Deposits and service fees | 4,290 | 4,086 |
Brokerage, advisory and fiduciary activities | 4,133 | 3,688 |
Change in cash surrender value of bank owned life insurance | 1,414 | 1,404 |
Securities gains, net | 9,620 | 4 |
Cards and trade finance servicing fees | 395 | 915 |
(Loss) gain on early extinguishment of advances from the Federal Home Loan Bank, net | (7) | 557 |
Data processing and fees for other services | 0 | 520 |
Other noninterest income | 2,065 | 1,982 |
Total noninterest income | 21,910 | 13,156 |
Noninterest expense | ||
Salaries and employee benefits | 29,326 | 33,437 |
Occupancy and equipment | 3,803 | 4,042 |
Telecommunication and data processing | 3,464 | 3,026 |
Professional and other services fees | 2,954 | 3,444 |
Depreciation and amortization | 1,959 | 1,942 |
FDIC assessments and insurance | 1,118 | 1,393 |
Other operating expenses | 2,243 | 4,661 |
Total noninterest expenses | 44,867 | 51,945 |
Income before income tax | 4,272 | 16,648 |
Income tax expense | (890) | (3,577) |
Net income | 3,382 | 13,071 |
Other comprehensive income, net of tax | ||
Net unrealized holding gains on debt securities available for sale arising during the period | 26,702 | 16,278 |
Net unrealized holding losses on cash flow hedges arising during the period | (1,514) | (11) |
Reclassification adjustment for items included in net income | (7,305) | (252) |
Other comprehensive income | 17,883 | 16,015 |
Comprehensive income | $ 21,265 | $ 29,086 |
Earnings Per Share (Note 16): | ||
Basic earnings per common share (in dollars per share) | $ 0.08 | $ 0.31 |
Diluted earnings per common share (in dollars per share) | $ 0.08 | $ 0.30 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Class A | Class B | Common StockClass A | Common StockClass B | Additional Paid in Capital | Treasury Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
Shares outstanding (in shares) at Dec. 31, 2018 | 26,851,832 | 16,330,917 | |||||||
Beginning balance at Dec. 31, 2018 | $ 747,418 | $ 2,686 | $ 1,775 | $ 385,367 | $ (17,908) | $ 393,662 | $ (18,164) | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Common stock issued (in shares) | 2,132,865 | ||||||||
Common stock issued | 29,218 | $ 213 | 29,005 | ||||||
Repurchase of Class B common stock (in shares) | (2,112,321) | ||||||||
Repurchase of Class B common stock | (28,465) | (28,465) | |||||||
Restricted stock issued (in shares) | 1,299 | ||||||||
Restricted stock issued | 0 | ||||||||
Stock-based compensation expense | 1,492 | 1,492 | |||||||
Net income | 13,071 | 13,071 | |||||||
Other comprehensive (loss) income | 16,015 | 16,015 | |||||||
Shares outstanding (in shares) at Mar. 31, 2019 | 28,985,996 | 14,218,596 | |||||||
Ending balance at Mar. 31, 2019 | 778,749 | $ 2,899 | $ 1,775 | 415,864 | (46,373) | 406,733 | (2,149) | ||
Shares outstanding (in shares) at Dec. 31, 2019 | 28,927,576 | 14,218,596 | 28,927,576 | 14,218,596 | |||||
Beginning balance at Dec. 31, 2019 | 834,701 | $ 2,893 | $ 1,775 | 419,048 | (46,373) | 444,124 | 13,234 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Repurchase of Class B common stock (in shares) | (932,459) | ||||||||
Repurchase of Class B common stock | (15,239) | (15,239) | |||||||
Treasury stock retired | 0 | $ (446) | (61,166) | 61,612 | |||||
Restricted stock issued (in shares) | 6,591 | ||||||||
Restricted stock issued | 0 | $ 1 | (1) | ||||||
Restricted stock surrendered (in shares) | (129) | ||||||||
Restricted stock surrendered | (2) | (2) | |||||||
Restricted stock forfeited (in shares) | (54,462) | ||||||||
Restricted stock forfeited | 0 | $ (6) | 6 | ||||||
Stock-based compensation expense | 392 | 392 | |||||||
Net income | 3,382 | 3,382 | |||||||
Other comprehensive (loss) income | 17,883 | 17,883 | |||||||
Shares outstanding (in shares) at Mar. 31, 2020 | 28,879,576 | 13,286,137 | 28,879,576 | 13,286,137 | |||||
Ending balance at Mar. 31, 2020 | $ 841,117 | $ 2,888 | $ 1,329 | $ 358,277 | $ 0 | $ 447,506 | $ 31,117 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities | ||
Net income | $ 3,382 | $ 13,071 |
Adjustments to reconcile net income to net cash provided by operating activities | ||
Provision for loan losses | 22,000 | 0 |
Net premium amortization on securities | 3,775 | 3,453 |
Depreciation and amortization | 1,959 | 1,942 |
Stock-based compensation expense | 392 | 1,492 |
Change in cash surrender value of bank owned life insurance | (1,414) | (1,404) |
Deferred taxes, securities net gains or losses and others | (14,875) | 1,238 |
Loss (gain) on early extinguishment of advances from the FHLB | 7 | (557) |
Net changes in operating assets and liabilities: | ||
Accrued interest receivable and other assets | (1,539) | 8,777 |
Accounts payable, accrued liabilities and other liabilities | (10,509) | (15,431) |
Net cash provided by operating activities | 3,178 | 12,581 |
Purchases of investment securities: | ||
Available for sale | (197,522) | (110,170) |
Federal Home Loan Bank stock | (8,538) | (4,888) |
Purchases of investment securities | (206,060) | (115,058) |
Maturities, sales and calls of investment securities: | ||
Available for sale | 196,698 | 162,796 |
Held to maturity | 3,382 | 1,205 |
Federal Home Loan Bank stock | 7,349 | 9,248 |
Maturities, sales and calls of investment securities | 207,429 | 173,249 |
Net decrease in loans | 61,641 | 22,173 |
Proceeds from loan portfolio sales | 13,109 | 152,177 |
Net purchases of premises and equipment and others | (1,321) | (1,951) |
Net cash provided by investing activities | 74,798 | 230,590 |
Cash flows from financing activities | ||
Net decrease in demand, savings and money market accounts | (36,038) | (116,499) |
Net increase (decrease) in time deposits | 121,107 | (27,999) |
Proceeds from Advances from the Federal Home Loan Bank and other borrowings | 280,000 | 170,000 |
Repayments of Advances from the Federal Home Loan Bank and other borrowings | (250,007) | (265,447) |
Redemption of junior subordinated debentures | (28,068) | 0 |
Proceeds from common stock issued - Class A | 0 | 29,218 |
Repurchase of common stock - Class B | (15,239) | (28,465) |
Common stock retired to cover tax withholding | 2 | 0 |
Net cash provided by (used in) financing activities | 71,753 | (239,192) |
Net increase in cash and cash equivalents | 149,729 | 3,979 |
Cash and cash equivalents | ||
Beginning of period | 121,324 | 85,710 |
End of period | 271,053 | 89,689 |
Supplemental disclosures of cash flow information | ||
Cash paid for Interest | 21,890 | 24,086 |
Cash paid for Income taxes | $ 295 | $ 385 |
Business, Basis of Presentation
Business, Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business, Basis of Presentation and Summary of Significant Accounting Policies | Business, Basis of Presentation and Summary of Significant Accounting Policies a) Business Amerant Bancorp Inc. (the “Company”), is a Florida corporation incorporated in 1985, which has operated since January 1987. The Company is a bank holding company registered under the Bank Holding Company Act of 1956, as a result of its 100% indirect ownership of Amerant Bank, N.A. (the “Bank”). The Company’s principal office is in the City of Coral Gables, Florida. The Bank is a member of the Federal Reserve Bank of Atlanta (“Federal Reserve Bank”) and the Federal Home Loan Bank of Atlanta (“FHLB”). The Bank has three principal subsidiaries, Amerant Investments, Inc., a securities broker-dealer (“Amerant Investments”), Amerant Trust, N.A, a non-depository trust company (“Amerant Trust”), and Elant Bank & Trust (the “Cayman Bank”), a bank and trust company domiciled in the Cayman Islands acquired in November 2019. The Company’s Class A common stock, par value $0.10 per common share, and Class B common stock, par value $0.10 per common share, are listed and trade on the Nasdaq Global Select Market under the symbols “AMTB” and “AMTBB,” respectively. The Company is managed using a single segment concept, on a consolidated basis, and management determined that no separate current or historical reportable segment disclosures are required under generally accepted accounting principles in the United States of America (“U.S. GAAP”). Initial Public Offering and Shares Repurchase On December 21, 2018, the Company completed an initial public offering (the “IPO”). In March 2019, the Company repurchased the remaining shares of its Class B common stock held by Mercantil Servicios Financieros, C.A., the Company’s former parent company (“the Former Parent”). For more information about the IPO and the repurchase of Class B common stock previously held by the Former Parent, see Note 15 to our audited consolidated financial statements included in the Company’s annual report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 16, 2020 (the “Form 10-K”). COVID-19 Pandemic On March 11, 2020, the World Health Organization recognized an outbreak of a novel strain of the coronavirus, COVID-19, as a pandemic. On March 13, 2020, the President of the Unites States of America (U.S.) declared a national state of emergency. In response to this outbreak, the governments of many states, cities and municipalities in the U.S., including the States of Florida, New York and Texas, have taken preventative or protective actions, such as imposing restrictions on business operations and advising or requiring individuals to limit or forego their time outside of their homes. On March 16, 2020, the Company activated its Business Continuity Plan (“BCP”) to continue to provide its products and services during the COVID-19 pandemic. The Company’s BCP plan is framed within regulatory guidelines and subject to periodic testing and independent audits. All banking centers are open to the public by drive-thru and by appointment-only, under a reduced schedule (except banking centers in Texas which are operating under regular business hours), and with limited staffing. All electronic channels remain fully operational. In addition, the BCP enabled employees to work remotely. On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”), an approximately $2.0 trillion COVID-19 response bill, to provide emergency economic relief to individuals, small businesses, mid-size companies, large corporations, hospitals and other public health facilities, and state and local governments, was enacted. The CARES Act allocated the Small Business Administration, or SBA, $350.0 billion to provide loans of up to $10.0 million per small business as defined in the CARES Act. On April 2, 2020, the Bank began participating in the SBA’s Paycheck Protection Program, or “PPP”, by providing loans to these businesses to cover payroll, rent, mortgage, healthcare, and utilities costs, among other essential expenses. On April 24, 2020, the Paycheck Protection Program and Health Care Enhancement Act, adding funding to the PPP, was enacted. As of May 1, 2020, the Company had received approval for 1,493 loan applications under the PPP totaling $197.8 million, and had funded $137.9 million. On March 26, 2020, the Company began offering loan payment relief options to customers impacted by the COVID-19 pandemic, including interest-only and/or forbearance options. As of May 1, 2020, loans under these programs totaled $1,119 million. In accordance with accounting and regulatory guidance, loans to borrowers benefiting from these measures are not considered Troubled Debt Restructurings (“TDRs”). The Company is closely monitoring the performance of these loans under the terms of the temporary relief granted. b) Basis of Presentation and Summary of Significant Accounting Policies The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, they do not include all of the information and footnotes required for a fair statement of financial position, results of operations and cash flows in conformity with U.S. GAAP. These unaudited interim consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal, recurring nature. Interim period operating results may not be indicative of the operating results for a full year or any other period. These unaudited interim consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements as of December 31, 2019 and 2018 and for each of the three years in the period ended December 31, 2019 and the accompanying footnote disclosures for the Company, which are included in the Form 10-K. For a complete summary of our significant accounting policies, please see Note 1 to the Company’s audited consolidated financial statements in the Form 10-K. Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management include: (i) the determination of the allowance for loan losses; (ii) the fair values of securities and the value assigned to goodwill during periodic goodwill impairment tests; (iii) the cash surrender value of bank owned life insurance; and (iv) the determination of whether the amount of deferred tax assets will more likely than not be realized. Management believes that these estimates are appropriate. Actual results could differ from these estimates. The COVID-19 outbreak has severely restricted the level of economic activity in the U.S. and around the world since March 2020. In the U.S and several other countries, temporary closures of businesses have been ordered and numerous other businesses have temporarily closed voluntarily. These actions have expanded significantly since March 31, 2020 and may continue to expand. The Company considered the impact of COVID-19 on the significant estimates management used. The Company recorded a provision for loan losses of $22.0 million during the three months ended March 31, 2020 primarily as a result of the estimated impact of the COVID-19 pandemic. Given the uncertainty regarding the spread and severity of COVID-19 and its adverse effects on the U.S. and global economies, the extent to which the COVID-19 pandemic may impact the Company’s financial condition or results of operations is uncertain and cannot be accurately predicted at this time. c) Recently Issued Accounting Pronouncements Issued and Not Yet Adopted New Guidance on Leases In December 2018, the Financial Accounting Standards Board (“FASB”) issued amendments to new guidance issued in February 2016 for the recognition and measurement of all leases which has not yet been adopted by the Company. The amendments address certain lessor’s issues associated with: (i) sales taxes and other similar taxes collected from lessees, (ii) certain lessor costs and (iii) recognition of variable payments for contracts with lease and nonlease components. The new guidance on leases issued in February 2016 requires lessees to recognize a right-of-use asset and a lease liability for most leases within the scope of the guidance. There were no significant changes to the guidance for lessors. These amendments, and the related pending new guidance, can be adopted using a modified retrospective transition at the beginning of the earliest comparative period presented, and provides for certain practical expedients. In November 2019, the FASB again amended the effective date of the new guidance on leases. Previously, the amendments and related new guidance on leases were effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, for private companies. The new guidance on leases is now effective for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021. Early adoption is still permitted. The Company has completed the process of gathering a complete inventory of its lease contracts, migrating identified lease data onto a new system, and is in the final stages of testing and evaluation of results. Based on these results, we currently expect to recognize an asset and a corresponding lease liability for an amount to be less than 1% of the Company’s total consolidated assets at adoption. The Company plans to adopt the new guidance in its consolidated financial statements for the year ending December 31, 2021. Facilitation of the Effects of Reference Rate Reform on Financial Reporting On March 12, 2020, the FASB issued amendments to guidance applicable to contracts, hedging relationships, and other transactions affected that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. These amendments provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments also allow entities to make a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. These amendments are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply these amendments to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected, these amendments must be applied prospectively for all eligible contract modifications and hedging relationships. The Company is in the process of evaluating the implications of these amendments to its current efforts for reference rate reform implementation. New Guidance on Accounting for Credit Losses on Financial Instruments In June 2016, the FASB issued the new guidance on accounting for current expected credit losses on financial instruments (“CECL.”) The new guidance introduces an approach based on expected losses to estimate credit losses on various financial instruments, including loans. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. In November 2018, the FASB issued amendments to pending new guidance on CECL to, among other things, align the implementation date for private companies’ annual financial statements with the implementation date for their interim financial statements. Prior to the issuance of these amendments, the guidance on accounting for CECL was effective for private companies for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. These amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, for private companies. In November 2019, the FASB amended the effective date of the new guidance on CECL. Previously, the amendments and related new guidance on CECL was effective for fiscal years beginning after December 15, 2021, and interim periods within those years, for private companies. The new guidance on CECL is now effective for fiscal years beginning after December 15, 2022 and interim periods within those years. Early adoption is still permitted. The new guidance on CECL is effective for fiscal years beginning after December 15, 2019, and interim periods within those years, for public companies. The Company is currently assessing the impact that these changes will have on its consolidated financial statements, when adopted. As an Emerging Growth Company, or EGC, the Company currently plans to adopt the new guidance on CECL in its consolidated financial statements for the year ending December 31, 2023, or earlier in the event the Company ceases to be an EGC. d) Subsequent Events The effects of significant subsequent events, if any, have been recognized or disclosed in these unaudited interim consolidated financial statements. |
Interest Earning Deposits with
Interest Earning Deposits with Banks | 3 Months Ended |
Mar. 31, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Interest Earning Deposits with Banks | Interest Earning Deposits with Banks At March 31, 2020 and December 31, 2019 interest earning deposits with banks are mainly comprised of deposits with the Federal Reserve of approximately $248.8 million and $93 million , respectively. At March 31, 2020 and December 31, 2019, the average interest rate on these deposits was approximately 1.08% and 2.19% , respectively. These deposits mature within one year . |
Securities
Securities | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Securities | Securities Amortized cost and approximate fair values of debt securities available for sale are summarized as follows: March 31, 2020 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government-sponsored enterprise debt securities $ 844,712 $ 31,188 $ (719 ) $ 875,181 Corporate debt securities 333,359 2,990 (6,155 ) 330,194 U.S. government agency debt securities 251,731 3,828 (2,377 ) 253,182 U.S. treasury securities 73,636 3,689 — 77,325 Municipal bonds 62,203 3,218 — 65,421 $ 1,565,641 $ 44,913 $ (9,251 ) $ 1,601,303 December 31, 2019 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government sponsored enterprise debt securities $ 927,205 $ 9,702 $ (3,795 ) $ 933,112 Corporate debt securities 247,836 5,002 (2 ) 252,836 U.S. government agency debt securities 230,384 895 (2,882 ) 228,397 U.S. treasury securities 106,112 1 (1,877 ) 104,236 Municipal bonds 47,652 2,519 — 50,171 $ 1,559,189 $ 18,119 $ (8,556 ) $ 1,568,752 At March 31, 2020 and December 31, 2019 , the Company had no foreign sovereign or foreign government agency debt securities. The Company had investments in foreign corporate debt securities of $13.4 million and $5.2 million at March 31, 2020 and December 31, 2019, respectively. In the three months ended March 31, 2020 and 2019, proceeds from sales, gross realized gains, gross realized losses of debt securities available for sale were as follows: Three Months Ended March 31, (in thousands) 2020 2019 Proceeds from sales of debt securities available for sale $ 139,072 $ 112,529 Gross realized gains 9,266 448 Gross realized losses (23 ) (444 ) Realized gains, net $ 9,243 $ 4 The Company’s investment in debt securities available for sale with unrealized losses that are deemed temporary, aggregated by the length of time that individual securities have been in a continuous unrealized loss position, are summarized below: March 31, 2020 Less Than 12 Months 12 Months or More Total (in thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized U.S. government-sponsored enterprise debt securities $ 24,695 $ (132 ) $ 24,553 $ (587 ) $ 49,248 $ (719 ) Corporate debt securities 127,093 (6,155 ) — — 127,093 (6,155 ) U.S. government agency debt securities 18,602 (117 ) 98,645 (2,260 ) 117,247 (2,377 ) $ 170,390 $ (6,404 ) $ 123,198 $ (2,847 ) $ 293,588 $ (9,251 ) December 31, 2019 Less Than 12 Months 12 Months or More Total (in thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized U.S. government sponsored enterprise debt securities $ 239,446 $ (1,740 ) $ 180,274 $ (2,055 ) $ 419,720 $ (3,795 ) Corporate debt securities 8,359 (1 ) 300 (1 ) 8,659 (2 ) U.S. government agency debt securities 41,300 (251 ) 117,040 (2,631 ) 158,340 (2,882 ) U.S. treasury securities 97,471 (1,877 ) — — 97,471 (1,877 ) $ 386,576 $ (3,869 ) $ 297,614 $ (4,687 ) $ 684,190 $ (8,556 ) At March 31, 2020 and December 31, 2019 , the Company held certain debt securities issued or guaranteed by the U.S. government and U.S. government-sponsored entities and agencies. The Company believes these issuers to present little credit risk. The Company considers these securities are not other-than-temporarily impaired because the decline in fair value is attributable to changes in interest rates and investment securities markets, generally, and not credit quality. The Company does not intend to sell these debt securities and it is more likely than not that it will not be required to sell the securities before their anticipated recovery. Unrealized losses on municipal and corporate debt securities are attributable to changes in interest rates and investment securities markets, generally, and as a result, temporary in nature. The Company considers these securities are not other-than-temporarily impaired because the issuers of these debt securities are considered to be high quality, and generally present little credit risk. The Company does not intend to sell these investments and it is more likely than not that it will not be required to sell these investments before their anticipated recovery. Contractual maturities of debt securities at March 31, 2020 are as follows: Available for Sale Held to Maturity (in thousands) Amortized Estimated Amortized Estimated Within 1 year $ 103,743 $ 103,995 $ — $ — After 1 year through 5 years 167,055 166,952 — — After 5 years through 10 years 280,460 285,762 11,567 11,793 After 10 years 1,014,383 1,044,594 58,769 59,561 $ 1,565,641 $ 1,601,303 $ 70,336 $ 71,354 Equity securities with readily available fair value not held for trading consist of mutual funds with an original cost of $24.0 million , and fair value of $24.2 million and $23.8 million as of March 31, 2020 and December 31, 2019, respectively. These equity securities have no stated maturities. During the three months ended March 31, 2020, we recognized an unrealized gain of $0.4 million related to the change in market value of these mutual funds. No gain was recognized during the three months ended March 31, 2019. |
Loans
Loans | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Loans | Loans The loan portfolio consists of the following loan classes: (in thousands) March 31, December 31, Real estate loans Commercial real estate Non-owner occupied $ 1,875,293 $ 1,891,802 Multi-family residential 834,016 801,626 Land development and construction loans 225,179 278,688 2,934,488 2,972,116 Single-family residential 569,340 539,102 Owner occupied 923,260 894,060 4,427,088 4,405,278 Commercial loans 1,084,751 1,234,043 Loans to financial institutions and acceptances 16,576 16,552 Consumer loans and overdrafts 139,912 88,466 $ 5,668,327 $ 5,744,339 At March 31, 2020 and December 31, 2019 , loans with an outstanding principal balance of $1.5 billion and $1.6 billion , respectively, were pledged as collateral to secure advances from the FHLB. The amounts above include loans under syndication facilities of approximately $488 million and $562 million at March 31, 2020 and December 31, 2019 , respectively, which include Shared National Credit facilities and agreements to enter into credit agreements with other lenders (club deals), and other agreements. The following tables summarize international loans by country, net of loans fully collateralized with cash of approximately $14.5 million and $15.2 million at March 31, 2020 and December 31, 2019 , respectively. March 31, 2020 December 31, 2019 (in thousands) Venezuela Others (1) Total Venezuela Others (1) Total Real estate loans Single-family residential (2) $ 97,517 $ 7,571 $ 105,088 $ 103,979 $ 7,692 $ 111,671 Commercial loans — 57,348 57,348 — 43,850 43,850 Loans to financial institutions and acceptances — 8 8 — 5 5 Consumer loans and overdrafts (3)(4) 427 7,688 8,115 8,318 7,593 15,911 $ 97,944 $ 72,615 $ 170,559 $ 112,297 $ 59,140 $ 171,437 __________________ (1) Loans to borrowers in 12 other countries which do not individually exceed 1% of total assets (14 countries at December 31, 2019) (2) Corresponds to mortgage loans secured by single-family residential properties located in the U.S. (3) At December 31, 2019, Venezuela balances are mostly comprised of credit card extensions of credit to customers with deposits with the Bank. The Company phased out its legacy credit card products to further strengthen its credit quality. During the first quarter of 2020, the remaining balances related to the credit card product were repaid, therefore, there are no outstanding credit card balances as of March 31, 2020. (4) Overdrafts to customers outside the United States were de minimis at March 31, 2020 and December 31, 2019 . The age analysis of the loan portfolio by class, including nonaccrual loans, as of March 31, 2020 and December 31, 2019 are summarized in the following tables: March 31, 2020 Total Loans, Past Due Total Loans in Total Loans (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,875,293 $ 1,875,293 $ — $ — $ — $ — $ 1,936 $ — Multi-family residential 834,016 834,016 — — — — — — Land development and construction loans 225,179 225,179 — — — — — — 2,934,488 2,934,488 — — — — 1,936 — Single-family residential 569,340 557,717 8,438 — 3,185 11,623 7,077 5 Owner occupied 923,260 910,269 9,004 1,208 2,779 12,991 13,897 — 4,427,088 4,402,474 17,442 1,208 5,964 24,614 22,910 5 Commercial loans 1,084,751 1,076,834 5,626 425 1,866 7,917 9,993 — Loans to financial institutions and acceptances 16,576 16,576 — — — — — — Consumer loans and overdrafts 139,912 139,682 170 29 31 230 467 12 $ 5,668,327 $ 5,635,566 $ 23,238 $ 1,662 $ 7,861 $ 32,761 $ 33,370 $ 17 December 31, 2019 Total Loans, Past Due Total Loans in Total Loans (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,891,802 $ 1,891,801 $ 1 $ — $ — $ 1 $ 1,936 $ — Multi-family residential 801,626 801,626 — — — — — — Land development and construction loans 278,688 278,688 — — — — — — 2,972,116 2,972,115 1 — — 1 1,936 — Single-family residential 539,102 530,399 4,585 1,248 2,870 8,703 7,291 — Owner occupied 894,060 888,158 1,360 1,724 2,818 5,902 14,130 — 4,405,278 4,390,672 5,946 2,972 5,688 14,606 23,357 — Commercial loans 1,234,043 1,226,320 4,418 608 2,697 7,723 9,149 — Loans to financial institutions and acceptances 16,552 16,552 — — — — — — Consumer loans and overdrafts 88,466 88,030 215 176 45 436 416 5 $ 5,744,339 $ 5,721,574 $ 10,579 $ 3,756 $ 8,430 $ 22,765 $ 32,922 $ 5 |
Allowance for Loan Losses
Allowance for Loan Losses | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Allowance for Loan Losses | Allowance for Loan Losses The analyses by loan segment of the changes in the allowance for loan losses for the three months ended March 31, 2020 and 2019 , and its allocation by impairment methodology and the related investment in loans, net as of March 31, 2020 and 2019 are summarized in the following tables: Three Months Ended March 31, 2020 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 25,040 $ 22,482 $ 42 $ 4,659 $ 52,223 Provision for loan losses 11,390 7,530 — 3,080 22,000 Loans charged-off Domestic — (1,101 ) — (222 ) (1,323 ) International — (34 ) — (251 ) (285 ) Recoveries — 185 — 148 333 Balances at end of the period $ 36,430 $ 29,062 $ 42 $ 7,414 $ 72,948 Allowance for loan losses by impairment methodology: Individually evaluated $ 1,157 $ 4,038 $ — $ 1,525 $ 6,720 Collectively evaluated 35,273 25,024 42 5,889 66,228 $ 36,430 $ 29,062 $ 42 $ 7,414 $ 72,948 Investment in loans, net of unearned income: Individually evaluated $ 1,936 $ 24,232 $ — $ 7,521 $ 33,689 Collectively evaluated 2,931,900 2,104,220 16,576 581,942 5,634,638 $ 2,933,836 $ 2,128,452 $ 16,576 $ 589,463 $ 5,668,327 Three Months Ended March 31, 2019 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 22,778 $ 30,018 $ 445 $ 8,521 $ 61,762 (Reversal of) provision for loan losses (322 ) (31 ) (339 ) 692 — Loans charged-off Domestic — (992 ) — (196 ) (1,188 ) International — (18 ) — (406 ) (424 ) Recoveries — 123 — 49 172 Balances at end of the period $ 22,456 $ 29,100 $ 106 $ 8,660 $ 60,322 Allowance for loan losses by impairment methodology Individually evaluated $ — $ 1,593 $ — $ 1,202 $ 2,795 Collectively evaluated 22,456 27,507 106 7,458 57,527 $ 22,456 $ 29,100 $ 106 $ 8,660 $ 60,322 Investment in loans, net of unearned income Individually evaluated $ 711 $ 12,325 $ — $ 3,392 $ 16,428 Collectively evaluated 3,016,569 2,137,165 27,985 536,291 5,718,010 $ 3,017,280 $ 2,149,490 $ 27,985 $ 539,683 $ 5,734,438 The following is a summary of the recorded investment amount of loan sales by portfolio segment: Three Months Ended March 31, Real Estate Commercial Financial Consumer Total 2020 $ — $ 11,901 $ — $ 1,208 $ 13,109 2019 $ 23,475 $ 126,838 $ — $ 1,864 $ 152,177 The following is a summary of impaired loans as of March 31, 2020 and December 31, 2019 : March 31, 2020 Recorded Investment (in thousands) With a Valuation Allowance Without a Valuation Allowance Total Year Average (1) Total Unpaid Principal Balance Valuation Allowance Real estate loans Commercial real estate Non-owner occupied $ 1,936 $ — $ 1,936 $ 1,943 $ 1,936 $ 1,157 Multi-family residential — — — 164 — — Land development and construction — — — — — — 1,936 — 1,936 2,107 1,936 1,157 Single-family residential 4,499 2,831 7,330 6,471 7,610 1,071 Owner occupied 1,481 12,470 13,951 11,857 13,791 510 7,916 15,301 23,217 20,435 23,337 2,738 Commercial loans 8,139 1,854 9,993 9,228 10,039 3,528 Consumer loans and overdrafts 470 9 479 270 537 454 $ 16,525 $ 17,164 $ 33,689 $ 29,933 $ 33,913 $ 6,720 _______________ (1) Average using trailing four quarter balances. December 31, 2019 Recorded Investment (in thousands) With a Valuation Allowance Without a Valuation Allowance Total Year Average (1) Total Unpaid Principal Balance Valuation Allowance Real estate loans Commercial real estate Non-owner occupied $ 1,936 $ — $ 1,936 $ 1,459 $ 1,936 $ 1,161 Multi-family residential — — — 342 — — Land development and construction loans — — — — — — 1,936 — 1,936 1,801 1,936 1,161 Single-family residential 4,739 729 5,468 5,564 5,598 946 Owner occupied 6,169 7,906 14,075 9,548 13,974 501 12,844 8,635 21,479 16,913 21,508 2,608 Commercial loans 8,415 13 8,428 8,552 8,476 1,288 Consumer loans and overdrafts 395 9 404 153 402 378 $ 21,654 $ 8,657 $ 30,311 $ 25,618 $ 30,386 $ 4,274 _______________ (1) Average using trailing four quarter balances. There were no new troubled debt restructurings (“TDRs”) during the first quarter of 2020. As of March 31, 2020, TDRs mainly consist of a multiple loan relationship with a South Florida customer including CRE, owner occupied and commercial loans totaling $9.7 million . This TDR consisted of extending repayment terms and adjusting future periodic payments which resulted in no additional reserves. Four residential loans, totaling $2.1 million at March 31, 2020, which are included in this loan relationship, were not modified. The Company believes the specific reserves associated with this loan relationship, which total $3.6 million at March 31, 2020, are adequate to cover probable losses given current facts and circumstances. In the fourth quarter of 2019, this $9.7 million TDR loan relationship did not perform in accordance with the restructured terms. The Company will continue to closely monitor the performance of these loans under their modified terms. Since March 31, 2019, no additional TDRs subsequently defaulted under their modified terms. In addition, during the first quarter of 2020, there were no charge-offs against the allowance for loan losses associated with TDR loans. On March 26, 2020, the Company began offering loan payment relief options to customers impacted by the COVID-19 pandemic, including interest-only and/or forbearance options. Consistent with accounting and regulatory guidance, temporary modifications granted under these programs are not considered TDRs. The Company is actively monitoring these loans to permit the proactive identification of negative patterns by industry and/or region and pursuing remediation efforts in a timely manner. While the economic disruption caused by the COVID-19 pandemic is expected to impact the Company's credit quality, it is difficult to estimate the potential outcome due to the uncertain duration and scope of the slowdown in U.S. economic activity. The Company will continue to closely monitor the performance of loans to borrowers in impacted sectors, and will reassess its provisions as conditions evolve. As of May 1, 2020, loans under these programs totaled $1,119 million . The Company is closely monitoring the performance of these loans under the terms of the temporary relief granted. Loans by Credit Quality Indicators Loans by credit quality indicators as of March 31, 2020 and December 31, 2019 are summarized in the following tables: March 31, 2020 Credit Risk Rating Nonclassified Classified (in thousands) Pass Special Mention Substandard Doubtful Loss Total Real estate loans Commercial real estate Non-owner occupied $ 1,872,600 $ — $ 757 $ 1,936 $ — $ 1,875,293 Multi-family residential 834,016 — — — — 834,016 Land development and construction loans 215,327 9,852 — — — 225,179 2,921,943 9,852 757 1,936 — 2,934,488 Single-family residential 562,258 — 7,082 — — 569,340 Owner occupied 902,065 7,190 14,005 — — 923,260 4,386,266 17,042 21,844 1,936 — 4,427,088 Commercial loans 1,070,062 2,587 9,459 2,643 — 1,084,751 Loans to financial institutions and acceptances 16,576 — — — — 16,576 Consumer loans and overdrafts 139,437 — 41 434 — 139,912 $ 5,612,341 $ 19,629 $ 31,344 $ 5,013 $ — $ 5,668,327 December 31, 2019 Credit Risk Rating Nonclassified Classified (in thousands) Pass Special Mention Substandard Doubtful Loss Total Real estate loans Commercial real estate Non-owner occupied $ 1,879,780 $ 9,324 $ 762 $ 1,936 $ — $ 1,891,802 Multi-family residential 801,626 — — — — 801,626 Land development and construction loans 268,733 9,955 — — — 278,688 2,950,139 19,279 762 1,936 — 2,972,116 Single-family residential 531,811 — 7,291 — — 539,102 Owner occupied 871,682 8,138 14,240 — — 894,060 4,353,632 27,417 22,293 1,936 — 4,405,278 Commercial loans 1,217,399 5,569 8,406 2,669 — 1,234,043 Loans to financial institutions and acceptances 16,552 — — — — 16,552 Consumer loans and overdrafts 88,042 — 67 357 — 88,466 $ 5,675,625 $ 32,986 $ 30,766 $ 4,962 $ — $ 5,744,339 |
Time Deposits
Time Deposits | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Time Deposits | Time Deposits Time deposits in denominations of $100,000 or more amounted to approximately $1.5 billion and $1.4 billion at March 31, 2020 and December 31, 2019 , respectively. Time deposits in denominations of more than $250,000 amounted to approximately $796 million and $733 million at March 31, 2020 and December 31, 2019 , respectively. As of March 31, 2020 and December 31, 2019 , brokered time deposits amounted to $647 million and $662 million , respectively. |
Advances from the Federal Home
Advances from the Federal Home Loan Bank and Other Borrowings | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Advances from the Federal Home Loan Bank and Other Borrowings | Advances from the Federal Home Loan Bank and Other Borrowings At March 31, 2020 and December 31, 2019, the Company had outstanding advances from the FHLB and other borrowings as follows: Outstanding Balance Year of Maturity Interest Interest At March 31, 2020 At December 31, 2019 (in thousands) 2020 0.44% to 2.35% Fixed 155,000 135,000 2020 1.73% to 2.03% Variable 60,000 150,000 2021 1.75% to 3.08% Fixed 210,000 210,000 2022 0.65% to 2.80% Fixed 170,000 120,000 2023 and after (1) 0.62% to 3.23% Fixed 670,000 620,000 $ 1,265,000 $ 1,235,000 _______________ (1) As of March 31, 2020 and December 31, 2019, include $530 million (fixed interest rates raging from 0.62% to 0.97% ) in advances from the FHLB that are callable prior to maturity. In early April 2020, the Company restructured $420.0 million of its fixed-rate FHLB advances extending their original maturities from 2021 to 2023 at lower interest rates. The Company incurred a loss of $17.0 million as a result of this restructuring which was blended into the new interest rates of these advances affecting the yields through their remaining maturities. The Company accounted for these transactions as the modification of existing debt in accordance with U.S. GAAP. |
Junior Subordinated Debentures
Junior Subordinated Debentures Held by Trust Subsidiaries | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Junior Subordinated Debentures Held by Trust Subsidiaries | Junior Subordinated Debentures Held by Trust Subsidiaries The following table provides information of the outstanding Trust Preferred Securities issued by, and the junior subordinated debentures issued to, each of the statutory trust subsidiaries as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 (in thousands) Amount of Principal Amount of Principal Year of Annual Rate of Trust Year of Commercebank Capital Trust I $ — $ — $ 26,830 $ 28,068 1998 8.90% 2028 Commercebank Capital Trust VI 9,250 9,537 9,250 9,537 2002 3-M LIBOR + 3.35% 2033 Commercebank Capital Trust VII 8,000 8,248 8,000 8,248 2003 3-M LIBOR + 3.25% 2033 Commercebank Capital Trust VIII 5,000 5,155 5,000 5,155 2004 3-M LIBOR + 2.85% 2034 Commercebank Capital Trust IX 25,000 25,774 25,000 25,774 2006 3-M LIBOR + 1.75% 2038 Commercebank Capital Trust X 15,000 15,464 15,000 15,464 2006 3-M LIBOR + 1.78% 2036 $ 62,250 $ 64,178 $ 89,080 $ 92,246 On January 30, 2020, the Company redeemed all $26.8 million of its outstanding 8.90% trust preferred capital securities issued by Commercebank Capital Trust I (“Capital Trust I”) at a redemption price of 100% . The Company simultaneously redeemed all junior subordinated debentures held by Capital Trust I as part of this redemption transaction. This redemption reduced total cash and cash equivalents by $27.1 million , financial liabilities by $28.1 million , other assets by $3.4 million , and other liabilities by $2.2 million . In addition, the Company recorded a charge of $0.3 million for the unamortized issuance costs. This redemption reduced the Company’s Tier 1 equity capital by a net amount of $24.7 million . |
Derivative Instruments
Derivative Instruments | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments | Derivative Instruments At March 31, 2020 and December 31, 2019 , the fair values of the Company’s derivative instruments were as follows: March 31, 2020 December 31, 2019 (in thousands) Other Assets Other Liabilities Other Assets Other Liabilities Interest rate swaps designated as cash flow hedges $ — $ 1,773 $ 301 $ — Interest rate swaps not designated as hedging instruments: Customers 42,280 — 11,236 527 Third party broker — 42,280 527 11,236 42,280 42,280 11,763 11,763 Interest rate caps not designated as hedging instruments: Customers — 69 — 46 Third party broker 20 — 33 — 20 69 33 46 $ 42,300 $ 44,122 $ 12,097 $ 11,809 No hedge ineffectiveness gains or losses were recognized on derivatives designated as hedging instruments in the three months ended March 31, 2020 and 2019. Derivatives Not Designated as Hedging Instruments Interest Rate Swaps At March 31, 2020 and December 31, 2019 , the Company had 56 and 49 interest rate swap contracts with customers, respectively, with a total notional amount of $406.1 million and $405.2 million , respectively. These instruments involve the payment of fixed-rate amounts in exchange for the Company receiving variable-rate payments over the life of the contract. In addition, at March 31, 2020 and December 31, 2019 , the Company had 56 and 49 interest rate swap mirror contracts, respectively, with third party brokers with similar terms. In 2019, the Company entered into swap participation agreements with other financial institutions to manage the credit risk exposure on certain interest rate swaps with customers. Under these agreements, the Company, as the beneficiary or guarantor, will receive or make payments from/to the counterparty if the borrower defaults on the related interest rate swap contract. As of March 31, 2020 and December 31, 2019, the Company had two and three swap participation agreements, respectively, with total notional amounts of approximately $32.0 million and $50.2 million , respectively. The notional amount of these agreements is based on the Company’s pro-rata share of the related interest rate swap contracts. As of March 31, 2020 and December 31, 2019, the fair value of swap participation agreements was not significant. Interest Rate Caps At March 31, 2020 and December 31, 2019 , the Company had 19 and 16 interest rate cap contracts with customers with a total notional amount of $401.8 million and $315.2 million , respectively. These instruments involve the Company making payments if an interest rate exceeds the agreed strike price. In addition, at March 31, 2020 and December 31, 2019 , the Company had 12 and 13 interest rate cap mirror contracts, respectively, with various third party brokers with total notional amounts of $225.7 million and $234.1 million , respectively. |
Stock-based Incentive Compensat
Stock-based Incentive Compensation Plan | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-based Incentive Compensation Plan | Stock-based Incentive Compensation Plan The Company sponsors the 2018 Equity and Incentive Compensation Plan (the “2018 Equity Plan”). See Note 11 to the Company’s audited consolidated financial statements in the 2019 annual report on Form 10-K for more information on the 2018 Equity Plan and stock-based compensation awards for the year ended 2019, including restricted stocks and restricted stock units (“RSUs”). Restricted Stock Awards The following table shows the activity of restricted stock awards in the three months ended March 31, 2020: Number of restricted shares Weighted-average grant date fair value Non-vested shares, beginning of year 495,131 $ 13.48 Granted 6,591 15.17 Vested (433 ) 13.58 Forfeited (54,462 ) 13.45 Non-vested shares at March 31, 2020 446,827 $ 13.51 During the three months ended March 31, 2020 and 2019, the Company recorded $0.3 million and $1.5 million , respectively, of compensation expense related to the restricted stock awards. The total unamortized deferred compensation expense of $2.9 million for all unvested restricted stock outstanding at March 31, 2020 will be recognized over a weighted average period of 1.4 years. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company uses an estimated annual effective tax rate method in computing its interim tax provision. This effective tax rate is based on forecasted annual consolidated pre-tax income, permanent tax differences and statutory tax rates. Under this method, the tax effect of certain items that do not meet the definition of ordinary income or expense are computed and recognized as discrete items when they occur. The effective combined federal and state tax rates for the three months ended March 31, 2020 and 2019 were 20.83% and 21.49% , respectively. Effective tax rates differ from the statutory rates mainly due to the impact of forecasted permanent non-taxable interest and other income, and the effect of corporate state taxes. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) (“AOCI/AOCL”) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) (“AOCI/AOCL”) | Accumulated Other Comprehensive Income (“AOCI”): The components of AOCI are summarized as follows using applicable blended average federal and state tax rates for each period: March 31, 2020 December 31, 2019 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding gains on debt securities available for sale $ 35,662 $ (8,718 ) $ 26,944 $ 9,563 $ (2,338 ) $ 7,225 Net unrealized holding gains on interest rate swaps designated as cash flow hedges 5,523 (1,350 ) 4,173 7,953 (1,944 ) $ 6,009 Total AOCI $ 41,185 $ (10,068 ) $ 31,117 $ 17,516 $ (4,282 ) $ 13,234 The components of other comprehensive income for the periods presented is summarized as follows: Three Months Ended March 31, 2020 2019 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding gains on debt securities available for sale: Change in fair value arising during the period $ 35,342 $ (8,640 ) $ 26,702 $ 21,545 $ (5,267 ) $ 16,278 Reclassification adjustment for net gains included in net income (9,243 ) 2,260 (6,983 ) (4 ) 1 (3 ) 26,099 (6,380 ) 19,719 21,541 (5,266 ) 16,275 Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period (2,004 ) 490 (1,514 ) (15 ) 4 (11 ) Reclassification adjustment for net interest income included in net income (426 ) 104 (322 ) (329 ) 80 (249 ) (2,430 ) 594 (1,836 ) (344 ) 84 (260 ) Total other comprehensive income $ 23,669 $ (5,786 ) $ 17,883 $ 21,197 $ (5,182 ) $ 16,015 |
Stockholders_ Equity
Stockholders’ Equity | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Stockholders’ Equity | Stockholders’ Equity a) Class A Common Stock Shares of the Company’s Class A common stock issued and outstanding as of March 31, 2020 and December 31, 2019 were 28,879,576 and 28,927,576 , respectively. b) Class B Common Stock and Treasury Stock Shares of the Company’s Class B common stock issued as of March 31, 2020 and December 31, 2019 were 13,286,137 and 17,751,053 , respectively. As of March 31, 2020 and December 31, 2019 , there were 13,286,137 shares and 14,218,596 shares, respectively, of Class B common stock outstanding. As of March 31, 2020 , the Company had no shares of common stock held as treasury stock. At December 31, 2019 , the Company had 3,532,457 shares of common stock held as treasury stock under the cost method. On February 14 and February 21, 2020, the Company repurchased an aggregate of 932,459 shares of nonvoting Class B common stock in two privately negotiated transactions (collectively, the “2020 Repurchase”) for $16.00 per share of Class B common stock. The aggregate purchase price for these transactions was approximately $15.2 million , including $0.3 million in broker fees and other expenses. The Company funded the 2020 Repurchase with available cash. In March 2020, Company’s Board of Directors authorized the cancellation of all 4,464,916 shares of Class B Common Stock previously held as treasury stock, including shares repurchased during 2018, 2019 and 2020, effective March 31, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies The Company and its subsidiaries are parties to various legal actions arising in the ordinary course of business. In the opinion of management, the outcome of these proceedings will not have a significant effect on the Company’s consolidated financial position or results of operations. The Company occupies various premises under noncancelable lease agreements expiring through the year 2046. Actual rental expenses may include deferred rents that are recognized as rent expense on a straight line basis. Rent expense under these leases was approximately $1.3 million and $1.6 million for the three months ended March 31, 2020 and 2019 , respectively. Financial instruments whose contract amount represents off-balance sheet credit risk at March 31, 2020 are generally short-term and are as follows: (in thousands) Approximate Commitments to extend credit $ 786,873 Standby letters of credit 15,414 Commercial letters of credit 4,517 $ 806,804 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Assets and liabilities measured at fair value on a recurring basis are summarized below: March 31, 2020 (in thousands) Quoted Third-Party Internal Total Assets Debt securities available for sale U.S. government sponsored enterprise debt securities $ — $ 875,181 $ — $ 875,181 Corporate debt securities — 330,194 — 330,194 U.S. government agency debt securities — 253,182 — 253,182 Municipal bonds — 65,421 — 65,421 U.S treasury securities — 77,325 — 77,325 — 1,601,303 — 1,601,303 Equity securities with readily determinable fair values not held for trading — 24,225 — 24,225 Bank owned life insurance — 213,266 — 213,266 Derivative instruments — 42,300 — 42,300 $ — $ 1,881,094 $ — $ 1,881,094 Liabilities Derivative instruments $ — $ 44,122 $ — $ 44,122 December 31, 2019 (in thousands) Quoted Third-Party Internal Total Assets Debt securities available for sale U.S. government sponsored enterprise debt securities $ — $ 933,112 $ — $ 933,112 Corporate debt securities — 252,836 — 252,836 U.S. government agency debt securities — 228,397 — 228,397 U.S. treasury securities — 104,236 — 104,236 Municipal bonds — 50,171 — 50,171 — 1,568,752 — 1,568,752 Equity securities with readily determinable fair values not held for trading — 23,848 — 23,848 Bank owned life insurance — 211,852 — 211,852 Derivative instruments — 12,097 — 12,097 $ — $ 1,816,549 $ — $ 1,816,549 Liabilities Derivative instruments $ — $ 11,809 $ — $ 11,809 Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis There were no significant assets or liabilities measured at fair value on a nonrecurring basis at March 31, 2020 and December 31, 2019 . Fair Value of Financial Instruments The estimated fair value of financial instruments where fair value differs from carrying value are as follows: March 31, 2020 December 31, 2019 (in thousands) Carrying Estimated Carrying Estimated Financial assets: Loans $ 2,776,062 $ 2,669,835 $ 2,819,477 $ 2,721,291 Financial liabilities: Time deposits 1,882,048 1,910,249 1,745,735 1,759,347 Advances from the FHLB 1,265,000 1,287,674 1,235,000 1,244,515 Junior subordinated debentures 64,178 60,200 92,246 86,738 |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following table shows the calculation of basic and diluted earnings per share: Three months ended March 31, (in thousands, except per share data) 2020 2019 Numerator: Net income available to common stockholders $ 3,382 $ 13,071 Denominator: ` Basic weighted average shares outstanding 42,185 42,755 Dilutive effect of share-based compensation awards 348 159 Diluted weighted average shares outstanding 42,533 42,914 Basic earnings per common share $ 0.08 $ 0.31 Diluted earnings per common share $ 0.08 $ 0.30 As of March 31, 2020 and 2019, potential dilutive instruments consisted of unvested shares of restricted stock and restricted stock units mainly related to the Company’s IPO in 2018, totaling 482,316 and 786,213 , respectively, were included in the diluted earnings per share computation because, when the unamortized deferred compensation cost related to these shares was divided by the average market price per share at those dates, fewer shares would have been purchased than restricted shares assumed issued. Therefore, at those dates, such awards resulted in higher diluted weighted average shares outstanding than basic weighted average shares outstanding, and had a dilutive effect in per share earnings. |
Business, Basis of Presentati_2
Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. GAAP for interim financial information and the instructions to Form 10-Q and Article 10 of SEC Regulation S-X. Accordingly, they do not include all of the information and footnotes required for a fair statement of financial position, results of operations and cash flows in conformity with U.S. GAAP. These unaudited interim consolidated financial statements reflect all adjustments that are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. These adjustments are of a normal, recurring nature. Interim period operating results may not be indicative of the operating results for a full year or any other period. |
Estimates | Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates made by management include: (i) the determination of the allowance for loan losses; (ii) the fair values of securities and the value assigned to goodwill during periodic goodwill impairment tests; (iii) the cash surrender value of bank owned life insurance; and (iv) the determination of whether the amount of deferred tax assets will more likely than not be realized. Management believes that these estimates are appropriate. Actual results could differ from these estimates. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Issued and Not Yet Adopted New Guidance on Leases In December 2018, the Financial Accounting Standards Board (“FASB”) issued amendments to new guidance issued in February 2016 for the recognition and measurement of all leases which has not yet been adopted by the Company. The amendments address certain lessor’s issues associated with: (i) sales taxes and other similar taxes collected from lessees, (ii) certain lessor costs and (iii) recognition of variable payments for contracts with lease and nonlease components. The new guidance on leases issued in February 2016 requires lessees to recognize a right-of-use asset and a lease liability for most leases within the scope of the guidance. There were no significant changes to the guidance for lessors. These amendments, and the related pending new guidance, can be adopted using a modified retrospective transition at the beginning of the earliest comparative period presented, and provides for certain practical expedients. In November 2019, the FASB again amended the effective date of the new guidance on leases. Previously, the amendments and related new guidance on leases were effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, for private companies. The new guidance on leases is now effective for fiscal years beginning after December 15, 2020 and interim periods within fiscal years beginning after December 15, 2021. Early adoption is still permitted. The Company has completed the process of gathering a complete inventory of its lease contracts, migrating identified lease data onto a new system, and is in the final stages of testing and evaluation of results. Based on these results, we currently expect to recognize an asset and a corresponding lease liability for an amount to be less than 1% of the Company’s total consolidated assets at adoption. The Company plans to adopt the new guidance in its consolidated financial statements for the year ending December 31, 2021. Facilitation of the Effects of Reference Rate Reform on Financial Reporting On March 12, 2020, the FASB issued amendments to guidance applicable to contracts, hedging relationships, and other transactions affected that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. These amendments provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The expedients and exceptions provided by the amendments do not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022, except for hedging relationships existing as of December 31, 2022, that an entity has elected certain optional expedients for and that are retained through the end of the hedging relationship. The amendments also allow entities to make a one-time election to sell, transfer, or both sell and transfer debt securities classified as held to maturity that reference a rate affected by reference rate reform and that are classified as held to maturity before January 1, 2020. These amendments are effective for all entities as of March 12, 2020 through December 31, 2022. An entity may elect to apply these amendments to eligible hedging relationships existing as of the beginning of the interim period that includes March 12, 2020 and to new eligible hedging relationships entered into after the beginning of the interim period that includes March 12, 2020. An entity may elect to apply the amendments for contract modifications as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020, or prospectively from a date within an interim period that includes or is subsequent to March 12, 2020, up to the date that the financial statements are available to be issued. Once elected, these amendments must be applied prospectively for all eligible contract modifications and hedging relationships. The Company is in the process of evaluating the implications of these amendments to its current efforts for reference rate reform implementation. New Guidance on Accounting for Credit Losses on Financial Instruments In June 2016, the FASB issued the new guidance on accounting for current expected credit losses on financial instruments (“CECL.”) The new guidance introduces an approach based on expected losses to estimate credit losses on various financial instruments, including loans. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. In November 2018, the FASB issued amendments to pending new guidance on CECL to, among other things, align the implementation date for private companies’ annual financial statements with the implementation date for their interim financial statements. Prior to the issuance of these amendments, the guidance on accounting for CECL was effective for private companies for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. These amendments are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years, for private companies. In November 2019, the FASB amended the effective date of the new guidance on CECL. Previously, the amendments and related new guidance on CECL was effective for fiscal years beginning after December 15, 2021, and interim periods within those years, for private companies. The new guidance on CECL is now effective for fiscal years beginning after December 15, 2022 and interim periods within those years. Early adoption is still permitted. The new guidance on CECL is effective for fiscal years beginning after December 15, 2019, and interim periods within those years, for public companies. The Company is currently assessing the impact that these changes will have on its consolidated financial statements, when adopted. As an Emerging Growth Company, or EGC, the Company currently plans to adopt the new guidance on CECL in its consolidated financial statements for the year ending December 31, 2023, or earlier in the event the Company ceases to be an EGC. |
Subsequent Events | Subsequent Events The effects of significant subsequent events, if any, have been recognized or disclosed in these unaudited interim consolidated financial statements. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of available for sale securities from amortized cost to fair value | Amortized cost and approximate fair values of debt securities available for sale are summarized as follows: March 31, 2020 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government-sponsored enterprise debt securities $ 844,712 $ 31,188 $ (719 ) $ 875,181 Corporate debt securities 333,359 2,990 (6,155 ) 330,194 U.S. government agency debt securities 251,731 3,828 (2,377 ) 253,182 U.S. treasury securities 73,636 3,689 — 77,325 Municipal bonds 62,203 3,218 — 65,421 $ 1,565,641 $ 44,913 $ (9,251 ) $ 1,601,303 December 31, 2019 Amortized Gross Unrealized Estimated (in thousands) Gains Losses U.S. government sponsored enterprise debt securities $ 927,205 $ 9,702 $ (3,795 ) $ 933,112 Corporate debt securities 247,836 5,002 (2 ) 252,836 U.S. government agency debt securities 230,384 895 (2,882 ) 228,397 U.S. treasury securities 106,112 1 (1,877 ) 104,236 Municipal bonds 47,652 2,519 — 50,171 $ 1,559,189 $ 18,119 $ (8,556 ) $ 1,568,752 |
Schedule of realized gain (loss) | In the three months ended March 31, 2020 and 2019, proceeds from sales, gross realized gains, gross realized losses of debt securities available for sale were as follows: Three Months Ended March 31, (in thousands) 2020 2019 Proceeds from sales of debt securities available for sale $ 139,072 $ 112,529 Gross realized gains 9,266 448 Gross realized losses (23 ) (444 ) Realized gains, net $ 9,243 $ 4 |
Schedule of available for sale securities with unrealized losses | The Company’s investment in debt securities available for sale with unrealized losses that are deemed temporary, aggregated by the length of time that individual securities have been in a continuous unrealized loss position, are summarized below: March 31, 2020 Less Than 12 Months 12 Months or More Total (in thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized U.S. government-sponsored enterprise debt securities $ 24,695 $ (132 ) $ 24,553 $ (587 ) $ 49,248 $ (719 ) Corporate debt securities 127,093 (6,155 ) — — 127,093 (6,155 ) U.S. government agency debt securities 18,602 (117 ) 98,645 (2,260 ) 117,247 (2,377 ) $ 170,390 $ (6,404 ) $ 123,198 $ (2,847 ) $ 293,588 $ (9,251 ) December 31, 2019 Less Than 12 Months 12 Months or More Total (in thousands) Estimated Unrealized Estimated Unrealized Estimated Unrealized U.S. government sponsored enterprise debt securities $ 239,446 $ (1,740 ) $ 180,274 $ (2,055 ) $ 419,720 $ (3,795 ) Corporate debt securities 8,359 (1 ) 300 (1 ) 8,659 (2 ) U.S. government agency debt securities 41,300 (251 ) 117,040 (2,631 ) 158,340 (2,882 ) U.S. treasury securities 97,471 (1,877 ) — — 97,471 (1,877 ) $ 386,576 $ (3,869 ) $ 297,614 $ (4,687 ) $ 684,190 $ (8,556 ) |
Schedule of contractual maturities of securities | Contractual maturities of debt securities at March 31, 2020 are as follows: Available for Sale Held to Maturity (in thousands) Amortized Estimated Amortized Estimated Within 1 year $ 103,743 $ 103,995 $ — $ — After 1 year through 5 years 167,055 166,952 — — After 5 years through 10 years 280,460 285,762 11,567 11,793 After 10 years 1,014,383 1,044,594 58,769 59,561 $ 1,565,641 $ 1,601,303 $ 70,336 $ 71,354 |
Loans (Tables)
Loans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Schedule of loan portfolio by classes and countries | The loan portfolio consists of the following loan classes: (in thousands) March 31, December 31, Real estate loans Commercial real estate Non-owner occupied $ 1,875,293 $ 1,891,802 Multi-family residential 834,016 801,626 Land development and construction loans 225,179 278,688 2,934,488 2,972,116 Single-family residential 569,340 539,102 Owner occupied 923,260 894,060 4,427,088 4,405,278 Commercial loans 1,084,751 1,234,043 Loans to financial institutions and acceptances 16,576 16,552 Consumer loans and overdrafts 139,912 88,466 $ 5,668,327 $ 5,744,339 The following tables summarize international loans by country, net of loans fully collateralized with cash of approximately $14.5 million and $15.2 million at March 31, 2020 and December 31, 2019 , respectively. March 31, 2020 December 31, 2019 (in thousands) Venezuela Others (1) Total Venezuela Others (1) Total Real estate loans Single-family residential (2) $ 97,517 $ 7,571 $ 105,088 $ 103,979 $ 7,692 $ 111,671 Commercial loans — 57,348 57,348 — 43,850 43,850 Loans to financial institutions and acceptances — 8 8 — 5 5 Consumer loans and overdrafts (3)(4) 427 7,688 8,115 8,318 7,593 15,911 $ 97,944 $ 72,615 $ 170,559 $ 112,297 $ 59,140 $ 171,437 __________________ (1) Loans to borrowers in 12 other countries which do not individually exceed 1% of total assets (14 countries at December 31, 2019) (2) Corresponds to mortgage loans secured by single-family residential properties located in the U.S. (3) At December 31, 2019, Venezuela balances are mostly comprised of credit card extensions of credit to customers with deposits with the Bank. The Company phased out its legacy credit card products to further strengthen its credit quality. During the first quarter of 2020, the remaining balances related to the credit card product were repaid, therefore, there are no outstanding credit card balances as of March 31, 2020. (4) Overdrafts to customers outside the United States were de minimis at March 31, 2020 and December 31, 2019 . |
Schedule of loan portfolio delinquencies | The age analysis of the loan portfolio by class, including nonaccrual loans, as of March 31, 2020 and December 31, 2019 are summarized in the following tables: March 31, 2020 Total Loans, Past Due Total Loans in Total Loans (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,875,293 $ 1,875,293 $ — $ — $ — $ — $ 1,936 $ — Multi-family residential 834,016 834,016 — — — — — — Land development and construction loans 225,179 225,179 — — — — — — 2,934,488 2,934,488 — — — — 1,936 — Single-family residential 569,340 557,717 8,438 — 3,185 11,623 7,077 5 Owner occupied 923,260 910,269 9,004 1,208 2,779 12,991 13,897 — 4,427,088 4,402,474 17,442 1,208 5,964 24,614 22,910 5 Commercial loans 1,084,751 1,076,834 5,626 425 1,866 7,917 9,993 — Loans to financial institutions and acceptances 16,576 16,576 — — — — — — Consumer loans and overdrafts 139,912 139,682 170 29 31 230 467 12 $ 5,668,327 $ 5,635,566 $ 23,238 $ 1,662 $ 7,861 $ 32,761 $ 33,370 $ 17 December 31, 2019 Total Loans, Past Due Total Loans in Total Loans (in thousands) Current 30-59 60-89 Greater than Total Past Real estate loans Commercial real estate Non-owner occupied $ 1,891,802 $ 1,891,801 $ 1 $ — $ — $ 1 $ 1,936 $ — Multi-family residential 801,626 801,626 — — — — — — Land development and construction loans 278,688 278,688 — — — — — — 2,972,116 2,972,115 1 — — 1 1,936 — Single-family residential 539,102 530,399 4,585 1,248 2,870 8,703 7,291 — Owner occupied 894,060 888,158 1,360 1,724 2,818 5,902 14,130 — 4,405,278 4,390,672 5,946 2,972 5,688 14,606 23,357 — Commercial loans 1,234,043 1,226,320 4,418 608 2,697 7,723 9,149 — Loans to financial institutions and acceptances 16,552 16,552 — — — — — — Consumer loans and overdrafts 88,466 88,030 215 176 45 436 416 5 $ 5,744,339 $ 5,721,574 $ 10,579 $ 3,756 $ 8,430 $ 22,765 $ 32,922 $ 5 |
Allowance for Loan Losses (Tabl
Allowance for Loan Losses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Receivables [Abstract] | |
Schedule of allowance for loan losses | The analyses by loan segment of the changes in the allowance for loan losses for the three months ended March 31, 2020 and 2019 , and its allocation by impairment methodology and the related investment in loans, net as of March 31, 2020 and 2019 are summarized in the following tables: Three Months Ended March 31, 2020 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 25,040 $ 22,482 $ 42 $ 4,659 $ 52,223 Provision for loan losses 11,390 7,530 — 3,080 22,000 Loans charged-off Domestic — (1,101 ) — (222 ) (1,323 ) International — (34 ) — (251 ) (285 ) Recoveries — 185 — 148 333 Balances at end of the period $ 36,430 $ 29,062 $ 42 $ 7,414 $ 72,948 Allowance for loan losses by impairment methodology: Individually evaluated $ 1,157 $ 4,038 $ — $ 1,525 $ 6,720 Collectively evaluated 35,273 25,024 42 5,889 66,228 $ 36,430 $ 29,062 $ 42 $ 7,414 $ 72,948 Investment in loans, net of unearned income: Individually evaluated $ 1,936 $ 24,232 $ — $ 7,521 $ 33,689 Collectively evaluated 2,931,900 2,104,220 16,576 581,942 5,634,638 $ 2,933,836 $ 2,128,452 $ 16,576 $ 589,463 $ 5,668,327 Three Months Ended March 31, 2019 (in thousands) Real Estate Commercial Financial Consumer Total Balances at beginning of the period $ 22,778 $ 30,018 $ 445 $ 8,521 $ 61,762 (Reversal of) provision for loan losses (322 ) (31 ) (339 ) 692 — Loans charged-off Domestic — (992 ) — (196 ) (1,188 ) International — (18 ) — (406 ) (424 ) Recoveries — 123 — 49 172 Balances at end of the period $ 22,456 $ 29,100 $ 106 $ 8,660 $ 60,322 Allowance for loan losses by impairment methodology Individually evaluated $ — $ 1,593 $ — $ 1,202 $ 2,795 Collectively evaluated 22,456 27,507 106 7,458 57,527 $ 22,456 $ 29,100 $ 106 $ 8,660 $ 60,322 Investment in loans, net of unearned income Individually evaluated $ 711 $ 12,325 $ — $ 3,392 $ 16,428 Collectively evaluated 3,016,569 2,137,165 27,985 536,291 5,718,010 $ 3,017,280 $ 2,149,490 $ 27,985 $ 539,683 $ 5,734,438 The following is a summary of the recorded investment amount of loan sales by portfolio segment: Three Months Ended March 31, Real Estate Commercial Financial Consumer Total 2020 $ — $ 11,901 $ — $ 1,208 $ 13,109 2019 $ 23,475 $ 126,838 $ — $ 1,864 $ 152,177 |
Schedule of impaired loans | The following is a summary of impaired loans as of March 31, 2020 and December 31, 2019 : March 31, 2020 Recorded Investment (in thousands) With a Valuation Allowance Without a Valuation Allowance Total Year Average (1) Total Unpaid Principal Balance Valuation Allowance Real estate loans Commercial real estate Non-owner occupied $ 1,936 $ — $ 1,936 $ 1,943 $ 1,936 $ 1,157 Multi-family residential — — — 164 — — Land development and construction — — — — — — 1,936 — 1,936 2,107 1,936 1,157 Single-family residential 4,499 2,831 7,330 6,471 7,610 1,071 Owner occupied 1,481 12,470 13,951 11,857 13,791 510 7,916 15,301 23,217 20,435 23,337 2,738 Commercial loans 8,139 1,854 9,993 9,228 10,039 3,528 Consumer loans and overdrafts 470 9 479 270 537 454 $ 16,525 $ 17,164 $ 33,689 $ 29,933 $ 33,913 $ 6,720 _______________ (1) Average using trailing four quarter balances. December 31, 2019 Recorded Investment (in thousands) With a Valuation Allowance Without a Valuation Allowance Total Year Average (1) Total Unpaid Principal Balance Valuation Allowance Real estate loans Commercial real estate Non-owner occupied $ 1,936 $ — $ 1,936 $ 1,459 $ 1,936 $ 1,161 Multi-family residential — — — 342 — — Land development and construction loans — — — — — — 1,936 — 1,936 1,801 1,936 1,161 Single-family residential 4,739 729 5,468 5,564 5,598 946 Owner occupied 6,169 7,906 14,075 9,548 13,974 501 12,844 8,635 21,479 16,913 21,508 2,608 Commercial loans 8,415 13 8,428 8,552 8,476 1,288 Consumer loans and overdrafts 395 9 404 153 402 378 $ 21,654 $ 8,657 $ 30,311 $ 25,618 $ 30,386 $ 4,274 _______________ (1) Average using trailing four quarter balances. |
Schedule of credit quality indicators | oans by credit quality indicators as of March 31, 2020 and December 31, 2019 are summarized in the following tables: March 31, 2020 Credit Risk Rating Nonclassified Classified (in thousands) Pass Special Mention Substandard Doubtful Loss Total Real estate loans Commercial real estate Non-owner occupied $ 1,872,600 $ — $ 757 $ 1,936 $ — $ 1,875,293 Multi-family residential 834,016 — — — — 834,016 Land development and construction loans 215,327 9,852 — — — 225,179 2,921,943 9,852 757 1,936 — 2,934,488 Single-family residential 562,258 — 7,082 — — 569,340 Owner occupied 902,065 7,190 14,005 — — 923,260 4,386,266 17,042 21,844 1,936 — 4,427,088 Commercial loans 1,070,062 2,587 9,459 2,643 — 1,084,751 Loans to financial institutions and acceptances 16,576 — — — — 16,576 Consumer loans and overdrafts 139,437 — 41 434 — 139,912 $ 5,612,341 $ 19,629 $ 31,344 $ 5,013 $ — $ 5,668,327 December 31, 2019 Credit Risk Rating Nonclassified Classified (in thousands) Pass Special Mention Substandard Doubtful Loss Total Real estate loans Commercial real estate Non-owner occupied $ 1,879,780 $ 9,324 $ 762 $ 1,936 $ — $ 1,891,802 Multi-family residential 801,626 — — — — 801,626 Land development and construction loans 268,733 9,955 — — — 278,688 2,950,139 19,279 762 1,936 — 2,972,116 Single-family residential 531,811 — 7,291 — — 539,102 Owner occupied 871,682 8,138 14,240 — — 894,060 4,353,632 27,417 22,293 1,936 — 4,405,278 Commercial loans 1,217,399 5,569 8,406 2,669 — 1,234,043 Loans to financial institutions and acceptances 16,552 — — — — 16,552 Consumer loans and overdrafts 88,042 — 67 357 — 88,466 $ 5,675,625 $ 32,986 $ 30,766 $ 4,962 $ — $ 5,744,339 |
Advances from the Federal Hom_2
Advances from the Federal Home Loan Bank and Other Borrowings (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Banking and Thrift [Abstract] | |
Schedule of outstanding advances from the FHLB | At March 31, 2020 and December 31, 2019, the Company had outstanding advances from the FHLB and other borrowings as follows: Outstanding Balance Year of Maturity Interest Interest At March 31, 2020 At December 31, 2019 (in thousands) 2020 0.44% to 2.35% Fixed 155,000 135,000 2020 1.73% to 2.03% Variable 60,000 150,000 2021 1.75% to 3.08% Fixed 210,000 210,000 2022 0.65% to 2.80% Fixed 170,000 120,000 2023 and after (1) 0.62% to 3.23% Fixed 670,000 620,000 $ 1,265,000 $ 1,235,000 _______________ (1) As of March 31, 2020 and December 31, 2019, include $530 million (fixed interest rates raging from 0.62% to 0.97% ) in advances from the FHLB that are callable prior to maturity. |
Junior Subordinated Debenture_2
Junior Subordinated Debentures Held by Trust Subsidiaries (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Debt Disclosure [Abstract] | |
Summary of the Outstanding Trust Preferred Securities | The following table provides information of the outstanding Trust Preferred Securities issued by, and the junior subordinated debentures issued to, each of the statutory trust subsidiaries as of March 31, 2020 and December 31, 2019 : March 31, 2020 December 31, 2019 (in thousands) Amount of Principal Amount of Principal Year of Annual Rate of Trust Year of Commercebank Capital Trust I $ — $ — $ 26,830 $ 28,068 1998 8.90% 2028 Commercebank Capital Trust VI 9,250 9,537 9,250 9,537 2002 3-M LIBOR + 3.35% 2033 Commercebank Capital Trust VII 8,000 8,248 8,000 8,248 2003 3-M LIBOR + 3.25% 2033 Commercebank Capital Trust VIII 5,000 5,155 5,000 5,155 2004 3-M LIBOR + 2.85% 2034 Commercebank Capital Trust IX 25,000 25,774 25,000 25,774 2006 3-M LIBOR + 1.75% 2038 Commercebank Capital Trust X 15,000 15,464 15,000 15,464 2006 3-M LIBOR + 1.78% 2036 $ 62,250 $ 64,178 $ 89,080 $ 92,246 |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivative Instruments | At March 31, 2020 and December 31, 2019 , the fair values of the Company’s derivative instruments were as follows: March 31, 2020 December 31, 2019 (in thousands) Other Assets Other Liabilities Other Assets Other Liabilities Interest rate swaps designated as cash flow hedges $ — $ 1,773 $ 301 $ — Interest rate swaps not designated as hedging instruments: Customers 42,280 — 11,236 527 Third party broker — 42,280 527 11,236 42,280 42,280 11,763 11,763 Interest rate caps not designated as hedging instruments: Customers — 69 — 46 Third party broker 20 — 33 — 20 69 33 46 $ 42,300 $ 44,122 $ 12,097 $ 11,809 |
Stock-based Incentive Compens_2
Stock-based Incentive Compensation Plan (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Payment Arrangement | The following table shows the activity of restricted stock awards in the three months ended March 31, 2020: Number of restricted shares Weighted-average grant date fair value Non-vested shares, beginning of year 495,131 $ 13.48 Granted 6,591 15.17 Vested (433 ) 13.58 Forfeited (54,462 ) 13.45 Non-vested shares at March 31, 2020 446,827 $ 13.51 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (“AOCI/AOCL”) (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Components of AOCL | The components of AOCI are summarized as follows using applicable blended average federal and state tax rates for each period: March 31, 2020 December 31, 2019 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding gains on debt securities available for sale $ 35,662 $ (8,718 ) $ 26,944 $ 9,563 $ (2,338 ) $ 7,225 Net unrealized holding gains on interest rate swaps designated as cash flow hedges 5,523 (1,350 ) 4,173 7,953 (1,944 ) $ 6,009 Total AOCI $ 41,185 $ (10,068 ) $ 31,117 $ 17,516 $ (4,282 ) $ 13,234 |
Components of Other Comprehensive Loss | March 31, 2020 December 31, 2019 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding gains on debt securities available for sale $ 35,662 $ (8,718 ) $ 26,944 $ 9,563 $ (2,338 ) $ 7,225 Net unrealized holding gains on interest rate swaps designated as cash flow hedges 5,523 (1,350 ) 4,173 7,953 (1,944 ) $ 6,009 Total AOCI $ 41,185 $ (10,068 ) $ 31,117 $ 17,516 $ (4,282 ) $ 13,234 The components of other comprehensive income for the periods presented is summarized as follows: Three Months Ended March 31, 2020 2019 (in thousands) Before Tax Tax Net of Tax Before Tax Tax Net of Tax Net unrealized holding gains on debt securities available for sale: Change in fair value arising during the period $ 35,342 $ (8,640 ) $ 26,702 $ 21,545 $ (5,267 ) $ 16,278 Reclassification adjustment for net gains included in net income (9,243 ) 2,260 (6,983 ) (4 ) 1 (3 ) 26,099 (6,380 ) 19,719 21,541 (5,266 ) 16,275 Net unrealized holding losses on interest rate swaps designated as cash flow hedges: Change in fair value arising during the period (2,004 ) 490 (1,514 ) (15 ) 4 (11 ) Reclassification adjustment for net interest income included in net income (426 ) 104 (322 ) (329 ) 80 (249 ) (2,430 ) 594 (1,836 ) (344 ) 84 (260 ) Total other comprehensive income $ 23,669 $ (5,786 ) $ 17,883 $ 21,197 $ (5,182 ) $ 16,015 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Financial Instruments Whose Contract Amount Represents Off-Balance Sheet Credit Risk | Financial instruments whose contract amount represents off-balance sheet credit risk at March 31, 2020 are generally short-term and are as follows: (in thousands) Approximate Commitments to extend credit $ 786,873 Standby letters of credit 15,414 Commercial letters of credit 4,517 $ 806,804 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are summarized below: March 31, 2020 (in thousands) Quoted Third-Party Internal Total Assets Debt securities available for sale U.S. government sponsored enterprise debt securities $ — $ 875,181 $ — $ 875,181 Corporate debt securities — 330,194 — 330,194 U.S. government agency debt securities — 253,182 — 253,182 Municipal bonds — 65,421 — 65,421 U.S treasury securities — 77,325 — 77,325 — 1,601,303 — 1,601,303 Equity securities with readily determinable fair values not held for trading — 24,225 — 24,225 Bank owned life insurance — 213,266 — 213,266 Derivative instruments — 42,300 — 42,300 $ — $ 1,881,094 $ — $ 1,881,094 Liabilities Derivative instruments $ — $ 44,122 $ — $ 44,122 December 31, 2019 (in thousands) Quoted Third-Party Internal Total Assets Debt securities available for sale U.S. government sponsored enterprise debt securities $ — $ 933,112 $ — $ 933,112 Corporate debt securities — 252,836 — 252,836 U.S. government agency debt securities — 228,397 — 228,397 U.S. treasury securities — 104,236 — 104,236 Municipal bonds — 50,171 — 50,171 — 1,568,752 — 1,568,752 Equity securities with readily determinable fair values not held for trading — 23,848 — 23,848 Bank owned life insurance — 211,852 — 211,852 Derivative instruments — 12,097 — 12,097 $ — $ 1,816,549 $ — $ 1,816,549 Liabilities Derivative instruments $ — $ 11,809 $ — $ 11,809 |
Summary of Estimated Fair Value of Financial Instruments Where Fair Value Differs from Carrying Value | The estimated fair value of financial instruments where fair value differs from carrying value are as follows: March 31, 2020 December 31, 2019 (in thousands) Carrying Estimated Carrying Estimated Financial assets: Loans $ 2,776,062 $ 2,669,835 $ 2,819,477 $ 2,721,291 Financial liabilities: Time deposits 1,882,048 1,910,249 1,745,735 1,759,347 Advances from the FHLB 1,265,000 1,287,674 1,235,000 1,244,515 Junior subordinated debentures 64,178 60,200 92,246 86,738 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share | The following table shows the calculation of basic and diluted earnings per share: Three months ended March 31, (in thousands, except per share data) 2020 2019 Numerator: Net income available to common stockholders $ 3,382 $ 13,071 Denominator: ` Basic weighted average shares outstanding 42,185 42,755 Dilutive effect of share-based compensation awards 348 159 Diluted weighted average shares outstanding 42,533 42,914 Basic earnings per common share $ 0.08 $ 0.31 Diluted earnings per common share $ 0.08 $ 0.30 |
Business, Basis of Presentati_3
Business, Basis of Presentation and Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | |||||
Mar. 31, 2020USD ($)subsidiary$ / shares | May 01, 2020USD ($)loan | Apr. 24, 2020USD ($) | Dec. 31, 2019USD ($)$ / shares | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Class of Stock [Line Items] | ||||||
Number of subsidiaries | subsidiary | 3 | |||||
Loans, net | $ 5,595,379 | $ 5,692,116 | ||||
Allowance for credit losses | $ 72,948 | $ 52,223 | $ 60,322 | $ 61,762 | ||
Subsequent Event | COVID-19 | ||||||
Class of Stock [Line Items] | ||||||
Loans, net | $ 1,119,000 | |||||
Allowance for credit losses | $ 22,000 | |||||
Subsequent Event | COVID-19 | PPP Loan | ||||||
Class of Stock [Line Items] | ||||||
Loans, net | $ 137,900 | |||||
Number of loans approved | loan | 1,493 | |||||
Amount of loans approved | $ 197,800 | |||||
Maximum | Plan | ||||||
Class of Stock [Line Items] | ||||||
Right-of-use asset, percent | 1.00% | |||||
Operating lease liability, percent | 1.00% | |||||
Class A common stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | ||||
Class B common stock | ||||||
Class of Stock [Line Items] | ||||||
Common stock, par value (in dollars per share) | $ / shares | $ 0.10 | $ 0.10 | ||||
Amerant Bank, N.A | ||||||
Class of Stock [Line Items] | ||||||
Ownership percentage of subsidiary | 100.00% |
Interest Earning Deposits wit_2
Interest Earning Deposits with Banks (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Cash and Cash Equivalents [Abstract] | ||
Interest earning deposits with banks | $ 248,750 | $ 93,289 |
Average interest rate on deposits with banks | 1.08% | 2.19% |
Interest earning deposits with banks, maturity | 1 year |
Securities - Amortized Cost to
Securities - Amortized Cost to Fair Value of Available for Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | $ 1,565,641 | $ 1,559,189 |
Gross Unrealized Gains | 44,913 | 18,119 |
Gross Unrealized Losses | (9,251) | (8,556) |
Estimated Fair Value | 1,601,303 | 1,568,752 |
U.S. government-sponsored enterprise debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 844,712 | 927,205 |
Gross Unrealized Gains | 31,188 | 9,702 |
Gross Unrealized Losses | (719) | (3,795) |
Estimated Fair Value | 875,181 | 933,112 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 333,359 | 247,836 |
Gross Unrealized Gains | 2,990 | 5,002 |
Gross Unrealized Losses | (6,155) | (2) |
Estimated Fair Value | 330,194 | 252,836 |
U.S. government agency debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 251,731 | 230,384 |
Gross Unrealized Gains | 3,828 | 895 |
Gross Unrealized Losses | (2,377) | (2,882) |
Estimated Fair Value | 253,182 | 228,397 |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 73,636 | 106,112 |
Gross Unrealized Gains | 3,689 | 1 |
Gross Unrealized Losses | 0 | (1,877) |
Estimated Fair Value | 77,325 | 104,236 |
Municipal bonds | ||
Debt Securities, Available-for-sale [Line Items] | ||
Amortized Cost | 62,203 | 47,652 |
Gross Unrealized Gains | 3,218 | 2,519 |
Gross Unrealized Losses | 0 | 0 |
Estimated Fair Value | $ 65,421 | $ 50,171 |
Securities - Narrative (Details
Securities - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities available for sale | $ 1,601,303,000 | $ 1,568,752,000 | |
Investments | 1,769,987,000 | 1,739,410,000 | |
Equity securities with readily determinable fair value not held for trading | 24,225,000 | 23,848,000 | |
Foreign Corporate Debt Securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Investments | 13,400,000 | 5,200,000 | |
Mutual funds | |||
Debt Securities, Available-for-sale [Line Items] | |||
Equity securities with readily determinable fair value not held for trading | 24,000,000 | ||
Unrealized gains | 400,000 | $ 0 | |
Foreign sovereign debt securities | |||
Debt Securities, Available-for-sale [Line Items] | |||
Debt securities available for sale | $ 0 | $ 0 |
Securities - Gross Realized Gai
Securities - Gross Realized Gains (Losses) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales of debt securities available for sale | $ 139,072 | $ 112,529 |
Gross realized gains | 9,266 | 448 |
Gross realized losses | (23) | (444) |
Realized gains, net | $ 9,243 | $ 4 |
Securities - Unrealized Loss on
Securities - Unrealized Loss on Available for Sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | $ 170,390 | $ 386,576 |
12 Months or More, Estimated Fair Value | 123,198 | 297,614 |
Total, Estimated Fair Value | 293,588 | 684,190 |
Less Than 12 Months, Unrealized Loss | (6,404) | (3,869) |
12 Months or More, Unrealized Loss | (2,847) | (4,687) |
Total, Unrealized Loss | (9,251) | (8,556) |
U.S. government-sponsored enterprise debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 24,695 | 239,446 |
12 Months or More, Estimated Fair Value | 24,553 | 180,274 |
Total, Estimated Fair Value | 49,248 | 419,720 |
Less Than 12 Months, Unrealized Loss | (132) | (1,740) |
12 Months or More, Unrealized Loss | (587) | (2,055) |
Total, Unrealized Loss | (719) | (3,795) |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 127,093 | 8,359 |
12 Months or More, Estimated Fair Value | 0 | 300 |
Total, Estimated Fair Value | 127,093 | 8,659 |
Less Than 12 Months, Unrealized Loss | (6,155) | (1) |
12 Months or More, Unrealized Loss | 0 | (1) |
Total, Unrealized Loss | (6,155) | (2) |
U.S. government agency debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 18,602 | 41,300 |
12 Months or More, Estimated Fair Value | 98,645 | 117,040 |
Total, Estimated Fair Value | 117,247 | 158,340 |
Less Than 12 Months, Unrealized Loss | (117) | (251) |
12 Months or More, Unrealized Loss | (2,260) | (2,631) |
Total, Unrealized Loss | $ (2,377) | (2,882) |
U.S. treasury securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Less Than 12 Months, Estimated Fair Value | 97,471 | |
12 Months or More, Estimated Fair Value | 0 | |
Total, Estimated Fair Value | 97,471 | |
Less Than 12 Months, Unrealized Loss | (1,877) | |
12 Months or More, Unrealized Loss | 0 | |
Total, Unrealized Loss | $ (1,877) |
Securities - Contractual Maturi
Securities - Contractual Maturities on Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Available for Sale, Amortized Cost | ||
Within 1 year | $ 103,743 | |
After 1 year through 5 years | 167,055 | |
After 5 years through 10 years | 280,460 | |
After 10 years | 1,014,383 | |
Amortized Cost | 1,565,641 | $ 1,559,189 |
Available for Sale, Estimated Fair Value | ||
Within 1 year | 103,995 | |
After 1 year through 5 years | 166,952 | |
After 5 years through 10 years | 285,762 | |
After 10 years | 1,044,594 | |
Estimated Fair Value | 1,601,303 | 1,568,752 |
Held to Maturity, Amortized Cost | ||
Within 1 year | 0 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 11,567 | |
After 10 years | 58,769 | |
Amortized Cost | 70,336 | $ 73,876 |
Held to Maturity, Estimated Fair Value | ||
Within 1 year | 0 | |
After 1 year through 5 years | 0 | |
After 5 years through 10 years | 11,793 | |
After 10 years | 59,561 | |
Estimated Fair Value | $ 71,354 |
Loans - Loan Portfolio by Class
Loans - Loan Portfolio by Classes (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 5,668,327 | $ 5,744,339 | $ 5,734,438 |
Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 4,427,088 | 4,405,278 | 3,017,280 |
Real estate loans | Non-owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,875,293 | 1,891,802 | |
Real estate loans | Multi-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 834,016 | 801,626 | |
Real estate loans | Land development and construction loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 225,179 | 278,688 | |
Real estate loans | Commercial real estate | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 2,934,488 | 2,972,116 | |
Real estate loans | Single-family residential | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 569,340 | 539,102 | |
Real estate loans | Owner occupied | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 923,260 | 894,060 | |
Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,084,751 | 1,234,043 | 2,149,490 |
Loans to financial institutions and acceptances | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 16,576 | 16,552 | 27,985 |
Consumer loans and overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 139,912 | $ 88,466 | $ 539,683 |
Loans - Narrative (Details)
Loans - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Receivables [Abstract] | ||
Loans pledged as collateral | $ 1,500 | $ 1,600 |
Syndication facilities included in loans | 488 | 562 |
Cash collateral on loans | $ 14.5 | $ 15.2 |
Loans - Loan Portfolio by Count
Loans - Loan Portfolio by Countries (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 5,668,327,000 | $ 5,744,339,000 | $ 5,734,438,000 |
Credit Cards | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 0 | ||
Others | Assets, total | Geographic concentration risk | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Concentration risk, percentage | 1.00% | ||
International | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 170,559,000 | 171,437,000 | |
International | Venezuela | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 97,944,000 | 112,297,000 | |
International | Others | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 72,615,000 | 59,140,000 | |
Real estate loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 4,427,088,000 | 4,405,278,000 | 3,017,280,000 |
Real estate loans | International | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 105,088,000 | 111,671,000 | |
Real estate loans | International | Venezuela | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 97,517,000 | 103,979,000 | |
Real estate loans | International | Others | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 7,571,000 | 7,692,000 | |
Commercial loans | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 1,084,751,000 | 1,234,043,000 | 2,149,490,000 |
Commercial loans | International | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 57,348,000 | 43,850,000 | |
Commercial loans | International | Venezuela | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | |
Commercial loans | International | Others | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 57,348,000 | 43,850,000 | |
Loans to financial institutions and acceptances | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 16,576,000 | 16,552,000 | 27,985,000 |
Loans to financial institutions and acceptances | International | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 8,000 | 5,000 | |
Loans to financial institutions and acceptances | International | Venezuela | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 0 | 0 | |
Loans to financial institutions and acceptances | International | Others | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 8,000 | 5,000 | |
Consumer loans and overdrafts | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 139,912,000 | 88,466,000 | $ 539,683,000 |
Consumer loans and overdrafts | International | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 8,115,000 | 15,911,000 | |
Consumer loans and overdrafts | International | Venezuela | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | 427,000 | 8,318,000 | |
Consumer loans and overdrafts | International | Others | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Loans | $ 7,688,000 | $ 7,593,000 |
Loans - Loans by Delinquency (D
Loans - Loans by Delinquency (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | $ 5,668,327 | $ 5,744,339 | $ 5,734,438 |
Current | 5,635,566 | 5,721,574 | |
Past Due | 32,761 | 22,765 | |
Total Loans in Nonaccrual Status | 33,370 | 32,922 | |
Total Loans 90 Days or More Past Due and Accruing | 17 | 5 | |
30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 23,238 | 10,579 | |
60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 1,662 | 3,756 | |
Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 7,861 | 8,430 | |
Real estate loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 4,427,088 | 4,405,278 | 3,017,280 |
Current | 4,402,474 | 4,390,672 | |
Past Due | 24,614 | 14,606 | |
Total Loans in Nonaccrual Status | 22,910 | 23,357 | |
Total Loans 90 Days or More Past Due and Accruing | 5 | 0 | |
Real estate loans | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 17,442 | 5,946 | |
Real estate loans | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 1,208 | 2,972 | |
Real estate loans | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 5,964 | 5,688 | |
Real estate loans | Non-owner occupied | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 1,875,293 | 1,891,802 | |
Current | 1,875,293 | 1,891,801 | |
Past Due | 0 | 1 | |
Total Loans in Nonaccrual Status | 1,936 | 1,936 | |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 | |
Real estate loans | Non-owner occupied | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 1 | |
Real estate loans | Non-owner occupied | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Non-owner occupied | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Multi-family residential | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 834,016 | 801,626 | |
Current | 834,016 | 801,626 | |
Past Due | 0 | 0 | |
Total Loans in Nonaccrual Status | 0 | 0 | |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 | |
Real estate loans | Multi-family residential | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Multi-family residential | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Multi-family residential | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Land development and construction loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 225,179 | 278,688 | |
Current | 225,179 | 278,688 | |
Past Due | 0 | 0 | |
Total Loans in Nonaccrual Status | 0 | 0 | |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 | |
Real estate loans | Land development and construction loans | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Land development and construction loans | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Land development and construction loans | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Commercial real estate | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 2,934,488 | 2,972,116 | |
Current | 2,934,488 | 2,972,115 | |
Past Due | 0 | 1 | |
Total Loans in Nonaccrual Status | 1,936 | 1,936 | |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 | |
Real estate loans | Commercial real estate | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 1 | |
Real estate loans | Commercial real estate | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Commercial real estate | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Real estate loans | Single-family residential | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 569,340 | 539,102 | |
Current | 557,717 | 530,399 | |
Past Due | 11,623 | 8,703 | |
Total Loans in Nonaccrual Status | 7,077 | 7,291 | |
Total Loans 90 Days or More Past Due and Accruing | 5 | 0 | |
Real estate loans | Single-family residential | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 8,438 | 4,585 | |
Real estate loans | Single-family residential | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 1,248 | |
Real estate loans | Single-family residential | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 3,185 | 2,870 | |
Real estate loans | Owner occupied | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 923,260 | 894,060 | |
Current | 910,269 | 888,158 | |
Past Due | 12,991 | 5,902 | |
Total Loans in Nonaccrual Status | 13,897 | 14,130 | |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 | |
Real estate loans | Owner occupied | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 9,004 | 1,360 | |
Real estate loans | Owner occupied | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 1,208 | 1,724 | |
Real estate loans | Owner occupied | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 2,779 | 2,818 | |
Commercial loans | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 1,084,751 | 1,234,043 | 2,149,490 |
Current | 1,076,834 | 1,226,320 | |
Past Due | 7,917 | 7,723 | |
Total Loans in Nonaccrual Status | 9,993 | 9,149 | |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 | |
Commercial loans | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 5,626 | 4,418 | |
Commercial loans | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 425 | 608 | |
Commercial loans | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 1,866 | 2,697 | |
Loans to financial institutions and acceptances | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 16,576 | 16,552 | 27,985 |
Current | 16,576 | 16,552 | |
Past Due | 0 | 0 | |
Total Loans in Nonaccrual Status | 0 | 0 | |
Total Loans 90 Days or More Past Due and Accruing | 0 | 0 | |
Loans to financial institutions and acceptances | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Loans to financial institutions and acceptances | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Loans to financial institutions and acceptances | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 0 | 0 | |
Consumer loans and overdrafts | |||
Financing Receivable, Past Due [Line Items] | |||
Total Loans, Net of Unearned Income | 139,912 | 88,466 | $ 539,683 |
Current | 139,682 | 88,030 | |
Past Due | 230 | 436 | |
Total Loans in Nonaccrual Status | 467 | 416 | |
Total Loans 90 Days or More Past Due and Accruing | 12 | 5 | |
Consumer loans and overdrafts | 30-59 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 170 | 215 | |
Consumer loans and overdrafts | 60-89 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | 29 | 176 | |
Consumer loans and overdrafts | Greater than 90 Days | |||
Financing Receivable, Past Due [Line Items] | |||
Past Due | $ 31 | $ 45 |
Allowance for Loan Losses - All
Allowance for Loan Losses - Allowances by Loan Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Allowance for Credit Losses | |||
Balances at beginning of the period | $ 52,223 | $ 61,762 | |
(Reversal of) provision for loan losses | 22,000 | 0 | |
Recoveries | 333 | 172 | |
Balances at end of the period | 72,948 | 60,322 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 6,720 | 2,795 | |
Allowance for loan losses by impairment methodology, Collectively evaluated | 66,228 | 57,527 | |
Investment in loans, net of unearned income, Individually evaluated | 33,689 | 16,428 | |
Investment in loans, net of unearned income, Collectively evaluated | 5,634,638 | 5,718,010 | |
Total Loans, Net of Unearned Income | 5,668,327 | 5,734,438 | $ 5,744,339 |
Domestic | |||
Allowance for Credit Losses | |||
Loans charged-off | (1,323) | (1,188) | |
International | |||
Allowance for Credit Losses | |||
Loans charged-off | (285) | (424) | |
Total Loans, Net of Unearned Income | 170,559 | 171,437 | |
Real Estate | |||
Allowance for Credit Losses | |||
Balances at beginning of the period | 25,040 | 22,778 | |
(Reversal of) provision for loan losses | 11,390 | (322) | |
Recoveries | 0 | 0 | |
Balances at end of the period | 36,430 | 22,456 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 1,157 | 0 | |
Allowance for loan losses by impairment methodology, Collectively evaluated | 35,273 | 22,456 | |
Investment in loans, net of unearned income, Individually evaluated | 711 | ||
Investment in loans, net of unearned income, Collectively evaluated | 3,016,569 | ||
Total Loans, Net of Unearned Income | 4,427,088 | 3,017,280 | 4,405,278 |
Real Estate | Financing Receivable | |||
Allowance for Credit Losses | |||
Investment in loans, net of unearned income, Individually evaluated | 1,936 | ||
Investment in loans, net of unearned income, Collectively evaluated | 2,931,900 | ||
Total Loans, Net of Unearned Income | 2,933,836 | ||
Real Estate | Domestic | |||
Allowance for Credit Losses | |||
Loans charged-off | 0 | 0 | |
Real Estate | International | |||
Allowance for Credit Losses | |||
Loans charged-off | 0 | 0 | |
Total Loans, Net of Unearned Income | 105,088 | 111,671 | |
Commercial | |||
Allowance for Credit Losses | |||
Balances at beginning of the period | 22,482 | 30,018 | |
(Reversal of) provision for loan losses | 7,530 | (31) | |
Recoveries | 185 | 123 | |
Balances at end of the period | 29,062 | 29,100 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 4,038 | 1,593 | |
Allowance for loan losses by impairment methodology, Collectively evaluated | 25,024 | 27,507 | |
Investment in loans, net of unearned income, Individually evaluated | 12,325 | ||
Investment in loans, net of unearned income, Collectively evaluated | 2,137,165 | ||
Total Loans, Net of Unearned Income | 1,084,751 | 2,149,490 | 1,234,043 |
Commercial | Financing Receivable | |||
Allowance for Credit Losses | |||
Investment in loans, net of unearned income, Individually evaluated | 24,232 | ||
Investment in loans, net of unearned income, Collectively evaluated | 2,104,220 | ||
Total Loans, Net of Unearned Income | 2,128,452 | ||
Commercial | Domestic | |||
Allowance for Credit Losses | |||
Loans charged-off | (1,101) | (992) | |
Commercial | International | |||
Allowance for Credit Losses | |||
Loans charged-off | (34) | (18) | |
Total Loans, Net of Unearned Income | 57,348 | 43,850 | |
Financial Institutions | |||
Allowance for Credit Losses | |||
Balances at beginning of the period | 42 | 445 | |
(Reversal of) provision for loan losses | 0 | (339) | |
Recoveries | 0 | 0 | |
Balances at end of the period | 42 | 106 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 0 | 0 | |
Allowance for loan losses by impairment methodology, Collectively evaluated | 42 | 106 | |
Investment in loans, net of unearned income, Individually evaluated | 0 | ||
Investment in loans, net of unearned income, Collectively evaluated | 27,985 | ||
Total Loans, Net of Unearned Income | 16,576 | 27,985 | 16,552 |
Financial Institutions | Financing Receivable | |||
Allowance for Credit Losses | |||
Investment in loans, net of unearned income, Individually evaluated | 0 | ||
Investment in loans, net of unearned income, Collectively evaluated | 16,576 | ||
Total Loans, Net of Unearned Income | 16,576 | ||
Financial Institutions | Domestic | |||
Allowance for Credit Losses | |||
Loans charged-off | 0 | 0 | |
Financial Institutions | International | |||
Allowance for Credit Losses | |||
Loans charged-off | 0 | 0 | |
Total Loans, Net of Unearned Income | 8 | 5 | |
Consumer and others | |||
Allowance for Credit Losses | |||
Balances at beginning of the period | 4,659 | 8,521 | |
(Reversal of) provision for loan losses | 3,080 | 692 | |
Recoveries | 148 | 49 | |
Balances at end of the period | 7,414 | 8,660 | |
Allowance for loan losses by impairment methodology, Individually evaluated | 1,525 | 1,202 | |
Allowance for loan losses by impairment methodology, Collectively evaluated | 5,889 | 7,458 | |
Investment in loans, net of unearned income, Individually evaluated | 3,392 | ||
Investment in loans, net of unearned income, Collectively evaluated | 536,291 | ||
Total Loans, Net of Unearned Income | 139,912 | 539,683 | 88,466 |
Consumer and others | Financing Receivable | |||
Allowance for Credit Losses | |||
Investment in loans, net of unearned income, Individually evaluated | 7,521 | ||
Investment in loans, net of unearned income, Collectively evaluated | 581,942 | ||
Total Loans, Net of Unearned Income | 589,463 | ||
Consumer and others | Domestic | |||
Allowance for Credit Losses | |||
Loans charged-off | (222) | (196) | |
Consumer and others | International | |||
Allowance for Credit Losses | |||
Loans charged-off | (251) | $ (406) | |
Total Loans, Net of Unearned Income | $ 8,115 | $ 15,911 |
Allowance for Loan Losses - Rec
Allowance for Loan Losses - Recorded Investment of Loan Sales (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | ||
Amount of loan sales | $ 13,109 | $ 152,177 |
Real Estate | ||
Financing Receivable, Impaired [Line Items] | ||
Amount of loan sales | 0 | 23,475 |
Commercial | ||
Financing Receivable, Impaired [Line Items] | ||
Amount of loan sales | 11,901 | 126,838 |
Financial Institutions | ||
Financing Receivable, Impaired [Line Items] | ||
Amount of loan sales | 0 | 0 |
Consumer and others | ||
Financing Receivable, Impaired [Line Items] | ||
Amount of loan sales | $ 1,208 | $ 1,864 |
Allowance for Loan Losses - Imp
Allowance for Loan Losses - Impaired Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With a Valuation Allowance | $ 16,525 | $ 21,654 |
Recorded Investment, Without a Valuation Allowance | 17,164 | 8,657 |
Recorded Investment, Total | 33,689 | 30,311 |
Year Average | 29,933 | 25,618 |
Total Unpaid Principal Balance | 33,913 | 30,386 |
Valuation Allowance | 6,720 | 4,274 |
Real estate loans | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With a Valuation Allowance | 7,916 | 12,844 |
Recorded Investment, Without a Valuation Allowance | 15,301 | 8,635 |
Recorded Investment, Total | 23,217 | 21,479 |
Year Average | 20,435 | 16,913 |
Total Unpaid Principal Balance | 23,337 | 21,508 |
Valuation Allowance | 2,738 | 2,608 |
Real estate loans | Non-owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With a Valuation Allowance | 1,936 | 1,936 |
Recorded Investment, Without a Valuation Allowance | 0 | 0 |
Recorded Investment, Total | 1,936 | 1,936 |
Year Average | 1,943 | 1,459 |
Total Unpaid Principal Balance | 1,936 | 1,936 |
Valuation Allowance | 1,157 | 1,161 |
Real estate loans | Multi-family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With a Valuation Allowance | 0 | 0 |
Recorded Investment, Without a Valuation Allowance | 0 | 0 |
Recorded Investment, Total | 0 | 0 |
Year Average | 164 | 342 |
Total Unpaid Principal Balance | 0 | 0 |
Valuation Allowance | 0 | 0 |
Real estate loans | Land development and construction loans | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With a Valuation Allowance | 0 | 0 |
Recorded Investment, Without a Valuation Allowance | 0 | 0 |
Recorded Investment, Total | 0 | 0 |
Year Average | 0 | 0 |
Total Unpaid Principal Balance | 0 | 0 |
Valuation Allowance | 0 | 0 |
Real estate loans | Commercial real estate | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With a Valuation Allowance | 1,936 | 1,936 |
Recorded Investment, Without a Valuation Allowance | 0 | 0 |
Recorded Investment, Total | 1,936 | 1,936 |
Year Average | 2,107 | 1,801 |
Total Unpaid Principal Balance | 1,936 | 1,936 |
Valuation Allowance | 1,157 | 1,161 |
Real estate loans | Single-family residential | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With a Valuation Allowance | 4,499 | 4,739 |
Recorded Investment, Without a Valuation Allowance | 2,831 | 729 |
Recorded Investment, Total | 7,330 | 5,468 |
Year Average | 6,471 | 5,564 |
Total Unpaid Principal Balance | 7,610 | 5,598 |
Valuation Allowance | 1,071 | 946 |
Real estate loans | Owner occupied | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With a Valuation Allowance | 1,481 | 6,169 |
Recorded Investment, Without a Valuation Allowance | 12,470 | 7,906 |
Recorded Investment, Total | 13,951 | 14,075 |
Year Average | 11,857 | 9,548 |
Total Unpaid Principal Balance | 13,791 | 13,974 |
Valuation Allowance | 510 | 501 |
Commercial loans | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With a Valuation Allowance | 8,139 | 8,415 |
Recorded Investment, Without a Valuation Allowance | 1,854 | 13 |
Recorded Investment, Total | 9,993 | 8,428 |
Year Average | 9,228 | 8,552 |
Total Unpaid Principal Balance | 10,039 | 8,476 |
Valuation Allowance | 3,528 | 1,288 |
Consumer loans and overdrafts | ||
Financing Receivable, Impaired [Line Items] | ||
Recorded Investment, With a Valuation Allowance | 470 | 395 |
Recorded Investment, Without a Valuation Allowance | 9 | 9 |
Recorded Investment, Total | 479 | 404 |
Year Average | 270 | 153 |
Total Unpaid Principal Balance | 537 | 402 |
Valuation Allowance | $ 454 | $ 378 |
Allowance for Loan Losses - Nar
Allowance for Loan Losses - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2020USD ($)contract | May 01, 2020USD ($) | Dec. 31, 2019USD ($) | |
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | $ 33,689,000 | $ 30,311,000 | |
Loans, net | $ 5,595,379,000 | 5,692,116,000 | |
TDRs subsequently defaulted | contract | 0 | ||
Charge off against Allowance for loan losses | $ 0 | ||
Subsequent Event | COVID-19 | |||
Financing Receivable, Impaired [Line Items] | |||
Loans, net | $ 1,119,000,000 | ||
Real estate loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | 9,700,000 | 9,700,000 | |
Recorded investment | 23,217,000 | 21,479,000 | |
Real estate loans | Residential Loans | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | $ 2,100,000 | ||
Number of contracts | contract | 4 | ||
Real estate loans | Owner occupied | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | $ 13,951,000 | $ 14,075,000 | |
Real Estate and Commercial | Owner occupied | |||
Financing Receivable, Impaired [Line Items] | |||
Recorded investment | $ 3,600,000 |
Allowance for Loan Losses - Cre
Allowance for Loan Losses - Credit Risk Quality (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | $ 5,668,327 | $ 5,744,339 | $ 5,734,438 |
Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 5,612,341 | 5,675,625 | |
Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 19,629 | 32,986 | |
Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 31,344 | 30,766 | |
Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 5,013 | 4,962 | |
Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 4,427,088 | 4,405,278 | 3,017,280 |
Real estate loans | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 4,386,266 | 4,353,632 | |
Real estate loans | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 17,042 | 27,417 | |
Real estate loans | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 21,844 | 22,293 | |
Real estate loans | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,936 | 1,936 | |
Real estate loans | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Non-owner occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,875,293 | 1,891,802 | |
Real estate loans | Non-owner occupied | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,872,600 | 1,879,780 | |
Real estate loans | Non-owner occupied | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 9,324 | |
Real estate loans | Non-owner occupied | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 757 | 762 | |
Real estate loans | Non-owner occupied | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,936 | 1,936 | |
Real estate loans | Non-owner occupied | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Multi-family residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 834,016 | 801,626 | |
Real estate loans | Multi-family residential | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 834,016 | 801,626 | |
Real estate loans | Multi-family residential | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Multi-family residential | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Multi-family residential | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Multi-family residential | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Land development and construction loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 225,179 | 278,688 | |
Real estate loans | Land development and construction loans | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 215,327 | 268,733 | |
Real estate loans | Land development and construction loans | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 9,852 | 9,955 | |
Real estate loans | Land development and construction loans | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Land development and construction loans | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Land development and construction loans | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Commercial real estate | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,934,488 | 2,972,116 | |
Real estate loans | Commercial real estate | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,921,943 | 2,950,139 | |
Real estate loans | Commercial real estate | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 9,852 | 19,279 | |
Real estate loans | Commercial real estate | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 757 | 762 | |
Real estate loans | Commercial real estate | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,936 | 1,936 | |
Real estate loans | Commercial real estate | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Single-family residential | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 569,340 | 539,102 | |
Real estate loans | Single-family residential | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 562,258 | 531,811 | |
Real estate loans | Single-family residential | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Single-family residential | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 7,082 | 7,291 | |
Real estate loans | Single-family residential | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Single-family residential | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Owner occupied | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 923,260 | 894,060 | |
Real estate loans | Owner occupied | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 902,065 | 871,682 | |
Real estate loans | Owner occupied | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 7,190 | 8,138 | |
Real estate loans | Owner occupied | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 14,005 | 14,240 | |
Real estate loans | Owner occupied | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Real estate loans | Owner occupied | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Commercial loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,084,751 | 1,234,043 | 2,149,490 |
Commercial loans | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 1,070,062 | 1,217,399 | |
Commercial loans | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,587 | 5,569 | |
Commercial loans | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 9,459 | 8,406 | |
Commercial loans | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 2,643 | 2,669 | |
Commercial loans | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Loans to financial institutions and acceptances | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 16,576 | 16,552 | 27,985 |
Loans to financial institutions and acceptances | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 16,576 | 16,552 | |
Loans to financial institutions and acceptances | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Loans to financial institutions and acceptances | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Loans to financial institutions and acceptances | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Loans to financial institutions and acceptances | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Consumer loans and overdrafts | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 139,912 | 88,466 | $ 539,683 |
Consumer loans and overdrafts | Pass | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 139,437 | 88,042 | |
Consumer loans and overdrafts | Special Mention | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 0 | 0 | |
Consumer loans and overdrafts | Substandard | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 41 | 67 | |
Consumer loans and overdrafts | Doubtful | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | 434 | 357 | |
Consumer loans and overdrafts | Loss | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Loans | $ 0 | $ 0 |
Time Deposits (Details)
Time Deposits (Details) - USD ($) $ in Millions | Mar. 31, 2020 | Dec. 31, 2019 |
Banking and Thrift [Abstract] | ||
Time deposits, $100,000 or more | $ 1,500 | $ 1,400 |
Time deposits, $250,000 or more | 796 | 733 |
Brokered time deposits | $ 647 | $ 662 |
Advances from the Federal Hom_3
Advances from the Federal Home Loan Bank and Other Borrowings (Details) - USD ($) $ in Thousands | Apr. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
2020 | $ 155,000 | ||
2020 | $ 135,000 | ||
2020, Variable | 60,000 | ||
2020, Variable | 150,000 | ||
2021 | 210,000 | 210,000 | |
2022 | 170,000 | 120,000 | |
2023 | 670,000 | 620,000 | |
Advances from Federal Home Loan Banks | 1,265,000 | 1,235,000 | |
Loss on Advances from Federal Home Loan Banks with modified maturities | $ 17,000 | ||
Subsequent Event | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Advances from Federal Home Loan Banks with modified maturities | $ 420,000 | ||
Callable Option | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Advances from Federal Home Loan Banks | $ 530,000 | $ 530,000 | |
Minimum | Callable Option | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Fixed interest rate | 0.62% | 0.62% | |
Maximum | Callable Option | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Fixed interest rate | 0.97% | 0.97% | |
3-month LIBOR | Minimum | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Interest Rate 2020 | 0.44% | ||
Interest Rate 2020, Variable | 1.73% | ||
Interest Rate 2021 | 1.75% | ||
Interest Rate 2022 | 0.65% | ||
Interest Rate 2023 | 0.62% | ||
3-month LIBOR | Maximum | |||
Federal Home Loan Bank, Advances, Branch of FHLB Bank [Line Items] | |||
Interest Rate 2020 | 2.35% | ||
Interest Rate 2020, Variable | 2.03% | ||
Interest Rate 2021 | 3.08% | ||
Interest Rate 2022 | 2.80% | ||
Interest Rate 2023 | 3.23% |
Junior Subordinated Debenture_3
Junior Subordinated Debentures Held by Trust Subsidiaries - Outstanding Securities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | $ 62,250 | $ 89,080 |
Principal Amount of Debenture Issued to Trust | 64,178 | 92,246 |
Commercebank Capital Trust I | Junior Subordinated Notes, Maturing 2028 | Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 0 | 28,068 |
Annual Rate of Trust Preferred Securities and Debentures | 8.90% | |
Commercebank Capital Trust VI | Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 9,537 | 9,537 |
Commercebank Capital Trust VI | Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 3.35% | |
Commercebank Capital Trust VII | Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 8,248 | 8,248 |
Commercebank Capital Trust VII | Junior Subordinated Notes, Maturing 2033 | Junior Subordinated Debt | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 3.25% | |
Commercebank Capital Trust VIII | Junior Subordinated Notes, Maturing 2034 | Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 5,155 | 5,155 |
Commercebank Capital Trust VIII | Junior Subordinated Notes, Maturing 2034 | Junior Subordinated Debt | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 2.85% | |
Commercebank Capital Trust IX | Junior Subordinated Notes, Maturing 2038 | Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 25,774 | 25,774 |
Commercebank Capital Trust IX | Junior Subordinated Notes, Maturing 2038 | Junior Subordinated Debt | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 1.75% | |
Commercebank Capital Trust X | Junior Subordinated Notes, Maturing 2036 | Junior Subordinated Debt | ||
Debt Instrument [Line Items] | ||
Principal Amount of Debenture Issued to Trust | $ 15,464 | 15,464 |
Commercebank Capital Trust X | Junior Subordinated Notes, Maturing 2036 | Junior Subordinated Debt | 3-M LIBOR | ||
Debt Instrument [Line Items] | ||
Annual Rate of Trust Preferred Securities and Debentures | 1.78% | |
Commercebank Capital Trust I | Junior Subordinated Notes, Maturing 2028 | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | $ 0 | 26,830 |
Commercebank Capital Trust VI | Junior Subordinated Notes, Maturing 2033 | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | 9,250 | 9,250 |
Commercebank Capital Trust VII | Junior Subordinated Notes, Maturing 2033 | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | 8,000 | 8,000 |
Commercebank Capital Trust VIII | Junior Subordinated Notes, Maturing 2034 | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | 5,000 | 5,000 |
Commercebank Capital Trust IX | Junior Subordinated Notes, Maturing 2038 | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | 25,000 | 25,000 |
Commercebank Capital Trust X | Junior Subordinated Notes, Maturing 2036 | ||
Debt Instrument [Line Items] | ||
Amount of Trust Preferred Securities Issued by Trust | $ 15,000 | $ 15,000 |
Junior Subordinated Debenture_4
Junior Subordinated Debentures Held by Trust Subsidiaries - Narrative (Details) $ in Millions | Jan. 30, 2020USD ($) |
Trust Redemption | |
Debt Instrument [Line Items] | |
Decrease in cash and cash equivalents | $ 27.1 |
Decrease in financing liabilities | 28.1 |
Decrease in other assets | 3.4 |
Decrease in other liabilities | 2.2 |
Unamortized issuance costs | 0.3 |
Decrease in Company’s Tier 1 equity capital | 24.7 |
8.90% Trust Preferred Securities | |
Debt Instrument [Line Items] | |
Preferred stock, redemption amount | $ 26.8 |
Interest rate, stated percentage | 8.90% |
Contractual call price | 100.00% |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Derivatives (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | $ 42,300 | $ 12,097 |
Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 44,122 | 11,809 |
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 0 | 301 |
Derivatives Designated as Hedging Instruments | Interest Rate Swap Contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 1,773 | 0 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 42,280 | 11,763 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 42,280 | 11,763 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Customers | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 42,280 | 11,236 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Customers | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 0 | 527 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Third Party Broker | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 0 | 527 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Third Party Broker | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 42,280 | 11,236 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 20 | 33 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 69 | 46 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Customers | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 0 | 0 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Customers | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | 69 | 46 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Third Party Broker | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative asset | 20 | 33 |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Third Party Broker | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Derivative liability | $ 0 | $ 0 |
Derivative Instruments - Narrat
Derivative Instruments - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2020USD ($)instrument | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($)instrument | |
Derivatives, Fair Value [Line Items] | |||
Derivative, Net Hedge Ineffectiveness Gain (Loss) | $ | $ 0 | $ 0 | |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Customers | |||
Derivatives, Fair Value [Line Items] | |||
Number of instruments held | instrument | 56 | 49 | |
Notional amount | $ | $ 406,100,000 | $ 405,200,000 | |
Derivatives Not Designated as Hedging Instruments | Interest Rate Swap Contracts | Third Party Broker | |||
Derivatives, Fair Value [Line Items] | |||
Number of instruments held | instrument | 56 | 49 | |
Derivatives Not Designated as Hedging Instruments | Credit Risk Contract | |||
Derivatives, Fair Value [Line Items] | |||
Number of instruments held | instrument | 2 | 3 | |
Notional amount | $ | $ 32,000,000 | $ 50,200,000 | |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Customers | |||
Derivatives, Fair Value [Line Items] | |||
Number of instruments held | instrument | 19 | 16 | |
Notional amount | $ | $ 401,800,000 | $ 315,200,000 | |
Derivatives Not Designated as Hedging Instruments | Interest Rate Cap Contracts | Third Party Broker | |||
Derivatives, Fair Value [Line Items] | |||
Number of instruments held | instrument | 12 | 13 | |
Notional amount | $ | $ 225,700,000 | $ 234,100,000 |
Stock-based Incentive Compens_3
Stock-based Incentive Compensation Plan - Restricted Stock (Details) - Restricted Stock | 3 Months Ended |
Mar. 31, 2020$ / sharesshares | |
Number of restricted shares (in shares) | |
Non-vested shares, beginning of year (in shares) | shares | 495,131 |
Grants in period (in shares) | shares | 6,591 |
Vested (in shares) | shares | (433) |
Forfeited (in shares) | shares | (54,462) |
Non-vested shares, end of year (in shares) | shares | 446,827 |
Weighted-average grant date fair value (in dollars per share) | |
Non-vested shares, beginning of year (in dollars per share) | $ / shares | $ 13.48 |
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares | 15.17 |
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares | 13.58 |
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares | 13.45 |
Non-vested shares, end of year (in dollars per share) | $ / shares | $ 13.51 |
Stock-based Incentive Compens_4
Stock-based Incentive Compensation Plan - Additional Information (Details) - Restricted Stock - Class A common stock - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Defined Contribution Plan Disclosure [Line Items] | ||
Share-based compensation expense | $ 0.3 | $ 1.5 |
Nonvested awards, compensation not yet recognized | $ 2.9 | |
Nonvested awards, compensation cost not yet recognized, period | 1 year 4 months 24 days |
Income Taxes (Details)
Income Taxes (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Income Tax Disclosure [Abstract] | ||
Effective income tax rate | 20.83% | 21.49% |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) (“AOCI/AOCL”) - Componenets of AOCL (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | $ 41,185 | $ 17,516 |
Tax Effect | (10,068) | (4,282) |
Net of Tax Amount | 31,117 | 13,234 |
Net unrealized holding gains on debt securities available for sale | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | 35,662 | 9,563 |
Tax Effect | (8,718) | (2,338) |
Net of Tax Amount | 26,944 | 7,225 |
Net unrealized holding gains on interest rate swaps designated as cash flow hedges | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Before Tax Amount | 5,523 | 7,953 |
Tax Effect | (1,350) | (1,944) |
Net of Tax Amount | $ 4,173 | $ 6,009 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) (“AOCI/AOCL”) - Components of Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Before Tax Amount | ||
Total other comprehensive (loss) income, Before Tax Amount | $ 23,669 | $ 21,197 |
Tax Effect | ||
Total other comprehensive (loss) income, Tax Effect | (5,786) | (5,182) |
Net of Tax Amount | ||
Reclassification adjustment for net gains (losses) included in net income, Net of Tax Amount | (7,305) | (252) |
Other comprehensive income | 17,883 | 16,015 |
Net unrealized holding gains on debt securities available for sale: | ||
Before Tax Amount | ||
Change in fair value arising during the period, Before Tax Amount | 35,342 | 21,545 |
Reclassification adjustment for net gains (losses) included in net income, Before Tax Amount | (9,243) | (4) |
Total other comprehensive (loss) income, Before Tax Amount | 26,099 | 21,541 |
Tax Effect | ||
Change in fair value arising during the period, Tax Effect | (8,640) | (5,267) |
Reclassification adjustment for net gains (losses) included in net income, Tax Effect | 2,260 | 1 |
Total other comprehensive (loss) income, Tax Effect | (6,380) | (5,266) |
Net of Tax Amount | ||
Change in fair value arising during the period, Net of Tax Amount | 26,702 | 16,278 |
Reclassification adjustment for net gains (losses) included in net income, Net of Tax Amount | (6,983) | (3) |
Other comprehensive income | 19,719 | 16,275 |
Net unrealized holding losses on interest rate swaps designated as cash flow hedges: | ||
Before Tax Amount | ||
Change in fair value arising during the period, Before Tax Amount | (2,004) | (15) |
Reclassification adjustment for net gains (losses) included in net income, Before Tax Amount | (426) | (329) |
Total other comprehensive (loss) income, Before Tax Amount | (2,430) | (344) |
Tax Effect | ||
Change in fair value arising during the period, Tax Effect | 490 | 4 |
Reclassification adjustment for net gains (losses) included in net income, Tax Effect | 104 | 80 |
Total other comprehensive (loss) income, Tax Effect | 594 | 84 |
Net of Tax Amount | ||
Change in fair value arising during the period, Net of Tax Amount | (1,514) | (11) |
Reclassification adjustment for net gains (losses) included in net income, Net of Tax Amount | (322) | (249) |
Other comprehensive income | $ (1,836) | $ (260) |
Stockholders_ Equity (Details)
Stockholders’ Equity (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 21, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Class A common stock | |||
Class of Stock [Line Items] | |||
Common stock, shares outstanding (in shares) | 28,879,576 | 28,927,576 | |
Common stock, shares issued (in shares) | 28,879,576 | 28,927,576 | |
Class B common stock | |||
Class of Stock [Line Items] | |||
Common stock, shares outstanding (in shares) | 13,286,137 | 14,218,596 | |
Common stock, shares issued (in shares) | 13,286,137 | 17,751,053 | |
Treasury stock (in shares) | 0 | 3,532,457 | |
Treasury stock, acquired (in shares) | 932,459 | ||
Treasury stock acquired (in dollars per share) | $ 16 | ||
Treasury stock acquired | $ 15.2 | ||
Broker fees and other expenses | $ 0.3 | ||
Treasury stock authorized for cancellation (in shares) | 4,464,916 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Rent expense | $ 1.3 | $ 1.6 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Off-Balance Sheet Credit Risk (Details) $ in Thousands | Mar. 31, 2020USD ($) |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | $ 806,804 |
Commitments to extend credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | 786,873 |
Standby letters of credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | 15,414 |
Commercial letters of credit | |
Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | |
Approximate Contract Amount | $ 4,517 |
Fair Value Measurements - Asset
Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Debt securities available for sale | ||
Debt securities available for sale | $ 1,601,303 | $ 1,568,752 |
Equity securities with readily determinable fair value not held for trading | 24,225 | 23,848 |
Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 1,601,303 | 1,568,752 |
Equity securities with readily determinable fair value not held for trading | 24,225 | 23,848 |
Bank owned life insurance | 213,266 | 211,852 |
Derivative instruments | 42,300 | 12,097 |
Assets, fair value | 1,881,094 | 1,816,549 |
Liabilities | ||
Derivative instruments | 44,122 | 11,809 |
Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Equity securities with readily determinable fair value not held for trading | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Derivative instruments | 0 | 0 |
Assets, fair value | 0 | 0 |
Liabilities | ||
Derivative instruments | 0 | 0 |
Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 1,601,303 | 1,568,752 |
Equity securities with readily determinable fair value not held for trading | 24,225 | 23,848 |
Bank owned life insurance | 213,266 | 211,852 |
Derivative instruments | 42,300 | 12,097 |
Assets, fair value | 1,881,094 | 1,816,549 |
Liabilities | ||
Derivative instruments | 44,122 | 11,809 |
Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Equity securities with readily determinable fair value not held for trading | 0 | 0 |
Bank owned life insurance | 0 | 0 |
Derivative instruments | 0 | 0 |
Assets, fair value | 0 | 0 |
Liabilities | ||
Derivative instruments | 0 | 0 |
U.S. government sponsored enterprise debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 875,181 | 933,112 |
U.S. government sponsored enterprise debt securities | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 875,181 | 933,112 |
U.S. government sponsored enterprise debt securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
U.S. government sponsored enterprise debt securities | Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 875,181 | 933,112 |
U.S. government sponsored enterprise debt securities | Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Corporate debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 330,194 | 252,836 |
Corporate debt securities | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 330,194 | 252,836 |
Corporate debt securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Corporate debt securities | Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 330,194 | 252,836 |
Corporate debt securities | Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
U.S. government agency debt securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 253,182 | 228,397 |
U.S. government agency debt securities | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 253,182 | 228,397 |
U.S. government agency debt securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
U.S. government agency debt securities | Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 253,182 | 228,397 |
U.S. government agency debt securities | Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Municipal bonds | ||
Debt securities available for sale | ||
Debt securities available for sale | 65,421 | 50,171 |
Municipal bonds | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 65,421 | 50,171 |
Municipal bonds | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
Municipal bonds | Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 65,421 | 50,171 |
Municipal bonds | Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
U.S treasury securities | ||
Debt securities available for sale | ||
Debt securities available for sale | 77,325 | 104,236 |
U.S treasury securities | Fair Value, Measurements, Recurring | ||
Debt securities available for sale | ||
Debt securities available for sale | 77,325 | 104,236 |
U.S treasury securities | Fair Value, Measurements, Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Debt securities available for sale | ||
Debt securities available for sale | 0 | 0 |
U.S treasury securities | Fair Value, Measurements, Recurring | Third-Party Models with Observable Market Inputs (Level 2) | ||
Debt securities available for sale | ||
Debt securities available for sale | 77,325 | 104,236 |
U.S treasury securities | Fair Value, Measurements, Recurring | Internal Models with Unobservable Market Inputs (Level 3) | ||
Debt securities available for sale | ||
Debt securities available for sale | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | Dec. 31, 2019USD ($) |
Fair Value, Measurements, Nonrecurring | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets (liabilities) measured at fair value | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Instruments Where Fair Value Differes from Carrying Value (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Carrying Value | ||
Financial assets: | ||
Loans | $ 2,776,062 | $ 2,819,477 |
Financial liabilities: | ||
Time deposits | 1,882,048 | 1,745,735 |
Advances from the FHLB | 1,265,000 | 1,235,000 |
Junior subordinated debentures | 64,178 | 92,246 |
Estimated Fair Value | ||
Financial assets: | ||
Loans | 2,669,835 | 2,721,291 |
Financial liabilities: | ||
Time deposits | 1,910,249 | 1,759,347 |
Advances from the FHLB | 1,287,674 | 1,244,515 |
Junior subordinated debentures | $ 60,200 | $ 86,738 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net income available to common stockholders | $ 3,382 | $ 13,071 |
Basic weighted average shares outstanding (in shares) | 42,185,000 | 42,755,000 |
Dilutive effect of share-based compensation awards (in shares) | 348,000 | 159,000 |
Diluted weighted average shares outstanding (in shares) | 42,533,000 | 42,914,000 |
Basic earnings per common share (in dollars per share) | $ 0.08 | $ 0.31 |
Diluted earnings per common share (in dollars per share) | $ 0.08 | $ 0.30 |
Antidilutive securities excluded from computation (in shares) | 482,316 | 786,213 |