Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 14, 2020 | Jun. 30, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Central Index Key | 0000354647 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Registrant Name | CVB FINANCIAL CORP | ||
Entity Current Reporting Status | Yes | ||
Trading Symbol | CVBF | ||
Title of 12(b) Security | Common Stock | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 000-10140 | ||
Entity Incorporation, State or Country Code | CA | ||
Entity Tax Identification Number | 95-3629339 | ||
Entity Address, Address Line One | 701 N. Haven Avenue | ||
Entity Address, City or Town | Ontario | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 91764 | ||
City Area Code | 909 | ||
Local Phone Number | 980-4030 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 140,108,098 | ||
Entity Public Float | $ 2,790,086,587 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Cash and due from banks | $ 158,310 | $ 144,008 |
Interest-earning balances due from Federal Reserve | 27,208 | 19,940 |
Total cash and cash equivalents | 185,518 | 163,948 |
Interest-earning balances due from depository institutions | 2,931 | 7,670 |
Investment securities available-for-sale, at fair value (with amortized cost of $1,718,357 at December 31, 2019, and $1,757,666 at December 31, 2018) | 1,740,257 | 1,734,085 |
Investment securities held-to-maturity (with fair value of $678,948 at December 31, 2019, and $721,537 at December 31, 2018) | 674,452 | 744,440 |
Total investment securities | 2,414,709 | 2,478,525 |
Investment in stock of Federal Home Loan Bank (FHLB) | 17,688 | 17,688 |
Loans and lease finance receivables | 7,564,577 | 7,764,611 |
Allowance for loan losses | (68,660) | (63,613) |
Net loans and lease finance receivables | 7,495,917 | 7,700,998 |
Premises and equipment, net | 53,978 | 58,193 |
Bank owned life insurance (BOLI) | 226,281 | 220,758 |
Accrued interest receivable | 28,122 | 30,649 |
Intangibles | 42,986 | 53,784 |
Goodwill | 663,707 | 666,539 |
Other real estate owned (OREO) | 4,889 | 420 |
Income taxes | 35,587 | 62,174 |
Other assets | 110,137 | 67,807 |
Total assets | 11,282,450 | 11,529,153 |
Deposits: | ||
Noninterest-bearing | 5,245,517 | 5,204,787 |
Interest-bearing | 3,459,411 | 3,622,703 |
Total deposits | 8,704,928 | 8,827,490 |
Customer repurchase agreements | 428,659 | 442,255 |
Other borrowings | 0 | 280,000 |
Deferred compensation | 22,666 | 20,033 |
Junior subordinated debentures | 25,774 | 25,774 |
Other liabilities | 106,325 | 82,411 |
Total liabilities | 9,288,352 | 9,677,963 |
Stockholders' Equity | ||
Common stock, authorized, 225,000,000 shares without par; issued and outstanding 140,102,480 at December 31, 2019, and 140,000,017 at December 31, 2018 | 1,298,792 | 1,293,669 |
Retained earnings | 682,692 | 575,805 |
Accumulated other comprehensive income (loss), net of tax | 12,614 | (18,284) |
Total stockholders' equity | 1,994,098 | 1,851,190 |
Total liabilities and stockholders' equity | $ 11,282,450 | $ 11,529,153 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Amortized cost | $ 1,718,357 | $ 1,757,666 |
Fair Value, Held-to-maturity | $ 678,948 | $ 721,537 |
Common stock, par value | $ 0 | $ 0 |
Common stock, authorized | 225,000,000 | 225,000,000 |
Common stock, shares issued | 140,102,480 | 140,000,017 |
Common stock, shares outstanding | 140,102,480 | 140,000,017 |
Consolidated Statements of Earn
Consolidated Statements of Earnings and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest income: | |||
Loans and leases, including fees | $ 397,628 | $ 293,284 | $ 214,126 |
Investment securities: | |||
Investment securities available-for-sale | 39,330 | 45,988 | 49,778 |
Investment securities held-to-maturity | 17,388 | 18,901 | 21,015 |
Total investment income | 56,718 | 64,889 | 70,793 |
Dividends from FHLB stock | 1,235 | 2,045 | 1,375 |
Interest-earning deposits with other institutions and federal funds sold | 2,269 | 1,642 | 932 |
Total interest income | 457,850 | 361,860 | 287,226 |
Interest expense: | |||
Deposits | 17,120 | 9,825 | 6,044 |
Borrowings and customer repurchase agreements | 3,959 | 2,067 | 1,579 |
Junior subordinated debentures | 999 | 923 | 673 |
Total interest expense | 22,078 | 12,815 | 8,296 |
Net interest income before provision for (recapture of) loan losses | 435,772 | 349,045 | 278,930 |
Provision for (recapture of) loan losses | 5,000 | 1,500 | (8,500) |
Net interest income after provision for (recapture of) loan losses | 430,772 | 347,545 | 287,430 |
Noninterest income: | |||
BOLI income | 5,798 | 4,018 | 3,420 |
Gain on OREO, net | 129 | 3,546 | 6 |
Gain on sale of building, net | 4,776 | 0 | 542 |
Gain on eminent domain condemnation, net | 5,685 | 0 | 2,894 |
Other | 9,956 | 6,588 | 6,196 |
Total noninterest income | 59,042 | 43,481 | 42,118 |
Noninterest expense: | |||
Salaries and employee benefits | 119,475 | 100,601 | 87,065 |
Occupancy and equipment | 21,289 | 20,841 | 16,756 |
Professional services | 7,752 | 6,477 | 5,940 |
Software licenses and maintenance | 9,826 | 8,655 | 6,385 |
Marketing and promotion | 5,890 | 5,302 | 4,839 |
Recapture of provision for unfunded loan commitments | 0 | (250) | (400) |
Amortization of intangible assets | 10,798 | 5,254 | 1,329 |
Acquisition related expenses | 6,447 | 16,404 | 2,251 |
Other | 17,263 | 16,627 | 16,588 |
Total noninterest expense | 198,740 | 179,911 | 140,753 |
Earnings before income taxes | 291,074 | 211,115 | 188,795 |
Income taxes | 83,247 | 59,112 | 84,384 |
Net earnings | 207,827 | 152,003 | 104,411 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on securities arising during the period, before tax | 43,872 | (28,526) | (14,629) |
Less: Reclassification adjustment for net gain on securities included in net income | (5) | 0 | (402) |
Other comprehensive income (loss), before tax | 43,867 | (28,526) | (15,031) |
Less: Income tax (expense) benefit related to items of other comprehensive income | (12,969) | 8,434 | 6,312 |
Other comprehensive income (loss), net of tax | 30,898 | (20,092) | (8,719) |
Comprehensive income | $ 238,725 | $ 131,911 | $ 95,692 |
Basic earnings per common share | $ 1.48 | $ 1.25 | $ 0.95 |
Diluted earnings per common share | $ 1.48 | $ 1.24 | $ 0.95 |
Service Charges on Deposit Accounts [Member] | |||
Noninterest income: | |||
Revenue from contract with customer, including assessed tax | $ 20,010 | $ 17,070 | $ 15,809 |
Trust and Investment Services [Member] | |||
Noninterest income: | |||
Revenue from contract with customer, including assessed tax | 9,525 | 8,774 | 9,845 |
Bankcard Services [Member] | |||
Noninterest income: | |||
Revenue from contract with customer, including assessed tax | $ 3,163 | $ 3,485 | $ 3,406 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Community Bank [Member] | Valley Commerce Bancorp [Member] | Common Stock [Member] | Common Stock [Member]Community Bank [Member] | Common Stock [Member]Valley Commerce Bancorp [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
Beginning balance at Dec. 31, 2016 | $ 990,862 | $ 531,192 | $ 449,499 | $ 10,171 | ||||
Beginning balance, shares at Dec. 31, 2016 | 108,252 | |||||||
Cumulative adjustment upon adoption of ASU 2018-02 | 50 | $ 116 | (66) | |||||
Repurchase of common stock | (1,128) | $ (1,128) | ||||||
Repurchase of common stock, shares | (45) | |||||||
Issuance of common stock for acquisition | $ 37,637 | $ 37,637 | ||||||
Issuance of common stock for acquisition, Shares | 1,634 | |||||||
Exercise of stock options | 2,683 | $ 2,683 | ||||||
Exercise of stock options, shares | 283 | |||||||
Shares issued pursuant to stock-based compensation plan | 2,953 | $ 2,953 | ||||||
Shares issued pursuant to stock-based compensation plan, shares | 66 | |||||||
Cash dividends declared on common stock | (59,483) | (59,483) | ||||||
Net earnings | 104,411 | 104,411 | ||||||
Other comprehensive income (loss) | (8,719) | (8,719) | ||||||
Ending balance at Dec. 31, 2017 | 1,069,266 | $ 573,453 | 494,361 | 1,452 | ||||
Ending balance, shares at Dec. 31, 2017 | 110,185 | |||||||
Cumulative adjustment upon adoption of ASU 2018-02 | (356) | 356 | ||||||
Repurchase of common stock | (7,760) | $ (7,760) | ||||||
Repurchase of common stock, shares | (389) | |||||||
Issuance of common stock for acquisition | $ 722,767 | $ 722,767 | ||||||
Issuance of common stock for acquisition, Shares | 29,482 | |||||||
Exercise of stock options | 1,701 | $ 1,701 | ||||||
Exercise of stock options, shares | 167 | |||||||
Shares issued pursuant to stock-based compensation plan | 3,508 | $ 3,508 | ||||||
Shares issued pursuant to stock-based compensation plan, shares | 195 | |||||||
Cash dividends declared on common stock | (70,203) | (70,203) | ||||||
Net earnings | 152,003 | 152,003 | ||||||
Other comprehensive income (loss) | (20,092) | (20,092) | ||||||
Ending balance at Dec. 31, 2018 | 1,851,190 | $ 1,293,669 | 575,805 | (18,284) | ||||
Ending balance, shares at Dec. 31, 2018 | 140,000 | |||||||
Repurchase of common stock | $ (2,640) | $ (2,640) | ||||||
Repurchase of common stock, shares | (125) | |||||||
Issuance of common stock for acquisition | $ 2,215 | $ 2,215 | ||||||
Issuance of common stock for acquisition, Shares | 160 | |||||||
Exercise of stock options, shares | 161 | |||||||
Shares issued pursuant to stock-based compensation plan | $ 5,548 | $ 5,548 | ||||||
Shares issued pursuant to stock-based compensation plan, shares | 67 | |||||||
Cash dividends declared on common stock | (100,940) | (100,940) | ||||||
Net earnings | 207,827 | 207,827 | ||||||
Other comprehensive income (loss) | 30,898 | 0 | 30,898 | |||||
Ending balance at Dec. 31, 2019 | $ 1,994,098 | $ 1,298,792 | $ 682,692 | $ 12,614 | ||||
Ending balance, shares at Dec. 31, 2019 | 140,102 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash dividends per common share | $ 0.72 | $ 0.56 | $ 0.54 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash Flows from Operating Activities | |||
Interest and dividends received | $ 438,795 | $ 363,217 | $ 296,885 |
Service charges and other fees received | 42,489 | 35,915 | 35,003 |
Interest paid | (21,193) | (13,241) | (8,286) |
Net cash paid to vendors, employees and others | (182,568) | (171,998) | (114,424) |
Income taxes | (69,341) | (48,876) | (70,250) |
Payments to FDIC, loss share agreement | 0 | (64) | (519) |
Net cash provided by operating activities | 208,182 | 164,953 | 138,409 |
Cash Flows from Investing Activities | |||
Proceeds from redemption of FHLB stock | 0 | 17,250 | 1,952 |
Net change in interest-earning balances from depository institutions | 4,739 | 13,076 | 30,375 |
Proceeds from sale of investment securities held-for-sale | 152,644 | 716,996 | 5,403 |
Proceeds from repayment of investment securities available-for-sale | 364,126 | 383,155 | 425,666 |
Proceeds from maturity of investment securities available-for-sale | 7,109 | 24,651 | 28,620 |
Purchases of investment securities available-for-sale | (492,995) | (98,709) | (319,603) |
Proceeds from repayment and maturity of investment securities held-to-maturity | 114,569 | 81,816 | 118,540 |
Purchases of investment securities held-to-maturity | (47,587) | 0 | (42,400) |
Net increase in equity investments | (16,488) | (24,863) | (1,470) |
Net decrease (increase) in loan and lease finance receivables | 231,105 | (179,054) | (111,879) |
Proceeds on eminent domain condemnation, net | 5,685 | 3,425 | 0 |
Proceeds from sale of building, net | 5,755 | 0 | 4,012 |
Purchase of premises and equipment | (5,522) | (4,194) | (4,893) |
Proceeds from BOLI death benefit | 1,660 | 2,383 | 2,653 |
Proceeds from sales of other real estate owned | 523 | 8,067 | 0 |
Cash used in sale of branch, net | 0 | 0 | (25,266) |
Cash acquired from acquisition, net of cash paid | 0 | (132,918) | 28,325 |
Net cash provided by investing activities | 325,323 | 811,081 | 140,035 |
Cash Flows from Financing Activities | |||
Net decrease in other deposits | (36,926) | (444,316) | (50,611) |
Net decrease in time deposits | (85,636) | (145,033) | (47,342) |
Repayment of FHLB advances | 0 | (297,571) | 0 |
Net (decrease) increase in other borrowings | (280,000) | 114,000 | (53,000) |
Net decrease in customer repurchase agreements | (13,596) | (111,518) | (49,255) |
Cash dividends on common stock | (95,352) | (65,966) | (57,047) |
Repurchase of common stock | (2,640) | (7,760) | (1,128) |
Proceeds from exercise of stock options | 2,215 | 1,701 | 2,683 |
Net cash used in financing activities | (511,935) | (956,463) | (255,700) |
Net increase in cash and cash equivalents | 21,570 | 19,571 | 22,744 |
Cash and cash equivalents, beginning of period | 163,948 | 144,377 | 121,633 |
Cash and cash equivalents, end of period | 185,518 | 163,948 | 144,377 |
Reconciliation of Net Earnings to Net Cash Provided by Operating Activities | |||
Net earnings | 207,827 | 152,003 | 104,411 |
Adjustments to reconcile net earnings to net cash provided by operating activities: | |||
Gain on sale of branch, net | 0 | 0 | (906) |
Gain on sale of investment securities, net | (5) | 0 | (402) |
Gain on eminent domain condemnation, net | (5,685) | 0 | (2,894) |
Gain on sale of building, net | (4,776) | 0 | (542) |
Gain on sale of other real estate owned | (105) | (3,540) | 0 |
Increase in BOLI | (5,670) | (5,751) | (4,932) |
Net amortization of premiums and discounts on investment securities | 10,298 | 13,531 | 18,017 |
Accretion of discount for acquired loans, net | (28,831) | (15,400) | (5,159) |
Recapture of loan losses | 5,000 | 1,500 | (8,500) |
Recapture of provision for unfunded loan commitments | 0 | (250) | (400) |
Payments to FDIC, loss share agreement | 0 | (64) | (519) |
Stock-based compensation | 5,548 | 3,508 | 2,953 |
Depreciation and amortization, net | 22,036 | 8,349 | 2,657 |
Change in other assets and liabilities | 2,545 | 11,067 | 34,625 |
Total adjustments | 355 | 12,950 | 33,998 |
Net cash provided by operating activities | 208,182 | 164,953 | 138,409 |
Supplemental Disclosure of Non-cash Investing Activities | |||
Transfer of loans to other real estate owned | 4,889 | 420 | 0 |
Issuance of common stock for acquisition | $ 0 | $ 722,767 | $ 37,637 |
Business
Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business | 1. BUSINESS The consolidated financial statements include CVB Financial Corp. (referred to herein on an unconsolidated basis as “CVB” and on a consolidated basis as “we,” “our” or the “Company”) and its wholly owned subsidiary: Citizens Business Bank (the “Bank” or “CBB”), after elimination of all intercompany transactions and balances. The Company has one inactive subsidiary, Chino Valley Bancorp. The Company is also the common stockholder of CVB Statutory Trust III. CVB Statutory Trust III was created in January 2006 to issue trust preferred securities in order to raise capital for the Company. In accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation The Company’s primary operations are related to traditional banking activities. This includes the acceptance of deposits and the lending and investing of money through the operations of the Bank. The Bank also provides trust and investment-related services to customers through its CitizensTrust Division. The Bank’s customers consist primarily of small to mid-sized banking centers, one loan production office in Modesto, California and On March 10, 2017, we completed the acquisition of Valley Commerce Bancorp (“VCBP”), the holding company for Valley Business Bank (“VBB”), headquartered in the Central Valley area of California with four branch locations and total assets of approximately $400 million. This acquisition strengthens our market share in the Central Valley area of California. Our consolidated financial statements for 2017 include VBB operations, post-merger. See Note 4 — Business Combinations On August 10, 2018, we completed the acquisition of Community Bank (“CB”), headquartered in Pasadena, California with 16 banking centers located throughout the greater Los Angeles and Orange County areas and total assets of approximately $4.09 billion. Our condensed consolidated financial statements for 2018 include CB operations, post-merger. See Note 4 — Business Combinations |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 2. BASIS OF PRESENTATION The accompanying consolidated financial statements and notes thereto have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for Form 10-K Reclassification |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies | 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Business Segments reportable segments: Banking Centers and Dairy & Livestock and Agribusiness. As a result of the Community Bank acquisition, along with changes in personnel, reporting structure, and operations, we re-evaluated As of December 31, 2018, we operated as one reportable segment. The factors considered in making this determination included the nature of products and offered services, geographic regions in which we operate, the applicable regulatory environment, and the materiality of discrete financial information reviewed by our key decision makers. Through our network of banking centers, we provide relationship-based banking products, services and solutions for small to mid-sized non-profit Cash and cash equivalents Investment Securities held-to-maturity available-for-sale held-to-maturity Available-for-sale At each reporting date, securities are assessed to determine whether there is an other-than-temporary impairment (“OTTI”). Other-than-temporary impairment on investment securities is not recognized in earnings when there are credit losses on a debt security for which management does not intend to sell and for which it is more-likely-than-not Loans and Lease Finance Receivables Loans and Lease Finance Receivables and Allowance for Loan Losses In the ordinary course of business, the Company enters into commitments to extend credit to its customers. To the extent that such commitments are unfunded, the related unfunded amounts are not reflected in the accompanying consolidated financial statements. The Company receives collateral to support loans, lease finance receivables, and commitments to extend credit for which collateral is deemed necessary. The most significant categories for which collateral is deemed necessary are real estate, principally commercial and industrial income-producing properties, Small Business Administration (“SBA”) loans, real estate mortgages, assets utilized in dairy & livestock and agribusiness, and various personal property assets utilized in commercial and industrial business governed by the Uniform Commercial Code. Nonrefundable fees and direct costs associated with the origination or purchase of loans are deferred and netted against outstanding loan balances. The deferred net loan fees and costs and purchase price discounts are recognized in interest income over the loan term using the effective-yield method. Interest on loans and lease finance receivables, is credited to income based on the principal amounts of such loans or receivables outstanding. Loans are considered delinquent when principal or interest payments are past due 30 days or more and generally remain on accrual status between 30 and 89 days past due. Interest income is not recognized on loans and lease finance receivables when collection of interest is deemed by management to be doubtful. Loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. In general, interest shall not accrue on any loan for which payment in full of principal and interest is not expected, or when the loan becomes 90 days past due, unless the loan is both well secured and in the process of collection. Factors considered in determining that the full collection of principal and interest is no longer probable include cash flow and liquidity of the borrower or property, the financial position of the guarantors and their willingness to support the loan as well as other factors, and this determination involves significant judgment. When an asset is placed on status, previously accrued but unpaid interest is reversed against income. Subsequent collections of cash are applied as reductions to the principal balance unless the loan is returned to accrual status. Interest is not recognized using a cash-basis method. loans may be restored to accrual status when principal and interest become current and when the borrower is able to demonstrate payment performance for a sustained period, typically for . A loan may return to accrual status sooner based on other significant events or mitigating circumstances. This policy is consistently applied to all types of loans and lease finance receivables. Purchased Loans Acquired non-impaired loans Purchased credit impaire d loans — PCI loans and are accounted for in accordance with ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” A purchased loan is deemed to be credit impaired when there is evidence of credit deterioration since its origination and it is probable at the acquisition date that collection of all contrac of Non-PCI and were reflected in total loans and lease finance receivables. Troubled Debt Restructurings debt, (ii) an extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk, (iii) a reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement, or (iv) a reduction of interest. As a result of these concessions, restructured loans are considered impaired . In situations where the Company has determined that the borrower is experiencing financial difficulties and is evaluating whether a concession is insignificant, and therefore does not result in a TDR, such analysis is based on an evaluation of both the amount and the timing of the restructured payments, including the following factors: 1. Whether the amount of the restructured payments subject to delay is insignificant relative to the unpaid principal balance or collateral value of the debt and will result in an insignificant shortfall in the contractual amount due; and 2. The delay is insignificant relative to any of the following: • The frequency of payments due; • The debt’s original contractual maturity; or • The debt’s original expected duration. Nonaccrual restructured loans are included and treated with all other nonaccrual loans. In addition, all accruing restructured loans are reported as TDRs, which are considered and accounted for as impaired loans. A loan that has been placed on nonaccrual status that is subsequently restructured will remain on nonaccrual status until the borrower is able to demonstrate repayment performance in compliance with the restructured terms for a sustained period of time, generally for a minimum of six months. A restructured loan may return to accrual status sooner based on other significant events or circumstances. Impaired Loans The Company’s policy is to record a specific valuation allowance, which is included in the allowance for loan losses, or to charge off that portion of an impaired loan that represents the impairment or shortfall amount as determined utilizing one of the three methods described in ASC 310-10-35-22. non-collateral Charge-offs of unsecured consumer loans are recorded when the loan reaches 120 days past due or sooner as circumstances indicate. Except for the charge-offs of unsecured consumer loans, the charge-off pre-modification recognizes the change in present value attributable to the passage of time as interest income on such performing SFR mortgage loans and the amount of interest income recognized to date has been insignificant. Provision and Allowance for Loan Losses — The allowance for loan losses is management’s estimate of probable losses inherent in the loan and lease receivables portfolio. The allowance is increased by the provision for loan losses and recoveries of prior loan losses, and it is decreased by recapture of provision for loan losses and by charge-offs taken when management believes the uncollectability of any loan is confirmed. Subsequent recoveries, if any, are added to the allowance. The determination of the balance in the allowance There are different qualitative risks for the loans in each portfolio segment. The construction and real estate segments’ predominant risk characteristic is the collateral and the geographic location of the property collateralizing the loan as well as the operating cash flow for commercial real estate properties. The commercial and industrial segment’s predominant risk characteristics are the cash flows of the businesses we lend to, the global cash flows and liquidity of the guarantors, as well as economic and market conditions. SBA 504 loans have risk characteristics that are similar to the real estate loan segment, while SBA 7(a) loans have risks that are similar to commercial and industrial loans. The dairy & livestock segment’s predominant risk characteristics are milk and beef prices in the market as well as the cost of feed and cattle. The Agribusiness segment’s predominant risk characteristics are the supply and demand conditions of the product, production seasonality, the scale of operations and ability to control costs, the availability and cost of water, and operator experience. The municipal lease segment’s predominant risk characteristics are the municipality’s general financial condition and tax revenues or if applicable the specific project related financial condition. The consumer, auto and other segment’s predominant risk characteristics are employment and income levels as they relate to consumers and cash flows of the businesses as they relate to equipment and vehicle leases to businesses. The Company’s methodology is consistently applied across all portfolio segments taking into account the applicable historical loss rates and the qualitative factors applicable to each pool of loans. A key factor in the Company’s methodology is the loan risk rating (Pass, Special Mention, Substandard, Doubtful and Loss). Loan risk ratings are updated as facts related to the loan or borrower become available. In addition, all term loans in excess of $1.0 million are subject to an annual internal credit review process where all factors underlying the loan, borrower and guarantors are subject to review which may result in changes to the loan’s risk rating. Our methodology for assessing the appropriateness of the allowance is conducted on a regular basis and considers the Bank’s overall loan portfolio. The Bank’s methodology consists of two major phases. In the first phase, individual loans are reviewed to identify loans for impairment. Impairment is measured based on the Company’s policy. The second phase is conducted by evaluating or segmenting the remainder of the loan portfolio into groups or pools of loans with similar characteristics. In this second phase, groups or pools of homogeneous loans are reviewed to determine a portfolio formula allowance. In the case of the portfolio formula allowance, homogeneous portfolios, such as small business loans, consumer loans, dairy & livestock and agribusiness loans, and real estate loans, are aggregated or pooled in determining the appropriate allowance. The Bank aggregates loans with similar risk characteristics into eight (8) segments in order to capture sufficient loss observations, and to produce more reliable historical loss rates for a given segment. The Bank’s methodology employs a look back period based on a through-the-cycle through-the-cycle Included in this second phase is our consideration of qualitative factors, including, all known relevant internal and external factors that may affect the collectability of a loan. This includes our estimates of the amounts necessary for concentrations, economic uncertainties, the volatility of the market value of collateral, and other relevant factors. Quantitative metrics are applied to each of the factors utilizing a comparison of current measurements to historical results within the range of the look back period. These qualitative factors are used to adjust the historical loan loss rates for each pool of loans to determine the probable loan losses inherent in the portfolio. Periodically, we assess various attributes utilized in adjusting our historical loss factors to reflect current economic conditions. The methodology is consistently applied across all the portfolio segments taking into account the applicable historical loss rates and the qualitative factors applicable to each pool of loans. Performing loans acquired through business combinations are evaluated separately by each acquired portfolio using the ALLL methodology. The results of the ALLL methodology are compared to the remaining fair value discounts by portfolio. If the remaining fair value discounts are determined to be insufficient, the allowance will be increased to reflect the additional risk in the portfolio. The ALLL methodology includes documentation, controls, validation and governance processes that ensure that the overall ALLL process is structured, transparent and repeatable. The Bank updates its ALLL methodology at least annually to ensure the relevance and reliability of key measures and assumptions that produce the allowance each quarter. Reserve for Unfunded Loan Commitments off-balance off-balance Other Real Estate Owned Premises and Equipment Bank premises 15 - 39 years Leasehold improvements Shorter of estimated economic lives of 15 years or term of the lease. Computer equipment 3 - 7 years Furniture, fixtures and equipment 5 - 10 years Long-lived assets are reviewed periodically for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. The existence of impairment is based on undiscounted cash flows. To the extent impairment exists, the impairment is calculated as the difference in fair value of assets and their carrying value. The impairment loss, if any, would be recorded in noninterest expense. Long-lived assets classified as held-for-sale Assets-held-for “held-and-used” • Management, having the authority to approve the action, commits to a plan to sell the asset; • The asset is available for immediate sale, an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; • The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year; • The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; • Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. Goodwill and Intangible Assets non-controlling Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our balance sheets. Based on the Company’s annual impairment test, there was no recorded impairment as of December 31, 2019. Other intangible assets consist of core deposit intangible assets arising from business combinations and are amortized using an accelerated method over their estimated useful lives. Use of Fair Value available-for-sale non-recurring non-recurring lower-of-cost-or Fair Value Information Bank Owned Life Insurance Income Taxes Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Future realization of deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character (for example, ordinary income or capital gain) within the carryback or carryforward periods available under the tax law. Based on historical and future expected taxable earnings and available strategies, the Company considers the future realization of these deferred tax assets more likely than not. The tax effects from an uncertain tax position are recognized in the financial statements only if, based on its merits, the position is more likely than not to be sustained on audit by the taxing authorities. Interest and penalties related to uncertain tax positions are recorded as part of other operating expense. Earnings per Common Share two-class two-class non-forfeitable Earnings Per Share Reconciliation Stock-Based Compensation Stock Compensation non-employee The fair value of each stock option grant is estimated as of the grant date using the Black-Scholes option-pricing model. Management assumptions used at the time of grant impact the fair value of the option calculated under the Black-Scholes option-pricing model, and ultimately, the expense that will be recognized over the life of the option. The grant date fair value of restricted stock awards is measured at the fair value of the Company’s common stock as if the restricted share was vested and issued on the date of grant. Additional information is included in Note 17 — Stock-Based Compensation Plans Derivative Financial Instruments Upon adoption of ASU 2017-12, Statement of Cash Flows CitizensTrust Ontario and Newport Beach. At December 31, 2019, CitizensTrust had approximately $2.86 billion in assets under management and administration, including $2.01 billion in assets under management. The amount of these funds and the related liability have not been recorded in the accompanying consolidated balance sheets because they are not assets or liabilities of the Bank or Company, with the exception of any funds held on deposit with the Bank. Use of Estimates in the Preparation of Financial Statements Other Contingencies Commitments and Contingencies Adoption of New Accounting Standard 2017-12, 2017-12 objective, the amendments expand and refine hedge accounting for both non-financial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. ASU No. 2017-12 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. The Company currently does not designate any derivative financial instruments as qualifying hedging relationships, and therefore, does not utilize hedge accounting. The Company adopted this ASU and it did not have a material impact on the Company’s consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, 2018-07 re-measured 2018-07 In February 2016, FASB issued ASU No. 2016-02, 2016-02 right-of-use entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. In July 2018, the FASB issued ASU 2018-10, 2018-10 2016-02. In July 2018, the FASB issued ASU No. 2018-11, 2016-02, non-lease 2018-11: non-lease 2016-02. Practical Expedients to Topic 842, Leases non-lease The Company’s leasing portfolio consists of real estate leases, which are used primarily for the banking operations of the Company. All leases in the current portfolio have been classified as operating leases, although this may change in the future. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. The adoption of this ASU during the first quarter of 2019 did not have a material impact on the Company’s consolidated financial statements. At adoption, the Company recognized a lease liability and a corresponding ROU asset of approximately $20 million on the consolidated balance sheet related to its future lease payments as a lessee under operating leases. See Note 2 Leases Operating lease ROU assets and lease liabilities are included in other assets other liabilities In January 2017, the FASB issued ASU No. 2017-04, 2017-04 |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Business Combinations | 4. BUSINESS COMBINATIONS Community Bank Acquisition On August 10, 2018, the Company completed the acquisition of CB, headquartered in Pasadena, California. The Company acquired all of the assets and assumed all of the liabilities of CB for $180.7 million in cash and $722.8 million in stock. As a result, CB was merged with the Bank, the principal subsidiary of CVB. The primary reason for the acquisition was to further strengthen the Company’s presence in Southern California. At close, CB had banking centers located throughout the greater Los Angeles and Orange County areas. The systems integration of CB and CBB was completed in November 2018. The consolidation of banking centers was completed during the second quarter of 2019, in which four additional banking centers that were in close proximity were consolidated. For the first six months of 2019, a total of 10 banking centers were consolidated, including nine former CB centers. The assets acquired and liabilities assumed have been accounted for under the acquisition method of accounting. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the August 10, 2018 acquisition date. The purchase price allocation was finalized in the second quarter of 2019. The change in goodwill resulted from finalizing the fair value of impaired loans. The application of the acquisition method of accounting resulted in the recognition of goodwill of $ million and a core deposit intangible (“CDI”) of $ million, or % of core deposits. Goodwill represents the excess purchase price over the fair value of the net assets acquired. Goodwill is not deductible for income tax purposes. The table below summarizes the amounts recognized for the estimated fair value of assets acquired and the liabilities assumed as of the acquisition date. August 10, 2018 (Dollars in thousands) Merger Consideration Cash paid $ 180,719 CVBF common stock issued 722,767 Total merger consideration $ 903,486 Identifiable net assets acquired, at fair value Assets Acquired Cash and cash equivalents 47,802 Investment securities 716,996 FHLB stock 17,250 Loans 2,738,100 Accrued interest receivable 7,916 Premises and equipment 14,632 BOLI 70,904 Core deposit intangible 52,200 Other assets 53,291 Total assets acquired 3,719,091 Liabilities assumed Deposits 2,869,986 FHLB advances 297,571 Other borrowings 166,000 Other liabilities 29,192 Total liabilities assumed 3,362,749 Total fair value of identifiable net assets, at fair value 356,342 Goodwill $ 547,144 At the date of acquisition, the gross contractual loan We have included the financial results of the business combination in the consolidated statement of earnings and comprehensive income beginning on the acquisition date. For the year ended December 31, 2019, the Company incurred merger related expenses associated with the CB acquisition of $6.4 million, compared to $16.4 million for the year ended December 31, 2018. For illustrative purposes only, the following table presents certain unaudited pro forma information for the years ended December 31, 201 8 7 Unaudited Pro Forma 2018 2017 (Dollars in thousands, except per share amounts) Total revenues (net interest income plus noninterest income) $ 488,620 $ 477,235 Net income $ 181,433 $ 139,129 Earnings per share - basic $ 1.30 $ 1.00 Earnings per share - diluted $ 1.29 $ 0.99 Valley Commerce Bancorp Acquisition On March 10, 2017, the Company completed the acquisition of VCBP, the holding company for VBB, headquartered in the Central Valley area of California. The Company acquired all of the assets and assumed all of the liabilities of VCBP for $23.2 million in cash and $37.6 million in stock. As a result, VBB was merged with the Bank, the principal subsidiary of CVB. The Company believes this transaction serves to further strengthen its presence in the Central Valley area of California. At close, VBB had four branches located in Visalia, Tulare, Fresno, and Woodlake. The systems integration of VCBP and CBB was completed in May 2017. Three of these center locations were consolidated with nearby CBB locations in the third quarter of 2017 and the Company sold the Woodlake branch in the fourth quarter of 2017. Goodwill of $27.0 million from the acquisition represents the excess of the purchase price over the fair value of the net tangible and intangible assets acquired. The total fair value of assets acquired approximated $405.9 million, which included $28.3 million in cash and cash equivalents net of cash paid, $2.0 million in FHLB stock, $309.7 million in loans and lease finance receivables, $5.3 million in fixed assets, $9.4 million in Bank Owned Life Insurance (“BOLI”), $3.2 million in core deposit intangible assets acquired and $21.0 million in other assets. The total fair value of liabilities assumed was $368.3 million, which included $361.8 million in deposits, and $6.5 million in other liabilities. The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of March 10, 2017. The assets acquired and liabilities assumed have been accounted for under the acquisition method accounting. The purchase price allocation was finalized in the third quarter of 2017. We have included the financial results of the business combination in the condensed consolidated statement of earnings and comprehensive income beginning on the acquisition date. For the year ended December 31, 2018, the Company did not incur any merger related expenses associated with the VCBP acquisition, compared to $2.1 million for the year ended December 31, 2017. |
Investment Securities
Investment Securities | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | 5. INVESTMENT SECURITIES The amortized cost and estimated fair value of investment securities are summarized below. The majority of securities held are available-for-sale December 31, 2019 Amortized Gross Gross Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 1,185,757 $ 21,306 $ (750 ) $ 1,206,313 69.32 % CMO/REMIC 493,214 1,392 (896 ) 493,710 28.37 % Municipal bonds 38,506 850 (2 ) 39,354 2.26 % Other securities 880 - - 880 0.05 % Total available-for-sale $ 1,718,357 $ 23,548 $ (1,648 ) $ 1,740,257 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 117,366 $ 2,280 $ (657 ) $ 118,989 17.40 % Mortgage-backed securities 168,479 2,083 (54 ) 170,508 24.98 % CMO/REMIC 192,548 - (2,458 ) 190,090 28.55 % Municipal bonds 196,059 3,867 (565 ) 199,361 29.07 % Total held-to-maturity $ 674,452 $ 8,230 $ (3,734 ) $ 678,948 100.00 % December 31, 2018 Amortized Gross Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 1,494,106 $ 1,348 $ (20,946 ) $ 1,474,508 85.03 % CMO/REMIC 217,223 353 (3,525 ) 214,051 12.34 % Municipal bonds 45,621 332 (1,143 ) 44,810 2.59 % Other securities 716 - - 716 0.04 % Total available-for-sale $ 1,757,666 $ 2,033 $ (25,614 ) $ 1,734,085 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 138,274 $ 572 $ (2,622 ) $ 136,224 18.57 % Mortgage-backed securities 153,874 - (3,140 ) 150,734 20.67 % CMO/REMIC 215,336 - (12,081 ) 203,255 28.93 % Municipal bonds 236,956 556 (6,188 ) 231,324 31.83 % Total held-to-maturity $ 744,440 $ 1,128 $ (24,031 ) $ 721,537 100.00 % The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax. Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 38,189 $ 44,423 $ 47,596 Tax-advantaged 1,141 1,565 2,182 Total interest income from available-for-sale 39,330 45,988 49,778 Investment securities held-to-maturity: Taxable 11,498 11,848 12,558 Tax-advantaged 5,890 7,053 8,457 Total interest income from held-to-maturity 17,388 18,901 21,015 Total interest income from investment securities $ 56,718 $ 64,889 $ 70,793 Approximately 90% of the total investment securities portfolio at December 31, 2019 represents securities issued by the U.S government or U.S. government-sponsored enterprises, with the implied guarantee of payment of principal and interest. The tables below show the Company’s investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019 and 2018. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. The unrealized losses on these securities were primarily attributed to changes in interest rates. The issuers of these securities have not, to our knowledge, evidenced any cause for default on these securities. These securities have fluctuated in value since their purchase dates as market interest rates have fluctuated. However, we have the ability and the intention to hold these securities until their fair values recover to cost or maturity. As such, management does not deem these securities to be OTTI. December 31, 2019 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 20,289 $ (6 ) $ 97,964 $ (744 ) $ 118,253 $ (750 ) CMO/REMIC 177,517 (705 ) 34,565 (191 ) 212,082 (896 ) Municipal bonds - - 563 (2 ) 563 (2 ) Total available-for-sale $ 197,806 $ (711 ) $ 133,092 $ (937 ) $ 330,898 $ (1,648 ) Investment securities held-to-maturity: Government agency/GSE $ 28,359 $ (252 ) $ 19,405 $ (405 ) $ 47,764 $ (657 ) Mortgage-backed securities 10,411 (54 ) - - 10,411 (54 ) CMO/REMIC 23,897 (104 ) 166,193 (2,354 ) 190,090 (2,458 ) Municipal bonds 7,583 (32 ) 29,981 (533 ) 37,564 (565 ) Total held-to-maturity $ 70,250 $ (442 ) $ 215,579 $ (3,292 ) $ 285,829 $ (3,734 ) December 31, 2018 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 692,311 $ (4,864 ) $ 593,367 $ (16,082 ) $ 1,285,678 $ (20,946 ) CMO/REMIC 36,582 (365 ) 135,062 (3,160 ) 171,644 (3,525 ) Municipal bonds 9,568 (188 ) 14,181 (955 ) 23,749 (1,143 ) Total available-for-sale $ 738,461 $ (5,417 ) $ 742,610 $ (20,197 ) $ 1,481,071 $ (25,614 ) Investment securities held-to-maturity: Government agency/GSE $ 7,479 $ (15 ) $ 54,944 $ (2,607 ) $ 62,423 $ (2,622 ) Mortgage-backed securities 59,871 (484 ) 90,863 (2,656 ) 150,734 (3,140 ) CMO/REMIC - - 203,254 (12,081 ) 203,254 (12,081 ) Municipal bonds 70,989 (778 ) 77,723 (5,410 ) 148,712 (6,188 ) Total held-to-maturity $ 138,339 $ (1,277 ) $ 426,784 $ (22,754 ) $ 565,123 $ (24,031 ) The following summarizes our analysis of these securities and the unrealized losses. Government Agency & Government-Sponsored Enterprise (“GSE”) — The government agency bonds are backed by the full faith and credit of agencies of the U.S. Government. While the Government-Sponsored Enterprise bonds are not expressly guaranteed by the U.S. Government, they are currently being supported by the U.S. Government under a conservatorship arrangement. I s Mortgage-Backed Securities (“MBS”) and CMO/REMIC — Most of the Company’s mortgage-backed and CMO/REMIC securities are issued by Government Agencies or Government-Sponsored Enterprises such as Ginnie Mae, Fannie Mae and Freddie Mac. These securities are collateralized or backed by the underlying residential or commercial mortgages. All mortgage-backed securities are considered to be rated investment grade with a weighted average life of approximately 3.5 years. Of the total MBS/CMO, 100.00% have the implied guarantee of U.S. Government-Sponsored Agencies and Enterprises. Accordingly, it is expected that the securities would not be settled at a price less than the amortized cost of the bonds. There were no Municipal Bonds — The majority of the Company’s municipal bonds, with maturities of approximately 9.0 years, represented approximately 10% of the total investment portfolio and are predominately AA or higher rated securities. The Company diversifies its holdings by owning selections of securities from different issuers and by holding securities from geographically diversified municipal issuers, thus reducing the Company’s exposure to any single adverse event. The decline in fair value is primarily due to the changes in interest rates. Since the Company does not intend to sell the investments and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized costs, these investments are not considered OTTI at December 31, 2019. At December 31, 2019 and 2018, investment securities having a carrying value of approximately $1.64 billion and $1.66 billion, respectively, were pledged to secure public deposits, short and long-term borrowings, and for other purposes as required or permitted by law. The amortized cost and fair value of debt securities at December 31, 2019, by contractual maturity, are shown in the table below. Although mortgage-backed securities and CMO/REMIC have contractual maturities through 205 8 Mortgage-backed and CMO/REMIC securities are included in maturity categories based upon estimated average lives which incorporate estimated prepayment speeds. December 31, 2019 Available-for-sale Held-to-maturity Amortized Fair Value Amortized Fair Value (Dollars in thousands) Due in one year or less $ 16,048 $ 16,175 $ - $ - Due after one year through five years 1,414,580 1,435,647 339,132 338,758 Due after five years through ten years 266,108 266,349 140,143 141,903 Due after ten years 21,621 22,086 195,177 198,287 Total investment securities $ 1,718,357 $ 1,740,257 $ 674,452 $ 678,948 The investment in FHLB stock is periodically evaluated for impairment based on, among other things, the capital adequacy of the FHLB and its overall financial condition. No |
Loans and Lease Finance Receiva
Loans and Lease Finance Receivables and Allowance for Loan Losses | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Loans and Lease Finance Receivables and Allowance for Loan Losses | 6. LOANS AND LEASE FINANCE RECEIVABLES AND ALLOWANCE FOR LOAN LOSSES Prior to April 1, 2019, our loans and lease finance receivables consisted of purchase credit impaired (“PCI”) loans associated with the acquisition of San Joaquin Bank (SJB”) on October 16, 2009, and loans and lease finance receivables excluding PCI loans (“Non-PCI – Summary of Significant Accounting Policies Non-PCI The following table provides a summary of total loans and lease finance receivables by type. December 31, 2019 December 31, 2018 Total Loans Non-PCI PCI Loans Total Loans (Dollars in thousands) Commercial and industrial $ 935,127 $ 1,002,209 $ 519 $ 1,002,728 SBA 305,008 350,043 1,258 351,301 Real estate: Commercial real estate 5,374,617 5,394,229 14,407 5,408,636 Construction 116,925 122,782 - 122,782 SFR mortgage 283,468 296,504 145 296,649 Dairy & livestock and agribusiness 383,709 393,843 700 394,543 Municipal lease finance receivables 53,146 64,186 - 64,186 Consumer and other loans 116,319 128,429 185 128,614 Gross loans 7,568,319 7,752,225 17,214 7,769,439 Less: Deferred loan fees, net (3,742 ) (4,828 ) - (4,828 ) Gross loans, net of deferred loan fees 7,564,577 7,747,397 17,214 7,764,611 Less: Allowance for loan losses (68,660 ) (63,409 ) (204 ) (63,613 ) Total loans and lease finance receivables $ 7,495,917 $ 7,683,988 $ 17,010 $ 7,700,998 As of December 31, 2019, 76.31% of the Company’s total gross loan portfolio consisted of real estate loans, with commercial real estate loans representing 71.01% of total loans. Substantially all of the Company’s real estate loans and construction loans are secured by real properties located in California. As of December 31, 2019, $241.8 million, or 4.50% of the total commercial real estate loans included loans secured by farmland, compared to $231.0 million, or 4.27%, at December , . The loans secured by farmland included $ million for loans secured by dairy & livestock land and $ million for loans secured by agricultural land at December , , compared to $ million for loans secured by dairy & livestock land and $ million for loans secured by agricultural land at December , . As of December , , dairy & livestock and agribusiness loans of $ million were comprised of $ million for dairy & livestock loans and $ million for agribusiness loans, compared to $ million for dairy & livestock loans and $ million for agribusiness loans at December , . At December 31, 2019, the Company held approximately $3.86 billion of total fixed rate loans. At December 31, 2019 and 2018, loans totaling $6.03 billion and $5.71 billion, respectively, were pledged to secure the borrowings and available lines of credit from the FHLB and the Federal Reserve Bank. There were no outstanding loans held-for-sale Credit Quality Indicators An important element of our approach to credit risk management is our loan risk rating system. The originating officer assigns each loan an initial risk rating, which is reviewed and confirmed or changed, as appropriate, by credit management. Approvals are made based upon the amount of inherent credit risk specific to the transaction and are reviewed for appropriateness by senior line and credit management personnel. Credits are monitored by line and credit management personnel for deterioration or improvement in a borrower’s financial condition, which would impact the ability of the borrower to perform under the contract. Risk ratings are adjusted as necessary. Loans are risk rated into the following categories (Credit Quality Indicators): Pass, Special Mention, Substandard, Doubtful and Loss. Each of these groups is assessed for the proper amount to be used in determining the adequacy of our allowance for losses. These categories can be described as follows: Pass — These loans, including loans on the Bank’s internal watch list, range from minimal credit risk to lower than average, but still acceptable, credit risk. Watch list loans usually require more than normal management attention. Loans on the watch list may involve borrowers with adverse financial trends, higher debt/equity ratios, or weaker liquidity positions, but not to the degree of being considered a defined weakness or problem loan where risk of loss may be apparent. Special Mention — Loans assigned to this category have potential weaknesses that deserve management’s close attention. If left uncorrected, these potential weaknesses may result in the deterioration of the repayment prospects for the asset or the Company’s credit position at some future date. Special mention assets are not adversely classified and do not expose the Company to sufficient risk to warrant adverse classification. Substandard — Loans classified as substandard are inadequately protected by the current sound worth and paying capacity of the obligor or of the collateral pledged, if any. Assets so classified must have a well-defined weakness, or weaknesses, that jeopardize the liquidation of the debt. Substandard loans are characterized by the distinct possibility that the Company will sustain some loss if deficiencies are not corrected. Doubtful — Loans classified as doubtful have all the weaknesses inherent in those classified substandard with the added characteristic that the weaknesses make collection or the liquidation in full, on the basis of currently existing facts, conditions and values, highly questionable and improbable. Loss — Loans classified as loss are considered uncollectible and of such little value that their continuance as bankable assets is not warranted. This classification does not mean that the loan has absolutely no recovery or salvage value, but rather that it is not practical or desirable to defer writing off this asset with insignificant value even though partial recovery may be affected in the future. The following table summarizes loans by type, according to our internal risk ratings as of the dates presented. December 31, 2019 Pass Special Substandard (1) Doubtful & Total (Dollars in thousands) Commercial and industrial $ 895,234 $ 35,473 $ 4,420 $ - $ 935,127 SBA 283,430 11,032 10,546 - 305,008 Real estate: Commercial real estate Owner occupied 1,977,007 78,208 28,435 - 2,083,650 Non-owner 3,280,580 10,005 382 - 3,290,967 Construction Speculative 106,895 - - - 106,895 Non-speculative 10,030 - - - 10,030 SFR mortgage 280,010 1,957 1,501 - 283,468 Dairy & livestock and agribusiness 320,670 35,920 27,119 - 383,709 Municipal lease finance receivables 52,676 470 - - 53,146 Consumer and other loans 114,870 421 1,028 - 116,319 Total gross loans $ 7,321,402 $ 173,486 $ 73,431 $ - $ 7,568,319 (1) Includes $26.8 million of classified loans acquired from CB in the third quarter of 2018. December 31, 2018 (1) Pass Special Substandard (2) Doubtful & Total (Dollars in thousands) Commercial and industrial $ 961,909 $ 29,358 $ 10,942 $ - $ 1,002,209 SBA 336,033 7,375 6,635 - 350,043 Real estate: Commercial real estate Owner occupied 2,008,169 95,841 13,980 - 2,117,990 Non-owner 3,260,822 9,938 5,479 - 3,276,239 Construction Speculative 118,233 - - - 118,233 Non-speculative 4,549 - - - 4,549 SFR mortgage 289,607 3,310 3,587 - 296,504 Dairy & livestock and agribusiness 350,044 34,586 9,213 - 393,843 Municipal lease finance receivables 63,650 536 - - 64,186 Consumer and other loans 126,085 1,263 1,081 - 128,429 Total gross loans $ 7,519,101 $ 182,207 $ 50,917 $ - $ 7,752,225 (1) Excludes PCI loans of $17.2 million as of December 31, 2018, of which $15.8 million were rated pass, $1.2 million were rated special mention, $224,000 were rated substandard, and zero were rated doubtful & loss. (2) Includes $19.0 million of classified loans acquired from CB in the third quarter of 2018. Allowance for Loan Losses The Bank’s Audit and Director Loan Committees provide Board oversight of the ALLL process and approve the ALLL methodology on a quarterly basis. Our methodology for assessing the appropriateness of the allowance is conducted on a regular basis and considers the Bank’s overall loan portfolio. Refer to Note 3 — Summary of Significant Accounting Policies Management believes that the ALLL was appropriate at December 31, 2019 and 2018. No assurance can be given that economic conditions which adversely affect the Company’s service areas or other circumstances will not be reflected in increased provisions for loan losses in the future. The following tables present the balance and activity related to the allowance for loan losses for held-for-investment Year Ended December 31, 2019 Ending Balance Charge-offs Recoveries Provision for Ending Balance (Dollars in thousands) Commercial and industrial $ 7,528 $ (48 ) $ 255 $ 1,145 $ 8,880 SBA 1,078 (321 ) 9 687 1,453 Real estate: Commercial real estate 45,097 - - 3,532 48,629 Construction 981 - 12 (135 ) 858 SFR mortgage 2,197 - 196 (54 ) 2,339 Dairy & livestock and agribusiness 5,225 (78 ) 19 89 5,255 Municipal lease finance receivables 775 - - (152 ) 623 Consumer and other loans 732 (7 ) 10 (112 ) 623 Total allowance for loan losses $ 63,613 $ (454 ) $ 501 $ 5,000 $ 68,660 Year Ended December 31, 2018 Ending Balance December 31, Charge-offs Recoveries Provision for (Recapture of) Loan Losses Ending Balance (Dollars in thousands) Commercial and industrial $ 7,280 $ (10 ) $ 82 $ 168 $ 7,520 SBA 869 (257 ) 20 430 1,062 Real estate: Commercial real estate 41,722 - - 3,212 44,934 Construction 984 - 2,506 (2,509 ) 981 SFR mortgage 2,112 (13 ) 51 46 2,196 Dairy & livestock and agribusiness 4,647 - 19 549 5,215 Municipal lease finance receivables 851 - - (76 ) 775 Consumer and other loans 753 (11 ) 141 (157 ) 726 PCI loans 367 - - (163 ) 204 Total allowance for loan losses $ 59,585 $ (291 ) $ 2,819 $ 1,500 $ 63,613 Year Ended December 31, 2017 Ending Balance December 31, Charge-offs Recoveries (Recapture of) Provision for Loan Losses Ending Balance (Dollars in thousands) Commercial and industrial $ 8,154 $ (138 ) $ 118 $ (854 ) $ 7,280 SBA 871 - 78 (80 ) 869 Real estate: Commercial real estate 37,443 - 154 4,125 41,722 Construction 1,096 - 6,036 (6,148 ) 984 SFR mortgage 2,287 - 212 (387 ) 2,112 Dairy & livestock and agribusiness 8,541 - 19 (3,913 ) 4,647 Municipal lease finance receivables 941 - - (90 ) 851 Consumer and other loans 988 (13 ) 79 (301 ) 753 PCI loans 1,219 - - (852 ) 367 Total allowance for loan losses $ 61,540 $ (151 ) $ 6,696 $ (8,500 ) $ 59,585 The following tables present the recorded investment in loans held-for-investment December 31, 2019 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Individually Collectively (Dollars in thousands) Commercial and industrial $ 1,344 $ 933,783 $ 251 $ 8,629 SBA 2,568 302,440 257 1,196 Real estate: Commercial real estate 1,121 5,373,496 - 48,629 Construction - 116,925 - 858 SFR mortgage 2,979 280,489 - 2,339 Dairy & livestock and agribusiness - 383,709 - 5,255 Municipal lease finance receivables - 53,146 - 623 Consumer and other loans 377 115,942 - 623 Total $ 8,389 $ 7,559,930 $ 508 $ 68,152 December 31, 2018 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Acquired with Individually Collectively Acquired with (Dollars in thousands) Commercial and industrial $ 7,625 $ 994,584 $ - $ 3 $ 7,517 $ - SBA 3,467 346,576 - - 1,062 - Real estate: Commercial real estate 6,540 5,387,689 - 478 44,456 - Construction - 122,782 - - 981 - SFR mortgage 5,349 291,155 - - 2,196 - Dairy & livestock and agribusiness 78 393,765 - 12 5,203 - Municipal lease finance receivables - 64,186 - - 775 - Consumer and other loans 486 127,943 - 68 658 - PCI loans - - 17,214 - - 204 Total $ 23,545 $ 7,728,680 $ 17,214 $ 561 $ 62,848 $ 204 Past Due and Nonperforming Loans The following tables present the recorded investment in, and the aging of, past due and nonaccrual loans, by type of loans as of the dates presented. December 31, 2019 30-59 60-89 Total Past Due Nonaccrual Current Total Loans (Dollars in thousands) Commercial and industrial $ 2 $ - $ 2 $ 1,266 $ 933,859 $ 935,127 SBA 870 532 1,402 2,032 301,574 305,008 Real estate: Commercial real estate Owner occupied - - - 479 2,083,171 2,083,650 Non-owner - - - 245 3,290,722 3,290,967 Construction Speculative (2) - - - - 106,895 106,895 Non-speculative - - - - 10,030 10,030 SFR mortgage 6 243 249 878 282,341 283,468 Dairy & livestock and agribusiness - - - - 383,709 383,709 Municipal lease finance receivables - - - - 53,146 53,146 Consumer and other loans - - - 377 115,942 116,319 Total gross loans, excluding PCI loans $ 878 $ 775 $ 1,653 $ 5,277 $ 7,561,389 $ 7,568,319 (1) As of December 31, 2019, $1.2 million of nonaccruing loans were current, $59,000 were 30-59 60-89 , (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. (3) Includes $3.5 million of nonaccrual loans acquired from CB in the third quarter of 2018. (4) Excludes $2.0 million of guaranteed portion of nonaccrual SBA loans that are in process of collection. December 31, 2018 (1) 30-59 60-89 Total Past Due Nonaccrual Current Total Loans (Dollars in thousands) Commercial and industrial $ 820 $ 89 $ 909 $ 7,490 $ 993,810 $ 1,002,209 SBA 1,172 135 1,307 2,892 345,844 350,043 Real estate: Commercial real estate Owner occupied 2,439 350 2,789 589 2,114,612 2,117,990 Non-owner - - - 5,479 3,270,760 3,276,239 Construction Speculative ( 3 - - - - 118,233 118,233 Non-speculative - - - - 4,549 4,549 SFR mortgage - 285 285 2,937 293,282 296,504 Dairy & livestock and agribusiness - - - 78 393,765 393,843 Municipal lease finance receivables - - - - 64,186 64,186 Consumer and other loans - - - 486 127,943 128,429 Total gross loans, excluding PCI loans $ 4,431 $ 859 $ 5,290 $ 19,951 $ 7,726,984 $ 7,752,225 (1) Excludes PCI loans. (2) As of December 31, 2018, $2.3 million of nonaccruing loans were current, $33,000 were 30-59 60-89 (3) Speculative construction loans are generally for properties where there is no identified buyer or renter. (4) Includes $12.3 million of nonaccrual loans acquired from CB in the third quarter of 2018. Impaired Loans At December 31, 2019, the Company had impaired loans of $8.4 million. Impaired loans included $2.0 million of nonaccrual SBA loans, $1.3 million of nonaccrual commercial and industrial loans, $878,000 of nonaccrual SFR mortgage loans, $724,000 of nonaccrual commercial real estate loans, and $377,000 of nonaccrual consumer and other loans. These impaired loans included $3.4 million of loans whose terms were modified in a troubled debt restructuring, of which $244,000 are classified as nonaccrual. The remaining balance of $3.1 million consisted of 12 loans performing according to the restructured terms. The impaired loans had a specific allowance of $508,000 at December 31, 2019 . At December 31, 2018, the Company had classified as impaired, loans with a balance of $23.5 million with a related allowance of $561,000. The following tables present information for held-for-investment Year Ended December 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,091 $ 1,261 $ - $ 1,369 $ 4 SBA 2,243 2,734 - 2,389 41 Real estate: Commercial real estate Owner occupied 479 613 - 505 - Non-owner 642 643 - 681 26 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 2,979 3,310 - 3,043 86 Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 377 514 - 396 - Total 7,811 9,075 - 8,383 157 With a related allowance recorded: Commercial and industrial 253 347 251 699 - SBA 325 324 257 327 - Real estate: Commercial real estate Owner occupied - - - - - Non-owner - - - - - Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans - - - - - Total 578 671 508 1,026 - Total impaired loans $ 8,389 $ 9,746 $ 508 $ 9,409 $ 157 Year Ended December 31, 2018 (1) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 7,436 $ 11,457 $ - $ 7,718 $ 7 SBA 3,467 5,746 - 3,919 44 Real estate: Commercial real estate Owner occupied 589 705 - 624 - Non-owner 2,808 4,324 - 4,585 32 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 5,349 6,270 - 5,484 80 Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 418 526 - 459 - Total 20,067 29,028 - 22,789 163 With a related allowance recorded: Commercial and industrial 189 191 3 203 - SBA - - - - - Real estate: Commercial real estate Owner occupied - - - - - Non-owner 3,143 3,144 478 3,144 - Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness 78 78 12 78 - Municipal lease finance receivables - - - - - Consumer and other loans 68 100 68 76 - Total 3,478 3,513 561 3,501 - Total impaired loans $ 23,545 $ 32,541 $ 561 $ 26,290 $ 163 Ye ar Ended Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 440 $ 980 $ - $ 548 $ 10 SBA 1,530 1,699 - 1,598 47 Real estate: Commercial real estate Owner occupied 4,365 4,763 - 4,414 36 Non-owner 3,768 5,107 - 3,951 94 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 4,040 4,692 - 4,119 118 Dairy & livestock and agribusiness 829 1,091 - 988 1 Municipal lease finance receivables - - - - - Consumer and other loans 174 370 - 202 - Total 15,146 18,702 - 15,820 306 With a related allowance recorded: Commercial and industrial - - - - - SBA 1 18 1 6 - Real estate: Commercial real estate Owner occupied - - - - - Non-owner occupied - - - - - Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 378 391 74 385 - Total 379 409 75 391 - Total impaired loans $ 15,525 $ 19,111 $ 75 $ 16,211 $ 306 (1) Excludes PCI loans. Reserve for Unfunded Loan Commitments The allowance for off-balance sheet credit exposure relates to commitments to extend credit, letters of credit and undisbursed funds on lines of credit. The Company evaluates credit risk associated with the off-balance sheet loan commitments at the same time as it evaluates credit risk associated with the loan and lease portfolio. As a result of the acquisition of CB, the reserve for unfunded loan commitments increased by $2.9 million in 2018. There was no provision or recapture of provision for unfunded commitments for the year ended December 31, 2019, compared with a recapture of provision for unfunded loan commitments of $250,000 for the year ended December 31, 2018 and a recapture of provision for unfunded loan commitments of $400,000 for the year ended December 31, 2017. As of December 31, 2019 and 2018, the balance in this reserve was $9.0 million and was included in other liabilities. Troubled Debt Restructurings Loans that are reported as TDRs are considered impaired and charge-off Summary of Significant Accounting Policies, Troubled Debt Restructurings As of December 31, 2019, there were $3.4 million of loans classified as a TDR, of which $244,000 were nonperforming and $3.1 million were performing. TDRs on accrual status are comprised of loans that were accruing interest at the time of restructuring or have demonstrated repayment performance in compliance with the restructured terms for a sustained period and for which the Company anticipates full repayment of both principal and interest. At December 31, 2019, performing TDRs were comprised of eight SFR mortgage loans of $2.1 million, one SBA loan of $536,000, one commercial real estate loan of $397,000, and two commercial and industrial loans of $78,000. The majority of TDRs have no specific allowance allocated as any impairment amount is normally charged off at the time a probable loss is determined. We have allocated zero and $490,000 of specific allowance to TDRs as of December 31, 2019 and December 31, 2018, respectively. The following table provides a summary of the activity related to TDRs for the periods presented. Year Ended December 31, 2019 2018 (1) (Dollars in thousands) Performing TDRs: Beginning balance $ 3,594 $ 4,809 New modifications - 311 Payoffs/payments, net and other (482 ) (1,526 ) TDRs returned to accrual status - - TDRs placed on nonaccrual status - - Ending balance $ 3,112 $ 3,594 Nonperforming TDRs: Beginning balance $ 3,509 $ 4,200 New modifications - 316 Charge-offs (78 ) - Transfer to OREO (2,275 ) - Payoffs/payments, net and other (912 ) (1,007 ) TDRs returned to accrual status - - TDRs placed on nonaccrual status - - Ending balance $ 244 $ 3,509 Total TDRs $ 3,356 $ 7,103 (1) Excludes PCI loans. There were no loans that were modified as TDRs for the year ended December 31, 2019. The following tables summarize loans modified as TDRs for the periods presented Modifications (1) Year Ended December 31, 2018 (2) Number of Pre-Modification Post-Modification Investment Outstanding Recorded Financial Effect 3 (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity 1 38 38 20 - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner Interest rate reduction - - - - - Change in amortization period or maturity - - - - - SFR mortgage: Interest rate reduction - - - - - Change in amortization period or maturity 1 311 311 300 - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity 1 278 278 267 - Total loans 3 $ 627 $ 627 $ 587 $ - Year Ended December 31, 2017 (2) Number of Pre-Modification Post-Modification Investment Outstanding Recorded Financial Effect 3 (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity - - - - - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner Interest rate reduction - - - - - Change in amortization period or maturity 1 3,143 3,143 3,143 - SFR mortgage: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity 1 1,984 1,984 78 - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans 2 $ 5,127 $ 5,127 $ 3,221 $ - (1) The tables above exclude modified loans that were paid off prior to the end of the period. (2) Excludes PCI loans. (3) Financial effects resulting from modifications represent charge-offs and specific allowance recorded at modification date. As of December 31, 2019 and 2018, there were no loans that were modified as a TDR within the previous 12 months that subsequently defaulted. As of December 31, 2017, there was one 3.1 was |
Other Real Estate Owned
Other Real Estate Owned | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Other Real Estate Owned | 7. OTHER REAL ESTATE OWNED The following table summarizes the activity related to total OREO for the periods presented. Year Ended December 31, 2019 2018 (Dollars in thousands) Balance, beginning of period $ 420 $ 4,527 Additions 4,889 420 Dispositions (420 ) (4,527 ) Valuation adjustments - - Balance, end of period $ 4,889 $ 420 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 8. GOODWILL AND OTHER The following table presents the changes in the carrying amount of goodwill for the periods presented. Year Ended December 31, 2019 2018 (Dollars in thousands) Balance, beginning of period $ 666,539 $ 116,564 Addition due to acqusition - 549,975 Measurement period (2,832 ) - Balance, end of period $ 663,707 $ 666,539 The following summarizes changes in CDI and the related accumulated amortization for the periods presented. Year Ended December 31, 2019 2018 Gross CDI Amount Accumulated Amortization Net CDI Amount Gross CDI Amount Accumulated Amortization Net CDI Amount (Dollars in thousands) Balance of intangible assets, beginning of period $ 93,297 $ (39,513 ) $ 53,784 $ 41,097 $ (34,259 ) $ 6,838 Addition due to acquisition s - 52,200 Balance of intangible assets, end of period $ 93,297 $ (50,311 ) $ 42,986 $ 93,297 $ (39,513 ) $ 53,784 Aggregate amortization expense: For year ended December 31, $ 10,798 $ 5,254 Estimated Amortization Expense: For the year ending December 31, 2020 $ 9,352 For the year ending December 31, 2021 8,240 For the year ending December 31, 2022 7,126 For the year ending December 31, 2023 6,010 Thereafter 12,258 At December 31, 2019 the weighted average remaining life of intangible assets is approximately 2.89 years. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Premises and Equipment | 9. PREMISES AND EQUIPMENT Premises and equipment were comprised of the following as of the dates presented. Year Ended December 31, 2019 2018 (Dollars in thousands) Land $ 19,188 $ 19,929 Bank premises 68,387 73,188 Furniture and equipment 27,540 29,020 Premises and equipment, gross 115,115 122,137 Accumulated depreciation and amortization (61,137 ) (63,944 ) Premises and equipment, net $ 53,978 $ 58,193 For the first six months of 2019, a total of 10 banking centers were consolidated, including nine former CB centers. In 2019, the Bank recognized $4.8 million in net gain on the sale of our bank owned buildings. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | 10. OTHER ASSETS Other assets were comprised of the following as of ate December 31, 2019 2018 (Dollars in thousands) Prepaid expenses $ 6,571 $ 6,393 Interest rate swaps 11,502 1,938 ROU assets 18,522 - Affordable housing investments 12,452 15,995 Other investments 45,540 33,031 Other assets 15,550 10,450 Total $ 110,137 $ 67,807 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. INCOME TAXES New tax legislation, referred to as the Tax Reform Act, was enacted on December 22, 2017. ASC 740, Accounting for Income Taxes, requires companies to recognize the effect of tax law changes in the period of enactment. Beginning in 2018, the Tax Reform Act reduces the federal tax rate for corporations from 35% to 21% and changes or limits certain tax deductions. During the fourth quarter of 2017, a $13.2 million one-time re-measurement The current and deferred amounts of income tax expense consist of the following. Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Current provision: Federal $ 51,564 $ 31,055 $ 44,153 State 29,487 20,546 17,151 81,051 51,601 61,304 Deferred provision: Federal 486 5,158 20,926 State 1,710 2,353 2,154 2,196 7,511 23,080 Total $ 83,247 $ 59,112 $ 84,384 Income tax asset consists of the following. December 31, 2019 2018 (Dollars in thousands) Current: Federal $ 5,890 $ 12,303 State 3,456 6,800 9,346 19,103 Deferred: Federal 17,580 27,334 State 8,661 15,737 26,241 43,071 Total $ 35,587 $ 62,174 Temporary differences between the amounts reported in the financial statements and the tax bases of assets and liabilities resulted in deferred taxes. The components of the net deferred tax asset are as follows. December 31, 2019 2018 (Dollars in thousands) Deferred tax assets: Bad debt and credit loss deduction $ 24,282 $ 22,402 Net operating loss carryforward 75 141 Deferred compensation 6,942 6,109 PCI loans 2,299 2,556 California franchise tax 4,281 837 Accrued expense 4,831 4,865 Unrealized loss on investment securities, net - 7,508 Acquired loan discounts 15,180 25,555 Lease liability 6,175 - Other, net 1,453 2,624 Gross deferred tax asset 65,518 72,597 Deferred tax liabilities: Depreciation 3,895 4,440 Intangibles - acquisitions 16,941 19,843 FHLB Stock 2,525 2,527 Deferred income 3,055 2,716 Right of use asset 5,893 - Unrealized gain on investment securities, net 6,968 - Gross deferred tax liability 39,277 29,526 Net deferred tax asset $ 26,241 $ 43,071 Annual Effective Tax Rate The annual consolidated effective tax rate for the periods presented, is reconciled to the U.S. statutory income rate as follows. Year Ended December 31, 2019 2018 2017 Amount Percent Amount Percent Amount Percent (Dollars in thousands) Federal income tax at statutory rate $ 61,126 21.0 % $ 44,334 21.0 % $ 66,078 35.0 % State franchise taxes, net of federal benefit 24,430 8.4 % 17,905 8.5 % 12,903 6.9 % Tax-exempt (3,081 ) (1.1 % ) (2,991 ) (1.4 %) (4,450 ) (2.4 %) Tax credits (2,153 ) (0.7 % ) (1,451 ) (0.7 %) (1,096 ) (0.6 %) Deferred tax asset revaluation adjustment - - - - 13,208 7.0 % Other, net 2,925 1.0 % 1,315 0.6 % (2,259 ) (1.2 %) Provision for income taxes $ 83,247 28.6 % $ 59,112 28.0 % $ 84,384 44.7 % There were no unrecognized tax benefits at December 31, 2019 and 2018. The Company records interest and penalties related to uncertain tax positions as part of other operating expense. We do not expect the total amount of unrecognized tax benefits to significantly increase or decrease within the next twelve months. The Company is subject to federal income tax and franchise tax of the state of California. Our federal income tax returns for the years ended December 31, 201 5 |
Deposits
Deposits | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Deposits | 12. DEPOSITS The composition of deposits is summarized for the periods presented in the table below. December 31, 2019 2018 Amount Percent Amount Percent (Dollars in thousands) Noninterest-bearing deposits $ 5,245,517 60.26 % $ 5,204,787 58.96 % Interest-bearing deposits Investment checking 454,565 5.22 % 460,972 5.22 % Money market 2,158,161 24.79 % 2,236,018 25.33 % Savings 400,377 4.60 % 393,769 4.46 % Time deposits 446,308 5.13 % 531,944 6.03 % Total deposits $ 8,704,928 100.00 % $ 8,827,490 100.00 % Time deposits with balances of $250,000 or more amounted to approximately $107.9 million and $125.4 million at December 31, 2019 and 2018, respectively. Interest expense on such deposits amounted to approximately $926,000, $1.1 million and $545,000, for the years ended December 31, 2019, 2018 and 2017, respectively. At December 31, 2019, the scheduled maturities of time certificates of deposit are as follows. December 31, 2019 Year of maturity: (Dollars in thousands) 2020 $ 367,102 2021 58,488 2022 9,487 2023 1,616 2024 and thereafter 9,615 Total $ 446,308 |
Borrowings
Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Borrowings | 13. BORROWINGS Customer Repurchase Agreements The Bank offers a repurchase agreement product to its customers. This product, known as Citizens Sweep Manager, sells our investment securities overnight to our customers under an agreement to repurchase them the next day at a price which reflects the market value of the use of funds by the Bank for the period concerned. These repurchase agreements are signed with customers who want to invest their excess deposits, above a pre-determined Federal Home Loan Bank Advances At December 31, 2019 and 2018, there were no outstanding FHLB advances. At December 31, 2019, $6.03 billion of loans and $1.64 billion of investment securities, at carrying value, were pledged to secure public deposits, short and long-term borrowings, and for other purposes as required or permitted by law. Other Borrowings At December 31, 2019, the Bank had no short-term borrowings, compared to $280.0 million short-term borrowings with the FHLB at a cost of 2.53% at December 31, 2018. Junior Subordinated Debentures On January 31, 2006, CVB Statutory Trust III completed a $25,000,000 offering of Trust Preferred Securitie s per |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. COMMITMENTS AND CONTINGENCIES Commitments At December 31, 2019 and 2018, the Bank had commitments to extend credit of approximately $1.54 billion and $1.69 billion, respectively, and obligations under letters of credit of $53.1 on-balance-sheet Standby letters of credit are conditional commitments issued by the Bank to guarantee the financial performance of a customer to a third party. Those guarantees are primarily issued to support private borrowing or purchase arrangements. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. When deemed necessary, the Bank holds appropriate collateral supporting those commitments. Management does not anticipate any material losses as a result of these transactions. At December 31, 2019, the Bank has available lines of credit totaling $4.18 billion from correspondent banks, FHLB and Federal Reserve Bank of which $3.79 billion were secured . Other Contingencies The Company and its subsidiaries are parties to various lawsuits and threatened lawsuits in the ordinary and non-ordinary For lawsuits where the Company has determined that a loss is both probable and reasonably estimable, a liability representing the best estimate of the Company’s financial exposure based on known facts has been recorded in accordance with FASB guidance over loss contingencies (ASC 450). However, as a result of inherent uncertainties in judicial interpretation and application of a myriad of laws applicable to the Company’s business, and the unique, complex factual issues presented in any given lawsuit, the Company often cannot determine the probability of loss or estimate the amount of damages which a plaintiff might successfully prove if the Company were found to be liable. For lawsuits or threatened lawsuits where a claim has been asserted or the Company has determined that it is probable that a claim will be asserted, and there is a reasonable possibility that the outcome will be unfavorable, the Company will disclose the existence of the loss contingency, even if the Company is not able to make an estimate of the possible loss or range of possible loss with respect to the action or potential action in question, unless the Company believes that the nature, potential magnitude or potential timing (if known) of the loss contingency is not reasonably likely to be material to the Company’s liquidity, consolidated financial position, and/or results of operations. Our accruals and disclosures for loss contingencies are reviewed quarterly and adjusted as additional information becomes available. We disclose a loss contingency and/or the amount accrued if we believe it is reasonably likely to be material or if we believe such disclosure is necessary for our financial statements to not be misleading. If we determine that an exposure to loss exists in excess of an amount previously accrued or disclosed, we assess whether there is at least a reasonable possibility that a loss, or additional loss, may have been incurred, and we adjust our accruals and disclosures accordingly. We do not presently believe that the ultimate resolution of any lawsuits currently pending against the Company will have a material adverse effect on the Company’s results of operations, financial condition, or cash flows. The outcome of litigation and other legal and regulatory matters is inherently uncertain, however, and it is possible that one or more of the legal matters currently pending or threatened against the Company could have a material adverse effect on our results of operations, financial condition or cash flows. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | 15. EMPLOYEE BENEFIT PLANS Deferred Compensation Plans As of December 31, 2019, the Company has various deferred compensation plans, and severance arrangements it assumed through the acquisition of other banks in prior years. These plans require the Company to make periodic payments to former employees upon retirement, upon a change in control, and in certain instances, to beneficiaries of former employees upon death. Payments made by the Company under these plans and On December 22, 2006, the Company approved a deferred compensation plan for its President and Chief Executive Officer, Christopher D. Myers. Under the plan, which became effective on January 1, 2007, Mr. Myers may defer up to 75% of his base salary and up to 100% of his bonus for each calendar year in which the Plan is effective. The Company has the discretion to make additional contributions to the Plan for the benefit of Mr. Myers. No discretionary payments were made by the Company during the years ended December 31, 2019, 2018 and 2017. On March 31, 2007, the Company approved the Executive Non-qualified 401(k) and Profit Sharing Plan The Bank sponsors a 401(k) and profit-sharing plan for the benefit of its employees. Employees are eligible to participate in the plan immediately upon hire. Employees may make contributions to the plan under the plan’s 401(k) component. The Bank contributes 3%, non-matching, |
Earnings Per Share Reconciliati
Earnings Per Share Reconciliation | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share Reconciliation | 16. EARNINGS PER SHARE RECONCILIATION Basic earnings per common share are computed by dividing income allocated to common stockholders by the weighted-average number of common shares outstanding during each period. The computation of diluted earnings per common share considers the number of shares issuable upon the assumed exercise of outstanding common stock options. Antidilutive common shares are not included in the calculation of diluted earnings per common share. For the years ended December 31, 2019, 2018 and 2017, shares deemed to be antidilutive, and thus excluded from the computation of earnings per common share were 183,000, 160,000 and 9,000, respectively. The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations. Year Ended December 31, 2019 2018 2017 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 207,827 $ 152,003 $ 104,411 Less: Net earnings allocated to restricted stock 488 429 382 Net earnings allocated to common shareholders $ 207,339 $ 151,574 $ 104,029 Weighted average shares outstanding 139,757 121,670 109,409 Basic earnings per common share $ 1.48 $ 1.25 $ 0.95 Diluted earnings per common share: Net income allocated to common shareholders $ 207,339 $ 151,574 $ 104,029 Weighted average shares outstanding 139,757 121,670 109,409 Incremental shares from assumed exercise of outstanding options 177 287 398 Diluted weighted average shares outstanding 139,934 121,957 109,807 Diluted earnings per common share $ 1.48 $ 1.24 $ 0.95 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Based Compensation Plans | 17. STOCK-BASED COMPENSATION PLANS In May 2018, the shareholders approved the 2018 Equity Plan which authorizes the issuance of up to 9,000,000 shares of CVB’s common stock for eligible participants, which include all of the Company’s employees, officers, and directors, and expires in 2028. The plan authorizes the issuance of a variety of types of equity awards, which include incentive stock options, non-qualified Stock Options The Company expensed $352,000, $400,000, and $399,000, for the years ended December 31, 2019, 2018 and 2017, respectively. The estimated fair value of the options granted during 2019 and prior years was calculated using the Black-Scholes options pricing model. There were 1,500, 140,500 and 11,500 options granted during 2019, 2018 and 2017, respectively. The options will vest, in equal installments, over a five-year . The fair value of each stock option granted in 2019, 2018 and 2017, was estimated on the date of grant using the following weighted-average assumptions. Year Ended December 31, 2019 2018 2017 Dividend yield 2.4 % 2.4 % 2.2 % Volatility 23.3 % 25.4 % 29.6 % Risk-free interest rate 2.5 % 2.9 % 1.8 % Expected life 5.4 years 5.4 years 5.6 years Weighted average grant date fair value $ 4.35 $ 5.08 $ 5.17 The expected volatility is solely based on the daily historical stock price volatility over the expected option life. The expected life of options granted is derived from the output of the option valuation model and represents the period of time an optionee will hold an option before exercising it. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury five-year constant maturity yield curve in effect at the time of the grant. In connection with the adoption of ASU 2016-09 The following table presents option activity under the Company’s stock option plans as of and for the year ended December 31, 2019. Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Outstanding at January 1, 2019 532 $ 16.73 Granted 2 23.12 Exercised (161 ) 13.78 Forfeited or expired (14 ) 19.00 Outstanding at December 31, 2019 359 $ 17.99 6.05 $ 1,587 Vested or expected to vest at December 31, 2019 359 $ 17.99 6.05 $ 1,587 Exercisable at December 31, 2019 212 $ 15.58 4.76 $ 1,364 The total intrinsic value of options exercised during the years ended December 31, 2019, 2018 and 2017 was $1.3 million, $2.2 million and $3.8 million, respectively. As of December 31, 2019, there was a total of $564,000 in unrecognized compensation cost related to nonvested options granted under the Plan. That cost is expected to be recognized over a weighted-average period of approximately 2.2 years. The total fair value of options vested was $520,000, $364,000 and $505,000 during 2019, 2018 and 2017, respectively. Cash received from stock option exercises was $2.2 million, $1.7 million and $2.7 million, in 2019, 2018 and 2017, respectively. At December 31, 2019, options for the purchase of 358,600 shares of CVB’s common stock were outstanding under the above plans, of which options to purchase 212,133 shares were exercisable at prices ranging from $7.68 to $24.83. The Company has a policy of issuing new shares to satisfy share option exercises. Restricted Stock Awards and Restricted Stock Units The Company granted 217,000, 424,000 and 73,000 restricted stock awa r approximately one t . Compensation The table below summarizes activity related to the Company’s non-vested Shares Weighted (In thousands) Nonvested at January 1, 2019 624 $ 21.56 Granted 217 20.76 Vested (220 ) 19.59 Forfeited (180 ) 23.75 Nonvested at December 31, 2019 441 $ 21.25 Under the 2018 Equity Incentive Plan, 8,060,466 shares of common stock were available for the granting of future stock-based awards as of December 31, 2019. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Regulatory Matters | 18. REGULATORY MATTERS The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by the federal banking regulatory agencies. Failure to meet minimum capital requirements can initiate certain mandatory, and possibly additional discretionary, actions by regulators that, if undertaken, could have a direct, material effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities, and certain off-balance-sheet Effective January 1, 2015, the Company and the Bank became subject to a new regulatory capital measure called Common Equity Tier 1 (“CET1”) to risk-weighted assets which was implemented as a result of the “Basel III” regulatory capital reforms and changes required by the Dodd-Frank Act. Basel III also introduces a new “capital conservation buffer,” composed entirely of CET1, on top of minimum risk-weighted asset ratios. The capital conservation buffer is designed to absorb losses during periods of economic stress. Banking institutions with a ratio of CET1 to risk-weighted assets above the minimum requirement but below the capital conservation buffer will face constraints on dividends, equity repurchases and payment of discretionary bonuses based on the amount of the shortfall. The implementation of the capital conservation buffer began on January 1, 2016 at 0.625% was phased in over a four-year Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total capital, Tier 1 capital and CET1 capital to risk-weighted assets, and of Tier 1 capital to average assets. Management believes that, as of December 31, 2019 and 2018, the Company and the Bank meet all capital adequacy requirements to which they are subject. As of December 31, 2019 and 2018, the most recent notifications from the FDIC categorized the Bank as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized, the minimum total risk-based, Tier 1 risk-based, CET1 risk-based, and Tier 1 leverage (tangible Tier 1 capital divided by average total assets) ratios as set forth in the table below must be maintained. There are no conditions or events since said notification that management believes have changed the Bank’s category. As of December 31, 2019 and 2018, the Company had $25.0 Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2019: Total Capital (to Risk-Weighted Assets) Company $ 1,391,771 16.01 % $ 695,651 ≥ 8.00 % N/A Bank $ 1,376,364 15.83 % $ 695,471 ≥ 8.00 % $ 869,339 ≥ 10.00 % Tier 1 Capital (to Risk-Weighted Assets) Company $ 1,314,152 15.11 % $ 521,738 ≥ 6.00 % N/A Bank $ 1,298,745 14.94 % $ 521,604 ≥ 6.00 % $ 695,471 ≥ 8.00 % Common equity Tier 1 capital ratio Company $ 1,289,152 14.83 % $ 391,304 ≥ 4.50 % N/A Bank $ 1,298,745 14.94 % $ 391,203 ≥ 4.50 % $ 565,070 ≥ 6.50 % Tier 1 Capital (to Average-Assets) Company $ 1,314,152 12.33 % $ 426,497 ≥ 4.00 % N/A Bank $ 1,298,745 12.19 % $ 426,328 ≥ 4.00 % $ 532,909 ≥ 5.00 % As of December 31, 2018: Total Capital (to Risk-Weighted Assets) Company $ 1,263,800 14.13 % $ 715,283 ≥ 8.00 % N/A Bank $ 1,253,219 14.03 % $ 714,601 ≥ 8.00 % $ 893,251 ≥ 10.00 % Tier 1 Capital (to Risk-Weighted Assets) Company $ 1,191,228 13.32 % $ 536,462 ≥ 6.00 % N/A Bank $ 1,180,647 13.22 % $ 535,951 ≥ 6.00 % $ 714,601 ≥ 8.00 % Common equity Tier 1 capital ratio Company $ 1,166,228 13.04 % $ 402,347 ≥ 4.50 % N/A Bank $ 1,180,647 13.22 % $ 401,963 ≥ 4.50 % $ 580,613 ≥ 6.50 % Tier 1 Capital (to Average-Assets) Company $ 1,191,228 10.98 % $ 433,834 ≥ 4.00 % N/A Bank $ 1,180,647 10.90 % $ 433,403 ≥ 4.00 % $ 541,754 ≥ 5.00 % In addition, the California Financial Code limits the amount of dividends a bank can pay without obtaining prior approval from bank regulators. Under this law, the Bank could, as of December 31, 2019, declare and pay additional dividends of approximately $236.0 million. |
Fair Value Information
Fair Value Information | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Information | 19. FAIR Fair Value Hierarchy Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following disclosure provides the fair value information for financial assets and liabilities as of December 31, 2019. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (Level 1, Level 2 and Level 3). • Level 1 — • Level 2 inputs • Level 3 There were no transfers in and out of Level 1 and Level 2 during the years ended December 31, 2019 and 2018. Assets and Liabilities Measured at Fair Value on a Recurring Basis The tables below present the balances of assets and liabilities measured at fair value on a recurring basis for the dates Carrying Value at December 31, 2019 Quoted Prices in Active Markets for Significant Other (Level 2) Significant (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: M $ 1,206,313 $ - $ 1,206,313 $ - CMO/REMIC 493,710 - 493,710 - Municipal bonds 39,354 - 39,354 - Other securities 880 - 880 - Total investment securities - AFS 1,740,257 - 1,740,257 - Interest rate swaps 11,502 - 11,502 - Total assets $ 1,751,759 $ - $ 1,751,759 $ - Description of liability Interest rate swaps $ 11,502 $ - $ 11,502 $ - Total liabilities $ 11,502 $ - $ 11,502 $ - Carrying Value at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: M $ 1,474,508 $ - $ 1,474,508 $ - CMO/REMIC 214,051 - 214,051 - Municipal bonds 44,810 - 44,810 - Other securities 716 - 716 - Total investment securities - AFS 1,734,085 - 1,734,085 - Interest rate swaps 1,938 - 1,938 - Total assets $ 1,736,023 $ - $ 1,736,023 $ - Description of liability Interest rate swaps $ 1,938 $ - $ 1,938 $ - Total liabilities $ 1,938 $ - $ 1,938 $ - Assets and Liabilities Measured at Fair Value on a Non-Recurring We may be required to measure certain assets at fair value on a non-recurring For assets measured at fair value on a non-recurring the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets that had losses during the period. Carrying Value at Quoted Prices in Significant Other Significant Total Losses (Dollars in thousands) Description of assets Impaired loans : Commercial and industrial $ 253 $ - $ - $ 253 $ 251 SBA 359 - - 359 513 Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and - - - - - Other real estate owned 444 - - 444 64 Asset held-for-sale - - - - - Total assets $ 1,056 $ - $ - $ 1,056 $ 828 Carrying Value at Quoted Prices in Significant Other Significant Total Losses (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ 189 $ - $ - $ 189 $ 3 SBA - - - - - Real estate: Commercial real estate 3,143 - - 3,143 478 Construction - - - - - SFR mortgage - - - - - Dairy & livestock 78 - - 78 12 Consumer and other loans 68 - - 68 68 Other real estate owned - - - - - Asset held-for-sale - - - - - Total assets $ 3,478 $ - $ - $ 3,478 $ 561 Fair Value of Financial Instruments The following disclosure presents estimated fair value of our financial instruments. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company may realize in a current market exchange as of December 31, 2019 and 2018, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. December 31, 2019 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 185,518 $ 185,518 $ - $ - $ 185,518 Interest-earning balances due from depository institutions 2,931 - 2,938 - 2,938 Investment securities available-for-sale 1,740,257 - 1,740,257 - 1,740,257 Investment securities held-to-maturity 674,452 - 678,948 - 678,948 Total loans, net of allowance for loan losses 7,495,917 - - 7,343,167 7,343,167 Swaps 11,502 - 11,502 - 11,502 Liabilities Deposits: Interest-bearing $ 3,459,411 $ - $ 3,457,922 $ - $ 3,457,922 Borrowings 428,659 - 428,330 - 428,330 Junior subordinated debentures 25,774 - - 20,669 20,669 Swaps 11,502 - 11,502 - 11,502 December 31, 2018 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 163,948 $ 163,948 $ - $ - $ 163,948 Interest-earning balances due from depository institutions 7,670 - 7,339 - 7,339 Investment securities available-for-sale 1,734,085 - 1,734,085 - 1,734,085 Investment securities held-to-maturity 744,440 - 721,537 - 721,537 Total loans, net of allowance for loan losses 7,700,998 - - 7,514,964 7,514,964 Swaps 1,938 - 1,938 - 1,938 Liabilities Deposits: Interest-bearing $ 3,622,703 $ - $ 3,614,682 $ - $ 3,614,682 Borrowings 722,255 - 721,601 - 721,601 Junior subordinated debentures 25,774 - - 21,176 21,176 Swaps 1,938 - 1,938 - 1,938 The fair value estimates presented herein are based on pertinent information available to management as of December 31, 2019 and 2018. Although management is not aware of any factors that would significantly affect the estimated fair value amounts, such amounts have not been comprehensively revalued for purposes of these financial statements since that date, and therefore, current estimates of fair value may differ significantly from the amounts presented above. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 20. DERIVATIVE FINANCIAL INSTRUMENTS The Bank is exposed to certain risks relating to its ongoing business operations and utilizes interest rate swap agreements (“swaps”) as part of its asset/liability management strategy to help manage its interest rate risk position. As of December 31, 2019, the Bank has entered into 90 interest-rate swap agreements with customers. The Bank then entered into identical offsetting swaps with a counterparty. The swap agreements are not designated as hedging instruments. The purpose of entering into offsetting derivatives not designated as a hedging instrument is to provide the Bank a variable-rate loan receivable and to provide the customer the financial effects of a fixed-rate loan without creating significant volatility in the Bank’s earnings. The structure of the swaps is as follows. The Bank enters into an interest rate swap with its customers in which the Bank pays the customer a variable rate and the customer pays the Bank a fixed rate, therefore allowing customers to convert variable rate loans to fixed rate loans. At the same time, the Bank enters into a swap with the counterparty bank in which the Bank pays the counterparty a fixed rate and the counterparty in return pays the Bank a variable rate. The net effect of the transaction allows the Bank to receive interest on the loan from the customer at a variable rate based on LIBOR plus a spread. The changes in the fair value of the swaps primarily offset each other and therefore should not have a significant impact on the Company’s results of operations, although the Company does incur credit and counterparty risk with respect to performance on the swap agreements by the Bank’s customer and counterparty, respectively. As a result of the Bank exceeding $10 billion in assets, federal regulations require the Bank, beginning in January 2019, to clear most interest rate swaps through a clearing house (“centrally cleared”). These instruments contain language outlining collateral pledging requirements for each counterparty, in which collateral must be posted if market value exceeds certain agreed upon threshold limits. Cash or securities are pledged as collateral. of our derivative assets and liabilities are offset in the Company’s consolidated balance sheet. We believe our risk of loss associated with our counterparty borrowers related to interest rate swaps is mitigated as the loans with swaps are underwritten to take into account potential additional exposure, although there can be no assurances in this regard since the performance of our swaps is subject to market and counterparty risk. Balance Sheet Classification of Derivative Financial Instruments As of December 31, 2019 and 2018, the total notional amount of the Company’s swaps was $260.0 million and $195.4 million, respectively. The location of the asset and liability, and their respective fair values are summarized in the tables below. December 31, 2019 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 11,502 Other liabilities $ 11,502 Total derivatives $ 11,502 $ 11,502 December 31, 2018 Asset Derivatives Liability Derivatives Balance Sheet Fair Value Balance Sheet Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 1,938 Other liabilities $ 1,938 Total derivatives $ 1,938 $ 1,938 The Effect of Derivative Financial Instruments on the Consolidated Statements of Earnings The following table summarizes the effect of derivative financial instruments on the consolidated statements of earnings for the periods presented. Derivatives Not Location of Gain Amount of Gain Recognized Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Interest rate swaps Other income $ 1,806 $ 340 $ 615 Total $ 1,806 $ 340 $ 615 |
Other Comprehensive Income
Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Other Comprehensive Income | 21. OTHER COMPREHENSIVE INCOME (LOSS) The tables below provide a summary of the components of OCI for the periods presented. Year Ended December 31, 2019 2018 2017 Before-tax Tax effect After-tax Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities: Net change in fair value recorded in accumulated OCI $ 45,486 $ (13,447 ) $ 32,039 $ (26,435 ) $ 7,815 $ (18,620 ) $ (11,336 ) $ 4,760 $ (6,576 ) Amortization of unrealized (gains) losses on securities transferred from (1,614 ) 477 (1,137 ) (2,091 ) 619 (1,472 ) (3,293 ) 1,383 (1,910 ) Net realized gain reclassified into earnings (1) (5 ) 1 (4 ) - - - (402 ) 169 (233 ) Net change $ 43,867 $ (12,969 ) $ 30,898 $ (28,526 ) $ 8,434 $ (20,092 ) $ (15,031 ) $ 6,312 $ (8,719 ) (1) Included in other noninterest income. |
Balance Sheet Offsetting
Balance Sheet Offsetting | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Balance Sheet Offsetting | 22. BALANCE SHEET OFFSETTING Assets and liabilities relating to certain financial instruments, including, derivatives and securities sold under repurchase agreements (“repurchase agreements”), may be eligible for offset in the consolidated balance sheets as permitted under accounting guidance. As noted above, our interest rate swap derivatives are subject to master netting arrangements. Our interest rate swap derivatives require the Company to pledge investment securities as collateral based on certain risk thresholds. Investment securities that have been pledged by the Company to counterparties continue to be reported in the Company’s consolidated balance sheets unless the Company defaults. We offer a repurchase agreement product to our customers, which include master netting agreements that allow for the netting of collateral positions. This product, known as Citizens Sweep Manager, sells certain of our securities overnight to our customers under an agreement to repurchase them the next day. The repurchase agreements are not offset in the Company’s consolidated balances. Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Net Amount Financial Collateral (Dollars in thousands) December 31, 2019 Financial assets: Derivatives not designated as hedging instruments $ 11,502 $ - $ - $ 11,502 $ - $ 11,502 Total $ 11,502 $ - $ - $ 11,502 $ - $ 11,502 Financial liabilities: Derivatives not designated as hedging instruments $ 11,619 $ (117 ) $ 11,502 $ 117 $ (23,312 ) $ (11,693 ) Repurchase agreements 428,659 - 428,659 - (510,138 ) (81,479 ) Total $ 440,278 $ (117 ) $ 440,161 $ 117 $ (533,450 ) $ (93,172 ) December 31, 2018 Financial assets: Derivatives not designated as hedging instruments $ 1,938 $ - $ - $ 1,938 $ - $ 1,938 Total $ 1,938 $ - $ - $ 1,938 $ - $ 1,938 Financial liabilities: Derivatives not designated as hedging instruments $ 4,203 $ (2,265 ) $ 1,938 $ 2,265 $ - $ 4,203 Repurchase agreements 442,255 - 442,255 - (487,607 ) (45,352 ) Total $ 446,458 $ (2,265 ) $ 444,193 $ 2,265 $ (487,607 ) $ (41,149 ) |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 23. LEASES The Company’s operating leases, where the Company is a lessee, include real estate, such as office space and banking centers. Lease expense for operating leases is recognized on a straight-line basis over the term of the lease and is reflected in the consolidated statement of earnings. While the Company has, as a lessor, certain equipment finance leases, such leases are not material to the Company’s consolidated financial statements. The following presents the components of lease costs and supplemental information related to leases as of December 31, 2019. (Dollars in thousands) Lease Assets and Liabilities ROU assets $ 18,522 Total lease liabilities 21,392 Year Ended December 31, 2019 (Dollars in thousands) Lease Cost Operating lease expense (1) $ 7,274 Sublease income - Total lease expense $ 7,274 (1) Includes short-term leases and variable lease costs, which are immaterial. Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases , net $ 8,497 Lease Term and Discount Rate December 31, 2019 Weighted average remaining lease term (years) 4.18 Weighted average discount rate 3.34 % The Company’s lease arrangements that have not yet commenced as of December 31, 2019 and the Company’s short-term lease costs and variable lease costs, for the year ended December 31, 2019 are not material to the consolidated financial statements. The future lease payments required for leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2019, excluding property taxes and insurance, are as follows: (Dollars in thousands) Year: 2020 $ 7,248 2021 5,512 2022 4,325 2023 2,542 2024 1,495 Thereafter 1,781 Total future lease payments 22,903 Less: Imputed interest (1,511 ) Present value of lease liabilities $ 21,392 Disclosures related to periods prior to adoption of ASC Topic 842 At December 31, 2018, future minimum lease payments under noncancelable operating leases with initial or remaining lease terms in excess of one year as of December 31, 2018 were $9.3 million, $5.9 million, $ million, $ million, and $ million for 2019 through 2023, respectively, and $ million in the aggregate for all years thereafter. These amounts exclude variable lease payments and commitments under leases that have not yet commenced. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 24. REVENUE RECOGNITION On January 1, 2018, the Company adopted ASU No. 2014-09 Summary of Significant Accounting Policies Topic 606 does not apply to revenue associated with financial instruments, including revenue from loans and securities. In addition, certain noninterest income streams such as fees associated with mortgage servicing rights, financial guarantees, derivatives, and certain credit card fees are also not in scope of the new guidance. Topic 606 is applicable to noninterest revenue streams such as trust and asset management income, deposit related fees, interchange fees, and merchant income. However, the recognition of these revenue streams did not change significantly upon adoption of Topic 606. Substantially all of the Company’s revenue is generated from contracts with customers. Noninterest revenue streams in-scope Trust and Investment Services Trust and asset management income is primarily comprised of fees earned from the management and administration of trusts and customer assets. The Company’s performance obligation is generally satisfied over time and the resulting fees are recognized monthly, based upon the monthly market value of the assets under management and the applicable fee rate. Payment is generally received at month end through a direct charge to customers’ accounts. The Company does not earn performance-based incentives. Other services related to real estate and tax return preparation services are also provided to existing trust and asset management customers. The Company’s performance obligation for these transactional-based services is generally satisfied, and related revenue recognized, at a point in time (i.e., as incurred). Payment is received shortly after services are rendered. Wealth Management contracts with customers have no clauses that would entitle customers to additional services. Fees are generally earned based on market value of assets under management (AUM) and miscellaneous fees are transaction driven and are charged based on an agreed upon fee schedule. Performance obligation is satisfied upon execution of the transaction and there is no need to allocate transaction price to the performance obligation(s) in the contract. Wealth Management customers can also terminate the contract at will. For Investment Services, the fees are earned based on services performed for customers as provided through an affiliated broker-dealer. Fees are earned from gross dealer commission based on trade date. Performance obligation is satisfied upon execution of the transaction and there is no need to allocate transaction price to the performance obligation(s) in the contract. Deposit-related Fees Service charges on deposit accounts consist of account analysis fees earned on analyzed business checking accounts, monthly service fees, and other deposit account related fees. The Company’s performance obligation for account analysis fees and monthly service fees is generally satisfied, and the related revenue recognized, over the period in which the service is provided. Other deposit account related fees are largely transactional based, and therefore, the Company’s performance obligation is satisfied, and related revenue recognized, at a point in time. Payment for service charges on deposit accounts is primarily received immediately or in the following month through a direct charge to customers’ accounts. Bankcard Services The Bank generates revenues from merchant servicing to its clients. A fee schedule is part of the contract and is calculated based on sales of merchants on a monthly basis. There is no future promise or claim to deliver services as merchant fees are based on monthly merchant transactions. The Company’s performance obligations are largely satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically received immediately or in the following month. Therefore, the new revenue standard has no impact on revenues generated from bankcard services. The following presents noninterest income, segregated by revenue streams in-scope out-of-scope Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Noninterest income: In-scope Service charges on deposit accounts $ 20,010 $ 17,070 $ 15,809 Trust and investment services 9,525 8,774 9,845 Bankcard services 3,163 3,485 3,406 Gain on OREO, net 129 3,546 6 Other 9,951 6,588 4,888 Noninterest Income (in-scope 42,778 39,463 33,954 Noninterest Income (out-of-scope 16,264 4,018 8,164 Total noninterest income $ 59,042 $ 43,481 $ 42,118 Contract Acquisition Costs In connection with the adoption of Topic 606, an entity is required to capitalize, and subsequently amortize into expense, certain incremental costs of obtaining a contract with a customer if these costs are expected to be recovered. The incremental costs of obtaining a contract are those costs that an entity incurs to obtain a contract with a customer that it would not have incurred if the contract had not been obtained (for example, sales commission). The Company utilizes the practical expedient, which allows entities to immediately expense contract acquisition costs when the asset that would have resulted from capitalizing these costs would have been amortized in one year or less. |
Condensed Financial Information
Condensed Financial Information of Parent Company | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Financial Information of Parent Company | 25. CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY The following tables provide the parent company only condensed balance sheets, condensed statements of earnings and condensed statements of cash flows for the periods presented. CVB FINANCIAL CORP. CONDENSED BALANCE SHEETS December 31, 2019 2018 (Dollars in thousands) Assets Investment in subsidiaries $ 2,003,692 $ 1,865,609 Other assets, net 42,070 31,628 Total assets $ 2,045,762 $ 1,897,237 Liabilities $ 51,664 $ 46,047 Stockholders’ equity 1,994,098 1,851,190 Total liabilities and stockholders’ equity $ 2,045,762 $ 1,897,237 CVB FINANCIAL CORP. CONDENSED STATEMENTS OF EARNINGS Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Excess in net earnings of subsidiaries $ 107,185 $ 78,601 $ 50,253 Dividends from the Bank 106,000 77,800 57,000 Other expense, net (5,358 ) (4,398 ) (2,842 ) Net earnings $ 207,827 $ 152,003 $ 104,411 CVB FINANCIAL CORP. CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Cash Flows from Operating Activities Net earnings $ 207,827 $ 152,003 $ 104,411 Adjustments to reconcile net earnings to cash used in operating activities: Earnings of subsidiaries (213,185 ) (156,401 ) (107,253 ) Tax settlement received from the Bank 1,008 - 1,577 Stock-based compensation 5,548 3,508 2,953 Other operating activities, net (2,417 ) (2,052 ) (1,725 ) Total adjustments (209,046 ) (154,945 ) (104,448 ) Net cash used in operating activities (1,219 ) (2,942 ) (37 ) Cash Flows from Investing Activities Dividends received from the Bank 106,000 77,800 57,000 Net cash provided by investing activities 106,000 77,800 57,000 Cash Flows from Financing Activities Cash dividends on common stock (95,352 ) (65,966 ) (57,047 ) Proceeds from exercise of stock options 2,215 1,701 2,683 Repurchase of common stock (2,640 ) (7,760 ) (1,128 ) Net cash used in financing activities (95,777 ) (72,025 ) (55,492 ) Net increase in cash and cash equivalents 9,004 2,833 1,471 Cash and cash equivalents, beginning of period 22,050 19,217 17,746 Cash and cash equivalents, end of period $ 31,054 $ 22,050 $ 19,217 |
Quarterly Financial Data
Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data | 26. QUARTERLY FINANCIAL DATA (UNAUDITED) The following table sets forth our unaudited, quarterly results for the periods indicated. Three Months Ended December 31, September 30, June 30, March 31, (Dollars in thousands, except per share amounts) 2019 Net interest income $ 107,020 $ 108,159 $ 111,057 $ 109,536 Provision for loan losses - 1,500 2,000 1,500 Net earnings 51,281 50,423 54,481 51,642 Basic earnings per common share 0.37 0.36 0.39 0.37 Diluted earnings per common share 0.37 0.36 0.39 0.37 2018 Net interest income $ 113,016 $ 92,820 $ 72,688 $ 70,521 Provision for (recapture of) loan losses 3,000 500 (1,000 ) (1,000 ) Net earnings 43,159 38,558 35,373 34,913 Basic earnings per common share 0.31 0.30 0.32 0.32 Diluted earnings per common share 0.31 0.30 0.32 0.32 |
Accounting policies (Policies)
Accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Segments | Business Segments reportable segments: Banking Centers and Dairy & Livestock and Agribusiness. As a result of the Community Bank acquisition, along with changes in personnel, reporting structure, and operations, we re-evaluated As of December 31, 2018, we operated as one reportable segment. The factors considered in making this determination included the nature of products and offered services, geographic regions in which we operate, the applicable regulatory environment, and the materiality of discrete financial information reviewed by our key decision makers. Through our network of banking centers, we provide relationship-based banking products, services and solutions for small to mid-sized non-profit |
Cash and cash equivalents | Cash and cash equivalents |
Investment Securities | Investment Securities held-to-maturity available-for-sale held-to-maturity Available-for-sale At each reporting date, securities are assessed to determine whether there is an other-than-temporary impairment (“OTTI”). Other-than-temporary impairment on investment securities is not recognized in earnings when there are credit losses on a debt security for which management does not intend to sell and for which it is more-likely-than-not |
Loans and Lease Finance Receivables | Loans and Lease Finance Receivables Loans and Lease Finance Receivables and Allowance for Loan Losses In the ordinary course of business, the Company enters into commitments to extend credit to its customers. To the extent that such commitments are unfunded, the related unfunded amounts are not reflected in the accompanying consolidated financial statements. The Company receives collateral to support loans, lease finance receivables, and commitments to extend credit for which collateral is deemed necessary. The most significant categories for which collateral is deemed necessary are real estate, principally commercial and industrial income-producing properties, Small Business Administration (“SBA”) loans, real estate mortgages, assets utilized in dairy & livestock and agribusiness, and various personal property assets utilized in commercial and industrial business governed by the Uniform Commercial Code. Nonrefundable fees and direct costs associated with the origination or purchase of loans are deferred and netted against outstanding loan balances. The deferred net loan fees and costs and purchase price discounts are recognized in interest income over the loan term using the effective-yield method. Interest on loans and lease finance receivables, is credited to income based on the principal amounts of such loans or receivables outstanding. Loans are considered delinquent when principal or interest payments are past due 30 days or more and generally remain on accrual status between 30 and 89 days past due. Interest income is not recognized on loans and lease finance receivables when collection of interest is deemed by management to be doubtful. Loans on which the accrual of interest has been discontinued are designated as nonaccrual loans. In general, interest shall not accrue on any loan for which payment in full of principal and interest is not expected, or when the loan becomes 90 days past due, unless the loan is both well secured and in the process of collection. Factors considered in determining that the full collection of principal and interest is no longer probable include cash flow and liquidity of the borrower or property, the financial position of the guarantors and their willingness to support the loan as well as other factors, and this determination involves significant judgment. When an asset is placed on status, previously accrued but unpaid interest is reversed against income. Subsequent collections of cash are applied as reductions to the principal balance unless the loan is returned to accrual status. Interest is not recognized using a cash-basis method. loans may be restored to accrual status when principal and interest become current and when the borrower is able to demonstrate payment performance for a sustained period, typically for . A loan may return to accrual status sooner based on other significant events or mitigating circumstances. This policy is consistently applied to all types of loans and lease finance receivables. |
Purchased Loans | Purchased Loans |
Acquired non-impaired loans | Acquired non-impaired loans |
Purchase Credit Impaired Loans | Purchased credit impaire d loans — PCI loans and are accounted for in accordance with ASC 310-30, “Loans and Debt Securities Acquired with Deteriorated Credit Quality.” A purchased loan is deemed to be credit impaired when there is evidence of credit deterioration since its origination and it is probable at the acquisition date that collection of all contrac of Non-PCI and were reflected in total loans and lease finance receivables. |
Troubled Debt Restructurings | Troubled Debt Restructurings debt, (ii) an extension of the maturity date or dates at a stated interest rate lower than the current market rate for new debt with similar risk, (iii) a reduction of the face amount or maturity amount of the debt as stated in the instrument or other agreement, or (iv) a reduction of interest. As a result of these concessions, restructured loans are considered impaired . In situations where the Company has determined that the borrower is experiencing financial difficulties and is evaluating whether a concession is insignificant, and therefore does not result in a TDR, such analysis is based on an evaluation of both the amount and the timing of the restructured payments, including the following factors: 1. Whether the amount of the restructured payments subject to delay is insignificant relative to the unpaid principal balance or collateral value of the debt and will result in an insignificant shortfall in the contractual amount due; and 2. The delay is insignificant relative to any of the following: • The frequency of payments due; • The debt’s original contractual maturity; or • The debt’s original expected duration. Nonaccrual restructured loans are included and treated with all other nonaccrual loans. In addition, all accruing restructured loans are reported as TDRs, which are considered and accounted for as impaired loans. A loan that has been placed on nonaccrual status that is subsequently restructured will remain on nonaccrual status until the borrower is able to demonstrate repayment performance in compliance with the restructured terms for a sustained period of time, generally for a minimum of six months. A restructured loan may return to accrual status sooner based on other significant events or circumstances. |
Impaired Loans | Impaired Loans The Company’s policy is to record a specific valuation allowance, which is included in the allowance for loan losses, or to charge off that portion of an impaired loan that represents the impairment or shortfall amount as determined utilizing one of the three methods described in ASC 310-10-35-22. non-collateral Charge-offs of unsecured consumer loans are recorded when the loan reaches 120 days past due or sooner as circumstances indicate. Except for the charge-offs of unsecured consumer loans, the charge-off pre-modification recognizes the change in present value attributable to the passage of time as interest income on such performing SFR mortgage loans and the amount of interest income recognized to date has been insignificant. |
Provision and Allowance for Loan Losses | Provision and Allowance for Loan Losses — The allowance for loan losses is management’s estimate of probable losses inherent in the loan and lease receivables portfolio. The allowance is increased by the provision for loan losses and recoveries of prior loan losses, and it is decreased by recapture of provision for loan losses and by charge-offs taken when management believes the uncollectability of any loan is confirmed. Subsequent recoveries, if any, are added to the allowance. The determination of the balance in the allowance There are different qualitative risks for the loans in each portfolio segment. The construction and real estate segments’ predominant risk characteristic is the collateral and the geographic location of the property collateralizing the loan as well as the operating cash flow for commercial real estate properties. The commercial and industrial segment’s predominant risk characteristics are the cash flows of the businesses we lend to, the global cash flows and liquidity of the guarantors, as well as economic and market conditions. SBA 504 loans have risk characteristics that are similar to the real estate loan segment, while SBA 7(a) loans have risks that are similar to commercial and industrial loans. The dairy & livestock segment’s predominant risk characteristics are milk and beef prices in the market as well as the cost of feed and cattle. The Agribusiness segment’s predominant risk characteristics are the supply and demand conditions of the product, production seasonality, the scale of operations and ability to control costs, the availability and cost of water, and operator experience. The municipal lease segment’s predominant risk characteristics are the municipality’s general financial condition and tax revenues or if applicable the specific project related financial condition. The consumer, auto and other segment’s predominant risk characteristics are employment and income levels as they relate to consumers and cash flows of the businesses as they relate to equipment and vehicle leases to businesses. The Company’s methodology is consistently applied across all portfolio segments taking into account the applicable historical loss rates and the qualitative factors applicable to each pool of loans. A key factor in the Company’s methodology is the loan risk rating (Pass, Special Mention, Substandard, Doubtful and Loss). Loan risk ratings are updated as facts related to the loan or borrower become available. In addition, all term loans in excess of $1.0 million are subject to an annual internal credit review process where all factors underlying the loan, borrower and guarantors are subject to review which may result in changes to the loan’s risk rating. Our methodology for assessing the appropriateness of the allowance is conducted on a regular basis and considers the Bank’s overall loan portfolio. The Bank’s methodology consists of two major phases. In the first phase, individual loans are reviewed to identify loans for impairment. Impairment is measured based on the Company’s policy. The second phase is conducted by evaluating or segmenting the remainder of the loan portfolio into groups or pools of loans with similar characteristics. In this second phase, groups or pools of homogeneous loans are reviewed to determine a portfolio formula allowance. In the case of the portfolio formula allowance, homogeneous portfolios, such as small business loans, consumer loans, dairy & livestock and agribusiness loans, and real estate loans, are aggregated or pooled in determining the appropriate allowance. The Bank aggregates loans with similar risk characteristics into eight (8) segments in order to capture sufficient loss observations, and to produce more reliable historical loss rates for a given segment. The Bank’s methodology employs a look back period based on a through-the-cycle through-the-cycle Included in this second phase is our consideration of qualitative factors, including, all known relevant internal and external factors that may affect the collectability of a loan. This includes our estimates of the amounts necessary for concentrations, economic uncertainties, the volatility of the market value of collateral, and other relevant factors. Quantitative metrics are applied to each of the factors utilizing a comparison of current measurements to historical results within the range of the look back period. These qualitative factors are used to adjust the historical loan loss rates for each pool of loans to determine the probable loan losses inherent in the portfolio. Periodically, we assess various attributes utilized in adjusting our historical loss factors to reflect current economic conditions. The methodology is consistently applied across all the portfolio segments taking into account the applicable historical loss rates and the qualitative factors applicable to each pool of loans. Performing loans acquired through business combinations are evaluated separately by each acquired portfolio using the ALLL methodology. The results of the ALLL methodology are compared to the remaining fair value discounts by portfolio. If the remaining fair value discounts are determined to be insufficient, the allowance will be increased to reflect the additional risk in the portfolio. The ALLL methodology includes documentation, controls, validation and governance processes that ensure that the overall ALLL process is structured, transparent and repeatable. The Bank updates its ALLL methodology at least annually to ensure the relevance and reliability of key measures and assumptions that produce the allowance each quarter. |
Reserve for Unfunded Loan Commitments | Reserve for Unfunded Loan Commitments off-balance off-balance |
Other Real Estate Owned | Other Real Estate Owned |
Premises and Equipment | Premises and Equipment Bank premises 15 - 39 years Leasehold improvements Shorter of estimated economic lives of 15 years or term of the lease. Computer equipment 3 - 7 years Furniture, fixtures and equipment 5 - 10 years Long-lived assets are reviewed periodically for impairment when events or changes in circumstances indicate that the carrying amount may not be recoverable. The existence of impairment is based on undiscounted cash flows. To the extent impairment exists, the impairment is calculated as the difference in fair value of assets and their carrying value. The impairment loss, if any, would be recorded in noninterest expense. Long-lived assets classified as held-for-sale Assets-held-for “held-and-used” • Management, having the authority to approve the action, commits to a plan to sell the asset; • The asset is available for immediate sale, an active program to locate a buyer and other actions required to complete the plan to sell the asset have been initiated; • The sale of the asset is probable, and transfer of the asset is expected to qualify for recognition as a completed sale, within one year; • The asset is being actively marketed for sale at a price that is reasonable in relation to its current fair value; • Actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets non-controlling Intangible assets with definite useful lives are amortized over their estimated useful lives to their estimated residual values. Goodwill is the only intangible asset with an indefinite life on our balance sheets. Based on the Company’s annual impairment test, there was no recorded impairment as of December 31, 2019. Other intangible assets consist of core deposit intangible assets arising from business combinations and are amortized using an accelerated method over their estimated useful lives. |
Use of Fair Value | Use of Fair Value available-for-sale non-recurring non-recurring lower-of-cost-or Fair Value Information |
Bank Owned Life Insurance | Bank Owned Life Insurance |
Income Taxes | Income Taxes Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Future realization of deferred tax assets ultimately depends on the existence of sufficient taxable income of the appropriate character (for example, ordinary income or capital gain) within the carryback or carryforward periods available under the tax law. Based on historical and future expected taxable earnings and available strategies, the Company considers the future realization of these deferred tax assets more likely than not. The tax effects from an uncertain tax position are recognized in the financial statements only if, based on its merits, the position is more likely than not to be sustained on audit by the taxing authorities. Interest and penalties related to uncertain tax positions are recorded as part of other operating expense. |
Earnings per Common Share | Earnings per Common Share two-class two-class non-forfeitable Earnings Per Share Reconciliation |
Stock-Based Compensation | Stock-Based Compensation Stock Compensation non-employee The fair value of each stock option grant is estimated as of the grant date using the Black-Scholes option-pricing model. Management assumptions used at the time of grant impact the fair value of the option calculated under the Black-Scholes option-pricing model, and ultimately, the expense that will be recognized over the life of the option. The grant date fair value of restricted stock awards is measured at the fair value of the Company’s common stock as if the restricted share was vested and issued on the date of grant. Additional information is included in Note 17 — Stock-Based Compensation Plans |
Derivative Financial Instruments | Derivative Financial Instruments Upon adoption of ASU 2017-12, |
Statement of Cash Flows | Statement of Cash Flows |
CitizensTrust | CitizensTrust Ontario and Newport Beach. At December 31, 2019, CitizensTrust had approximately $2.86 billion in assets under management and administration, including $2.01 billion in assets under management. The amount of these funds and the related liability have not been recorded in the accompanying consolidated balance sheets because they are not assets or liabilities of the Bank or Company, with the exception of any funds held on deposit with the Bank. |
Use of Estimates in the Preparation of Financial Statements | Use of Estimates in the Preparation of Financial Statements |
Other Contingencies | Other Contingencies Commitments and Contingencies |
Adoption of New Accounting Standard | Adoption of New Accounting Standard 2017-12, 2017-12 objective, the amendments expand and refine hedge accounting for both non-financial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. ASU No. 2017-12 is effective for interim and annual reporting periods beginning after December 15, 2018; early adoption is permitted. The Company currently does not designate any derivative financial instruments as qualifying hedging relationships, and therefore, does not utilize hedge accounting. The Company adopted this ASU and it did not have a material impact on the Company’s consolidated financial statements. In June 2018, the FASB issued ASU No. 2018-07, 2018-07 re-measured 2018-07 In February 2016, FASB issued ASU No. 2016-02, 2016-02 right-of-use entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. In July 2018, the FASB issued ASU 2018-10, 2018-10 2016-02. In July 2018, the FASB issued ASU No. 2018-11, 2016-02, non-lease 2018-11: non-lease 2016-02. Practical Expedients to Topic 842, Leases non-lease The Company’s leasing portfolio consists of real estate leases, which are used primarily for the banking operations of the Company. All leases in the current portfolio have been classified as operating leases, although this may change in the future. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. The adoption of this ASU during the first quarter of 2019 did not have a material impact on the Company’s consolidated financial statements. At adoption, the Company recognized a lease liability and a corresponding ROU asset of approximately $20 million on the consolidated balance sheet related to its future lease payments as a lessee under operating leases. See Note 2 Leases Operating lease ROU assets and lease liabilities are included in other assets other liabilities In January 2017, the FASB issued ASU No. 2017-04, 2017-04 |
Fair Value Hierarchy | Fair Value Hierarchy Fair value is the exchange price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The following disclosure provides the fair value information for financial assets and liabilities as of December 31, 2019. The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three broad levels (Level 1, Level 2 and Level 3). • Level 1 — • Level 2 inputs • Level 3 There were no transfers in and out of Level 1 and Level 2 during the years ended December 31, 2019 and 2018. Assets and Liabilities Measured at Fair Value on a Recurring Basis The tables below present the balances of assets and liabilities measured at fair value on a recurring basis for the dates |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Useful Lives of Principal Classes of Assets | The ranges of useful lives of the principal classes of assets are as follows: Bank premises 15 - 39 years Leasehold improvements Shorter of estimated economic lives of 15 years or term of the lease. Computer equipment 3 - 7 years Furniture, fixtures and equipment 5 - 10 years |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The table below summarizes the amounts recognized for the estimated fair value of assets acquired and the liabilities assumed as of the acquisition date. August 10, 2018 (Dollars in thousands) Merger Consideration Cash paid $ 180,719 CVBF common stock issued 722,767 Total merger consideration $ 903,486 Identifiable net assets acquired, at fair value Assets Acquired Cash and cash equivalents 47,802 Investment securities 716,996 FHLB stock 17,250 Loans 2,738,100 Accrued interest receivable 7,916 Premises and equipment 14,632 BOLI 70,904 Core deposit intangible 52,200 Other assets 53,291 Total assets acquired 3,719,091 Liabilities assumed Deposits 2,869,986 FHLB advances 297,571 Other borrowings 166,000 Other liabilities 29,192 Total liabilities assumed 3,362,749 Total fair value of identifiable net assets, at fair value 356,342 Goodwill $ 547,144 |
Business Acquisition, Pro Forma Information [Table Text Block] | Unaudited Pro Forma 2018 2017 (Dollars in thousands, except per share amounts) Total revenues (net interest income plus noninterest income) $ 488,620 $ 477,235 Net income $ 181,433 $ 139,129 Earnings per share - basic $ 1.30 $ 1.00 Earnings per share - diluted $ 1.29 $ 0.99 |
Investment Securities (Tables)
Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Amortized Cost and Estimated Fair Value of Investment Securities | The amortized cost and estimated fair value of investment securities are summarized below. The majority of securities held are available-for-sale December 31, 2019 Amortized Gross Gross Fair Value Total Percent (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 1,185,757 $ 21,306 $ (750 ) $ 1,206,313 69.32 % CMO/REMIC 493,214 1,392 (896 ) 493,710 28.37 % Municipal bonds 38,506 850 (2 ) 39,354 2.26 % Other securities 880 - - 880 0.05 % Total available-for-sale $ 1,718,357 $ 23,548 $ (1,648 ) $ 1,740,257 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 117,366 $ 2,280 $ (657 ) $ 118,989 17.40 % Mortgage-backed securities 168,479 2,083 (54 ) 170,508 24.98 % CMO/REMIC 192,548 - (2,458 ) 190,090 28.55 % Municipal bonds 196,059 3,867 (565 ) 199,361 29.07 % Total held-to-maturity $ 674,452 $ 8,230 $ (3,734 ) $ 678,948 100.00 % December 31, 2018 Amortized Gross Gross Fair Value Total (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 1,494,106 $ 1,348 $ (20,946 ) $ 1,474,508 85.03 % CMO/REMIC 217,223 353 (3,525 ) 214,051 12.34 % Municipal bonds 45,621 332 (1,143 ) 44,810 2.59 % Other securities 716 - - 716 0.04 % Total available-for-sale $ 1,757,666 $ 2,033 $ (25,614 ) $ 1,734,085 100.00 % Investment securities held-to-maturity: Government agency/GSE $ 138,274 $ 572 $ (2,622 ) $ 136,224 18.57 % Mortgage-backed securities 153,874 - (3,140 ) 150,734 20.67 % CMO/REMIC 215,336 - (12,081 ) 203,255 28.93 % Municipal bonds 236,956 556 (6,188 ) 231,324 31.83 % Total held-to-maturity $ 744,440 $ 1,128 $ (24,031 ) $ 721,537 100.00 % |
Summary of Interest Income Earned on Investment Securities | The following table provides information about the amount of interest income earned on investment securities which is fully taxable and which is exempt from regular federal income tax. Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Investment securities available-for-sale: Taxable $ 38,189 $ 44,423 $ 47,596 Tax-advantaged 1,141 1,565 2,182 Total interest income from available-for-sale 39,330 45,988 49,778 Investment securities held-to-maturity: Taxable 11,498 11,848 12,558 Tax-advantaged 5,890 7,053 8,457 Total interest income from held-to-maturity 17,388 18,901 21,015 Total interest income from investment securities $ 56,718 $ 64,889 $ 70,793 |
Summary of Continuous Unrealized Loss Position of Securities | The tables below show the Company’s investment securities’ gross unrealized losses and fair value by investment category and length of time that individual securities have been in a continuous unrealized loss position at December 31, 2019 and 2018. Management has reviewed individual securities to determine whether a decline in fair value below the amortized cost basis is other-than-temporary. The unrealized losses on these securities were primarily attributed to changes in interest rates. The issuers of these securities have not, to our knowledge, evidenced any cause for default on these securities. These securities have fluctuated in value since their purchase dates as market interest rates have fluctuated. However, we have the ability and the intention to hold these securities until their fair values recover to cost or maturity. As such, management does not deem these securities to be OTTI. December 31, 2019 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 20,289 $ (6 ) $ 97,964 $ (744 ) $ 118,253 $ (750 ) CMO/REMIC 177,517 (705 ) 34,565 (191 ) 212,082 (896 ) Municipal bonds - - 563 (2 ) 563 (2 ) Total available-for-sale $ 197,806 $ (711 ) $ 133,092 $ (937 ) $ 330,898 $ (1,648 ) Investment securities held-to-maturity: Government agency/GSE $ 28,359 $ (252 ) $ 19,405 $ (405 ) $ 47,764 $ (657 ) Mortgage-backed securities 10,411 (54 ) - - 10,411 (54 ) CMO/REMIC 23,897 (104 ) 166,193 (2,354 ) 190,090 (2,458 ) Municipal bonds 7,583 (32 ) 29,981 (533 ) 37,564 (565 ) Total held-to-maturity $ 70,250 $ (442 ) $ 215,579 $ (3,292 ) $ 285,829 $ (3,734 ) December 31, 2018 Less Than 12 Months 12 Months or Longer Total Fair Value Gross Fair Value Gross Fair Value Gross (Dollars in thousands) Investment securities available-for-sale: Mortgage-backed securities $ 692,311 $ (4,864 ) $ 593,367 $ (16,082 ) $ 1,285,678 $ (20,946 ) CMO/REMIC 36,582 (365 ) 135,062 (3,160 ) 171,644 (3,525 ) Municipal bonds 9,568 (188 ) 14,181 (955 ) 23,749 (1,143 ) Total available-for-sale $ 738,461 $ (5,417 ) $ 742,610 $ (20,197 ) $ 1,481,071 $ (25,614 ) Investment securities held-to-maturity: Government agency/GSE $ 7,479 $ (15 ) $ 54,944 $ (2,607 ) $ 62,423 $ (2,622 ) Mortgage-backed securities 59,871 (484 ) 90,863 (2,656 ) 150,734 (3,140 ) CMO/REMIC - - 203,254 (12,081 ) 203,254 (12,081 ) Municipal bonds 70,989 (778 ) 77,723 (5,410 ) 148,712 (6,188 ) Total held-to-maturity $ 138,339 $ (1,277 ) $ 426,784 $ (22,754 ) $ 565,123 $ (24,031 ) |
Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | Mortgage-backed and CMO/REMIC securities are included in maturity categories based upon estimated average lives which incorporate estimated prepayment speeds. December 31, 2019 Available-for-sale Held-to-maturity Amortized Fair Value Amortized Fair Value (Dollars in thousands) Due in one year or less $ 16,048 $ 16,175 $ - $ - Due after one year through five years 1,414,580 1,435,647 339,132 338,758 Due after five years through ten years 266,108 266,349 140,143 141,903 Due after ten years 21,621 22,086 195,177 198,287 Total investment securities $ 1,718,357 $ 1,740,257 $ 674,452 $ 678,948 |
Loans and Lease Finance Recei_2
Loans and Lease Finance Receivables and Allowance for Loan Losses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Receivables [Abstract] | |
Summary of Components of Loans and Lease Finance Receivables, Excluding PCI Loans | The following table provides a summary of total loans and lease finance receivables by type. December 31, 2019 December 31, 2018 Total Loans Non-PCI PCI Loans Total Loans (Dollars in thousands) Commercial and industrial $ 935,127 $ 1,002,209 $ 519 $ 1,002,728 SBA 305,008 350,043 1,258 351,301 Real estate: Commercial real estate 5,374,617 5,394,229 14,407 5,408,636 Construction 116,925 122,782 - 122,782 SFR mortgage 283,468 296,504 145 296,649 Dairy & livestock and agribusiness 383,709 393,843 700 394,543 Municipal lease finance receivables 53,146 64,186 - 64,186 Consumer and other loans 116,319 128,429 185 128,614 Gross loans 7,568,319 7,752,225 17,214 7,769,439 Less: Deferred loan fees, net (3,742 ) (4,828 ) - (4,828 ) Gross loans, net of deferred loan fees 7,564,577 7,747,397 17,214 7,764,611 Less: Allowance for loan losses (68,660 ) (63,409 ) (204 ) (63,613 ) Total loans and lease finance receivables $ 7,495,917 $ 7,683,988 $ 17,010 $ 7,700,998 |
Summary of Loan, Excluding PCI Loans by Internal Risk Ratings | The following table summarizes loans by type, according to our internal risk ratings as of the dates presented. December 31, 2019 Pass Special Substandard (1) Doubtful & Total (Dollars in thousands) Commercial and industrial $ 895,234 $ 35,473 $ 4,420 $ - $ 935,127 SBA 283,430 11,032 10,546 - 305,008 Real estate: Commercial real estate Owner occupied 1,977,007 78,208 28,435 - 2,083,650 Non-owner 3,280,580 10,005 382 - 3,290,967 Construction Speculative 106,895 - - - 106,895 Non-speculative 10,030 - - - 10,030 SFR mortgage 280,010 1,957 1,501 - 283,468 Dairy & livestock and agribusiness 320,670 35,920 27,119 - 383,709 Municipal lease finance receivables 52,676 470 - - 53,146 Consumer and other loans 114,870 421 1,028 - 116,319 Total gross loans $ 7,321,402 $ 173,486 $ 73,431 $ - $ 7,568,319 (1) Includes $26.8 million of classified loans acquired from CB in the third quarter of 2018. December 31, 2018 (1) Pass Special Substandard (2) Doubtful & Total (Dollars in thousands) Commercial and industrial $ 961,909 $ 29,358 $ 10,942 $ - $ 1,002,209 SBA 336,033 7,375 6,635 - 350,043 Real estate: Commercial real estate Owner occupied 2,008,169 95,841 13,980 - 2,117,990 Non-owner 3,260,822 9,938 5,479 - 3,276,239 Construction Speculative 118,233 - - - 118,233 Non-speculative 4,549 - - - 4,549 SFR mortgage 289,607 3,310 3,587 - 296,504 Dairy & livestock and agribusiness 350,044 34,586 9,213 - 393,843 Municipal lease finance receivables 63,650 536 - - 64,186 Consumer and other loans 126,085 1,263 1,081 - 128,429 Total gross loans $ 7,519,101 $ 182,207 $ 50,917 $ - $ 7,752,225 (1) Excludes PCI loans of $17.2 million as of December 31, 2018, of which $15.8 million were rated pass, $1.2 million were rated special mention, $224,000 were rated substandard, and zero were rated doubtful & loss. (2) Includes $19.0 million of classified loans acquired from CB in the third quarter of 2018. |
Schedule of Balance and Activity Related to Allowance for Loan Losses for Held-for-Investment Loans by Type | The following tables present the balance and activity related to the allowance for loan losses for held-for-investment Year Ended December 31, 2019 Ending Balance Charge-offs Recoveries Provision for Ending Balance (Dollars in thousands) Commercial and industrial $ 7,528 $ (48 ) $ 255 $ 1,145 $ 8,880 SBA 1,078 (321 ) 9 687 1,453 Real estate: Commercial real estate 45,097 - - 3,532 48,629 Construction 981 - 12 (135 ) 858 SFR mortgage 2,197 - 196 (54 ) 2,339 Dairy & livestock and agribusiness 5,225 (78 ) 19 89 5,255 Municipal lease finance receivables 775 - - (152 ) 623 Consumer and other loans 732 (7 ) 10 (112 ) 623 Total allowance for loan losses $ 63,613 $ (454 ) $ 501 $ 5,000 $ 68,660 Year Ended December 31, 2018 Ending Balance December 31, Charge-offs Recoveries Provision for (Recapture of) Loan Losses Ending Balance (Dollars in thousands) Commercial and industrial $ 7,280 $ (10 ) $ 82 $ 168 $ 7,520 SBA 869 (257 ) 20 430 1,062 Real estate: Commercial real estate 41,722 - - 3,212 44,934 Construction 984 - 2,506 (2,509 ) 981 SFR mortgage 2,112 (13 ) 51 46 2,196 Dairy & livestock and agribusiness 4,647 - 19 549 5,215 Municipal lease finance receivables 851 - - (76 ) 775 Consumer and other loans 753 (11 ) 141 (157 ) 726 PCI loans 367 - - (163 ) 204 Total allowance for loan losses $ 59,585 $ (291 ) $ 2,819 $ 1,500 $ 63,613 Year Ended December 31, 2017 Ending Balance December 31, Charge-offs Recoveries (Recapture of) Provision for Loan Losses Ending Balance (Dollars in thousands) Commercial and industrial $ 8,154 $ (138 ) $ 118 $ (854 ) $ 7,280 SBA 871 - 78 (80 ) 869 Real estate: Commercial real estate 37,443 - 154 4,125 41,722 Construction 1,096 - 6,036 (6,148 ) 984 SFR mortgage 2,287 - 212 (387 ) 2,112 Dairy & livestock and agribusiness 8,541 - 19 (3,913 ) 4,647 Municipal lease finance receivables 941 - - (90 ) 851 Consumer and other loans 988 (13 ) 79 (301 ) 753 PCI loans 1,219 - - (852 ) 367 Total allowance for loan losses $ 61,540 $ (151 ) $ 6,696 $ (8,500 ) $ 59,585 |
Schedule of Recorded Investment in Loans Held-for-Investment and Related Allowance for Loan Losses by Loan Type | December 31, 2019 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Individually Collectively (Dollars in thousands) Commercial and industrial $ 1,344 $ 933,783 $ 251 $ 8,629 SBA 2,568 302,440 257 1,196 Real estate: Commercial real estate 1,121 5,373,496 - 48,629 Construction - 116,925 - 858 SFR mortgage 2,979 280,489 - 2,339 Dairy & livestock and agribusiness - 383,709 - 5,255 Municipal lease finance receivables - 53,146 - 623 Consumer and other loans 377 115,942 - 623 Total $ 8,389 $ 7,559,930 $ 508 $ 68,152 December 31, 2018 Recorded Investment in Loans Allowance for Loan Losses Individually Collectively Acquired with Individually Collectively Acquired with (Dollars in thousands) Commercial and industrial $ 7,625 $ 994,584 $ - $ 3 $ 7,517 $ - SBA 3,467 346,576 - - 1,062 - Real estate: Commercial real estate 6,540 5,387,689 - 478 44,456 - Construction - 122,782 - - 981 - SFR mortgage 5,349 291,155 - - 2,196 - Dairy & livestock and agribusiness 78 393,765 - 12 5,203 - Municipal lease finance receivables - 64,186 - - 775 - Consumer and other loans 486 127,943 - 68 658 - PCI loans - - 17,214 - - 204 Total $ 23,545 $ 7,728,680 $ 17,214 $ 561 $ 62,848 $ 204 |
Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Excluding PCI Loans by Class of Loans | The following tables present the recorded investment in, and the aging of, past due and nonaccrual loans, by type of loans as of the dates presented. December 31, 2019 30-59 60-89 Total Past Due Nonaccrual Current Total Loans (Dollars in thousands) Commercial and industrial $ 2 $ - $ 2 $ 1,266 $ 933,859 $ 935,127 SBA 870 532 1,402 2,032 301,574 305,008 Real estate: Commercial real estate Owner occupied - - - 479 2,083,171 2,083,650 Non-owner - - - 245 3,290,722 3,290,967 Construction Speculative (2) - - - - 106,895 106,895 Non-speculative - - - - 10,030 10,030 SFR mortgage 6 243 249 878 282,341 283,468 Dairy & livestock and agribusiness - - - - 383,709 383,709 Municipal lease finance receivables - - - - 53,146 53,146 Consumer and other loans - - - 377 115,942 116,319 Total gross loans, excluding PCI loans $ 878 $ 775 $ 1,653 $ 5,277 $ 7,561,389 $ 7,568,319 (1) As of December 31, 2019, $1.2 million of nonaccruing loans were current, $59,000 were 30-59 60-89 , (2) Speculative construction loans are generally for properties where there is no identified buyer or renter. (3) Includes $3.5 million of nonaccrual loans acquired from CB in the third quarter of 2018. (4) Excludes $2.0 million of guaranteed portion of nonaccrual SBA loans that are in process of collection. December 31, 2018 (1) 30-59 60-89 Total Past Due Nonaccrual Current Total Loans (Dollars in thousands) Commercial and industrial $ 820 $ 89 $ 909 $ 7,490 $ 993,810 $ 1,002,209 SBA 1,172 135 1,307 2,892 345,844 350,043 Real estate: Commercial real estate Owner occupied 2,439 350 2,789 589 2,114,612 2,117,990 Non-owner - - - 5,479 3,270,760 3,276,239 Construction Speculative ( 3 - - - - 118,233 118,233 Non-speculative - - - - 4,549 4,549 SFR mortgage - 285 285 2,937 293,282 296,504 Dairy & livestock and agribusiness - - - 78 393,765 393,843 Municipal lease finance receivables - - - - 64,186 64,186 Consumer and other loans - - - 486 127,943 128,429 Total gross loans, excluding PCI loans $ 4,431 $ 859 $ 5,290 $ 19,951 $ 7,726,984 $ 7,752,225 (1) Excludes PCI loans. (2) As of December 31, 2018, $2.3 million of nonaccruing loans were current, $33,000 were 30-59 60-89 (3) Speculative construction loans are generally for properties where there is no identified buyer or renter. (4) Includes $12.3 million of nonaccrual loans acquired from CB in the third quarter of 2018. |
Schedule of Held-for-Investment Loans, Individually Evaluated for Impairment by Class of Loans | The following tables present information for held-for-investment Year Ended December 31, 2019 Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 1,091 $ 1,261 $ - $ 1,369 $ 4 SBA 2,243 2,734 - 2,389 41 Real estate: Commercial real estate Owner occupied 479 613 - 505 - Non-owner 642 643 - 681 26 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 2,979 3,310 - 3,043 86 Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 377 514 - 396 - Total 7,811 9,075 - 8,383 157 With a related allowance recorded: Commercial and industrial 253 347 251 699 - SBA 325 324 257 327 - Real estate: Commercial real estate Owner occupied - - - - - Non-owner - - - - - Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans - - - - - Total 578 671 508 1,026 - Total impaired loans $ 8,389 $ 9,746 $ 508 $ 9,409 $ 157 Year Ended December 31, 2018 (1) Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 7,436 $ 11,457 $ - $ 7,718 $ 7 SBA 3,467 5,746 - 3,919 44 Real estate: Commercial real estate Owner occupied 589 705 - 624 - Non-owner 2,808 4,324 - 4,585 32 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 5,349 6,270 - 5,484 80 Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 418 526 - 459 - Total 20,067 29,028 - 22,789 163 With a related allowance recorded: Commercial and industrial 189 191 3 203 - SBA - - - - - Real estate: Commercial real estate Owner occupied - - - - - Non-owner 3,143 3,144 478 3,144 - Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness 78 78 12 78 - Municipal lease finance receivables - - - - - Consumer and other loans 68 100 68 76 - Total 3,478 3,513 561 3,501 - Total impaired loans $ 23,545 $ 32,541 $ 561 $ 26,290 $ 163 Ye ar Ended Recorded Investment Unpaid Principal Balance Related Allowance Average Recorded Investment Interest Income Recognized (Dollars in thousands) With no related allowance recorded: Commercial and industrial $ 440 $ 980 $ - $ 548 $ 10 SBA 1,530 1,699 - 1,598 47 Real estate: Commercial real estate Owner occupied 4,365 4,763 - 4,414 36 Non-owner 3,768 5,107 - 3,951 94 Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage 4,040 4,692 - 4,119 118 Dairy & livestock and agribusiness 829 1,091 - 988 1 Municipal lease finance receivables - - - - - Consumer and other loans 174 370 - 202 - Total 15,146 18,702 - 15,820 306 With a related allowance recorded: Commercial and industrial - - - - - SBA 1 18 1 6 - Real estate: Commercial real estate Owner occupied - - - - - Non-owner occupied - - - - - Construction Speculative - - - - - Non-speculative - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Municipal lease finance receivables - - - - - Consumer and other loans 378 391 74 385 - Total 379 409 75 391 - Total impaired loans $ 15,525 $ 19,111 $ 75 $ 16,211 $ 306 |
Summary of Activity Related to Troubled Debt Restructurings | The following table provides a summary of the activity related to TDRs for the periods presented. Year Ended December 31, 2019 2018 (1) (Dollars in thousands) Performing TDRs: Beginning balance $ 3,594 $ 4,809 New modifications - 311 Payoffs/payments, net and other (482 ) (1,526 ) TDRs returned to accrual status - - TDRs placed on nonaccrual status - - Ending balance $ 3,112 $ 3,594 Nonperforming TDRs: Beginning balance $ 3,509 $ 4,200 New modifications - 316 Charge-offs (78 ) - Transfer to OREO (2,275 ) - Payoffs/payments, net and other (912 ) (1,007 ) TDRs returned to accrual status - - TDRs placed on nonaccrual status - - Ending balance $ 244 $ 3,509 Total TDRs $ 3,356 $ 7,103 (1) Excludes PCI loans. |
Summary of Loans Modified as Troubled Debt Restructurings | The following tables summarize loans modified as TDRs for the periods presented Modifications (1) Year Ended December 31, 2018 (2) Number of Pre-Modification Post-Modification Investment Outstanding Recorded Financial Effect 3 (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity 1 38 38 20 - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner Interest rate reduction - - - - - Change in amortization period or maturity - - - - - SFR mortgage: Interest rate reduction - - - - - Change in amortization period or maturity 1 311 311 300 - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity 1 278 278 267 - Total loans 3 $ 627 $ 627 $ 587 $ - Year Ended December 31, 2017 (2) Number of Pre-Modification Post-Modification Investment Outstanding Recorded Financial Effect 3 (Dollars in thousands) Commercial and industrial: Interest rate reduction - $ - $ - $ - $ - Change in amortization period or maturity - - - - - Real estate: Commercial real estate: Owner occupied Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Non-owner Interest rate reduction - - - - - Change in amortization period or maturity 1 3,143 3,143 3,143 - SFR mortgage: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Dairy & livestock and agribusiness: Interest rate reduction - - - - - Change in amortization period or maturity 1 1,984 1,984 78 - Consumer: Interest rate reduction - - - - - Change in amortization period or maturity - - - - - Total loans 2 $ 5,127 $ 5,127 $ 3,221 $ - (1) The tables above exclude modified loans that were paid off prior to the end of the period. (2) Excludes PCI loans. (3) Financial effects resulting from modifications represent charge-offs and specific allowance recorded at modification date. |
Other Real Estate Owned (Tables
Other Real Estate Owned (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of Activity Related to Total OREO | The following table summarizes the activity related to total OREO for the periods presented. Year Ended December 31, 2019 2018 (Dollars in thousands) Balance, beginning of period $ 420 $ 4,527 Additions 4,889 420 Dispositions (420 ) (4,527 ) Valuation adjustments - - Balance, end of period $ 4,889 $ 420 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The following table presents the changes in the carrying amount of goodwill for the periods presented. Year Ended December 31, 2019 2018 (Dollars in thousands) Balance, beginning of period $ 666,539 $ 116,564 Addition due to acqusition - 549,975 Measurement period (2,832 ) - Balance, end of period $ 663,707 $ 666,539 |
Summary of Amortizable Intangible Assets | The following summarizes changes in CDI and the related accumulated amortization for the periods presented. Year Ended December 31, 2019 2018 Gross CDI Amount Accumulated Amortization Net CDI Amount Gross CDI Amount Accumulated Amortization Net CDI Amount (Dollars in thousands) Balance of intangible assets, beginning of period $ 93,297 $ (39,513 ) $ 53,784 $ 41,097 $ (34,259 ) $ 6,838 Addition due to acquisition s - 52,200 Balance of intangible assets, end of period $ 93,297 $ (50,311 ) $ 42,986 $ 93,297 $ (39,513 ) $ 53,784 Aggregate amortization expense: For year ended December 31, $ 10,798 $ 5,254 Estimated Amortization Expense: For the year ending December 31, 2020 $ 9,352 For the year ending December 31, 2021 8,240 For the year ending December 31, 2022 7,126 For the year ending December 31, 2023 6,010 Thereafter 12,258 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Premises and Equipment | Premises and equipment were comprised of the following as of the dates presented. Year Ended December 31, 2019 2018 (Dollars in thousands) Land $ 19,188 $ 19,929 Bank premises 68,387 73,188 Furniture and equipment 27,540 29,020 Premises and equipment, gross 115,115 122,137 Accumulated depreciation and amortization (61,137 ) (63,944 ) Premises and equipment, net $ 53,978 $ 58,193 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of Other Assets | Other assets were comprised of the following as of ate December 31, 2019 2018 (Dollars in thousands) Prepaid expenses $ 6,571 $ 6,393 Interest rate swaps 11,502 1,938 ROU assets 18,522 - Affordable housing investments 12,452 15,995 Other investments 45,540 33,031 Other assets 15,550 10,450 Total $ 110,137 $ 67,807 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense | The current and deferred amounts of income tax expense consist of the following. Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Current provision: Federal $ 51,564 $ 31,055 $ 44,153 State 29,487 20,546 17,151 81,051 51,601 61,304 Deferred provision: Federal 486 5,158 20,926 State 1,710 2,353 2,154 2,196 7,511 23,080 Total $ 83,247 $ 59,112 $ 84,384 |
Schedule of Income Tax Asset | Income tax asset consists of the following. December 31, 2019 2018 (Dollars in thousands) Current: Federal $ 5,890 $ 12,303 State 3,456 6,800 9,346 19,103 Deferred: Federal 17,580 27,334 State 8,661 15,737 26,241 43,071 Total $ 35,587 $ 62,174 |
Components of Net Deferred Tax Asset | The components of the net deferred tax asset are as follows. December 31, 2019 2018 (Dollars in thousands) Deferred tax assets: Bad debt and credit loss deduction $ 24,282 $ 22,402 Net operating loss carryforward 75 141 Deferred compensation 6,942 6,109 PCI loans 2,299 2,556 California franchise tax 4,281 837 Accrued expense 4,831 4,865 Unrealized loss on investment securities, net - 7,508 Acquired loan discounts 15,180 25,555 Lease liability 6,175 - Other, net 1,453 2,624 Gross deferred tax asset 65,518 72,597 Deferred tax liabilities: Depreciation 3,895 4,440 Intangibles - acquisitions 16,941 19,843 FHLB Stock 2,525 2,527 Deferred income 3,055 2,716 Right of use asset 5,893 - Unrealized gain on investment securities, net 6,968 - Gross deferred tax liability 39,277 29,526 Net deferred tax asset $ 26,241 $ 43,071 |
Reconciliation of Statutory Income Tax Rate to Consolidated Effective Income Tax Rate | The annual consolidated effective tax rate for the periods presented, is reconciled to the U.S. statutory income rate as follows. Year Ended December 31, 2019 2018 2017 Amount Percent Amount Percent Amount Percent (Dollars in thousands) Federal income tax at statutory rate $ 61,126 21.0 % $ 44,334 21.0 % $ 66,078 35.0 % State franchise taxes, net of federal benefit 24,430 8.4 % 17,905 8.5 % 12,903 6.9 % Tax-exempt (3,081 ) (1.1 % ) (2,991 ) (1.4 %) (4,450 ) (2.4 %) Tax credits (2,153 ) (0.7 % ) (1,451 ) (0.7 %) (1,096 ) (0.6 %) Deferred tax asset revaluation adjustment - - - - 13,208 7.0 % Other, net 2,925 1.0 % 1,315 0.6 % (2,259 ) (1.2 %) Provision for income taxes $ 83,247 28.6 % $ 59,112 28.0 % $ 84,384 44.7 % |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Composition of Deposits | The composition of deposits is summarized for the periods presented in the table below. December 31, 2019 2018 Amount Percent Amount Percent (Dollars in thousands) Noninterest-bearing deposits $ 5,245,517 60.26 % $ 5,204,787 58.96 % Interest-bearing deposits Investment checking 454,565 5.22 % 460,972 5.22 % Money market 2,158,161 24.79 % 2,236,018 25.33 % Savings 400,377 4.60 % 393,769 4.46 % Time deposits 446,308 5.13 % 531,944 6.03 % Total deposits $ 8,704,928 100.00 % $ 8,827,490 100.00 % |
Scheduled Maturities of Time Certificates of Deposit | At December 31, 2019, the scheduled maturities of time certificates of deposit are as follows. December 31, 2019 Year of maturity: (Dollars in thousands) 2020 $ 367,102 2021 58,488 2022 9,487 2023 1,616 2024 and thereafter 9,615 Total $ 446,308 |
Earnings Per Share Reconcilia_2
Earnings Per Share Reconciliation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Common Share Reconciliation | The table below shows earnings per common share and diluted earnings per common share, and reconciles the numerator and denominator of both earnings per common share calculations. Year Ended December 31, 2019 2018 2017 (In thousands, except per share amounts) Earnings per common share: Net earnings $ 207,827 $ 152,003 $ 104,411 Less: Net earnings allocated to restricted stock 488 429 382 Net earnings allocated to common shareholders $ 207,339 $ 151,574 $ 104,029 Weighted average shares outstanding 139,757 121,670 109,409 Basic earnings per common share $ 1.48 $ 1.25 $ 0.95 Diluted earnings per common share: Net income allocated to common shareholders $ 207,339 $ 151,574 $ 104,029 Weighted average shares outstanding 139,757 121,670 109,409 Incremental shares from assumed exercise of outstanding options 177 287 398 Diluted weighted average shares outstanding 139,934 121,957 109,807 Diluted earnings per common share $ 1.48 $ 1.24 $ 0.95 |
Stock-Based Compensation Plans
Stock-Based Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Estimated Fair Value of Stock Options | The fair value of each stock option granted in 2019, 2018 and 2017, was estimated on the date of grant using the following weighted-average assumptions. Year Ended December 31, 2019 2018 2017 Dividend yield 2.4 % 2.4 % 2.2 % Volatility 23.3 % 25.4 % 29.6 % Risk-free interest rate 2.5 % 2.9 % 1.8 % Expected life 5.4 years 5.4 years 5.6 years Weighted average grant date fair value $ 4.35 $ 5.08 $ 5.17 |
Option Activity under Company's Stock Option Plans | The following table presents option activity under the Company’s stock option plans as of and for the year ended December 31, 2019. Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Outstanding at January 1, 2019 532 $ 16.73 Granted 2 23.12 Exercised (161 ) 13.78 Forfeited or expired (14 ) 19.00 Outstanding at December 31, 2019 359 $ 17.99 6.05 $ 1,587 Vested or expected to vest at December 31, 2019 359 $ 17.99 6.05 $ 1,587 Exercisable at December 31, 2019 212 $ 15.58 4.76 $ 1,364 |
Summary of Status of Company's Non-Vested Restricted Shares | The table below summarizes activity related to the Company’s non-vested Shares Weighted (In thousands) Nonvested at January 1, 2019 624 $ 21.56 Granted 217 20.76 Vested (220 ) 19.59 Forfeited (180 ) 23.75 Nonvested at December 31, 2019 441 $ 21.25 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking and Thrift [Abstract] | |
Regulatory Capital Amounts and Ratios for Company and Bank | The following table summarizes regulatory capital amounts and ratios for the Company and the Bank as of December 31, 2019 and 2018. Actual For Capital To Be Well Amount Ratio Amount Ratio Amount Ratio (Dollars in thousands) As of December 31, 2019: Total Capital (to Risk-Weighted Assets) Company $ 1,391,771 16.01 % $ 695,651 ≥ 8.00 % N/A Bank $ 1,376,364 15.83 % $ 695,471 ≥ 8.00 % $ 869,339 ≥ 10.00 % Tier 1 Capital (to Risk-Weighted Assets) Company $ 1,314,152 15.11 % $ 521,738 ≥ 6.00 % N/A Bank $ 1,298,745 14.94 % $ 521,604 ≥ 6.00 % $ 695,471 ≥ 8.00 % Common equity Tier 1 capital ratio Company $ 1,289,152 14.83 % $ 391,304 ≥ 4.50 % N/A Bank $ 1,298,745 14.94 % $ 391,203 ≥ 4.50 % $ 565,070 ≥ 6.50 % Tier 1 Capital (to Average-Assets) Company $ 1,314,152 12.33 % $ 426,497 ≥ 4.00 % N/A Bank $ 1,298,745 12.19 % $ 426,328 ≥ 4.00 % $ 532,909 ≥ 5.00 % As of December 31, 2018: Total Capital (to Risk-Weighted Assets) Company $ 1,263,800 14.13 % $ 715,283 ≥ 8.00 % N/A Bank $ 1,253,219 14.03 % $ 714,601 ≥ 8.00 % $ 893,251 ≥ 10.00 % Tier 1 Capital (to Risk-Weighted Assets) Company $ 1,191,228 13.32 % $ 536,462 ≥ 6.00 % N/A Bank $ 1,180,647 13.22 % $ 535,951 ≥ 6.00 % $ 714,601 ≥ 8.00 % Common equity Tier 1 capital ratio Company $ 1,166,228 13.04 % $ 402,347 ≥ 4.50 % N/A Bank $ 1,180,647 13.22 % $ 401,963 ≥ 4.50 % $ 580,613 ≥ 6.50 % Tier 1 Capital (to Average-Assets) Company $ 1,191,228 10.98 % $ 433,834 ≥ 4.00 % N/A Bank $ 1,180,647 10.90 % $ 433,403 ≥ 4.00 % $ 541,754 ≥ 5.00 % |
Fair Value Information (Tables)
Fair Value Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Carrying Value at December 31, 2019 Quoted Prices in Active Markets for Significant Other (Level 2) Significant (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: M $ 1,206,313 $ - $ 1,206,313 $ - CMO/REMIC 493,710 - 493,710 - Municipal bonds 39,354 - 39,354 - Other securities 880 - 880 - Total investment securities - AFS 1,740,257 - 1,740,257 - Interest rate swaps 11,502 - 11,502 - Total assets $ 1,751,759 $ - $ 1,751,759 $ - Description of liability Interest rate swaps $ 11,502 $ - $ 11,502 $ - Total liabilities $ 11,502 $ - $ 11,502 $ - Carrying Value at December 31, 2018 Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) (Dollars in thousands) Description of assets Investment securities - AFS: M $ 1,474,508 $ - $ 1,474,508 $ - CMO/REMIC 214,051 - 214,051 - Municipal bonds 44,810 - 44,810 - Other securities 716 - 716 - Total investment securities - AFS 1,734,085 - 1,734,085 - Interest rate swaps 1,938 - 1,938 - Total assets $ 1,736,023 $ - $ 1,736,023 $ - Description of liability Interest rate swaps $ 1,938 $ - $ 1,938 $ - Total liabilities $ 1,938 $ - $ 1,938 $ - |
Assets and Liabilities Measured at Fair Value on Non-Recurring Basis | the following tables provide the level of valuation assumptions used to determine each adjustment and the carrying value of the related assets that had losses during the period. Carrying Value at Quoted Prices in Significant Other Significant Total Losses (Dollars in thousands) Description of assets Impaired loans : Commercial and industrial $ 253 $ - $ - $ 253 $ 251 SBA 359 - - 359 513 Real estate: Commercial real estate - - - - - Construction - - - - - SFR mortgage - - - - - Dairy & livestock and agribusiness - - - - - Consumer and - - - - - Other real estate owned 444 - - 444 64 Asset held-for-sale - - - - - Total assets $ 1,056 $ - $ - $ 1,056 $ 828 Carrying Value at Quoted Prices in Significant Other Significant Total Losses (Dollars in thousands) Description of assets Impaired loans, excluding PCI loans: Commercial and industrial $ 189 $ - $ - $ 189 $ 3 SBA - - - - - Real estate: Commercial real estate 3,143 - - 3,143 478 Construction - - - - - SFR mortgage - - - - - Dairy & livestock 78 - - 78 12 Consumer and other loans 68 - - 68 68 Other real estate owned - - - - - Asset held-for-sale - - - - - Total assets $ 3,478 $ - $ - $ 3,478 $ 561 |
Estimated Fair Value of Financial Instruments | The following disclosure presents estimated fair value of our financial instruments. The estimated fair value amounts have been determined by the Company using available market information and appropriate valuation methodologies. However, considerable judgment is required to develop the estimates of fair value. Accordingly, the estimates presented below are not necessarily indicative of the amounts the Company may realize in a current market exchange as of December 31, 2019 and 2018, respectively. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. December 31, 2019 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 185,518 $ 185,518 $ - $ - $ 185,518 Interest-earning balances due from depository institutions 2,931 - 2,938 - 2,938 Investment securities available-for-sale 1,740,257 - 1,740,257 - 1,740,257 Investment securities held-to-maturity 674,452 - 678,948 - 678,948 Total loans, net of allowance for loan losses 7,495,917 - - 7,343,167 7,343,167 Swaps 11,502 - 11,502 - 11,502 Liabilities Deposits: Interest-bearing $ 3,459,411 $ - $ 3,457,922 $ - $ 3,457,922 Borrowings 428,659 - 428,330 - 428,330 Junior subordinated debentures 25,774 - - 20,669 20,669 Swaps 11,502 - 11,502 - 11,502 December 31, 2018 Estimated Fair Value Carrying Level 1 Level 2 Level 3 Total (Dollars in thousands) Assets Total cash and cash equivalents $ 163,948 $ 163,948 $ - $ - $ 163,948 Interest-earning balances due from depository institutions 7,670 - 7,339 - 7,339 Investment securities available-for-sale 1,734,085 - 1,734,085 - 1,734,085 Investment securities held-to-maturity 744,440 - 721,537 - 721,537 Total loans, net of allowance for loan losses 7,700,998 - - 7,514,964 7,514,964 Swaps 1,938 - 1,938 - 1,938 Liabilities Deposits: Interest-bearing $ 3,622,703 $ - $ 3,614,682 $ - $ 3,614,682 Borrowings 722,255 - 721,601 - 721,601 Junior subordinated debentures 25,774 - - 21,176 21,176 Swaps 1,938 - 1,938 - 1,938 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | As of December 31, 2019 and 2018, the total notional amount of the Company’s swaps was $260.0 million and $195.4 million, respectively. The location of the asset and liability, and their respective fair values are summarized in the tables below. December 31, 2019 Asset Derivatives Liability Derivatives Balance Sheet Fair Balance Sheet Fair (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 11,502 Other liabilities $ 11,502 Total derivatives $ 11,502 $ 11,502 December 31, 2018 Asset Derivatives Liability Derivatives Balance Sheet Fair Value Balance Sheet Fair Value (Dollars in thousands) Derivatives not designated as hedging instruments: Interest rate swaps Other assets $ 1,938 Other liabilities $ 1,938 Total derivatives $ 1,938 $ 1,938 |
Effect of Derivative Instruments on Consolidated Statement of Earnings | The following table summarizes the effect of derivative financial instruments on the consolidated statements of earnings for the periods presented. Derivatives Not Location of Gain Amount of Gain Recognized Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Interest rate swaps Other income $ 1,806 $ 340 $ 615 Total $ 1,806 $ 340 $ 615 |
Other Comprehensive Income (Tab
Other Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Summary of Components of Other Comprehensive Income | The tables below provide a summary of the components of OCI for the periods presented. Year Ended December 31, 2019 2018 2017 Before-tax Tax effect After-tax Before-tax Tax effect After-tax Before-tax Tax effect After-tax (Dollars in thousands) Investment securities: Net change in fair value recorded in accumulated OCI $ 45,486 $ (13,447 ) $ 32,039 $ (26,435 ) $ 7,815 $ (18,620 ) $ (11,336 ) $ 4,760 $ (6,576 ) Amortization of unrealized (gains) losses on securities transferred from (1,614 ) 477 (1,137 ) (2,091 ) 619 (1,472 ) (3,293 ) 1,383 (1,910 ) Net realized gain reclassified into earnings (1) (5 ) 1 (4 ) - - - (402 ) 169 (233 ) Net change $ 43,867 $ (12,969 ) $ 30,898 $ (28,526 ) $ 8,434 $ (20,092 ) $ (15,031 ) $ 6,312 $ (8,719 ) (1) Included in other noninterest income. |
Balance Sheet Offsetting (Table
Balance Sheet Offsetting (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of Balance Sheet Offsetting | Gross Amounts Gross Amounts Net Amounts Gross Amounts Not Offset in the Net Amount Financial Collateral (Dollars in thousands) December 31, 2019 Financial assets: Derivatives not designated as hedging instruments $ 11,502 $ - $ - $ 11,502 $ - $ 11,502 Total $ 11,502 $ - $ - $ 11,502 $ - $ 11,502 Financial liabilities: Derivatives not designated as hedging instruments $ 11,619 $ (117 ) $ 11,502 $ 117 $ (23,312 ) $ (11,693 ) Repurchase agreements 428,659 - 428,659 - (510,138 ) (81,479 ) Total $ 440,278 $ (117 ) $ 440,161 $ 117 $ (533,450 ) $ (93,172 ) December 31, 2018 Financial assets: Derivatives not designated as hedging instruments $ 1,938 $ - $ - $ 1,938 $ - $ 1,938 Total $ 1,938 $ - $ - $ 1,938 $ - $ 1,938 Financial liabilities: Derivatives not designated as hedging instruments $ 4,203 $ (2,265 ) $ 1,938 $ 2,265 $ - $ 4,203 Repurchase agreements 442,255 - 442,255 - (487,607 ) (45,352 ) Total $ 446,458 $ (2,265 ) $ 444,193 $ 2,265 $ (487,607 ) $ (41,149 ) |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Components of lease costs and supplemental information related to leases | The following presents the components of lease costs and supplemental information related to leases as of December 31, 2019. (Dollars in thousands) Lease Assets and Liabilities ROU assets $ 18,522 Total lease liabilities 21,392 Year Ended December 31, 2019 (Dollars in thousands) Lease Cost Operating lease expense (1) $ 7,274 Sublease income - Total lease expense $ 7,274 (1) Includes short-term leases and variable lease costs, which are immaterial. Other Information Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows from operating leases , net $ 8,497 Lease Term and Discount Rate December 31, 2019 Weighted average remaining lease term (years) 4.18 Weighted average discount rate 3.34 % |
Future lease payments required for leases that have initial or remaining non-cancelable lease terms | The future lease payments required for leases that have initial or remaining non-cancelable lease terms in excess of one year as of December 31, 2019, excluding property taxes and insurance, are as follows: (Dollars in thousands) Year: 2020 $ 7,248 2021 5,512 2022 4,325 2023 2,542 2024 1,495 Thereafter 1,781 Total future lease payments 22,903 Less: Imputed interest (1,511 ) Present value of lease liabilities $ 21,392 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Summary of Non Interest Income, Segregated by Revenue Streams in-Scope and Out-of-Scope of Topic 606 | The following presents noninterest income, segregated by revenue streams in-scope out-of-scope Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Noninterest income: In-scope Service charges on deposit accounts $ 20,010 $ 17,070 $ 15,809 Trust and investment services 9,525 8,774 9,845 Bankcard services 3,163 3,485 3,406 Gain on OREO, net 129 3,546 6 Other 9,951 6,588 4,888 Noninterest Income (in-scope 42,778 39,463 33,954 Noninterest Income (out-of-scope 16,264 4,018 8,164 Total noninterest income $ 59,042 $ 43,481 $ 42,118 |
Condensed Financial Informati_2
Condensed Financial Information of Parent Company (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Balance Sheets | CONDENSED BALANCE SHEETS December 31, 2019 2018 (Dollars in thousands) Assets Investment in subsidiaries $ 2,003,692 $ 1,865,609 Other assets, net 42,070 31,628 Total assets $ 2,045,762 $ 1,897,237 Liabilities $ 51,664 $ 46,047 Stockholders’ equity 1,994,098 1,851,190 Total liabilities and stockholders’ equity $ 2,045,762 $ 1,897,237 |
Condensed Statements of Earnings | CONDENSED STATEMENTS OF EARNINGS Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Excess in net earnings of subsidiaries $ 107,185 $ 78,601 $ 50,253 Dividends from the Bank 106,000 77,800 57,000 Other expense, net (5,358 ) (4,398 ) (2,842 ) Net earnings $ 207,827 $ 152,003 $ 104,411 |
Condensed Statements of Cash Flows | CONDENSED STATEMENTS OF CASH FLOWS Year Ended December 31, 2019 2018 2017 (Dollars in thousands) Cash Flows from Operating Activities Net earnings $ 207,827 $ 152,003 $ 104,411 Adjustments to reconcile net earnings to cash used in operating activities: Earnings of subsidiaries (213,185 ) (156,401 ) (107,253 ) Tax settlement received from the Bank 1,008 - 1,577 Stock-based compensation 5,548 3,508 2,953 Other operating activities, net (2,417 ) (2,052 ) (1,725 ) Total adjustments (209,046 ) (154,945 ) (104,448 ) Net cash used in operating activities (1,219 ) (2,942 ) (37 ) Cash Flows from Investing Activities Dividends received from the Bank 106,000 77,800 57,000 Net cash provided by investing activities 106,000 77,800 57,000 Cash Flows from Financing Activities Cash dividends on common stock (95,352 ) (65,966 ) (57,047 ) Proceeds from exercise of stock options 2,215 1,701 2,683 Repurchase of common stock (2,640 ) (7,760 ) (1,128 ) Net cash used in financing activities (95,777 ) (72,025 ) (55,492 ) Net increase in cash and cash equivalents 9,004 2,833 1,471 Cash and cash equivalents, beginning of period 22,050 19,217 17,746 Cash and cash equivalents, end of period $ 31,054 $ 22,050 $ 19,217 |
Quarterly Financial Data (Table
Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Quarterly Financial Data | The following table sets forth our unaudited, quarterly results for the periods indicated. Three Months Ended December 31, September 30, June 30, March 31, (Dollars in thousands, except per share amounts) 2019 Net interest income $ 107,020 $ 108,159 $ 111,057 $ 109,536 Provision for loan losses - 1,500 2,000 1,500 Net earnings 51,281 50,423 54,481 51,642 Basic earnings per common share 0.37 0.36 0.39 0.37 Diluted earnings per common share 0.37 0.36 0.39 0.37 2018 Net interest income $ 113,016 $ 92,820 $ 72,688 $ 70,521 Provision for (recapture of) loan losses 3,000 500 (1,000 ) (1,000 ) Net earnings 43,159 38,558 35,373 34,913 Basic earnings per common share 0.31 0.30 0.32 0.32 Diluted earnings per common share 0.31 0.30 0.32 0.32 |
Business - Additional Informati
Business - Additional Information (Detail) $ in Millions | Mar. 10, 2017USD ($)Branch | Dec. 31, 2019loanSubsidiaryLocation | Aug. 10, 2018USD ($) |
Schedule Of Description Of Company [Line Items] | |||
Number of inactive subsidiaries | Subsidiary | 1 | ||
Bank operated banking centers | Location | 58 | ||
Bank operated trust office locations, number | Location | 3 | ||
Number of loan production office | loan | 1 | ||
Valley Commerce Bancorp [Member] | |||
Schedule Of Description Of Company [Line Items] | |||
Total assets | $ | $ 400 | ||
Number of bank branches acquired | Branch | 4 | ||
Community Bank [Member] | |||
Schedule Of Description Of Company [Line Items] | |||
Bank operated banking centers | 16 | ||
Total assets | $ | $ 4,090 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019USD ($)Segment | Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Number of operating business segments | Segment | 2 | |
Number of days on which collection of interest on principal is no longer probable | 90 days | |
Period over which borrower has to demonstrate repayment performance in compliance with restructured terms to take loan out of nonaccrual status | 6 months | |
Number of days on which charge-offs unsecured consumer loans are recorded | 120 days | |
Minimum loan amount for credit review process | $ 1,000,000 | |
Allowance for loan losses look-back period, revised | Rolling 20-quarters | |
Goodwill impairment | $ 0 | |
Assets under administration, CitizensTrust | 2,860,000,000 | |
Assets under management, CitizensTrust | $ 2,010,000,000 | |
Percentage of PCI loans to Loan Receivable | 0.20% | 0.20% |
Accounting Standards Update 2016-02 [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Operating Lease, Liability, Current | $ 20,000,000 | |
Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of days over which principal or interest payments are past due to consider loans, excluding PCI loans | 30 days | |
Number of days for which principal or interest payments on loans, excluding PCI loans remain accrual | 30 days | |
Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Number of days for which principal or interest payments on loans, excluding PCI loans remain accrual | 89 days |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Useful Lives of Principal Classes of Assets (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |
Estimated economic lives of leasehold improvements | Shorter of estimated economic lives of 15 years or term of the lease. |
Minimum [Member] | Bank Premises [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 15 years |
Minimum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 3 years |
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 5 years |
Maximum [Member] | Bank Premises [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 39 years |
Maximum [Member] | Computer Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 7 years |
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life of asset | 10 years |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) $ in Thousands | Aug. 10, 2018USD ($) | Mar. 10, 2017USD ($)Branch | Dec. 31, 2019USD ($)Branch | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2019BankingBranch |
Business Acquisition [Line Items] | ||||||
Number of branches owned by merger company | Banking | 10 | |||||
Goodwill | $ 663,707 | $ 666,539 | $ 116,564 | |||
Merger related expenses | $ 6,447 | $ 16,404 | 2,251 | |||
Valley Commerce Bancorp [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition date | Mar. 10, 2017 | |||||
Acquired assets and assumed liabilities for cash | $ 23,200 | |||||
Assets and assumed all of the liabilities, stock | 37,600 | |||||
Goodwill | 27,000 | |||||
Core deposit intangible assets | 3,200 | |||||
Total fair value of assets acquired | 405,900 | |||||
Cash and cash equivalents | 28,300 | |||||
FHLB stock | 2,000 | |||||
Loans and lease finance receivables | 309,700 | |||||
Fixed assets | 5,300 | |||||
Bank-Owned Life Insurance | 9,400 | |||||
Other assets | 21,000 | |||||
Total fair value of liabilities assumed | 368,300 | |||||
Deposits | 361,800 | |||||
Other liabilities | $ 6,500 | |||||
Merger related expenses | $ 2,100 | |||||
Valley Business Bank [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of branches owned by merger company | Branch | 4 | |||||
Community Bank [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Acquisition date | Aug. 10, 2018 | |||||
Number of branches owned by merger company | Branch | 16 | 10 | ||||
Acquired assets and assumed liabilities for cash | $ 180,719 | |||||
Assets and assumed all of the liabilities, stock | 722,767 | |||||
Goodwill | 547,144 | |||||
Core deposit intangible assets | $ 52,200 | |||||
Percentage of core deposits to total deposits | 2.26% | |||||
Total fair value of assets acquired | $ 3,719,091 | |||||
Cash and cash equivalents | 47,802 | |||||
FHLB stock | 17,250 | |||||
Loans and lease finance receivables | 2,738,100 | |||||
Bank-Owned Life Insurance | 70,904 | |||||
Other assets | 53,291 | |||||
Total fair value of liabilities assumed | 356,342 | |||||
Deposits | 2,869,986 | |||||
Other liabilities | 29,192 | |||||
Merger related expenses | $ 6,400 | $ 16,400 | ||||
Gross contractual amount receivable, as of acquisition date | 3,000,000 | |||||
Contractual principal cash flows, loans not expected to be collected | $ 4,500 |
Business Combinaions - Schedule
Business Combinaions - Schedule of Recognized Identified Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Aug. 10, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Liabilities assumed | ||||
Goodwill | $ 663,707 | $ 666,539 | $ 116,564 | |
Community Bank [Member] | ||||
Merger Consideration | ||||
Cash paid | $ 180,719 | |||
CVBF common stock issued | 722,767 | |||
Total merger consideration | 903,486 | |||
Assets Acquired | ||||
Cash and cash equivalents | 47,802 | |||
Investment securities | 716,996 | |||
FHLB stock | 17,250 | |||
Loans | 2,738,100 | |||
Accrued interest receivable | 7,916 | |||
Premises and equipment | 14,632 | |||
BOLI | 70,904 | |||
Core deposit intangible | 52,200 | |||
Other assets | 53,291 | |||
Total assets acquired | 3,719,091 | |||
Liabilities assumed | ||||
Deposits | 2,869,986 | |||
FHLB advances | 297,571 | |||
Other borrowings | 166,000 | |||
Other liabilities | 29,192 | |||
Total liabilities assumed | 3,362,749 | |||
Total fair value of identifiable net assets, at fair value | 356,342 | |||
Goodwill | $ 547,144 |
Business Combinations - Busines
Business Combinations - Business Acquisition Pro Forma Information (Detail) - Community Bank [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Acquisitions ProForma Information [Line Items] | ||
Total revenues (net interest income plus noninterest income) | $ 488,620 | $ 477,235 |
Net income | $ 181,433 | $ 139,129 |
Earnings per share - basic | $ 1.30 | $ 1 |
Earnings per share - diluted | $ 1.29 | $ 0.99 |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost and Estimated Fair Value of Investment Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 1,718,357 | $ 1,757,666 |
Gross Unrealized Holding Gain, Available-for-sale | 23,548 | 2,033 |
Gross Unrealized Holding Loss, Available-for-sale | (1,648) | (25,614) |
Fair Value, Available-for-sale | $ 1,740,257 | $ 1,734,085 |
Total Percent, Available-for-sale | 100.00% | 100.00% |
Amortized Cost, Held-to-maturity | $ 674,452 | $ 744,440 |
Gross Unrealized Holding Gain, Held-to-maturity | 8,230 | 1,128 |
Gross Unrealized Holding Loss, Held-to-maturity | (3,734) | (24,031) |
Fair Value, Held-to-maturity | $ 678,948 | $ 721,537 |
Total Percent, Held-to-maturity | 100.00% | 100.00% |
CMO/REMIC [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 493,214 | $ 217,223 |
Gross Unrealized Holding Gain, Available-for-sale | 1,392 | 353 |
Gross Unrealized Holding Loss, Available-for-sale | (896) | (3,525) |
Fair Value, Available-for-sale | $ 493,710 | $ 214,051 |
Total Percent, Available-for-sale | 28.37% | 12.34% |
Amortized Cost, Held-to-maturity | $ 192,548 | $ 215,336 |
Gross Unrealized Holding Gain, Held-to-maturity | 0 | 0 |
Gross Unrealized Holding Loss, Held-to-maturity | (2,458) | (12,081) |
Fair Value, Held-to-maturity | $ 190,090 | $ 203,255 |
Total Percent, Held-to-maturity | 28.55% | 28.93% |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Held-to-maturity | $ 117,366 | $ 138,274 |
Gross Unrealized Holding Gain, Held-to-maturity | 2,280 | 572 |
Gross Unrealized Holding Loss, Held-to-maturity | (657) | (2,622) |
Fair Value, Held-to-maturity | $ 118,989 | $ 136,224 |
Total Percent, Held-to-maturity | 17.40% | 18.57% |
Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 1,185,757 | $ 1,494,106 |
Gross Unrealized Holding Gain, Available-for-sale | 21,306 | 1,348 |
Gross Unrealized Holding Loss, Available-for-sale | (750) | (20,946) |
Fair Value, Available-for-sale | $ 1,206,313 | $ 1,474,508 |
Total Percent, Available-for-sale | 69.32% | 85.03% |
Amortized Cost, Held-to-maturity | $ 168,479 | $ 153,874 |
Gross Unrealized Holding Gain, Held-to-maturity | 2,083 | 0 |
Gross Unrealized Holding Loss, Held-to-maturity | (54) | (3,140) |
Fair Value, Held-to-maturity | $ 170,508 | $ 150,734 |
Total Percent, Held-to-maturity | 24.98% | 20.67% |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 38,506 | $ 45,621 |
Gross Unrealized Holding Gain, Available-for-sale | 850 | 332 |
Gross Unrealized Holding Loss, Available-for-sale | (2) | (1,143) |
Fair Value, Available-for-sale | $ 39,354 | $ 44,810 |
Total Percent, Available-for-sale | 2.26% | 2.59% |
Amortized Cost, Held-to-maturity | $ 196,059 | $ 236,956 |
Gross Unrealized Holding Gain, Held-to-maturity | 3,867 | 556 |
Gross Unrealized Holding Loss, Held-to-maturity | (565) | (6,188) |
Fair Value, Held-to-maturity | $ 199,361 | $ 231,324 |
Total Percent, Held-to-maturity | 29.07% | 31.83% |
Other Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Amortized Cost, Available-for-sale | $ 880 | $ 716 |
Gross Unrealized Holding Gain, Available-for-sale | 0 | 0 |
Gross Unrealized Holding Loss, Available-for-sale | 0 | 0 |
Fair Value, Available-for-sale | $ 880 | $ 716 |
Total Percent, Available-for-sale | 0.05% | 0.04% |
Investment Securities - Summa_2
Investment Securities - Summary of Interest Income Earned on Investment Securities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net Investment Income [Line Items] | |||
Total interest income from available-for-sale securities | $ 39,330 | $ 45,988 | $ 49,778 |
Total interest income from held-to-maturity securities | 17,388 | 18,901 | 21,015 |
Total investment income | 56,718 | 64,889 | 70,793 |
Investment securities available-for-sale [Member] | |||
Net Investment Income [Line Items] | |||
Taxable | 38,189 | 44,423 | 47,596 |
Tax-advantaged | 1,141 | 1,565 | 2,182 |
Total interest income from available-for-sale securities | 39,330 | 45,988 | 49,778 |
Investment securities held-to-maturity [Member] | |||
Net Investment Income [Line Items] | |||
Taxable | 11,498 | 11,848 | 12,558 |
Tax-advantaged | 5,890 | 7,053 | 8,457 |
Total interest income from held-to-maturity securities | $ 17,388 | $ 18,901 | $ 21,015 |
Investment Securities - Summa_3
Investment Securities - Summary of Continuous Unrealized Loss Position of Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | $ 197,806 | $ 738,461 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (711) | (5,417) |
Fair Value, 12 Months or Longer, Available-for-sale | 133,092 | 742,610 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (937) | (20,197) |
Fair Value, Available-for-sale | 330,898 | 1,481,071 |
Gross Unrealized Holding Losses, Available-for-sale | (1,648) | (25,614) |
Fair Value, Less Than 12 Months, Held-to-maturity | 70,250 | 138,339 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (442) | (1,277) |
Fair Value, 12 Months or Longer, Held-to-maturity | 215,579 | 426,784 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (3,292) | (22,754) |
Fair Value, Held-to-maturity | 285,829 | 565,123 |
Gross Unrealized Holding Losses, Held-to-maturity | (3,734) | (24,031) |
CMO/REMIC [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 177,517 | 36,582 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (705) | (365) |
Fair Value, 12 Months or Longer, Available-for-sale | 34,565 | 135,062 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (191) | (3,160) |
Fair Value, Available-for-sale | 212,082 | 171,644 |
Gross Unrealized Holding Losses, Available-for-sale | (896) | (3,525) |
Fair Value, Less Than 12 Months, Held-to-maturity | 23,897 | 0 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (104) | 0 |
Fair Value, 12 Months or Longer, Held-to-maturity | 166,193 | 203,254 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (2,354) | (12,081) |
Fair Value, Held-to-maturity | 190,090 | 203,254 |
Gross Unrealized Holding Losses, Held-to-maturity | (2,458) | (12,081) |
Government Agency/GSE [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Held-to-maturity | 28,359 | 7,479 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (252) | (15) |
Fair Value, 12 Months or Longer, Held-to-maturity | 19,405 | 54,944 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (405) | (2,607) |
Fair Value, Held-to-maturity | 47,764 | 62,423 |
Gross Unrealized Holding Losses, Held-to-maturity | (657) | (2,622) |
Mortgage-backed Securities [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 20,289 | 692,311 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | (6) | (4,864) |
Fair Value, 12 Months or Longer, Available-for-sale | 97,964 | 593,367 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (744) | (16,082) |
Fair Value, Available-for-sale | 118,253 | 1,285,678 |
Gross Unrealized Holding Losses, Available-for-sale | (750) | (20,946) |
Fair Value, Less Than 12 Months, Held-to-maturity | 10,411 | 59,871 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (54) | (484) |
Fair Value, 12 Months or Longer, Held-to-maturity | 0 | 90,863 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | 0 | (2,656) |
Fair Value, Held-to-maturity | 10,411 | 150,734 |
Gross Unrealized Holding Losses, Held-to-maturity | (54) | (3,140) |
Municipal Bonds [Member] | ||
Schedule of Investments [Line Items] | ||
Fair Value, Less Than 12 Months, Available-for-sale | 0 | 9,568 |
Gross Unrealized Holding Losses, Less Than 12 Months, Available-for-sale | 0 | (188) |
Fair Value, 12 Months or Longer, Available-for-sale | 563 | 14,181 |
Gross Unrealized Holding Losses, 12 Months or Longer, Available-for-sale | (2) | (955) |
Fair Value, Available-for-sale | 563 | 23,749 |
Gross Unrealized Holding Losses, Available-for-sale | (2) | (1,143) |
Fair Value, Less Than 12 Months, Held-to-maturity | 7,583 | 70,989 |
Gross Unrealized Holding Losses, Less Than 12 Months, Held-to-maturity | (32) | (778) |
Fair Value, 12 Months or Longer, Held-to-maturity | 29,981 | 77,723 |
Gross Unrealized Holding Losses, 12 Months or Longer, Held-to-maturity | (533) | (5,410) |
Fair Value, Held-to-maturity | 37,564 | 148,712 |
Gross Unrealized Holding Losses, Held-to-maturity | $ (565) | $ (6,188) |
Investment Securities - Summa_4
Investment Securities - Summary of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Due in one year or less, Amortized Cost, Held-to-maturity | $ 0 | |
Due after one year through five years, Amortized Cost, Held-to-maturity | 339,132 | |
Due after five years through ten years, Amortized Cost, Held-to-maturity | 140,143 | |
Due after ten years, Amortized Cost, Held-to-maturity | 195,177 | |
Total Held-to-maturity, Debt Maturities, Amortized Cost Basis | 674,452 | |
Due in one year or less, Fair Value, Held-to-maturity | 0 | |
Due after one year through five years, Fair Value, Held-to-maturity | 338,758 | |
Due after five years through ten years, Fair Value, Held-to-maturity | 141,903 | |
Due after ten years, Fair Value, Held-to-maturity | 198,287 | |
Total, Held-to-maturity, Fair Value | 678,948 | |
Due in one year or less, Amortized Cost, Available-for-sale | 16,048 | |
Due after one year through five years, Amortized Cost, Available-for-sale | 1,414,580 | |
Due after five years through ten years, Amortized Cost, Available-for-sale | 266,108 | |
Due after ten years, Amortized Cost, Available-for-sale | 21,621 | |
Amortized Cost, Available-for-sale | 1,718,357 | $ 1,757,666 |
Due in one year or less, Fair Value, Available-for-sale | 16,175 | |
Due after one year through five years, Fair Value, Available-for-sale | 1,435,647 | |
Due after five years through ten years, Fair Value, Available-for-sale | 266,349 | |
Due after ten years, Fair Value, Available-for-sale | 22,086 | |
Total Available-for-sale Securities, Debt Maturities, Available-for-sale, Fair Value | $ 1,740,257 | $ 1,734,085 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Securities, Available-for-sale [Line Items] | ||
Average life of investment grade debt securities, years | 3 years 6 months | |
Credit-related impairment loss on investment securities held-to-maturity | $ 0 | $ 0 |
Investment securities pledged as collateral | 1,640,000,000 | $ 1,660,000,000 |
Investment in FHLB stock, impairment losses | $ 0 | |
Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Average life of investment grade debt securities, years | 9 years | |
United States [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Securities issued by U.S. government percentage | 90.00% | |
CMO/REMIC - Residential [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Investment contractual cash flows guaranteed by Government, percentage | 100.00% | |
Municipal Bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Total investment portfolio representing municipal bonds, percentage | 10.00% |
Loans and Lease Finance Recei_3
Loans and Lease Finance Receivables and Allowance for Loan Losses - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2019USD ($)ContractSecurityLoan | Dec. 31, 2018USD ($)Contract | Dec. 31, 2017USD ($)Contract | Sep. 30, 2019USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Total fixed rate loans held | $ 3,860,000,000 | |||
Secure borrowings and available lines of credit from FHLB and Federal Reserve Bank | 6,030,000,000 | $ 5,710,000,000 | ||
Loans held-for-sale | 0 | 0 | ||
Impaired, at carrying value | 8,389,000 | 23,545,000 | $ 15,525,000 | |
Impaired, at carrying value | $ 508,000 | 561,000 | 75,000 | |
Number of performing loans | SecurityLoan | 12 | |||
Provision for unfunded loan commitments | $ 0 | 250,000 | 400,000 | |
Reserve for credit risk for undisbursed commitments | 9,000,000 | 9,000,000 | ||
Allocation of allowance to troubled debt restructuring | $ 0 | $ 490,000 | ||
Number of loans modified as a TDR within the previous 12 months that subsequently defaulted | Contract | 0 | 0 | ||
Percentage of PCI loans to Loan Receivable | 0.20% | 0.20% | ||
Community Bank [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Provision for unfunded loan commitments | $ 2,900,000 | |||
Commercial Real Estate Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable gross | $ 5,374,617,000 | 5,408,636,000 | ||
Construction [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percentage of total gross loan portfolio (excluding PCI loans) | 71.01% | |||
Nonaccrual Commercial and Industrial Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | $ 1,300,000 | |||
Nonaccrual Small Business Administration Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 2,000,000 | |||
Impaired Loans Modified in Troubled Debt Restructure [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impaired, at carrying value | 3,400,000 | |||
Loans classified as troubled debt restructured | 3,400,000 | |||
Single-family Residential Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 878,000 | |||
Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Commercial real estate loan outstanding balance modified as a TDR within the previous 12 months that subsequently defaulted | $ 3,100,000 | |||
Nonaccrual Commercial Real Estate Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | $ 724,000 | |||
Commercial Real Estate [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percentage of total gross loan portfolio (excluding PCI loans) | 76.31% | |||
Number of loans modified as a TDR within the previous 12 months that subsequently defaulted | Contract | 1 | |||
Consumer and Other Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | $ 377,000 | |||
Nonperforming Financing Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impaired, at carrying value | 244,000 | |||
Loans classified as troubled debt restructured | 244,000 | |||
Performing Financing Receivable [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Impaired, at carrying value | 8,400,000 | |||
Loans classified as troubled debt restructured | 3,100,000 | |||
Performing Financing Receivable [Member] | Commercial Real Estate Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans classified as troubled debt restructured | 536,000 | |||
Performing Financing Receivable [Member] | Single-family Residential Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans classified as troubled debt restructured | 2,100,000 | |||
Performing Financing Receivable [Member] | Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans classified as troubled debt restructured | 78,000 | |||
Performing Financing Receivable [Member] | Small Business Administration [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Loans classified as troubled debt restructured | 397,000 | |||
Loans, Excluding PCI Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable gross | 383,700,000 | |||
Impaired, at carrying value | 23,500,000 | |||
Outstanding balance | 19,951,000 | $ 5,277,000 | ||
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable gross | 5,394,229,000 | |||
Loans, Excluding PCI Loans [Member] | Dairy & Livestock Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable gross | 323,500,000 | 340,500,000 | ||
Loans, Excluding PCI Loans [Member] | Agribusiness Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable gross | $ 60,200,000 | 54,000,000 | ||
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | 7,490,000 | 1,266,000 | ||
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Outstanding balance | $ 2,892,000 | $ 2,032,000 | ||
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Commercial Real Estate Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Percentage of total gross loan portfolio (excluding PCI loans) | 4.50% | 4.27% | ||
Notes receivable gross | $ 241,800,000 | $ 231,000,000 | ||
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Loans Secured by Dairy & Livestock Land [Member] | Commercial Real Estate Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable gross | 125,900,000 | 126,900,000 | ||
Loans, Excluding PCI Loans [Member] | Loans Secured by Farmland [Member] | Loans Secured by Agricultural Land [Member] | Commercial Real Estate Loans [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Notes receivable gross | $ 115,900,000 | $ 104,100,000 |
Loans and Lease Finance Recei_4
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Components of Loans and Lease Finance Receivables, excluding PCI Loans (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Construction | $ 116,925 | $ 122,782 | |||
Total Gross loans | 7,568,319 | 7,769,439 | |||
Less: Deferred loan fees, net | (3,742) | (4,828) | |||
Gross loans, net of deferred loan fees | 7,564,577 | 7,764,611 | |||
Less: Allowance for loan losses | (68,660) | (63,613) | $ (59,585) | $ (61,540) | |
Total loans and lease finance receivables | 7,495,917 | 7,700,998 | |||
Commercial And Industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 935,127 | 1,002,728 | |||
SBA [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 305,008 | 351,301 | |||
Commercial real estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 5,374,617 | 5,408,636 | |||
SFR mortgage [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 283,468 | 296,649 | |||
Dairy & livestock and agribusiness [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 383,709 | 394,543 | |||
Municipal Lease Finance Receivables [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 53,146 | 64,186 | |||
Less: Allowance for loan losses | (623) | (775) | (851) | (941) | |
Consumer and other loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 116,319 | 128,614 | |||
PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Construction | 0 | ||||
Total Gross loans | 17,214 | ||||
Less: Deferred loan fees, net | 0 | ||||
Gross loans, net of deferred loan fees | 17,214 | ||||
Less: Allowance for loan losses | (204) | $ (367) | $ (1,219) | ||
Total loans and lease finance receivables | 17,010 | ||||
PCI Loans [Member] | Commercial And Industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 519 | ||||
PCI Loans [Member] | SBA [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 1,258 | ||||
PCI Loans [Member] | Commercial real estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 14,407 | ||||
PCI Loans [Member] | SFR mortgage [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 145 | ||||
PCI Loans [Member] | Dairy & livestock and agribusiness [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 700 | ||||
PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 0 | ||||
PCI Loans [Member] | Consumer and other loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 185 | ||||
Loans, Excluding PCI Loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 383,700 | ||||
Construction | 122,782 | ||||
Total Gross loans | 7,568,319 | $ 7,568,319 | 7,752,225 | ||
Less: Deferred loan fees, net | (4,828) | ||||
Gross loans, net of deferred loan fees | 7,747,397 | ||||
Less: Allowance for loan losses | (63,409) | ||||
Total loans and lease finance receivables | 7,683,988 | ||||
Loans, Excluding PCI Loans [Member] | Commercial And Industrial [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 935,127 | 1,002,209 | |||
Loans, Excluding PCI Loans [Member] | SBA [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 305,008 | 350,043 | |||
Loans, Excluding PCI Loans [Member] | Commercial real estate [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 5,394,229 | ||||
Loans, Excluding PCI Loans [Member] | SFR mortgage [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 283,468 | 296,504 | |||
Loans, Excluding PCI Loans [Member] | Dairy & livestock and agribusiness [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 383,709 | 393,843 | |||
Loans, Excluding PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | 53,146 | 64,186 | |||
Total Gross loans | $ 53,146 | 64,186 | |||
Loans, Excluding PCI Loans [Member] | Consumer and other loans [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable gross | $ 116,319 | $ 128,429 |
Loans and Lease Finance Recei_5
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Loan, Including PCI Loans by Internal Risk Ratings (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Gross loans | $ 7,568,319 | $ 7,769,439 | |
Commercial And Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 935,127 | 1,002,728 | |
SBA [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 305,008 | 351,301 | |
SFR mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 283,468 | 296,649 | |
Dairy & Livestock and Agribusiness [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 383,709 | 394,543 | |
Municipal Lease Finance Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 53,146 | 64,186 | |
Consumer Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 116,319 | 128,614 | |
Loans, Excluding PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate, Non-owner occupied | 3,290,967 | 3,276,239 | |
Notes receivable gross | 383,700 | ||
Total Gross loans | 7,568,319 | $ 7,568,319 | 7,752,225 |
Loans, Excluding PCI Loans [Member] | Commercial And Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 935,127 | 1,002,209 | |
Loans, Excluding PCI Loans [Member] | SBA [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 305,008 | 350,043 | |
Loans, Excluding PCI Loans [Member] | Commercial real estate, owner occupied [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 2,083,650 | 2,117,990 | |
Total Gross loans | 2,083,650 | 2,117,990 | |
Loans, Excluding PCI Loans [Member] | Construction, Speculative [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 106,895 | 118,233 | |
Loans, Excluding PCI Loans [Member] | Construction, Non-speculative [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 10,030 | 4,549 | |
Loans, Excluding PCI Loans [Member] | SFR mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 283,468 | 296,504 | |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 383,709 | 393,843 | |
Loans, Excluding PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 53,146 | 64,186 | |
Total Gross loans | $ 53,146 | 64,186 | |
Loans, Excluding PCI Loans [Member] | Consumer Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 116,319 | 128,429 | |
Pass [Member] | Loans, Excluding PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate, Non-owner occupied | 3,280,580 | 3,260,822 | |
Total Gross loans | 7,321,402 | 7,519,101 | |
Pass [Member] | Loans, Excluding PCI Loans [Member] | Commercial And Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 895,234 | 961,909 | |
Pass [Member] | Loans, Excluding PCI Loans [Member] | SBA [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 283,430 | 336,033 | |
Pass [Member] | Loans, Excluding PCI Loans [Member] | Commercial real estate, owner occupied [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 1,977,007 | 2,008,169 | |
Pass [Member] | Loans, Excluding PCI Loans [Member] | Construction, Speculative [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 106,895 | 118,233 | |
Pass [Member] | Loans, Excluding PCI Loans [Member] | Construction, Non-speculative [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 10,030 | 4,549 | |
Pass [Member] | Loans, Excluding PCI Loans [Member] | SFR mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 280,010 | 289,607 | |
Pass [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 320,670 | 350,044 | |
Pass [Member] | Loans, Excluding PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 52,676 | 63,650 | |
Pass [Member] | Loans, Excluding PCI Loans [Member] | Consumer Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 114,870 | 126,085 | |
Special Mention [Member] | Loans, Excluding PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate, Non-owner occupied | 10,005 | 9,938 | |
Total Gross loans | 173,486 | 182,207 | |
Special Mention [Member] | Loans, Excluding PCI Loans [Member] | Commercial And Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 35,473 | 29,358 | |
Special Mention [Member] | Loans, Excluding PCI Loans [Member] | SBA [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 11,032 | 7,375 | |
Special Mention [Member] | Loans, Excluding PCI Loans [Member] | Commercial real estate, owner occupied [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 78,208 | 95,841 | |
Special Mention [Member] | Loans, Excluding PCI Loans [Member] | Construction, Speculative [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 0 | 0 | |
Special Mention [Member] | Loans, Excluding PCI Loans [Member] | Construction, Non-speculative [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 0 | 0 | |
Special Mention [Member] | Loans, Excluding PCI Loans [Member] | SFR mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 1,957 | 3,310 | |
Special Mention [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 35,920 | 34,586 | |
Special Mention [Member] | Loans, Excluding PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 470 | 536 | |
Special Mention [Member] | Loans, Excluding PCI Loans [Member] | Consumer Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 421 | 1,263 | |
Substandard [Member] | Loans, Excluding PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate, Non-owner occupied | 382 | 5,479 | |
Total Gross loans | 73,431 | 50,917 | |
Substandard [Member] | Loans, Excluding PCI Loans [Member] | Commercial And Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 4,420 | 10,942 | |
Substandard [Member] | Loans, Excluding PCI Loans [Member] | SBA [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 10,546 | 6,635 | |
Substandard [Member] | Loans, Excluding PCI Loans [Member] | Commercial real estate, owner occupied [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 28,435 | 13,980 | |
Substandard [Member] | Loans, Excluding PCI Loans [Member] | Construction, Speculative [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 0 | 0 | |
Substandard [Member] | Loans, Excluding PCI Loans [Member] | Construction, Non-speculative [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 0 | 0 | |
Substandard [Member] | Loans, Excluding PCI Loans [Member] | SFR mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 1,501 | 3,587 | |
Substandard [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 27,119 | 9,213 | |
Substandard [Member] | Loans, Excluding PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 0 | 0 | |
Substandard [Member] | Loans, Excluding PCI Loans [Member] | Consumer Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 1,028 | 1,081 | |
Doubtful & Loss [Member] | Loans, Excluding PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Commercial real estate, Non-owner occupied | 0 | 0 | |
Notes receivable gross | 0 | 0 | |
Doubtful & Loss [Member] | Loans, Excluding PCI Loans [Member] | Commercial And Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 0 | 0 | |
Doubtful & Loss [Member] | Loans, Excluding PCI Loans [Member] | SBA [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 0 | 0 | |
Doubtful & Loss [Member] | Loans, Excluding PCI Loans [Member] | Commercial real estate, owner occupied [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 0 | 0 | |
Doubtful & Loss [Member] | Loans, Excluding PCI Loans [Member] | Construction, Speculative [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 0 | 0 | |
Doubtful & Loss [Member] | Loans, Excluding PCI Loans [Member] | Construction, Non-speculative [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 0 | 0 | |
Doubtful & Loss [Member] | Loans, Excluding PCI Loans [Member] | SFR mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 0 | 0 | |
Doubtful & Loss [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 0 | 0 | |
Doubtful & Loss [Member] | Loans, Excluding PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | 0 | 0 | |
Doubtful & Loss [Member] | Loans, Excluding PCI Loans [Member] | Consumer Other [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Notes receivable gross | $ 0 | $ 0 |
Loans and Lease Finance Recei_6
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Loan, Including PCI Loans by Internal Risk Ratings (Parenthetical) (Detail) - USD ($) | 3 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2018 | |
Payments to Acquire Loans Receivable | $ 19,000,000 | |
Financial Asset Acquired with Credit Deterioration [Member] | ||
PCI Loans | $ 17,200,000 | |
Financial Asset Acquired with Credit Deterioration [Member] | Pass [Member] | ||
PCI Loans | 15,800,000 | |
Financial Asset Acquired with Credit Deterioration [Member] | Special Mention [Member] | ||
PCI Loans | 1,200,000 | |
Financial Asset Acquired with Credit Deterioration [Member] | Substandard [Member] | ||
PCI Loans | 224,000,000,000 | |
Financial Asset Acquired with Credit Deterioration [Member] | Doubtful [Member] | ||
PCI Loans | $ 0 |
Loans and Lease Finance Recei_7
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Balance and Activity Related to Allowance for Loan Losses for Held-for-Investment Loans by Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | $ 63,613 | $ 59,585 | $ 63,613 | $ 59,585 | $ 61,540 | ||||||
Charge-offs | (454) | (291) | (151) | ||||||||
Recoveries | 501 | 2,819 | 6,696 | ||||||||
Provision for loan losses | $ 0 | $ 1,500 | $ 2,000 | 1,500 | $ 3,000 | $ 500 | $ (1,000) | (1,000) | 5,000 | 1,500 | (8,500) |
Ending Balance | 68,660 | 63,613 | 68,660 | 63,613 | 59,585 | ||||||
Beginning Balance | 63,613 | 63,613 | |||||||||
PCI Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 204 | 367 | 204 | 367 | 1,219 | ||||||
Charge-offs | 0 | 0 | |||||||||
Recoveries | 0 | 0 | |||||||||
Provision for loan losses | (163) | (852) | |||||||||
Ending Balance | 204 | 204 | 367 | ||||||||
Commercial and Industrial [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 7,520 | 7,280 | 7,520 | 7,280 | 8,154 | ||||||
Charge-offs | (48) | (10) | (138) | ||||||||
Recoveries | 255 | 82 | 118 | ||||||||
Provision for loan losses | 1,145 | 168 | (854) | ||||||||
Ending Balance | 8,880 | 7,520 | 8,880 | 7,520 | 7,280 | ||||||
Beginning Balance | 7,528 | 7,528 | |||||||||
Small Business Administration [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 1,062 | 869 | 1,062 | 869 | 871 | ||||||
Charge-offs | (321) | (257) | 0 | ||||||||
Recoveries | 9 | 20 | 78 | ||||||||
Provision for loan losses | 687 | 430 | (80) | ||||||||
Ending Balance | 1,453 | 1,062 | 1,453 | 1,062 | 869 | ||||||
Beginning Balance | 1,078 | 1,078 | |||||||||
Commercial Real Estate [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 44,934 | 41,722 | 44,934 | 41,722 | 37,443 | ||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 154 | ||||||||
Provision for loan losses | 3,532 | 3,212 | 4,125 | ||||||||
Ending Balance | 48,629 | 44,934 | 48,629 | 44,934 | 41,722 | ||||||
Beginning Balance | 45,097 | 45,097 | |||||||||
Construction [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 981 | 984 | 981 | 984 | 1,096 | ||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 12 | 2,506 | 6,036 | ||||||||
Provision for loan losses | (135) | (2,509) | (6,148) | ||||||||
Ending Balance | 858 | 981 | 858 | 981 | 984 | ||||||
Beginning Balance | 981 | 981 | |||||||||
SFR Mortgage [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 2,196 | 2,112 | 2,196 | 2,112 | 2,287 | ||||||
Charge-offs | 0 | (13) | 0 | ||||||||
Recoveries | 196 | 51 | 212 | ||||||||
Provision for loan losses | (54) | 46 | (387) | ||||||||
Ending Balance | 2,339 | 2,196 | 2,339 | 2,196 | 2,112 | ||||||
Beginning Balance | 2,197 | 2,197 | |||||||||
Dairy & Livestock and Agribusiness [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 5,215 | 4,647 | 5,215 | 4,647 | 8,541 | ||||||
Charge-offs | (78) | 0 | 0 | ||||||||
Recoveries | 19 | 19 | |||||||||
Provision for loan losses | 89 | 549 | (3,913) | ||||||||
Ending Balance | 5,255 | 5,215 | 5,255 | 5,215 | 4,647 | ||||||
Beginning Balance | 5,225 | 5,225 | |||||||||
Municipal Lease Finance Receivables [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | 775 | 851 | 775 | 851 | 941 | ||||||
Charge-offs | 0 | 0 | 0 | ||||||||
Recoveries | 0 | 0 | 0 | ||||||||
Provision for loan losses | (152) | (76) | (90) | ||||||||
Ending Balance | 623 | 775 | 623 | 775 | 851 | ||||||
Beginning Balance | 775 | 775 | |||||||||
Consumer and Other Loans [Member] | |||||||||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||||||||
Beginning Balance | $ 726 | $ 753 | 726 | 753 | 988 | ||||||
Charge-offs | (7) | (11) | (13) | ||||||||
Recoveries | 141 | 79 | |||||||||
Provision for loan losses | (112) | (157) | (301) | ||||||||
Ending Balance | $ 623 | 726 | $ 623 | 726 | $ 753 | ||||||
Beginning Balance | $ 732 | $ 732 |
Loans and Lease Finance Recei_8
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Recorded Investment in Loans Held-for-Investment and Related Allowance for Loan Losses by Loan Type (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | $ 8,389 | $ 23,545 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 7,559,930 | 7,728,680 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 17,214 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 508 | 561 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 68,152 | 62,848 |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 204 | |
PCI Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 0 | |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 17,214 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 0 | |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 204 | |
Commercial and Industrial [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,344 | 7,625 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 933,783 | 994,584 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 251 | 3 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 8,629 | 7,517 |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | |
Small Business Administration [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 2,568 | 3,467 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 302,440 | 346,576 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 257 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 1,196 | 1,062 |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | |
Commercial Real Estate [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 1,121 | 6,540 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 5,373,496 | 5,387,689 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 478 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 48,629 | 44,456 |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | |
Construction [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 116,925 | 122,782 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 858 | 981 |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | |
SFR Mortgage [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 2,979 | 5,349 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 280,489 | 291,155 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 2,339 | 2,196 |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | |
Dairy & Livestock and Agribusiness [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 78 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 383,709 | 393,765 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 12 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 5,255 | 5,203 |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | |
Municipal Lease Finance Receivables [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 0 | 0 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 53,146 | 64,186 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 0 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | 623 | 775 |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | 0 | |
Consumer and Other Loans [Member] | ||
Financing Receivable, Allowance for Credit Losses [Line Items] | ||
Recorded Investment in Loans, Individually Evaluated for Impairment | 377 | 486 |
Recorded Investment in Loans, Collectively Evaluated for Impairment | 115,942 | 127,943 |
Recorded Investment in Loans, Acquired with Deterioriated Credit Quality | 0 | |
Allowance for Loan Losses, Individually Evaluated for Impairment | 0 | 68 |
Allowance for Loan Losses, Collectively Evaluated for Impairment | $ 623 | 658 |
Allowance for Loan Losses, Acquired with Deterioriated Credit Quality | $ 0 |
Loans and Lease Finance Recei_9
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Including PCI Loans by Class of Loans (Detail) - USD ($) | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Current | $ 7,561,389,000 | ||
Total Gross loans | $ 7,568,319,000 | $ 7,769,439,000 | |
30-59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | 59,000 | 33,000 | |
60-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Nonaccrual | 1,100,000 | 57,000 | |
Loans, Excluding PCI Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 1,653,000 | 5,290,000 | |
Nonaccrual | 5,277,000 | 19,951,000 | |
Current | 7,726,984,000 | ||
Total Gross loans | 7,568,319,000 | 7,568,319,000 | 7,752,225,000 |
Loans, Excluding PCI Loans [Member] | 30-59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 878,000 | 4,431,000 | |
Loans, Excluding PCI Loans [Member] | 60-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 775,000 | 859,000 | |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 2,000 | 909,000 | |
Nonaccrual | 1,266,000 | 7,490,000 | |
Current | 933,859,000 | 993,810,000 | |
Total Gross loans | 935,127,000 | 1,002,209,000 | |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | 30-59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 2,000 | 820,000 | |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | 60-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | $ 0 | 89,000 | |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 1,402,000 | 1,307,000 | |
Nonaccrual | 2,032,000 | 2,892,000 | |
Current | 301,574,000 | 345,844,000 | |
Total Gross loans | 305,008,000 | 350,043,000 | |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | 30-59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 870,000 | 1,172,000 | |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | 60-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 532,000 | 135,000 | |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Owner Occupied [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 2,789,000 | |
Nonaccrual | 479,000 | 589,000 | |
Current | 2,083,171,000 | 2,114,612,000 | |
Total Gross loans | 2,083,650,000 | 2,117,990,000 | |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Owner Occupied [Member] | 30-59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 2,439,000 | |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Owner Occupied [Member] | 60-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 350,000 | |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Non-owner Occupied [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 0 | |
Nonaccrual | 245,000 | 5,479,000 | |
Current | 3,290,722,000 | 3,270,760,000 | |
Total Gross loans | 3,290,967,000 | 3,276,239,000 | |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Non-owner Occupied [Member] | 30-59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 0 | |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate Non-owner Occupied [Member] | 60-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 0 | |
Loans, Excluding PCI Loans [Member] | Construction Speculative [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 0 | |
Nonaccrual | 0 | 0 | |
Current | 106,895,000 | 118,233,000 | |
Total Gross loans | 106,895,000 | 118,233,000 | |
Loans, Excluding PCI Loans [Member] | Construction Speculative [Member] | 30-59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 0 | |
Loans, Excluding PCI Loans [Member] | Construction Speculative [Member] | 60-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 0 | |
Loans, Excluding PCI Loans [Member] | Construction Non-speculative [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 0 | |
Nonaccrual | 0 | 0 | |
Current | 10,030,000 | 4,549,000 | |
Total Gross loans | 10,030,000 | 4,549,000 | |
Loans, Excluding PCI Loans [Member] | Construction Non-speculative [Member] | 30-59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 0 | |
Loans, Excluding PCI Loans [Member] | Construction Non-speculative [Member] | 60-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 0 | |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 249,000 | 285,000 | |
Nonaccrual | 878,000 | 2,937,000 | |
Current | 282,341,000 | 293,282,000 | |
Total Gross loans | 283,468,000 | 296,504,000 | |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | 30-59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 6,000 | 0 | |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | 60-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 243,000 | 285,000 | |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 0 | |
Nonaccrual | 0 | 78,000 | |
Current | 383,709,000 | 393,765,000 | |
Total Gross loans | 383,709,000 | 393,843,000 | |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | 30-59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 0 | |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | 60-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 0 | |
Loans, Excluding PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 0 | |
Nonaccrual | 0 | 0 | |
Current | 53,146,000 | 64,186,000 | |
Total Gross loans | 53,146,000 | 64,186,000 | |
Loans, Excluding PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | 30-59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 0 | |
Loans, Excluding PCI Loans [Member] | Municipal Lease Finance Receivables [Member] | 60-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 0 | |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 0 | |
Nonaccrual | 377,000 | 486,000 | |
Current | 115,942,000 | 127,943,000 | |
Total Gross loans | 116,319,000 | 128,429,000 | |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | 30-59 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | 0 | 0 | |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | 60-89 Days Past Due [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Total Past Due and Accruing | $ 0 | $ 0 |
Loans and Lease Finance Rece_10
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Recorded Investment in, and Aging of, Past Due and Nonaccrual Loans, Including PCI Loans by Class of Loans (Parenthetical) (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccruing loans, current | $ 1,200,000 | $ 2,300,000 |
Small Business Administration Loans [Member] | Financial Guarantee [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 2,000,000 | |
Community Bank [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual loans | 3,500,000 | 12,300,000 |
30-59 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 59,000 | 33,000 |
60-89 Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | 1,100,000 | 57,000 |
90+ Days Past Due [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Nonaccrual | $ 2,900,000 | $ 17,600,000 |
Loans and Lease Finance Rece_11
Loans and Lease Finance Receivables and Allowance for Loan Losses - Schedule of Held-for-Investment Loans, Individually Evaluated for Impairment by Class of Loans (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | $ 7,811,000 | $ 20,067,000 | $ 15,146,000 |
Recorded Investment, With a related allowance recorded | 578,000 | 3,478,000 | 379,000 |
Recorded Investment, Total impaired loans | 8,389,000 | 23,545,000 | 15,525,000 |
Unpaid Principal Balance, With no related allowance recorded | 9,075,000 | 29,028,000 | 18,702,000 |
Unpaid Principal Balance, With a related allowance recorded | 671,000 | 3,513,000 | 409,000 |
Unpaid Principal Balance, Total impaired loans | 9,746,000 | 32,541,000 | 19,111,000 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 508,000 | 561,000 | 75,000 |
Related Allowance, Total impaired loans | 508,000 | 561,000 | 75,000 |
Average Recorded Investment, With no related allowance recorded | 8,383,000 | 22,789,000 | 15,820,000 |
Average Recorded Investment, With a related allowance recorded | 1,026,000 | 3,501,000 | 391,000 |
Average Recorded Investment, Total impaired loans | 9,409,000 | 26,290,000 | 16,211,000 |
Interest Income Recognized, With no related allowance recorded | 157,000 | 163,000 | 306,000 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, Total impaired loans | 157,000 | 163,000 | 306,000 |
Commercial and Industrial [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 1,091,000 | 7,436,000 | 440,000 |
Recorded Investment, With a related allowance recorded | 253,000 | 189,000 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 1,261,000 | 11,457,000 | 980,000 |
Unpaid Principal Balance, With a related allowance recorded | 347,000 | 191,000 | 0 |
Related Allowance, With no related allowance recorded | 0 | ||
Related Allowance, With a related allowance recorded | 251,000 | 3,000 | 0 |
Average Recorded Investment, With no related allowance recorded | 1,369,000 | 7,718,000 | 548,000 |
Average Recorded Investment, With a related allowance recorded | 699,000 | 203,000 | 0 |
Interest Income Recognized, With no related allowance recorded | 4,000 | 7,000 | 10,000 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
Small Business Administration [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 2,243,000 | 3,467,000 | 1,530,000 |
Recorded Investment, With a related allowance recorded | 325,000 | 0 | 1,000 |
Unpaid Principal Balance, With no related allowance recorded | 2,734,000 | 5,746,000 | 1,699,000 |
Unpaid Principal Balance, With a related allowance recorded | 324,000 | 0 | 18,000 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 257,000 | 0 | 1,000 |
Average Recorded Investment, With no related allowance recorded | 2,389,000 | 3,919,000 | 1,598,000 |
Average Recorded Investment, With a related allowance recorded | 327,000 | 0 | 6,000 |
Interest Income Recognized, With no related allowance recorded | 41,000 | 44,000 | 47,000 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
Commercial Real Estate Owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 479,000 | 589,000 | 4,365,000 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 613,000 | 705,000 | 4,763,000 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 505,000 | 624,000 | 4,414,000 |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 36,000 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
Commercial Real Estate Non-owner Occupied [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 642,000 | 2,808,000 | 3,768,000 |
Recorded Investment, With a related allowance recorded | 0 | 3,143,000 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 643,000 | 4,324,000 | 5,107,000 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 3,144,000 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 478,000 | 0 |
Average Recorded Investment, With no related allowance recorded | 681,000 | 4,585,000 | 3,951,000 |
Average Recorded Investment, With a related allowance recorded | 0 | 3,144,000 | 0 |
Interest Income Recognized, With no related allowance recorded | 26,000 | 32,000 | 94,000 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
Construction Speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
Construction Non-speculative [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
SFR Mortgage [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 2,979,000 | 5,349,000 | 4,040,000 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 3,310,000 | 6,270,000 | 4,692,000 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 3,043,000 | 5,484,000 | 4,119,000 |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With no related allowance recorded | 86,000 | 80,000 | 118,000 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
Dairy & Livestock and Agribusiness [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 829,000 |
Recorded Investment, With a related allowance recorded | 0 | 78,000 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 1,091,000 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 78,000 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 12,000 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | 988,000 |
Average Recorded Investment, With a related allowance recorded | 0 | 78,000 | 0 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 1,000 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
Municipal Lease Finance Receivables [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With no related allowance recorded | 0 | 0 | 0 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 0 | 0 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With no related allowance recorded | 0 | 0 | 0 |
Average Recorded Investment, With a related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With a related allowance recorded | 0 | 0 | 0 |
Consumer and Other Loans [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Recorded Investment, With no related allowance recorded | 377,000 | 418,000 | 174,000 |
Recorded Investment, With a related allowance recorded | 0 | 68,000 | 378,000 |
Unpaid Principal Balance, With no related allowance recorded | 514,000 | 526,000 | 370,000 |
Unpaid Principal Balance, With a related allowance recorded | 0 | 100,000 | 391,000 |
Related Allowance, With no related allowance recorded | 0 | 0 | 0 |
Related Allowance, With a related allowance recorded | 0 | 68,000 | 74,000 |
Average Recorded Investment, With no related allowance recorded | 396,000 | 459,000 | 202,000 |
Average Recorded Investment, With a related allowance recorded | 0 | 76,000 | 385,000 |
Interest Income Recognized, With no related allowance recorded | 0 | 0 | 0 |
Interest Income Recognized, With a related allowance recorded | $ 0 | $ 0 | $ 0 |
Loans and Lease Finance Rece_12
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Activity Related to Troubled Debt Restructurings (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Financing Receivable, Modifications [Line Items] | ||
Total TDRs | $ 3,356 | $ 7,103 |
Performing TDRs [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Beginning balance | 3,594 | 4,809 |
New modifications | 0 | 311 |
Payoffs/payments, net and other | (482) | (1,526) |
TDRs returned to accrual status | 0 | 0 |
TDRs placed on nonaccrual status | 0 | 0 |
Ending balance | 3,112 | 3,594 |
Nonperforming TDRs [Member] | ||
Financing Receivable, Modifications [Line Items] | ||
Beginning balance | 3,509 | 4,200 |
New modifications | 0 | 316 |
Charge-offs | (78) | 0 |
Transfer to OREO | (2,275) | 0 |
Payoffs/payments, net and other | (912) | (1,007) |
TDRs returned to accrual status | 0 | 0 |
TDRs placed on nonaccrual status | 0 | 0 |
Ending balance | $ 244 | $ 3,509 |
Loans and Lease Finance Rece_13
Loans and Lease Finance Receivables and Allowance for Loan Losses - Summary of Loans Modified as Troubled Debt Restructurings (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)Contract | Dec. 31, 2018USD ($)Contract | Dec. 31, 2017USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 3,000 | 2,000 | |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 627 | $ 5,127 | |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 627 | 5,127 | |
Troubled debt restructurings, Outstanding Recorded Investment | 587 | 3,221 | |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | |
Commercial and Industrial [Member] | Interest rate reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | |
Troubled debt restructurings, Financial Effect Resulting From Modifications | 0 | $ 0 | |
Commercial and Industrial [Member] | Change in Amortization Period or Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 1,000 | 0 | |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | 38 | $ 0 | |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 38 | 0 | |
Troubled debt restructurings, Outstanding Recorded Investment | 20 | 0 | |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | |
Commercial Real Estate Owner Occupied [Member] | Interest rate reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | |
Commercial Real Estate Owner Occupied [Member] | Change in Amortization Period or Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | $ 0 | |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | |
Troubled debt restructurings, Financial Effect Resulting From Modifications | 0 | $ 0 | |
Commercial Real Estate Non-owner Occupied [Member] | Interest rate reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | 0 | ||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | $ 0 | |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | ||
Troubled debt restructurings, Financial Effect Resulting From Modifications | 0 | ||
Commercial Real Estate Non-owner Occupied [Member] | Change in Amortization Period or Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | 1,000 | |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | 0 | $ 3,143 | |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 3,143 | |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 3,143 | |
Troubled debt restructurings, Financial Effect Resulting From Modifications | 0 | 0 | |
SFR Mortgage [Member] | Interest rate reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | ||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | 0 | 0 | |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | ||
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | |
Troubled debt restructurings, Financial Effect Resulting From Modifications | 0 | $ 0 | |
SFR Mortgage [Member] | Change in Amortization Period or Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 1,000 | ||
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | 311 | ||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 311 | ||
Troubled debt restructurings, Outstanding Recorded Investment | 300 | ||
Troubled debt restructurings, Financial Effect Resulting From Modifications | 0 | ||
Dairy & Livestock and Agribusiness [Member] | Interest rate reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | $ 0 | ||
Dairy & Livestock and Agribusiness [Member] | Change in Amortization Period or Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | 1,000 | |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 1,984 | ||
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 1,984 | ||
Troubled debt restructurings, Outstanding Recorded Investment | $ 78 | ||
Consumer [Member] | Interest rate reduction [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 0 | 0 | |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 0 | 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 0 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 0 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | 0 | $ 0 |
Consumer [Member] | Change in Amortization Period or Maturity [Member] | |||
Financing Receivable, Modifications [Line Items] | |||
Troubled debt restructurings, Number of Loans | Contract | 1,000 | 0 | |
Troubled debt restructurings, Pre-Modification Outstanding Recorded Investment | $ 278 | 0 | $ 0 |
Troubled debt restructurings, Post-Modification Outstanding Recorded Investment | 278 | 0 | 0 |
Troubled debt restructurings, Outstanding Recorded Investment | 267 | 0 | 0 |
Troubled debt restructurings, Financial Effect Resulting From Modifications | $ 0 | $ 0 | $ 0 |
Other Real Estate Owned - Summa
Other Real Estate Owned - Summary of Activity Related to Total OREO (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||
Balance, beginning of period | $ 420 | $ 4,527 |
Additions | 4,889 | 420 |
Dispositions | (420) | (4,527) |
Valuation adjustments | 0 | |
Balance, end of period | $ 4,889 | $ 420 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Approximately weighted average remaining life of intangible assets | 2 years 10 months 20 days |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes in Carrying Amount of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Balance, beginning of period | $ 666,539 | $ 116,564 |
Addition due to acqusitions | 549,975 | |
Measurement period adjustments | (2,832) | |
Balance, end of period | $ 663,707 | $ 666,539 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Summary of Amortizable Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Balance of intangible assets, Gross CDI Carrying Amount, Beginning of period | $ 93,297 | $ 41,097 | |
Additions due to acquisitions | 52,200 | ||
Balance of intangible assets, Gross CDI Carrying Amount, End of period | 93,297 | 93,297 | $ 41,097 |
Aggregate amortization expense, Gross CDI Carrying Amount | 10,798 | 5,254 | 1,329 |
Estimated Amortization Expense: | |||
Estimated Amortization Expense, 2020 | 9,352 | ||
Estimated Amortization Expense, 2021 | 8,240 | ||
Estimated Amortization Expense, 2022 | 7,126 | ||
Estimated Amortization Expense, 2023 | 6,010 | ||
Estimated Amortization Expense, Thereafter | 12,258 | ||
Balance of intangible assets, Accumulated Amortization, Beginning of period | (39,513) | (34,259) | |
Balance of intangible assets, Accumulated Amortization, End of period | (50,311) | (39,513) | (34,259) |
Balance of intangible assets, Net CDI Amount, Beginning of period | 53,784 | 6,838 | |
Balance of intangible assets, Net CDI Amount, End of period | $ 42,986 | $ 53,784 | $ 6,838 |
Premises and Equipment - Schedu
Premises and Equipment - Schedule of Premises and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 19,188 | $ 19,929 |
Bank premises | 68,387 | 73,188 |
Furniture and equipment | 27,540 | 29,020 |
Premises and equipment, gross | 115,115 | 122,137 |
Accumulated depreciation and amortization | (61,137) | (63,944) |
Premises and equipment, net | $ 53,978 | $ 58,193 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2019Banking | |
Property, Plant and Equipment [Line Items] | ||||
Number of branches owned by merger company | Banking | 10 | |||
Gain on sale of property plant equipment | $ 4.8 | |||
Depreciation and amortization expense | $ 6.8 | $ 6.5 | $ 4.9 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 6,571 | $ 6,393 |
Interest rate swaps | 11,502 | 1,938 |
ROU assets | 18,522 | |
Affordable housing investments | 12,452 | 15,995 |
Other investments | 45,540 | 33,031 |
Other assets | 15,550 | 10,450 |
Total | $ 110,137 | $ 67,807 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Amount of unrecognized tax benefits | $ 0 | $ 0 | ||
Deferred tax asset revaluation adjustment | $ 13,200 | $ 13,208 | ||
Effective Income Tax Rate | 21.00% | 21.00% | 35.00% |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current provision: | |||
Federal | $ 51,564 | $ 31,055 | $ 44,153 |
State | 29,487 | 20,546 | 17,151 |
Current provision, total | 81,051 | 51,601 | 61,304 |
Deferred provision/(benefit): | |||
Federal | 486 | 5,158 | 20,926 |
State | 1,710 | 2,353 | 2,154 |
Deferred provision (benefit), total | 2,196 | 7,511 | 23,080 |
Provision for income taxes | $ 83,247 | $ 59,112 | $ 84,384 |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Tax Asset (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current: | ||
Income tax asset , Current, Total | $ 9,346 | $ 19,103 |
Deferred: | ||
Income tax asset , Deferred, Total | 26,241 | 43,071 |
Income tax asset (liability), Total | 35,587 | 62,174 |
Federal [Member] | ||
Current: | ||
Income tax asset , Current, Total | 5,890 | 12,303 |
Deferred: | ||
Income tax asset , Deferred, Total | 17,580 | 27,334 |
State [Member] | ||
Current: | ||
Income tax asset , Current, Total | 3,456 | 6,800 |
Deferred: | ||
Income tax asset , Deferred, Total | $ 8,661 | $ 15,737 |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Asset (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Bad debt and credit loss deduction | $ 24,282 | $ 22,402 |
Net operating loss carryforward | 75 | 141 |
Deferred compensation | 6,942 | 6,109 |
PCI loans | 2,299 | 2,556 |
California franchise tax | 4,281 | 837 |
Accrued expense | 4,831 | 4,865 |
Unrealized loss on investment securities, net | 0 | 7,508 |
Acquired loan discounts | 15,180 | 25,555 |
Lease liability | 6,175 | |
Other, net | 1,453 | 2,624 |
Gross deferred tax asset | 65,518 | 72,597 |
Deferred tax liabilities: | ||
Depreciation | 3,895 | 4,440 |
Intangibles—acquistions | 16,941 | 19,843 |
FHLB stock | 2,525 | 2,527 |
Deferred income | 3,055 | 2,716 |
Right of use asset | 5,893 | |
Unrealized gain on investment securities, net | 6,968 | |
Gross deferred tax liability | 39,277 | 29,526 |
Net deferred tax asset | $ 26,241 | $ 43,071 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Income Tax Rate to Consolidated Effective Income Tax Rate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | ||||
Federal income tax at statutory rate, rate | 21.00% | 21.00% | 35.00% | |
State franchise taxes, net of federal benefit, rate | 8.40% | 8.50% | 6.90% | |
Tax-exempt income, rate | (1.10%) | (1.40%) | (2.40%) | |
Tax credits, rate | (0.70%) | (0.70%) | (0.60%) | |
Deferred tax asset revalution adjustment, rate | 7.00% | |||
Other, net, rate | 1.00% | 0.60% | (1.20%) | |
Provision for income taxes, rate | 28.60% | 28.00% | 44.70% | |
Federal income tax at statutory rate | $ 61,126 | $ 44,334 | $ 66,078 | |
State franchise taxes, net of federal benefit | 24,430 | 17,905 | 12,903 | |
Tax-exempt income | (3,081) | (2,991) | (4,450) | |
Tax credits | (2,153) | (1,451) | (1,096) | |
Deferred tax asset revalution adjustment | $ 13,200 | 13,208 | ||
Other, net | 2,925 | 1,315 | (2,259) | |
Provision for income taxes | $ 83,247 | $ 59,112 | $ 84,384 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deposits [Abstract] | |||
Balance of accounts with more than $0,000 balance | $ 107,900,000 | $ 125,400,000 | |
Interest expenses on accounts with more than $0,000 balance | $ 926,000 | $ 1,100,000 | $ 545,000 |
Deposits - Composition of Depos
Deposits - Composition of Deposits (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Noninterest-bearing Deposit Liabilities [Abstract] | ||
Noninterest-bearing deposits | $ 5,245,517 | $ 5,204,787 |
Interest-bearing deposits: | ||
Investment checking | 454,565 | 460,972 |
Money market | 2,158,161 | 2,236,018 |
Savings | 400,377 | 393,769 |
Time deposits | 446,308 | 531,944 |
Total deposits | $ 8,704,928 | $ 8,827,490 |
Noninterest-bearing deposits, percentage of total deposits | 60.26% | 58.96% |
Investment checking, percentage of total deposits | 5.22% | 5.22% |
Money market, percentage of total deposits | 24.79% | 25.33% |
Savings, percentage of total deposits | 4.60% | 4.46% |
Time deposits, percentage of total deposits | 5.13% | 6.03% |
Percentage of deposit, total | 100.00% | 100.00% |
Deposits - Scheduled Maturities
Deposits - Scheduled Maturities of Time Certificates of Deposit (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Year of maturity: | ||
2020 | $ 367,102 | |
2021 | 58,488 | |
2022 | 9,487 | |
2023 | 1,616 | |
2024 and thereafter | 9,615 | |
Total | $ 446,308 | $ 531,944 |
Borrowings - Additional Informa
Borrowings - Additional Information (Detail) - USD ($) | Jan. 31, 2006 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2006 |
Debt Instrument [Line Items] | ||||
Funds borrowed under repurchase agreement | $ 428,659,000 | $ 442,255,000 | ||
Weighted average interest rates | 0.44% | 0.39% | ||
Loans at carrying value | $ 6,030,000,000 | $ 5,710,000,000 | ||
Investment securities at carrying value | 1,640,000,000 | 1,660,000,000 | ||
Overnight borrowings | $ 280,000,000 | |||
Overnight borrowings with cost basis points | 2.53% | |||
Period of LIBOR | 1 year | |||
Collateral Pledged [Member] | ||||
Debt Instrument [Line Items] | ||||
Investment securities at carrying value | $ 1,640,000,000 | |||
CVB Statutory Trust III [Member] | Junior Subordinated Debenture Held by CVB Statutory Trust III [Member] | ||||
Debt Instrument [Line Items] | ||||
Trust preferred securities, offered fair value | $ 25,000,000 | |||
Proceeds from the offering and other cash | $ 25,774,000 | |||
Maximum Period of Deferred payments of interest | 20 consecutive quarters. | |||
Trust Preferred Securities, maturity date | Mar. 15, 2036 | |||
Trust Preferred Securities, interest rate in excess of LIBOR | 1.38% | |||
Trust Preferred Securities callable date | Mar. 15, 2011 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Contingencies And Commitments [Line Items] | ||
Commitments to extend credit | $ 1,540 | $ 1,690 |
Obligations under letters of credit | 53.1 | 54.3 |
Reserve for credit risk for undisbursed commitments | 9 | $ 9 |
Available lines of credit | 4,180 | |
Secured [Member] | ||
Contingencies And Commitments [Line Items] | ||
Available lines of credit | $ 3,790 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Severance costs | $ 1,000,000 | $ 1,400,000 | $ 1,600,000 |
Deferred compensation agreements expenses | $ 1,600,000 | 1,100,000 | 1,200,000 |
Maximum percentage of bonus defer by individual under deferred compensation plan | 100.00% | ||
Deferred compensation plan, discretionary payments | $ 0 | 0 | 0 |
Deferred compensation liability | $ 22,666,000 | 20,033,000 | |
Employer contribution percentage to 401(k) plan | 3.00% | ||
Employer contribution in profit-sharing plan | $ 4,100,000 | 3,500,000 | $ 3,200,000 |
Executive Non-qualified Excess Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Deferred compensation liability | $ 2,900,000 | $ 2,400,000 | |
Maximum [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | |||
Maximum percentage of salary defer by individual under deferred compensation plan | 75.00% |
Earnings Per Share Reconcilia_3
Earnings Per Share Reconciliation - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per common share | 183,000 | 160,000 | 9,000 |
Earnings Per Share Reconcilia_4
Earnings Per Share Reconciliation - Schedule of Earnings Per Common Share Reconciliation (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per common share: | |||||||||||
Net earnings | $ 51,281 | $ 50,423 | $ 54,481 | $ 51,642 | $ 43,159 | $ 38,558 | $ 35,373 | $ 34,913 | $ 207,827 | $ 152,003 | $ 104,411 |
Less: Net earnings allocated to restricted stock | 488 | 429 | 382 | ||||||||
Net earnings allocated to common shareholders | $ 207,339 | $ 151,574 | $ 104,029 | ||||||||
Weighted average shares outstanding | 139,757 | 121,670 | 109,409 | ||||||||
Basic earnings per common share | $ 0.37 | $ 0.36 | $ 0.39 | $ 0.37 | $ 0.31 | $ 0.30 | $ 0.32 | $ 0.32 | $ 1.48 | $ 1.25 | $ 0.95 |
Diluted earnings per common share: | |||||||||||
Net income allocated to common shareholders | $ 207,339 | $ 151,574 | $ 104,029 | ||||||||
Weighted average shares outstanding | 139,757 | 121,670 | 109,409 | ||||||||
Incremental shares from assumed exercise of outstanding options | 177 | 287 | 398 | ||||||||
Diluted weighted average shares outstanding | 139,934 | 121,957 | 109,807 | ||||||||
Diluted earnings per common share | $ 0.37 | $ 0.36 | $ 0.39 | $ 0.37 | $ 0.31 | $ 0.30 | $ 0.32 | $ 0.32 | $ 1.48 | $ 1.24 | $ 0.95 |
Stock-Based Compensation Plan_2
Stock-Based Compensation Plans - Additional Information (Detail) - USD ($) | May 31, 2008 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option plan, options outstanding | 359,000 | 532,000 | ||
Stock options granted under Black-Scholes options pricing model | 2,000 | |||
Cash received from stock option exercises | $ 2,215,000 | $ 1,701,000 | $ 2,683,000 | |
Common stock, shares outstanding | 140,102,480 | 140,000,017 | ||
Number of common shares, options exercisable | 212,000 | |||
2008 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Authorized issuance of shares of Company common stock | 9,000,000 | |||
Expiry of equity incentive plan | 2018 | |||
2008 Stock Option Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option plan, options outstanding | 312,500,000 | 0 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total expenses on stock option | $ 352,000 | $ 400,000 | $ 399,000 | |
Stock options granted under Black-Scholes options pricing model | 1,500 | 140,500 | 11,500 | |
Vesting period | 5 years | |||
Intrinsic value of options exercised | $ 1,300,000 | $ 2,200,000 | $ 3,800,000 | |
Unrecognized compensation cost related to nonvested options granted | $ 564,000 | |||
Weighted-average period for expected cost recognized | 2 years 2 months 12 days | |||
Fair value of options vested | $ 520,000 | 364,000 | 505,000 | |
Cash received from stock option exercises | $ 2,200,000 | 1,700,000 | 2,700,000 | |
Common stock, shares outstanding | 358,600 | |||
Options exercisable lower price range | $ 7.68 | |||
Options exercisable upper price range | $ 24.83 | |||
Stock Options [Member] | Common Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of common shares, options exercisable | 212,133 | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation cost related to nonvested options granted | $ 6,300,000 | |||
2008 Equity Incentive Plan, granted restricted stock awards | 217,000 | |||
Weighted average fair value of restricted stock | $ 20.76 | |||
Amount of compensation cost recognized | $ 5,200,000 | $ 3,100,000 | $ 2,600,000 | |
Restricted Stock [Member] | 2008 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
2008 Equity Incentive Plan, granted restricted stock awards | 217,000 | 424,000 | 73,000 | |
Weighted average fair value of restricted stock | $ 20.76 | $ 23.84 | $ 21.59 | |
Restricted Stock [Member] | 2008 Equity Incentive Plan [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Restricted Stock [Member] | 2008 Equity Incentive Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years |
Stock-Based Compensation Plan_3
Stock-Based Compensation Plans - Estimated Fair Value of Stock Options (Detail) - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 2.40% | 2.40% | 2.20% |
Volatility | 23.30% | 25.40% | 29.60% |
Risk-free interest rate | 2.50% | 2.90% | 1.80% |
Expected life | 5 years 4 months 24 days | 5 years 4 months 24 days | 5 years 7 months 6 days |
Weighted average grant date fair value | $ 4.35 | $ 5.08 | $ 5.17 |
Stock-Based Compensation Plan_4
Stock-Based Compensation Plans - Option Activity under Company's Stock Option Plans (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Outstanding, Number of Stock Options, Beginning Balance | shares | 532 |
Granted, Number of Stock Options Outstanding | shares | 2 |
Exercised, Number of Stock Options Outstanding | shares | (161) |
Forfeited or expired, Number of Stock Options Outstanding | shares | (14) |
Outstanding, Number of Stock Options, Ending Balance | shares | 359 |
Vested or expected to vest, Number of Stock Options Outstanding | shares | 359 |
Exercisable, Number of Stock Options Outstanding | shares | 212 |
Outstanding, Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 16.73 |
Granted, Weighted Average Exercise Price | $ / shares | 23.12 |
Exercised, Weighted Average Exercise Price | $ / shares | 13.78 |
Forfeited or expired, Weighted Average Exercise Price | $ / shares | 19 |
Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares | 17.99 |
Vested or expected to vest, Weighted Average Exercise Price | $ / shares | 17.99 |
Exercisable, Weighted Average Exercise Price | $ / shares | $ 15.58 |
Outstanding, Weighted Average Remaining Contractual Term | 6 years 18 days |
Vested or expected to vest, Weighted Average Remaining Contractual Term | 6 years 18 days |
Exercisable, Weighted Average Remaining Contractual Term | 4 years 9 months 3 days |
Outstanding, Aggregate Intrinsic Value | $ | $ 1,587 |
Vested or expected to vest, Aggregate Intrinsic Value | $ | 1,587 |
Exercisable, Aggregate Intrinsic Value | $ | $ 1,364 |
Stock-Based Compensation Plan_5
Stock-Based Compensation Plans - Summary of Status of Company's Non-Vested Restricted Shares (Detail) - Restricted Stock [Member] shares in Thousands | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Nonvested, Shares, Beginning Balance | shares | 624 |
Granted, Shares | shares | 217 |
Vested, Shares | shares | (220) |
Forfeited, Shares | shares | (180) |
Nonvested, Shares, Ending Balance | shares | 441 |
Nonvested, Weighted Average Fair Value, Beginning Balance | $ / shares | $ 21.56 |
Granted, Weighted Average Fair Value | $ / shares | 20.76 |
Vested, Weighted Average Fair Value | $ / shares | 19.59 |
Forfeited, Weighted Average Fair Value | $ / shares | 23.75 |
Nonvested, Weighted Average Fair Value, Ending Balance | $ / shares | $ 21.25 |
Regulatory Matters - Additional
Regulatory Matters - Additional Information (Detail) - USD ($) $ in Millions | Jan. 02, 2016 | Dec. 31, 2019 | Dec. 31, 2018 |
Regulated Operations [Abstract] | |||
Capital conservation buffer rate | 0.625% | ||
Capital conservation buffer phase period | 4 years | ||
Capital conservation buffer rate, full implementation | 2.50% | ||
Percentage of required capital conservation buffer rate of CET1 | 2.50% | ||
Capital conservation buffer phase in beginning period | Jan. 1, 2016 | ||
Capital conservation buffer phase in end period | Jan. 1, 2019 | ||
Trust-preferred securities included in Tier 1 capital | $ 25 | ||
Additional dividends without obtaining prior approval from bank regulators declared and paid | $ 236 |
Regulatory Matters - Regulatory
Regulatory Matters - Regulatory Capital Amounts and Ratios for Company and Bank (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual, Amount | $ 1,391,771 | $ 1,263,800 |
Total Capital (to Risk-Weighted Assets), Actual, Ratio | 16.01% | 14.13% |
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Amount | $ 695,651 | $ 715,283 |
Tier 1 Capital (to Risk-Weighted Assets), Actual, Amount | $ 1,314,152 | $ 1,191,228 |
Tier 1 Capital (to Risk-Weighted Assets), Actual, Ratio | 15.11% | 13.32% |
Tier 1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Amount | $ 521,738 | $ 536,462 |
Common equity Tier I capital ratio, Actual, Amount | $ 1,289,152 | $ 1,166,228 |
Common equity Tier I capital ratio, Actual, Ratio | 14.83% | 13.04% |
Common equity Tier I capital ratio, For Capital Adequacy Purposes, Amount | $ 391,304 | $ 402,347 |
Tier 1 Capital (to Average-Assets), Actual, Amount | $ 1,314,152 | $ 1,191,228 |
Tier 1 Capital (to Average-Assets), Actual, Ratio | 12.33% | 10.98% |
Tier 1 Capital (to Average-Assets), For Capital Adequacy Purposes, Amount | $ 426,497 | $ 433,834 |
Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), Actual, Amount | $ 1,376,364 | $ 1,253,219 |
Total Capital (to Risk-Weighted Assets), Actual, Ratio | 15.83% | 14.03% |
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Amount | $ 695,471 | $ 714,601 |
Total Capital (to Risk-Weighted Assets), Required To Be Well Capitalized, Amount | 869,339 | 893,251 |
Tier 1 Capital (to Risk-Weighted Assets), Actual, Amount | $ 1,298,745 | $ 1,180,647 |
Tier 1 Capital (to Risk-Weighted Assets), Actual, Ratio | 14.94% | 13.22% |
Tier 1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Amount | $ 521,604 | $ 535,951 |
Tier 1 Capital (to Risk-Weighted Assets), Required To Be Well Capitalized, Amount | 695,471 | 714,601 |
Common equity Tier I capital ratio, Actual, Amount | $ 1,298,745 | $ 1,180,647 |
Common equity Tier I capital ratio, Actual, Ratio | 14.94% | 13.22% |
Common equity Tier I capital ratio, For Capital Adequacy Purposes, Amount | $ 391,203 | $ 401,963 |
Common equity Tier I capital ratio, To Be Well Capitalized under Prompt Corrective Action Provisions, Amount | 565,070 | 580,613 |
Tier 1 Capital (to Average-Assets), Actual, Amount | $ 1,298,745 | $ 1,180,647 |
Tier 1 Capital (to Average-Assets), Actual, Ratio | 12.19% | 10.90% |
Tier 1 Capital (to Average-Assets), For Capital Adequacy Purposes, Amount | $ 426,328 | $ 433,403 |
Tier 1 Capital (to Average-Assets), Required To Be Well Capitalized, Amount | $ 532,909 | $ 541,754 |
Minimum [Member] | Parent Company [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Tier 1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Common equity Tier I capital ratio, For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Tier 1 Capital (to Average-Assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Minimum [Member] | Bank [Member] | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Total Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Ratio | 8.00% | 8.00% |
Total Capital (to Risk-Weighted Assets), Required To Be Well Capitalized, Ratio | 10.00% | 10.00% |
Tier 1 Capital (to Risk-Weighted Assets), For Capital Adequacy Purposes, Ratio | 6.00% | 6.00% |
Tier 1 Capital (to Risk-Weighted Assets), Required To Be Well Capitalized, Ratio | 8.00% | 8.00% |
Common equity Tier I capital ratio, For Capital Adequacy Purposes, Ratio | 4.50% | 4.50% |
Common equity Tier I capital ratio, To Be Well Capitalized under Prompt Corrective Action Provisions, Ratio | 6.50% | 6.50% |
Tier 1 Capital (to Average-Assets), For Capital Adequacy Purposes, Ratio | 4.00% | 4.00% |
Tier 1 Capital (to Average-Assets), Required To Be Well Capitalized, Ratio | 5.00% | 5.00% |
Fair Value Information - Additi
Fair Value Information - Additional Information (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items] | ||
Fair value assets transfers from Level 1 to Level 2 | $ 0 | $ 0 |
Fair value assets transfers from Level 2 to Level 1 | 0 | 0 |
Fair value liabilities transfers from Level 1 to Level 2 | 0 | 0 |
Fair value liabilities transfers from Level 2 to Level 1 | $ 0 | $ 0 |
Fair Value Information - Assets
Fair Value Information - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | $ 11,502 | $ 1,938 |
Interest rate swaps, liabilities | 440,161 | 444,193 |
Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | 0 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 11,502 | 1,938 |
Interest rate swaps, liabilities | 11,502 | 1,938 |
Fair Value on Recurring Basis [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,751,759 | 1,736,023 |
Total liabilities | 11,502 | 1,938 |
Fair Value on Recurring Basis [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Total liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Municipal Bonds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Municipal Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 39,354 | 44,810 |
Fair Value on Recurring Basis [Member] | Municipal Bonds [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Mortgage-backed Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Mortgage-backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 1,206,313 | 1,474,508 |
Fair Value on Recurring Basis [Member] | Mortgage-backed Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | CMO/REMIC [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | CMO/REMIC [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 493,710 | 214,051 |
Fair Value on Recurring Basis [Member] | CMO/REMIC [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Other Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Other Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 880 | 716 |
Fair Value on Recurring Basis [Member] | Other Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Investment Securities-AFS [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Investment Securities-AFS [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 1,740,257 | 1,734,085 |
Fair Value on Recurring Basis [Member] | Investment Securities-AFS [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 0 | 0 |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | 0 |
Interest rate swaps, liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 11,502 | 1,938 |
Interest rate swaps, liabilities | 11,502 | 1,938 |
Fair Value on Recurring Basis [Member] | Interest Rate Swaps [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 0 | 0 |
Interest rate swaps, liabilities | 0 | 0 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,751,759 | 1,736,023 |
Total liabilities | 11,502 | 1,938 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 39,354 | 44,810 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Mortgage-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 1,206,313 | 1,474,508 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | CMO/REMIC [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 493,710 | 214,051 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 880 | 716 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Investment Securities-AFS [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities - AFS | 1,740,257 | 1,734,085 |
Fair Value on Recurring Basis [Member] | Carrying Value [Member] | Interest Rate Swaps [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swaps, assets | 11,502 | 1,938 |
Interest rate swaps, liabilities | $ 11,502 | $ 1,938 |
Fair Value Information - Asse_2
Fair Value Information - Assets and Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) - Fair Value on Non-Recurring Basis [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Description of assets | ||
Total assets | $ 828 | $ 561 |
Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 251 | 3 |
Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 513 | 0 |
Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 478 |
Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 12 |
Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 68 |
Loans, Excluding PCI Loans [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 64 | 0 |
Level 1 [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 1 [Member] | Loans, Excluding PCI Loans [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 2 [Member] | Loans, Excluding PCI Loans [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | ||
Description of assets | ||
Total assets | 1,056 | 3,478 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 253 | 189 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 359 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 3,143 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 78 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 68 |
Level 3 [Member] | Loans, Excluding PCI Loans [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | 444 | 0 |
Carrying Value [Member] | ||
Description of assets | ||
Total assets | 1,056 | 3,478 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Asset Held-for-Sale [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Commercial and Industrial [Member] | ||
Description of assets | ||
Total assets | 253 | 189 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Small Business Administration [Member] | ||
Description of assets | ||
Total assets | 359 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Commercial Real Estate [Member] | ||
Description of assets | ||
Total assets | 0 | 3,143 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Construction [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | SFR Mortgage [Member] | ||
Description of assets | ||
Total assets | 0 | 0 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Dairy & Livestock and Agribusiness [Member] | ||
Description of assets | ||
Total assets | 0 | 78 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Consumer and Other Loans [Member] | ||
Description of assets | ||
Total assets | 0 | 68 |
Carrying Value [Member] | Loans, Excluding PCI Loans [Member] | Other Real Estate Owned [Member] | ||
Description of assets | ||
Total assets | $ 444 | $ 0 |
Fair Value Information - Estima
Fair Value Information - Estimated Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Total cash and cash equivalents | $ 185,518 | $ 163,948 | $ 144,377 | $ 121,633 |
Investment securities available-for-sale | 1,740,257 | 1,734,085 | ||
Investment securities held-to-maturity | 674,452 | 744,440 | ||
Total loans, net of allowance for loan losses | 7,495,917 | 7,700,998 | ||
Swaps | 11,502 | 1,938 | ||
Deposits: | ||||
Interest-bearing | 3,459,411 | 3,622,703 | ||
Junior subordinated debentures | 25,774 | 25,774 | ||
Swaps | 440,161 | 444,193 | ||
Carrying Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 185,518 | 163,948 | ||
Interest-earning balances due from depository institutions | 2,931 | 7,670 | ||
Investment securities available-for-sale | 1,740,257 | 1,734,085 | ||
Investment securities held-to-maturity | 674,452 | 744,440 | ||
Total loans, net of allowance for loan losses | 7,495,917 | 7,700,998 | ||
Swaps | 11,502 | 1,938 | ||
Deposits: | ||||
Interest-bearing | 3,459,411 | 3,622,703 | ||
Borrowings | 428,659 | 722,255 | ||
Junior subordinated debentures | 25,774 | 25,774 | ||
Swaps | 11,502 | 1,938 | ||
Estimated Fair Value [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 185,518 | 163,948 | ||
Interest-earning balances due from depository institutions | 2,938 | 7,339 | ||
Investment securities available-for-sale | 1,740,257 | 1,734,085 | ||
Investment securities held-to-maturity | 678,948 | 721,537 | ||
Total loans, net of allowance for loan losses | 7,343,167 | 7,514,964 | ||
Swaps | 11,502 | 1,938 | ||
Deposits: | ||||
Interest-bearing | 3,457,922 | 3,614,682 | ||
Borrowings | 428,330 | 721,601 | ||
Junior subordinated debentures | 20,669 | 21,176 | ||
Swaps | 11,502 | 1,938 | ||
Estimated Fair Value [Member] | Level 1 [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 185,518 | 163,948 | ||
Interest-earning balances due from depository institutions | 0 | 0 | ||
Investment securities available-for-sale | 0 | 0 | ||
Investment securities held-to-maturity | 0 | 0 | ||
Total loans, net of allowance for loan losses | 0 | 0 | ||
Swaps | 0 | 0 | ||
Deposits: | ||||
Interest-bearing | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Junior subordinated debentures | 0 | 0 | ||
Swaps | 0 | 0 | ||
Estimated Fair Value [Member] | Level 2 [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 0 | 0 | ||
Interest-earning balances due from depository institutions | 2,938 | 7,339 | ||
Investment securities available-for-sale | 1,740,257 | 1,734,085 | ||
Investment securities held-to-maturity | 678,948 | 721,537 | ||
Total loans, net of allowance for loan losses | 0 | 0 | ||
Swaps | 11,502 | 1,938 | ||
Deposits: | ||||
Interest-bearing | 3,457,922 | 3,614,682 | ||
Borrowings | 428,330 | 721,601 | ||
Junior subordinated debentures | 0 | 0 | ||
Swaps | 11,502 | 1,938 | ||
Estimated Fair Value [Member] | Level 3 [Member] | ||||
Assets | ||||
Total cash and cash equivalents | 0 | 0 | ||
Interest-earning balances due from depository institutions | 0 | 0 | ||
Investment securities available-for-sale | 0 | 0 | ||
Investment securities held-to-maturity | 0 | 0 | ||
Total loans, net of allowance for loan losses | 7,343,167 | 7,514,964 | ||
Swaps | 0 | 0 | ||
Deposits: | ||||
Interest-bearing | 0 | 0 | ||
Borrowings | 0 | 0 | ||
Junior subordinated debentures | 20,669 | 21,176 | ||
Swaps | $ 0 | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019USD ($)Agreement | Dec. 31, 2018USD ($) | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative assets and liabilities offset in balance sheet | $ 0 | |
Total notional amount of the Company's swaps | $ 260,000,000 | $ 195,400,000 |
Description of Conditions Relating to Clearing of Interest rate Swaps | As a result of the Bank exceeding $10 billion in assets, federal regulations require the Bank, beginning in January 2019, to clear most interest rate swaps through a clearing house (“centrally cleared”). These instruments contain language outlining collateral pledging requirements for each counterparty, in which collateral must be posted if market value exceeds certain agreed upon threshold limits. Cash or securities are pledged as collateral. | |
Interest-rate Swap Agreements with Customers [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Number of interest-rate swap agreements | Agreement | 90 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value of Derivative Instruments (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Assets [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | $ 11,502 | $ 1,938 |
Other Assets [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Asset Derivatives | 11,502 | 1,938 |
Other Liabilities [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | 11,502 | 1,938 |
Other Liabilities [Member] | Interest Rate Swaps [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Liability Derivatives | $ 11,502 | $ 1,938 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statement of Earnings (Detail) - Derivatives Not Designated as Hedging Instruments [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivatives, Fair Value [Line Items] | |||
Amount of Gain Recognized in Income on Derivative Instruments | $ 1,806 | $ 340 | $ 615 |
Interest Rate Swaps [Member] | Other Income [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Amount of Gain Recognized in Income on Derivative Instruments | $ 1,806 | $ 340 | $ 615 |
Other Comprehensive Income - Su
Other Comprehensive Income - Summary of Components of OCI (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equity [Abstract] | |||
Net change in fair value recorded in accumulated OCI, Before-tax | $ 45,486 | $ (26,435) | $ (11,336) |
Net change in fair value recorded in accumulated OCI, Tax effect | (13,447) | 7,815 | 4,760 |
Net change in fair value recorded in accumulated OCI, After-tax | 32,039 | (18,620) | (6,576) |
Net realized gain reclassified into earnings Before-tax | (5) | 0 | (402) |
Net realized gain reclassified into earnings Tax effect | 1 | 0 | 169 |
Net realized gain reclassified into earnings After-tax | (4) | 0 | (233) |
Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, Before-tax | (1,614) | (2,091) | (3,293) |
Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, Tax effect | 477 | 619 | 1,383 |
Amortization of unrealized losses on securities transferred from available-for-sale to held-to-maturity, After-tax | (1,137) | (1,472) | (1,910) |
Net change, Before-tax | 43,867 | (28,526) | (15,031) |
Net change, Tax effect | (12,969) | 8,434 | 6,312 |
Net change, After-tax | $ 30,898 | $ (20,092) | $ (8,719) |
Balance Sheet Offsetting - Sche
Balance Sheet Offsetting - Schedule of Balance Sheet Offsetting (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Net Amounts Presented in the Consolidated Balance Sheets | $ 11,502 | $ 1,938 |
Financial liabilities, Gross Amounts Recognized in the Consolidated Balance Sheets | 440,278 | 446,458 |
Financial liabilities, Gross Amounts Offset in the Consolidated Balance Sheets | (117) | (2,265) |
Financial liabilities, Net Amounts Presented in the Consolidated Balance Sheets | 440,161 | 444,193 |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 117 | 2,265 |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Collateral Pledged | (533,450) | (487,607) |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | (93,172) | (41,149) |
Repurchase Agreements [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial liabilities, Gross Amounts Recognized in the Consolidated Balance Sheets | 428,659 | 442,255 |
Financial liabilities, Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Financial liabilities, Net Amounts Presented in the Consolidated Balance Sheets | 428,659 | 442,255 |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 0 | 0 |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Collateral Pledged | (510,138) | (487,607) |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | (81,479) | (45,352) |
Interest Rate Swaps [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Consolidated Balance Sheets | 11,502 | 1,938 |
Financial assets, Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Financial assets, Net Amounts Presented in the Consolidated Balance Sheets | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 11,502 | 1,938 |
Financial assets, Gross Amounts Not Offset in the Consolidated Balance Sheets, Collateral Pledged | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | 11,502 | 1,938 |
Interest Rate Swaps [Member] | Derivatives Not Designated as Hedging Instruments [Member] | ||
Offsetting Assets Liabilities [Line Items] | ||
Financial assets, Gross Amounts Recognized in the Consolidated Balance Sheets | 11,502 | 1,938 |
Financial assets, Gross Amounts Offset in the Consolidated Balance Sheets | 0 | 0 |
Financial assets, Net Amounts Presented in the Consolidated Balance Sheets | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 11,502 | 1,938 |
Financial assets, Gross Amounts Not Offset in the Consolidated Balance Sheets, Collateral Pledged | 0 | 0 |
Financial assets, Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | 11,502 | 1,938 |
Financial liabilities, Gross Amounts Recognized in the Consolidated Balance Sheets | 11,619 | 4,203 |
Financial liabilities, Gross Amounts Offset in the Consolidated Balance Sheets | (117) | (2,265) |
Financial liabilities, Net Amounts Presented in the Consolidated Balance Sheets | 11,502 | 1,938 |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Financial Instruments | 117 | 2,265 |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Collateral Pledged | (23,312) | 0 |
Financial liabilities, Gross Amounts Not Offset in the Consolidated Balance Sheets, Net Amount | $ (11,693) | $ 4,203 |
Leases - Components of lease co
Leases - Components of lease costs and supplemental information related to leases (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease Assets and Liabilities | |
ROU assets | $ 18,522 |
Total lease liabilities | 21,392 |
Lease Cost | |
Operating lease expense | 7,274 |
Sublease income | 0 |
Total lease expense | 7,274 |
Other Information | |
Operating cash outflows from operating leases, net | $ 8,497 |
Lease Term and Discount Rate | |
Weighted average remaining lease term (years) | 4 years 2 months 4 days |
Weighted average discount rate | 3.34% |
Leases - Future lease payments
Leases - Future lease payments required for leases that have initial or remaining non-cancelable lease terms (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
2020 | $ 7,248 | $ 9,300 |
2021 | 5,512 | 5,900 |
2022 | 4,325 | 4,100 |
2023 | 2,542 | 2,800 |
2024 | 1,495 | 1,200 |
Thereafter | 1,781 | $ 1,700 |
Total future lease payments | 22,903 | |
Less: Imputed interest | (1,511) | |
Present value of lease liabilities | $ 21,392 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Leases [Abstract] | ||
2019 | $ 7,248 | $ 9,300 |
2020 | 5,512 | 5,900 |
2021 | 4,325 | 4,100 |
2022 | 2,542 | 2,800 |
2023 | 1,495 | 1,200 |
Thereafter | $ 1,781 | $ 1,700 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Non Interest Income, Segregated by Revenue Streams in-Scope and Out-of-Scope of Topic 606 (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Noninterest income: | |||
Gain on OREO, net | $ 105 | $ 3,540 | $ 0 |
Other | 9,956 | 6,588 | 6,196 |
Total noninterest income | 59,042 | 43,481 | 42,118 |
Service Charges on Deposit Accounts [Member] | |||
Noninterest income: | |||
Revenue from contract with customer | 20,010 | 17,070 | 15,809 |
Trust and Investment Services [Member] | |||
Noninterest income: | |||
Revenue from contract with customer | 9,525 | 8,774 | 9,845 |
Bankcard Services [Member] | |||
Noninterest income: | |||
Revenue from contract with customer | 3,163 | 3,485 | 3,406 |
Accounting Standards Update 2014-09 [Member] | |||
Noninterest income: | |||
Gain on OREO, net | 129 | 3,546 | 6 |
Other | 9,951 | 6,588 | 4,888 |
Total noninterest income | 42,778 | 39,463 | 33,954 |
Accounting Standards Update 2014-09 [Member] | Service Charges on Deposit Accounts [Member] | |||
Noninterest income: | |||
Revenue from contract with customer | 20,010 | 17,070 | 15,809 |
Accounting Standards Update 2014-09 [Member] | Trust and Investment Services [Member] | |||
Noninterest income: | |||
Revenue from contract with customer | 9,525 | 8,774 | 9,845 |
Accounting Standards Update 2014-09 [Member] | Bankcard Services [Member] | |||
Noninterest income: | |||
Revenue from contract with customer | 3,163 | 3,485 | 3,406 |
Accounting Standards Update 2014-09 Not Adopted [Member] | |||
Noninterest income: | |||
Total noninterest income | $ 16,264 | $ 4,018 | $ 8,164 |
Condensed Financial Informati_3
Condensed Financial Information of Parent Company - Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||||
Other assets, net | $ 110,137 | $ 67,807 | ||
Total assets | 11,282,450 | 11,529,153 | ||
Liabilities | 9,288,352 | 9,677,963 | ||
Stockholders' equity | 1,994,098 | 1,851,190 | $ 1,069,266 | $ 990,862 |
Total liabilities and stockholders' equity | 11,282,450 | 11,529,153 | ||
Parent Company [Member] | ||||
Assets | ||||
Investment in subsidiaries | 2,003,692 | 1,865,609 | ||
Other assets, net | 42,070 | 31,628 | ||
Total assets | 2,045,762 | 1,897,237 | ||
Liabilities | 51,664 | 46,047 | ||
Stockholders' equity | 1,994,098 | 1,851,190 | ||
Total liabilities and stockholders' equity | $ 2,045,762 | $ 1,897,237 |
Condensed Financial Informati_4
Condensed Financial Information of Parent Company - Condensed Statements of Earnings (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Other expense, net | $ (198,740) | $ (179,911) | $ (140,753) | ||||||||
Net earnings | $ 51,281 | $ 50,423 | $ 54,481 | $ 51,642 | $ 43,159 | $ 38,558 | $ 35,373 | $ 34,913 | 207,827 | 152,003 | 104,411 |
Parent Company [Member] | |||||||||||
Condensed Financial Statements, Captions [Line Items] | |||||||||||
Excess in net earnings of subsidiaries | 107,185 | 78,601 | 50,253 | ||||||||
Dividends from the Bank | 106,000 | 77,800 | 57,000 | ||||||||
Other expense, net | (5,358) | (4,398) | (2,842) | ||||||||
Net earnings | $ 207,827 | $ 152,003 | $ 104,411 |
Condensed Financial Informati_5
Condensed Financial Information of Parent Company - Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Adjustments to reconcile net earnings to cash used in operating activities: | |||
Stock-based compensation | $ 5,548 | $ 3,508 | $ 2,953 |
Total adjustments | 355 | 12,950 | 33,998 |
Net cash used in operating activities | 208,182 | 164,953 | 138,409 |
Cash Flows from Investing Activities | |||
Net cash provided by investing activities | 325,323 | 811,081 | 140,035 |
Cash Flows from Financing Activities | |||
Cash dividends on common stock | (95,352) | (65,966) | (57,047) |
Proceeds from exercise of stock options | 2,215 | 1,701 | 2,683 |
Repurchase of common stock | (2,640) | (7,760) | (1,128) |
Net cash used in financing activities | (511,935) | (956,463) | (255,700) |
Cash and cash equivalents, beginning of period | 163,948 | 144,377 | 121,633 |
Cash and cash equivalents, end of period | 185,518 | 163,948 | 144,377 |
Parent Company [Member] | |||
Cash Flows from Operating Activities | |||
Net earnings | 207,827 | 152,003 | 104,411 |
Adjustments to reconcile net earnings to cash used in operating activities: | |||
Earnings of subsidiaries | (213,185) | (156,401) | (107,253) |
Tax settlement received from the Bank | 1,008 | 0 | 1,577 |
Stock-based compensation | 5,548 | 3,508 | 2,953 |
Other operating activities, net | (2,417) | (2,052) | (1,725) |
Total adjustments | (209,046) | (154,945) | (104,448) |
Net cash used in operating activities | (1,219) | (2,942) | (37) |
Cash Flows from Investing Activities | |||
Dividends received from the Bank | 106,000 | 77,800 | 57,000 |
Net cash provided by investing activities | 106,000 | 77,800 | 57,000 |
Cash Flows from Financing Activities | |||
Cash dividends on common stock | (95,352) | (65,966) | (57,047) |
Proceeds from exercise of stock options | 2,215 | 1,701 | 2,683 |
Repurchase of common stock | (2,640) | (7,760) | (1,128) |
Net cash used in financing activities | (95,777) | (72,025) | (55,492) |
Net increase in cash and cash equivalents | 9,004 | 2,833 | 1,471 |
Cash and cash equivalents, beginning of period | 22,050 | 19,217 | 17,746 |
Cash and cash equivalents, end of period | $ 31,054 | $ 22,050 | $ 19,217 |
Quarterly Financial Data - Summ
Quarterly Financial Data - Summarized Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selected Quarterly Financial Information [Abstract] | ||||||||||||
Net interest income | $ 107,020 | $ 108,159 | $ 111,057 | $ 109,536 | $ 113,016 | $ 92,820 | $ 72,688 | $ 70,521 | $ 435,772 | $ 349,045 | $ 278,930 | |
Provision for loan losses | 0 | 1,500 | 2,000 | 1,500 | $ 3,000 | 500 | (1,000) | (1,000) | 5,000 | 1,500 | (8,500) | |
Net earnings | $ 51,281 | $ 50,423 | $ 54,481 | $ 51,642 | $ 43,159 | $ 38,558 | $ 35,373 | $ 34,913 | $ 207,827 | $ 152,003 | $ 104,411 | |
Basic earnings per common share | $ 0.37 | $ 0.36 | $ 0.39 | $ 0.37 | $ 0.31 | $ 0.30 | $ 0.32 | $ 0.32 | $ 1.48 | $ 1.25 | $ 0.95 | |
Diluted earnings per common share | $ 0.37 | $ 0.36 | $ 0.39 | $ 0.37 | $ 0.31 | $ 0.30 | $ 0.32 | $ 0.32 | $ 1.48 | $ 1.24 | $ 0.95 |